Market barometers BSE Sensex and NSE Nifty 50 opened with minor gains on Monday. Financial and FMCG shares led the headline indices higher while metal and mining shares traded with losses.
The Sensex started the week at 61112.84 points and closed at 59,463.93 points, while the Nifty started the week at 17965.55 points and settled at 17,465.80 points on Friday.
Top Gainers and Losers
Some of the top gainers this week were PB Fintech Ltd (up 16.46%), Olectra Greentech (up 14.90%), Mahindra CIE Automotive Ltd (up 12.73%), Equitas Small Finance Bank (up 11.26%), and Campus Activewear (up 8.98%).
On the other hand, some of the top losers were Adani Enterprises (down 19.46%), Adani Green Energy (down 19.85%), Adani Total Gas (down 18.54%), Adani Transmission (down 18.78%), and Macrotech Developers (down 17.55%).
The Recap
Tata Motors enters into a large EV deal with Uber
Tata Motors on Monday said that it will supply 25,000 XPRES–T electric vehicle units to Uber. This is one of the largest deals in the green mobility space to date. According to the Memorandum of Understanding (MoU), Uber will use these sedans in its premium category service. Accordingly, Uber will operate these cars in major cities like Delhi NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad. Tata Motors will deliver the cars in a phased manner.
Digital transactions will soon exceed cash in India: PM Modi
Prime Minister Narendra Modi expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in India. After the cross-border connectivity between UPI and PayNow of Singapore, about 74 billion transactions amounting to more than ₹ 126 trillion were made. Moreover, India has emerged as one of the fastest-growing ecosystems for fintech innovation.
Will the Zee-Sony merger be put on hold?
Merger-bound Zee Entertainment’s share price tanked by more than 14% after the NCLT admitted an insolvency petition filed against the company. ZEE was the guarantor for IndusInd Bank’s ₹ 150 crore loan to Essel Group’s Siti Networks. However, Zee failed to honour the payment by a shortfall of ₹ 83 crores. This move has likely put the merger on hold according to the Insolvency & Bankruptcy Code, 2016 (IBC). In order to complete the merger, Zee can file an appeal to set aside the insolvency plea or pay the amount due.
Hero MotoCorp plans to expand its electric two-wheeler range over the next 12-18 months
Hero MotoCorp, India’s largest two-wheeler maker has plans to expand its electric two-wheeler range over the next 18-24 months and aims to cater to demand across multiple customer segments. The company which has already commenced the sale of its electric scooter under Vida brand across Delhi, Bengaluru and Jaipur, plans to introduce the existing range in other cities as well in the next fiscal before it starts to roll out the new products. According to industry body FADA, electric two-wheeler sales stood at 6,28,671 units last year, up four-fold as compared with 1,55,422 units in 2021.
Indians are spending over USD 1 bn every month on foreign travel
Indians are spending nearly USD 1 billion every month on foreign travel which is significantly higher than the pre-Covid levels, as per Reserve Bank of India’s data on outward remittances. Meanwhile, the central government in the Union Budget proposed to hike the tax collected at source (TCS) rate on overseas tour packages from the current 5 per cent to 20 percent from the next fiscal. Experts opine that the proposal could lead to an impact on overseas travel by Indians.
Written by Simran Bafna
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