Tuesday, November 26
Brainbees Solutions, the company behind FirstCry, has submitted the necessary documents to SEBI to initiate its IPO. The IPO includes a new share issue valued at up to Rs 1,816 crore and an offer for sale segment involving the sale of up to 54.4 million shares by existing investors.
Sachin Tendulkar's investment bet on Azad Engineering has garnered him a notional profit of Rs 26.5 crore in the IPO, surpassing Mitchell Starc's recent record IPL deal worth Rs 24.75 crore. Incidentally, Mitchell Starc became the most expensive player in the IPL.
Stock market today: BSE Sensex and Nifty50, the two key Indian benchmark indices ended at all time-highs on Wednesday. We take a look at some possible factors for BSE Sensex surging 700 points to close above 72,000 for the first time and Nifty50 crossing 21,650 mark:
The September quarter saw a decline in sanctions for non-banking finance companies (NBFCs) by Rs 15,751 crore, with loans against shares, short-term loans, and gold loans experiencing a drop. However, compared to the previous year, the sanctions were up by Rs 11,154 crore, with personal and consumer loans showing the most significant growth. RBI's restriction on loan-to-value ratios for shares pledged by borrowers resulted in a 77% decline in loan against shares. NBFCs witnessed growth in personal, consumer, and education loans, while gold loans faced a decline. Short-term loans showed signs of stress with a substantial decrease.
Stock market today: BSE Sensex closed the day at an all time high of 72,038.43, up 700 points or 0.98%. Nifty50 closed the day at 21,654.60, up over 210 points or 1%.
Toyota Kirloskar Motor expects to continue strong momentum in 2024, driven by rising demand from tier II and III markets. The company aims to achieve record sales in 2023, with sales already surpassing the previous highest yearly sales. Toyota Kirloskar Motor is focused on enhancing the customer experience and promoting sustainable offerings in the mass electrification space. Vice President of Sales and Strategic Marketing, Atul Sood said TKM is "confident of closing CY 2023 with the highest ever sales numbers".
Asia-Pacific sovereigns are poised for resilient growth in 2024, outperforming global peers, according to Fitch Ratings' latest outlook. APAC sovereigns will sustain robust growth in 2024, remaining comparatively higher than other regions. The resilience is attributed to the deceleration of growth in the US and China, as well as the anticipated recovery in the tech cycle. However, challenges loom with high borrowing costs and modest fiscal consolidation contributing to rising debt ratios in approximately half of the APAC sovereigns.
Kazakhstan leads in GDP among Central Asian countries and CIS, with a projected GDP volume of $259.3 billion in 2022, a 15% increase from the previous year. It surpasses the combined GDP of Armenia, Belarus, Georgia, Kyrgyz Republic, Moldova, Tajikistan, and Uzbekistan. IMF predicts Kazakhstan's GDP to reach $354.7 billion by 2028, the highest among regional countries except Russia. President Tokayev aims to double the national economy to $450 billion by 2029, relying on stable 6% annual economic growth and projects in the manufacturing industry.
China expressed firm backing to Chinese businesses and promises consular protection for arrested Vivo-India executives in India in connection with a money laundering probe. The Chinese government came out in support of Chinese businesses to "safeguard lawful rights and interests". Chinese embassy and consulates in India will provide consular protection and assistance to the individuals concerned. Four arrests have been made in the case, including Vivo-India executives, Lava International's MD, a Chinese national, and chartered accountants.
