>> The world’s hottest stock is Indian
>> Analysts say FPO a chance to pick up IRCTC stock
>> Desi banks rush to embrace bitcoin
AND
TVS family recasts holdings
And there is more. But first, a quick glance at the state of the markets…
>> Nifty futures on the Singapore Exchange traded 34 points higher at 7:30 am (IST), signalling more gains ahead on Dalal Street.
ELSEWHERE
>> Asian stocks began mixed as investors weighed prospects for a stimulus deal in Washington against disappointing US jobs data. Shares rose in Japan and South Korea, while those in Australia slipped.
>> Major averages on Wall Street closed on Thursday with a rebound from early lows as investors looked for signs of progress in fiscal stimulus talks. Dow fell 0.23%, the S&P500 0.13%, while the Nasdaq added 0.54%.
IN CURRENCIES
>> The rupee snapped its two-day winning streak to close 9 paise lower at 73.66 against the US dollar on Thursday, tracking muted domestic equities and a rebound in the American currency.
>> The US dollar weakened while the pound fluctuated as the UK Prime Minister warned Britain should prepare to leave the EU without a trade deal. The euro was up 0.1%, while the yen rose 0.1%. The offshore yuan traded at 6.5334 to the dollar.
IN OIL MARKET
>> Oil prices climbed nearly 3%, with Brent hitting levels not seen since early March, on hope of a speedier economic recovery. WTI crude rose further 0.6 per cent this morning while Brent rose 2.8% on Thursday.
AND IN BULLION
>> Gold and silver struggled in Indian markets. February gold futures on MCX slipped 0.02% to Rs 49,250 per 10 gm while silver futures rose 0.2% to Rs 63,635 a kg. In international markets, gold held at $1,836.58 an ounce.
LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.
… The world’s most expensive stock — in terms of the customary parameters of price to earnings and book value multiples — is an Indian clean energy company that only got listed two years ago. Adani Green Energy has a net worth of Rs 2,600 crore while its market capitalisation was Rs 1.62 lakh crore at the end of Thursday trade. The stock has seen a 717% surge in just one year, outperforming heavyweights HDFC Bank, RIL, Avenue Supermarts and TCS to emerge as the top gainer in the NSE500.
… The TVS family on Thursday sought to align stock ownership of the group’s operating entities with the members that directly run them, replacing a complex holding structure that currently owns listed companies with a combined market value touching $6 billion. The recast will involve nine listed companies, including TVS Motor Co, Sundaram Clayton, Sundram Fasteners and TVS Electronics, and several other unlisted businesses, the group holding company said in a statement.
…. Retail investors could subscribe to the share sale of IRCTC on Friday. Though valuations are rich, analysts said investors could earn up to 30% over the next year, thanks to the ongoing euphoria in the market and the company’s strong prospects. The government is selling up to 20% stake through an offer for sale at a floor price of Rs 1,367, which was 16% below its Wednesday’s closing price of Rs 1,617.75 apiece.
… Two years after top banks stopped dealing with cryptocurrency exchanges and their customers on the central bank’s direction, the two sides are now back in business, according to four people with direct knowledge of the matter. Top banks including SBI, HDFC Bank, Yes Bank and ICICI Bank have started allowing customers to use bank accounts on cryptocurrency trading platforms, they said. Also, these banks are reaching out to cryptocurrency exchanges and offering them several facilities.
… The Centre has asked LIC of India to “seriously consider” selling its stake in IDBI Bank when the government divests its own shareholding, financial services secretary Debasish Panda said in an interview. He said work on the legislative changes required for LIC’s initial share sale was at an “advanced stage” and the changes are likely to be introduced in Parliament in the Budget session.
… Facebook was sued by US antitrust officials and a coalition of states that want to break up the company by unwinding its acquisitions of Instagram and WhatsApp, deals the government says were part of a campaign to illegally crush competition. The Federal Trade Commission and state attorney generals led by New York said they filed antitrust complaints against Facebook, alleging the company stifled competition from rivals in order to protect its monopoly in social media. The lawsuits seek court orders unwinding the acquisition of Instagram and WhatsApp.
LASTLY, AN UPDATE ON ALL THE STOCKS BUZZING THIS MORNING
>> Blackstone is acquiring Piramal Glass for $1 billion. It will pay $850 million upfront and another $150 million in payouts linked to milestones over the next two-three years
>> Overseas investors could soon be barred from buying fresh shares of IndusInd Bank as the private lender heads closer to the foreign investment limit. As on Wednesday, FPIs held 73.6%, just 0.4% below the maximum permissible foreign investment limit.
>> Axis Bank has sought approval of the Competition Commission of India for its deal to acquire up to 20% stake in Max Life Insurance.
>> Hyderabad-based Natco Pharma is examining the possibility of filing a compulsory licensing application for a generic version of Eli Lilly’s Covid-19 drug baricitinib, potentially triggering a legal battle over intellectual property rights
>> Adani International Container Terminal, a joint venture between Adani Ports and SEZ and Terminal Investment, is raising $300-400 million via overseas bonds as the company aims to lower funding cost
That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! Bye-bye