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ETMarkets Morning Podcast: 30 hidden gems than can still offer 30% | The Economic Times Podcast

Hi there, Good Morning. Welcome to ETMarkets Morning podcast, the show about money, business and markets. I am Sabari Saran. Let’s start with the headlines first

Zomato IPO may be pricier than earlier projected
PNB, PNB Housing on collision course over Carlyle deal
Apple shares rally to record high on iPhone sales optimism
US Fed still iffy about tapering

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

Dalal Street looked indecisive this morning as Nifty futures traded some 14 points lower on the Singapore Exchange at 7 hours (IST). Other Asian markets opened steady after the Fed minutes showed policy makers are still awaiting more evidence of a robust economic recovery to set a timeline for trimming bond purchases.

Elsewhere, 10-year US Treasury yields steadied around 1.31% after falling for seven trading days. The dollar held gains against a basket of major currencies. And oil stabilised after sliding as investors await further signals from the OPEC+ alliance on production plans after a breakdown in talks.

That said, here’s what is making news?

The much-talked-about IPO for food delivery major Zomato is likely to be slightly pricier than projected.
BSE disclosures showed the shares of the company are being offered at a price band of Rs 72-76 each against the Rs 70-72 price band IPO watchers had been projecting. The issue is set to open on July 14 and close on July 16. Under Sebi rules, the stock will be listed before the end of the current month, most likely by July 27.

While stock market valuations have turned rich after the recent run-up, resulting in value-conscious investors keeping to the sidelines, analysts say some 30 Nifty200 stocks are still trading at a discount to their respective long-term average valuations and can offer 10-30% returns over the next 12 months. The stocks include M&M, Manappuram Finance, PFC, Aurobindo Pharma, Coal India, REC, BPCL, HPCL and LIC Housing Finance. Check out the complete list of stocks on www.etmarkets.com

Shares of Apple Inc. rallied to close at record high in overnight trade amid optimism on its corporate growth outlook for the second half of the year. The stock gained 1.8% to close at $144.57, smashing its January peak as some on Wall Street forecast a stronger rally over the next six months with iPhone sales poised to climb. It rose for a seventh day, the longest winning streak since April, propelling its market value to $2.4 trillion.

The US Fed still remains iffy about tapering. Fed minutes from the June 15-16 FOMC meeting showed officials weren’t ready to communicate a schedule for scaling back their bond-buying program, due to high uncertainty over the course of the recovery. They did, however, want to establish a plan in case a move is needed sooner.

PNB Housing Finance and its parent PNB appear to be on a collision course over the pricing and structure of a proposed share sale to US buyout firm Carlyle, with the former deciding to wait for an appeals court ruling even as the lender suggested compliance with the market regulator’s order of an independent valuation. In a fresh twist to the Rs 4,000 crore deal, the PNB board said it wants the home financier to consider restructuring the deal, approved by the PNB Housing board in May, after independently valuing the business.

LASTLY, Five top lenders in the country, including HDFC Bank, Axis Bank and SBI, are seeking to collectively raise up to $2 billion overseas in the next few months through Additional Tier I bonds, bolstering their capital bases ahead of an anticipated increase in credit demand. Mutual funds, once major buyers of such AT1 bonds, are lukewarm about this quasi-equity asset class after the banking regulator last year ordered that these instruments be written off in Yes Bank’s state-sponsored bailout.

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

The Adani Group, which is soon expected to take over the GVK-led Mumbai International Airport, plans to refinance its debt at lower rates with overseas funds

Wipro Consumer Care & Lighting said the pandemic has slowed growth of FMCG products in rural areas.

Four years after it bought Turkish farm equipment company Hisarlar, M&M has agreed to sell its entire stake of 94.3% in Hisarlar, for around Rs 5.6 crore.

Jindal Steel and Power reported a 20% jump in yearly production in Q1 of FY 22 at 2.01 million tonnes as against 1.67 million tonnes during the same period last year.

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

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

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