– LIC may file draft IPO papers next week
– Meta plunges 20% on missing earnings estimate
– ITR to have separate column for crypto
– Oil PSUs to spend Rs 1.11 lakh cr in capex
Now lemme give you a quick glance on the state of the markets.
Asian stocks declined following disappointing earnings from technology bellwethers and as traders await more clues on how quickly key central banks will tighten monetary policy. Shares fell in Japan and Australia. South Korea reopened from a holiday and pushed higher. Hong Kong and China remain shut.
Elsewhere, the yield on 10-year US Treasuries declined one basis point to 1.76%. The US dollar snapped a three-day retreat. The Bloomberg Dollar Spot Index rose 0.1%. Oil prices eased on Thursday following weak US payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases.
That said, here’s what is making news.
Leading brokerages gave a thumbs up to the Budget for 2022-23 citing a higher-than-expected capital expenditure outlay. Analysts said the increase in capital expenditure and investments in infrastructure will benefit cement, capital goods and steel stocks, among others while investors may question the elevated multiples of consumption stocks given the lack of consumption-boosting measures.
User sign-ups on crypto platforms jumped 30-50% on budget day Tuesday, when the finance minister announced a proposal to tax digital assets. While crypto investors and exchanges looked for the fine print in the proposal, some viewed the announcement as an indirect way to endorse crypto trade in India. Industry executives said the budget announcement resulted in pent-up interest among risk-averse investors as well as companies who earlier feared the digital assets would be outlawed in India.
High-net-worth individuals (HNI), hedge funds, large overseas institutional investors, and family offices may have to pay more in taxes from next year on derivative profits after the budget extended the scope of ‘bonus stripping’ to disallow squaring futures-market gains with cash equity losses. In the budget, the government has proposed to include share transactions under the ambit of ‘bonus stripping’, which hitherto applied only to mutual fund units.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Maruti Suzuki India (MSI) said it has witnessed a marginal increase in production last month. In a regulatory filing, the auto major reported a total production of 1,61,383 units in last month as compared to 1,60,975 units in January 2021.
Indian billionaire Anil Agarwal is considering a potential merger of his commodity empire’s indebted holding company with cash-rich listed unit Vedanta Ltd., Bloomberg reported.
Zee Entertainment Enterprises (ZEE), the homegrown listed entertainment company, has posted a sharp 25.3 per cent drop in its profit after tax (PAT) for the quarter ended December 31, 2021.
Housing Development Finance Corp Ltd (HDFC), India’s largest private-sector mortgage finance company, said its net profit increased 11% mainly due to continued demand for home loans from individuals.
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!