5 Aug, 2024 – 11 Aug, 2024 Week That Was

Markets in Focus
Global Markets
The major indexes closed modestly lower for the week after recovering from the
biggest sell-off in nearly two years. The S&P 500 Index neared correction territory
(down over 10%) on Monday morning, when it fell as much as 9.71%. Around the
same time, the Nasdaq Composite was down 15.81% from its peak, after entering a
correction the previous Friday. By the end of the week, Japan's Nikkei 225 and TOPIX
Index recouped some losses, ending down 2.5% and 2.1%, respectively. In China, the
Shanghai Composite fell 1.48%, while the Hang Seng Index gained 0.85%.
Domestic Market
Indian stocks slightly declined. The benchmark Nifty 50, which repeatedly rose to
record levels in July, fell for the week. On Thursday, India’s central bank left its
benchmark interest rate unchanged at 6.5%, in line with forecasts, and maintained its
relatively hawkish policy stance. Inflation in India surpassed 5% in June, above the
central bank’s 4% target, leading many economists to push out their rate cut
projections to later this year. However, some economists believe that any rate cuts in
India will only happen after the Fed cuts rates in the U.S.

Sectors in Focus BFSI

Automobile Declining bank deposits raise concerns on NBFC's fund raising capacity
Honda and Yamaha strengthen their two-wheeler partnership in Japan
As a CareEdge Ratings anticipated that the credit-deposit ratios may pose
Yamaha Motor Co and Honda Motor Co have announced that they a concern to the NBFCs.The report by the rating agency added that enhanced
have reached an agreement for Honda to supply Yamaha with regulatory supervision will lead to higher compliance costs. Finance minister asks
electric two-wheeler models for the Japanese market, based on the
banks to focus on core business and bring innovative products to increase deposits
Honda ‘EM1 e:’ and ‘Benly e: I’ Class-1 category models, as an OEM.
FPIs turn net sellers; withdraw Rs 13,400 crore from equities in Aug
After a silent debut, Ola Electric shares surged 20% on the first day
Ola Electric made a silent debut on the exchanges with its shares getting listed at par Going forward, if the market continues to rise, FPIs are likely to press more sales since
against its issue price of Rs 76 on the BSE. However, post-listing, it witnessed strong Indian stock valuations continue to remain elevated, particularly in relation to
buying and hit a 20% upper circuit limit on Friday. The stock ended the session at Rs valuations in other markets, V K Vijayakumar, Chief Investment Strategist, Geojit
91.19 apiece and its market capitalisation surpassed the Rs 40,000 crore mark. Financial Services, said

Energy & Metal Telecom

Adani continues power supply to Bangladesh Govt mulls handing over MTNL operations to BSNL; merger unlikely
Adani Power Ltd has stated that it maintained uninterrupted power The government is considering an agreement to transfer the
supply to the BPDB, even amid ongoing political unrest. The supply operations of Mahanagar Telephone Nigam Ltd (MTNL) to Bharat Sanchar
aligns with BPDB's schedule and their power purchase agreement. Nigam Ltd (BSNL) instead of pursuing a merger, according to a source familiar
Adani Power Jharkhand delivers 1496 MW of power from its ultra- with the matter. A decision on this is expected within a month.
supercritical thermal power plant in Godda, Jharkhand. Airtel pays Rs 6,857 cr to buy 97 MHz of spectrum
India likely to miss 2030 wind energy goals Bharti Airtel acquired 97 MHz of spectrum for Rs 6,857 crore in the recent auctions
India's wind installations have grown over the past three years but fall short of the that concluded swiftly after seven rounds. This purchase includes renewing expiring
2030 target of 110 GW, requiring 9.3 GW annual additions from 2024. A report licenses and enhancing its mid-band spectrum in key circles, solidifying Airtel's
shows national targets globally would only double wind capacity by 2030, falling position with the largest mid-band spectrum pool in India. Bharti Hexacom, Airtel's
short of the required tripling to meet climate goals. subsidiary, bought an additional 15 MHz for Rs 1,001 crore.

Healthcare & Pharma IT & E-Commerce

Chinese robotaxi firm WeRide eyes $5 billion valuation in US IPO
Hospital chain Medanta lines up Rs 1,200 crore for Mumbai entry China-based autonomous driving startup WeRide said on Friday it
Global Health, operator of Medanta hospitals, is set to build a was seeking a valuation of as much as $5.02 billion in its initial public
500-bed super specialty hospital in Mumbai with an investment of offering in the United States.WeRide is aiming to raise as much as $119.4
₹1,200 crore. The project, funded equally by debt and internal million by offering 6.45 million American depositary shares at a price range
accruals, will be completed in 3-4 years. of $15.50 and $18.50 per share.
E-commerce Hiring Spree: 10 Lakh Gig Workers for Festive Season
Fortis Healthcare to buy out PE funds from diagnostics arm Agilus
E-commerce sector is likely to hire 10 lakh gig workers and 2.5 lakh
Fortis Healthcare has acquired a 34% stake in Agilus Diagnostics from private contractual staff during the upcoming festive season to cater to surge in
equity firms Jacob Ballas and IFC. This transaction valued Agilus at around demand, TeamLease Services said on Thursday. The e-commerce industry is
₹5,000 crore and increased Fortis's holding from 57% to 91%. poised for a 35 per cent surge in sales during the upcoming festive season

Retail & Consumer Goods Infrastructure

Bangladesh Crisis: FMCG majors swing into action Investment of Cr. 50655 for 8 National High-speed corridors
Indian consumer goods companies have paused their operations in India introduces 8 national high-speed road corridors spanning
Bangladesh following violent protests. Bangladesh contributes 1-5% to 936 km to enhance logistics efficiency, reduce congestion, boost tourism and
revenues for Dabur, Godrej, Britannia and Emami. Marico aims to reduce improve connectivity nationwide by increasing traffic capacity by over five
reliance on Bangladesh from 51% to under 440% by FY2027. times.
Godrej Consumer Q1 Results: Consolidated PAT jumps 41% YOY to Rs.451 crores Aatmanirbhar Shipping: Cut foreign dependency & boost maritime industry
The total net sales increased by 9% y-o-y to Rs 2,140 crore. The home care In a notable update for India’s maritime sector, Union Minister of Ports,
category grew at 8% YoY, personal care at 6% yoy. The proposed pet food business Shipping, and Waterways, outlined the government’s efforts to enhance
will be undertaken by a new subsidiary of GCPL, Godrej Pet Care, where it will self-reliance in shipping. These initiatives are central to a strategy aimed at
boosting domestic capabilities and reducing reliance on foreign entities.
invest Rs 500 crore for operational expenses, category development.
*Click on the headlines to find the attached news articles