Benchmark indices opened down 0.2% . Aditya Birla Sunlife AMC is debuting on the bourses with the final issue price fixed at ₹712 per equity share.
Morgan Stanley upgrades China property on likely policy easing
Morgan Stanley has upgraded its view on China’s property sector to “attractive” from “in-line” as it sees growing likelihood of easing measures, with default risks and housing market weakness largely priced in. “We believe an inflection point for China’s property policy is approaching,” analysts led by Elly Chen wrote in a note dated Sunday. “Property stocks will react on policy easing, which looks more likely now.” China’s tightening policies on the property market to curb excess debt buildup and speculation have led home purchases to drop sharply in the past few months. The situation has squeezed heavily indebted developers like China Evergrande Group and led smaller firms such as Fantasia Holdings to default, roiling the financial markets amid fears of risk contagion. Expectations on policy easing are growing after China’s central bank last month urged financial institutions to help local governments stabilize the rapidly cooling market and ease mortgages for some homebuyers. (Bloomberg)
This multibagger stock is up 150% this year. Emkay sees over 28% upside
Shares of Ramkrishna Forgings are among the multibagger stocks of this year that has given around 151% return in year-to-date (YTD) terms. Ramkrishna Forgings is among India’s largest manufacturer and exporter of CV forgings. Brokerage firm Emkay believes that the company is a play on CV upcycle in domestic and overseas markets. (Read here)
World’s energy chaos turns Russia into top emerging market
Surging energy prices are kindling bullish bets on developing-nation exporters, with Russia emerging as traders’ favourite investment destination. Russia’s ruble has gained more than any other emerging-market currency this month, bolstered by the prospect of higher oil revenues, while the nation’s stocks outperformed as a broad gauge of developing equities sank. OPEC’s monthly report will be closely watched this week as investors seek further clues on the outlook for the oil industry. It marks an abrupt change of pace for emerging-markets investors who’ve spent the last few weeks alternately worrying over the threat of cascading debt delinquencies from China’s Evergrande crisis and the looming prospect of tighter policy from the Federal Reserve. (Bloomberg)
China’s Ant Group increases registered capital by 47% to $5.4 billion
China’s Ant Group has…
Read More: Sensex, Nifty open in red