Trump's Win Fuels Indian Market Gains, What does it mean for India?

• India's benchmark indices, Sensex and Nifty 50, rose over 1% each on Wednesday, November 6, marking their second consecutive session of gains.

• Market sentiment improved as former President and Republican candidate Donald Trump took a clear lead in the 2024 US election.

• All sectoral indices gained, led by a 4% surge in the Nifty IT index, with Nifty Realty and Oil & Gas following closely with nearly 3% gains.

• Rupee hits record low as Trump claims victory, with regional currencies also falling.

Dr Reddy’s Labs +2.22%

• Shares rose over 2% after Dr. Reddy's reported solid quarterly earnings. Revenue hit a record Rs 8,016 crore, up 17%, with strong North American sales driven by volume growth, despite some price erosion.

• Net profit for Q2 fell 15% year-on-year to Rs 1,255 crore, affected by costs from the Nicotinell acquisition, land tax, minority interest in Nestle, and impairment charges. EBITDA margin for the quarter was 28.4%, down from last year’s 31.7%.

Hindustan Zinc (8.01%)

• Shares dropped 8% after the government announced a 2.5% stake sale in the company via an offer-for-sale (OFS). The stake will be sold at a floor price of Rs 505, nearly 10% lower than the previous closing price.

• The OFS, which opened today, includes the sale of 1.25% equity (5.28 crore shares), with an option to increase the offer by another 1.25%.

• Donald Trump wins US elections: Impact on Indian stock market, economy. (IT)

• Bitcoin has surged to an all-time high amid the US presidential election. (YS)

• Stress is building again in India's shadow-banking sector, six years after its previous crisis. (ET)

• India's economic activity remains strong, according to RBI governor, despite growth concerns. (RT)

• Hindustan Zinc's OFS received bids worth Rs 3,400 crore ($404Mn) from institutional investors. (BS)

• Niva Bupa Health Insurance secured Rs 990 crore ($117Mn) from anchor investors. (Mint)

• Fashion retailer Pernia's Pop-Up Shop is targeting Rs 250 crore ($29.7Mn) in pre-IPO funding. (ET)

• Sagility India IPO reached 52% subscription by the second day. (MC)

• Swiggy IPO subscribed 12% on Day 1, led by 54% in the retail segment. (MC)

• ACME Solar Holdings IPO saw a 39% subscription on its first day. (Mint)

• Sai Life Sciences, Rubicon Research, Metalman Auto, and Sanathan Textiles have received SEBI approval to launch their IPOs. (MC)

This week’s mainboard IPO schedule

• Sagility India

  • Offering Period: 05 November- 07 November, 2024

  • Listing Date: 12 November, 2024

  • Issue Price: 28-30

  • Lot Size: 500

• Swiggy

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 371-390

  • Lot Size: 38

• Acme Solar Holdings

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 275-289

  • Lot Size: 51

• Niva Bupa Health Insurance

  • Offering Period: 07 November- 11 November, 2024

  • Listing Date: 14 November, 2024

  • Issue Price: 70-74

  • Lot Size: 200

M&A / Investments

• Tessolve, a Hero Electronix unit, to acquire Dream Chip Technologies for up to Rs 400 crore ($47.6Mn). (YS)

• Bharti Telecom has increased its stake in Airtel to 40.33%. (ET)

• OmniActive Health has acquired botanical ingredients company ENovate Biolife. (ET)

• Everstone has postponed its plan to sell its stake in Restaurant Brands Asia. (ET)

• NTPC and ONGC may collaborate to acquire Ayana. (ET)

Debt

• IFC will partner with Bajaj Finance to invest Rs 3,364 crore ($400Mn) in climate finance. (BS)

VC/Funds

• Inflexor Ventures raised Rs 280 crore ($33.2Mn) in the first close of its Opportunities Fund. (YS)