Rupee Depreciates to Record Low, Close to 85 against Dollar

• The Indian stock market rebounded sharply on Monday, December 2, with both benchmark indices closing higher for a second straight session. This recovery came as investors appeared to have absorbed the impact of weak Q2FY25 GDP data, which had fallen to a seven-quarter low.

• Market analysts attributed the rally to expectations of increased government spending in the latter half of the fiscal year. Additionally, the disappointing GDP figures are anticipated to push the RBI towards implementing economic stimulus measures.

• Cement stocks, including UltraTech Cement and Grasim Industries, saw notable gains after global brokerage Jefferies projected a recovery for Indian cement companies in the second half of the fiscal year.

• Rupee hits new record low, while bonds gain as growth slows.

Dixon Technologies (India) +6.09%

• Shares jumped over 6 percent after Padget Electronics, its wholly-owned subsidiary, revealed plans to begin mass production of Google Pixel smartphones.

• This production, in collaboration with Compal Smart Device India for Google's Indian operations, stems from a contract manufacturing agreement signed in February and will be carried out at Padget's Noida facility.

Hyundai Motor India (1.75%)

• Shares fell by over 1 percent following a sharp drop in November sales, despite the company recording its highest-ever monthly rural contribution.

• Total sales for the month stood at 61,250 units, a 7 percent decline compared to over 65,000 units sold in the same month last year.

• India's economic slowdown: What's driving the shift? (ET)

• India to implement measures to reach 6.5%-7% GDP growth target. (RT)

• Govt removes windfall tax on petrol, diesel exports, benefiting Reliance and ONGC. (ET)

• The finance ministry proposes allowing insurers to diversify beyond insurance. (ET)

• Torrent Power has launched a QIP to raise ₹5,000 crore ($591Mn). (BS)

• Ecom Express and Smartworks have received SEBI approval for their IPOs. (EN)

• Suraksha Diagnostic's IPO was 25% subscribed on Day 2, mainly by retail investors. (MC)

• Property Share Investment Trust's REIT IPO was 3% subscribed on Day 1. (ET)

• SFC Environmental Technologies has filed draft papers with SEBI for an IPO to raise funds. (MC)

This week’s mainboard IPO schedule

• Suraksha Diagnostic

  • Offering Period: 29 November - 03 December, 2024

  • Listing Date: 06 December, 2024

  • Issue Price: 420-441

  • Lot Size: 34

• Property Share REIT

  • Offering Period: 02 December - 04 December, 2024

  • Listing Date: 09 December, 2024

  • Issue Price: 10,00,000-10,50,000

  • Lot Size: 1

M&A / Investments

• Prosus has invested ₹845 crore ($100Mn) in housing finance firm Vastu. (YS)

• Prosus has acquired a 10.65% stake in supply chain fintech Mintifi for ₹676 crore ($80Mn). (YS)

• Pricol to acquire Sundaram Auto Components' injection moulding business for ₹215 crore ($25.4Mn). (BS)

• Nazara has invested ₹196 crore ($23.2Mn) in four gaming companies. (EN)

• TCIL may divest 5-10% stake in Bharti Hexacom. (ET)

• Struggling movie houses may open their doors to buyers. (ET)

Debt

• Punjab & Sind Bank aims to raise ₹3,000 crore ($354Mn) through infrastructure bonds. (BS)

VC