Share markets in India are presently trading marginally higher.
The BSE Sensex is trading up by 75 points, up 0.1%, at 52,845 levels.
Meanwhile, the NSE Nifty is trading up by 32 points.
Wipro and HCL Technologies are among the top gainers today. Maruti Suzuki and HUL are among the top losers today.
The BSE Mid Cap index is trading up by 0.2%.
The BSE Small Cap index is trading up by 0.5%.
On the sectoral front, stocks from the finance sector, are witnessing most of the buying interest.
On the other hand, stocks from the software sector, are witnessing most of the selling pressure.
US stock futures are trading mixed today.
Nasdaq Futures are trading up by 2 points (flat) while Dow Futures are trading down by 90 points (down 0.3%).
The rupee is trading at 74.57 against the US$.
Gold prices are trading up by 0.2% at Rs 47,970 per 10 grams.
Gold prices remained flat today in Indian markets amid weak global cues. On MCX, gold struggled below Rs 48,000 per 10 grams.
In global markets, gold remained steady today, supported by struggling equity markets and rising coronavirus cases across the world. A stronger US dollar weighed on the precious metal.
Spot gold was flat at US$ 1,806.1 per ounce. The dollar index surged overnight after data showed that US consumer prices last month rose by the most in 13 years.
Note that a stronger dollar makes gold more expensive for other currency holders.
Moving on to stock-specific news...
Among the buzzing stocks, today is Vedanta.
Vedanta said that the total production at Zinc International rose by 62% year on year (YoY) to 61,000 tonnes for the June 2021 quarter.
This was mainly due to higher production at Gamsberg and a lower base as production was affected in the June 2020 quarter on account of lockdown restrictions.
Zinc International is a grouping of all zinc assets of the Vedanta Group in Africa and Ireland.
The company said that the cast metal aluminum production at its smelters in Jharsuguda and BALCO also increased by 17% YoY to 549,000 tonnes due to the ramp-up of pots. With regard to its iron ore business, it said that there was no production at Goa due to the suspension of mining operations.
The company will continue to engage with the Government for the resumption of mining operations, it said.
At Karnataka, production volume during the quarter came in at 1.4 m tonnes, higher by 53% YoY and 24% sequentially.
Pig iron production came in at 202,000 tonnes, higher by 85% YoY and 29% sequentially. With regard to the steel segment, it said that the total saleable production for the quarter was 289,000 tonnes, higher by 8% YoY.
At the time of writing, Vedanta shares were trading up by 0.5% on the BSE.
Speaking of Vedanta, note that shares of the company have rallied over 140% in the last year, on the back of improving operating performance and high commodity prices.
The mining conglomerate is the only listed Indian company that offers exposure to several commodities at once including zinc, aluminum, lead, silver, copper, iron ore, steel, and crude oil.
A sharp run-up in the stock price of Vedanta has seen the company regain the Rs 1 in market capitalization.
With expected volume growth across businesses, sustained cost efficiencies, and healthy commodity prices, Vedanta's earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to improve to more than Rs 350 bn in 2022.
Moving on to news from the IPO space...
Zomato Raises Rs 42 bn from Anchor Investors Ahead of IPO
Food delivery platform Zomato said that it has raised a little over Rs 42 bn from anchor investors ahead of its initial share sale, which opens for public subscription today.
The company allocated 552 m equity shares to anchor investors at Rs 76 apiece, aggregating the transaction size to Rs 42 bn, according to a circular uploaded on the BSE website.
BlackRock, Tiger Global Investments Fund, Fidelity, JP Morgan, Morgan Stanley Asia (Singapore), Goldman Sachs (Singapore) were among the anchor investors.
Some of the domestic investors who participated in the anchor bidding include Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Life Insurance Company, and HDFC Life Insurance Company.
Zomato's Rs 93.8 bn initial public offering (IPO) comprises a fresh issue of equity shares worth Rs 90 bn and an offer for sale (OFS) of Rs 3.8 bn by Info Edge (India).
The issue, with a price band of Rs 72-76 a share, will be open for public subscription till 16 July.
Proceeds from the fresh issue would be used for funding organic and inorganic growth initiatives and general corporate purposes.
In February, Zomato had raised US$ 250 m (over Rs 18 bn) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at Rs 5.4 bn.
How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.
Comments
Log in or sign up to join the conversation.