stock market news briefing: ETMarkets Morning Podcast: Will DRL’s foray into medical cannabis prompt others to follow?

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.

– Govt mulling GST on crypto mining, supply
– Mobile tariff may rise again in 2022: Airtel MD
– Oyo may cut IPO size, valuation as tide turns
– DRL’s foray into medical cannabis to prompt others’ entry

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

Asian stocks rose on Thursday following the best day for US shares this month. Equities in Japan, Australia and South Korea advanced. US futures fluctuated after the S&P 500 extended a broad rally Wednesday and the Nasdaq 100 jumped over 2%.

The yield on 10-year Treasuries was at 1.94%. The dollar held in a narrow range ahead of US inflation data due later in the day. Bitcoin was steady around $44,200.

Oil prices were mixed after rallying on an unexpected drop in US crude inventories in the previous session, as investors await the outcome of US-Iran nuclear talks that could add crude supplies quickly to global markets. Brent crude futures slid 10 cents to $91.45 a barrel while US West Texas Intermediate crude was at $89.74 a barrel, up 8 cents.

That said, here’s what is making news.

Oyo Hotels & Homes is planning to substantially reduce the size of its initial public offering (IPO) in view of adverse secondary market conditions and a crash in stock prices of new-age tech startups, multiple people aware of the matter told ET. The IPO issue size is expected to be much lower than $1 billion, these people said, while in its draft IPO papers with the markets regulator Oyo had sought to raise $1.2 billion.

As the government and bankers gear up for the mega initial public offering of state-owned Life Insurance Corporation of India, a niggling worry for them could be the lower appetite for insurance companies among investors of late. Shares of the seven listed insurance companies have underperformed the market in the past three to six months due to expensive valuations and the multiple business challenges they faced during the pandemic.

Facing pricing pressures in their US generic business, Indian pharma companies are exploring new avenues of growth in specialty drugs, biosimilars and complex-to-manufacture products. DRL’s inorganic foray in the emerging field of medical cannabis is likely to prompt other Indian pharma companies to look out for similar opportunities abroad.


The government is examining the applicability of goods and services tax (GST) on various cryptocurrency transactions including mining of these digital assets. The issue is being examined internally at the Central Board of Indirect Taxes and Customs (CBIC) and a proposal will be taken to the GST Council, CBIC chairman Vivek Johri said.

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

FSN E-Commerce Ventures, which controls Nykaa, reported its December quarter consolidated net profit at Rs 29.01 crore, down 57.87 per cent compared to Rs 68.88 crore reported in the same quarter last year.

State Bank of India (SBI) has disbursed a record Rs 1.12 lakh crore of loans to individual home buyers until January end in FY22 as demand for housing in the hinterland surged, helping it leapfrog specialist lenders in the mortgage business.

Lenders to Future Retail have classified the account as a non-performing asset (NPA), but do not want to take any pre-emptive action and have asked the company to submit a “viable” resolution plan.

Bharti Airtel won’t hesitate to take the lead in pushing through another round of tariff hikes in 2022 itself as it looks to boost average revenue per user (ARPU) to Rs 200 in this calendar year, and eventually to Rs 300 going forward, Managing Director Gopal Vittal said.

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

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

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