📜 Historic Shift: Coal Drops Below 50% in India's Power Generation

Hello reader,
Markets were quite flat today, Siemens’ Q4 results beat estimates by a huge margin. Elsewhere, PB fintech was added to the MSCI index, coal’s share in Indian energy production has gone below 50% for the first time since the 1960s, and Digits’ IPO was subscribed 36% yesterday with the retail portion fully booked.

Markets

• The market experienced volatile swings with choppy trading. Both the Sensex and the Nifty 50 fluctuated between gains and losses throughout the session.

• At closing, the Sensex was down 117.58 points or 0.16% at 72,987.03, while the Nifty declined by 17.30 points or 0.08% to 22,200.55.

• Despite the selloff, the mid and smallcap indices recorded robust gains. The BSE Midcap index closed 0.60% higher, while the BSE Smallcap index surged by 0.96%.

Notable Gainer & Loser

Siemens Ltd (NSE: SIEMENS) +6.33%

• Siemens shares soared by 6.4% on May 15, reaching a 52-week high of Rs 7,240 per share on the National Stock Exchange (NSE). This surge followed the company's March quarter results, which exceeded street estimates, supported by strong margin performance and increased other income, leading to a significant profit beat.

• Analysts suggest that Siemens is well-positioned to capitalize on robust railway/metro capital expenditure, particularly with its potential for large system orders.

Colgate-Palmolive (India) Ltd (NSE: COLPAL) (5.21%)

• Despite posting healthy Q4 results, Colgate-Palmolive shares fell by more than 5% as investors booked profits following a strong January-March quarter (Q4FY24).

Yesterday’s Highlights

• ReNew and Societe Generale have signed a pact to collaborate on energy transition projects worth Rs 8,300 crore ($1 billion) over the next three years. (BS)

• PB Fintech, the parent company of Policybazaar and Paisabazaar, has secured a spot in the MSCI India Index. This inclusion could result in maximum inflows of up to $283 million for PB Fintech. (YS)

• IIFL Finance raises Rs 1,271 crore ($152 million) through a rights issue to fuel business expansion. (BS)

• Agritech startup Eeki plans to invest Rs 700 crore over the next two years to strengthen its domestic and global presence. (YS)

• Cipla has increased its investment in point-of-care testing firm Achira Labs by injecting Rs 26 crore. (ET)

• The mines ministry has directed Coal India and NMDC to explore lithium mines overseas. (BS)

• BlackRock is optimistic about India and is looking to increase its share in government bond ETFs. (BS)

• The government is considering a private-public cloud model for chip designs to ensure easy access to small startups and researchers. (ET)

• India has surpassed Australia, Japan, and Singapore in data centre capacity, ranking second only to China in Asia. (ET)

• Niyogin, a fintech company providing small business loans, is set to acquire Shark Tank-featured Orbo's AI platform for the BFSI sector. (Inc42)

Featured Highlight

For the first time since the 1960s, coal's share in India's power generation capacity has fallen below 50%. (ET)

• In Q1 2024, coal's share in India's power generation capacity fell below 50% for the first time since the 1960s, marking a milestone in the country's transition to renewable energy.

• Renewable energy accounted for 71.5% of the 13,669 MW of power generation capacity added in India during Q1 2024, surpassing the nation's 2030 targets and showcasing India's commitment to sustainable energy.

• India now ranks third globally in solar power generation, trailing only China and the US. In 2023, solar energy contributed 5.8% to India's electricity generation, with solar power remaining the fastest-growing electricity source worldwide for the 19th consecutive year.

IPO / FPO

This week’s IPO schedule

• Brookfield Asset Management has engaged in preliminary discussions with investment banks regarding the initial public offering (IPO) of its renewable energy company, CleanMax Enviro Energy Solutions. The IPO aims to raise between Rs 2,500 crore and Rs 3,000 crore. (Moneycontrol)

• Digit raises Rs 1,176 crore from anchor investors in pre-IPO fundraising. (ET)

• Modi Enterprises intends to make cosmetics firm Colorbar public within the next three years. (ET)

• TBO Tek shares surged nearly 53% in their debut trade yesterday. (Moneycontrol)

• Aadhar Housing Finance closed 4.6% higher than its issue price on its listing day yesterday. (CNBCTV18)