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Ola Electric Announces Massive Retail Expansion Amid Service Quality Concerns
- On December 2, 2024, Ola Electric CEO Bhavish Aggarwal announced plans to open 4,000 stores across India on December 20, up from the current 800.
- This expansion comes despite over 10,000 customer complaints lodged with the National Consumer Helpline between September 2023 and August 2024.
- The Central Consumer Protection Authority (CCPA) recently issued a show-cause notice to Ola Electric for alleged violations of the Consumer Protection Act, 2019.
- Ola Electric's stock experienced volatility on December 2, 2024, initially falling 7.10% before recovering to trade 4.11% higher.
- Despite challenges, 5 out of 7 analysts maintain a 'buy' rating for Ola Electric, with a 12-month consensus price target implying an 8.1% upside.
Tata Consumer Products Refutes Rumors of Starbucks Exiting India
- On December 20, 2024, Tata Consumer Products denied reports of Starbucks exiting India, calling them "baseless" in a letter to major stock exchanges.
- The clarification came after media reports suggested Starbucks might shut operations in India due to high costs and low profitability.
- Tata Starbucks, a joint venture since 2012, currently operates over 450 stores across 70 cities in India.
- On December 16, 2024, Tata Consumer CEO Sunil D'Souza announced plans to "calibrate" short-term store openings due to declining customer footfall.
- Despite short-term adjustments, Tata Starbucks remains committed to its goal of operating 1,000 stores in India by 2028.
Adani Group Unveils Massive ₹27,900 Crore Investment Plan for Bihar
- On December 20, 2024, at Bihar Business Connect, Pranav Adani announced a ₹20,000 crore investment for an ultra-supercritical thermal power plant in Bihar.
- The power plant project is expected to create 12,000 job vacancies during pre-commissioning and 1,500 skilled jobs in the operational phase.
- Adani Group plans additional investments: ₹2,300 crore in logistics, gas distribution, and agri-logistics; ₹2,100 crore for smart meters in five cities.
- The conglomerate aims to invest ₹1,000 crore in strategic infrastructure like Gati Shakti railway terminals and inland container depots.
- Pranav Adani praised Chief Minister Nitish Kumar's vision, citing it as a model for beneficial growth across India.
Steel Exchange India Board Approves Rs 600 Crore Fundraising Plan
- On December 18, 2024, Steel Exchange India's board approved raising Rs 600 crore through equity shares or other eligible securities with a face value of Re 1 each.
- The company can raise funds through various modes including private placement, preferential issue, or qualified institutions placement, in one or more tranches.
- A 'fundraising committee' will decide on the structure, pricing, and timing of the issuance, subject to shareholder and regulatory approvals.
- In Q2 FY2025 (ended September 30, 2024), Steel Exchange India reported a net profit of Rs 2.72 crore, down 25.48% year-on-year.
- On December 18, 2024, Steel Exchange India's shares closed 2.17% lower at Rs 10.83 on the BSE, amid a 0.62% decline in the Sensex.
Indian Rupee Hits Fresh Record Low of 84.95 Against US Dollar Ahead of Fed Decision
- On December 18, 2024, the Indian rupee weakened by 5 paise to close at a record low of 84.95 against the US dollar, touching 84.96 intraday.
- The rupee's decline comes ahead of the Federal Reserve's final policy decision, with expectations of a 25 basis point rate cut.
- Analysts predict the rupee could touch 85 on December 19 if the Fed adopts a slightly hawkish tone in its future guidance.
- The Dollar Index stood at 106.9850, up 0.03%, with expectations of continued outperformance in the first half of 2025 due to strong US economy.
- Brent crude oil prices remained steady at $73.63, up 0.44%, as traders await Fed cues and consider China's demand concerns and potential supply glut.
Senores Pharmaceuticals Announces Rs 582 Crore IPO, Opens December 20
- Senores Pharmaceuticals' IPO, opening on December 20, 2024, offers shares at Rs 372-391, comprising a fresh issue of Rs 500 crore and an OFS of 21 lakh shares.
- The Ahmedabad-based firm's IPO, closing on December 24, aims to raise Rs 582.11 crore, valuing the company at Rs 1,801 crore at the upper price band.
- Proceeds will fund subsidiary Havix Group's Atlanta facility, repay debt, support working capital, and finance inorganic growth through acquisitions and other initiatives.
- Senores develops pharmaceuticals for regulated markets in the US, Canada, and UK, with presence in 43 emerging markets, manufacturing critical care injectables and APIs.
- The company reported Rs 171.87 crore debt as of November 30, 2024. Equirus Capital, Ambit, and Nuvama Wealth Management are lead managers for the December IPO.