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Edel Market Next Fundamental Market In-House View Edel Market Next Fundamental market In-House View Indian market closed positive during the week. Nifty and Sensex up this week by 0.62% and 0.56% respectively. Moody's ups India's growth forecast for FY21 to (-) 10.6%: Moody’s Investors Service on November 19 revised India's growth forecast to (-) 10.6 percent for the current fiscal, from its earlier estimate of (-) 11.5 percent. The revision came after the latest stimulus which prioritises manufacturing, job creation, and focuses on longer-term growth. Last week the government had announced a new fiscal package amounting to Rs 2.7 lakh crore. Moody’s said the latest measures aim to increase the competitiveness of India’s manufacturing sector and create jobs, while supporting infrastructure investment, credit availability, and stressed sectors. Sugar production jumps nearly 3-folds to 14.10 lakh tn till November 15: Sugar production in India, the world's second-largest producer of the sweetener, has surged nearly three-folds to 14.10 lakh tonnes in the 2020-21 season so far due to better crop output and timely commencement of the crushing operation, industry body ISMA said on Tuesday. Sugar production stood at 4.84 lakh tonne in the same period of the 2019-20 season (October-September), it said. Since India is going to have another surplus sugar year, the industry body said it is awaiting policy decisions from the government on exports and buffer stock creation with subsidy support. According to Indian Sugar Mills Association (ISMA), unlike last year, owing to very good rainfall and sufficient water availability in reservoirs in Maharashtra and Karnataka, as also better cane availability due to higher cane acreage and improved yield per hectare, crushing season commenced well in time during the last week of October 2020. As many as 271 sugar mills were in operation till November 15 of the current season against 127 in the year -ago period. Government's MSP paddy procurement rises 20.25% so far this kharif season: The government's paddy procurement has increased by 20.25 per cent to 281.28 lakh tonnes so far in this kharif season, Punjab contributing the most, the Union Agriculture Ministry said on Monday. Paddy procurement commenced in Punjab and Haryana from September 26 due to early arrival of the crop, while in other states from October 1. More than 80 per cent of the country's paddy crop is grown in the kharif season. The government through Food Corporation of India (FCI) and state agencies undertakes procurement of paddy at the minimum support price (MSP). "Out of the total purchase of 281.28 lakh tonnes, Punjab alone has contributed 196.13 lakh tonnes which is 69.73 per cent of the total procurement," the ministry statement said. Total procurement rose by 20.25 per cent till November 15 of the ongoing kharif season from 233.89 lakh tonnes in the year-ago period, it said. The government has procured paddy at the MSP value of Rs 53,105.70 crore so far, benefitting 24.14 lakh farmers. WPI inflation at 8-month high of 1.48% in October on costlier manufactured items: The wholesale price-based inflation rose to an eight-month high of 1.48 percent in October, as manufactured products turned costlier. The WPI inflation was 1.32 percent in September and zero per cent in October last year. This is the highest level of Wholesale price index-based (WPI) inflation since February when it was 2.26 percent. While food article prices softened in October, manufactured items witnessed hardening of prices, according to data released by the Commerce and Industry Ministry on Monday. Food inflation in October stood at 6.37 percent, as against 8.17 percent in the previous month. The rate of price rise in vegetables and potato remained high at 25.23 percent and 107.70 percent, respectively, during the month. Inflation in non-food articles and minerals was higher at 2.85 percent and 9.11 percent, respectively. Edelweiss Professional Investor Research 1 Edel Market Next Domestic Bites – News during the week L&T arm wins over ₹7,000 cr deal for bullet train project: Larsen and Toubro (L&T) on Thursday said that its construction arm has won a 'mega' contract worth more than ₹7,000 crore from National High-Speed Rail Corp. Ltd (NHSRCL) to construct 87.57 km long stretch of Mumbai-Ahmedabad high-speed rail (MAHSR)- also known as the bullet train project. The company did not disclose the exact value of the project, but as per its classification, a 'mega' project is worth over ₹7,000 crore. This order to construct the C6 Package of MAHSR comes closer on the heels of the earlier one for the C4 Package of the project, the biggest EPC contract awarded in the country to date, involving the construction of a 237.1 km stretch, L&T said in a statement. Oaktree, Varde propose up to $2.5 billion investment in Vodafone Idea: A consortium led by US-based Oaktree Capital, including a few other private equity firms such as Varde Partners, has proposed investing up to $2.5 billion into cash-strapped Vodafone Idea Ltd through hybrid debt papers, sources aware of the matter said. The consortium is said to have offered $2.0- 2.5 billion of capital to the Birla group company that faces tens of billions of rupees in government debt. Vodafone Idea had in September announced raising funds to the tune of ₹25,000 crore, through debt and by selling shares, even as it continues to lose millions of wireless users every month in an extremely competitive market. The process of fundraising is yet to start. The telco has also been in talks with other potential investors to raise funds amid mounting losses and shrinking revenues. Mint had in September reported Amazon.com Inc. and Verizon Communications, the largest wireless carrier in the US, were to resume talks to buy a significant stake in Vodafone Idea for more than $4 billion. Wipro shareholders approve up to ₹9,500 cr buyback plan: Wipro on Tuesday said its shareholders have approved its up to ₹9,500 crore share buyback plan. Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore. "...resolution (special resolution seeking approval for buyback of equity shares) has been passed by members through postal ballot by remote e- voting process with requisite majority," the company said in a regulatory filing on Tuesday. The voting, which started on October 18 and ended on November 16, saw 99.78 per cent of the votes being cast in favour of the buyback offer. There was 100% voting in favour of the proposal by the promoters, 98.73% by public institutional shareholders and 98.49% by public non-institutional shareholders. Reliance retail arm buys Urban Ladder: Reliance Industries Ltd (RIL) has acquired online furniture seller Urban Ladder Home Decor Solutions Pvt. Ltd for ₹182.12 crore, expanding its presence in India’s fast-growing e-commerce market. Reliance Retail Ventures Ltd (RRVL), the retail unit of billionaire Mukesh Ambani’s RIL, bought 96% of Urban Ladder and has the option to buy the remaining 4% stake, the company said in a stock exchange filing on Saturday night. RRVL proposes to make a further investment of up to ₹75 crore, taking its ownership to 100% in the furniture e-tailer, which is expected to be completed by December 2023. The Urban Ladder acquisition comes three months after Reliance Retail acquired a majority stake in online pharma firm Netmeds for around ₹620 crore. “The aforesaid investment will further enable the group’s digital and new commerce initiatives and widen the bouquet of consumer products provided by the group while enhancing user engagement and experience across its retail offerings," Reliance said in the filing. Edelweiss Professional Investor Research 2 Edel Market Next International – News during the week Australian October Employment Soars as Victoria’s Lockdown Lifts: Australian employers unexpectedly added tens of thousands of jobs in October as Victoria’s tough Covid restrictions began to lift and the state’s workers returned to the labor force, while a recovery in the rest of the economy gathered pace. Employment soa red by 178,800 last month, defying economists’ expectations of a 27,500 decline, data from the statistics bureau showed Thursday. The jobless rate edged up to 7% from 6.9% in September as the participation rate jumped almost 1 percentage point to 65.8%. “Encouragingly, the rise in employment was also accompanied by a strong rise in hours worked, particularly in Victoria,” said Bjorn Jarvis, head of Labor Statistics at the ABS. Since starting to ease restrictions in October, Victoria’s employment increased by 81,600 people, or 2.5%. U.S. Initial Jobless Claims Rise for First Time in Five Weeks: Applications for U.S. state unemployment benefits rose for the first time in five weeks and remained well above pre-virus levels, suggesting the labor-market recovery is slowing amid a surging pandemic and fresh business restrictions. Initial jobless claims in regular state programs totaled 742,000 in the week ended Nov. 14, up 31,000 from the prior week and compared with expectations for a decline, Labor Department da ta showed Thursday. On an unadjusted basis, the figure increased by about 18,000. The week included Veterans Day, and claims data tend to be more volatile around holidays. Continuing claims -- the total pool of Americans on ongoing state unemployment benefits --fell 429,000 to 6.37 million in the week ended Nov.
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