Zomato at one year high, Paytm receives RBI approval of FLDG

Indian Markets:

• Key equity indices declined for a second straight session despite other Asian indices showing an uptick.
• Investors booked profit due to the expected outcome of RBIs monetary policy.
• Attention is now focused on the upcoming US FOMC meeting.
• Concerns about a potential hawkish stance from the Fed are causing local investors to remain cautious.
• The Nifty reached an early trading high of 18,676.65 but closed below the 18,600 mark.
• Most sectors closed in the red, with IT, FMCG, and auto being the biggest losers.

Global Markets:

• European shares declined across the board while Asian stocks advanced on Friday.
• Sentiment was mixed as weak U.S. labor data ramped up bets on a pause in the Federal Reserves rate hike cycle, although disappointing inflation readings from China capped broader gains.
• Investors digested Chinas consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.
• US stocks climbed on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.

Stocks in Spotlight:

• Zomato achieved a remarkable one-year high today. This surge in interest can be attributed to several positive factors surrounding the company. Firstly, Zomato has witnessed an improvement in its earnings, indicating a promising financial performance. Additionally, the recent inclusion of Zomato’s stock by Chris Woods of Jefferies in his long portfolio has further bolstered investor confidence. Woods allocated a weight of 4 percent to Zomato in both of his long-only portfolios, signifying his optimism towards the company’s future prospects. 
• One97 Communications experienced a gain of over 3 percent, following the RBI’s approval of the First Loss Default Guarantee (FLDG) programme. FLDG is a widely adopted product utilized by fintech companies in India to establish partnerships with banks and non-banking financial companies (NBFCs). This innovative programme serves multiple purposes, enabling banks and NBFCs to safeguard against potential losses while instilling confidence in fintechs’ understanding of credit risk. 
• KPI Green Energy, a leading player in the renewable energy sector, witnessed a significant surge in its stock price, soaring by 7.10 percent to reach its 52-week high of Rs 575.35. This remarkable boost in the company’s shares came on the heels of an announcement that it had received commissioning certificates from the esteemed Gujarat Energy Development Agency (GEDA) for one of its projects.

News from the IPO world🌐

• Logistics firm Western Carriers files for IPO papers with SEBI
• Urban Enviro Waste Management to launch IPO on 12th June
• Valiant Lab files for draft papers with SEBI

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