Budget 2021-22 | Bharat Biotech Approaches WHO | Farm Laws Issue | IRFC IPO | YES Bank Fund raising |
Indian stock market opened positively in the morning pre-opening session but turned to negative as soon as the markets opened at 9:15 am. The market continued its Friday’s down movement. The stock markets are likely to remain volatile as the markets are already at a higher valuation and the present correction is much needed one after a long Bull run which is accelerated by the global liquidity.
Closing Bell: Nifty ends 1% lower, Sensex down 470 points; all sectors in the red, Nifty Metal falls 4%
The most looked after the event in the comings days is the Union Budget for the year 2021-22. After a collapse of the economy caused by the Covid19 pandemic, the budget needs to cover the aspects of both from providing the resources for the government, increase the spending from the government to boost the economy and to support the citizens affected financially by the pandemic.
After hit by the pandemic, the middle-class people are looking for any relaxations on the tax slab. The budget may reduce the tax for the middle-income individuals and provisions to increase their spending.
At this stage to revive the economy, the budget must focus on keeping money in the hands of citizens and increase the spending which will, in turn, help the economy grow.
And also governments much-aimed privatization is not up to the mark because of a pandemic. The BPCL privatization though received multiple expression of Interest, there is no news from the panel.
Bharat Biotech Approaches WHO
After the approval from the Indian government for the Covid19 vaccine COVAXIN, Bharath Biotech will be approaching the WHO for pre-qualification for the vaccine. This is to capture the world markets with its vaccine and to import to foreign markets.
According to WHO, its pre-qualification of vaccines is a comprehensive assessment that takes place through a standardised procedure aimed at determining whether the product meets requirements for safety and efficacy in immunisation programmes.
Supreme court on January 11th stayed the three farms amid the sustained protests from the farmers demanding the complete removal of all three farm bills. The supreme court has appointed a panel to review the laws discuss with both parties(farmers unions and central government) and recommend the future course of action
This comes after the continued meetings between the farmer’s unions and the central government with each meeting ending inconclusively.
The first meeting of the committee will be held on 19th January 2021.
Indian railways finance corporation initial public offering, the first IPO for the year 2021 is opened for subscription on 18th January 2021. The IPO will remain open for subscription till 21st January. On the first day the IPO has seen a tepid response. The details of the subscription are as follow
YES Bank considering Fund Raising
Indian Private Bank YesBank on 18th Jan said that it will discuss the possibility to raise funds in the next board meeting that is scheduled in this week. The bank may consider instruments including the issue of equity shares, depository receipts, convertible bonds, debentures, warrants, it said in a notification to exchanges.
Last year, Yes bank raised close to Rs 15,000 crore through a follow-on public offer. The bank was bailed out by a clutch of banks under the leadership of State Bank of India in March last year after the RBI announced a reconstruction scheme for the bank.
Ecommerce into WhatsApp
Reliance JIO-mart is planning to embed Ecommerce into WhatsApp within 6 months time frame. The company has responded in this manner but reported by major news agencies. This is following the business plan ofJIO mart and Facebook-owned WhatsApp to increase retail and grocery business in the Indian market. Facebook has invested in Reliance JIO in 2020 and has announced that it will use its platform WhatsApp and other services along with Reliance JIO mart to provide e-commerce service.
Note: Daily shots is Orb52 initiative to bring one-stop single read for users. This page is constantly been updated with feedback from users. Please let us know your views and if you wanted to include anything in this daily edition of the article. We are looking for suggestions. Mail us at [email protected]