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Federal Bank to Raise Funds, Nazara Technologies' Post-IPO Acquisition, and Buzzing Stocks Today
Fri, 18 Jun Pre-Open

Indian share markets ended on a negative note yesterday.

Benchmark indices edged lower, tracking losses across global peers, a day after the US Federal Reserve left rates unchanged but sped up their expected pace of policy tightening.

The US central bank projected at least two interest rate hikes in 2023, a year earlier than forecasted in the March meeting.

At the closing bell yesterday, the BSE Sensex stood lower by 179 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.5%).

UltraTech Cement and Asian Paints were among the top gainers.

Tata Steel and Adani Ports, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 1.3% and 0.6%, respectively.

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Sectoral indices ended on a negative note with stocks in the metal sector and power sector witnessing most of the selling pressure.

IT stocks, on the other hand, witnessed buying interest.

At 8:05 am today, the SGX Nifty was trading up by 63 points, or 0.4% higher at 15,756 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 1.9% at Rs 47,570 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately, in his latest video for Fast Profits Daily.

He also shares how the price volatility affects his long-term view on both metals.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Federal Bank.

Private sector Federal Bank said that its board has approved issuing equity shares to World Bank arm International Finance Corporation (IFC) and associates for over Rs 9.2 bn.

At its board meeting on 16 June 2021, the board cleared a proposal to issue 104.8 m shares (with face value of Rs 2 each) to IFC and affiliates at a price of Rs 87.4 per equity share.

IFC and its affiliates - IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund, will hold about 5% stake in the bank.

The transaction is subject to regulatory approvals. The Kochi-based bank also aims to raise up to Rs 40 bn in equity capital through routes such as rights issue, and Rs 80 bn through Tier I, Tier II, and long term bonds such as infrastructure and ESG bonds.

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It will place a proposal at the Annual General Meeting (AGM) scheduled on 2 July 2021.

IT stocks will also be in focus today.

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 m are set to slash headcounts by a massive 3 m by 2022, which will help them save a whopping US$ 100 bn mostly in salaries annually, says a report.

The domestic IT sector employs around 16 m, of them around 9 m are employed in low-skilled services and business process outsourcing (BPO) roles, according to Nasscom.

Of these 9 m low-skilled services and BPO roles, 30% or around 3 m will be lost by 2022, principally driven by the impact of robot process automation or RPA.

Roughly 0.7 m roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while the RPA will have the worst impact in the US with a loss of almost 1 m jobs.

TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant and others appear to be planning for a 3 m reduction in low-skilled roles by 2022 because of RPA up-skilling.

RPA is application of software, not physical robots, to perform routine, high-volume tasks, allowing employees to focus on more differentiated work.

It differs from ordinary software applications as it mimics how the employee has worked instead of building a workflow into technology from ground up and thus minimising time to market and greatly reducing cost over the more traditional software-led approaches.

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Nazara Technologies Makes First Acquisition Post-IPO

Gaming and sports media platform, Nazara Technologies has made its first acquisition after it listed on exchanges in March this year.

The company has signed a binding term sheet to acquire West Asia and Turkey-based mobile gaming publishing agency, Publishme in a primary and secondary purchase worth US$ 2.7 m.

As part of the deal, Nazara will acquire 69.8% of the company, as it looks to strengthen its presence in the Middle East and North Africa (MENA) region.

In an exchange with media, Nazara Chief Executive Officer Manish Agarwal said -

  • With this acquisition, we will further expand our international footprint in the freemium segment. Nazara will aim to build local execution capabilities cutting across key growth segments - freemium, gamified learning and esports.

He added that the acquisition will help the company in establishing itself as a key player in the region.

Agarwal said the move will also help in taking investee companies of Nazara - The 'Friends of Nazara' network - to the MENA region.

The 'Friends of Nazara' network comprises established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale.

Wipro Partners with Exaware to Streamline 5G Technology Upgrades

Wipro announced a partnership with Exaware, a leading provider of open network routing solutions.

The partnership will jointly develop advanced engineering solutions that foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.

Wipro and Exaware are developing engineering products and solutions that will decouple hardware from software, enabling communication service providers (CSPs) to select different hardware and software vendors.

This, in turn, will promote innovation by network equipment providers, advance disaggregated cell site gateways (DCSG), enable an end-to-end disaggregated open RAN infrastructure, and ultimately drive down network costs.

Leveraging the combined engineering expertise of Wipro and Exaware, operators will be able to build flexible, self-optimizing networks, and introduce services that equip them for future growth while reducing their total cost of ownership, said Thomas Muller, CTO - engineering and R&D Services, Wipro.

How this partnership pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

Sensex Trades Over 300 Points Higher, Dow Futures Up by 71 Points (Today's Market)

Oct 19, 2021 12:30 pm

BSE Sensex is trading up by 377 points, while the NSE Nifty is up by 85 points.

Sensex Opens Above 62,000 Mark, Nifty Nears 18,600; L&T and Bharti Airtel Top Gainers (Today's Market)

Oct 19, 2021 09:30 am

Indian share markets open on a firm note. The BSE Sensex opened up by 319 points, while the Nifty is trading higher by 94 points.

INDIAN ENERGY EXCHANGE Share Price Up by 15%; BSE POWER Index Up 1.3% (Today's Market)

Oct 19, 2021 09:30 AM

INDIAN ENERGY EXCHANGE share price is trading up by 15% and its current market price is Rs 916. The BSE POWER is up by 1.3%. The top gainers in the BSE POWER Index are INDIAN ENERGY EXCHANGE (up 15.0%) and ADANI POWER (up 10.0%). The top losers are KALPATARU POWER (down 0.5%) and POWER GRID (down 0.9%).

L&T at All Time High; BSE CAPITAL GOODS Index Up 1.8% (Today's Market)

Oct 19, 2021 09:30 AM

L&T share price has hit an all time high at Rs 1,853 (up 3.6%). The BSE CAPITAL GOODS Index is up by 1.8%. Among the top gainers in the BSE CAPITAL GOODS Index today are L&T (up 3.6%) and LAKSHMI MACHINE (up 1.1%). The top losers include BHARAT ELECTRONICS (down 0.2%) and KALPATARU POWER (down 0.5%).

HINDUSTAN COPPER Share Price Up by 6%; BSE METAL Index Up 0.3% (Today's Market)

Oct 19, 2021 09:30 AM

HINDUSTAN COPPER share price is trading up by 6% and its current market price is Rs 159. The BSE METAL is up by 0.3%. The top gainers in the BSE METAL Index is HINDUSTAN COPPER (up 6.3%). The top losers are JSW STEEL (down 0.1%) and HINDUSTAN ZINC (down 0.5%).

CYIENT Share Price Up by 5%; BSE IT Index Up 1.2% (Today's Market)

Oct 19, 2021 09:30 AM

CYIENT share price is trading up by 5% and its current market price is Rs 1,255. The BSE IT is up by 1.2%. The top gainers in the BSE IT Index are CYIENT (up 5.2%) and L&T INFOTECH (up 9.4%).

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