It took 4 years for corporate dividends in Europe and the US to recover to original levels after the 2008-09 crisis. Janus Henderson says dividends may fall by over $100 billion in the US & Europe and by $400 billion globally this year thanks to the Covid disruption. Dividend futures that allow punters to take positions on future payouts suggest it may take a decade for these payouts to return to pre-Covid levels. That says something about when the world can get into a self-sustaining recovery mode.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 176 points down at 7 am (IST) this morning, indicating a major selloff ahead on Dalal Street. |
| On Wednesday, Nifty50 declined for the fifth trading session and formed a bearish candle with a long wick. The index looked oversold, but analysts are ruling out any strong rebound |
| Asian stocks opened lower on Thursday, tracking a sharply lower Wall Street session. Australia's S&P/ASX 200 lost 1.6% and Japan's Nikkei 225 declined 0.56%. |
| Wall Street's main indices fell sharply on Wednesday after data showing a cooling of US business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy. Dow fell 525.05 points, or 1.92%; the S&P 500 lost 78.65 points, or 2.37%, and the Nasdaq dropped 330.65 points, or 3.02%. |
| Oil futures fell on Thursday on concerns the economic recovery in the US. WTI crude futures fell 36 cents, or 0.9%, to $39.57 a barrel, while Brent crude futures slipped 28 cents, or 0.7%, to $41.49 |
| The rupee appreciated by one paisa to close at 73.57 against the US dollar on Wednesday, as investors turned cautious amid weak domestic equities |
| The dollar extended gains against most currencies on Thursday amid worries over economic slowdown in Europe and the US. The pound traded near its weakest level since late July, while the greenback hit a near nine-week high against the Swiis Franc. The US currency also held on to a 0.4% gain against the yen |
| Gold prices in India fell below key psychological level of Rs 50,000 per 10 gm, extending losses to the third day in a row amid a slump in global rates. On MCX, gold futures hit Rs 49,660 at day's low. Silver futures were down about 3% to Rs 59,429 a kg. In international markets, spot gold prices dropped 0.3% to hti a two-month low at $1,858.39 an ounce. |
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Sebi eases right issue rules… Sebi has changed the minimum subscription requirement in rights issues, a move aimed at making fundraising easier for companies. The regulator on Wednesday said the mandatory 90% minimum subscription would not be applicable to those issuers where object of the issue involves financing other than financing of capex for a project, provided that the promoters and promoter group of the issuer undertake to subscribe fully to their portion of rights entitlement.
Read More IPO rush on even in a weak market… The initial public offerings of Chemcon Speciality Chemicals and CAMS closed on Wednesday with strong response from investors even as the stock market weakness extended for the third straight day. Bids for Chemcon's issue were 149 times the shares on offer, making it one of the most subscribed IPOs in last five years. The Rs 2,242 crore IPO of CAMS was subscribed 46.9 times.
Read More Baring accepts higher Hexaware delisting price… Hexaware Technologies will be the first to successfully delist from Indian bourses in two years after a holding company for Baring Private Equity Asia on Wednesday accepted the discovered price of Rs 475 a share against Rs 285 offered initially to minority investors. Hexaware's public shareholders who have tendered their equity shares at or below the exit price will be paid a consideration of Rs 475 per share.
Read More RBI says CPI will remain money policy anchor… A Reserve Bank of India working paper said that the consumer price index (CPI) should continue as the anchor for the monetary policy and interest rate decisions despite the fact that food accounts for nearly half of the weight in CPI in India. Omission of food from CPI would create the risk of under-prediction of inflation, the paper argued.
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TCS bears brunt of Mistry exit from Tata Sons… TCS shares bore the brunt of the uncertainty over the outcome of the conflict between Tata Group and its biggest minority shareholder Shapoorji Pallonji Group. With the Pallonji Mistry family offering to sell its stake in Tata Sons, a section of the market is concerned that the Tata Group might sell a portion of their stake in TCS, India's second-most valued company and the conglomerate's cash cow, to raise money to buy them out. TCS shares ended 2.2% down at Rs 2,467 on BSE on Wednesday. SP Group holds 18.4% in unlisted Tata Sons and could demand Rs 1.78 lakh crore for the stake.
Read More Jio pos-paid offer spooks Airtel, Vi… Shares of Vodafone Idea plunged more than 14% and Bharti Airtel's nearly 10% in intraday trade on Wednesday amid concerns around customer and revenue losses, a day after Reliance Jio unleashed aggressive postpaid plans, making a concerted bid for the higher paying customers of India's older operators. Just over four years since its launch in September 2016, Jio on Tuesday unveiled a gamut of offerings for postpaid subscribers, including family packs and access to OTT platforms such as Netflix and Amazon Prime.
Read More RBI has no details of loan writeoffs… RBI said it has no information about loans of the top 100 defaulters and wilful defaulters that banks had written off, just over four months after it had put the total write-off of the largest 50 wilful defaulters at Rs 68,600 crore. "The information sought is not available with us," the central bank said in a recent response to an RTI petition by a Kolkata-based activist Biswanath Goswami, who had sought details on the loans that had been written off.
Read More Short selling in GMM Pfaudler... Did some punters in the market get a whiff of the discounted pricing of the share sale by promoters of GMM Pfaudler? The unprecedented surge in demand for GMM shares in the Securities Lending and Borrowing or SLB segment before the announcement of the pricing of the offer for sale (OFS) suggests some market participants would have been aware of the details in advance, said brokers.
Read More Meanwhile... Investment advisor norms from Sept 30… Sebi said on Wednesday the guidelines for investment advisors will come into force from September 30. According to the rules, a new client will be eligible to avail either advisory or distribution services within the group or family of the investment advisor and this option has to be made available at the time of onboarding. Existing clients will have to choose between distribution or advisory services, the regulator said.
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