Indian indices touch new highs after market opening on Friday. Asian shares wavered Friday as the spread of the delta Covid-19 variant and China’s regulatory curbs restrained sentiment despite another record high close on Wall Street.
ixigo files draft papers with Sebi to raise ₹1,600 cr via IPO
Le Travenues Technology Ltd, which operates travel platform ixigo, has filed a draft red herring prospectus with Securities Exchange Board of India to raise ₹1600 crore via initial public offering. The IPO consists of a fresh issue of ₹750 crore and an offer for sale of ₹850 crore by its existing shareholders and promoters. The OFS comprises sale of upto ₹50 crore by Aloke Bajpai, upto ₹50 crore by Rajnish Kumar, ₹550 crore by Saif Partners India IV and upto ₹200 crore by Micromax Informatics. Currently, Aloke Bajpai holds 9.18% stake in the firm, Rajnish Kumar 8.79%, SAIF Partners 23.97% and Micromax has 7.61% stake in the firm. (Read here)
Paper stocks gain
Bharat Forge trades lower
Bharat Forge’s stock was trading at ₹825.60 each, down 0.22% at 9:52 am. The company had reported a consolidated net loss of ₹127 crore in the April-June quarter of the 2020-21 fiscal. Revenue from operations rose to ₹2,108 crore in the June quarter as against ₹1,154 crore in the year-ago period, Bharat Forge said in a regulatory filing. The company is eyeing an entry into renewable, Baba Kalyani, CMD, Bharat Forge said in an interview to CNBCTV18.
Aurobindo Pharma trades lower
Aurobindo Pharma’s stock was trading at ₹780.65 each, down 5.46% at 9:41 am. Markets were concerned after the pharma company’s earnings call wherein it confirmed a USFDA probe into its facilities
Grasim Industries’ stock was trading at ₹1,496.30 each, up 0.26% at 9:37 am. The Competition Commission of India has said Grasim Industries has abused its dominant position in the supply of a certain staple fibre by charging discriminatory prices to its customers, denying market access and imposing supplementary obligations on them.
Adani Ports gains
Adani Ports’ stock was trading at ₹708.00 eachm up 0.56% at 9:36 am. The company expects to easily raise funds, without weakening its financial health, to acquire state-owned logistics firm Container Corp. of India Ltd., or Concor, in which the government is looking to divest its shareholding.
At market pre-opening, the Sensex was at 54,911.00, up 67.02 or 0.12%, while the Nifty was at 16,364.40, up 82.15 points or 0.50%.
Market pre-opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
“Nifty is expected to open flat around yesterday’s close at 16,370. Yesterday, it closed above its resistance level of 16,350 , it may now face resistance at 16,400 and 16,450. On the downside, the support has shifted to 16,280 and 16,320 levels. Entering trades on correction can be a good strategy for the current market.”
GMR Infra receives part payment for Kakinada SEZ stake sale
GMR Infrastructure Ltd has received the first tranche of payments from the sale of its unit GMR SEZ and Port Holdings Ltd’s 51% stake in Kakinada SEZ Ltd to Aurobindo Realty and Infrastructure Pvt. Ltd. GMC Infra has received ₹1692 crore of the total revised Consideration of ₹2,719 crore. The balance ₹1,027 crore would be received over the next 2 to 3 years subject to achievement of certain agreed milestones. The deal also entails the transfer of KSEZ’s 74% stake in Kakinada Gateway Port Ltd to Aurobindo Realty.
Cryptocurrency prices today: Bitcoin, ether, dogecoin fall, cardano gain
In cryptocurrencies, Bitcoin prices today plunged as the world’s largest cryptocurrency by market capitalization was trading more than 2% lower to $44,962 after surging as high as $46,233 in the last 24 hours. Bitcoin prices are up over 53% this year (year-to-date or YTD) amid volatility. Ether, the coin linked to ethereum blockchain, was down nearly 4% to $3,109 whereas dogecoin declined over 7% to $0.26. Other digital coin like XRP, Litecoin, Stellar also fell more than 4-6% the last 24 hours whereas Cardano was up 1% to $1.8, as per CoinDesk. (Read here)
Stocks to Watch
Hero MotoCorp, Tata Steel, ITC, IRCTC, NDMC, among other stocks may be in the news today. (Read here)
Markets are likely to consolidate on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 54,843.98, up 318.05 points or 0.58% and the Nifty was at 16,364.40, up 82.15 points or 0.50%.
Future group promoters, holding cos move SC against Amazon
Future group promoters, including Kishore Biyani and several group holding companies, have approached the Supreme Court against an order passed by the Delhi High Court directing to enforce the order of the Singapore-based Emergency Arbitrator. Kishore Biyani, Rakesh Biyani and other family members of the Biyani family along with the holding companies Future Coupons, Future Corporate Resources, Akar Estate and Finance has filed SLP against Amazon.com NV Investment Holdings LLC before the Supreme Court, said a regulatory filing by a group firm Future Retail Ltd. They have requested to set aside the orders passed by the Delhi High Court in execution proceedings for enforcing the order passed by the Emergency Arbitrator (EA) on 25 October, 2020, it added. Passing an interim order, the EA of Singapore International Arbitration Centre (SIAC) had on 25 October last year restrained the Future group from going ahead with its ₹24,731 crore deal with Reliance Industries to sell its retail and wholesale business, and the logistics and warehousing business.
Ex-director seeks to stall $2.2 bn Paytm IPO
Paytm’s $2.2 billion IPO is facing an unusual hurdle – a 71-year-old former director has urged India’s markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares. In legal documents seen by Reuters, Paytm says the claim by Ashok Kumar Saxena and allegations of fraud in a police complaint in New Delhi are mischievous attempts to harass the firm. The dispute though is cited under “criminal proceedings” in Paytm’s July IPO prospectus filed for regulatory approval. (Read here)
Asian markets open lower on virus spread, China curbs
Asian shares wavered Friday as the spread of the delta Covid-19 variant and China’s regulatory curbs restrained sentiment despite another record high close on Wall Street. Stocks fluctuated in Japan but slid in South Korea as virus cases climb and chip-sector prospects deteriorate. U.S. contracts were steady after the S&P 500 hit a fresh peak and the tech-heavy Nasdaq 100 rose. Airbnb Inc. slid in extended trading on a tough outlook for bookings due to the virus, while a surge in streaming demand boosted Walt Disney Co.
U.S. Treasury 10-year yields were near a one-month high amid a tepid 30-year auction and data highlighting price pressures and a labor market recovery. A gauge of the dollar advanced.The focus in China remains on Beijing’s push to exert more control over a range of industries. In real estate, the nation is suspending private equity funds from raising money to invest in residential property development. Separately, a partial shutdown of a major Chinese port due to a virus outbreak stoked concerns about a repeat of last year’s pandemic shipping woes.
S&P 500 futures were steady as of 10:10 a.m. in Tokyo. The S&P 500 rose 0.3%
Nasdaq 100 futures shed 0.1%. The Nasdaq 100 rose 0.4%
Japan’s Topix index rose 0.1%
Australia’s S&P/ASX 200 Index added 0.5%
South Korea’s Kospi fell 1.6%
US indices close at record highs
Global stock markets hit record highs on Thursday while the dollar and U.S. Treasury yields edged higher, building on recent strength, as the debate continued over when the Federal Reserve will start to ease stimulus. Data on Wednesday hinted that U.S. inflation may have peaked, reassuring investors that the Federal Reserve will not feel obligated to hasten plans to rein in emergency-level support of the economy. However, data on Thursday showed U.S. producer prices registered their largest increase in more than a decade. The Dow Jones Industrial Average and S&P 500 closed at record highs for the third consecutive day. The Dow rose 14.88 points, or 0.04%, to 35,499.85, the S&P 500 gained 13.13 points, or 0.30%, to 4,460.83 and the Nasdaq Composite added 51.13 points, or 0.35%, to 14,816.26.
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