– July inflation at 3-month low, June IIP up at 13.6%
– Future Coupons, Biyani and family move SC
– Travel app ixigo files for Rs 1,600-crore IPO
– Sebi sets up panel to bring in T+1 settlement
Now lemme give you a quick glance on the state of the markets.
Dalal Street appeared set for a muted start this morning. Nifty futures on the Singapore Exchange traded some 5 points lower at 8 hours (IST). Most Asian peers were trading lower amid worries related to new regulatory crackdowns in China and the fallout from the surging Delta variant of coronavirus.
Elsewhere, the US 10-year Treasury yield dipped about one basis point to 1.35%. The dollar held firm, staying near its highest level in four months while Bitcoin was around $44,600. Crude oil prices fell for the second day today after IEA warned of a slowdown in demand. Brent crude was down 31 cents, or 0.4%, at $71.00 a barrel.
That said, here’s what is making news.
LIC IPO, through which the government is planning to mobilise Rs 1 lakh crore, could be split into two consecutive offerings with a gap of a few months since it’s believed that the market may not have the capacity to absorb the entire issue of such mammoth size in one go. If this plan fructifies, this will be the first of its kind move. The current Sebi rules say that promoters cannot dilute their stake to below 20% within 18 months of an IPO.
The Securities and Exchange Board of India ( Sebi) has revived its contentious plan to roll out a faster trade settlement system for domestic listed stocks. The capital markets regulator last week set up a panel comprising officials from exchanges, clearing corporations and depositories to iron out concerns that could impede a smooth shift in the country’s trade settlement mechanism to T+1 — an abbreviation for Trade plus one day —from the existing T+2.
Finance minister Nirmala Sitharaman said the economy hasn’t recovered to the extent that the central bank can begin tightening liquidity in the system. Both the government and the Reserve Bank of India (RBI) will continue to prioritise growth, she said. The government was ready to do everything to revive and support the economy, she said, urging India Inc to take more risks. The government and the RBI were working as partners to bolster the economy, now and during the pandemic, she said.
LASTLY,
Vodafone Idea (Vi) said it is a “travesty of justice” and “inconceivable” that the Supreme Court (SC) has not allowed “errors” in adjusted gross revenue (AGR) calculations to be corrected, a ruling which will cost the cash-strapped telco around Rs 25,000 crore and force it to “go under”. In its petition filed on Tuesday to review the July 23 order of the court not allowing correction of alleged errors in the telecom department’s AGR calculations, the struggling telco said it had no intentions to “wriggle out” from paying its AGR dues as mandated by the court.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Vinod Dasari has stepped down as the chief executive officer of Royal Enfield. B Govindarajan will now take charge of the maker of Bullet motorcycle as executive director, Eicher Motors said in a stock exchange filing. The company has reported a consolidated profit after tax of Rs 237 crore for the quarter ended June, riding on improved sales.
Hero MotoCorp on Thursday posted a nearly sixfold increase in net profit, but missed market estimates in a quarter that was disrupted by the second wave of the pandemic and which also saw an increase in commodity costs.
Future Coupons, Kishore Biyani and his family have filed a petition in the Supreme Court against a March order by a Delhi High Court single judge, which had put Future Group’s deal to sell its retail assets Reliance Retail on hold.
ITC will invest $2 billion (around Rs 15,000 crore) in the medium term on capacity expansion in FMCG, paper, packaging and agribusiness and on technology upgradation, pointing to sustained efforts by the management to steer the company away from an entrenched identity built around tobacco leadership.
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!
