The trends of the major indices in the course of the week's trading are given in the table below:
Indian markets demonstrated robust resilience on Friday, coinciding with the release of Q2FY24-25 gross domestic product (GDP) data. The BSE Sensex surged 759.05 points (0.96%), reaching 79,802.79, after touching an intra-day high of 79,923.90. The Nifty50 gained 216.95 points (0.91%), settling at 24,131.10 after hitting 24,188.45 during the session.
Official data revealed India's GDP grew 5.4% during July-September 2024, marking the slowest growth in seven quarters. Despite the deceleration from the previous year's 8.1% growth, India maintains its position as the world's fastest-growing major economy.
The finance ministry confirmed the 5.4% real GDP growth for the Q2FY24-25, a figure that is well below the analysts’ expectations who had estimated the growth in the range of 6.1% to 6.5%. Global market sentiment remained cautious, influenced by the Japanese yen's appreciation and persistent inflation concerns.
News
VST Industries sold 2.7 acres of land along with structures to M/s ViNS Bioproducts and others worth Rs101.7 crore.
New Ventures/ Capacity Expansion
Emami Realty announced development plan with a mix of residential and commercial projects, targeting a revenue potential of Rs15,000 crore. It had outlined a total estimated investment of Rs10,000 crore for its upcoming projects, including residential projects worth Rs9,000 crore and commercial projects worth the remaining Rs1,000 crore.
One 97 Communications (OCL) introduced automatic top-up for Paytm UPI Lite. This feature allows users to automatically recharge their UPI Lite balance when it falls below a set limit, ensuring seamless small-value transactions without the need for a PIN. Payments of up to Rs500 can be made per transaction, with a daily limit of Rs2,000, making it ideal for recurring daily payments.
Aurobindo Pharma’s wholly-owned subsidiary—Aurobindo Pharma USA Inc—entered into a collaboration and licence agreement with a global pharma major for development of specific products across respiratory therapeutic area and their commercialisation.
The Reserve Bank of India (RBI) approved Central Bank of India’s entry in insurance business through a joint venture (JV) with Generali group under FGIICL and FGILICL, subject to continuous compliance of conditions stipulated by it and approval of Insurance Regulatory and Development Authority of India (IRDAI), the sectoral regulator.
Wardwizard Innovations & Mobility signed a memorandum of understanding (MoU) with Ampvolts; formerly Quest Softech (India), a prominent electric vehicle (EV)-charging stations and infrastructure provider. This collaboration aims to advance green mobility solutions by leveraging the synergies of both organisations to develop robust EV-charging infrastructure in India and globally.
SJVN signed anMoU with the energy department, government of Rajasthan to spearhead the development of renewable energy in the state. Under the MoU, SJVN would develop 5GW (gigawatt) pumped storage projects and 2GW floating solar projects in the state.
Zen Technologies was granted Indian patent for the T90 containerised crew gunnery simulator. This is its 20th patent awarded in the calendar year 2024 and the 10th in FY24-25.
Lupin’s arm—Lupin Pharmaceuticals Inc—recalled 616,506 bottles of Ramipril capsules, a medication indicated for high blood pressure in the US due to deviation from current good manufacturing practices (CGMP). The company is recalling 112,770 bottles of 2.5mg (milligramme) tablets; 146,322 bottles of 5mg tablets and 357,414 bottles of 10mg tablets. The affected lot is manufactured at Lupin's Goa-based manufacturing facility.
SpiceJet reported the passenger load factor (PLF) of 81.0% in October 2024. The company had reported PLF of 80.4% during the month of September 2024. InterGlobe Aviation (IndiGo) reported the PLF of 82.3% during the month of October 2024. The company had reported PLF of 82.6% during the month of September 2024. PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.
RateGain Travel Technologies entered into a strategic partnership with Kamat Hotels, a renowned hospitality chain with a strong presence in India. This collaboration will empower Kamat Hotels (India) to significantly increase returns from direct bookings, improve brand visibility and enhance the overall guest acquisition across 18 of its five-star luxurious ecotels, heritage hotels and leisure resorts.
Tube Investments of India (TII) executed definitive agreement for subscription of 67% equity stake in Kcaltech System India (KCAL India), a subsidiary of KC Altech Company based in South Korea (KCAL Korea). This strategic acquisition will enable TII to strengthen its position in the growing automotive sector, particularly in the domain of aluminium tubes and parts used in heating, ventilation and air-conditioning systems for automobiles. The proposed investment will support KCAL India’s expansion plans, including increasing its manufacturing capabilities.
Suprajit Engineering signed an MoU with Chuo Spring Company, Japan (Chuo). This collaboration includes a 50:50 JV in India to design, manufacture and supply transmission cables and a technical assistance agreement which grants the JV access to Chuo’s unique Japanese transmission cable technology.
Wipro extended its work with Marelli, a global leader in automotive solutions, for an additional four years. As part of this engagement, Wipro FullStride Cloud will migrate Marelli’s Milan data centre and all their local server rooms to the cloud to centralise their operations and provide a more agile and stable ecosystem.
Axis Bank unveiled its new IFSC banking unit (IBU) premises at GIFT City, Gandhinagar, a strategic move to strengthen its international presence and tap global clients. With an aim to provide best-in-class products and services to resident and non-resident clients, the new premise spans around 8,000sqft (square feet) which is substantially bigger than the previous 2,700sqft facility.
Orders
Power Mech Projects bagged orders worth Rs510 crore from Adani Power for mechanical construction work at the thermal power project at Adani Power in Chhattisgarh.
Waaree Renewable Technologies has received a term-sheet for the execution of engineering-procurement-construction (EPC) works for ground-mounted solar project of 2,012.47MW (megawatt) capacity for around Rs1,233.47 crore. The order is awarded by a domestic company engaged in development and implementation of renewable energy projects.
NBCC (India) received work order worth around Rs316 crore from ST & SC development, minorities & backward classes welfare department, government of Odisha. The order is for upgradation of primary school hostel (PSH) under state sector scheme at various location in the state of Odisha. The aforesaid work is in the normal course of business of the company.
KEC International secured new orders of Rs1,114 crore across various businesses. The company’s transmission & distribution (T&D) business has secured orders for T&D projects in Middle East and Americas which includes 400kV (kilovolt) transmission line in Oman and supply of towers, hardware and poles in Americas. The company's civil business has secured orders in the industrial segment in India.
A consortium of Hitachi Energy India and Bharat Heavy Electricals (BHEL) won an order from Power Grid Corporation to design and execute the high voltage direct current (HVDC) link to transmit renewable energy from Khavda (Gujarat) to the industrial centre of Nagpur (Maharashtr).
Rail Vikas Nigam’s JV—RVNL- SCPL received a letter of acceptance (LoA) from eastern railway for works between Kalipahari (to Pradhankhuta) in connection with construction of multi-tracking railway line. The project cost is Rs837.67 crore. The work is expected to be completed in 36 months.
Innovators Facade Systems received the work order worth Rs110 crore (including taxes) from Prestige Mulund Realty to design, develop, supply, fabricate and instal the facade work, including stone-cladding. The order is to be executed within 15 months from the date of commencement of work.
Premier Energies subsidiaries—Premier Energies Global Environment, Premier Energies International and Premier Energies Photovoltaic—have received multiple orders aggregating Rs1,087 crore from two large independent power producers (IPP) and one other customer. These orders include Rs964 crore for solar modules and Rs123 crore for solar cells. The supply of these modules is scheduled to commence from January 2025.
Ashoka Buildcon bagged a Rs192.69-crore project from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company Limited in Jabalpur for EPC work.
BEML secured a contract worth Rs3,658 crore from Chennai metro for design, manufacture, supply, testing, commissioning and comprehensive maintenance contract for 15 years of standard gauge metro rolling stock and depot machinery and plant.
KEC International secured turnkey orders of Rs1,704 crore in its T&D business for design, supply and installation of 765kV transmission lines and substations from Power Grid Corporation of India (PGCIL).
Vietjet Thailand, a subsidiary of the Vietjet group, has selected AirGain, RateGain Travel Technologies’ (RateGain’s) pricing solution for the airlines, to gain real-time competitive insights.
Investments/ Acquisitions/Fund Raise/ Stake Sale
Lumax Auto Technologies (LATL) completed the acquisition of 60% stake in Greenfuel Energy Solutions’ alternate fuels business for Rs153.09 crore through its wholly-owned subsidiary— Lumax Resources. The acquisition has been funded through a combination of debt and internal accruals. This acquisition marks its entry into the green and alternate fuels segment (across compressed natural gas, hydrogen and other applications) which is expected to witness strong and accelerated growth in the coming years.
Exide Industries (EIL) invested Rs100 crore by way of subscription in the equity share capital of its wholly-owned subsidiary, Exide Energy Solutions (EESL), on a rights basis. With this investment, the total investment made by the company in EESL stands to Rs3,052.24 crore. There is no change in the shareholding percentage of the company in EESL, pursuant to this acquisition.
Hindustan Unilever (HUL) received in-principle approval from the board of directors to demerge the ice cream business into an independent listed entity. Shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL.
Aster DM Healthcare entered into an agreement to acquire the balance stake in Aster Adhaar Hospital (Prerana Hospital) in Kolhapur (Maharashtra). With this acquisition, Aster DM Healthcare will own 100% of the Prerana Hospital, up from the 87% stake it held previously.
Top Gainers and Losers of the major indices for the week are given in the table below:
