- Even before the results of the elections, the Indian capital market started a record-breaking race. The Nifty and Sensex hit record highs (with a 1.5-month low) of 23026.4 and 75636.5 points, respectively, in Friday's session. At the end of the day, Nifty closed at 2257.1 points and 75410.39 points with minor fall. Looking at the overall week, last week the Nifty rose by 2.02 percent or 22957.1 points and the Sensex by 1.9 percent or 1404.45 points. The top gainers during the last week included Adani Enterprises (10.6 percent), Coal India (6.5 percent), Cipla (6.3 percent), Adani Ports (6 percent), Divis Lab (5.4 percent), while the top losers were Sunpharma (-2.9 percent), HDFC Life (-0.9 percent), Apollo Hospitals (-0.7 percent) were included.
- Reserve Bank announces record dividend to central government. For the financial year 2023-24, the Reserve Bank has transferred as much as Rs. 2 lakh 10 thousand crores in the form of dividend to the central government. According to the Central Government's budget estimates, only Rs 1 lakh 2 thousand crores were expected/estimated to be announced by the Reserve Bank in the form of dividend this year; But the RBI paid more than double the dividend to the central government. 87416 crores was given to the central government by the Reserve Bank in the form of dividend last year.
- The capital market value of the Bombay Stock Exchange (BSE) has crossed the five lakh crore mark. In just six months, the capital market added $1 lakh crore in value. The capital market value of National Stock Exchange (NSE) is also close to 4 lakh 95 thousand crores. India's capital market has become the fifth largest capital market in the world. India ranks after capital market of America, China, Japan, Hong Kong. Currently, the value of Hong Kong's capital market is close to 539,000 crore dollars. Analysts are of the opinion that if BSE continues this kind of run, it will not be difficult for the Indian capital market to reach the fourth position in the world. BSE crossed the $2 trillion mark in July 2017, four years later, the $3 trillion mark in May 2021, and the $4 trillion mark on November 29, 2023.
- Adani Ports will be included in the Sensex index from June 24. It became the first company of the Adani group to be included in the Sensex index. The Sensex index includes the top 30 largest companies of the country. IT company Wipro will exit the Sensex in exchange for Adani Ports. Last year, Adani Group's shares plummeted following a report by foreign body Hindenburg; But within the year, Adani Enterprises shares recovered to touch a one-year high of 3456.25.
- Google, an international company, invested 350 million dollars (about Rs. 2900 crores) in 'Flipkart Company'. At this time, Flipkart's total value (Tarsarsririnlep) was estimated at 36 billion dollars. Earlier this value was 33 billion dollars. As of July 2023, US-based Walmart owns 80 percent of Flipkart. Then in December 2023, Flipkart decided to raise $1 billion (around Rs. 8300 crore) for its business expansion. Of this, Walmart invested 600 million dollars (about Rs. 5 thousand crores). Now, along with Walmart, Google, an international company, also bought a stake.
- Heavy buying of gold in the international market by the Reserve Bank between January and April. In these four months, Reserve Bank bought as many as 24 tonnes of gold reserves. As of April 26, 2024, the Reserve Bank currently holds a whopping 827.69 tonnes of gold reserves. Having gold reserves close to the country is considered important to stabilize the country's currency and to cope with geopolitical tensions and recessionary periods. Meanwhile, developing economies like China also emphasized on buying gold. The Indian economy, which was embarrassed to mortgage its gold reserves at the time of the 1991 recession, rose to the top 10 gold reserves in the world in just 3 decades.
- In the quarter ended March 2024, Paytm Company's losses tripled compared to the previous year. Paytm's parent company 'One 97' suffered a loss of Rs 550 crore in a single quarter. 168 crore in the same quarter last year. The company's revenue also declined by 3 percent to Rs 2,267 crore. On January 31, the Reserve Bank announced restrictions on Paytm Payments Bank. This affected the company. It is said that the company is also getting indications of reduction of employees soon.
- Aditya Birla Group's flagship company Grasim's last quarter profit remained unchanged at Rs 1,370 crore, only by Rs 1 crore. However, the company's revenue increased by 12.7 percent from Rs 33,462 crore to Rs 37,727 crore.
- State-owned steelmaker SAIL (Steel Authority of India) reported a 2 percent decline in net profit at Rs 1,126 crore for the March 2024 quarter. The company's revenue also fell to Rs 27,958 crore from Rs 29,130 crore. Analysts believe that the company's net profit has declined due to a decline in revenue as well as an increase in the cost of raw materials required for steel production.
- 'Jaguar and Land Rover' company in Europe which is a subsidiary of Indian Tata Motors. Range Rover will be manufactured in India. When production starts in Pune from August, the prices of the cars will come down by around 18 to 20 per cent ie around Rs 54 lakh. Currently the Range Rover is only produced in the United Kingdom; But as Tata Motors has adopted the Make in India policy, their production will be done at the Pune-based Tata Motors plant. Jaguar Land Rover's sales in India grew by 81 percent to 4,436 units in the previous financial year. 15 years ago, Ratan Tata decided to bring Jaguar Land Rover under Tata Motors and the acquisition of this international company in Europe established Tata Motors as a global automobile manufacturer.
- In the week ended May 17, India's foreign exchange reserves rose by $4.5 billion to reach a record high of $648.7 billion. Ganga Jalli has shown growth in the last three consecutive weeks.
Pritam Mandke (Mandke Fincorp)
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