- Retail inflation hits 3-month high in November on food prices: Annual retail inflation rose to 5.55% in Nov from 4.87% in Oct. Due to higher food prices, strengthening expectations that the central bank will not ease interest rates anytime soon.
- Oct industrial output rises at fastest pace for 16 months: India's industrial output rose 11.7% year-on-year in October, the fastest pace in 16 months and beating expectations. Infrastructure goods and capital goods grew 11.3% and 22.6%, respectively. Consumer durables - goods that don't wear out quickly - rose 15.9% in October, against an 18.1% contraction in the same month last year.
- Fed flags end of rate hikes, sees lower borrowing costs in 2024: The Federal Reserve held interest rates steady and signaled in new economic projections that the historic tightening of U.S. monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024.
- US economy still resilient as retail sales beat expectations, layoffs stay low: Retail sales unexpectedly rose in November as the holiday shopping season got off to a quick start amid deep discounting, likely keeping the economy on a moderate growth path this quarter and further easing fears of a recession.
- China central bank boosts liquidity offering via policy loans, rate unchanged: China's central bank ramped up liquidity injection but kept the interest rate unchanged when rolling over maturing medium-term policy loans, matching market expectations.
- ECB resists rate cut bets with pledge to stay tight: The European Central Bank held rates at record highs despite lower inflation expectations. In a contrast to US tone, ECB President highlighted that inflation would soon rebound and price pressures remain strong.
- Argentina inflation tops 160% spotlighting challenge for Milei: Argentinas inflation rate hit 161% in November, with the sky high consumer prices sapping residents’ purchasing power and fueling rising poverty. Inflation is expected to climb faster in the months ahead after Milei's government devalued the peso over 50% this week, part of a wider shock package he hopes will eventually stabilize the economy that's mired in its worst crisis in decades.
- Sensex Powells past 70,000 after Fed signals 3 rate cuts in 2024: Indian equities zoomed to new highs on Thursday with the Sensex closing above 70,000 for the first time as Dalal Street joined the global cheer around the US Federal Reserve’s signal to cut interest rates in 2024.NIFTY 50 index has now hit a record high in 8 of the 10 sessions so far this month. Its 5.21% gain over this period is almost equal to the 5.52% increase over the whole of last month, which was its best since July 2022.
- Fed’s hold on policy rates spurs rally, IT and Banks gain: IT stocks rallied higher as the US interest rate cuts going ahead could lead to a better growth outlook for Indian IT companies. The Indian IT sector has historically been dependent on the United States and Europe for business. Investors are betting that lower interest rates may encourage companies there to revive their technology spending.
- PI Industries fall deepens on fear of rising competition: Shares of the chemical manufacturer have fallen sharply in recent days after Chinese Company Rainbow Agro entered the pyroxasulfone market with 2,000-tonne project approval thereby raising concerns among investors about potential adverse effects on PI Industries' revenues tied to pyroxasulfone.
- IPO rush ahead of FPI holiday season, market to raise nearly Rs 8,000 cr: More than half a dozen companies will hit the market with their initial public offerings (IPOs) between now and the end of next week. The cumulative amount raised from these IPOs is expected to be around Rs 8,000 crore. These companies will break a jinx of sorts seen during the December preceding a General Election year.
- IndiGo flies past United Airlines to be 6th largest carrier in market value: The InterGlobe Aviation shares crossed Rs 3,000 for the first time, marking their longest winning streak since it went pubic in 2015. The stock traded in the green for 12 straight sessions, yielding a 16% return since November 28 and jumped over 49% so far this year.
- Mazagon Dock shares soar 5% on Rs 1,145-cr order win from ONGC: Mazagon Dock is one of the top-performing defence and shipping stocks of 2023, as it has given tripledigit returns year-to-date. In the last six months, the stock has doubled investors' money, gaining up to 103%.
- COP28 agrees to move away from fossil fuels: COP28 provided a level-playing field to India towards the usage and growth of coal against oil and gas used by developed nations. India has been consistent that coal will remain a key component for meeting the country’s growing energy demand while renewable energy capacity will be scaled keeping in mind the transitioning to cleaner sources of power.
- Adani’s new copper foray to further tighten world’s ore supply: Adani's copper plant in India, set to launch in March, will spike ore imports, impacting global supply. The 500,000-ton facility amplifies India's copper output by 80%, coinciding with a global ore shortage due to closures elsewhere. India's import could hit 2 million tons in 2024, straining an already tight market, driven by rapid smelting growth in China and India. The plant's potential to double capacity will fuel India's demand amid the shift to renewable energy.
- Tata Capital eyes fashion brand Rare Rabbit at $300 mln valuation: Tata Capital is looking to purchase a roughly 13% stake in premium domestic fashion brand Rare Rabbit at a valuation of $300 million, as it seeks to bet on the country's affluent shoppers. Its investment interest comes at a time its rivals such as Reliance are also gravitating towards premium fashion offerings.
- SpiceJet to raise $270 mln as grounded fleet weighs on results: SpiceJet wants to sell shares and warrants to help revive its 25 grounded planes that continue to weigh on the cash-starved low-cost carrier's financial results. It believes the fundraise, the largest of its three this year, will help clear some unpaid dues besides restoring its fleet, which has 91 planes as of June 2023.
- Passenger vehicle wholesales grow 4% in November: Passenger vehicle dispatches from companies to dealers rose to 3,34,130 units last month, the best ever figure for the month of November, from 3,22,268 units in same month last year.
- Tata Motors recorded its highest-ever monthly retail sales in November: On the back of robust demand for its sports utility vehicles amid the festive period, the automaker retailed around 53,000 units in November, which was 8% higher as compared to October this year and 30% up as compared to sales in November 2022.
- Adani Ports to raise $600 million via non-convertible debentures: A majority of the funds issued will be used for refinancing of existing debt. Adani Group companies are starting to raise funds for capital expenditure, and have plans to spend seven trillion rupees over the next decade on infrastructure projects.
