– RBI to lay out IT audit guidelines for Paytm Bank
– February consumer inflation touches 8-month high
– Berkshire Hathaway stock hits $500,000-mark
– EU slaps 4th set of sanctions on Russia
Now lemme give you a quick glance on the state of the markets.
Asian stocks and sovereign bonds remained under pressure Tuesday as Russia’s war in Ukraine and the risk of aggressive US monetary-policy tightening to quell inflation sapped sentiment. An Asia-Pacific equity index fell for a third session, hurt by a deepening rout in Chinese technology shares.
Elsewhere, the yield on 10-year Treasuries was at 2.15%, up about two basis points. Oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in COVID-19 cases.
That said, here’s what is making news.
HDFC Bank is expected to sharpen its digital play for both potential and existing relationships after the central bank eased all curbs on the lender, potentially shortening the rerating odds on the country’s most valued financier. The stock, India’s third-biggest, surged on Monday.
According to the data from NSDL, foreign portfolio investors (FPIs) sold $5.5 billion (Rs 41,000 crore) of IT stocks in the past five months. It was nearly 40% of the total FPI equity outflow of around $ 14.3 billion between October 2021 and February 2022. FPIs sold $1.7 billion worth of IT stocks in the second fortnight of January 2022, the highest among all the sectors.
Indian new-age companies that went public in 2021 have turned from being among the most-watched names to pariahs on Dalal Street. The recent sell-off in shares of Paytm’s parent One97 Communications, Zomato, FSN E-Commerce (Nykaa’s owner), PB Holdings, which runs Policybazaar, and Cartrade Tech has eroded investor wealth in these firms by ₹2.28 lakh crore. Analysts advise reducing exposure to most new-age companies as the selling pressure could continue for a while.
High-value crypto transactions of about 700 investors have come under the scanner of the income tax department, which is now proposing to issue notices to them. These individuals or entities could face 30% tax, penalty and interest.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Eyeing growth in average revenue per user, debt-ridden telecom operator Vodafone Idea Ltd (VIL) on Monday made a foray in the online gaming segment in partnership with Nazara Technologies.
Reliance New Energy Limited (RNEL), a wholly-owned renewable energy subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire all assets of the Netherlands-headquartered Lithium Werks BV for a total transaction value of $61 million (Rs 468.2 crore) including funding for future growth, the company said on Monday.
Piramal Pharma on Monday said its consumer products division has roped in Bollywood actor Ajay Devgn for its flagship brand Tetmosol. Tetmosol is a medicated skin-care soap used in the treatment and prevention of skin infections.
Hero Electric on Monday said it has joined hands with L&T Finance to offer consumers easy financing solutions for its entire product portfolio across its 750-plus dealership network.
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That’s it for now. Stay with us for all the market news through the day. Happy investing!
