Toy figures of a bull, left, and a bear stand on a counter while a trader works at his computer screens. (Photographer: Ralph Orlowski/Bloomberg).

Share Market Live: SGX Nifty Hints At Losses; Bharti Airtel, Reliance, Maruti Suzuki In Focus

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Rupee May Extend Losses On Outflow Concerns

The Indian rupee may extend losses amid concerns of foreign outflows as local stocks remain under pressure and a stronger dollar weigh on emerging Asian currencies. Bond yields may rise, tracking an overnight jump in U.S. yields.

  • USD/INR rose 0.2%, the biggest gain since Nov. 10, to 74.4025 on Monday

  • 10-year yields up 1bp at 6.35% on Monday

  • State-run banks bought Rs 534 crore of sovereign bonds on Nov. 22: CCIL data. Foreign banks bought Rs 144 crore of bonds

Source: Bloomberg

Cadila Healthcare Develops New Treatment For Patients With Chronic Kidney Disease; Submits New Drug Application To DCGI

Cadila Healthcare Ltd. has submitted the New Drug Application to India's drug regulator for Desidustat, used for treatment of anaemia in patients with chronic kidney disease.

  • Chronic Kidney Disease is a serious progressive medical condition with an estimate 114 million people affected in India.

  • The oral drug Desidustat has shown positive data in Phase 3 trails with patients with the disease, not on dialysis and on dialysis.

  • The data on this drug has been published in various peer-reviewed journals so far

Source: Exchange Filing

Analysts Action: Burger King, Escorts

  • Burger King India rated 'new outperform' at Credit Suisse; price target: Rs 215

  • Escorts raised to 'buy' at Canara Bank; price target: Rs 2,028

Source: Bloomberg

In Focus: Financial & Growth Stocks As U.S. Treasury Yields Rise On Powell Renomination

Financial and growth stocks may move after U.S. Treasury yields rose as President Joe Biden preserved continuity at the Federal Reserve by selecting Jerome Powell for a second term as chair and elevating Lael Brainard to vice chair.

  • The yield on 10-year Treasuries advanced eight basis points to 1.62%

  • Powell, who has served as chair since 2018, is considered to be slightly more hawkish than Brainard and is likely to maintain his policy stance going forward

  • In Focus: Lenders such as HDFC, ICICI Bank

Mobikwik May Defer IPO On Low Valuation: Economic Times

MobiKwik could delay IPO by 2-3 months due to lack of demand from foreign and domestic institutional investors, Economic Times reports, citing unidentified people.

  • IPO valuation has dropped by as much as 30%-40%

  • MobiKwik spokesperson says company had received regulatory approvals for its IPO and will go public at “an appropriate time”: ET

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