Daily Brief Financials: Five Star Business Finance, FTX Token, GMX, Etfs Reliance India Nifty 50, Sino-Ocean Group and more

• Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
• Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
• In this note, we talk about the RHP updates and undertake a peer comparison.

• On Nov 3, it was leaked that Alameda seemed to have a weaker than expected balance sheet with $7.6 bn of loans and a relatively illiquid portfolio of assets.
• Alameda, a large proprietary crypto trading firm, did not officially comment but its CEO Caroline stated on Twitter that most of the loans were repaid. 
• The potential linkages between Alameda and FTX, a large crytpo exchange, both controlled by Sam Bankman-Fried, are of utmost concern and has riled the crytpo market.

• GMX is a decentralized spot and perpetual exchange on the Ethereum Layer 2 scaling solution Arbitrum.
• This protocol is absolutely a shining star in today’s market. Token price, TVL, and transaction volume are all in an upward trend.
• It is also labeled as one of the best “Real Yield” opportunities for Liquidity Providers.

• Equity markets have been under a correction phase for more a year now; Nifty topped out in Oct’21 and is now back to near highs.
• In fact, last month’s close was an all time high close for Nifty on a monthly basis and 1st ever close above 18000 levels.
• Though such market corrections are not good from the return’s perspective, but they play a very important role.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Sino-Ocean Service
• Times China