What Happened in the Indian Stock Market Last Week? Let's Find Out!
A. Adani Group Shares Surge After Hindenburg Research Closure
Hindenburg Research founder Nate Anderson announced the closure of his company, stating that all their projects have been completed, and it's time to shut down operations. He revealed this on social media, mentioning that the Ponzi cases they had shared with regulators have now been resolved. Following this announcement, Adani Group shares witnessed a significant rise. Adani Enterprises surged by 4.16%, Adani Ports rose by 3.61%, Adani Power increased by 4.79%, Adani Green Energy climbed by 4.91%, and Adani Total Gas jumped by 3.8% to reach ₹687. Reports suggest that Nate Anderson plans to make his investigative methods public to help others uncover the truth.
B. ITC Chairman Responds to L&T Chairman’s 90-Hour Workweek Statement
ITC Limited’s Chairman and Managing Director, Sanjiv Puri, shared his views on the L&T Chairman’s statement regarding a 90-hour workweek. He emphasized that at ITC, flexibility and employee empowerment are given more importance than tracking working hours. ITC also provides work-from-home facilities to its employees. Puri highlighted that empowering employees is crucial for them to achieve their full potential while also fulfilling their personal goals.
C. Congress MP Jairam Ramesh's Comments on Hindenburg's Closure
Congress MP Jairam Ramesh commented on Hindenburg's closure, stating that it does not mean "Modani" (a term referring to PM Modi and Gautam Adani) has received a clean chit. He mentioned in a media conference that out of the 100 questions asked to Adani Group, only 21 were related to the Hindenburg report, while the remaining 80 were about government policies favoring Adani. He questioned why Adani Group is being awarded all major projects, airports, and security contracts.
D. RVNL Secures ₹3,622 Crore Contract from BSNL
RVNL has received a major contract from BSNL worth ₹3,622 crore to develop, upgrade, and maintain the BharatNet network. RVNL will lead the project with HFCL and ATS as partners. The construction phase will take three years, followed by ten years of maintenance. However, RVNL’s quarterly profit dropped by 27% to ₹286 crore, and revenue fell by 1.2% to ₹4,855 crore. EBITDA also declined by 9%, leading analysts to recommend a ‘Sell’ on the stock. Despite weak financials, the BSNL contract offers a positive outlook for RVNL.
E. Wipro’s Q3 Results Show Mixed Performance
Wipro announced its Q3 results, reporting a 24.5% increase in consolidated net profit to ₹3,353.8 crore, compared to ₹2,694 crore in the same quarter last year. Revenue grew by only 1% year-on-year to ₹22,319 crore. The company declared an interim dividend of ₹6 per equity share, which will be available to shareholders registered by January 28, 2025.
F. Government Announces Major Bill for Aviation Sector
The government has given a green signal to the Protection and Enforcement of Interests in Aircraft Objects Bill, 2024, which aims to reduce aircraft leasing and financing costs for Indian airlines, potentially leading to lower airfares. Since most commercial planes in India are leased, this bill, if passed, will allow lessors to reclaim their aircraft in case of payment defaults. Following the Go First airline crisis, lessors became hesitant to lease planes in India, prompting the government to revise the bill and present it in Parliament.
G. SBI Life’s Q3 Results Beat Expectations
SBI Life, a joint venture between SBI and French company BNP Paribas Cardif, announced a 71.2% increase in net profit to ₹551 crore, exceeding Bloomberg’s estimate of ₹436 crore. Net premium income rose by 11.3% to ₹24,828 crore, while Retail APE grew by 13% to ₹6,450 crore. However, the Value of New Business (VNB) margin dropped to 26.94% from last year’s 27.4%, indicating a slight decline in future profitability.
H. Infosys Q3 Results Fail to Impress Investors
Infosys’ Q3 results failed to meet investor expectations, causing a nearly 5% drop in its stock price. The company's net profit grew by 11% year-on-year to ₹6,806 crore, while revenue increased by 8% to ₹41,764 crore. Despite positive growth, the results fell short of expectations, leading to a mixed reaction from analysts. Infosys also signed large deals worth $2.5 billion in the December quarter, slightly higher than the previous quarter’s $2.4 billion.
These were some of the major updates from the Indian stock market last week. For more stock market updates, subscribe to AISM India. See you next week with another stock market news video!
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