Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Nikhil Agarwal. Let’s start with the headlines first.
– Bandhan leads race to buy IDFC Mutual Fund
– Petrol, diesel get costly by Rs 10 in 16 days
– India blocks 22 YouTube channels for spreading disinformation
Now lemme give you a quick glance on the state of the markets.
Asian stocks declined on the prospect of a swift reduction in the Federal Reserve’s debt holdings, part of stepped up monetary tightening to fight high inflation.
Elsewhere, the yield on 10-year Treasuries advanced two basis points to 2.57%. The dollar was near a three-week peak and oil dipped toward $100 a barrel. Bitcoin was on the back foot, falling below $45,000 in another sign of rocky risk appetite. Oil futures slid on Wednesday, extending losses from the previous day, as a stronger US dollar prompted fresh selling while data showing a build in US crude stocks and Shanghai’s extended lockdown fuelled fears of slower demand.
That said, here’s what is making news.
Investors eyeing higher returns from fixed income instruments than bank deposits have four options to consider over the next few weeks. Four non-banking lenders, Muthoot Finance, Indiabulls Housing, Edelweiss Housing Finance and Ugro Capital have launched their Non-Convertible Debenture (NCD) issues that could return between 6.75% and 10.4% depending on the tenures of the investment.
Local funds are stepping up bets on equities like never before. Their gross purchase worth Rs 1.3 lakh crore in March was the highest ever in a single month, the data from SEBI show.
India’s top IT firms are expected to post strong revenue growth for the fourth quarter, analysts and brokerage firms have said, while the ongoing talent shortage and inflation-led pressures are likely to drag down margins. Tech Mahindra, among the top five IT services providers, is expected to lead revenue growth sequentially led by a string of acquisitions. Infosys and Wipro are expected to lead on the organic growth front.
LASTLY,
The valuation premium enjoyed by investor favourite Bajaj Finance over other lenders is unjustified, said CLSA, retaining a sell rating on the stock with a target price of ₹6,500.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
A consortium led by Bandhan Financial Holdings, the promoter of Bandhan Bank, is said to be in the pole position to win the bid for IDFC’s mutual fund business in a deal valued at about ₹4,500 crore, trumping an Invesco-led grouping, ET reported.
SpiceJet’s plan to increase flights has hit an air pocket due to unavailability of new MAX plans, as Boeing has offered them to deliver only 3 out of the 10 aircraft demanded by the airline.
Drug maker Pfizer on Tuesday said it has launched the Pfizer INDovation Program to back healthcare innovation start-ups in India in the areas of oncology and digital health.
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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!
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