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Vedanta shares gained 4.9 per cent in trade on Wednesday and logged an all time high at Rs 525.15 per share on BSE. The market cap of the Anil Agarwal-led metals and mining firm crossed Rs 2 trillion. Around 12:49 PM, the market capitalisation of the company stood at Rs 2,03,301.08 crore.   

On BSE, 1.028 million shares changed hands, while, on NSE 26.46 million shares were traded at around the same time. Meanwhile, Vedanta share price at around the same time was up 3.99 per cent at Rs 520.1 per share on BSE. In comparison, BSE Sensex was up 0.06 per cent at 81,557.66. The 52-week high of the stock was at Rs 525.15 per share and 52-week low of the stock stood at Rs 243.7 per share.

The stock price also reached global brokerage CLSA’s and Motilal Oswal’s target price of Rs 520 per share. Meanwhile, Equirus Wealth on December 2, 2024, initiated coverage on Vedanta for a target of Rs 560 per share with a ‘Buy’ rating. 

The brokerage expects Vedanta’s revenue/Ebitda/PAT to grow at 8.4 per cent/16 per cent/76.5 per cent compound annual growth rate (CAGR) over FY24-FY27E. Ebitda refers to earnings before interest, tax, amortisation and depreciation. PAT refers to profit after tax.  

That apart, at the inaugural conclave of the Rising Rajasthan Global Investment Summit 2024, on Monday, Vedanta Group Chairman Anil Agarwal along with leading industrialists announced to augment Rs 1 trillion to zinc and oil production.

Vedanta’s Agarwal said the group will invest Rs 1 trillion for zinc and oil production in the state, which would generate 100,000 jobs. He noted that Hindustan Zinc has already invested Rs 1 trillion in Rajasthan and contributes Rs 50,000 crore in taxes annually, of which Rs 10,000 crore goes to Rajasthan. 

Agarwal said the group’s expansion in the state would increase taxes for the Centre and state governments threefold to Rs 1.5 trillion, including Rs 40,000 crore in taxes for the state government. He also announced the setting up of an industrial park.

In the past one year, Vedanta shares have gained 101 per cent against Sensex’s rise of 16.5 per cent. 

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Amazon is entering the highly competitive quick commerce space in India, and the company has started trials for its 15-minute delivery service in select regions. Amazon is going up against Blinkit, Zepto and Swiggy Instamart in a space that has catapulted the market and consumers with quick delivery service.

Reports say Amazon has started the trials in Bengaluru, its home region for now with more pin codes likely to be added in the coming months.

Quick Commerce Hots Up

The 10-minute delivery has become a concern for the traditional kirana stores but the companies in this space are making merry, so are the consumers. You can even get the iPhone 16 or a PlayStation 5 console delivered in minutes, and the industry is expecting this sector to get more players in the near future. The quick commerce space is valued at around $6 billion and will only get higher when the big players join the battle.

Flipkart has already entered the race, which is currently led by Zepto, Blinkit and Swiggy Instamart. Amazon’s entry and clout will likely enable the platform to jump start its business and push the catalogue much quicker than the other players.

The company could also appeal to the buyers with higher discounts and better range of products, enhanced by its existing e-commerce setup. Analysts have talked about the scope of both quick and e-commerce business co-existing with each other and all signs hint at that forming in the foreseeable future.

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Tata Motors and Kia India on Monday announced to increase prices across their vehicle portfolios starting January 2025, close on the heels of a similar move by other key players like Maruti, Hyundai and Mahindra & Mahindra. 

The automakers are biting the bullet to offset the rising costs at a time when sales of passenger vehicles have hit the slow lane. Car sales plunged 14 per cent year-on-year in November.   

On Monday, Tata Motors announced that it has decided to increase prices of its offerings by 3 per cent, while Kia India’s cars will become 2 per cent dearer.

India’s leading vehicle manufacturer, Tata Motors, revealed that the price hike will be implemented across its passenger vehicle portfolio, which will also include electric vehicles (EVs). The price increase of 3 per cent, effective January 2025, will vary by model and variant. 

The company said the hike was necessary to partially offset rising input costs and inflation. 

“While we remain committed to offering high-quality vehicles, the price revision will ensure continued operational viability amidst challenging economic conditions,” Tata Motors stated.

Similarly, Kia India attributed this move to rising commodity prices, unfavourable exchange rates, and escalating supply chain costs. 

Speaking on this, Hardeep Singh Brar, Senior Vice President-Sales and Marketing, Kia India, said, “The persistent rise in costs has made price adjustment unavoidable.” 

He added that Kia would absorb a significant portion of the increased costs to minimise the financial impact on customers. 

Earlier, Hyundai Motor India, Maruti Suzuki India (MSIL), Mahindra & Mahindra (M&M) and JSW MG Motor had increased the prices across their model range. 

In the luxury car market, players such as Audi, Mercedes-Benz and BMW had announced a price hike of 3 per cent on their entire model ranges which will also be effective from January 1, 2025.  

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Equity mutual fund inflows in November 2024 totaled ₹35,927.3 crore, a decrease of 14.1% compared to ₹41,865.4 crore in October, according to Association for Mutual Funds in India (AMFI) data.

In terms of specific fund categories, large-cap fund inflows dropped by 26.3%, from ₹3,452.3 crore in October to ₹2,547.9 crore in November.

Small-cap funds saw an increase of 9.0%, rising from ₹3,772 crore in October to ₹4,112 crore in November.

Mid-cap funds saw a modest increase of 4.3%, from ₹4,683 crore in October to ₹4,883.4 crore in November.

In addition to equity mutual funds, Exchange-Traded Funds (ETFs) saw a significant drop in inflows, falling from ₹13,441.8 crore in October to ₹1,531.2 crore in November.

Credit Risk Funds continued to face outflows, with ₹196 crore leaving the segment in November compared to ₹357.8 crore in October.

Sectoral and thematic funds also saw a decrease in inflows, dropping from ₹12,278.8 crore in October to ₹7,658 crore in November.

Equity-linked Savings Schemes (ELSS) experienced an increase in inflows, rising to ₹618.5 crore in November from ₹362 crore in October.

New Fund Offerings (NFOs) had inflows of ₹4,052 crore in November, which was lower than the ₹6,078 crore seen in October.

Dividend funds also experienced a drop, with inflows reducing from ₹532.8 crore in October to ₹2,166 crore in November.

AMFI also noted a dip in flows in liquid funds in November, which was in sync with the liquidity conditions in the broader market.

Despite the changes in flows across various segments, Systematic Investment Plan (SIP) contributions remained steady, with flows at ₹25,320 crore in November, almost identical to the ₹25,323 crore seen in October.

The total Assets Under Management (AUM) of the mutual fund industry reached ₹68.08 lakh crore in November, an increase from ₹67.25 lakh crore in October.

Commenting on the broader industry outlook, Manish Mehta, National Head – Sales, Marketing & Digital Business at Kotak Mahindra AMC, pointed out that SIPs, along with lump sum investments on volatile market days, helped maintain strong inflows despite the dip.

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Vodafone Idea Ltd., the telecom service provider, announced on Monday, December 9, that it will be issuing equity shares worth ₹1,980 crore to two promoter group entities. 

The shares will be issued at a price of ₹11.25 per share, which is a premium of 39% to Monday’s closing price and modestly higher than the FPO price of ₹11 per share.

Vodafone Idea in an exchange filing last week had said that its board will meet on December 9 to consider the issue of equity shares or convertible securities to the tune of ₹2,000 crore.

Out of this, it will be issuing shares worth ₹1,280 crore to Omega Telecom Holdings Pvt. Ltd. and the remaining shares worth up to ₹700 crore to Usha Martin Telematics Ltd.

Both of these companies are Vodafone Group entities and classified as promoters of Vodafone Idea Ltd.

Just last week, the Vodafone Group sold its remaining 3% stake in Indus Towers via block deals for ₹2,802 crore. Part of those proceeds will be used to repay its own existing debt to lenders.

The remaining part of the proceeds are likely to be infused into Vodafone Idea through this issue of shares or securities, who will then use that to clear the outstanding dues owed to Indus Towers.

As per brokerage reports, Vodafone Idea’s current outstanding to Indus Towers stands at ₹3,500 crore.

Earlier this year, Vodafone Idea had raised over ₹18,000 crore through India’s largest Follow-on Public Offer (FPO) on record. The stock also went on to make a high of ₹19 this year, but has since corrected nearly 60% from those levels.

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