Burger King IPO oversubscribed on day one
- The ₹810 crore IPO of the QSR chain Burger King got fully subscribed on the very first day with high retail interest. You can apply for the IPO with Upstox here.
- So far this year, 12 companies have debuted on Dalal Street. Of these, 11 have delivered positive returns in the range of 4% to as high as 210%.
Metals shine as demand outlook improves
- As global economic recovery picks up the pace and China’s manufacturing activity expands, metal prices are on the rise. Global copper prices rose ~12% in November 2020.
- Back home, steel companies have hiked prices by ₹2,500 to ₹2,700 per tonne for December due to rising iron ore prices and strong demand.
- Strong gains were seen today in metal stocks coupled with an increase in volumes. Large caps Tata Steel (+3.0%) and JSW Steel (+2.6%) were up today. Midcaps Hindustan Copper (+6.1%) and National Aluminium (+4.5%) also registered gains.
UK approves Pfizer’s Covid-19 vaccine
- The United Kingdom is the first country to approve Pfizer/BioNTech’s Covid-19 vaccine. The first doses of the vaccine are expected to be rolled out across the UK from next week.
- This vaccine, which is shown to have 95% efficacy, will be given to frontline health care workers and nursing home residents first, followed by older adults. The key challenge that is likely to get limelight is the distribution of the vaccine since it requires ultra-cold storage temperatures.
- Meanwhile, shares of Pfizer were up 3% today. As per reports, airline company Spicejet (+3.0%) has announced that it is gearing up to provide temperature-controlled logistics support. Similarly, shares of logistics major Bluedart (-0.9%) and Snowman Logistics (-1.7%) have also been in the limelight recently.