– Experts predict Q2 GDP growth between 7.5-8.5%
– GO Fashion shares to list today
– LIC gets RBI approval to raise stake in Kotak
– Over 123 cr Covid vaccine doses administered so far
Now lemme give you a quick glance on the state of the markets.
Asian markets advanced Tuesday amid easing concerns about the omicron coronavirus strain and data signaling an improvement in China’s factory activity. Japanese shares led regional gains, China edged up and Hong Kong dipped.
Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.52%. The dollar hovered on Tuesday above the one-week low against major peers it hit last week, as fears eased that the new Omicron coronavirus variant would derail the US recovery and delay Federal Reserve interest rate hikes.
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That said, here’s what is making news.
At least seven companies plan to launch their initial public offerings in the next 10-15 days to raise more than Rs 19,000 crore, according to bankers. Star Health’s issue is opening on Tuesday, while software companies CE Info Systems and RateGain Travel, as well as Anand Rathi Wealth will launch their IPOs next week. The IPOs of Adani Wilmer and Go First Airlines are likely to open for subscription in the second or third week of December. Tega Industries’ offer will open on Wednesday.
The third tranche of the Bharat Bond ETF is aiming to raise as much as Rs 5,000 crore, offering an estimated yield of 6.8%, two market sources familiar with the matter told ET. The exchange-traded fund (ETF) will open for subscription this Friday, offering a safe investment for risk-averse investors.
Investors, who have taken some money out of equities after the sharp run-up, could buy gold through the eight tranche of the Sovereign Gold Bond issue which will be open till December 3. Given the uncertainty on account of the new virus variant, financial planners believe investors should hold 10 per cent of their total portfolio in gold.
LASTLY,
Foreign funds, pulling money out of Indian equities on concerns such steep valuations, a hawkish US central bank and a stronger dollar among others, have one more reason to remain cautious on stocks here: the new Covid variant. With these overseas investors getting into a risk-off mode in emerging markets, including Asia, equity strategists and global money managers are keeping a watch on the extent of the outbreak that will determine their future allocations.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
PNB will invest as a promoter in Open Network for Digital Commerce by picking up over 9 per cent stake in the company, which is yet to be incorporated. Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing.
B2B e-commerce firm Indiamart Intermesh has acquired a stake in trade receivable discounting system services firm M1xchange for Rs 32.4 crore.
Reliance Industries on Monday categorically denied any intent to bid for the UK telecom group, BT.
LIC will raise its stake in private sector lender Kotak Mahindra Bank to nearly 10 per cent, after receiving grant of approval from the Reserve Bank of India (RBI).
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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!
