News Bulletin and Market Update: 09/11/2021

News Bulletin

▫️Byju’s upsized its term loan to $1 billion at a spread of 5.50% above LIBOR, amidst strong demand from lenders.

▫️ Paytm’s IPO was subscribed 18% on Day 1.

▫️Gross Direct Tax collections grew by 70% year on year in April- October period.

▫️ Future Retail moved to Supreme Court against Singapore arbitration tribunal’s order which had put stay on its deal with Reliance.

▫️ Reliance exited its shale gas business in North America.

▫️Stock exchange to commence T+1 day settlement from 25th February, 2022.

▫️Govt. is aiming to cut India’s high logistics cost by 5% points from 13-14% of the GDP.

▫️Brickwork Ratings estimate India’s GDP Growth at 10-10.5% in FY22.

▫️India is now ahead of China in financial inclusion metrics, thanks to digital banking and cheap internet.

▫️ Competition Commission of India to identify measures to enhance competition in the pharmaceutical sector.

▫️Maruti to finalise ₹18,000 crore Haryana manufacturing plant by 2021 end.

▫️L&T tech services is seeking acquisition of companies in North America and Europe, to enhance its offshore presence.

▫️Zydus Cadilla to deliver 1 crore doses of its Covid-19 vaccine to government at ₹265.

▫️US Bank, BNY Mellon has cut ties with Adani Group, as the Group is believed to be invested in environment demeaning Carmichael Coal Mine in Australia.

▫️ Maruti Suzuki’s financial arm has disbursed ₹6,500 crore auto loans in first 9 months of its launch.

▫️Tata Motors signed a pact with Equitas Small Finance Bank to grant vehicle financing.

▫️SBI Cards to raised ₹2,000 crore via bond issuance.

▫️ Kotak Mahindra Bank becomes first lender to raise home loan rates by 0.05% from 6.50% to 6.55%.

▫️ Induslnd shares plunged after rhe bank said it has disbursed 84,000 loans without customer consent in May owing to technical glitch.

▫️FPIs can now invest in debt securities issued by infrastructure investment trusts and real estate investment trusts.

▫️Govt. mulling to allow crypto as an investment vehicle only and not currency status. Further, government will also impose both income tax and GST on crypto.

▫️Cargo volumes at major ports up by 15% year on year, during April-October period.

Market Update

▫️ Indian markets saw a sharp recovery on Monday, backed by fuel tax rate cuts, improved PMI data and high festive season sales.

▫️Sensex jumped by 0.80% to end at 60,545 and Nifty ended higher by 0.85% at 18,068

▫️Auto, IT, PSU Bank, Metal and Consumer Durables helped the market to clock gains. Oil and Gas and Private Banks lagged the market.

▫️The market breadth was slightly positive. On NSE, 977 shares rose and 862 shares decline.

▫️Broader markets performed well as mid cap and small cap indices outperformed the benchmark.

▫️Gold price remained around ₹48,000 level as higher US Treasury yields is restricting any further gains in yellow metal prices.

▫️ Indian Ruppee gained for 6th consecutive session, and closed with 43 paise gain at 1 month high of 74.03. This was largely due to dovish outlook of US Federal Reseve, which has weaken the greenback.

▫️ Crude oil prices remained range bound with WTI Crude around $82.

▫️US Government passed $1 trillion infrastructure bill. As a result Dow Jones ended with gain of more than 100 points to close at record highs.

▫️ However, today morning Dow is trading with loss of around 70 points. Asia has opened mix while SGX Nifty is indicating slightly weak start for Indian markets.

▫️Stocks in F&O ban: ESCORTS and PNB.

This is for educational purposes only.

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