– Paytm says October GMV rose 131% to $11.2 billion
– Amazon Wanted Future to Take Back Complaints Made before CCI
– Consumers to feel heat of higher input costs
– Airtel raises tariffs by 20–25%
Now lemme give you a quick glance at the state of the markets.
Most Asian stocks fell Monday amid concerns about European Covid-19 curbs and the risk of the Federal Reserve speeding up stimulus withdrawal. Japan’s Topix index fell 0.6%, Australia’s S&P/ASX 200 Index fell 0.5% while Nasdaq futures rose 0.2%.
The yield on 10-year Treasuries rose one basis point to 1.56%. The safe-haven US dollar traded close to a 16-month high to the euro on Monday on growing anxiety over the impact of surging COVID-19 infections in Europe. The dollar index traded at 96.065.
Crude oil fell to seven-week lows on Monday, extending declines after the previous session’s slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening Covid-19 situation in Europe. US West Texas Intermediate (WTI) crude futures were down 0.9% at $75.25 a barrel after sliding as low as $74.76, the weakest since Oct 1.
That said, here’s what is making news.
Paytm, which listed on domestic bourses last week, said its gross merchandise value — or payments made to merchants through its platform — jumped 131% to $11.2 billion last month from a year earlier. The growth was aided by festive season spending, the company said in a filing with the BSE on Sunday night.
Shares of Reliance Industries could be weighed down by the scrapping of its proposed stake sale deal with Saudi Aramco but any weakness is likely to be limited as analysts believe the company has no need to raise cash in a hurry.
Last week’s decision to repeal the three farm laws is set to weigh on the currency and debt markets as the move could hurt overseas inflows. It’s likely to trigger volatility in the markets, sending the rupee lower against the dollar and bond yields higher unless other reforms rekindle global investor interest in Indian assets.
LASTLY,
Star Health and Allied Insurance Company plans to launch its Rs 7,500-crore initial public offering during the last week of November, according to investment banking sources. The IPO will be the third-largest in 2021 after Paytm and Zomato, which raised Rs 18,300 crore and Rs 9,375 crore, respectively.
NOW Before I go, here is a look at some of the stocks buzzing this morning.
Bharti Airtel will increase tariffs across prepaid plans by 20-25% from November 26, saying average revenue per user (ARPU) needs to go up for a “financially healthy business model”.
IRB Infrastructure Developers said that its shareholders have passed a resolution which will enable capital inflow of Rs 5,347 crore into the company.
A vulnerability in the server of Punjab National Bank allegedly exposed the personal and financial information of its about 180 million customers for about seven months, according to cyber security firm CyberX9.
Maruti Suzuki India (MSI) has ruled out getting back into the diesel segment as it believes sale of such vehicles would further come down with the onset of the next phase of emission norms in 2023, according to a senior company official.
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!
