Stock News Today: ETMarkets Morning Podcast: What Analysts Liked About Zomato’s Q2 Figures

Hi hello. Welcome to ETMarkets Morning, the money, business and markets show. I am Nikhil Agarwal. Let’s start with the headlines first.

– Businesses will increase the price of discretionary items by 8-10%
– Vodafone Idea wants to defer payment of Q2-Q4 contributions
– SoftBank could invest $ 10 billion in India in 2022
– Covaxin is 77.8% effective, according to Lancet study

Now let me give you a quick overview of the state of the markets.

Stocks were mostly higher in Asia on Friday after Wall Street benchmarks managed to close largely higher. Stocks rose in most major markets early in the session. The MSCI Asia-Pacific Ex-Japan Equity Index rose 0.68%.

Elsewhere, the 10-year US Treasury yield rose two basis points to 1.57%. The US dollar was heading for its best week in nearly five months against its major peers on Friday, amid bets on the Federal Reserve’s earlier interest rate hikes after this week’s data showed US inflation fastest in three decades. Benchmark US crude fell 21 cents to $ 81.38 a barrel in electronic trading on the New York Mercantile Exchange. It gained 25 cents to $ 81.59 a barrel on Thursday. Brent crude, the basis of international pricing, fell 23 cents to $ 82.64 a barrel.

That said, here’s what’s in the news.

Brokerages maintained their buy quotes on Zomato after its September quarter results. Morgan Stanley said September quarter results and the company’s long-term strategic vision are reassuring to accelerate core business, with Zomato’s focus on doubling investments in the food business from base, the sale or closure of non-essential activities and the vision of building several large business centers around the theme of hyperlocal e-commerce.

Ola is finalizing a pre-IPO funding round that will likely be led by IIFL Wealth Management and Edelweiss Private Equity, bringing the valuation of the rideshare company to $ 7 billion, ET reported. The latest fundraising, which could be between $ 250 million and $ 500 million, doubles Ola’s valuation compared to its previous cycle announced in July and signals investor interest in the mobility sector as as the economy opens up.

For much of this year, rising inflation has been bad news for gold. Now he’s giving the metal a boost. While bullion is often bought to protect wealth when consumer prices rise, this year’s inflation weighed on the metal, with investors betting it would prompt the Federal Reserve to cut huge stimulus measures. But with the Fed determined to keep rates low while unemployment remains high, concerns about runaway inflation are making gold more attractive.

Morgan Stanley downgraded its rating on Brookfield India Real Estate Investment Trust on an equal weight versus overweight basis following a more than 30% increase in its shares. It will take a few quarters before office leasing fully resumes and income support continues in unit distribution, or DPUs, Morgan Stanley said.

NOW Before you go, here’s a look at some of the stocks that are buzzing this morning …

Suryoday Small Finance Bank recorded a net loss of Rs 1.9 crore for the quarter ending September 30, compared to Rs 27.2 crore in net profit during the period of the previous year, due to a cost higher credit as a result of the stress caused by the pandemic on its borrowers.

CESC Ltd’s consolidated net profit fell 12% to Rs 340 crore in the quarter ended September 2021 from Rs 387 crore in the previous corresponding period, the company said on Thursday.

Tata Steel posted its highest ever consolidated operating profit of Rs 17,810 crore, up more than three times over the year, thanks to high steel prices and higher deliveries. Consolidated net profit increased more than seven times.

Zee Entertainment Enterprises (ZEE) reported an 187.3% increase in profit after tax (PAT) for the quarter ended September 30, 2021, compared to a weaker benchmark year a year ago thanks to a strong resurgence of advertising revenue.

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