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Top of the Morning ☕: Investors dump crypto, Star Health’s high valuation

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Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 1
Thursday, 25 Nov 2021
Top of the morning

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On Wednesday, the world’s most-traded cryptocurrency, bitcoin, crashed to a low of ₹33,50,000 on crypto exchange WazirX from a high of ₹46,35,371. Investors dumped other crypto assets, too. You could argue some of this was expected—a crypto bill will be introduced in the winter session of Parliament and investors are panicky. What if trading is banned? The fact is no one knows how the government will treat cryptocurrencies just yet. But industry executives are putting on a brave face. A complete ban is unlikely given the mass adoption of such assets, they held.

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 2

(iStock)

Meanwhile, banning cryptos isn’t that easy either. Scroll down. Also, don’t miss our reportage on the shelving  of  RIL-Aramco deal, the upcoming Star Health IPO, and Covaxin’s effectiveness. Paytm’s shares shot up 17% on Wednesday but there are lessons to be learnt from its public markets debut. Are sophisticated institutional investors exiting the gate after dumping their stock on unwary retail investors?

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Market Watch
What’s up?

BSE Sensex

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 58,340.99 (-0.55%)

NIFTY

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 17,415.05 (-0.50%)

Dollar/Rupee

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 ₹74.39 (-0.04%)

Gold

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 ₹47,330 (-0.22%)

Crude oil

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 ₹5,873 (-0.17%)

Bitcoin

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 7 ₹41,34,099.27 (-11.20%)

*As of 8.30PM 24 November; MCX, CoinDCX

The main stuff

ESG goal behind shelving of Reliance-Aramco mega deal

Environmental, social and governance or ESG criteria was a key factor why a planned investment by Saudi Aramco in Reliance Industries’ oil-to-chemicals (O2C) business fell through. Nevertheless, the deal faced other hurdles such as differences in valuation. Last week, RIL said the company and Aramco have mutually agreed to re-evaluate the Saudi oil giant’s proposed $15 billion investment for a 20% stake in RIL’s O2C business. Kalpana Pathak reports. Read more.

Star Health eyes valuation of ₹50,000 crore in IPO

Star Health and Allied Insurance Co. is targeting a bullish valuation of about ₹50,000 crore for its upcoming initial share sale on hopes that investors will bet on its future growth prospects amid a covid-induced spurt in demand for health insurance. The valuation is a sharp rise from 2018 when private equity firm Westbridge Capital and billionaire investor Rakesh Jhunjunwala’s Rare Enterprises jointly purchased a 90% stake in the company for ₹6,000 crore. The initial public offering is slated to open on 30 November and close on 2 December. Swaraj Singh Dhanjal reports. Read more.

What investors can learn from Paytm’s IPO (premium)

Paytm’s reception at the bourses exposes the dichotomy between customer love for a product and the investor dislike for the stock. Paytm’s business model, and its path to profitability, are difficult to comprehend. SEBI may now be tempted to introduce additional checks and balances based on the lessons learnt. However, the losses suffered by enthusiastic retail investors are an essential part of maturing financial markets. Retail investors, meanwhile, should ideally stay away from investing in businesses they don’t easily understand, writes T.N. Hari. Read more.

Why banning crypto trade will be a difficult task

Even if the Indian government wants to enforce a blanket ban on all cryptocurrencies, it would be a rather difficult task. Why is that? One, cryptocurrencies exist in the digital space and outside the purview of governments. This means that though a government can ban exchanges from operating and stop companies from listing new coins, it cannot stop users from buying/selling cryptocurrencies. Second, people traded in cryptocurrencies much before exchanges were launched in India, around 2016. Back then, buyers would turn to peer-to-peer (P2P) exchanges that are not based in India. Prasid Banerjee and Abhijit Ahaskar have the details Read more.

What strategic oil release means for Indian consumers

India on Tuesday announced that it will release five million barrels of crude oil from its strategic petroleum reserves in consultation with other big global oil consumers. Does this mean it will lead to a decline in oil price? For any meaningful impact, all participating nations should announce the extent of the release and take coordinated action. The 50 million barrels that the US would release from its reserves is over the “next several months”. Indian authorities are awaiting concrete plans, explains Gireesh Chandra Prasad. Read more.

Covaxin 50% effective against symptomatic covid-19: Lancet

Two doses of Covaxin result in 50% effectiveness against symptomatic covid-19, shows the first real-world assessment of the vaccine developed in India. A study was conducted among healthcare workers, a high-exposure population, during India’s second covid-19 surge. The researchers assessed 2,714 hospital workers from the All India Institute of Medical Sciences-Delhi between 15 April and 15 May. The delta variant was the dominant strain during the study period, reports Neetu Chandra Sharma. Read more.

e-paper
Elsewhere…

Global business news

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 21
Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 22

HP Inc. reported strong earnings and gave an upbeat outlook, aided by office reopenings and an expectation for healthy consumer demand through the holiday shopping season despite supply shortages. The global PC market has grown for six consecutive quarters, according to International Data Corp. But the world-wide chip shortage and global supply chain problems have stopped sales from taking off even more.

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 22

Elon Musk already faces a federal tax bill topping $3.5 billion on exercising Tesla Inc. stock options. It would have been bigger if the company’s share price hadn’t fallen after he tweeted about selling stock. The stock fluctuations have financial consequences for the US government, Musk and Tesla.

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 22

Top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude, according to people familiar with those discussions, after Washington and other countries said they would release a slug of stored oil in an effort to lower prices.

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 25
Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 22

US jobless claims fell sharply to 199,000 last week, the lowest level in 52 years, marking a milestone in the labor market’s recovery from the effects of pandemic. Worker filings for initial unemployment benefits, a proxy for layoffs, dropped 71,000 in the week ended 20 November from the prior week, the Labor Department reported.

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 22

Some people are taking Covid-19 antibody tests to determine whether they might be protected against the virus. Many health officials and doctors wish they wouldn’t—such testing to assess immunity after infection or vaccination is discouraged because the tests can’t say how much protection those antibodies might provide.

e-paper

News in numbers
5 million sq ft

The demand for real estate from India’s co-location data centre industry by 2023, as its capacity doubles to 1,008 megawatts of IT load from 499 megawatts at present, according to JLL.

$300 million

The size of a loan deal signed by India and the Asian Development Bank to improve primary health care in urban areas, benefitting over 256 million people.

₹90,000 crore
Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 28

The investment expected in India’s airports sector over the next five years. Of this, nearly ₹68,000 crore may be private investment.

$191 billion

Valuation of Ant Group by one of its major investors, Warburg Pincus, at September-end. It is down from $224 billion in June, because of regulatory developments and an ongoing restructuring.

6.8 million miles

The distance NASA’s Double Asteroid Redirection Test spacecraft will travel before hitting Dimorphos, an asteroid, to alter its trajectory.

howindialives.com
Chart of the day
Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 34

Over the last five years, India’s total fertility rate (TFR), the average number of children a woman gives birth to in her lifetime, has declined from 2.2 to 2.0, as per the latest National Family Health Survey (2019-2021). For the first time, TFR has hit below the replacement-level fertility rate (2.1), the number of children needed to replace the parents, after accounting for fatalities, infant mortality, etc. This milestone indicates that the country’s population is stabilizing—there are only five states now that have TFR above 2.1.

LOUNGE RECOMMENDS

Cooking To Save Your Life

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 35

Development economist and Nobel Laureate Abhijit Banerjee has changed tack to write a cookbook Cooking To Save Your Life, which features simple recipes that amplify the pleasures of a good meal. A dedicated and enthusiastic cook who believes in keeping it simple and wholesome—he cooks every evening for his family—he gives readers his favourite recipes while making the link between his work as a social scientist and the way he cooks. Read an interview.

What the fact

The bridge maker

Top of the Morning ☕: Investors dump crypto, Star Health's high valuation 36

A surviving sculpture of Caesar made during his lifetime. (Museum of antiquities, Public domain, via Wikimedia Commons)

In ancient Rome, pontifex referred to a junior official in charge of bridges. Pons meant ‘bridge’ while fex meant a ‘maker’. However, bridge builders gained in importance since Rome was a city of bridges. Pontifex, overtime, came to be known as someone who connected people—this symbolism became so powerful that Roman high priests and generals such as Julius Caesar adopted the title ‘Pontifex Maximus’.

Contributed by katanasidart_misra

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Written and edited by Goutam Das. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

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