The Nikkei is down 0.8% while the Hang Seng is down more than 3%. The Shanghai Composite is trading up 0.2%.
In US stock markets, Wall Street indices fell sharply on Monday, led by declines in mega-cap growth stocks, as benchmark 10-year yields hit 3-1/2-year highs and investor interest. Became more concerned about the rate outlook.
The Dow Jones fell 2% while the Nasdaq Composite closed down a whopping 4.3%.
Back home, Indian stock markets are trading on a flat note.
Despite the fall in global markets, benchmark indices opened marginally higher.
Market participants are tracking the share of Petronet LNG, Relaxo Footwear, Adani Ports and Balaji Amines as these companies announce their March quarter results today.
Meanwhile, Rainbow Children’s Medicare made its debut on the stock market today. the company picked up 15.8 billion between April 27-29 by selling its shares in the range of 516-542 each.
BSE Sensex is trading with a fall of 52 points. Meanwhile, NSE Nifty is trading with a fall of 19 points.
HUL and Bharti Airtel are among the top gainers today. On the other hand, Tata Steel is the biggest loser today.
The BSE Mid Cap Index is down 0.4%. BSE Small Cap Index is trading with a decline of 0.2%.
Auto sector, telecom sector and FMCG sector are the biggest buying in the sectoral index with stocks.
On the other hand, metal stocks and energy stocks are trading in the red.
Shares of Power Grid touched 52-week high today.
Rupee is trading at 77.23 against US Dollar.
Gold prices up 0.2% 51,055 per 10 grams.
Meanwhile, silver prices are trading with a gain of 0.6%. 61,879 per kg.
Crude oil prices edged lower today, down 6% in the previous session, as Covid lockdowns in top oil importer China and potential economic turmoil in Europe raised concerns about the demand outlook.
In the crypto market, bitcoin on Monday fell to its lowest level since July 2021 as the collapse in equity markets continued to hurt the cryptocurrency.
Bitcoin fell to USD 32,763 in its fifth consecutive session of decline.
The cryptocurrency is down 13% so far in May and has lost more than half its value since reaching an all-time high of US$69,000 in November last year.
In the midst of all this bloodshed, El Salvador has bought the dip that it seems. The President of Salvador announced that his country had bought 500 more bitcoins.
Reportedly, since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased a total of 2,301 bitcoins.
in the latest developments from IPO spaceFive companies, including Aadhar Housing Finance, TVS Supply Chain Solutions and Landmark Cars, have received the capital markets regulator’s nod to raise funds through initial share sale.
Apart from these, Bikaji Foods International and Kids Clinic India have also received regulatory approvals for IPOs.
These five companies, which filed their IPO documents with the regulator between January 2021 and February 2022, received their comments during May 2-5.
As per the draft, Blackstone-backed Aadhaar Housing, which filed preliminary papers in January last year, is looking to increase 73 billion through its IPO.
IPO involves fresh issue of shares of value 15 billion and up to OFS 58 billion by promoter BCP Topko VII Pte.
The IPO of TVS Supply Chain Solutions, a part of TVS Mobility Group, includes fresh issue of equity shares OFS of 20 billion and 59.5 million equity shares by the promoter and existing investors.
Equity shares of all these five companies will be listed on BSE and NSE.
IPO is all set to see a flurry of companies tapping the primary markets despite the turmoil in the market.
We will keep you informed about the latest developments in this field. stay tuned.
Moving on to the news from the cement sector, Holcim Group has started talks with two Indian contenders – Adani Group and JSW Group – on a detailed Share Purchase Agreement (SPA) with US$10 billion sale of listed Ambuja Cement and ACC Approaches. Done. Final stage of negotiations.
Holcim Group is the world’s largest cement manufacturer.
According to informed sources, the third potential contender Kumar Mangalam Birla’s UltraTech Cement has not held any such discussions so far, though it is insisting on joining the fray despite antitrust concerns.
UltraTech is still looking at options to join the fray and emerge as a formidable challenger to any domestic rival. But a bid by UltraTech will face scrutiny from India’s anti-trust watchdog, the Competition Commission of India (CCI).
The SPA negotiations are expected to be completed by the end of May, within which all suitors are expected to submit full details of funding.
Speaking of the Holcim-Adani deal, we explained in a recent editorial why it would make sense if Adani acquires Holcim’s India stake.
You can read the same here: Why does it make sense for Adani to buy Holcim’s India stake?
Stocks are moving up on specific news…
Borosil Renewables is one of the top buzzing stocks today.
Solar panel glass maker Borosil Renewables said on Monday it would invest 15 billion to increase its capacity by about 2.5 times over the next two years and supply 15 GW of solar modules by fiscal year 2025.
The company’s executive chairman Pradeep Kheruka told PTI,
We are doubling our investment as being the first and only domestic manufacturer of solar panel glasses we see that the sky is the limit for demand.
Accordingly, we are making another investment 15 billion to take our capacity to 1,550 TPD by FY24 and 2,100 TPD by FY25 which will help us supply 15 GW of solar modules.
The company will also invest in its German plant to increase its capacity from 300 TDP to 500 TPD (tonne per day) by 2023.
With these capacity additions, the company plans to become the largest non-Chinese-owned company in the world.
In late April the Borosil Group firm acquired German company Interflot Group, the largest solar glass manufacturer in Europe, for 55.5 million euros.
On cost escalation since the pandemic and due to the Russo-Ukraine war, the chairman said the cost of steel and labor has increased by 30-40%.
In the first nine months of the fiscal year 2022, Borosil earned 5 billion in revenue, above 4.7 billion in FY21. Its exports stood at 20% in FY21.
The company ships to Germany, Poland, Canada, the US, Mexico and the Middle East.
Borosil Renewables share price is currently trading up 1.3%.
Speaking of Borosil Renewables, take a look at the chart below to see multibagger returns Its stock has been given in the last one year.
Borosil Renewables Share Price – 1 Year Performance
see full image
This article is syndicated from Equitymaster.com