The Indian rupee closed at 85.43 against the dollar, gaining seven paise. Initially weaker, the rupee strengthened due to the weakening US dollar amid recession concerns and inflation. Despite higher US tariffs on Indian imports, they are lower compared to other countries. Asian currencies recovered, and Indian equities outperformed, while US stocks opened negatively.
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Eli Lilly plans to turn India into a growth market by addressing its diabetes and obesity challenges with its new treatment, Mounjaro. CEO David Ricks is optimistic about India's growth potential and highlights the transformative power of innovative medicines alongside generics in managing public health.
Indian companies shattered fundraising records in 2024, raising over ₹1.2 lakh crore through Qualified Institutional Placements (QIPs) by November. This surge, driven by a robust stock market and high valuations, doubled the previous year's figures. Giants like Vedanta and Zomato led the charge, each raising ₹8,500 crore.
India's Union Cabinet has approved the 'Protection and Enforcement of Interests in Aircraft Objects Bill, 2024 (Cape Town Convention Bill)', making it easier for aircraft and engine lessors to reclaim their assets from insolvent airlines. The move aims to lower leasing costs and end prolonged legal battles, addressing concerns highlighted by the GoAir incident.
Bengaluru-based Cred, founded by Kunal Shah, prioritizes hiring employees with good credit scores of 750 or above to reinforce responsible credit behavior. The company has also launched new credit-focused features like Svalbard to enhance users’ credit management and empower financially responsible decisions.
Indo Farm Equipment's IPO gets nearly 6 times subscription on opening day. Retail investors subscribed 8.54 times, and non-institutional investors 7.61 times, while QIBs received 1% subscription. The company plans to use the proceeds for manufacturing capacity expansion, debt payment, and investment in its NBFC subsidiary.
Investments in India are set to grow faster than consumption in FY26, driven by government and RBI measures. GDP growth is expected between 6.5-7%, with improving rural consumption and higher government spending bolstering economic activity. Private investments remain stable due to strong corporate order books, while nominal GDP growth could rise to 10-11%.
US stocks showed mixed movement on Wednesday. Most stocks rose, but key tech stocks like Nvidia and Tesla struggled, impacting the Nasdaq. The Dow Jones gained, while the S&P 500 slipped. The market steadied after recent corrections, with volatility expected to persist. Some stocks like GameStop and Dollar Tree performed well.
Motilal Oswal Financial Services recommends buying Metro Brands with a target price of Rs 1,460 due to strong growth potential. HSBC suggests reducing Tata Chemicals to Rs 820 citing limited benefits and muted demand. Nuvama maintains a reduce stance on Ashoka Buildcon targeting Rs 294. Equirus is bullish on Transport Corp, targeting Rs 1,395.
Big discounts on electric vehicles hit the market due to stockpile and CAFE norm pressures. Popular models like Nexon EV and Hero Motocorp Vida V1 are offering substantial reductions. Dealer contributions and leftover festival deals add to the savings. Though EV growth is slowing, sales are still expected to break records this year.