Rupee rises, India bond yields stabilise after rising to 2-year highs
India’s 10-year bond yield touched a 2-year high of 6.55% on Thursday after the highly hawkish stance of the US Federal Reserve. The Fed minutes almost made it clear that rate hikes will happen sooner and the US will also aggressively wind down securities from their $9 trillion portfolio. In India bond yields have been under pressure on account of the aggressive borrowing program of the government, irrespective of the RBI stance. The Feb-21 policy of the MPC could be significant to check how hawkish the RBI could get.
Reliance Retail buys 25.8% stake in quick e-commerce player Dunzo
Reliance Retail Ltd has bought a stake in quick ecommerce player, Dunzo. The total company has been valued at around $800 million with Reliance Retail getting a 25.8% stake in Dunzo. Out of the total $240 million that Dunzo raising to bankroll its future plans, $200 million has been provided by Reliance Retail. The 25.8% stake for Reliance Retail would be on a fully diluted basis. Dunzo manages last mile delivery in India and these funds will help Dunzo to expand their B2B business and to sign up business partnerships.
Adani Enterprises wins key NTPC coal tender
Adani Enterprises confirmed that it had won a contract to supply imported coal of 1 million tonnes to NTPC. This coal from its controversial Australian mines will be used for NTPC power plants. This was awarded through a process of reverse bidding. However, this is quite small in the overall perspective as NTPC annually imports over 10 million tonnes of coal. Of late, the world has been going through a major shortage of coal supplies which had severely hit coal-fired thermal power plants across India and China
Dec-21 quarter is expected to be positive for specialty chemicals
The Dec-21 quarter is expected to be positive for specialty chemicals in terms of top line and bottom line growth. Some of the key supply chain constraints like higher input costs, and freight costs are abating. The fear of margin squeeze will be much lower in the Dec-21 quarter. Stocks like Vinati Organics, SRF Ltd, Camlin Fine Sciences and Aarti Industries are expected to deliver earnings growth of 35-59% as per estimates put out by Phillip Capital. The continued pressure on Chinese companies will also help exports.Macrotech to double its investment in construction to ₹2,800 crore in FY22
Macrotech to double its investment in construction to ₹2,800 crore in FY22
Macrotech, formerly called Lodha Group, clocked pre-sales of Rs.4500 crore in the Dec-21 quarter. This includes Rs.2,608 crore from projects in India and Rs.1900 crore from projects in the UK. It has added 6 projects in the quarter with gross development value (GDV) of Rs.10,000 crore. This is likely to be the best quarter with 40% yoy growth in pre-sales and 44% growth in collections. The company has a debt level of over Rs.9,0000 crore. In Dec-21 quarter, it signed up joint development agreements (JDAs) for 48 lakh SFT
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