– Oyo aims for India IPO in 2021
– Vodafone open to settling retrospective tax row with India
– HDFC Bank, Kotak in race for Citi India’s retail business
– SAT gives split verdict in PNBHF-Sebi case
Now lemme give you a quick glance on the state of the markets.
Dalal Street is set for a negative start this morning. Nifty futures on the Singapore Exchange traded some 27 points lower at 8 hours (IST). Asian peers started off on a weak footing after a largely soft performance on Wall Street and as persistent concerns over the spread of the Delta variant of the coronavirus dented sentiment and triggered falls in metals and oil prices.
Elsewhere, the US 10-year Treasury yield held at 1.32%. The dollar was buoyant in early trade while Bitcoin traded back around $46,000. Oil prices rose on Tuesday, edging up from a three-week low in the previous session. Brent crude was up by 30 cents, or 0.4%, at $69.34 a barrel, after falling 2.3% on Monday.
That said, here’s what is making news.
Oyo Hotels and Homes will soon join the list of startups launching an initial public offering (IPO) in the country. Internally, the hospitality company has set a timeline of September for filing its IPO prospectus and wants to be a public company before the calendar year ends.
Chemplast Sanmar, a speciality chemicals company catering to footwear and auto-upholstery segments, plans to raise ?3,850 crore through the initial public offering to reduce debt. The financials are not impressive; it reported more than ?250 crore loss in the past three fiscal years. At the higher end of the price band, the enterprise value (EV) is 10 times Ebitda while the price-earnings (P/E) multiple is 18.
Indian investors will soon be able to buy and sell shares of Google, Amazon, Microsoft and other US-listed companies through NSE’s GIFT City arm in the International Financial Services Centre (IFSC) in Gujarat. NSE IFSC has set up infrastructure for Indian investors to buy US stocks and broker registration is under way. The arrangement will allow fractional ownership of US stocks for these investors, who would need to open demat accounts with entities based in GIFT City.
LASTLY,
Rich investors looking to borrow and invest in the upcoming initial public offerings will have to shell out higher costs for such loans. With the spate of recent issues resulting in money getting locked up and funded bets made on the last two offerings resulting in losses, finance companies have increased rates by as much as 200 basis points or 2% for IPO loans. These firms have increased the annualised interest rate for this purpose to 9-10% as against 7-8% last week, ET reported.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Tata group company Nelco is in advanced talks with Canadian firm Telesat to ink a commercial pact for launching fast satellite broadband services in India under the latter’s Lightspeed brand.
Indian Hotels Company Ltd (IHCL) said in a regulatory filing on Monday that its board has approved raising of longterm funds not exceeding Rs 250 crore.
Hero MotoCorp is ready to play the startup game – including getting into the ‘cash-burn’ customer subsidy model, if the need arises – as it lines up new investments worth thousands of crores.
The Securities Appellate Tribunal on Monday gave a split verdict on PNB Housing Finance’s petition, which challenged the market regulator’s stay on the mortgage lender’s proposal for a preferential issue of shares to private equity funds.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing!
