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Union Budget Week: Countdown Begins
Hello,
Markets ended on a negative note on January 24, as profit booking in the latter half of the session erased earlier gains, halting a two-day recovery. In other news, the government is considering the introduction of a social security scheme aimed at supporting gig workers, a significant step towards improving their welfare. The news cycle has been relatively quiet, partly due to the Republic Day celebrations, hence there is no highlights section today. This week holds much anticipation, with the Union Budget set to take centre stage, sparking discussions on its potential impact across various sectors.
As of 24/01/25
Indian benchmark indices turned negative on January 24, with profit booking in the latter half of the session wiping out earlier gains and ending a two-day recovery.
Broader markets also slipped into the red after a brief buying spree in the previous session.
Weak Q3FY25 results, sustained FPI selling, valuation concerns, and apprehensions over Donald Trump’s economic policies are pressuring the markets.
Companies reporting earnings below estimates are facing steep sell-offs, dragging their shares to multi-month lows. Weak management commentary post-results is further dampening sentiment.
Nifty 50 | (0.49%) | 23,092.20 |
BSE Sensex | (0.43%) | 76,190.46 |
Nifty Bank | (0.46%) | 48,367.80 |
Nifty IT | 0.40% | 43,524.10 |
Nifty Vix | 0.30% | 16.74 |
10 yr Bond | (0.24%) | 6.720 |
USD>INR | (0.27%) | 86.20 |
Source: Moneycontrol
Mphasis +3.16%
Mphasis Ltd shares rose over 3% on January 24 following its December quarter results.
The company's Q3FY25 revenue increased by 6.69% YoY to ₹3,561 crore, while consolidated net profit grew nearly 15% YoY to ₹428 crore (approximately $49.54 million).
Mankind Pharma (5.05%)
Mankind Pharma shares dropped more than 5% on January 24 after the company reported a decline in its October-December net profit.
Q3 net profit fell over 16% YoY to ₹385 crore, impacted by a significant rise in expenses.
This week’s mainboard IPO schedule
Dr Agarwals Healthcare
Offering Period: 29 January - 31 January, 2025
Listing Date: 05 February, 2025
Issue Price: 382-402
Lot Size: 35
M&A / Investments
SBI Mutual Fund acquires a 3.8% stake in Happy Forgings for ₹341 crore ($39.5Mn). (BS)
JK Cement to acquire a 60% stake in Saifco Cements for ₹174 crore ($20Mn). (BS)
Gabriel India acquires assets worth Rs 60 crore ($6.9Mn) from Marelli Motherson. (BS)
Tata Sons seeks CCI approval to acquire an additional 10% stake in Tata Play. (TOI)
Tata Electronics acquires a 60% stake in Pegatron India. (YS)
RED.Health acquires TACT to bolster its healthcare training capabilities. (Inc42)
VC
Category | Company | Amount |
|---|---|---|
Alcohol | ₹56 crore ($6.5Mn) | |
Cloud Manufacturing | ₹29 crore ($3.5Mn) |
