Stock market news briefing: ETMarkets Morning Podcast: Asia’s first crypto ETF may roll out in GIFT City


Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Saloni Goel. Let’s start with the headlines first.

– HCL Tech to post December quarter earnings today
– Vi may tap FCCB route to raise $750 mn-$1 bn
– Asia’s 1st crypto ETF may roll out in GIFT City
– Forex reserve to face $256 billion challenge

Now lemme give you a quick glance on the state of the markets.

Asian stocks declined after a slew of Federal Reserve officials signaled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October. Equities tumbled across the region, with indexes in Japan, and Korea down more than 1%.

Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.72%. The dollar headed for its largest weekly fall in eight months as investors trimmed long positions and deemed, for now, that several U.S. rate hikes this year are fully priced in.

Oil headed for a fourth straight weekly gain, the longest winning streak since October, on signs that the market is tightening as global consumption withstands the impact of the omicron virus variant. West Texas Intermediate dipped below $82 a barrel in Asian trading, but was more than 3% higher this week.

That said, here’s what is making news.

Vodafone Idea is veering around towards the overseas convertible bonds option to raise between $750 million (around Rs 5,550 crore) and $1 billion (around Rs 7,400 crore) at the earliest, to pay its vendor dues, meet loan repayment obligations and also fund capex plans, people familiar with the matter said.

With private sector companies delivering most of the healthcare services in India, financial performance trend of the top 10 listed corporate hospital chains over the last eight quarters shows that they have managed to battle the first two waves of the pandemic quite well – emerging more profitable, less leveraged and with valuations soaring on the bourses.

Torus Kling Blockchain IFSC, a joint venture between Mumbai-based Cosmea Financial Holdings and Hyderabad-based Kling Trading India, has signed an MoU (memorandum of understanding) with BSE’s international arm India INX to launch digital asset-based products, which will be traded on GIFT City’s IFSC (international financial services centre).

LASTLY,

Wealth managers advise that investors choose mutual fund schemes that perform better than their benchmarks and category averages consistently in both bull and bear markets, and stick to a fund manager who takes a balanced approach, rather than chasing returns based on the previous year’s performance.

NOW Before I go, here is a look at some of the stocks buzzing this morning

Reliance Industries said on Thursday it would invest Rs 5.95 lakh crore ($80.49 billion) in green energy and other projects in the western state of Gujarat, as the conglomerate targets net-zero carbon emissions by 2035.

Tata Motors reported a 2 per cent year-on-year increase at 2,85,445 units in group global wholesales, Jaguar Land Rover, for the third quarter of FY22.

IT firm Mindtree on Thursday reported a 34 per cent rise in consolidated net profit at Rs 437.5 crore for the December 2021 quarter on the back of robust demand and aggressive customer mining. The company had posted a net profit of Rs 326.5 crore in the same period last year, Mindtree said in a regulatory filing.

Abu Dhabi Investment Authority (ADIA), Amundi Asset Management, Eastspring Investment Singapore, along with some Taiwanese banks and broking houses, were likely among the lead investors that subscribed to State Bank of India’s Formosa bonds.

Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.

That’s it for now. Stay with us for all the market news through the day. Happy investing!



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