(Bloomberg) -- Before the trading day starts we bring you a digest of the key news and events that are likely to move markets.

Good morning, this is Ashutosh, an equities reporter in Mumbai. Finally it’s Friday and Mumbai is headed for a well-earned long weekend after the relentless action over the last two weeks — and the arrival of monsoon rain is an added bonus. Markets also seem ready for a break and traders in Asia so far today seem to be avoiding risk. But key economic data releases will be in focus later today in India. 

Red hot property market

Realty stocks are leading the NSE’s sectoral gauges this year, and the trend looks strong. India needs 100 million new houses this decade, according to a top developer. One of Prime Minister Narendra Modi’s first moves with his new cabinet was to extend a housing scheme to 30 million more families. This could shift demand from high-end to affordable homes, benefiting firms like Housing & Urban Development Corp. and Aavas Financiers.

Adani grows cement footprint with $1 billion deal

This conglomerate loves to invest big. Ambuja Cements Ltd., owned by Adani Group, disclosed a deal to buy a private cement maker at a valuation of over $1 billion in a filing late Thursday. The move beefs up Adani’s presence in the southern market and likely opens doors to Sri Lanka. The group is now just about $20 billion shy of where it was before short-seller Hindenburg’s explosive report early last year. 

Ethanol-blending goals boost sugar stocks

The excitement over policy continuity under Modi 3.0 boosted sugar stocks for a second day. The government is sticking to its ethanol blending goal, benefiting sugar mills and distilleries that have invested 150 billion rupees to ramp up cane-based ethanol capacity. With India aiming for 20% ethanol-blended gasoline by 2025, investors’ craving for sugar stocks may not be satisfied anytime soon.

Analysts actions:

  • Dr Reddy’s Cut to Reduce at KR Choksey; PT 5,592 rupees
  • GAIL India Affirmed at BBB- by Fitch
  • HDFC Life Cut to Reduce at Avendus Spark; PT 585 rupees
  • Jaguar Land Rover May Be Raised by S&P
  • Max Financial Cut to Add at Avendus Spark; PT 1,070 rupees
  • SBI Life Cut to Add at Avendus Spark; PT 1,580 rupees
  • Vedanta Raised to Hold at Investec; PT 473 rupees

Three great reads from Bloomberg today:

  • ‘Roaring Kitty’ Appears to Have Exited GameStop Call Options
  • Chinese, Indian Stocks Favored by abrdn on Policy-Boost Hopes
  • Jane Street Ordered to Give Ex-Traders ‘Roadmap’ of Secrets

And, finally..

Tycoon Anil Agarwal’s move to demerge Vedanta Ltd. into six listed companies is winning applause from investors, my colleague Divya Patil notes. The Indian unit’s shares have doubled in the last nine months, and London-based parent Vedanta Resources’ junk dollar notes are set to rise for a second straight quarter. The demerger aims to unlock higher equity valuations for individual businesses, potentially reducing the debt burden for parent Vedanta Resources.

--With assistance from Divya Patil, Alex Gabriel Simon and Harshita Swaminathan.

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