>> India’s biggest pharma IPO set to hit market
>> Analysts say cement set to see the start of an upgrade cycle
>> Airtel goes one up on Jio, Voda in Sept quarter
And there is more.
>> GST mopup again tops Rs 1 lakh cr in Oct
But first, a quick glance at the state of the markets…
>> Nifty futures on the Singapore Exchange traded 34 points higher at 7 am (IST), signalling a positive start for Dalal Street.
>> Volatility greeted markets at the start of a crucial week spanning the US election and a Fed policy meeting. Asian shares extended losses this morning. Australian shares were down 0.1% while New Zealand’s benchmark index eased 0.6%. However, Japan’s Nikkei was up 0.6%. South Korea’s Kospi added 0.7%.
>> US equity indices closed lower on Friday to cap Wall Street’s biggest weekly sell-off since March as a record rise in Covid-19 cases and jitters over the presidential election snuffed investor sentiment. Dow fell 157.51 points, or 0.59%; the S&P 500 lost 40.15 points, or 1.21%, and the Nasdaq 274 points, or 2.45%.
IN OIL MARKET
>> Prices hit five-month lows on Monday on worries about global demand as many economies slid back into coronavirus-induced lockdowns. Brent crude futures slipped to a low of $35.74 a barrel, a level not seen since late May, while WTI crude fell as low as $33.64.
>> The rupee fell about 50 paise on Friday to 74.595 against the US dollar, tracking weak domestic equities and growing global risk aversion. It hit an intraday high of 74.703 and low of 74.240.
>> The Dollar Index was slightly up by 0.08 per cent, while the Japanese yen strengthened a bit. The British pound was a shade weaker at $1.2927 and the euro down 0.1%. Risk-sensitive Australian dollar slipped 0.4% to go below 70 US cents for the first time since July.
AND IN BULLION
>> Gold prices rose by Rs 268 to Rs 50,812 per 10 gm in Delhi before closing at Rs 50,544 on Friday following a recovery in international prices, while silver gained by Rs 1,623 to Rs 60,700 a kg. In international markets, gold fell 0.2% to $1,875.05 an ounce.
All in all, Dalal Street looked set for a bounceback. On Friday, Nifty50 formed an Spinning Top candle on the daily chart and a bearish candle on the weekly chart, signalling indecisiveness.
LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.
… Hyderabad-based Gland Pharma’s Rs 6,000 crore IPO is set to hit the market next week. This will be the largest IPO by a pharmaceutical company in India. The biggest IPO till date in the sector was from Eris Lifesciences, which raised Rs 1,741 crore in 2017. Alkem Laboratories and Laurus Labs raised Rs 1,350 crore each in 2015 and 2016, respectively. So far, only 14 Indian companies have raised an amount greater than Rs 6,000 crore through an IPO.
… After two consecutive quarters of better-than-estimated performance, analysts have upgraded EPS of large cement firms for the current and the next financial years. They have increased their earnings estimates of firms such as UltraTech Cement, Ambuja Cements and Shree Cement by 14-35%. For 2021-22, earnings estimates have gone up 10-25%. In the past few months, there have been increasing signs of improving demand, especially in rural and semi-urban areas.
… India’s GST collections for October crossed the Rs 1 lakh crore mark for the first time this financial year, underscoring the economic recovery that is under way and providing relief to the revenue-starved government. Separately released data showed railway freight loading was 108.16 million tonnes in October, 15% higher than the year earlier and 5% more than 102.13 million tonnes in September.
… Bharti Airtel has turned in a stronger operational performance than rivals Reliance Jio Infocomm and Vodafone Idea in the seasonally weak September quarter, underlined by higher user additions, revenue growth, voice minutes usage and data consumption. Analysts say the numbers reflected strong market execution. They say the Sunil Mittal-led telecom operator’s cellular business growth was stronger sequentially, at 7.4%, than Jio’s 5.5% and Vi’s1.2%, and its 13.9 million net customer additions were nearly double of Jio’s 7.3 million.
… Banks are asking loss-making Vodafone Idea and its promoters to provide them with a letter of comfort or other guarantees that their loan obligations will be fulfilled. SBI has lent Rs 11,200 crore exposure to Vi, while PNB has advanced Rs 1,000 crore, IndusInd Bank Rs 5,000 crore and ICICI Bank Rs 1,700 crore, among others.
LASTLY, AN UPDATE ON ALL THE STOCKS BUZZING THIS MORNING
…. Starting November, Tata Steel is rolling out a ‘work-from-anywhere’ policy for a large section of its white-collar workforce that will allow people to operate from any part of the country or abroad even when the pandemic situation normalises.
…. Reliance Capital has invited initial bids for eight key assets as the troubled non-banking financial company is now aiming to repay a debt of Rs 15,000 crore by using the sale proceeds.
…. IDFC First Bank is factoring in a total restructuring of about 4% of its loan book of ?1.06 lakh crore under the Covid-19 recast window, chief executive V Vaidyanathan told ET.
…. PNB Housing said its capital is good enough for the next six months and it would think of an alternative plan if its promoter Punjab National Bank does not get regulator’s approval for infusing capital in the housing finance arm.
…. Future Retail has asked the stock exchanges not to take cognisance of Amazon’s letter to them regarding the sale of Future Group’s retail business to RIL or a Singapore arbitration court’s order that put the transaction on hold.
That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! Bye-bye