Good morning!
Here are the top stories to start your day.
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⭐ Zomato erases early gains on Blinkit buy 😔
The initial excitement about Zomato's ₹4,447 crore acquisition of quick-commerce firm Blinkit fizzled out fast. After opening 2% higher on Monday, the stock went on to close 6.6% lower. Investors were concerned that Zomato paid a higher valuation for the deal. Additionally, Zomato's path to profitability may be impacted due to the acquisition.
⭐ Aurobindo Pharma gets “warning letter” from SEBI 😱
Aurobindo Pharma has received a "warning letter" from the Securities and Exchange Board of India (SEBI). This was over an audit by the United States' Food and Drug Administration (USFDA) at its Hyderabad unit conducted in 2021. In its letter, SEBI said that the company has not disclosed all details about the USFDA's action.
⭐ Brigade Group to build housing project in Chennai 🏠
Bengaluru-based realty company Brigade Group is planning to develop a housing project in Chennai. The project will be spread across 15 acres of land, and will have an estimated revenue realisation of ₹1,500 crore over the next five years.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.41% |
| Nikkei 225 (Japan) | ▼ 0.16% |
| Hang Seng (Hong Kong) | ▼ 0.85% |
| SSE Composite (China) | ▼ 0.41% |
| Dow Jones (US) (June 27) | ▼ 0.2% |
| NYSE (US) (June 27) | ▼ 0.03% |
| Nasdaq (US) (June 27) | ▼ 0.72% |
| S&P 500 (US) (June 27) | ▼ 0.3% |
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Fact of the day
Sri Lanka's state-run electricity monopoly Ceylon Electricity Board lost $185 million in Q1 of 2022, and has sought an over 800% rise in electricity prices for the poorest power consumers.
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Disclosures and Disclaimer
Investment in securities markets is 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.
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