Asian markets are rising for a third day, following Wall Street's lead. Weak US consumer data has boosted expectations for a Federal Reserve interest rate cut next month. Investors are closely watching Chinese equities. US Treasury yields have eased, and the dollar has weakened.
Sebi's primary market reforms panel is reviewing how company promoters are defined for IPOs. The committee proposes companies must justify their promoter identification in offer documents. This aims to prevent misleading investors by clarifying who truly controls a company. The panel suggests focusing on actual control rather than just shareholding. Upcoming discussions will shape new regulations for IPO disclosures.
Federal Bank's shares surged 27% in three months, driven by Blackstone's 6,000 crore investment and management's guidance of net interest margin expansion. The capital infusion will fuel growth and potential inorganic opportunities. The bank anticipates NIM improvement due to repricing term deposits and strong CASA momentum.
Metals, consumer durables, and oil & gas sectors showed strong profit growth in the September quarter. Two of these sectors now trade above their long-term average valuations. Other sectors saw modest profit increases or declines. Investors are advised to consider PSU banks, banks, BFSI, IT, and select steel companies for potential upside.
The Securities and Exchange Board of India (Sebi) is proposing to simplify the process for investors to obtain duplicate share certificates. The regulator suggested increasing the simplified documentation limit for duplicate securities to 10 lakh from 5 lakh, acknowledging the growth in market capitalization and investor portfolios. This move aims to reduce procedural burdens and enhance convenience for investors.
Sunil Mittal-led Indian Continent Investment plans to sell approximately 0.56% of its Bharti Airtel stake, valued at around 7,200 crore, via a block deal. The entity will offload 3.43 crore shares, potentially at a 3% discount to Tuesday's closing price. This move follows a similar stake sale in August.
The Indian Rupee saw a slight dip on Tuesday, closing 6 paise lower against the US Dollar at 89.22. Domestic equity market weakness weighed on the currency. Falling crude oil prices offered some support. However, foreign fund outflows kept the Rupee under pressure. This follows a significant recovery on Monday after hitting a lifetime low on Friday.
