The Nikkei is up 0.3% while the Hang Seng is down 0.5%. The Shanghai Composite is down 0.1%.
In US stock markets, Wall Street indices closed sharply higher on Wednesday, as megacap growth stocks rallied thanks to rising interest rates and upbeat earnings reports.
The Dow Jones rose 0.9%, while the tech heavy Nasdaq closed with a massive 2.1% gain.
Back home, Indian stock markets are trading on a flat note. Benchmark indices opened on a positive note and gained in the third straight session ahead of the outcome of the RBI’s MPC meeting.
RBI’s policy decision could be a major driver in the near future as it could impact liquidity and interest rates. According to reports, a 25 basis point hike in the reverse repo rate is on the cards.
Market participants are tracking the stocks of Hindalco Industries, M&M, Zomato, Hero MotoCorp and Page Industries as these companies announce their December quarter results today.
At present, the BSE Sensex is trading with a fall of 104 points. Meanwhile, NSE Nifty is trading with a decline of 28 points.
Power Grid and Tata Steel are among the top gainers today. On the other hand, Maruti Suzuki is the biggest loser today.
BSE Mid Cap Index is down 0.2% while BSE Small Cap Index is trading down 0.3%.
Selling pressure is being seen in the telecom sector and FMCG sector stocks.
On the other hand metal stock and power stock are trading in green mark.
Shares of Gujarat Narmada and NALCO reached 52-week high today.
Rupee is trading at 74.85 against US Dollar.
Gold prices are trading with a fall of 0.1% 48,655 per 10 grams.
Meanwhile, silver prices are trading with a fall of 0.1%. 62,624 per kg.
Gold is trading in a narrow range as investors await US inflation data which may give new clues about the pace of the Federal Reserve’s monetary policy tightening.
Crude oil prices are mixed today after rallying on an unexpected drop in US crude inventories in the previous session, as investors await the outcome of US-Iran nuclear talks that could sharply add to the supply of crude in global markets.
In metal sector news, Steel Authority of India (SAIL) is one of the most talked about stocks today.
India’s largest steel maker SAIL on Wednesday reported a 3.8 per cent year-on-year increase in its consolidated net profit. 15.3 billion for the quarter ended December 2021.
In the same quarter a year ago, SAIL had made a net profit of 14.7 billion
Revenue for the quarter grew 27.3% year-on-year to 252.5 billion 198.4 billion a year ago.
In a statement, the company said that it delivered its best physical performance during the quarter as well as during the nine months ended December 2021.
The company said it achieved best ever Q3 and nine-month production of hot metals, crude steel and salable steel.
However, this is not reflected in the financial performance of Q3 FY22 due to various factors beyond the control of the Company, which mainly include the unprecedented rise in the prices of imported and indigenous coking coal.
The company also mentioned that the overall positive outlook in the economy in the coming quarters and performance will improve with announcements in the Union Budget for increased infrastructure spending.
Note that SAIL’s focus is on reducing its borrowings, which is reflected in a decrease of around 15% compared to the September 2021 quarter. stood on loan 191.3 billion by December 2021.
SAIL share price is currently trading up 2.8%.
Speaking of SAIL, note that the stock has come under pressure of late after experts pointed to concerns of falling alloy prices and higher raw material cost.
Brokerage firms now expect SAIL’s EBITDA to fall by more than half in the second half of the current financial year due to rising coking coal costs.
SAIL was one of the top performing PSUs of 2021, rallying over 200% last year.
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The strong performance was on the back of SAIL’s best ever performance in both production and sales during FY21, and the company liquidated its balance sheet.
It remains to be seen whether commodity stocks like SAIL fulfill their dream in 2021.
According to an article in The Economic Times, moving to news from the IPO space, OYO Hotels & Homes is likely to reduce the size of its initial public offering (IPO) substantially in view of unfavorable secondary market conditions and declining stock prices. is planning. New Age Tech Startups.
Sources familiar with the matter said the size of the IPO is expected to be much less than USD 1 billion. In its draft with the market regulator, Oyo had sought to raise USD 1.2 billion.
The startup is also exploring the option of re-filling the draft red herring prospectus (DRHP) with the regulator, if required.
As per the norms, OYO may need to refinance its DRHP if it reduces the primary offer, or fresh issuance of shares, by more than 20% and the offer for sale (OFS) by more than 50%.
However, no such decision has been taken to refill the DRHP as the company is still in the process of obtaining final comments and necessary corporate approvals.
Oyo was aiming for a valuation in the range of around US$9-12 bn, but could settle for around US$7bn. It was valued at US$9.6 billion when it raised strategic investment from Microsoft in September last year.
Note that Oyo is not the only company changing its IPO plan. MobiKwik last year postponed its IPO in October 2021 following a crash in new-age tech startups.
Among the big startups that have filed their DRHPs, Oyo, Delhivery and PharmEasy were expected to launch their own. IPO in 2022,
We will keep you informed about the latest developments in this field. stay tuned.
To know which IPOs are in the pipeline, see Current IPO And upcoming ipo,
(This article is syndicated from) equitymaster.com,
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