Mumbai: 6 November 2024, On Wednesday, Nifty closed strong with a gain of 270.75 points, or 1.12%, finishing the day at 24,493.90. With this momentum, Nifty is expected to open above the 24,500 mark on Thursday, marking a positive start ahead of the weekly expiry of the Nifty contract.
Traders should be mindful of resistance levels at 24,670 and 24,720, where profit-booking or consolidation could emerge. On the downside, a strong support zone is likely at 24,470, which may provide a cushion for any downward movements.
Key Levels to Watch:
Resistance: 24,670, 24,720
Support: 24,470
As the market digests recent gains, these levels could provide traders with crucial insights for positioning during Thursday’s trading session. The overall sentiment leans positive, but traders should remain cautious at the resistance zones.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Readers should do their own research and consult a financial advisor before making investment decisions.
November 5, 2024 — Investors are gearing up for one of the most anticipated IPOs of the year as Swiggy, India’s prominent food delivery and quick commerce platform, prepares to launch its initial public offering (IPO) on November 6. With a target to raise ₹11,327 crore, the IPO aims to mark a significant milestone in the Indian tech sector, potentially positioning Swiggy among the top valued Indian tech firms on the stock exchange.
The IPO comprises a fresh issue of ₹4,499 crore, with the remaining amount representing an offer for sale by existing shareholders. Post-IPO, Swiggy will be valued at an estimated market capitalization of ₹87,000 crore (approximately $10 billion) and an enterprise value (EV) of ₹78,000 crore, making it one of the largest IPOs in the Indian stock market.
Why Swiggy’s IPO Matters
This IPO arrives at a crucial time for India’s food delivery and e-commerce sectors, both of which have witnessed robust growth in recent years. Swiggy, which started as a food delivery service, has diversified into grocery and other quick commerce deliveries through its Instamart platform, aiming to establish itself as a comprehensive on-demand service provider. This diversification strategy has made Swiggy an attractive option for investors, who see potential in its multiple revenue streams and growing user base.
However, the path to profitability remains a question mark. Like many tech companies, Swiggy has been balancing aggressive growth with substantial investments, which has affected its bottom line. Investors will closely monitor Swiggy’s financial health and growth projections, hoping the company’s strong brand and expanding customer base will translate into sustainable profits.
Challenges and Opportunities
Swiggy’s biggest challenge will be navigating the intense competition from rivals like Zomato and Dunzo. Additionally, profitability concerns in India’s price-sensitive market, where high cash burn has often been necessary to maintain user engagement and loyalty, continue to pose challenges. However, if Swiggy manages to leverage its scale, streamline operations, and capitalize on its multi-service platform, it could generate long-term shareholder value.
The IPO also comes at a time when the Indian stock market is experiencing increased retail investor participation, and the government is actively supporting the growth of homegrown tech companies. Swiggy’s successful listing could boost investor sentiment and open doors for other high-growth tech startups eyeing the public markets.
What’s Next for Investors?
Swiggy’s IPO offers a unique opportunity to invest in one of India’s most recognized brands with a strong foothold in the growing food delivery and quick commerce sectors. However, with a hefty valuation, the decision ultimately rests on whether investors believe Swiggy can maintain its growth trajectory and turn its business into a profitable venture.
As Swiggy prepares to list, all eyes will be on November 6, as investors weigh the risks and rewards in what promises to be a defining moment for India’s tech ecosystem.
Mumbai, October 28, 2024: ACME Solar Holdings Limited, one of India’s leading renewable energy companies, has announced the launch of its Initial Public Offering (IPO), scheduled for November 2024. The IPO aims to raise approximately ₹3,000 crores, with a combination of a fresh issue and an Offer for Sale (OFS).
IPO Details
Issue Size: Approx ₹3,000 crores
Fresh Issue: ₹2,000 crores
Offer for Sale (OFS): ₹1,000 crores
Face Value: ₹2 per share
Retail Portion: 10%
Registrar: Kfintech
The proceeds from the fresh issue will be utilized for business expansion, debt repayment, and funding future solar projects. The OFS allows existing shareholders to offload part of their holdings.
Financial Overview (FY24)
Revenue: ₹1,319 crores
Profit After Tax (PAT): ₹698 crores
Earnings Per Share (EPS): ₹12.5
Net Asset Value (NAV): ₹49.6
ACME Solar’s robust financial performance highlights its growing presence in the renewable energy sector. The company’s focus on sustainable energy solutions and cost-efficient solar power generation has driven consistent growth over the years.
IPO Significance
The IPO comes at a time when the Indian government and industries are increasingly pushing for green energy adoption. With this public offering, ACME Solar aims to strengthen its balance sheet, expand operations, and tap into the rising demand for clean energy solutions in India.
About ACME Solar Holdings Limited
ACME Solar is known for its large-scale solar power plants across India, with a growing portfolio of utility-scale projects. The company’s commitment to sustainable practices positions it as a key player in India’s renewable energy transition.
Investors and market participants are keeping a close watch on this IPO, as it aligns with the increasing interest in ESG-focused investments. The registrar for the IPO is Kfintech, ensuring smooth management of the application process.
New Delhi, October 22: The Minister for Communications, Jyotiraditya M. Scindia, today launched the International Incoming Spoofed Calls Prevention System, an initiative by the Department of Communications and Telecom Services. The system aims to safeguard Indian telecom subscribers by identifying and blocking spoofed international calls disguised with Indian phone numbers.
Within 24 hours of its implementation, telecom service providers identified and blocked around 1.35 crore international spoofed calls, showcasing the system’s effectiveness in protecting users from fraudulent activities.
During the event, Scindia highlighted the progress of Bharat Sanchar Nigam Limited (BSNL) in recent months, stating that the number of BSNL subscribers has surged from 75 lakh to 1.8 crore since the 4G rollout six months ago.
The Minister also unveiled BSNL’s new logo, representing strength, trust, and accessibility. Additionally, seven new services of BSNL were launched, with a focus on enhancing the user experience and preparing for the transition from 4G to 5G. Scindia emphasized that India is now among the select six countries globally to have developed its own 4G telecom network, further solidifying the nation’s telecom infrastructure.
This milestone reflects the government’s commitment to advancing telecommunications while prioritizing security and innovation.
Jio Financial Services (JFS) posted a consolidated net profit of INR 689.07 crore for the second quarter of FY25, marking a year-on-year (YoY) increase of 3.13% compared to INR 668.18 crore in Q2 FY24.
The company reported exceptional growth on a quarter-on-quarter (QoQ) basis, with net profit surging 120.27% from INR 312.83 crore in Q1 FY25.
Operating revenue also saw significant growth, increasing by over 14% to INR 693.50 crore during the quarter under review, up from INR 608.04 crore in the corresponding quarter last year. On a QoQ basis, revenue jumped 65.91% from INR 418 crore in Q1 FY25.
The robust financial performance highlights JFS’s growing footprint in the financial sector. With strong QoQ growth in both profit and revenue, the company is expected to continue expanding its offerings and strengthening its position in the market.
This performance comes as JFS aims to leverage its parent company Reliance’s ecosystem, with a focus on consumer lending, insurance, and financial technology services.
The Government of India has approved the upgradation of Hindustan Aeronautics Limited (HAL) to the status of a Maharatna Central Public Sector Enterprise (CPSE). The announcement was made by the Department of Public Enterprises, following the approval from Union Finance Minister Nirmala Sitharaman.
With this decision, HAL becomes the 14th public sector company to achieve Maharatna status, marking a significant milestone for the defense and aerospace company. The Maharatna designation provides enhanced financial autonomy and greater decision-making authority, allowing the enterprise to expand operations, invest in new projects, and undertake strategic initiatives more independently.
The proposal to elevate HAL to this prestigious status was earlier recommended by an Inter-Ministerial Committee chaired by the Finance Secretary. It also received approval from the Apex Committee, headed by the Cabinet Secretary.
HAL has played a crucial role in India’s defense sector, specializing in the manufacturing and maintenance of military aircraft, helicopters, and other aerospace products. Its new status as a Maharatna CPSE will empower the organization to undertake larger investments and boost India’s self-reliance in defense manufacturing.
The upgradation reflects the government’s commitment to strengthening the country’s public sector enterprises and promoting their global competitiveness. HAL’s elevation to Maharatna status aligns with India’s broader objectives of achieving self-sufficiency in defense and aerospace technology.
This development is expected to encourage further innovation, research, and development within HAL, ultimately enhancing India’s indigenous manufacturing capabilities.
Suzlon Group, India’s leading wind energy company, has secured a major 400 MW order from JSP Green Wind 1 Pvt. Ltd., a subsidiary of Jindal Renewables Power Private Limited. This landmark deal, the largest captive and industrial (C&I) win in the sector, further strengthens Suzlon’s position as a market leader in India’s renewable energy industry.
As part of the agreement, Suzlon will supply 127 cutting-edge wind turbine generators, each with a rated capacity of 3.15 MW. These turbines will be installed in the Koppal region of Karnataka, one of India’s emerging renewable energy hubs. The energy produced from this project will be used for captive consumption in steel plants located in Chhattisgarh and Odisha.
This initiative is a significant step toward enhancing operational sustainability within India’s steel industry, aligning with the country’s broader green energy objectives. By harnessing wind energy, the steel plants will reduce their carbon footprint, contributing to a cleaner production process and reducing reliance on non-renewable energy sources.
The collaboration between Suzlon and JSP Green Wind marks a new chapter in sustainable steel production, as Jindal Renewables works toward achieving its ambitious goal of net-zero emissions by 2047. This partnership not only boosts Suzlon’s renewable portfolio but also underscores the critical role of clean energy in advancing India’s industrial sectors toward a more sustainable future.
Competition Commission of India has approved the acquisition of Home and Personal Care (HPC) division of Patanjali Ayurved Limited (PAL) by Patanjali Foods Limited (PFL). The proposed Combination involves the acquisition of PAL’s HPC business division (non-food business) by PFL.
PFL is engaged in processing of oilseeds, refining of crude oil for edible use, production of oil meal, food products from soya and value-added products from downstream and upstream processing. It is also engaged in the business of fast-moving consumer goods, fast moving health goods comprising mainly of food, biscuits and nutraceutical products and engaged in generation of power from wind energy and trading in various products.
PAL is engaged in in the business of manufacturing, trading, packing and labelling of ayurvedic medicines (by way of herbo mineral preparations, combining herbs and minerals); HPC items; dairy items and bulk trading of rice, etc. Their offering includes a wide range of ayurvedic products, personal care items and health supplements.
HPC division is engaged in business that encompasses the products under haircare, skincare, dental care and home care segment.
India’s automobile industry experienced a significant slowdown in September 2024, as overall vehicle sales dropped by 9.26% compared to the same period last year, according to the latest data from the Federation of Automobile Dealers Associations (FADA).
The two-wheeler segment, which is a major driver of mobility in India, witnessed a steep decline of 8.51% in sales. Similarly, personal vehicle sales saw an even sharper contraction, falling by 18.81%. Commercial vehicle sales, essential for the transport of goods and economic activities, also registered a drop of 10.45%.
However, not all categories fared poorly. The report highlighted that sales in the three-wheeler and tractor segments experienced growth. Three-wheeler sales rose slightly by 0.66%, while tractor sales surged by a notable 14.69%, indicating strong demand in the agricultural sector despite the overall market slowdown.
Experts attribute the decline in auto sales to several factors, including high inflation, rising interest rates, and an overall cautious consumer sentiment. However, the growth in tractor sales reflects the resilience of the rural economy, which has benefited from favorable monsoon conditions and government support for agriculture.
As the Indian auto industry continues to navigate through these challenges, manufacturers and dealers are hopeful that upcoming festive season offers and the introduction of new models will provide a much-needed boost to sales.
In the Union Budget 2024-2025, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. The purpose of this review is to simplify the Act, make it more concise, and reduce complexities that often lead to disputes and litigation. The aim is to ensure greater clarity and tax certainty for taxpayers across the country.
To spearhead this initiative, the Income Tax Department has established an internal committee that will oversee the review process. As part of this review, public inputs and suggestions have been sought in four key categories:
Simplification of Language
Litigation Reduction
Compliance Reduction
Redundant/Obsolete Provisions
To make the process more inclusive and accessible, a dedicated webpage has been launched on the e-filing portal. Members of the public are encouraged to submit their suggestions through this platform. To access the page, individuals need to enter their mobile number and verify it using an OTP. The webpage can be found at the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review
Submissions should clearly reference the relevant provision of the Income-tax Act, 1961 or the Income-tax Rules, 1962. This includes specifying the section, sub-section, clause, rule, sub-rule, or form number, as applicable, to which the suggestion pertains.
The portal is now live, with the public being able to submit suggestions from 6th October 2024 onwards.
