Sensex, Nifty trade flat at open; Siemens down 7%; banks drag
Indian stock markets are trading flat amid volatility and a souring global mood on Thursday. Banks, capital goods, and FMCG are under pressure while there is some buying in auto, IT and pharma. Global stocks have dipped from all-time highs as central banks cut back on monetary accommodation. Assets from equities to commodities and cryptocurrencies have delivered substantial gains this year. Investors are evaluating how much further they can go as the recovery from the pandemic continues but liquidity tailwinds start to cool.
Star Health IPO: GMP halves ahead of subscription opening next week
Rakesh Jhunjhunwala-backed Star Health and Allied Insurance’s initial public offering (IPO) will open for subscription next week on Tuesday, November 30 and the three-day share sale will conclude on December 2. The price band for its public offering has been fixed at ₹870-900 per share. The company is aiming for a valuation of about $7 billion in its public offering, as per a Reuters report.
The IPO comprises a fresh issue of equity shares worth ₹2,000 crore and an offer-for-sale of up to 58,324,225 equity shares by promoters and existing shareholders. The public offer includes a reservation of shares worth ₹100 crore for employees. At the upper end of the price band, the initial share-sale is expected to fetch ₹7,249 crore.
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Reliance Industries to restructure and repurpose gasification assets
Mukesh Ambani-led Reliance Industries (RIL) on Wednesday informed in an exchange filing that the company will restructure and repurpose gasification assets as the board of RIL has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary. The board has accordingly approved a Scheme to transfer the Gasification Undertaking as a going concern on a slump sale basis for a lump sum consideration equal to the carrying value as on the Appointed Date.
Indian bonds closer to be included in global indexes as govt plans tax changes
India plans some tax exemptions in its budget due February, possibly the final step for the nation’s sovereign bonds to be included in global indexes, according to people familiar with the matter.
Finance Minister Nirmala Sitharaman will propose to exempt Euroclear settlements from tax, the people said, asking not to be identified as the plans are private. If lawmakers approve the budget on schedule, Indian debt could be eligible for index inclusion by the end of March, they added.
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