– BlackRock looking to invest in Tata Power Renewable Energy
– Former SBI chairman Pratip Chaudhuri arrested
– India to achieve net zero emissions by 2070: PM Modi
– RIL team among five bidders in race for bankrupt Sintex Industries
Now lemme give you a quick glance on the state of the markets.
Asian shares traded higher during the early hours on Tuesday following a rally in US Stocks. However, US Fed meet and uncertainties capped the gains. However, Tokyo witnessed profit booking. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.65 per cent.
Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.57%. The dollar hovered below recent highs on Tuesday as traders waited for the Reserve Bank of Australia to lead a handful of central bank meetings set to define the rates outlook this week. Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand.
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That said, here’s what is making news.
Tata Motors hasn’t exactly met Street expectations in the second quarter, but a gradual improvement in chip shortage at its UK subsidiary in the second half of FY22 and sustained improvement at home should maintain stock buoyancy. To be sure, the stock has risen 61% in the past three months. Elevated structural costs and lower production volumes continued to weigh on the financial performance of JLR. Wholesale volumes of the maker of Range Rover and Discovery dropped 13% to 64,000 units owing to chip shortage. This is the second quarter in a row where daily production was curbed due to supply disruptions.
Tesla Inc.’s latest rally has blasted co-founder Elon Musk’s wealth past a new milestone: It now eclipses famed investor Warren Buffett’s fortune by a factor of three. Musk’s net worth rose by $24 billion to $335.1 billion Monday as the electric automaker’s shares jumped 8.5% in New York.
The Rs 5,351.92-crore IPO of FSN ECommerce Ventures, operator of fashion and beauty e-commerce platform Nykaa, was subscribed 81.78 times on the final day of bidding on Monday. The issue received bids worth Rs 4.38 lakh crore, the second-highest ever for an IPO. In 2007, Reliance Power’s Rs 11,563 crore IPO was subscribed 73 times, drawing bids worth Rs 8.45 lakh crore. The Rs 9,375-crore IPO of Zomato received bids worth Rs 3.59 lakh crore in July this year.
LASTLY,
An intense price war in retail loans ahead of the festive season has led to a pronounced fall in interest income for banks, putting pressure on their key profitability parameter: Net interest margins (NIM). Five of the seven state-owned banks that have announced their quarterly earnings so far have reported lower NIM for the September quarter. These banks, however, managed to report a rise in net profit largely on account of bad loan recovery and write-back of provisions of earlier quarters.
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NOW Before I go, here is a look at some of the stocks buzzing this morning…
BlackRock chairman and CEO Larry Fink is closing in on an investment $500-750 million (₹3,750-5,625 crore) in Tata Power Renewable Energy Ltd (TPREL), ET reported. That will value the subsidiary of listed Tata Power at around $5 billion (around ₹35,000 crore).
Shipping Corporation of India Ltd (SCI) on Monday reported a 71.26 per cent jump in its consolidated net profit to Rs 243 crore for the second quarter ended on September 30, 2021. The shipping company had reported a net profit of Rs 141.89 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing to the BSE.
Leading depository CDSL on Monday reported a 76 per cent jump in profit after tax (PAT) to Rs 86.06 crore in three months ended September 2021. In comparison, the depository had posted a PAT of Rs 48.87 crore in the same quarter preceding fiscal, Central Depository Services (India) Limited (CDSL) said in statement.
Rupa & Company Limited posted a 17 per cent increase in net profit at Rs 53 crore during the quarter ended September compared, helped by higher sales and cost reduction strategies.
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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!
