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Market valuation of 6 of top-10 valued firms jump Rs 1 lakh crore-Telangana Today

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While the valuation of SBI jumps Rs 36,100.09 crore to Rs 7,32,755.93 crore, ICICI Bank adds Rs 25,775.58 crore to Rs 9,10,686.85 cr

Published Date – 3 November 2024, 10:56 AM


Market valuation of 6 of top-10 valued firms jump Rs 1 lakh crore


New Delhi: The combined market valuation of 6 of the top-10 most-valued firms surged Rs 1,07,366.05 crore last week, with State Bank of India and ICICI Bank becoming the biggest gainers.

Leading stock exchanges BSE and NSE conducted a one-hour special ‘Muhurat Trading’ session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.

Last week, the BSE benchmark climbed 321.83 points, or 0.40 per cent. While Reliance Industries, ICICI Bank, State Bank of India, ITC, Hindustan Unilever, and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion from their market valuation.

The valuation of State Bank of India jumped Rs 36,100.09 crore to Rs 7,32,755.93 crore. ICICI Bank added Rs 25,775.58 crore to Rs 9,10,686.85 crore in its market valuation.

LIC’s valuation surged Rs 16,887.74 crore to Rs 5,88,509.41 crore and that of Reliance Industries soared Rs 15,393.45 crore to Rs 18,12,120.05 crore. ITC added Rs 10,671.63 crore, taking its market capitalisation (mcap) to Rs 6,13,662.96 crore.

The valuation of Hindustan Unilever climbed Rs 2,537.56 crore to Rs 5,96,408.50 crore. However, the mcap of Infosys tanked Rs 38,054.43 crore to Rs 7,31,442.18 crore and that of Bharti Airtel slumped Rs 27,299.54 crore to Rs 9,20,299.35 crore.

The valuation of TCS eroded Rs 26,231.13 crore to Rs 14,41,952.60 crore. The mcap of HDFC Bank declined Rs 3,662.78 crore to Rs 13,26,076.65 crore. Reliance Industries remained the most valuable firm of the country followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, ITC, Hindustan Unilever and LIC.

Business

Crude prices fall on possible ceasefire in Lebanon

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Brent and US crude futures fell on Tuesday as fears of supply disruptions from the conflict between Israel and Iran eased after Iranian-backed Hezbollah signaled support for a ceasefire proposal put forth by Lebanon’s government.

Brent crude futures were down $3.70, or 4.57%, to $77.23 a barrel at 11:21 a.m. CDT (1621 GMT). US West Texas Intermediate futures were down $3.57, or 4.63%, at $73.57 a barrel.

The drop, which began slowly on fears of reduced Chinese demand, snowballed after Hezbollah signaled support for a ceasefire and Israel expanded its ground war in Lebanon instead of attacking Iran’s oil infrastructure.

“That Hezbollah is open to a ceasefire, that is the kind of headline that people jump on,” said Phil Flynn, senior analyst at Price Futures Group. “There should be a lot of volatility up and down on this.”

On Monday, Brent rose above $80 per barrel for the first time since August after more than a 3% day-on-day gain. That followed the largest weekly gain in over a year, roughly 8%, in the week to Friday on rising concerns of a spreading war in the Middle East.

Hezbollah left the door open on Tuesday to a negotiated ceasefire with Israel after Israeli forces raised the stakes in the conflict with its Iran-backed enemy by making new incursions in the south of Lebanon.

The oil price rally began after Iran launched a missile barrage at Israel on October 1. Israel has sworn to retaliate and said it was weighing its options, with Iran’s oil facilities considered a possible target.

 

Some analysts said an attack on Iranian oil infrastructure was unlikely and warned oil prices could face considerable downward pressure if Israel focuses on any other target.

“… for now the threats of Israeli assaults on Iranian oil infrastructure have not materialized,” said PVM analyst Tamas Varga.

In the United States, Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the Gulf of Mexico to shut on Monday.

Traders also will be looking out for the latest US crude oil inventory data, with analysts expecting stocks to rise by 1.9 million barrels in the week ended October 4, according to a preliminary Reuters poll.

The American Petroleum Institute is due to post its tally of US stockpiles at 2030 GMT on Tuesday, followed by official data from the Energy Information Administration on Wednesday.

 

By staff and Reuters

Business

Swiggy, Niva Bupa, Sagility India, and ACME Solar to launch IPOs-Telangana Today

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Segility India, a healthcare sector company, will launch its public issue for retail investors next week, with bidding open from November 5 to 7. The company aims to raise Rs 2,106.60 crore through this IPO, with a price band set at Rs 28 to Rs 30. The entire offering will be an Offer for Sale (OFS).





Published Date – 3 November 2024, 06:20 PM


Swiggy, Niva Bupa, Sagility India, and ACME Solar to launch IPOs


New Delhi: India’s primary market will be in focus next week as Swiggy, Niva Bupa Health Insurance, Sagility India, and ACME Solar Holdings will launch IPOs to raise Rs 18,534 crore from the stock market.

The biggest IPO among these will be of food delivery company Swiggy, which is planning to raise more than Rs 11,000 crore through IPO from the stock market.

All these IPOs will open for retail investors between November 5 and 7.

The public issue of healthcare sector company Segility India will be the first to open for retail investors next week. Investors will be able to submit bids for this IPO between November 5 and 7. Segility India plans to raise Rs 2,106.60 crore through IPO. Its price band has been fixed from Rs 28 to Rs 30. This entire IPO will be an Offer for Sale (OFS).

Swiggy’s IPO will be open for retail investors from November 6 to 8. Its price band has been fixed from Rs 371 to Rs 390. The issue size of Swiggy IPO will be Rs 11,327.43 crore. This includes a fresh issue of Rs 4,499 crore and an OFS of Rs 6,828.43 crore.

ACME Solar Holding’s IPO will be open for subscription from November 6 to 8. The size of this issue will be Rs 2,900 crore. This includes a fresh issue of Rs 2,395 crore and an OFS of Rs 505 crore. Its price band has been fixed from Rs 275 to Rs 289.

Niva Bupa Health Insurance’s IPO will be open for retail investors from November 7 to 11. The company plans to raise Rs 2,200 crore through a public issue. This will include a fresh issue of Rs 800 crore and an OFS of Rs 1,400 crore.

Business

Rupee falls 4 paise to hit all-time low of 84.11 against US dollar-Telangana Today

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Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent.

Published Date – 4 November 2024, 04:03 PM


Rupee falls 4 paise to hit all-time low of 84.11 against US dollar


Mumbai: The rupee on Monday fell 4 paise to a record low of 84.11 (provisional) against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.

Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.

However, the softening of the US dollar prevented a sharp fall.

At the interbank foreign exchange, the rupee opened at 84.07 against the US dollar. During the session, the local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11 (provisional), a loss of 4 paise from its previous close.

On Thursday, the rupee edged up 1 paisa to 84.07 against the US dollar.

The forex market remained closed on Friday on account of Diwali. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.52 per cent to 103.73 points.

US dollar declined on disappointing non-farm payrolls report and ISM manufacturing PMI data from the US on Friday. The US added only 12,000 jobs in October 2024 versus forecast of 106,000 jobs while ISM manufacturing PMI fell to 46.5 in October, falling short of expectations of 47.6, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said.

Brent crude, the international benchmark, surged 2.63 per cent to USD 75.02 per barrel in futures trade.

“We expect the rupee to trade with a negative bias on weak domestic markets and sustained FII outflows. However, softening of US dollar amid disappointing jobs markets may support the rupee at lower levels. Traders may take cues from factory orders data from the US today and FOMC meeting outcome later this week,” Choudhary said.

“USDINR spot price is expected to trade in a range of 83.95-84.30,” Choudhary added.

In the domestic equity market, the 30-share BSE Sensex was down 941.88 points, or 1.18 per cent, to close at 78,782.24, while Nifty declined 309 points, or 1.27 per cent, to settle at 23,995.35.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 211.93 crore, according to exchange data.

Meanwhile, India’s forex reserves dropped USD 3.463 billion to USD 684.805 billion in the week ended October 25, the Reserve Bank of India said on Friday.

The overall reserves had dropped USD 2.163 billion to USD 688.267 billion in the previous reporting week. In end-September, the reserves had hit an all-time high of USD 704.885 billion.

Business

Hyderabad-based Marut Drones secures $6.2 million in Series A funding-Telangana Today

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The company aims to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies and enhance its research and development efforts in partnership with leading institutions

Published Date – 5 November 2024, 03:39 PM


Hyderabad-based Marut Drones secures $6.2 million in Series A funding

L to R: Suraj Peddi, Prem Kumar Vislawath, Sai Kumar Chinthala – Co Founders Marut Drones

Hyderabad: Marut Dronetech, a leading drone technology company with DGCA certification for manufacturing and training has raised $6.2 million in Series A funding from Lok Capital.

Marut Drones plans to allocate funds towards several key initiatives, including the development of advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centers into Tier 2-3 cities to better serve rural customers, and establishing drone agriculture service hubs to offer Drone-as-a-Service with a partnership approach, a press release said.

The company also aims to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions.

Hari Krishnan, Director of Lok Capital said drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs.

Prem Kumar Vislawath, CEO and Co-Founder, Marut Drones said, “The fresh capital will also allow us to make investments in building our team, increasing our manufacturing capacity to 3000 drones per annum, and marketing to continue scaling at a rapid pace to reach a revenue target of Rs.1000 crore in the next five years.”

Founded in 2019 by Prem Kumar Vislawath, Suraj Peddi and Sai Kumar Chinthala, Marut Drones has a goal of establishing a pan-India presence, thus positioning the company to play a pivotal role in modernizing agriculture across diverse geographies.

Business

Apple-Globalstar $1.5 billion deal disrupts connectivity market, report says-Telangana Today

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Emma Mohr-McClune, Chief Analyst for Technology at GlobalData, stated that this is likely the largest and most impactful consumer OEM low-Earth-orbit (LEO) deal to date. The agreement positions Apple as the clear leader among Western OEMs for offering extended direct satellite texting and calling services, catering to both emergency and remote use cases.





Updated On – 6 November 2024, 05:41 PM


Apple-Globalstar $1.5 billion deal disrupts connectivity market, report says


New Delhi: The $1.5 billion Apple-Globalstar deal packs a competitive punch for virtually all corners of the connectivity market ecosystem, from carriers to original equipment manufacturers (OEMs), according to a report on Wednesday.

Apple plans to invest $1.1 billion in satellite communications company Globalstar, alongside a further $400 million for a 20 per cent equity stake in the business.

According to Emma Mohr-McClune, Chief Analyst, Technology at GlobalData, this is arguably the largest and most significant consumer OEM low-Earth-orbit (LEO) deal to date, and the arrangement puts Apple in a clear leading position among western OEMs for extended direct and mass-market voice satellite texting and even calling services for both emergency and remote use cases.

“In addition to continuing to allocate 85 per cent of its network capacity to Apple, Globalstar will use the $1.1 billion in preservice payments to deliver a new satellite service constellation, expanded ground infrastructure, and increased global mobile satellite services (MSS) licensing,” said Mohr-McClune.

The new arrangement represents a significant expansion of an earlier 2022 deal, which first gave iPhone 14 users access to Globalstar’s 31 L-band satellites for emergency text services – a service which has since been extended to remote or off-grid use cases with iOS 18.

According to the report, the Apple-Globalstar arrangement also lowers the incentive for mobile network operators to strike their own deals with satellite providers for connectivity.

“There is now no doubt that Apple iPhone users are likely to have faster, readier access to more sophisticated and extended D2D use case services regardless of their wireless connectivity provider,” said the report.

It can no longer be claimed that Apple has no interest in the connectivity business.

On the downside, Apple’s B2C direct monetisation plans for this investment are still hazy, and premium plans are likely still several quarters out, the report mentioned.

Business

Supreme Court orders liquidation of Jet Airways-Telangana Today

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A Bench led by Chief Justice D.Y. Chandrachud upheld the lenders’ plea opposing the transfer of ownership of the grounded airline to the Jalan Kalrock Consortium (JKC). The Bench, which also included Justices J.B. Pardiwala and Manoj, used its extraordinary powers under Article 142 of the Constitution to ensure “complete justice” between the parties, ordering the immediate appointment of a liquidator.





Updated On – 7 November 2024, 03:17 PM


Supreme Court orders liquidation of Jet Airways


New Delhi: The Supreme Court on Thursday ordered liquidation of cash-strapped Jet Airways, saying that the resolution plan, approved five years ago, is no longer capable of implementation.

A Bench, headed by CJI D.Y. Chandrachud, allowed the lenders’ plea against the transfer of ownership of the grounded airline to Jalan Kalrock Consortium (JKC).

The Bench, also comprising Justices J.B. Pardiwala and Manoj, invoked its extraordinary powers under Article 142 of the Constitution “for doing complete justice” between the parties and ordered the appointment of a liquidator forthwith.

Further, it ordered the forfeiture of Rs 200 crore infused by the JKC and directed lenders to invoke Rs 150 crore Performance Bank Guarantee (PBG).

In the plea filed before the apex court, the Committee of Creditors (CoC), led by the State Bank of India, has said that the proposed revival plan was not in the best interest of lenders and questioned the National Company Law Appellate Tribunal (NCLAT) order upholding the resolution plan.

In January this year, the Supreme Court ordered JKC, the successful resolution professional bidder for the cash-strapped airline, to deposit Rs 150 crore in an escrow account jointly held by the State Bank of India and JKC.

It had cautioned that legal consequences would follow if the JKC failed to furnish the bank guarantee.

It had also asked the NCLAT to decide by the end of March 2024 on the lenders’ plea challenging the ownership of the grounded Airways to JKC.

The consortium had undertaken an infusion of Rs 350 crore equity per the court-approved resolution plan to assume ownership of Jet Airways.

A three-member Bench of the NCLAT had agreed to an adjustment of Rs 150 crore from the PBG towards the payment of Rs 350 crore.

The appellate tribunal had also accepted an undertaking given by the consortium committing to pay Rs 100 crore by August 31 last year and another Rs 100 crore by September 30, 2023.

Due to severe financial distress, Jet Airways, once one of India’s largest and most popular airlines, entered the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) in June 2019.

Business

Gold, Silver prices drop post-US election-Telangana Today

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The India Bullion and Jewellers Association Ltd (IBJA) reports that 24-carat gold is priced at Rs 76,570 per 10 grams, 22-carat at Rs 74,720, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams.





Published Date – 7 November 2024, 03:40 PM


Gold, Silver prices drop post-US election


New Delhi: Gold prices continue to fall after the US presidential election and on Thursday, the December future contracts of gold on MCX opened with a decline of 0.37 per cent at Rs 76,369 per 10 grams, while silver December future contracts were trading 0.24 per cent low at Rs 90,601 per kg.

After the US elections, in the last two days, gold prices have fallen by Rs 2,100 per 10 grams and silver prices by Rs 4,050 per kg.

According to the India Bullion and Jewellers Association Ltd (IBJA), the price of 24-carat gold is Rs 76,570 per 10 grams, the price of 22-carat gold is Rs 74,720 per 10 grams, the price of 20-carat gold is Rs 68,130 per 10 grams and the price of 18-carat gold is Rs 62,201 per 10 grams.

Pranav Mer, Vice President, EBG-Commodity & Currency Research, JM Financial Services said that gold and most other commodities are trading in the negative territory, weighed by a strong US dollar as Donald Trump won the presidential race.

The focus now turns on the US Fed’s policy outcome and other economic data.

“We expect more correction only if the given supports are breached and sustained, failing to which prices may again resume its upward journey. Resistance is seen at 78,000 on MCX and $2,755 in an international spot” he added.

Gold prices experienced intense volatility, fluctuating sharply between Rs 78,500 and Rs 77,500 per 10 grams, as the US election outcome bolstered the dollar index, which climbed to 105.

“This dollar strength pushed gold to lows of Rs 77,500 per 10 grams and $2,700 in dollar terms,” said Jateen Trivedi from LKP Securities.

A short-term bearish sentiment seems to prevail, with a critical resistance level at $2,740 and support at $2,680, said experts.

Business

Ola Electric launches ‘BOSS of All Savings’ amid record EV sales-Telangana Today

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Through the ‘BOSS of All Savings’ offer, Ola Electric is allowing customers to save up to Rs. 15,000 on the purchase of an Ola S1, with potential annual savings of up to Rs. 30,000 due to lower running and maintenance costs compared to an ICE vehicle.

Updated On – 7 November 2024, 05:09 PM


Ola Electric launches ‘BOSS of All Savings’ amid record EV sales


Hyderabad: Ola Electric announced the ‘BOSS of All Savings’ as part of its ongoing Biggest Ola Season Sale (BOSS) campaign. The festive season has been remarkable for the EV industry with EV 2W registrations witnessing impressive growth in October 2024 led by Ola Electric, pointing to an increased consumer awareness of the benefits/savings associated with EVs over ICE vehicles.

As part of the ‘BOSS of All Savings’ proposition, the company is now providing an opportunity to save up to Rs.15,000on the purchase of an Ola S1 and further up to Rs.30,000 annually with lower running and maintenance costs compared to an ICE vehicle.

With the flagship Ola S1 X (2kWh), customers with a daily commute distance of 30 km can save up to Rs.31,000 annually, enabling them to recover the cost of the vehicle within the first few years, a press release said.

To further drive EV adoption, the company plans Educational Clinics at Ola Electric Stores across the country to educate customers on the lower total cost of ownership (TCO) and superior performance and best-in-class technology features that the Ola S1 portfolio has on offer as compared to ICE vehicles.

In October 2024, Ola Electric sold over 50,000 units and registered 41,605 units (as per Vahan data), cementing its market leadership in the EV 2W segment. With a market share of 30 per cent and an Y-o-Y growth of 74 per cent over October 2023, the company continued to dominate the EV 2W segment in India.

Ola Electric offers an expansive S1 portfolio with six offerings across attractive price points catering to customers with different range requirements. While the premium offerings S1 Pro and S1 Air are priced at Rs.1,34,999 and Rs.1,07,499, respectively, the mass-market offerings include the S1 X portfolio (2 kWh, 3 kWh, and 4 kWh) priced at Rs.74,999, Rs.87,999, and Rs.101,999, respectively.

Business

Swiggy’s Rs 11,327 cr IPO subscribed 3.59 times on final day-Telangana Today

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Swiggy’s IPO was subscribed 0.12 times on the first day and 0.35 times on the second day. The qualified institutional buyers (QIBs) portion was subscribed 6.02 times, the non-institutional investors (NIIs) portion saw a 0.41 times subscription, the retail individual investors (RIIs) portion was subscribed 1.14 times, and the employee portion received 1.65 times subscription.





Updated On – 8 November 2024, 09:06 PM


Swiggy’s Rs 11,327 cr IPO subscribed 3.59 times on final day


Mumbai: Online food delivery platform Swiggy‘s Rs 11,327 crore IPO was subscribed 3.59 times on the last day of bidding on Friday after a muted response from the investors in the initial two days of its public issue.

Swiggy IPO was subscribed 0.35 times and 0.12 times on the issue’s second and first day, respectively. The reserve portion of qualified institutional buyers (QIBs) subscribed 6.02 times, the non-institutional investors (NIIs) portion saw 0.41 times subscription, the retail individual investors (RIIs) portion subscribed 1.14 times, and the employee portion subscription was 1.65 times.

The company has fixed a price band between Rs 371 and Rs 390. Swiggy shares will be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on November 13, while the allotment of shares will take place on November 11.

According to the brokerages, Swiggy holds a number two position in India’s food and grocery market behind Zomato. At present time, Swiggy holds nearly 34 per cent market share compared to Zomato’s 58 per cent in food delivery. In the quick commerce space, Zomato’s Blinkit holds a 40 to 45 per cent market share, while Swiggy’s Instamart has 20-25 per cent.

In the past three fiscal years, Swiggy has consistently reported losses on a standalone and consolidated basis. In FY 2021-22, the total revenue was Rs 6,119.78 crore, with a net loss of Rs 3,628.90 crore. The following year, FY 2022-23, saw an increase in total revenue to Rs 8714.45 crore, but the net loss also increased to Rs 4,179.31 crore. In FY 2023-24, the total revenue rose further to Rs 11,634.35 crore, while the net loss was reduced to Rs 2,350.24 crore. In the June quarter of FY 2024-25, the company recorded a total revenue of Rs 3,310.11 crore and a net loss of Rs 611.01 crore.