The rupee reached a record low of 85.77 against the dollar, driven by a weaker Chinese yuan and a stronger dollar. India's foreign exchange reserves dipped to an eight-month low. Analysts anticipate potential further depreciation of the rupee amid strong US economic indicators and fluctuating crude oil prices.
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India is poised to become a global economic powerhouse, with reforms such as GST and infrastructure growth driving its rise to the world's fifth-largest economy. ITC Chairman Sanjiv Puri expressed confidence that India could be a developed nation by 2047, with its strategic focus on energy transition and digital transformation.
UltraTech Cement has acquired a 55.5% stake in India Cements, making it a subsidiary. The acquisition adds 14.5 million tonnes of production capacity to UltraTech's portfolio. The deal, totaling Rs 3,954 crore, received approval from the Competition Commission of India, amidst India Cements' recent financial challenges.
India's industrial output hit a six-month high in November driven by manufacturing, capital goods, and consumer durables. The index of industrial production rose 5.2% with significant contributions from a 9% rise in capital goods and a 13.1% rise in consumer durables, indicating strong festive demand.
NACDAC Infrastructure's Rs 10 crore IPO received a record-breaking Rs 14,386 crore in bids, achieving a 1,976 times oversubscription. Retail investors and high-net-worth individuals showed particularly strong interest. The Ghaziabad-based construction company secured funding from two anchor investors ahead of the IPO, aiming to utilize the proceeds for working capital and general corporate purposes.
Indian equity market shows promise as the Nifty 50 ends a three-week slide, closing nearly 2% higher. Key factors include positive macroeconomic indicators, a drop in the dollar index, and RBI's liquidity support. As markets anticipate volatility in a shortened week due to the Holi festival, FII activity, global market dynamics, and technical levels will be critical.
Investor sentiment surged on Dalal Street as global tariff concerns eased, propelling the Sensex up by 1,578 points and making India the first major market to recover post-April 2 losses. The rally was fueled by deferred tariffs, potential trade negotiations, and a strengthening rupee, attracting foreign investors back into the Indian stock market.
Russian oil exports to India have dropped 25% in February amid sanctions, while US shipments surged nearly 100%. The overall Middle East exports to India for February might be lower than the initial 20-day average, as loadings typically decrease in the latter half of each month.
One in five ultra-wealthy Indians with net worth over Rs 25 crore consider settling abroad for better investment and tax advantages, according to Kotak Mahindra Bank’s survey. A significant number are acquiring overseas real estate and diversifying portfolios globally. Succession planning and healthcare spending are rising priorities, driven by the pandemic. Education and collectibles also see increased interest.
JSW Cement received SEBI's approval for its Rs 4,000 crore IPO, with Rs 2,000 crore from a fresh issue and Rs 2,000 crore from investor shareholders' offers. Proceeds will fund a new cement unit, debt repayment, and corporate purposes. The company's FY24 revenue was Rs 6,028.10 crore, with a profit of Rs 62 crore.
Hong Kong-based private equity fund PAG has acquired an 80% controlling stake in Pravesha Industries for $200 million. This follows their November 2024 purchase of a majority stake in Manjushree Technopak for $1 billion. Pravesha’s promoters, Bomma Sivaprasad Reddy and RPR Sons Advisors, sold their shares for Rs 1,387 crore.