Mon, Jun 17, 2024 4:26 PM
Futures pull back as investors await data, Fed comments
A Flip by Shubhangi Gupta
Banks advising Hyundai's India IPO are set to earn up to $40 million in fees, a significant windfall in a market where banks typically struggle to make money. The fee, equivalent to 1.3% of the IPO size, would be the second-highest ever for an Indian IPO. The deal could raise $2.5-$3 billion at a valuation of up to $30 billion, making it one of India's largest IPOs.
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Reliance Industries' shares surged 4.14% to a new high of ₹3,029, driven by brokerages' raised target prices following the company's in-line fourth-quarter earnings. The stock has delivered 32% returns in the last year and 17% year-to-date. Brokerages like Jefferies, UBS, and Nuvama have set target prices ranging from ₹3,380 to ₹3,500.
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Marine Le Pen's far-right National Rally may clinch an absolute majority in France's upcoming parliamentary elections, winning 320 out of 577 seats. This would be a significant shift in France's political landscape, with Le Pen's party potentially controlling the government. Financial markets expect a stable truce to hold, but this could be short-lived.
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