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The National Company Law Tribunal has appointed Satish Kumar Gupta as the liquidator for Jet Airways, following a Supreme Court order for the airline's liquidation. The tribunal directed that the airline be liquidated under the Insolvency and Bankruptcy Code, with efforts to sell it as a going concern within 90 days. If unsuccessful, the liquidator will proceed according to the relevant liquidation regulations.
Nifty and Sensex closed strongly, buoyed by the BJP-led Mahayuti Alliance victory in Maharashtra, despite some intraday gains being pared. The Sensex rose by 992.74 points to 80,109.85, while the Nifty increased by 314.60 points to 24,221.90, with broad-based gains across sectors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the positive political message from the election for the market.
Nifty PSU Bank index surged 7% over two days, driven by strong performances from SBI, Central Bank, PNB, and Bank of Baroda, following the BJP-led Mahayuti alliance's victory in Maharashtra elections. This rally occurred amid a positive market sentiment, with benchmark indices Sensex and Nifty also gaining up to 5%.
Indian benchmark indices faced pressure on November 21, with the Nifty falling below 23,300 and the Sensex down 422.59 points, or 0.54%, closing at 77,155.79. The decline was driven by weak global cues and significant selling in Adani Group stocks following bribery charges against Gautam Adani. Major losers included Adani Enterprises and SBI, while Power Grid Corp and UltraTech Cement were among the gainers.
Finance Minister Nirmala Sitharaman emphasized the need for affordable borrowing costs to bolster industrial growth and support small and medium enterprises during her address at the SBI Banking and Economics Conclave. She highlighted the stress high interest rates place on businesses and urged banks to lower them. Additionally, she addressed inflation concerns, particularly regarding rising vegetable prices, and outlined government measures to manage supply shortages and stabilize prices.
SBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot for an automated tokenized fund solution, utilizing smart contracts to enhance fund management. This innovation aims to streamline operations in the $132 trillion asset management market, addressing the current lack of automation among fund service providers. The solution, part of the Monetary Authority of Singapore’s ‘Project Guardian,’ is set to transition from testnets to mainnet soon.
Finance Minister Nirmala Sitharaman emphasized the need for more affordable bank interest rates to alleviate the stress of borrowing, particularly as industries aim to expand and build capacities. Currently, the Reserve Bank of India"s repo rate stands at 6.50 percent, unchanged for the last ten monetary policies, with a recent shift to a neutral stance from withdrawal of accommodation.
Adani Green has initiated the issuance of dollar-denominated bonds aimed at repaying overseas loans. The Adani Group has enlisted a consortium of banks, including DBS Bank, Emirates NBD Bank, and others, to serve as joint bookrunners for this financial endeavor.
Nifty companies reported a 4% year-on-year profit growth in Q2, marking the second consecutive quarter of single-digit growth, driven by SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank. However, underperformance from BPCL, JSW Steel, and others offset gains, with consumption and asset-quality stress in BFSI sectors noted as weak spots. FY25 earnings projections have been downgraded by 7%, with a mere 5% growth expected, the weakest since FY20.
State Bank of India is set to secure up to $1.25 billion, marking the largest dollar-denominated loan from India's financial sector in 2024. The five-year loan, arranged by CTBC Bank, HSBC Holdings Plc, and Taipei Fubon Bank, features an interest margin of 92.5 basis points over the risk-free Secured Overnight Financing Rate.

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