Tale of the Tape
Happy weekend everyone! Markets posted their highest ever weekly close. 😇
The three-day Monetary Policy Meeting (MPC) concluded today. The Reserve Bank of India (RBI) governor Shaktikanta Das left interest rates unchanged and maintained an “accommodative” stance. ✅ More details below.
Tata Consultancy Services will report its Q2 results later today. Analysts expect the company’s Sales and Net Profit to grow by 5% and 10%, respectively. 📊
Reliance Industries (+4%) was the top gainer on Nifty. The company’s market cap crossed Rs 18 lakh crore mark. Take a bow! 🙏
Hotel stocks were buzzing in trade. The government will issue fresh tourist visas to foreign nationals visiting India in chartered flights from October 15. Lemon Tree Hotels (+7%), Indian Hotels (+4%), and EIH (+3%) saw healthy gains. 🤑
Mahindra XUV700 bookings crossed the 50,000 mark in less than 48 hours. That translates into an ex-showroom value of Rs 9,500 cr! 🤯
The National Company Law Tribunal (NCLT) ordered Zee Entertainment (+0.7%) to file its reply in the Invesco dispute by Oct 22. 👩⚖️
Here are the closing prints:
Not Messing Around
The Reserve Bank of India’s (RBI) policy outcome was on expected lines. The Monetary Policy Committee (MPC) kept interest rates unchanged and maintained an “accommodative” stance. ✅ RBI Governor Shaktikanta Das remains committed to reviving growth:
Overall, aggregate demand is improving but slack still remains; output is still below pre-pandemic levels and the recovery remains uneven and dependent upon continued policy support.
There’s a lot more to the RBI policy meet than just interest rates. Here are a few key takeaways. RBI lowered its inflation target for FY22 from 5.7% to 5.3%. They also maintained their FY22 growth forecast at +9.5%. Now that’s what I’m talking about. The Street gave the policy a big thumbs up and markets rebounded from the day’s low. 👍 Here’s the full lowdown.
Go Ahead Son
Digital payments startup Mobikwik received SEBI approval for its Rs 1,900 cr IPO. The public offer may hit the markets later this month. Mobikwik is aiming for a $1 billion valuation post listing. Wow! 💸
The company will issue Rs 1,500 cr of shares to new investors. Rs 400 cr shares will be sold by existing investors to new investors. Sequoia Capital India, Bajaj Finance, Abu Dhabi Investment Authority, and Cisco Investments are some of the marquee investors in the company. Like its peers, MobiKwik has evolved from a mobile wallet player to providing a suite of financial services. The company was valued at $700 million in its latest funding round. 😎
- FY21 Revenue: Rs 302 cr; -18% YoY
- FY21 Net Loss: Rs 111 cr; up from a Net Loss of Rs 99 cr YoY
Mobikwik is a curious name on the long list of consumer internet companies eyeing a stock market debut. The company deals in a number of financial products without a significant market share in either of them. Don’t even get us started on the huge losses. 🤨
Movers and Shakers
Here’s a look at this week’s top movers from the Nifty 500. Nazara Technologies took the pole position after rallying +34%. 🥇 IRCTC (+28%) posted its highest weekly gain of all time. Solara Active Pharma (-10%) dropped the most in nearly eight months. CG Power (-7.5%) snapped its three-week gaining streak. 📉 Check out their charts below: