Business News at 05:30 pm on 14th December 2023

Let’s begin…India’s November wholesale price climbed for the first time in eight months on costlier food, validating the central bank’s worries on stickier inflation. The wholesale price index (WPI) climbed 0.26% from a year ago period, the trade ministry said, against the median estimate of 0% in a Bloomberg survey of 21 analysts. Producer prices contracted 0.52% in October. The producer price reading follows a jump in consumer prices, which were driven by higher food costs. The ministry said the rise in WPI was, quote “primarily due to increase in prices of food articles, minerals, machinery and equipment, computer, electronics and optical products, motor vehicles, other transport equipment and other manufacturing,” unquote.

Next up, IndiGo, India’s largest airline, has elevated its position to become the sixth-largest airline, surpassing United Airlines. This development comes six months after IndiGo initially secured a spot in the world’s top 10 airlines. As of the market close on Wednesday, December 13, InterGlobe Aviation, the parent company of IndiGo, boasts a market valuation of $13.8 billion. This figure places it approximately $310 million ahead of United Airlines, according to the data. Notably, in 2023, IndiGo’s shares have exhibited an impressive return of nearly 50%, while United Airlines, headquartered in Chicago, experienced a more modest gain of 9% during the same period. IndiGo’s market valuation has witnessed a three-fold surge since its listing.

Moving on, HPL Electric and Power Ltd. announced that it has won smart meter orders worth Rs 545 crore from various prestigious customers in the normal course of business. This achievement, it said, marks a significant stride in HPL’s journey, further solidifying its market share in the competitive smart meter arena. The order is indicative of HPL Electric’s continued growth trajectory and promising future in the industry. This order, the company added, is a milestone in HPL’s journey and a strong indicator of its promising future in the smart metering industry. HPL manufactures a diverse portfolio of electric equipment, including metering solutions, switchgear, lighting equipment and wires and cables, catering to consumer and institutional customers in the electrical equipment industry.

In other news, Tata Technologies, a global product engineering and digital services company has inaugurated its first innovation centre in Coimbatore, focused on solutions for global customers through development, testing, and integration of vehicle software. The company says its vision of engineering a better world embodies a commitment to enabling global automotive OEMs and Tier-1s to develop software-defined vehicles and e-mobility solutions through innovations across the product value chain — from conceptual design to aftersales service. The Coimbatore centre will provide new opportunities for local talent to work on global projects, upskill in vehicle software areas and innovate solutions across the automotive value chain.

Now let’s take a look at news from the world of Railways, The Indian Railways has announced that it will be running special trains to clear rush amid the ongoing Sabarimala Festival, starting December 15. The Southern Railways took to X, formerly Twitter, to announce the news and share the time table of the trains that will be operated to ease the rush of passengers. The announcement said that the Railways will operate Vande Bharat Sabari special trains between Chennai Central and Kottayam. As per the post, Train No 06151 MGR Chennai Central-Kottayam Vande Bharat Special will leave MGR Chennai Central at 4:30 am and reach Kottayam on the same day at 4:15 pm on December 15, 17, 22 and 24.

Additionally, Railways Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday via a written reply that four categories of people with disabilities are offered concessions in passenger fare from the Indian Railways. The minister’s answer came in response to a query by JD(U) MP Sunil Kumar Pintu, who had inquired about the government’s position on fare concessions for differently-abled individuals. Pintu questioned whether autistic people have been excluded from the Railways concession list, despite autism being recognised as a disability. Vaishnaw highlighted that the government provided a subsidy of Rs 59,837 crore on passenger tickets in the fiscal year 2019-20, resulting in an average concession of 53 per cent for every person traveling on Railways.

Lastly, let’s walk the stock market street, Inox India IPO opened for public subscription today and will close on Monday, December 18, 2023. The bidding for anchor investors concluded on Wednesday, wherein the company collected Rs 437.80 crore. The price band for its public issue at Rs 627-660 per equity share of face value Rs 2 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 1,459.32 crore from the IPO. Ahead of the public issue, Inox India shares’ GMP rose 67.42% over the upper end of the share price on offer. The IPO comprises Offer-For-Sale (OFS) with promoters offloading 22,110,955 equity shares Rs 1,459.32 crore.