India's real estate sector is projected to exceed $4.8 trillion by 2047, contributing 18% to a $26 trillion GDP, up from its current 7% share. The proptech market is expected to grow to over $600 billion, representing 12-13% of the real estate industry, driven by innovations like AI, IoT, and BIM.
Sanofi has inaugurated a new $600 million plant in Singapore, named Modulus, located in Tuas Biomedical Park. This facility is designed to enhance preparedness for emergencies, including pandemics, and can produce up to four vaccines or biopharmaceuticals simultaneously. It is set to be fully operational by mid-2026 and will create 200 skilled jobs in the region.
CIE Automotive India, part of a leading global forging player, has seen a slight revenue decline of 2% YoY, with domestic demand expected to improve in H2 due to increased infrastructure spending. The company reported a 2% growth in its Indian business, while EBITDA margins improved due to lower input costs. Geojit Financial Services recommends a BUY rating with a target price of Rs 578, anticipating continued growth driven by existing customer relationships and market recovery.
Uber has launched 'Uber One', a subscription plan for Indian users, offering monthly, quarterly, and annual options priced at Rs 149, Rs 349, and Rs 1,499, respectively. This initiative aims to attract consumers in a competitive ride-hailing market, following its success in other countries. Globally, Uber boasts over 25 million Uber One members.
Australia's largest pension fund, AustralianSuper, has expanded its international equities team in London by hiring three senior investment managers. Steve Kelly from AXA Investment Managers will co-head high growth global equities with Anu Narula, who joins from Mirabaud Asset Management. Colin Moar, previously with Barings, has been appointed as senior portfolio manager for technology stocks.
UBS is poised to outsource thousands of back-office jobs, starting with document printing, as it partners with Chain IQ and SPS. The Uetlihof printing operations are set to cease by the end of 2025, raising concerns over data protection and potential monopolistic pricing in the specialty printing sector. The move signals a broader trend of outsourcing across various banking functions, with implications for the entire Swiss financial landscape.
07:58 27.11.2024
India's Goods and Services Tax (GST) collection for November 2024 is projected to exceed Rs 1.87 lakh crore, making it the second-highest monthly collection ever, driven by strong festive sales. As of now, approximately Rs 1.70 lakh crore has been collected, with pending inflows from Maharashtra and Jharkhand due to ongoing elections. While a record of Rs 2.1 lakh crore was achieved in April, surpassing the Rs 2-lakh-crore mark this month may be challenging.
Equitas Small Finance Bank, the second-largest SFB in India, reported muted net advances growth of 18% YoY, with significant increases in small business loans and vehicle finance. Despite a 29.2% YoY rise in deposits, asset quality challenges persist, leading to a 94% YoY decline in PAT to Rs. 12.9 crore. The bank's outlook is cautious due to ongoing stress in the microfinance sector, prompting a downgrade to a Hold rating with a target price of Rs. 69.
India's lower house of parliament faced a second day of suspended proceedings due to disruptions by lawmakers demanding a discussion on U.S. allegations of bribery and fraud involving the Adani Group, a major player in the ports-to-power sector.
Indian benchmark indices Nifty and Sensex showed a lukewarm performance on November 27, fluctuating in a narrow range amid losses in realty and pharma sectors. The Sensex rose by 35.28 points to 80,039.34, while the Nifty increased by 5.20 points to 24,199.70, with more shares advancing than declining. Analysts suggest that the markets are likely to consolidate at current levels, with foreign institutional investors shifting from selling to marginal buying, despite concerns over potential tariffs proposed by Donald Trump.
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