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Investors around the world are convinced that a bigger stimulus in the US is on the cards after the Democrats won control of the Senate. These hopes should spur sentiment on Dalal Street on Thursday. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 72 points, or 0.51 per cent, higher at 14,252.50, in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty bulls are still strong
Nifty50 on Wednesday fell, but the daily technical chart suggested that the formation of higher highs on the index was intact for the 10th session. Analysts said the index has strong support in the 14,000-13,950 range. Unless this range is breached, Nifty outlook will remain positive, they said.
SBI and Shriram Finance hit overseas bond market amid investor exuberance
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Both Shriram and SBI launched their issues on Wednesday. The proceeds could be used to expand credit.
Agencies
Fundraising this year could only accelerate as companies plan to meet resurgent demand amid accelerating economic activity.
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At least four local borrowers - Power Finance Corp, Rural Electrification Corp (REC), Shriram Transport Finance and
State Bank of India (SBI) - are seeking to collectively raise up to $2.5 billion in overseas bond sales after Exim Bank’s spectacular debut for the year earlier this week.
Signify, Okaya ahead in race for $28 bn EESL order
A file photo of a home power system.
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Signify Innovations India Ltd (formerly Philips Lighting) and Okaya Power Group have emerged as frontrunners for an estimated $28 billion order to supply solar home systems, said two people aware of the development.
Croatia’s Solvis d.o.o. and New Delhi-based Gautam Solar Pvt. Ltd have also submitted bids to state-run Energy Efficiency Services Ltd (EESL) for supplying as many as 47 million home power systems, billed as the world’s largest such tender.
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Signify, Okaya lead race for $28 billion EESL order hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.
Fundraising via bonds hits a peak at ₹7.45-lakh crore
December 21, 2020
This is 8.3% more than last year’s ₹6.87-lakh cr
Riding on low-interest rates and policy reforms by the Reserve Bank of India (RBI), Indian corporates have raised the highest-ever sum of 7.45-lakh crore through rupee bonds this year.
This is 8.3 per cent higher than ₹6.87-lakh crore raised in 2019. A total of 5.12 lakh crore raised in 2018. With another 10 days for the year to end, companies are expected to raise another ₹20,000-25,000 crore.
“Covid-19 had an impact in March and April, when the companies had restrained from raising funds through bonds, but then there was a sharp recovery in May. The reasons included an ample liquidity in the system, lower interest rates and RBI’s introduction of Targeted Long-Term Repo Operations (TLTRO), which helped a lot in terms of corporates to issue more bonds,” said Ajay Manglunia, Managing Director and head institutional fixed income at JM Financial.