Tech ticks

Nifty50: 17,033 ▼-68(-0.46%) 
Sensex: 57,124 ▼-190 (-0.3%)

• After starting the week on a subdued note, the markets gradually recovered. 
• Investors showed strong interest in IT stocks, especially after Accenture raised its revenue forecast for 2022.
• Next week, as there are no major domestic data releases the Indian markets could take cues from global indices.
• Among the Nifty sectoral indices PSU Bank (-1.9%) and Realty (-1.4%) were the top losers. Whereas, Nifty IT (+0.9%) was the only gainer.

For more updates on F&O, click here.

Here are the top stories of the day.

L&T Finance to sell MF biz

L&T Finance Holdings will sell its mutual funds business to HSBC AMC for $425 million (about ₹3200 crore). This sale will help L&T’s finance arm to unlock value and focus on its lending business. 

For starters, L&T mutual fund is the 12th largest asset manager in India. It has assets under management (AUM) of about ₹80,000 crore compared to HSBC mutual fund’s ₹11,700 crore.

Vedanta bets big on semiconductors 

The mining major, reportedly, plans to invest ₹60,000 crore to set up a semiconductor chip and glass manufacturing ecosystem in India. The news comes at the time when electronics to automobile industries are suffering due to chip shortage. 

India doesn’t have a chip manufacturing ecosystem and solely depends on costly imports. Vedanta hopes to begin chip fabrication units by 2024-end. Meanwhile, to support chip manufacturing in India the government has rolled out a red carpet with incentives worth ₹76,000 crore. 

Oil climbs to four week high

Crude oil prices have bounced 10% so far this month. Concerns over oil demand have abated on the back of various reports suggesting that the new virus variant may be less severe.

Oil prices crashed 20% last month due to the virus scare. Meanwhile, US crude inventories also dropped, helping the prices to firm up. 

IPO corner

Shares of defence and aerospace electronics solutions provider Data Patterns listed at a premium of 46% against their issue price. It’s important to note that this public issue was oversubscribed 120 times. To apply for IPOs on Upstox, click here.  

Good to know

What is a term sheet?

A term sheet is an agreement that shows basic terms and conditions of an investment. It is a terminology typically used during investment in startups. The company valuation, investment amount, percentage stake, voting rights, liquidation preference, and investor commitment are some items that are spelled out in the term sheet.

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