Morning update for 2 December 2020

Indices at 10:45 am

Nifty50 13,089 ▼ -19.75pts (-0.15%) 

Sensex 44,553 ▼ -101.79pts (-0.23%)

Nifty Bank 29,635  ▼ -182pts (-0.61%)

In the news

Burger King IPO opens today 

• Quick-service restaurant chain Burger King’s ₹810 crore public issue opens today. The price band for the issue is ₹59-60 per share. Retail bids can be placed for a minimum lot size of 250 equity shares and in multiples thereafter, up to 13 lots.
• The company plans to use the funds to roll-out new company-owned Burger King outlets and for general corporate purposes. As per its master franchise and development agreement, it is required to develop and open at least 700 restaurants by December 2026. That is over three times its current count of around 225 restaurants.
• The issue closes on 4 December 2020 and the shares are expected to get listed on 14 December. 
• Read more about the IPO here.
• You can apply for the Burger King IPO with Upstox here.

Two-wheeler sales rise on preference for personal mobility

• Personal mobility is clearly emerging as a preferred mode of transport as the country still battles Covid-19.
• This shift is visible in the growing sales volumes of automobiles, particularly two-wheelers. Market leader, Hero Moto’s domestic volumes grew ~14% YoY, in November. Similarly, TVS Motors’ volumes grew at a faster 30%.

Gold makes a U-turn

• In November, Gold prices witnessed a sharp drop of over 5%. However, prices bounced back by over 2% on December 1. Silver prices surged stronger still, rising ~6%.
• Hopes of US stimulus have triggered a decline in the US dollar index. Bullion prices generally move inversely to the US dollar index.

Events in this week

• Thursday: Services PMI (Nov)
• Friday: RBI Interest rate decision

Sectoral indices

Global markets

Fact of the day

There is more alcohol in mouthwash than in wine.

Source: Healthfully

Tell us what you think about this morning update.

The Burger King IPO is live on Upstox! If you haven't already, open your Upstox a/c to get IPO-ready today. Click here to sign up.

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Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.