SoftBank looks to sell $215 million worth of shares in Paytm

Opening Bell:

SGX Nifty is down by 47 points in the early morning trade, indicating a negative opening for Indian stock market.

Asian indices traded mixed as a number of economic data is released in the region. Japan reported a trade deficit of $15.5 billion, more than economists’ expectations of $11 billion forecasted in a Reuters poll. The Japanese Nikkei is down by 0.12 percent and South Korea’s Kospi is down by 0.57 percent. Hong Kong’s Hang Seng is down by 1.63 percent in the early morning trades.

Wall Street indices ended lower on Wednesday as a grim outlook from Target spurred fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares slid after Micron’s supply cut. S&P 500 lost 0.83 percent whereas Nasdaq composite dropped 1.54 percent.

Stocks News:

?SoftBank looks to sell $215 million worth of shares in Paytm as the fintech’s lock-in for pre-IPO investors ends later this week. The Japanese investor is offering to sell 29 million shares in the company at Rs 555 to Rs 601.45 apiece, at a discount of up to 7.72 percent to the current market price.

?WIPRO has reached an agreement with employee representatives on setting up a European Works Council (EWC). Wipro’s EWC is the first to be established by an India-headquartered company. The creation of an EWC follows a request by employees under an EU directive establishing the opportunity in companies with more than 1,000 employees across multiple European locations.

?Tata Power Solar Systems, a subsidiary of Tata Power Renewable Energy, has tied up with Union Bank of India, to help MSME sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable.

?Aurobindo Pharma has received Establishment Inspection Report from USFDA for unit XI, an API non-antibiotic manufacturing facility at Pydibhimavaram, Andhra Pradesh. The unit was inspected by the USFDA in February 2019 and issued a warning letter in June 2019. The said unit was further inspected by USFDA during July 25 – August 2 and issued a Form 483 with 3 observations.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 386.06 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,437.40 crore on November 16, as per provisional data available on the NSE.

Domestic and International Events

• US retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy.
• Surging household energy bills and food prices pushed British inflation to a 41-year high, data showed a day before finance minister Jeremy Hunt announces “tough but necessary” tax hikes and spending cuts to control price growth.
• Oil prices settled more than a dollar lower on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted and as rising Covid-19 cases in China weighed on sentiment
• The dollar caught its footing on Thursday as strong US retail data cast doubt on market bets that inflation is in retreat and US interest rates need not rise too much further. The Japanese yen hovered at 139.25 per dollar, while the Chinese yuan nursed losses at 7.1033 per dollar after China’s central bank promised to keep local liquidity ample and to guide commercial loan growth.

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