Morning update for 11 December 2020

Indices at 9:30 am

Nifty50 13,542 ▲ 64 (+0.4%)   

Sensex 46,174 ▲ 214 (+0.4%) 

Nifty Bank 30,738 ▲ 227 (+0.7%)

In the news

Crude oil prices rise

• Crude oil prices jumped up 3.1% despite a huge inventory build-up in the US. The inventories rose by 15 million barrels against the expected fall of 1.4 million barrels. 
• Normally, crude oil prices would have fallen due to such a pile-up in inventory. However, positive sentiments around the Covid vaccines helped to not just shrug off any fall, but also resulted in a price rise.

Kalpataru Power turns around

• In our market recap yesterday, we discussed the fall in Kalpataru Power’s share price after it announced a ~₹380 crore capex to build its corporate office. 
• The company has now put the plans on hold citing observations and feedback received from investors. The stock, which had dropped 15% over the last two days, is now up by 8.7%.

Mrs. Bector’s Foods readies IPO

• Biscuit and bread maker Mrs. Bector’s Foods’ will open its public issue for subscription between December 15 and 17. The price band is fixed at ₹286-288. It’s listing is expected on December 28.  
• Of the ₹540 crore to be raised, ₹500 crore will go to selling shareholders and ₹40 crore will be used to expand its biscuit factory. In FY20, it earned a net profit of ₹30 crore and revenue from operations of ₹762 crore.

Airbnb doubles on listing

• The holiday rental giant’s shares listed 115% higher than their issue price. 
• The solid debut may come as a surprise at a time when the travel sector is severely impacted by the pandemic. However, travelers' preference toward home stays compared to hotels has helped the company ward off troubles.

Events in this week

• Friday: Inflation, IIP (India) 

Sectoral indices

Global markets

Fact of the day

Smiling can relieve anxiety and make you look younger.

Source: Columbusmonthly.com

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