Let’s begin. Slowing global activity, domestic monetary conditions, and sticky commodity prices will push the Indian economy to a soft landing in FY24, but it will still perform better than peer economies, according to analysts at Barclays. Amid a volatile environment, Barclays analysts have forecasted India’s GDP growth at 7 per cent in FY23, before declining to 6 per cent in FY24. The downgrade in GDP growth is accredited to a dragging manufacturing activity and weaker exports. Global economic instability, through trade and financial channels, is bound to trigger some negative spillovers on the Indian economy. However, despite the various policy and supply shocks to growth and inflation, India has been able to maintain momentum in the economy, said Rahul Bajoria, chief India economist, Barclays. Bajora said, “Indeed, there are several domestic factors that make us confident that India can achieve GDP growth of at least 6% pa over 2022-2023, even as the rest of the world slows.”
After the launch of four IPOs this week, Dalal Street is set to witness more IPO action next week as well. Three more IPOs of companies including Archean Chemicals Industries Ltd, Five Star Business Finance Ltd and Kaynes Technology India Ltd will open for subscription next week to cumulatively raise around Rs 4,280 crore. Archean Chemicals IPO and Five Star Business IPO will both open for subscription on Wednesday and close on 11 November, while their anchor books open on Monday. Shares of these companies will be listed on exchanges on 21 November. Meanwhile, Kaynes Technology IPO will open on 10 November and conclude on 14 November. Note that three more IPO may hit the primary market in mid-November. Uniparts India Ltd, Landmark Cars Ltd and Premji Invest-backed Gold Plus Glass Industries Ltd are expected to announce IPO dates, and price bands next week.
Meanwhile, Servotech Power Systems has bagged a Rs 46.2 crore order from Bharat Petroleum Corporation Ltd for supplying and installing a series of EV Chargers at different locations across the country in the next four months. The project to supply and install 800 units of DC fast EV Chargers has already been initiated from Delhi and is expected to be completed by March 31, 2023, a company statement said. The project will span across the country, equipping petrol pumps in major Indian cities with EV Charging capabilities on its course. As part of this project, Servotech will take care of installation, commissioning, and maintenance of DC fast chargers at a range of locations involving BPCL’s retail sites and fuel and gas stations, as suggested by BPCL.
Moving on. The total trade volume of Indian Energy Exchange dipped 13 per cent to 7,972 million units in October compared to a year ago. The Indian Energy Exchange achieved 7,972 million units volume in October 2022, including Green Power trade of 403 MU, and 3.58 lac RECs, an IEX statement said. It stated that the total volume on the Exchange in October’22 was lower by 13 per cent on YoY (year-on-year) basis due to high volume base of last year, and lower by 2 per cent on MoM (month-on-month) basis due to reduced REC (Renewable Energy Certificate) trading. Improved supply of domestic coal led to easing of supply side constraints, resulting in decline of prices on the IEX, it explained.
In other news, NourishCo Beverages, the maker of Himalayan packaged water, premium honey and preserves, and ready-to-serve fruit drinks, and 100% subsidiary of Tata Consumer Products Ltd is betting on the unorganised nature of the beverages segment in India and is looking to launch products which cater to local tastes and are differentiated in terms of innovation from what the peers in the market do. Vikram Grover, managing director, NourishCo Beverages, Tata Consumer Products told FE that the company is looking at expanding its current portfolio of products, which is small at present. He said they have a small portfolio of products and portfolio expansion as a strong opportunity for growth. This comes on the back of highly differentiated launches and products to India.
On to the auto sector, Bengaluru-based EV start-up, Ola Electric, has announced that the company has rolled out the 1,00,000th electric scooter from its all-women-run Futurefactory located in Krishnagiri, Tamil Nadu. The EV maker commenced mass production in late November last year and managed to achieve this milestone in just 11 months. Ola Electric’s current product portfolio includes the S1 Air, S1, and S1 Pro electric scooters.
Lastly, the share market. Indian benchmark indices closed in green amid mixed global cues. NSE Nifty 50 rose over 70 points to trade above 18,100 levels, whereas BSE Sensex was up over 150 pts at 60,979 levels.