– Godrej family looks to divide a $4.1 billion empire
– Petrol, diesel prices up for third straight day
– Govt extends RBI governor Shaktikanta Das’ term for another 3 years
– Finance ministry approves 8.5% return on PF deposits for FY21
Now lemme give you a quick glance on the state of the markets.
Dalal Street is likely to have a positive start this morning. Nifty futures on the Singapore Exchange traded 33 points higher at 8:10 hours (IST). Asian shares opened higher but eked out gains to quickly slip into negative territory as investors eyed corporate earnings reports. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.46 per cent.
Elsewhere, the yield on 10-year Treasuries fell one basis point to 1.57%. The US dollar was near a one-month low. Bitcoin retreated below $58,000 during a sharp swoon in US trading. Oil prices settled mixed on Thursday, as investors assessed news on hope of renewed Iran nuclear talks.
That said, here’s what is making news.
Since PB Fintech, which runs Policybazaar, is yet to report a net profit, price-earnings (P/E) multiple cannot be used to value its IPO. The price-sales (P/S) multiple works out to be 46.3 times after annualising the June 2021 revenue from operations of Rs 237.7 crore. The IPO pricing seems to be aggressive considering the future growth prospects. It looks more suitable for long-term investors with a high-risk appetite.
The Indian capital market is set to witness one of the busiest fortnights in its history as six companies have lined up to together raise about Rs 31,400 crore by November 10. The six issues include the one from tech-enabled payments major One 97 Communications, operating under the Paytm brand, which aims to raise Rs 18,300 crore. Paytm has priced its IPO shares in the Rs 2,080-2,150 band per share, indicating the company seeks a valuation of about $20 billion. This will make the Paytm IPO the largest ever in the country’s history.
Delhivery is set to file its papers within the next one week for an initial public offering (IPO) to raise up to $1 billion, ET reported. The logistics and supply chain startup aims to list on Indian bourses before March next year with a post-listing valuation goal of about $4.5-5 billion. The issue is likely to include both primary and secondary share sales as some of the existing investors are expected to clock partial exits in the ten-year-old company.
LASTLY,
Traders rolled over fewer positions to the November derivatives series on Thursday on account of heightened uncertainty over the near-term market outlook amid rich valuations and RBI’s plan to drain liquidity. Analysts said foreign investors, who have been selling shares, have created bearish bets in the November series.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Future Group has recently sought consent from lenders to restructure the residual debt of Future Enterprises, estimated at ?8,400 crore, once a proposed slump sale to a Reliance Industries group entity is completed.
The Ministry of Railways has asked IRCTC to share 50 per cent of the revenue from the convenience fee with it, the company said in an exchange filing.
Tata Power Company has reported a consolidated net profit of Rs 506 crore in the second quarter of 2021-22, up 36 per cent on year driven by its power distribution business and higher execution by its solar engineering and construction business.
Adani Green Energy reported net profit of Rs 100 crore in the second quarter of 2021-22, up from Rs 17 crore in the same period a year ago driven by revenue growth from the generation capacity added by the company.
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!
