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Surge in altcoins may lead to crypto crash seen in May: JPMorgan official

The surge in altcoins looks unsustainable and could lead to a cryptocurrency crash seen in May, JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou said. He added, “Is the hype with Cardano…[and other] alternatives to Ethereum justified? Will there be enough traffic in these networks…to justify these [kinds] of valuations?” It appears crypto market is in a “melt-up” phase, he said.

Outlook for manufacturing sector improves in 2nd quarter: FICCI survey

The outlook for increased manufacturing activities in the second quarter of 2021-22 has significantly improved, according to a survey by industry chamber FICCI. However, the survey noticed a high percentage of respondents experiencing the rising cost of doing business and production. Respondents attributed the hike in production costs primarily to high fixed costs among other things.

Past losses of PSUs under strategic divestment can be set off: CBDT

The Central Board of Direct Taxes (CBDT) has said past losses of public sector units (PSUs) undergoing strategic divestment can be carried forward for setting off against future profits. The relaxation shall only be available till PSU’s new owner holds 51% of voting power. “Legislative amendments for the above decision shall be proposed in due course of time,” CBDT said.

5 of top 10 companies add ₹62,508 crore in m-cap in a week

Five of the 10 most valued domestic firms added ₹62,508.32 crore to their market valuation last week. Reliance Industries was the biggest gainer as its valuation jumped by ₹23,582.73 crore to reach ₹15,37,600.23 crore, while Bharti Airtel’s valuation zoomed ₹15,377.67 crore to reach ₹3,76,917.83 crore. Hindustan Unilever, HDFC and State Bank of India were the other gainers.

Fabindia considers raising up to $1 billion via IPO: Reports

Fabindia is considering raising up to $1 billion through an initial public offering (IPO), according to reports. The company is reportedly in talks with several investment banks, including SBI Capital Markets, ICICI Securities and JPMorgan, to manage its IPO. Fabindia is expected to submit its draft IPO documents with market regulator SEBI by the end of November, the reports added.

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