BHEL and Hitachi Energy India stocks surged after their consortium secured a contract from the Power Grid Corporation of India for establishing over 800 high voltage direct current (HVDC) terminal stations, facilitating renewable power evacuation from Gujarat to Maharashtra. Hitachi Energy is currently experiencing its highest backlog of ₹8,910 crore, ensuring strong revenue visibility for the next 24-26 months. As of 9:15 am, Hitachi Energy shares rose by 8.02% to ₹12,595.45, while BHEL shares increased by 1.23% to ₹244.19.
Farmers in Gujarat have sown rabi crops across 1.2 million hectares, a 42.5% decrease from last year. Notable declines include chana (down 41.5%), wheat (down 46.2%), and mustard (down 40%), while tobacco acreage increased. Overall, the area under various crops has significantly contracted compared to the previous year.
Sundaram Finance has maintained its market share in the core segment while preparing to expand into used vehicle financing. Despite facing challenges, the company reported strong AUM growth and healthy housing loan performance, with expectations of improved activity from fleet operators driving growth in H2FY25. However, disbursements in Q2FY25 were notably weak amid soft demand.
Sagar Cements reported disappointing Q2 FY25 results, impacted by heavy rains and a slowdown in government project spending. Despite a challenging environment, the company aims for 5-7% volume growth in FY25, with expectations of improved margins as underutilized plants ramp up production. However, cement prices remain weak, and valuations are not considered inexpensive.
UBS is set to fully acquire its China securities joint venture, UBS Securities, as Beijing State-owned Asset Management plans to sell its 33% stake for 1.5 billion yuan ($207.10 million). UBS currently holds a 67% stake and aims to consolidate operations following its merger with Credit Suisse. Established in 2006, UBS Securities became the first foreign majority-owned securities firm in China in 2018.
Nifty's recent two-day surge raises questions about whether the rally will continue. After a 38-session hiatus, foreign institutional investors have returned as buyers, signaling potential shifts in market dynamics. Investors are keenly watching for further developments.
The UK is preparing for potential trade repercussions from a protectionist stance by Trump, which could lead to tariffs on products like Harleys and Jack Daniel’s. Meanwhile, Kemi Badenoch has been appointed as the first Black woman to lead a major UK political party, aiming to revitalize the Conservative Party. Additionally, the new chancellor's budget plans are set to significantly reshape the British state, while the UK remains cautious about severing ties with Iran amid ongoing global tensions.
EML Payments has faced significant challenges, particularly with its Irish operations, resulting in a $120 million loss in 2023. Despite a recent quarter showing stabilisation with underlying earnings of $11.6 million, the company operates in a competitive prepaid and gift card sector with inconsistent profitability. While a 25% stock surge post-revenue announcement suggests potential, experts advise caution due to the crowded market and the rarity of successful turnarounds.
Fitch has placed several Adani Group bonds on negative watch following the indictment of key executives on bribery charges by U.S. authorities. The agency will assess the potential impact on Adani's financial stability, particularly regarding funding access and credit spreads. Additionally, ratings for four senior unsecured dollar bonds from Adani subsidiaries have been downgraded from stable to negative.
IndiGo's shares rose over 1% to Rs 4,295 on November 26, following a record market share of 63.3% in October. The airline announced a codeshare partnership with Japan Airlines, effective December 16, allowing JAL to access 18 domestic destinations within IndiGo's network.