Four IPOs, including Mamata Machinery and Transrail Lighting, are set to open next week, continuing the primary market's strong momentum. Nine companies, including Mobikwik and Sai Life Sciences, are expected to list. Mamata Machinery's IPO is entirely an offer for sale, while Transrail Lighting's includes a fresh issue to fund expansion. Two additional IPOs will launch in the SME segment.
Ajit Menon, CEO of PGIM India Mutual Fund, discusses his approach to leadership, emphasizing holistic well-being, creativity, and a culture of trust. He shares his personal passions, including portrait sketching and singing, and his philosophy of "Try to be Happy, Not Happier." Menon also highlights PGIM India's growth and focus on retirement planning.
Central banks in the US, Japan, and Britain are set to meet, with the Fed likely to cut rates again. The Bank of Japan may pause its tightening, while the Bank of England faces pressure to ease policy. Germany's strong stock market performance contrasts with its economic and political uncertainties, and global services sectors are showing signs of weakness.
Syrian rebels celebrated their first Friday prayers since Assad's overthrow as the interim government urged the UN to compel Israel's withdrawal. International focus shifted to stabilizing post-Assad Syria, with Blinken visiting Iraq and Turkey amidst concerns about Russian troop movements and the future of US-backed Kurdish militias.
Moody's downgraded France's credit rating to Aa3 due to political instability. The agency cited "political fragmentation" after parliament ousted Prime Minister Barnier over an austerity budget. Newly appointed Prime Minister Bayrou faces challenges forming a stable government and addressing large fiscal deficits.
Broadcom forecast quarterly revenue surpassing Wall Street expectations and predicted robust growth in demand for its custom AI chips over the next few years. The optimistic outlook propelled the company's shares 24% higher, pushing its market capitalization past $1 trillion for the first time.
There are signs of bottom formation and recovery in commodity prices such as cement, metals and oil, along with gross refining margins of oil companies, the brokerage said in a note to clients.
Credit costs for non-bank lenders, particularly microfinance companies, are also expected to rise because of a significant deterioration in their asset quality. CareEdge expects credit costs for microfinance companies to rise to 6.5% of their loan book in the coming financial year, from 2.5% in the ongoing fiscal year ending March 2025.
