Game of ‘OTT’hrones

Nifty50: 17,245 ▲ 206 (+1.2%)
Sensex: 57,521 ▲ 701 (+1.2%)

Hola, peeps! 👋😀

“Main jhukega nahi”… said the bulls to the bears on Thursday. The fag-end of a crazy, yo-yo-week saw markets rise over 1% at the close of trade. We are definitely not betting on how markets will play out on Friday. TBH, it’s getting as crazy as the insane heat.

• Positive cues from the Asian and European markets gave Indian markets a boost.  
• 45 of the Nifty50 stocks closed on a positive note, indicating broad-based participation.
• But, it's still too soon to rejoice. The impending interest rate hike by the US Fed in its upcoming meeting (May 3-4) remains a worry.

Among the Nifty sectoral indices, FMCG (+2.1%) and Oil and Gas (+1.2%) saw decent gains, while Media (-3.1%) put up a flop show.

Did you know?

You can now place Good-Till-Triggered (GTT) orders on the new Upstox app. To know more about GTT orders, click here.

For more updates on F&O, click here.

What’s trending

⭐ Indian Hotels: Profit checks in 🏨 

Indian Hotels (+5%), known for its Taj brand of hotels, reported a ₹72 crore net profit in Q4, compared to a net loss of ₹98 crore in the same period a year ago. The turnaround was supported by a 42% year-on-year rise in revenues and drop in interest costs. 

⭐ ‘Persistent’ly profitable💪

IT firm Persistent Systems’ (+5%) March quarter results beat street estimates. Its net profit jumped 13.9% quarter-on-quarter rise in net profit to ₹200 crore. Meanwhile, just like major IT companies, Persistent’s attrition rate stands as high as 26% versus 11% last year. 

⭐ Campus sprints, Rainbow crawls👟 

The IPO of sports and athleisure brand Campus is racing ahead. On Day 3, the public issue was oversubscribed more than 45 times. On the other hand, the Rainbow Children’s Medicare IPO was subscribed around 45% on Day 2.

⭐Bling losing its zing 😨

Demand for the precious yellow metal in India fell 18% in the JFM quarter as prices rose about 8%, according to the World Gold Council (WGC). The global jewellery consumption also lost momentum in Q1, as per WGC. However, the demand could get a boost from festive purchases (Akshaya Tritiya) and wedding season buying.

⭐ Apna sapna E-money🤑

E-currency in your wallets, soon? The government could launch the central bank digital currency (CBDC) as early as in 2023. The FM said that it will be used for purposes beyond financial inclusion. However, the government will be cautious with regard to private cryptocurrencies due to concerns over their misuse. 

⭐Get set for 5G📱

Tired of buffering videos? Your dream of faster internet speeds could be one step closer to reality. The government is likely to hold a 5G spectrum auction early June, the telecom minister said. While Trai has reduced the base price by 39% to ₹7.5 lakh crore for over 1 lakh megahertz spectrum allocated over 30 years, telecom operators are of the opinion that rates are still higher than global benchmarks.

In Focus

Ambani & Adani: Pashas of Primetime? 📺

Unable to make up your mind between Masterchef and Money Heist? Guess what? Picture abhi baaki hai doston… 

Ambani and Adani, two of the biggest names of the Indian corporate world, are now looking to tune into India's burgeoning media and OTT streaming sector. 

Reliance-backed Viacom18 will receive a ₹13,500 crore investment led by Bodhi Tree Systems, which is owned by James Murdoch, and Uday Shankar, former president of Walt Disney Asia. They are jointly planning to build "India’s leading entertainment platform," while focusing on a “streaming-first” approach.

Meanwhile, the Adani Group is planning its own move with the incorporation of AMG Media Networks. This wholly-owned subsidiary will house content services like publishing, advertising, broadcasting, and distribution over varying media platforms. 

IPO corner

Meanwhile, the countdown for India’s biggest-ever IPO has begun. While the wait for the much-awaited IPO has ended, the government’s decision to reduce the size of the issue has raised some eyebrows. However, the LIC management believes that it is a good time for an IPO of this size. The management added that had there been no war, they could have looked at offloading 7.5% of the stake.

Click here for more details about the LIC IPO. 

Good to know

What is an offer for sale (OFS)?

The LIC IPO is set to open for subscription on May 4. But do you know? The LIC IPO is purely an offer for sale of up to 22.1 crore shares. An offer for sale (OFS) means the selling of shares by the existing promoter/shareholder wherein the money raised is received by the owner as they sell their shares. In the case of LIC, its promoter, i.e., the Indian government is selling a 3.5% stake through OFS.

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