Morning Buzz: Nifty hits all-time high of 20,000, Byju's to sell Epic, Great Learning to pay loan
Here are the top business headlines this morning to get your day started
The Nifty hit an all-time high of 20,000 taking 51 trading sessions to get there after breaching the 19,000 mark
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Nifty hits all-time high of 20,000
The Nifty hit an all-time high of 20,000 taking 51 trading sessions to get there after breaching the 19,000 mark on June 28. The move was on account of both local and FPI flows. FPI flows have been constrained in their China investments on account of the dire outlook for its economy. A portion of those flows have come to India. Year to date FPIs have invested $15.9 billion.(Economic Times, Mint, Business Standard, BusinessLine)
Kotak pulls mid- and small-cap recommendations
Kotak Institutional Equites has dropped recommendations on midcaps that it covers as it cannot see too many opportunities for upside beyond the BFSI space. The brokerage has removed its favourite stocks in capital goods, healthcare, QSR and real estate sectors as it says it would be incorrect to recommend stocks with low conviction and potential downside to their fair values.(BusinessLine)
Byju’s to sell Epic, Great Learning to pay $1.2 billion loan
Byju’s plans to sell kids learning platform Epic and higher education platform Great Learning in an effort to pay off a $1.2 billion loan it raised in November 2021. The two assets should fetch the company $800 million. The company is expected to make a modest profit on the sale of the two platforms.(Mint)
KKR to invest Rs 2,069 core in Reliance Retail to take stake to 1.42 percent
KKR plans to invest Rs 2,069 crore for a 0.25 percent stake in Reliance Retail Ventures Ltd. This is in addition to the Rs 5,550 crore that KKR had invested earlier in the business. In addition to Reliance Retail KKR had also invested Rs 11,367 crore in Jio Platforms. Reliance Retail’s pre-money equity value stands at Rs 8.3 lakh crore making it the fourth largest company by market cap in India. Reliance Retail is unlisted.(Economic Times, Business Standard, Mint)
