One Crore Vaccines Administered!
Good Morning!
On Friday India administered 1 Crore COVID-19 vaccinations, a really big step in the right direction for our country and its fight against the pandemic.
Hats off to everyone involved in this entire process!! 👏👏👏
Please get your vaccinations if you haven’t already.
Markets at a glance
What happened over the weekend?
Bharti Airtel (NSE: +1.41%) board approved raising up to ₹21 K Cr via a Rights Issue. For every 14 shares, you will be offered an option to purchase 1 share at a discounted price of ₹535 (Mint)
What’s a Rights Issue?
“A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives existing shareholders securities called rights. With the rights, the shareholder can purchase new shares at a discount to the market price on a stated future date. The company is giving shareholders a chance to increase their exposure to the stock at a discount price.”
FED chair Jerome Powell spoke at the Jackson Hole symposium and mentioned that the central bank may start slowing down on its asset purchases by the end of 2021 (BBG)
Govt. winnows the shortlist down to 10 from 16 merchant banks for the massive LIC IPO (FE)
A strong start for India at the 2020 Tokyo Paralympics with 1 Bronze and 2 Silver medals added to the tally (TOI)
What’s making headlines?
The DGCA has extended its ban on commercial flights till the 30th of September (MC)
Market regulator SEBI barred Kotak Mahindra Asset Management from launching certain new debt funds (Reuters)
India recorded Foreign Direct Investment (FDI) of $22.53 Billion in April-June 2021 (FE)
Where’s the money flowing?
Two IPOs are opening on 1 Sept., to raise a sum of ₹2,465 Cr. Adding to the ₹45K Cr already raised through IPOs. Vijaya Diagnostic Centre, a rapidly growing diagnostics chain, especially in Southern India. Ami Organics, manufacturer of a variety of Advanced Pharma Intermediates and Active Pharma Ingredients.
Tata Steel (NSE: +0.66% ) announces ₹8K Cr as CapEx investment for its Indian operations during FY22 (MC)
Postman overtook BrowserStack as the most valued VC funded Indian SaaS start-up. At a valuation of $5.6 Billion, Postman has raised $225 Million in a Series D round (BI)
More news?
The situation in Afghanistan is worsening as the United States targeted the Kabul Airport bomber via a drone strike (BBC)
The sixth tranche of funds is about to be disbursed to unit-holders. This amounts to 95% of Franklin Templeton’s AUM as of Apr '20 (MC)
In search of key components before entering the Indian market, Tesla is in talks with 3 additional Indian manufacturers. Existing suppliers include Bharat Forge (NSE: +0.32%), Sandhar Technologies (NSE: +0.32%), and Sona Comstar (NSE: +0.57%) (BS)