>> 3 lakh Templeton investors all set to get back their money
>> Airtel plans a separate unit for digital assets
>> Crypto industry fears talent may flee India amid tougher law
>> 6 million EPFO subscribers face delay in interest payment
Hi there. Welcome to ETMarkets Morning, the show about money, business and markets. I am Sandeep Singh. Looks like we will have a promising start to the new week.
Lemme first give you a quick glance at the state of the markets.
Stocks in most Asian markets are upbeat and Dalal Street appeared to be in a mood to go higher. Nifty futures in Singapore traded with some solid gains earlier today. Japan’s Nikkei has hit the 30,000 mark for the first time since 1990. Crude oil is up slightly to trade above $60. Gold is down marginally. Bitcoin reached a new record on Sunday, rising above the $49,000 mark for the first time.
So what’s really happening to the cryptocurrencies. Buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller
There are clear signs of a widening embrace across the financial services industry for cryptocurrency, especially Bitcoin, which has lifted its value to record heights. A week after Tesla announced its $1.5 billion investment in Bitcoin, the digital asset continued to make inroads into traditional finance. There is news that an investment unit of Morgan Stanley is now considering whether to bet on Bitcoin. Canada also approved the first North American Bitcoin ETF. The likes of Paul Tudor Jones and Stan Druckenmiller have endorsed it. BNY Mellon says it plans to service cryptocurrencies for its clients.
Back home, a new bill that may propose a blanket ban on cryptocurrencies, has raised fears that crypto talent will flee the country to greener pastures.
That said, there is good news for the 3 lakh investors in five of Franklin Templeton Mutual Fund’s six debt schemes that are in the process of closing down. They will receive part of their money during this week. Under a Supreme Court order, SBI MF — the executor for the distribution of the funds — will return Rs 9,122 crore to the investors of those five schemes.
Bharti Airtel is planning to make a separate entity of Airtel Digital unit which houses all its digital assets, which may open up the option of monetising a separate asset in the future. Chairman Sunil Bharti Mittal said the new structure could also remove the telecom regulatory overhang over Airtel Digital
At least 6 million EPFO subscribers will have to wait longer for their 2019-20 interest payment, as inaccuracies in the data of individual subscribers have held up fund transfers to many establishments. This may impact the interest earned by the individuals on the enhanced provident fund kitty when interest is credited for 2020-21.
The Amazon-Future Group fight has shifted to the Singapore International Arbitration Centre. In documents submitted to it, the Indian retailer has alleged that the US e-tail giant had asked for $40 million to forego its “right of first refusal” and let Future Group sell its assets in Future Retail.
Bharat 22 ETF has been seeing a spike in volumes over the past month as the government looks to step up its disinvestment programme. Industry watchers said as valuations of PSUs still rule below market averages, wealth managers are asking rich investors to accumulate units of the ETF.
Before I go, here is a look at some of the stocks buzzing this morning…
>> HCL Technologies plans to raise about $500 million in an overseas bond sale, which would be a first — not only for the software company but also for the exports-oriented outsourcing industry.
>> A consortium, led by Asset Reconstruction Company and US distressed debt fund Avenue Capital, has agreed to buy the assets of Reliance Home Finance for Rs 1,800 crore
>> Tata Steel is betting on expanding steel demand to double its capacity to 40 million tonnes by resuming expansion plans at its existing facilities in Odisha and Jharkhand
>> Aptus Value Housing Finance, backed by Sequoia Capital and WestBridge Capital, is set for a Rs 3,000 crore initial public offering, as the South India-based home finance firm looks to take advantage of a post-pandemic market rally
Do also check out over a dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay put with us for all the market news through the day. Happy investing!