RBI May Postpone Rate Cut Decision Until February

• The Indian stock market continued its decline for a second day on Friday, November 8, as a significant selloff in major large-cap stocks like Reliance Industries, ICICI Bank, State Bank of India, and Trent pressured the frontline indices, ending the session lower.

• The 25-basis-point rate cut by the US Federal Reserve on Thursday did little to lift the Indian market, with investor sentiment dampened by concerns over weaker Q2 earnings.

Indian Hotels Company +6.90%

• Shares surged nearly 7 percent as investors reacted positively to the Tata Group company's strong earnings for the quarter ending September 30, 2024. Although revenue growth, higher occupancy rates, and strategic consolidation efforts were impressive, brokerages remain cautious on the stock.

• After a weaker Q1, IHCL posted a significantly improved Q2FY25, with a 232 percent year-on-year increase in consolidated net profit to Rs 554.6 crore. Revenue from operations also rose 27 percent YoY, reaching Rs 1,826 crore during the quarter.

Ircon International (4.62%)

• Shares dropped 5 percent on November 8 after the company reported disappointing quarterly financials for the period ending September 30, showing decreases in both revenue and net profit.

• During July-September, IRCON posted a standalone net profit of Rs 202.22 crore, down 12.2 percent year-on-year. Revenue from operations also declined significantly, falling 20.3 percent YoY to Rs 2,298.86 crore.

• Domestic revenue dropped 18 percent YoY to Rs 2,206.03 crore, while international revenue saw a steeper fall, reaching Rs 92.83 crore from Rs 197.67 crore in the same quarter last year.

• Global oil prices would have soared if India hadn’t bought oil from Russia, says Union Minister Hardeep Puri. (ET)

• CPI inflation is expected to exceed 6% in October, according to a UBI report. (ET)

• RBI may delay rate cut decision to February due to persistent inflation. (ET)

• Apple establishes its first R&D subsidiary in India. (Inc42)

• CCI investigation finds Zomato and Swiggy violated competition laws. (YS)

• Finance Minister urges regional rural banks to increase credit disbursement. (ET)

• IRDAI chief suggests it’s time for India to permit 100% FDI in insurance. (RT)

• Government receives Rs 3,449 crore ($408Mn) from Hindustan Zinc stake sale, offloading 1.6%. (BS)

• Paramesu Biotech files draft papers for a Rs 600 crore ($71.1Mn) IPO. (MC)

• Swiggy IPO was subscribed 3.59x on Day 3, with retail and QIBs 6x oversubscribed. (MC)

• ACME Solar IPO subscribed 2.75x on Day 3, driven by QIB demand. (MC)

• Niva Bupa Health IPO subscribed 1.17x on Day 2, with retail segment 1.34x oversubscribed. (MC)

This week’s mainboard IPO schedule

• Niva Bupa Health Insurance

  • Offering Period: 07 November- 11 November, 2024

  • Listing Date: 14 November, 2024

  • Issue Price: 70-74

  • Lot Size: 200

• Zinka Logistics

  • Offering Period: 13 November - 18 November, 2024

  • Listing Date: 21 November, 2024

  • Issue Price: Rs 259-273

  • Lot Size: 54

M&A / Investments

• Singapore Airlines to invest an additional Rs 3,195 crore ($378Mn) in Air India. (YS)

• TA Associates to acquire a majority stake in Vee Healthtek for Rs 2,109 crore ($250Mn). (ET)

• Pantomath's Bharat Value Fund invests Rs 235 crore ($27.8Mn) in Haldiram Bhujiawala. (YS)

• Aster DM Healthcare and Quality Care India merger talks reach final stage. (BS)

Debt

• REC plans to raise Rs 5,000 crore ($592Mn) via zero-coupon bonds. (BS)

• Punjab & Sind Bank invites bids to sell Rs 403 crore ($47.8Mn) in bad loans across 9 accounts. (BS)

VC