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Impact Analysis |
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- November 2025 merchandise trade deficit narrows to $24.53 billion
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- While the imports were almost stagnant for the month, the exports surged sharply, despite US tariff pressures
- The strong services surplus momentum meant that overall deficit for the month was comfortable at just $6.6 billion
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- Indian rupee continued to weaken during the week, crossing ₹91/$
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- Rupee weakened amidst FPI selling, delays in Indo-US trade deal, NDF market selling, and surge in hedging pressures
- A lot will now depend on the level at which the RBI intervenes to defend the rupee and the aggression that RBI deploys
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- FPIs were net sellers in Indian equities to the tune of $1.96 billion in H1-Dec25
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- The selling was most pronounced in sectors like BFSI, IT, Healthcare, FMCG, capital goods and telecom
- FPI buying was quite sporadic and was largely concentrated in sectors like oil & gas and the metals & mining sectors
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- WPI inflation for November hardened from -1.21% to -0.32%
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- The bounce in WPI inflation is almost in sync with consumer inflation, which also bounced from 0.25% to 0.71%
- The good news for Indian industry is that the manufacturing WPI with 64.2% weightage is decisively lower at 1.33%
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- Bank of Japan hikes benchmark rates by 25 basis points to the level of 0.75%
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- This hike, under BOJ governor Ueda, takes Japanese interest rates to the highest level seen since the year 1995
- There are concerns in the market that the sudden hardening of the Yen could resulting in unwinding of carry trades
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- RBI MPC minutes express concerns over rupee and imported inflation
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- The rate cut has weakened the rupee in the last 2 weeks, but that was the risk that the MPC has taken consciously
- While there has been consensus on the December rate cut, further rate cuts would be a lot more deliberated
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- Adani Airports plans to invest ₹1 trillion by the year 2030, ahead of its IPO
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- Adani Airports Ltd operates the current Mumbai airport as well as the proposed airport coming up soon in Navi Mumbai
- Adani Airports has indicated that the airports business may be hived off from Adani Enterprises ahead of its upcoming IPO
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- Finance Minister indicated that debt reduction will be the focus from FY27
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- That is, probably, a signal that the overall fiscal deficit and the debt levels could spiral slightly off targets in FY26
- That was not entirely unexpected as India has been trying hard to boost domestic growth amid global import tariffs
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- L Catterton India, the PE fund, has picked up a stake in Haldiram
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- This makes L Catterton the fourth institutional investor in Haldiram, with Temasek investing over $1 billion in Haldiram
- The Temasek deal has valued Haldiram at $10 billion, while Catterton brings its deep consumer insights to Haldiram
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- Jefferies has initiated a buy call on Groww with 26% upside target
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- According to Jefferies, the next big growth surge for Groww would come from lending and wealth management verticals
- Groww holds more than ₹1.10 trillion for customers in MFs and that can be leveraged for more revenue generation
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- Meesho saw a price correction on Friday, after doubling from its IPO price
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- UBS appears to be very positive on Meesho, even calling it a cash generating powerhouse through hefty ad margins
- Meesho, unlike the other ecommerce platforms, is more into Tier-2 cities and also has a lower price offering on average
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- Piramal Finance to sell ₹600 crore stake in Shriram Life Insurance to Sanlam
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- Piramal Finance is looking to monetize non-core assets, giving 38% stake in Shriram Life Insurance to Sanlam
- Post the deal, Sanlam’s stake of 38% in Shriram Life Insurance will be second only to Shriram Finance’s 47% stake
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- Ather Energy plans to foray into auto insurance selling via corporate agency
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- This move is aimed at boosting its margins and making a full offering, with focus on EV-specific insurance products
- EVs are a recent and unique offering and the idea is to package insurance as an adjunct in a more customized way
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- Adani Group outlines plans to set up a nuclear plant in state of Uttar Pradesh
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- The total nuclear capacity of this plant will be 1,600 MW, divided into 8 small modular reactors of 200 MW each
- India is likely to see a massive expansion in power demand, largely led by power-intensive AI related activities
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- MUFG of Japan has finalized investing ₹39,618 crore into Shriram Finance
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- The deal will be through a preferential issue of shares, which will give MUFG of Japan 20% stake in Shriram Finance
- The stake dilution will happen through the issue of fresh shares, so the capital infusion will help expand the book
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- AMC stocks surged during the week on higher cap set by SEBI for AMC charges
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- The original proposal was to cut brokerage fees from MF clients to 2 bps, which has now been raised to 6 bps
- Many mutual funds had protested that such a sharp cut in the brokerage rates would impact the quality of research inputs
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- Reliance Consumer acquired Udhaiyam Agro to consolidate its South food play
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- Udhaiyam is a big player in the food segment in South India; and competes with TCPL, Orkla India, and ID India
- The transaction is estimated at ₹668 crore, and the brand is very popular for its nutrition-based food products
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- Users have to get ready for higher telecom tariffs in the new year
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- The price hikes are likely to be across Airtel, Jio, and Vodafone Idea, with an average hike in tariffs of around 20%
- Telecom companies are now trying to monetize the customer base and also recoup some of the investments made in 5G
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- US CPI inflation came in lower at 2.7%, but core inflation fell to 2.6%
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- This data point has to be seen in consonance with the spike in the rate of unemployment to 4.6% in November 2025
- The higher rate of unemployment and the lower consumer inflation in the US make a strong case for more Fed rate cuts
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- ICICI Pru AMC becomes the fourth most heavily subscribed IPO in India
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- ICICI Pru ranks behind Reliance Power, Hyundai India, and Bajaj Housing Finance in terms of investor interest
- While ICICI Pru saw investor interest of ₹2.99 trillion, Reliance Power at ₹7.18 trillion still holds the record for last 18 years
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- The IPO of KSH International got just 87% subscriptions at close of the IPO
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- While the HNI / NII subscription was 44%, retail was 91%, with only the QIB portion at 1.12X, helping the IPO sail through
- Unlike other IPOs, the stock did not manage to attract heavy HNI and QIB interest on the last day of the IPO
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