Morning Alert.. *Foxconns India subsidiary files draft papers | Equity99

Morning Alert..
*Foxconns India subsidiary files draft papers for Rs 5000Cr IPO*
Taiwanese mobile phone maker Foxconns Indian unit Bharat FIH Ltd filed draft papers for a proposed public listing in India to raise as much as Rs 5003.8Cr on Wednesday. The proposed initial share sale aims to raise Rs 2501.9Cr of fresh caital. In addition, a Foxconn unit holding shares of Bharat FIH will divest a portion of its stake to raise an equal amount.

*Firms plan to pour even more cash into buybacks next year*
Sitting atop a haul of strong earnings companies are planning to spend even more in 2022 on share buybacks and dividends, a trend finance executives dont expect to slow despite a proposed 1% excise tax on repurchase.

*COVID task force to view clinical rules ahead of likely Omicron wave*
Indias task force for COVID-19 could soon review its clinical guidelines in anticipation of an Omicron wave, ahead of the US regulator approving new treatments and armed with knowledge of what drugs worked and what didn`t in the first and second waves.

*Commodity play*
Gold – Rs 47955/10gm, Silver – Rs 61334/kg, Brcrude – Rs 5593/Barrel, Degumsyoil – Rs 1125/10kg, Copper – Rs 753/kg.

*Corporate News*
Paytm – 3 senior Paytm executives resign

Zomato – Co served with a copy of a writ petition filed by Indian federation of App based transport workers in Supreme Court.

IBreal – Co approves raising of funds aggregating upto 15Bn through one or more OIP.

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