Stock Markets Live: Sensex, Nifty Hold Steady Gains; Maruti Hikes Price for Swift, CNG Models
A trader speaks on the telephone while working on the floor of the Philippine Stock Exchange.(Photographer: Taylor Weidman/Bloomberg)

Stock Markets Live: Sensex, Nifty Hold Steady Gains; Maruti Hikes Price for Swift, CNG Models

Bookmark
Latest First
  • Oldest First

Flipkart Is Said To Raise Funding At $40 Billion Value: Bloomberg Exclusive

Flipkart has completed a fundraising round valuing the Indian online retailer at about $40 billion, with main owner Walmart Inc. joining investors including SoftBank Group Corp. in injecting almost $4 billion, according to a Bloomberg News report quoting people familiar with the matter said.

Blackstone Group Inc.-backed Antara Capital and half-a-dozen several sovereign wealth and pension funds are also participating, the people said, asking not to be named as the deal isn’t public. Those include the Abu Dhabi Investment Authority and the country’s sovereign fund ADQ, Singapore’s GIC Pte, Qatar Investment Authority and Canada Pension Plan Investment Board.

The latest fundraising round could set up Flipkart for an IPO in the U.S. in 2022, according to the Bloomberg News report.

Cement Stocks In Focus

Rupee Bonds Drop Ahead Of Key June Inflation Print

Indian bonds edge lower ahead of the release of key inflation data later on Monday that’s likely to show price pressures further accelerated above the central bank’s upper 6% tolerance level. Rupee is trading higher in line with Asian peers.

  • Yield on 6.64% 2035 bond up 2bps to 6.78%; new 6.1% 2031 bond yield up 2bps to 6.12%.

  • NOTE: Yields rose on Friday after the central bank auctioned a new benchmark 10-year bond at a higher 6.1% coupon

  • USD/INR falls 0.3% to 74.43

Real Estate Index Top Perfoming Sectoral Index

Small Finance Banks Surge After RBI Nod For Scheme Of Amalgamation

Shares of the small finance banks surged after the Reserve Bank of India’s decision to allow them to begin the process of merging with their holding companies.

  • Equitas Holdings Ltd. jumped as much as 20.1%, the most in over a year, while its subsidiary Equitas Small Finance Bank Ltd. gained as much as 17.9% to a record high of Rs 76.80 apiece.

  • Ujjivan Financial Services jumped 20%, the most since Nov. 23, 2020. While Ujjivan Small Finance Bank climbed 10.8%, the most since March 21, 2021.

  • IDFC Ltd gained as much as 13.7%, while IDFC First Bank Ltd. rose nearly 2%

  • AU Small Finance Bank fell as much as 1.1%.

The Association of Small Finance Banks of India had made a representation to the RBI seeking prior in-principle approval for small finance banks to reverse merger with their respective holding companies on completion of initial five years from the date of commencement of business.

The RBI’s decision is positive for listed holding companies which are currently trading at a discount, said Jefferies in a note on Monday.

“This is positive for listed holding companies Ujjivan Financial Services and Equitas Holding that may complete five years by Q3-Q4 2021 and trade at close to a 40% holding company discount vs. value of stake in bank,” Jefferies said.

Maruti Suzuki Increases Price for Swift, CNG Models

Prices of Swift and CNG models will increase by as much as Rs 15,000 in Delhi, effective today, Maruti Suzuki India Ltd. says in a stock exchange filing.

  • Price increase due to increase in various input costs

  • Company is planning price increase in other models “shortly”

BloombergQuint
Missing BloombergQuint's WhatsApp service? Join our Telegram channel or activate Website Notifications.
Stay Updated With Stock Market News On BloombergQuint