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Impact Analysis |
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- India core sector growth came in flat at 0.0% for month of October 2025
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- The fall in core sector growth has been sharp in last 2 months, with maximum pressure coming from coal and electricity
- While fossil fuel baskets have been under pressure, even the bellwethers like steel and cement saw growth slowing
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- November Fed meeting showed that the FOMC was deeply divided on rates
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- Only 3 FOMC members (Miran, Waller, and Bowman) wanted more rate cuts; while others were neutral or hawkish on rates
- The CME Fedwatch is indicating a low probability of rate cuts in December 2025, with overall 2 rate cuts likely in year 2026
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- US unemployment for September 2025 inched up by 10 bps to 4.4%
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- This data was to be announced in early October and comes nearly 45 days late on account of the US shutdown
- While non-farm payrolls for September are better, the revised August data saw contraction in jobs creation by US businesses
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- The ₹18,000 crore Infosys buyback opened on 20-Nov and closes 26-Nov
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- A total of 10 crore shares will be bought back by Infosys at ₹1,800 per share, with record date of 14-November
- The big challenge for higher income groups is the tax impact, with proceeds taxed at peak rate and cost being capital loss
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- India October merchandise trade deficit touches a record high of $41.6 billion
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- While exports were under pressure, goods imports surged, largely led by nearly $15 billion worth of gold imports
- While services exports were still robust, it was not able to offset the goods deficit, implying higher CAD in Q3FY26
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- Indian companies sit on huge cash pile, but capex plans still fairly tentative
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- As of end Q2FY26, Indian companies were sitting on ready cash of ₹14.2 trillion, via profit growth and other income
- While many big companies have plans to reduce debt, private sector is still not too enthusiastic about capital spending
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- During the week, 4 out of 5 mainboard IPOs closed at a premium on listing day
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- Among strong listings, EMVEE Photo closed Day-1 up +1.11%, Tenneco Clean Air +23.6%, and PhysicsWallah +42.4%
- On the downside, Fujiyama closed Day-1 lower -8.6%, while Capillary Tech listed lower but ended Day-1 up +4.2%
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- India PMI Manufacturing slips to a 9-month low in November 2025
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- This weak PMI was mainly triggered by private sector output growing at the slowest pace in the previous six months
- A sharp fall in factory production for the month of November raises serious doubts of whether GDP growth can stay robust
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- IMF cuts G20 growth outlook; expects the weakest GDP growth since 2009
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- Global growth is likely to taper to around 2.9% by 2030 due to the impact of rising protectionism and policy uncertainty
- However, the IMF report pointed out that the emerging markets across Asia, and Latin America would grow near 4%
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- SEBI to take up unbundling brokerage for MFs in December board meet
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- This was proposed in a policy paper by SEBI to ensure that MF investors are not forced to pay MFs for institutional research
- Since most investors are already paying advisory fees to their brokers, making them pay for research is double charging
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- Meesho plans to launch IPO in Dec-25 at ₹52,500 crore indicative valuation
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- Meesho plans to raise ₹4,250 crore through fresh issue and an offer for sale (OFS) over and above that by early investors
- The fresh funds will be used for investing in the cloud related infrastructure as well as for marketing and branding expenses
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- USDINR hits all-time low of ₹89.48 in the week as US dollar index rallies
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- The rally in the dollar index was triggered by Fed rate cuts being ruled out in 2025 as well as the end of US shutdown
- The rupee was also hit by hedging pressure from the banks as the prospects of trade deal with the US get more back-ended
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- In a major revamp of labour laws, now employees can get gratuity after 1 year
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- This is in sharp contrast to the current need to stick on for 5 years before the employee can be eligible for gratuity payout
- However, companies are not too happy as they will end up paying large sums to employees who hop jobs regularly
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- Indian companies have seen a 7% rise in debt as of the end of Q2FY26
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- The total debt of the sample of nearly 3,600 Indian companies stands at ₹56.35 trillion, with net debt rising to ₹42.16 trillion
- The top 430 companies accounted for 77% of this debt rise, even as 32 companies turned debt free in the last 6 months
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- India defence output in FY25 touches a record ₹1.54 trillion with 15.3% exports
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- While the PSU defence companies dominate the defence output, it is private sector that dominates defence exports
- In FY25, Defence Ministry gave 193 contracts worth ₹2.09 trillion of which of ₹1.69 trillion went to Indian companies
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- Big Short Michale Burry dismisses the NVIDIA results as a big AI bubble
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- According to Burry, NVIDIA is spending billions buying back its own shares, but the impact of that is not being accounted for
- According to Burry, if the correct costs of the stock buyback scheme were accounted, then earnings would almost halve
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- TCS and TPG tie up for $2 billion data centre plan; with equal investments
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- The data centre will be eventually scaled up to Gigawatt-scale and TCS is in the process of identifying the locations
- It will be a logical bet for TCS, which is looking at gigawatt scale infrastructure that can boost its own big-data plans
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- Kotak Mahindra Bank board approves split of shares in the ratio of 5:1
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- After the split, the 280 crore outstanding shares of the bank will become 1,400 crore shares, at about a fifth of the price
- While stock splits tend to be value neutral, they help create value in the long run by making the price point more popular
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- L’Oreal of France will set up one of its biggest GCCs internationally in India
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- The Global Competency Centre (GCC) will support technology, research, and innovation mandates for the L’Oreal group
- GCCs have become big in India with global companies not only outsourcing routine processes, but also high-end processes
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- Merchant bankers rake in over ₹375 crore in fees from just 3 IPOs
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- This big-ticket IPOs of Groww, Lenskart, and Physicswallah generated fees of between ₹100-150 crore each in IB fees
- In the overall payout of costs done by IPO issuing companies, the merchant banker fees alone added up to a huge 55%
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- Adani Enterprises will be officially taking over Jaiprakash Industries
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- While their bid of ₹13,500 crore is lower than Vedanta, the COC preferred Adani bid due to the larger upfront payment
- Others like Dalmia Bharat, Jindal Power, and PNC were also in the fray; apart from the 2 main contenders for the acquisition
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