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India announced ordering 300 million doses of the coronavirus vaccine from local manufacturer Biological-E while the daily additions for coronavirus cases continue to decline.
Phoenix Mills Shares Jump As Deals With GIC, CPPIB Boost Liquidity
India is planning to ask for proposals from investment banks this month for the initial public offering of Life Insurance Corp. of India, according to a Bloomberg report quoting people familiar with the matter.
The government will send out invitations in the coming weeks for the share sale of the country’s biggest insurer, said the people, who asked not to be identified as the discussions are private. An offering could happen as soon as March 2022, the people said.
Indian sovereign bonds trade little changed as traders bid at a Rs 32,000-crore ($4.4b) bond auction, before the central bank’s rate decision on Friday.
Anecdotal evidence indicated that a fall in staff expenses indeed helped curb the rate of input price inflation. Yet, the overall rise in cost burdens was historically sharp as prices for a wide range of inputs and fuel continued to surge. Only a small proportion of firms shared additional cost burdens with their clients, resulting in only a marginal increase in services fees.Pollyanna De Lima, EconomicsAssociate Director at IHS Markit
Motherson Sumi Shares Drop On Downgrades From Jefferies, CLSA, Nomura
Snowman Logistics Shares Surge On Sputnik Vaccine Delivery Tie-Up With Dr. Reddy's
Reliance Industries gained 1.7% after the company said that its proposed oil-to-chemicals businesses unit will attract new investors and strategic partnerships. The stock has now risen for seven days, its longest rally since July.
The government is also looking to expand pace of vaccinations in the country amid increasing pressure to cover more of the population. India announced ordering 300 million doses of the coronavirus vaccine from local manufacturer Biological-E while the daily additions for coronavirus cases continue to decline.
India’s Gold Revamp Pushes On as Spot Trading Inches Closer
Most Asian stocks climbed Thursday and U.S. equity futures rose, weathering the latest twist in U.S.-China ties as well as Federal Reserve comments on a potential tapering in the stimulus.
Japan led gains, boosted by optimism over the nation’s vaccine rollout, while Hong Kong and China fluctuated. U.S. contracts advanced after the S&P 500 and Nasdaq 100 posted a modest increase.
India’s SGX Nifty 50 Index futures for June delivery rose 0.5% to 15,700.00, while MSCI Asia Pacific Index gained 0.4%. The NSE Nifty 50 Index ended little changed Wednesday at 15,576.20.
Philadelphia Fed President Patrick Harker said it’s appropriate “to slowly, carefully move back” on bond purchases at the appropriate time, and to avoid any kind of “taper tantrum.” Ten-year U.S. Treasury yields dipped below 1.60%.
Chinese shares in early trading shrugged off President Joe Biden’s plans to amend a U.S. ban on investments in companies linked to China’s military. Investors are also looking ahead to Friday’s U.S. jobs report for the latest insight into the rebound from the pandemic and inflation risks.
Oil added to gains on the prospect of a recovery in demand. Bitcoin traded at about $37,500, maintaining its advance this week after May’s cryptocurrency rout.
Back home, Panacea Biotec, MTAR Technologies, NRB Bearings may react as the companies reported quarterly results after the market closed Wednesday. Gujarat Petronet, Quess Corp are among the companies scheduled to report earnings Thursday.
Markit India Services PMI and Composite PMI for May to be released. Foreign investors bought a net Rs 524 crore of stocks on June 1, according to NSDL website.
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