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Myntra has achieved its first full year of profitability in FY24, reporting a profit of Rs 31 crore, a significant recovery from a loss of Rs 782 crore the previous year. Revenue increased by 15% to Rs 5,122 crore, driven by reduced expenses, which fell by approximately 3% to Rs 5,123 crore. While costs for materials, advertising, and IT decreased, employee benefit expenses rose compared to FY23.
Mobikwik's IPO is set to launch on December 11, with a subscription period running until December 13. The issue, valued at Rs 572 crore, has a price band of Rs 265-279 per share, and the grey market premium indicates a potential listing gain of around 40%. The bidding for the anchor portion will open on December 10.
Auto stocks declined on Monday, led by Hyundai Motor and Tata Motors, following a report of weak November retail sales. The Nifty Auto index fell 0.44%, with Hyundai shares down 1.2% and Tata Motors down 0.7%, amid concerns over a 13.7% drop in passenger vehicle registrations and a 6.1% decline in commercial vehicle sales. The broader market also faced losses, with the BSE Sensex down 275 points.
Shares of ITI surged 13% to Rs 362 on December 9, marking a 24% increase over the past week, fueled by strong trading volumes and renewed investor interest. Over 4 crore shares were traded in the morning, contributing to a total of 12 crore shares in two sessions, significantly above average levels. Recently, the company secured a Rs 95 crore contract from the Government of Uttarakhand for the Mining Digital Transformation & Surveillance System project, covering multiple districts.
Gold prices fell by 0.33% to Rs 75,910 on December 6, 2024, according to MCX data. The price of 24-carat gold in Mumbai was Rs 75,550, while 22-carat gold was priced at Rs 71,950. Despite the recent decline, gold's spot market value has increased by 20.30% since the beginning of the year and is up 22.05% year-over-year, although it remains below the peak of Rs 79,362 reached on October 30, 2024.
Flipkart, India's largest ecommerce firm valued at $36 billion, is set to launch its IPO within 12-15 months, following internal approvals to shift its domicile from Singapore to India. This move is seen as a significant step for the startup sector, which is poised for a wave of public listings in 2025. Additionally, mergers and acquisitions in India have rebounded in 2024, showing a 13.5 percent increase until November.
Indian benchmarks Sensex and Nifty opened flat on December 9 but declined as FMCG stocks, particularly Godrej Consumer, fell sharply following a weak sales forecast. At 10:00 AM, Sensex was down 207 points at 81,501, while Nifty dropped 66 points to 24,611.40. Despite this, broader markets showed resilience, with BSE midcap and smallcap indices rising 0.1 percent each.
The Reserve Bank of India (RBI) is navigating a challenging economic landscape with stagnant growth and high inflation. It has maintained the repo rate at 6.5% while reducing the cash reserve ratio by 50 basis points to enhance liquidity, aiming to stabilize the rupee and attract foreign currency deposits. Despite these measures, growth forecasts for FY25 have been lowered to 6.6%, and inflation is projected at 4.8%, exacerbating the cycle of weak demand and limited investment.
Britannia Industries is positioned as a defensive, long-term investment due to its strong market leadership and extensive distribution network. Despite facing cost inflation that pressures margins, the company is implementing calibrated price hikes to sustain revenue growth. A healthier recovery is anticipated in H2FY25, driven by promising rural trends and an attractive risk-reward valuation.
International Gemmological Institute (IGI) India Ltd has set its IPO price band at Rs 397-417 per share, aiming to raise Rs 4,225 crore. The IPO opens for subscription on December 13 and closes on December 17, with stock listing expected on December 20. Proceeds will fund the acquisition of IGI Belgium and IGI Netherlands from the promoter, BCP Asia II TopCo Pte Ltd.
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