Sensex ends 330 pts higher, Nifty above 10,550; IT, pharma, realty gain

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The indices ended higher on Thursday after the market heavyweights such as Infosys gained over 2%. The S&P BSE Sensex gained over 500 points to 34634 levels before trimming gains. In broader markets, Nifty50 index hit an intra-day high of 10,637 levels.

The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.

Among other index stocks, Sun Pharma, Dr. Reddy's, State Bank of India, Axis Bank and HDFC gained between 1.5% to 6.1%. Shares of Cipla surged as much as 6.85% after the country’s fourth-largest drugmaker by revenue reported a 7% jump in quarterly profit on Wednesday.

The day's gains came even as Asian shares flirted with six-week lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed as U.S. bond yields crept up towards four-year highs. Among regional indices, Nikkei 225, Straits Times, KOSPI and Hang Seng moved up between 0.4% to 1.2%.

(with Reuters inputs)

3:42 PM IST Nifty top gainer: Nifty Pharma Index

3:38 PM IST Markets Check Index Current Pt. Change % Change   S&P BSE SENSEX 34,413.16 +330.45 +0.97   S&P BSE SENSEX 50 11,026.92 +108.24 +0.99   S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75   S&P BSE 100 10,958.39 +120.39 +1.11   S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34 (Source: BSE)

3:37 PM IST Sectoral Trend

3:35 PM IST Sensex heatmap

3:33 PM IST Markets at close   Benchmark indices rose more than 1 per cent on Thursday after seven consecutive sessions of declines, as market heavyweights such as Infosys recovered and as drug maker Cipla gained on solid earnings.   The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.  

3:21 PM IST Pharma shares in focus; Cipla, Sun Pharma surge over 5%   Shares of pharmaceutical companies were in focus with the Nifty Pharma index gaining nearly 4% on back of strong rally in Cipla and Cadila Healthcare post their December quarter results.   Among the pharma index, Cipla and Sun Pharmaceutical Industries have rallied more than 5% each, while Cadila Healthcare, Dr Reddy’s Laboratories and Divi’s Laboratories up in the range of 2% to 4% on the National Stock Exchange (NSE). READ MORE

3:13 PM IST Earnings impact Balrampur Chini shares declined 3 per cent as profit in quarter ended December 2017 fell sharply by 65 per cent to Rs 61.4 crore from Rs 175.2 crore in year-ago, impacted by disappointing operational performance.   Revenue from operations increased 6.9 per cent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.

3:00 PM IST HeidelbergCement India surges 12% on strong Q3 results   HeidelbergCement India surged 12% to Rs 168 on BSE in afternoon deals after the company reported net profit of Rs 318 million for the quarter ended December 2017 (Q3FY18), on back of higher sales.   It had posted a net loss of Rs 36 million in the same quarter last fiscal.   Net sales during the quarter rose 24.8% to Rs 4,839 million against Rs 3,878 million in the corresponding quarter of previous year. READ MORE

2:46 PM IST Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 34,399.70 +316.99 +0.93   S&P BSE SENSEX 50 11,017.53 +98.85 +0.91   S&P BSE SENSEX Next 50 34,523.25 +487.62 +1.43   S&P BSE 100 10,945.09 +107.09 +0.99   S&P BSE Bharat 22 Index 3,712.15 +12.25 +0.33 (Source: BSE)

2:29 PM IST Prestige, HDFC Capital to invest Rs 25 bn for affordable housing projects Realty firm Prestige Estates Projects has partnered HDFC's arm HDFC Capital Advisors to set up Rs 25 billion (Rs 2,500 crore) fund to develop affordable and mid-income housing projects across the country.   This platform would enable Prestige group to develop projects worth Rs 100 billion (Rs 10,000 crore). READ MORE

2:13 PM IST Sectoral Trend

2:09 PM IST How you can smartly use the systematic exit route to avoid LTCG tax   The finance minister has in the Finance Bill, 2018 proposed to tax certain long-term capital gains that have so far been exempt from tax.   Currently, capital gains from transfer of equity shares in a company and a units of equity-oriented mutual fund schemes are exempt from tax, provided they have been held for more than one year prior to transfer. Equity shares should also have been subject to Security Transaction Tax (STT) in order to avail this exemption. In other words, long-term capital gains from the transfer of listed shares and units of an equity-oriented scheme are not subject to tax. CLICK HERE FOR FULL STORY

LIVE UPDATES

Nifty top gainer: Nifty Pharma Index


Markets Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,413.16 +330.45 +0.97
 
S&P BSE SENSEX 50 11,026.92 +108.24 +0.99
 
S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75
 
S&P BSE 100 10,958.39 +120.39 +1.11
 
S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34

(Source: BSE)
Sectoral Trend


Sensex heatmap


Markets at close
 
Benchmark indices rose more than 1 per cent on Thursday after seven consecutive sessions of declines, as market heavyweights such as Infosys recovered and as drug maker Cipla gained on solid earnings.
 
The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.
 
Pharma shares in focus; Cipla, Sun Pharma surge over 5%
 
Shares of pharmaceutical companies were in focus with the Nifty Pharma index gaining nearly 4% on back of strong rally in Cipla and Cadila Healthcare post their December quarter results.
 
Among the pharma index, Cipla and Sun Pharmaceutical Industries have rallied more than 5% each, while Cadila Healthcare, Dr Reddy’s Laboratories and Divi’s Laboratories up in the range of 2% to 4% on the National Stock Exchange (NSE). READ MORE


Earnings impact

Balrampur Chini shares declined 3 per cent as profit in quarter ended December 2017 fell sharply by 65 per cent to Rs 61.4 crore from Rs 175.2 crore in year-ago, impacted by disappointing operational performance.
 
Revenue from operations increased 6.9 per cent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.
HeidelbergCement India surges 12% on strong Q3 results
 
HeidelbergCement India surged 12% to Rs 168 on BSE in afternoon deals after the company reported net profit of Rs 318 million for the quarter ended December 2017 (Q3FY18), on back of higher sales.
 
It had posted a net loss of Rs 36 million in the same quarter last fiscal.
 
Net sales during the quarter rose 24.8% to Rs 4,839 million against Rs 3,878 million in the corresponding quarter of previous year. READ MORE
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,399.70 +316.99 +0.93
 
S&P BSE SENSEX 50 11,017.53 +98.85 +0.91
 
S&P BSE SENSEX Next 50 34,523.25 +487.62 +1.43
 
S&P BSE 100 10,945.09 +107.09 +0.99
 
S&P BSE Bharat 22 Index 3,712.15 +12.25 +0.33

(Source: BSE)
Prestige, HDFC Capital to invest Rs 25 bn for affordable housing projects

Realty firm Prestige Estates Projects has partnered HDFC's arm HDFC Capital Advisors to set up Rs 25 billion (Rs 2,500 crore) fund to develop affordable and mid-income housing projects across the country.
 
This platform would enable Prestige group to develop projects worth Rs 100 billion (Rs 10,000 crore). READ MORE
Sectoral Trend


How you can smartly use the systematic exit route to avoid LTCG tax
 
The finance minister has in the Finance Bill, 2018 proposed to tax certain long-term capital gains that have so far been exempt from tax.
 
Currently, capital gains from transfer of equity shares in a company and a units of equity-oriented mutual fund schemes are exempt from tax, provided they have been held for more than one year prior to transfer. Equity shares should also have been subject to Security Transaction Tax (STT) in order to avail this exemption. In other words, long-term capital gains from the transfer of listed shares and units of an equity-oriented scheme are not subject to tax. CLICK HERE FOR FULL STORY
HEG erases three-week loss in two days by surging 37% ahead of board meet
 
HEG has surged an over 10% to Rs 3,045 on BSE in intra-day trade, extending its Wednesday’s 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares of the Company.
 
The stock of the leading graphite electrode manufacturer has rallied 37% in past two trading sessions from Rs 2,215 on BSE. The BSE & NSE have revised the circuit filter of the stock from 5% to 20% with effect from Wednesday, February 7, 2018.
 
HEG erased its entire 30% decline recorded during three weeks in past two days. The stock hit an all-time high of Rs 3,147 on January 16, 2018 in intra-day trade. READ MORE
Bank of England to send new rates message in last year before Brexit
 
The Bank of England is expected to say on Thursday that another interest rate increase could be nearing as Britain's economy grows faster than expected ahead of its departure from the European Union in just over a year's time READ MORE HERE


Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,539.46 +456.75 +1.34
 
S&P BSE SENSEX 50 11,061.15 +142.47 +1.30
 
S&P BSE SENSEX Next 50 34,580.13 +544.50 +1.60
 
S&P BSE 100 10,984.39 +146.39 +1.35
 
S&P BSE Bharat 22 Index 3,727.89 +27.99 +0.76

Buying bitcoins? Cryptocurrencies are like ponzi schemes: World Bank chief
 
The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
 
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.” READ MORE
New Sebi norms to bar MFs from dumping investors with 'NAV management' fee
 
The chief of a large fund house sits late afternoon every day and dutifully pours over the net asset values (NAVs) of his schemes. After scrutinising the returns for the day, he decides on the expense ratios that need to be charged and deducted for each category.
 
The executive is not alone. In fact, many fund houses, especially those that handle significant institutional money, dabble in what some call "NAV management", which involves adjusting the expenses based on the returns made on the particular day.
 
The Securities and Exchange Board of India's (Sebi's) diktat asking fund houses to disclose the total expense ratio (TER) of their schemes daily, however, may put an end to this practice. READ MORE
Market rout weighs on net asset values of most mutual fund schemes
 
The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM).
 
The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month. READ MORE
Ashok Leyland, Shakti Pumps, Zydus Wellness, Jubilant Life hit 52-week high
 
Ashok Leyland, Shakti Pumps, Zyndus Wellness, Excel Industries, FDC, Jubilant Life Sciences, Polaris Consulting & Services, Hinduja Global Solutions and Inox Leisure have hit their respective 52-week highs on BSE on Thursday.
 
These stocks have trading higher by up to 19% today, extending their gain after reported a strong set of numbers for the quarter ended December 2017 (Q3FY18). READ MORE
Stock market correction: Investors should opt for large-cap and debt funds
 
We were in the midst of a global bull market wherein some indices, such as the Dow Jones, gained nearly 1,000 points in about ten to fifteen days. Indian markets, too, saw the best rally one month prior to the budget presentation in over a decade with the indices gaining around 6% in January 2018. Clearly, global markets have been overbought as of January.
 
The current correction seen in Indian equities is largely owing to the correction in global markets. That said, India remains a great structural story for the next 10 years. READ MORE
Market check

S&P BSE Sensex 34,536.69 1.33%
 
Nifty 50 10,591.40 1.09%
 
S&P BSE 200 4,627.30 1.35%
 
Nifty 500 9,318.75 1.22%
 
S&P BSE Mid-Cap 16,589.41 1.46%
 
S&P BSE Small-Cap 18,114.59 2.16%

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insurance

FDC hits 52-week high as board approves buyback; strong Q3 results
 
FDC hits a 52-week high of Rs 280, up 10% on BSE in early morning trade, extending its previous days 6% surge, after the company said that its board has approved the buyback proposal at a price of Rs 350 per equity share through tender offer.
 
“The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing. READ MORE
Sensex losers and gainers


Budget 2018 to aid growth, but with higher inflation, weaker fiscal balance
 
With eight state elections in 2018 and the national election to follow by spring 2019, Finance Minister Arun Jaitley’s fifth Budget had to balance economic priorities against political imperatives. As a result (as Amartya Sen once commented on a paper decades ago), it has some good points and some not-so-good points. READ MORE
Galaxy Surfactants gains 13% against issue price after quiet debut
 
Galaxy Surfactants has moved higher to Rs 1,674, up 10% against its issue price of Rs 1,480 after making a quiet debut on the bourses.
 
The stock opened 3% higher at Rs 1,520 on BSE and at Rs 1,525 on the National Stock Exchange (NSE).
 
The Rs 9,370 million initial public offer (IPO) of speciality chemicals manufacturer Galaxy Surfactants received strong response and subscribed 20 times, the BSE data shows. READ MORE
Insolvency rules tweaked to maximise bid value, period of restructuring cut
 
The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days.
 
To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured.
 
Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution professional was changed and he appointed a new valuer. READ MORE
Cipla gains 7% on healthy operational performance in Q3
 
Cipla has surged 7% to Rs 608 on BSE in early morning trade after the company reported a healthy performance in December quarter (Q3FY18) with EBITDA (earnings before interest, tax, depreciation and amortization) margins improved 230 bps to 20.9% from 18.6% in year ago quarter and 19.7% in previous quarter.
 
EBITDA margins have been improving continuously driven by cost optimization across all spend lines despite R&D getting stepped up to 7.6% of sales during the quarter, Cipla said in a press release. READ MORE
Get ready for most cryptocurrencies to hit zero, says Goldman Sachs
 
The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc’s global head of investment research.
 
Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated February 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market. CLICK HERE FOR FULL STORY
Sebi permission for mutual funds, PMS in commodity derivatives soon
 
The new managing director and chief executive officer of the National Commodity and Derivatives Exchange (NCDEX), Vijay Kumar, has assumed office at a time when the commodities market is set to enter a phase of heightened activity.
 
Two weeks after his taking over, Finance Minister Arun Jaitley presented the Budget, in which he stressed the importance of commodity futures and options and developing an institutional mechanism for farmers to benefit from them and warehousing. READ MORE
Sectoral Trend


Sensex top gainers and losers


Market at open

At 9:17 am, the S&P BSE Sensex was trading at 34,173, up 90 points while the broader Nifty50 was ruling at 10,496, up 19 points.
Insolvency rules tweaked to maximise bid value, period of restructuring cut
 
The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days.
 
To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured.
 
Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution professional was changed and he appointed a new valuer. READ MORE
MFs log Rs 1 trn inflow in Jan
 
Investors have pumped over Rs one trillion into mutual funds in January, driving the industry assets base to an all-time high of Rs 22.41 trillion, latest update with Amfi showed.
 
Industry experts attributed the surge in assets under management (AUM) to 'aggressive' investor awareness campaign both at the individual player level as well as at industry level. READ MORE
Galaxy Surfactants to make market debut today
 
Galaxy Surfactants will make its stock market debut on Thursday after concluding its initial public offer last week. It was subscribed 20 times during January 29-31. ICICI Securities, Edelweiss Financial Services and J M Financial Institutional Securities managed the company's issue.
220 companies likely to report Q3 results today
 
As many as 220 companies are scheduled to report results for the quarter ended December later today which include names like ACC, ABB India, Andhra Bank, Bharat Forge, BHEL, Cadila Healthcare, CESC, LT Foods, Future Consumer, Glenmark Pharma and JBF Industries among others.
Rupee falls for 5th day to hit 2-month low
 
The rupee failed to hold onto its early gains and fell back to end at a fresh two-month low of 64.28 after the Reserve Bank sounded a more hawkish tone amid upside risks on inflation.
BSE asks MF investors to submit PAN, Aadhaar by March
 
BSE on Wednesday asked mutual fund investors to submit PAN and Aadhaar by March 31, 2018, failing which their folios would be closed. For new mutual fund's accounts opened from February 15, this year onwards, investors are required to submit their PAN and Aadhaar number, at the time of opening such folio itself, without which no new account would be opened.
Geojit on Tata Global Beverages
 
Given TGB’s sharp focus on the green & herbal tea category coupled with strong innovative premium product portfolio, we expect tea revenues to grow at a CAGR of ~6% in FY17-20E. The company is expanding its presence in the beverages segment by focusing on water category (Nourishco) & coffee retailing through JV with Starbucks in India.
 
We expect RoE to improve from 6.1% in FY17 to 9.8% in FY20E led by EBITDA margin expansion to 13.9% in FY20E from 11.7% in FY17. Recommend ‘BUY’, valuing the stock at 27x FY20E EPS & arriving at a target price (TP) of Rs. 308.
 
RBI keeps policy rate unchanged; flags inflation risks, fiscal deficit
 
The Reserve Bank of India (RBI) kept policy rates unchanged for the third consecutive time. Governor Urjit Patel indicated that the recent rise in bond yields was beyond the control of the central bank and a result of fiscal profligacy by the government and the rise in rates in advanced economies. 
 
Patel’s post-policy statement assumes significance for interest rates in the economy; particularly when his deputy Viral Acharya said RBI was not there to provide liquidity to manage bond prices. According to bond dealers, the statements indicate the RBI was not interested in yield management anymore and the government will have to heed the market. This could mean a yield push up, which will eventually feed into the bank lending rate at a time when the RBI is working on linking the lending rate to a more market-driven external benchmark. READ MORE

Urjit Patel. Photo: Kamlesh Pednekar

Nifty outlook by Prabhudas Lilladher
 
Nifty touched 10,600 levels but wiped off the gains and with no change in RBI policy there was no recovery witnessed. As of now the level of 10,700 would act as a major support while 10,250 would be the major base for Nifty. A decisive breach on either side would bring in fresh movements with new levels. However, the support for the day is seen at 10,420 while resistance is seen at 10,530.
Top trading ideas by Prabhudas Lilladher for today
 
BUY HPCL
CMP: Rs 396.3
TARGET: Rs 435
STOP LOSS: Rs 375
 
The stock has made a good base at Rs 365 levels and has bottomed out at that level to show recovery and regain strength for further upward move in the coming days. The indicators are looking positive for an up move thus maintaining the positive bias.
 
With good volume activity witnessed in the recent days, we recommend a buy in this stock for an upside target of 435 keeping a stop loss of Rs 375.
 
MARKET STRATEGY: Seek these money-making opportunities when the market mood is grim
 
After a rally that lasted for over a year, the Bombay Stock Exchange Sensitive Index, or Sensex, has gone into correction mode finally. Between January 29 and February 6, the Sensex is down 5.8 per cent READ MORE
Market rout weighs on net asset values of most mutual fund schemes
 
Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month READ MORE
SGX Nifty
 
Trends on SGX Nifty indicate a cautious opening for the broader index in India, a rise of 45.50 points or 0.43%
Hedge-fund veteran Stephen Diggle says volatility index to stay elevated
 
Diggle said he's gained from the surge in volatility after buying December put options on the S&P 500 two weeks ago at strike of 2,200 as "crash protection." READ MORE
Nifty may bounce to 10,750-10,900, but long-term trend looks down
 
The February 2018 has triggered a sell signal. That's less than a week old but the market has fallen over six per cent in four sessions READ MORE
HDFC Securities on Hero MotoCorp
 
We  believe Hero MotoCorp (HMCL) is the best pick in two-wheeler (2W) space, with a likely revival in the rural  economy  (as  50%  sales come from this market). Its market share is resilient in entry and commuter segment and will be a key beneficiary of 2W penetration  upsurge in states like Bihar, Uttar Pradesh, Odisha and MP due to better product reliability and brand acceptability. In addition, rolling out new models (including 125 CC scooters) will provide much-needed support to  volume  growth.  We have inched up our FY18E EPS by 2%. Maintain BUY with target price of Rs 4,360
Asian Markets

Asian stock markets struggled for direction in early Thursday trading after European markets rebounded strongly overnight and U.S. equities finished near session lows on late selling. In Japan, the Nikkei Stock Average rose 0.6% amid a generally stable yen. The index ended up 0.2% on Wednesday after paring gains of as much as 3.4%.


Nomura on RBI policy

We expect the RBI to leave rates on hold through 2018 because of an ample real rate cushion. Having said that, government policies on food (trade policy changes and the new MSP formula) signal upside risks to food inflation, in our opinion, though we also need more clarity on MSPs to assess the impact on both inflation and monetary policy. In Q2, when both growth and inflation are likely to be higher, we expect slightly more hawkish rhetoric from the RBI, possibly via a change in policy stance
Kotak Securities on RBI policy
 
The policy outcome was in line with our expectations of a status quo with maintenance of neutral stance. We maintain our expectation that CPI Inflation outturns in 1HCY18 will be crucial in assessing the next move of RBI. We expect CPI inflation to head towards 5.5-6.0% by June 2018 before moderating towards 4.4% by end of FY2019. The MPC will likely maintain a status quo, at least through 1HCY18, as it gets more clarity on monsoons, sustainability of high crude oil prices post the winter squeeze, and global financial conditions
Wall Street fades in choppy trade after week's wild start

U.S. stocks ran out of steam on Wednesday after an early surge, in a sign that investors are still spooked by the market’s recent retreat and wary more fallout is to come.

The Dow Jones Industrial Average .DJI fell 19.42 points, or 0.08 percent, to 24,893.35, the S&P 500 .SPX lost 13.48 points, or 0.50 percent, to 2,681.66 and the Nasdaq Composite .IXIC dropped 63.90 points, or 0.9 percent, to 7,051.98.
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