Market Bizzz

WazirX successfully froze $3 million in stolen assets from last year’s cyberattack. Efforts spearheaded by founder Nischal Shetty aim to recover the entire $230 million stolen in 2024. Collaboration with law enforcement, forensic experts, and legal advisors continues to track and recuperate the lost funds while maintaining trust and security in cryptocurrency operations.

Mayuresh Joshi emphasizes the importance of selective investing due to inconsistent economic conditions and potential earnings downgrades in India, Hong Kong, and China. He highlights Adani Ports for its strong EPS and potential growth. Regarding Swiggy and Zomato, he notes competition and cash dynamics, suggesting Swiggy might outperform Zomato in the near term.

The rate hikes partly helped Jio grow average revenue per user(ARPU) 4.2% on-quarter to ₹203.3. But the full beneficial impact of the price hikes will be staggered, and likely to come through Q4FY25 and Q1FY26, since Jio has a higher share of subscribers on longer-validity plans compared to Bharti Airtel or Vodafone Idea, said analysts.

Remarks from senior BOJ officials along with Japanese data that points to persistent price pressure and strong wage growth have helped boost market confidence that a rate shift is in the offing with traders pricing in an 80% chance of a hike next week.

Abheek Barua, economist, highlights the need for adjustments in income tax rates, particularly for the lower middle class, to boost mass consumption. He suggests there may be tweaks or reductions in the upcoming budget to address this issue. Barua also advocates for increased allocations to welfare schemes like NREGA to support those outside the tax pool.

Barflex Polyfilms IPO was subscribed nearly 141 times at close due to bidding largely driven by non-institutional investors. The company, which offered a mere 47 lakh shares, received bids for nearly 66 crore shares.

The yen was the biggest major mover on the dollar overnight, rising about 1% and extending gains in Asia, as inflation relief in the U.S. raised chances of Federal Reserve rate cuts and coincided with murmurs of a Bank of Japan hike next week.

Naveen Mathur from Anand Rathi states that the rupee, despite its decline against the dollar, has performed better than other emerging market currencies. The rupee may stabilize at 85 levels medium-term but could drop to 87 in the short-term. Gold remains a safe haven with potential growth opportunities, and investment in gold is recommended.

Rikhav Securities will launch their IPO today, aiming to raise Rs 89 crore through a mix of fresh equity and an OFS of 20 lakh shares. The IPO price band is set between Rs 82-86. The company plans to use the funds for working capital, IT software, and general purposes.