Top Stories | Harris concedes, Indian shares tumble, Oil steadies after election jolt, NIVA Bupa IPO, and more
After two days of strong gains, Nifty and Sensex took a breather, dropping by 1% each as profit-booking took precedence ahead of the critical US Federal Reserve’s monetary policy decision shortly.
Meanwhile, Prime Minister Narendra Modi congratulated Donald Trump on his victory in the US elections, and Kamala Harris conceded the presidential race, pledging support for the peaceful transfer of power.
On the corporate front, Mahindra & Mahindra and Lupin reported strong quarterly results, surpassing estimates, while the Niva Bupa IPO opened with significant interest from institutional investors.
The Supreme Court sent Jet Airways into liquidation, citing the failure of its resolution plan, and also revived a ₹23,000 crore tax case against major firms, including Vedanta and Adani Enterprises.
In global oil markets, prices steadied as traders gauged the impact of Trump’s win and concerns over Middle Eastern tensions.
Lastly, Hezbollah’s call for US action amidst escalating violence in West Asia adds another layer of geopolitical uncertainty.
Here are the top 10 buzzing stories from markets, business, economy, and beyond.
Nifty 50, Sensex succumb to profit-booking after two-day surge, drop 1% each
The benchmark Nifty 50 and Sensex indexes took a breather on Thursday after two days of strong gains, with profit booking weighing on the market ahead of a crucial monetary policy meeting of the US Federal Reserve.
The Federal Reserve likely will stick to the business at hand when it wraps up its meeting Thursday with another interest rate cut, but will have its eye on the future against a backdrop that suddenly has gotten a lot more complicated, the CNBC reported earlier in the day.
The Nifty 50 index fell 285 points, or 1.2%, to close at 24,199, while the Sensex shed 836 points, or 1.0%, to end at 79,542.
PM Modi congratulates Donald Trump on election victory, both leaders pledge cooperation for world peace
In a phone conversation following Donald Trump's decisive victory in the Congressional elections, Indian Prime Minister Narendra Modi congratulated the US President and praised the performance of the Republican Party.
PM Modi expressed his enthusiasm for the renewed collaboration between India and the United States, adding that he looks forward to working closely with President Trump once again.
During the discussion, both leaders highlighted their commitment to promoting global peace.
President Trump, reciprocating PM Modi’s warm wishes, expressed his admiration for India, calling it a “magnificent country” and describing PM Modi as a “magnificent man.”
US Election Results: concedes election to Trump, urges fight for ideals
Vice President Kamala Harris told supporters to accept her election loss at the hands of President-elect Donald Trump but urged them to keep fighting for the ideals she espoused in her campaign as she publicly conceded the 2024 presidential race.
“I know folks are feeling and experiencing a range of emotions right now. I get it. But we must accept the results of this election,” Harris said Wednesday at Howard University in Washington, making her first public remarks since Trump carried out one of the most stunning political comebacks in US history.
“Earlier today, I spoke with President-elect Trump and congratulated him on his victory,” she added. “I also told him that we will help him and his team with their transition and that we will engage in a peaceful transfer of power.”
Trump’s 'America first' policy ignores global economic realities, says expert
Donald Trump's return to the White House as America's 47th President is set to disrupt the world order, yet again. This means America’s trade partners would need to strategise how they would deal with Trump, a man known for his tariffs and as someone who does not go by the rule book. Donald Trump has pledged to impose 10-20% tariffs on all imports to the USA. When it comes to China, Trump has vowed to impose a 60% tariff.
Oil steadies after election jolt as traders weigh Donald Trump’s impact
Oil steadied after a roller-coaster session on Wednesday as traders weighed the likely impact of Donald Trump’s election victory, and a build in US crude inventories.
West Texas Intermediate traded below $72 a barrel after swinging in a near-$3 arc in the previous session to end slightly lower, while Brent closed near $75. Trump’s election as US president spurred the biggest jump in the dollar since September 2022, pressuring commodities. Meanwhile, commercial crude stockpiles rose 2.15 million barrels to the highest since August.
Crude has had a volatile year, buffeted by tensions in the Middle East, OPEC+ supply policy, as well as a weakening demand outlook in top importer China. A Trump administration is expected to be more positive toward the nation’s oil producers, while it may also rejig sanctions policy and enforcement, potentially seeking to curbs flows from major producer Iran.
Hezbollah urges US to act, not just talk, as violence escalates in West Asia
Hezbollah has voiced support for international efforts to end the ongoing conflict in Lebanon but remains deeply skeptical of US diplomacy, particularly with the return of Donald Trump to the White House.
In a statement on Thursday, November 7, Hezbollah lawmaker Ibrahim al-Moussawi emphasized that while political leadership in the US may change, its stance on Israel remains largely unchanged. "America is a full partner in this conflict, as it holds the power to influence and halt this destruction," Moussawi asserted.
US attempts to mediate a ceasefire between Israel and Hezbollah, including a proposed 60-day truce, faltered ahead of the US elections. With Trump’s return to power, Moussawi believes Israeli Prime Minister Benjamin Netanyahu may be emboldened to adopt even more aggressive strategies against Hezbollah.
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M&M Q2 tops estimates; SUV volumes rise 18%, FY25 tractor growth outlook raised
Mahindra & Mahindra Ltd. on Thursday, November 7, reported a healthy set of September quarter earnings, where its net profit surged by 13% to ₹3,841 crore, which is higher than the CNBC-TV18 poll of ₹3,405 crore.
Revenue for the quarter increased to ₹27,553 crore, which is higher than expectations of ₹26,942 crore from a CNBC-TV18 poll.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 4% to ₹3,903 crore. The expectations on this front stood at ₹3,747 crore.
Lupin beats Q2 estimates with 74% profit surge, margin expansion
Lupin Limited delivered a strong financial performance for the second quarter, surpassing market expectations. Net profit for Q2 stood at ₹852.6 crore, comfortably beating the CNBC-TV18 poll estimate of ₹746.7 crore.
Revenue came in at ₹5,672.7 crore, outpacing the forecasted ₹5,564.8 crore, while EBITDA reached ₹1,340.4 crore against an expected ₹1,220.4 crore.
The company’s EBITDA margin also outperformed estimates, coming in at 23.6% compared to the 22% anticipated by analysts.
On a year-on-year basis, Lupin’s net profit surged 74.4%, up from ₹489 crore in Q2 of the previous fiscal year, reflecting the company’s solid operational gains.
Niva Bupa IPO opens today: Should you subscribe to the ₹2,200 crore issue?
Niva Bupa Health Insurance Company Ltd. has garnered approximately ₹990 crore from anchor investors ahead of its initial public offering that opens for public subscription on Thursday, November 7, 2024.
Foreign and domestic institutions who participated in the anchor included Amansha Holdings, Zulia Investments, A91 Emerging Fund II LLP, Nippon Life, Tata Balance Advantage Fund, Axis Mutual Fund, Morgan Stanley Investment Fund amongst others.
Supreme Court sends Jet Airways into liquidation, says 'no other choice' as JKC resolution plan failed
The Supreme Court on November 7 ruled that grounded airline Jet Airways must be sent to liquidation as there is sufficient ground to hold that Jalan Kalrock Consortium (JKC) failed to implement its resolution plan.
Jet Airways, “thought fit and necessary to direct for liquidation” by the Supreme Court, is the second major airline to fall post-GoFirst. The top court said that the resolution plan is no longer capable of implementation and that liquidation must be available to lenders as a last resort.
The successful resolution applicant JKC failed to implement the resolution plan as it did not infuse ₹350 crore, the court noted, and that employee dues of ₹226 crore have also not been paid, as per the resolution plan.
Big win for Finance Ministry as SC revives ₹23,000 cr DRI notices against Vedanta, TVS, 11 others
In a big win for the Union Finance Ministry, the Supreme Court on November 7 potentially revived Directorate of Revenue Intelligence (DRI) notices worth ₹20,000 crore to ₹23,000 crore against 13 companies including Vedanta, Vodafone Idea and Adani Enterprises, among 10 others.
The top court has overturned its 2021 order and held that DRI officers have the power to issue notice for recovery of customs.
In 2021, the court had stripped DRI’s power to issue notices for recovering customs dues, which led to the quashing of notices.
FMCG sector grows 5.7%, rural grows twice as fast as urban in July-Sept quarter: NielsenIQ
India’s FMCG sector registered a growth of 5.7% for the July to September quarter of 2024, data from consumer intelligence firm NielsenIQ (NIQ) shows. According to NIQ’s FMCG Quarterly Snapshot, the industry recorded a volume growth of 4.1% and a price growth of 1.5%.
Rural areas grew twice as fast as urban ones, with urban areas seeing a marginal growth of 2.8% compared to 2.1% in the previous quarter, while rural areas saw a growth of 6%, up from 5.2% in the last quarter.
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