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Tesla Leases First Indian Showroom in Mumbai
Hello,
The markets saw a strong rebound in yesterday's session, with stocks closing higher for the first time in 19 sessions. Experts suggest that the rally may be driven by short-covering, as investors, particularly FIIs, have large short positions in Indian stocks. In other news, Tesla has signed a lease agreement for a showroom at Mumbai’s BKC. According to a Knight Frank report, Delhi ranks 18th, Mumbai 21st, and Bengaluru 40th globally in luxury housing price increases. Additionally, Blackstone is close to finalizing a $400 million deal for Kolkata's South City Mall.
As of 05/03/25
After trading weak for 19 consecutive sessions, the Indian stock market saw strong buying during the early morning session on Wednesday. The Nifty 50 index opened slightly lower at 22,073 but quickly attracted bullish interest, closing higher at 22,347 with an intraday gain of over 250 points.
Stock market experts believe the rally could be driven by short-covering, as investors, particularly FIIs, hold significant short positions in Indian stocks. The decline in the US dollar and US Treasury yields may have prompted FIIs to cover their short positions, potentially fuelling a relief rally on Dalal Street.
However, experts noted that following Donald Trump’s speech in the US Congress, the market appears to have largely factored in Trump’s tariff remarks.
Now, attention has shifted to renewed concerns about US inflation.
Nifty 50 | 1.15% | 22,337.30 |
BSE Sensex | 1.01% | 73,730.23 |
Nifty Bank | 0.51% | 48,489.95 |
Nifty IT | 2.13% | 38,072.30 |
Nifty Vix | (1.16%) | 13.67 |
10 yr Bond | 1.28% | 6.827 |
USD>INR | (0.51%) | 86.814 |
Source: Moneycontrol
Adani Wilmar +7.22%
Adani Wilmar shares surged 8% on March 5 after announcing a definitive agreement to acquire GD Foods Manufacturing (India) Private Ltd.
The acquisition of GD Foods, the company behind the popular ‘Tops’ brand, will be carried out in phases.
Initially, Adani Wilmar will acquire an 80% stake in GD Foods, with the remaining 20% to be purchased over the next three years.
RBZ Jewellers (4.16%)
RBZ Jewellers shares plunged nearly 5% on March 5 after the company reported a ₹2 crore fraud by an employee.
An exchange filing on March 4 revealed that Om Kumar Manoj Kumar Shukla, who worked as a cashier at one of its branches, falsified company records over time.
The estimated impact of the fraud is ₹1.98 crore.
RBI announces ₹1 lakh crore bond purchases and $10 billion swap to address liquidity deficit. (ET)
RBI's record $77.5 billion short positions may affect rupee liquidity and forex reserves. (ET)
Tesla signs lease agreement for a showroom at Mumbai’s BKC. (IE)
Digital lenders and MFIs urge RBI to set an interest rate formula for small loans. (ET)
Delhi ranks 18th, Mumbai 21st, and Bengaluru 40th globally in luxury housing price rise, according to Knight Frank. (ET)
Zetwerk raises ₹43 crore ($5Mn) ahead of IPO. (Inc42)
There are no mainboard IPOs this week.
M&A / Investments
Blackstone nears ₹3,488 crore ($400Mn) deal for Kolkata's South City Mall. (BS)
IHC Capital's arm sells Adani Enterprises shares for ₹1,832 crore ($210Mn). (BS)
Darwinbox raises ₹1,221 crore ($140Mn) in funding, led by Partners Group and KKR. (YS)
Coforge acquires American and Australian firms for ₹533 crore ($61Mn). (VCC)
Goldman Sachs exits Sterlite Tech, selling a 2.13% stake for ₹84 crore ($9.6Mn). (BS)
Debt
Leap Finance secures ₹872 crore ($100Mn) debt from HSBC's ASEAN Growth Fund. (YS)
VC
Prime Venture Partners secures ₹872 crore ($100Mn) for its latest fund. (YS)
