Vedanta up for fund raising of $2 bn

Indian Markets:

• Nifty 50 Movement: Indices closed around the 17,300 level after hitting the days high of 17,440.45 in morning trade.
• IT, pharma and oil & gas shares were under pressure
• Investors looked ahead to India’s gross domestic product (GDP) data of the fourth quarter of 2022, which came in at 4.4 percent is lower than the 6.3 percent growth that was witnessed in the second quarter of 2022-23, which itself was less than half the 13.2 percent increase posted in April-June 2022 as the GDP growth rate benefitted from a low base in the early part of the year.

Global Markets:

• Shares in Europe and Asia were mixed on Tuesday as investors digested key economic data across the region.
• Japan recorded its worst decline in factory output in eight months, recording a 4.6% drop in January compared to December.
• Japans retail sales surged 6.3% for January compared to the same period last year.
• Hong Kong will end its mask mandate for indoors and outdoors on Wednesday, 1 March 2023.
• US stocks rose on Monday amid bargain hunting following the worst week of the year on Wall Street. All three major US indexes closed higher, with the Nasdaq Composite leading gains.
• The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.

Stocks in Spotlight:

• Vedanta is getting ready for its fund raising of $2 bn. S&P Global Ratings stated in a report that if Vedanta Resources, is unable to advance either the $2 billion fundraising exercise or the sale of its international zinc assets to Hindustan Zinc Ltd in the near future, the company’s credit rating will face an immediate strain.
• Bharti Airtel has crossed the 10 million unique 5G user mark on its network. Airtel was the first service provider to roll-out 5G services in the country in October 2022. Today, Airtel 5G Plus is available across all states in the country.
• NHPC stock price rallied on Cabinet approval for a huge project. The Cabinet Committee on Economic Affairs has accorded investment approval for the implementation of Dibang Multipurpose Project (MMP) in Arunachal Pradesh. The estimated cost is Rs 31,876.39 crore, including budgetary support of Rs 6,159.40 crore towards flood moderation component and Rs 556.15 crore towards Enabling infrastructure (i.e. roads/ bridges etc.).

News from the IPO world?

• Divgi Torqtransfer IPO opens tomorrow
• FirstMaridian Business Services has received SEBI approval to float IPO
• IRM Energy and Lohia Cop gets SEBI’s nod to float IPO

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