Indian markets could open higher, following largely positive Asian markets today. US markets were shut on Monday - HDFC Securities
Global markets wavered on Monday, with weak U.S. consumption casting a shadow amid a report the incoming Biden administration will return to a traditional view of the U.S. dollar. Soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020.
Trading was muted, with U.S. stock markets closed for the Martin Luther King Jr. holiday. The Stoxx Europe 600 rose 0.2%. Asian share markets edged ahead on Tuesday as investors bet China’s economic strength would help underpin growth in the region, even as pandemic lockdowns threatened to lengthen the road to recovery in the West
Indian equity benchmark indices witnessed profit taking for the second consecutive day on January 18 on the back of soft global markets. At close, the Nifty was down 152.40 points or 1.06% at 14,281.30.
The near term downtrend in the Nifty gained momentum on Jan 18 even as the stocks (more so in small and midcap categories) seemed to have run out of steam. In the process the upgap made on Jan 11 has been filled. For Nifty 14040-14215 band is the next support area. On rises 14358 and then 14476 could act as resistance.
Apollo Hospitals launches Rs 1,000cr QIP; eyes acquisitions, debt reduction
Apollo Hospitals Enterprise launched a qualified institutional placement (QIP) offering, to raise Rs 1,000 crore by selling shares to institutional investors. Board has fixed a floor price of Rs 2,508.58 per share for the share sale, based on the Securities and Exchange Board of India’s pricing formula for such transactions. Companies are allowed to offer up to 5% discount on the floor price to prospective investors. Apollo Hospitals will use the funds raised to acquire 50% stake in a joint venture, seek inorganic growth opportunities, as well as look to pare down debt from its balance sheet.
IndiaMart Q3FY21 net profit up 29% yoy at Rs 80 cr
IndiaMart InterMesh reported 5% yoy rise in revenues at Rs 174cr. Other Income increased 48% at Rs 25cr. Operating profit doubled yoy to Rs 88cr. Company registered 29% yoy growth in net profit at Rs 80cr due to surge in tax expenses on yoy basis. It has cash & investments of Rs 1143cr as on Dec-2020
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