Electric Car Sales in India Surge 20% in 2024

• Strong backing from heavyweights like Reliance Industries helped the frontline indices avert another sharp decline in Wednesday's session. Oil and gas stocks performed exceptionally well, buoyed by rising crude oil prices, which sparked optimism about improved margins for these companies.

• Despite weak global signals, including an overnight sell-off in US tech stocks and concerns over a possible delay in the US Fed's 2025 rate cut, Indian markets recovered impressively from the day's lows.

Reliance Industires +1.65%

• International brokerages Jefferies and Bernstein reaffirmed their positive outlook on Reliance Industries Ltd, boosting its stock price by 2 percent.

• The company's share price has declined by 22 percent from its 52-week high, bringing its valuations to the lowest levels since the COVID-19 shock in March 2020. This has created an appealing buying opportunity with an improved risk-reward ratio.

Ola Electric Mobility (0.24%)

• Ola Electric Mobility's stock fell 4 percent after SEBI issued an administrative warning to the company for breaching disclosure norms. Bhavish Aggarwal had revealed plans for a four-fold expansion on social media platform X before informing the stock exchanges.

• CII President expects an RBI interest rate cut next month and calls for a job creation focus in the upcoming Budget. (ET)

• Zomato joins the 15-minute delivery race, competing with Swiggy Bolt and Zepto Cafe. (BS)

• Electric car sales in India rise by 20% in 2024. (ET)

• Banks and dealers urge the RBI to take action on liquidity. (ET)

• The Standard Glass IPO closes with a 182 times subscription, led by NIIs. (MC)

• Quadrant Future Tek IPO has been subscribed 48.99 times on Day 2. (Mint)

This week’s mainboard IPO schedule

• Standard Glass Lining

  • Offering Period: 06 January - 08 January, 2024

  • Listing Date: 13 January, 2024

  • Issue Price: 133-140

  • Lot Size: 107

• Quadrant Future Tek

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 275-290

  • Lot Size: 50

• Capital Infra Trust

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 99-100

  • Lot Size: 150

M&A / Investments

• Vehant Technologies secures ₹9 crore ($1.04Mn) funding from True North. (EN)

• LEAP India acquires CHEP, enhancing its supply chain solutions. (VCC)

VC

• South Park Commons aims to raise a $40 million India-focused fund. (EN)