Tale of the Tape
Good evening, everyone. Happy Hump Day! 😇
Nifty and Sensex dropped sharply in the last hour of trade to close near day’s low. Midcaps (-0.8%) and Smallcaps (+0.2%) moved in opposite directions. Two stocks fell for every one gainer. 😓
Most sectors ended in the red. Real Estate (-1.8%) and Pharma (-1.5%) saw deep cuts. Autos (+0.4%) extended their record rally. 🚘
L&T Technology Services (+6%) hit a new all-time high. The company will partner with Nvidia to provide 5G digital solutions. 📱
ITC (+2%) is reportedly in talks to demerge its IT business. Here’s more details. 👨💻
Tanla Platforms was locked in a 5% upper circuit. Azim Premji-led Pioneer Investments bought a 1% stake in the company. 💯
Nykaa (-5%) dropped for a third straight day as investors continue to book profits. Meanwhile, UBS sees a 25% upside in the stock. 🤑
The government aims to complete the sale of BEML (+3%) and Shipping Corporation of India (+0.5%) by March 2022. ✅
Biocon (+2%) launched two new drugs in the US market for the treatment of diabetes. 💉
IPO Update. Tarson Products IPO got oversubscribed 69x on the final day. Go Fashion IPO kicked off for retail investors. 💰
Cryptos were quiet after yesterday’s ugly fall. Bitcoin and Ethereum were flat. Solana was down 3%. Shiba Inu jumped +4%. 📈
Here are the closing prints:
| Nifty | 17,899 | -0.6% |
| Sensex | 60,008 | -0.5% |
| Bank Nifty | 38,042 | -0.7% |
Not So Easy
The Securities and Exchange Board of India (SEBI) has proposed to tweak rules governing IPOs. 🔍
What’s new? The market regulator is seeking a cap on the amount companies, mainly startups, raise for acquisitions. SEBI also raised concerns over high dilution by existing shareholders and seeks to extend the lock-in period for large investors. ✌ Here’s all the details.
The new norms aim to bring in more transparency and accountability. It will also boost investor confidence, particularly in the case of loss-making companies. 😇
The new rules come at a time when companies are lining up one after another to hit capital markets. A record 1 lakh cr has been raised via IPOs so far this year. Sebi has invited comments from all stakeholders till Nov 30 before taking a final decision. 👍
Get Set Unicorn!
E-commerce roll-up firm, Mensa Brands is the latest entrant to the Unicorn club. What makes this all the more special is that Mensa has achieved this feat in just six months!! 🤯
Mensa beat the likes of Apna, Ola Electric and Glance to become the youngest startup with a $ billion valuation. Congratulations guys 🍾
The company raised $135 million in Series B funding led by Alpha Wave Ventures. Existing investors including Accel Partners and Tiger Global Management also took part in the funding round. The Series B funding round valued the startup at around $1.2 billion. Mensa will use these funds to pursue further acquisitions. 😎
Modelled after Thrasio, a US-based startup, Mensa partners and acquires digital brands. The company then uses its in-house technology to scale up these digital brands. Mensa is currently home to 12 brands across fashion, beauty and home verticals. The company plans to partner with 30 additional brands in the next year.📈
Hello Crypto
Asset manager Invesco is launching India’s first mutual fund scheme designed to invest in global blockchain companies. 🥳
The Invesco CoinShares Global Blockchain ETF Fund of Fund will be open to Indian investors between Nov 24 to Dec 8. Invesco will invest its funds in a global ETF which in turn will invest in companies with exposure to crypto-assets. 💸
The Invesco CoinShares Global Blockchain ETF focuses on the entire blockchain ecosystem including the blockchain solution providers and mining hardware companies. These include Coinbase, Tesla, IBM, Robinhood, and AMD. 💪
The exchange-traded fund (ETF) is a convenient way for investors to gain crypto exposure. Here’s the best part, it won’t be half as volatile as investing in actual crypto currencies. Boomers are gonna love it. 🤗
Meanwhile, mixed signals from the RBI and the Government have created a bit of confusion. Reports that the Government may treat cryptos as an asset like gold, equity, and bonds are encouraging though. All eyes are now on the Crypto Bill. 👀
Links That Don’t Suck
👨✈️ Rakesh Jhunjhunwala’s Airline Akasa Orders 72 Boeing 737 Max At Dubai Air Show
🥇 China Is Now World’s Richest Nation, Ahead Of Us
🤳 Instagram May Soon Ask Users To Verify Themselves With Video Selfies
🛰 India’s Chandrayaan-2 Avoids Collision With Nasa’s Moon Orbiter
⚽ How Can Cristiano Ronaldo’s Portugal Qualify For Qatar World Cup 2022?
🌧 IMD Issues Red Alert For Chennai For November 19, Predicts Heavy Rains