Introduction

News of the day

1. Hyundai's IPO Concerns are growing about the sustainability of India's frothy equity markets. The debut of Hyundai Motor's local unit is set to be the country's biggest initial public offering and may help to measure the anxiety.The $3.3 bln share sale in Mumbai is off to a decent start; the issue was 18% subscribed by close of play on Tuesday, the first day to bid for stock. It taps local markets touching record highs on surging domestic retail inflows and where valuation multiples are soaring: MSCI India trades at a record 25 times forward one-year earnings, above its 10-year average of 19 times, per LSEG data. Stock market fever is so widespread local news publications are live-blogging the Hyundai deal's progress.

2. India's Bharti Airtel Swedish telecom gear maker Ericsson has received a new multi-billion dollar contract for selling 5G equipment from India's Bharti Airtel two sources familiar with the matter said.

3. The heavy civil infrastructure unit of Larsen & Toubro has secured a "significant" order from the Uttar Pradesh Metro Rail Corp. (UPMRCL), according to a Wednesday filing to the stock exchanges.While the company did not disclose the financial details of the deal, it classifies such significant orders as those between 10 billion Indian rupees and 25 billion rupees.

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Wed Oct 16, 2024