Business News at 05:30 pm on 11th December 2023

Let’s begin…The Indian economy is growing leaps and bounds and despite the global geopolitical challenges, the country remains a bright spot for investors globally. According to recent report by GlobalData, a total of 920 VC funding deals were announced in India during January-October 2023, registering a decline of 38.6 percent in comparison to the 1,499 VC deals a year ago. Despite this, many industry stakeholders believe that this is just a temporary or a cyclic phenomenon, which will result in weeding out of start-ups whose fundamentals are not strong.
Next up…GMR Airports Infrastructure experienced a notable 3% increase in its shares on the NSE following a substantial share acquisition by GQG Partners. The investment firm acquired shares worth Rs 1,671.5 crore in GMR Airports Infrastructure. As per exchange data, GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II, through Goldman Sachs GQG Partners International Opportunities Fund, procured 28.29 crore equity shares, representing a 4.7% stake in GMR Airports Infrastructure through open market transactions. The acquisition was executed at an average price of Rs 59.09 per share, totaling Rs 1,671.55 crore. Nomura India Investment Fund Mother Fund also joined the investment trend by purchasing 6.25 crore equity shares, constituting a 1 percent stake in GMR.
Now let’s talk money…Many people invest money to meet their financial goals and fulfil requirements that fall at different stages of life. It could be as small as buying an expensive electric gadget or as big as purchasing their own house. These aspirations need funds and not everyone has the money sufficient enough to cater to their needs at one go. This requires investment strategies that can help generate funds over a period of time. Some goals can be fulfilled with fixed returns while others need higher returns to overcome the rising costs and arrange money for bigger goals like foreign education or marriage of their children. Maximising investment returns requires a strategic approach that aligns with your risk tolerance, financial goals, and investment horizon.
Additionally…The Supreme Court on Monday pronounced its landmark verdict on the petitions challenging the abrogation of Article 370, affirming the revocation of the special status previously held by Jammu and Kashmir under Article 370 of the Indian Constitution. The judgment upheld the validity of the Union government’s 2019 decision to repeal the special status. During the hearing, the court clarified that the state of Jammu and Kashmir lacked internal sovereignty, highlighting that the state government’s consent was unnecessary for the application of the Indian Constitution to the region. Notably, the court underscored the temporary nature of Article 370. The court ordered the reinstatement of Jammu and Kashmir’s statehood. Additionally, it directed the Election Commission of India to initiate measures for the Jammu and Kashmir legislative assembly elections by September 30, 2024.
In other news…JSW Steel on Monday announced that it has reported consolidated crude steel production for the month of November 2023 at 22.04 lakh tonnes, up 11 per cent in comparison to the same period last year. It had posted crude steel production at 19.94 lakh tonnes during November 2022. While the production volumes for Indian Operations stood at 21.14 lakh tonnes, up 7 per cent year-on-year as against 19.70 a year ago, the JSW Steel USA-Ohio volumes was at 0.90 lakh tonnes in comparison to 0.24 lakh tonnes the previous year. Capacity utilisation at Indian Operations level stood at 90 per cent for November’23. JSW Steel USA-Ohio volumes were positively impacted due to improved demand compared to last year, the company said in a regulatory filing.
In some exciting news…Civil Aviation Minister Jyotiraditya M Scindia laid the foundation stone for the new terminal building at Rajahmundry Airport. The event marked a pivotal moment for the region, as the ambitious project is set to redefine the airport’s infrastructure and capabilities. The new terminal, aiming for a prestigious 5-star GRIHA rating, is designed to seamlessly integrate local art, culture, and sustainable architecture. According to the Civil Aviation Minister, the new terminal will be four times larger than the existing one. The emphasis is on environmentally conscious features including thermal insulation for energy efficiency, vibrant LED lighting for an eco-friendly ambiance, and a rainwater harvesting system to replenish groundwater, reducing reliance on external water sources.
“Lastly, let’s see how the share market performed today. The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 27.70 points or 0.13% to settle at 20,997.10, while the BSE Sensex jumped 102.93 points or 0.15% to 69,928.53. Bank Nifty index ended slight higher by 52.25 points or 0.06% to settle at 47,314.25.

The broader indices ended in positive territory, with gain led by Smallcap and Midcap stocks. Media and Metal stocks outperformed among the other sectoral indices while Pharma and Healthcare stocks shed. UltraTech Cement, UPL, Adani Enterprises, Nestle India and Power Grid Cooperation were the top gainers on the NSE Nifty 50, while the laggards include Dr Reddy’s Labs, Axis Bank, Cipla, Eicher Motors and Mahindra & Mahindra.”