RateGain Travel Technologies IPO opens for subscription today. The Reserve Bank of India could hold off on raising its key borrowing and lending rates as the central bank adopts a cautious tone amid the spread of the Omicron coronavirus variant, according to economists and market participants.
10:40 A.M.
Rupee rises to 75.30 against US dollar
The rupee rose 15 paise to 75.30 against the US dollar in opening trade as a rally in domestic equities and weak American currency in the overseas markets boosted investor sentiments.
The rupee opened strong at 75.31 and inched up to quote 75.30 against the American dollar in early deals, a 15 paise rise from the last close. In the previous session, the rupee had settled at 75.45 against the greenback.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09% to 96.24.
10:15 A.M.
MedPlus Health IPO to open on Dec 13
Pharmacy retail chain MedPlus Health Services fixed a price band of ₹780-796 a share for its ₹1,398 crore initial share-sale.
The three-day initial public offering (IPO) will open for public subscription on December 13 while the bidding for anchor investors will open on December 10. The initial share-sale comprises fresh issuance of equity shares worth 600 crore and an offer for sale (OFS) of up to equity shares aggregating up to ₹798.30 crore by promoter and existing shareholders.
The company has cut the OFS size to ₹798.30 crore from ₹1,038.71 crore.
10:00 A.M.
Metro Brands sets IPO price band at ₹485-500 /share
Rakesh Jhunjhunwala-backed footwear retailer Metro Brands Ltd has fixed a price band of ₹485-500 a share for its ₹1,368-crore initial share sale.
The initial public offering (IPO) will open for public subscription on December 10 and the bidding for anchor investors will open on December 9, according to the company.
The initial share sale comprises fresh issuance of equity shares worth ₹ 295 crore and an offer for sale of 2.14 crore equity shares by promoters and other shareholders.
9:25 A.M.
Markets update | Sensex, Nifty rise in early trade
The Indian benchmark equity indices, Sensex and Nifty opened strong amid positive global cues. At 9:17 IST, the Sensex was up 448.32 points or 0.79% at 57,195.46 and the Nifty was up 135.50 points or 0.80% at 17,047.80.
Asian shares rose as worries about the impact of the Omicron variant eased and Chinese markets gained after the central bank there eased monetary policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.6% and Australia’s S&P/ASX200 rose 0.5%.
Japan’s Nikkei advanced 1.1% while China’s CSI300 index gained 0.7%. Hong Kong’s Hang Seng Index also rose 1.3% after the central bank freed up $188 billion in liquidity through a policy easing.
9:15 A.M.
Oil extends gains on easing Omicron fears
Oil prices rose as concerns about the impact of the Omicron variant on global fuel demand eased and Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.
Brent crude futures rose up 0.5%, to $73.42 a barrel and U.S. West Texas Intermediate crude was up 0.6% to $69.92 a barrel.
Oil prices were pummelled last week after fears of restrictions emerged to curb the spread of a new variant of the coronavirus, hitting global growth and oil demand. There were concerns that vaccines might be less effective against the new variant Omicron.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)