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Asian Paints shares fall 3.4% to hit 52-week low after two top executives resign

Asian Paints shares fall 3.4% to hit 52-week low after two top executives resign

Shares of Asian Paints Ltd. dropped over 3% in early trade on Thursday, December 19, to hit a 52-week low after the company announced that two of its top executives had resigned.

Asian Paints stock declined as much as 3.4% on the National Stock Exchange of India (NSE) to ₹2,265.35 on Thursday. Notably, this is the fourth straight session of decline for the share price. Meanwhile, the stock is down over 8% so far this month and more than 32% in 2024.

On Wednesday, Asian Paints announced that Shyam Swamy, vice president of home improvement, and Vishu Goel, associate vice president of retail sales, have resigned due to “personal reasons”. The announcements were made through two separate stock exchange notifications.

One of the notifications read, “Vishu Goel – Associate Vice President, Retail Sales, Commercial and Marketing, member of the Senior Management, has resigned from the services of the company. His resignation was accepted on 17th December 2024 and he has ceased to be an employee of the Company and a member of the Senior Management with effect from the close of business hours on 17 December 2024.”

Another notification said, “This is to inform you that Shyam Swamy – Vice President, Home Improvement, Décor, Services and Retailing, member of the Senior Management, has resigned from the services of the Company. His resignation was accepted on 17th December 2024 and he has ceased to be an employee of the company and a member of the Senior Management with effect from the close of business hours on 17th December 2024.”

The company did not give any further details on the reason behind the sudden departure of these executives.

In a separate exchange filing, the company also announced two new changes in the management team.

The company appointed Mr. Ashish Rae, currently Associate Vice President -Project Sales as Associate Vice President – Retail Sales, Marketing & Commercial and as a senior management personnel of the company with effect from 2nd January 2025.

Further, Mr. Gagandeep Singh Kalsi, Associate Vice President – Strategy, Business Development, a senior management personnel, will also handle Décor and Services with effect from 23rd December 2024.

Key triggers behind recent stock fall

Asian Paints shares have seen a selloff in the past couple of months due to increasing competition in the paints industry. The entry of new players like Birla Opus and JSW Paints threatens the dominance of established players like Asian Paints and Berger. Also, increasing inflation in urban areas is adversely affecting the company’s demand outlook.

While announcing earnings for the September 2024 quarter, Asian Paints said that the paint industry faced subdued demand during the period. Domestic Decorative coatings segment volumes declined marginally, while overall domestic coatings revenue declined by 5.5% for the quarter impacted by muted consumer sentiments and extended rains and floods in some parts of the country.

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Air India’s new offer: 10% off on fares and 10kg extra baggage for students

Air India’s new offer: 10% off on fares and 10kg extra baggage for students

Air India, India’s leading global airline, has launched special, discounted fares and additional benefits for students across its domestic and international route network. 

New student fare benefits: The special fares provide students up to 10% discount on base fares on all flights, 10kg extra baggage allowance, and the option of a one-time free date change upon booking on Air India’s direct channels, including airindia.com and the Air India mobile app. The special student fares are now available for bookings in Economy, Premium Economy and Business cabins. 

“With these new student fare benefits, we are making it easier and more affordable for young travellers to explore the world, connect with different cultures, and broaden their horizons. At Air India, we are committed to supporting students on their educational journeys and to making full-service flying more accessible and a rewarding experience for students”, said Nipun Aggarwal, Chief Commercial Officer, Air India.

Air India operates non-stop between India and 42 destinations abroad, in addition to 49 cities within India. Students travelling between any of these destinations, including those in the United States, Canada, United Kingdom, and Australia, can now travel with greater ease and flexibility. 

 Air India currently does not charge any convenience fee on mobile app bookings, which enables student travellers to additionally save Rs 399 on domestic flights and up to Rs 999 on international flights. Furthermore, travellers can unlock further savings when paying via UPI, netbanking, or credit/debit cards issued by Air India’s bank partners on airindia.com or the Air India mobile app. 

“With these offers, students can potentially enjoy a total of up to 25% discount,” the airline said in a statement.

Maharaja Club benefits: Students can also enroll into Air India’s revamped loyalty programme, ‘Maharaja Club’, and earn reward points on every trip to redeem for complimentary tickets, upgrades, etc. Maharaja Club members earn up to 33% additional reward points when they book directly on airindia.com or the Air India mobile app. 

To avail the special student fares, a traveller is required to be: 

·   At least 12 years of age on the day of travel – for domestic travel

·   Aged between 12-30 years on the day of travel – for international travel 

·   Enrolled in a full-time course for at least one academic year 

·   Attending an educational establishment recognized, aided by, or affiliated with a central or state government, educational board, university, or an accredited school, college, university, etc. 

·   Carrying a valid ID card or acceptance letter from their school, college or university or a valid Student Visa 

Student fare bookings are available only on Air India’s direct channels: Air India’s website, mobile app, customer contact centre, and at airport and city ticketing offices.

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MobiKwik Shares End First Trading Session 90% Above Issue Price

MobiKwik Shares End First Trading Session 90% Above Issue Price

Shares of fintech major MobiKwik closed their first trading session at INR 530.30, up 90.07% from the IPO price of INR 279.

The company made a stellar debut on Dalal Street today (December 18), with the stock listing at INR 442.25 on the BSE, a 58.5% premium against the IPO price

On the NSE, MobiKwik shares listed at INR 440 apiece, a 57.7% premium against the issue price.

With this, the company’s market cap ended the day at $485.17 Mn (INR 4,119.71 Cr). This marks a significant 90.26% uptick from its valuation at listing price of $255 Mn. However, it is pertinent to observe that MobiKwik cut its valuation significantly from the $1.5 Bn- $1.7 Bn it commanded in its last private fundraise back in 2021. 

MobiKwik has raised INR 572 Cr via its public listing to fuel its future growth. As per its red herring prospectus (RHP), the fintech company will utilise the fresh proceeds to expand its financial services and payments services business, build its AI & ML tech stack and expand its footprint in the payments soundbox market. 

The company’s IPO consisted solely of a fresh issue of 1.18 Cr shares. Its investors like Peak XV Partners, Bajaj Finance, among others, did not offloading any stake in the company

Ahead of its IPO, brokerages were largely positive towards the fintech’s IPO. Bajaj Broking, Nirmal Bang, Geojit Securities, KR Choksey, among others recommended investors to subscribe to the issue. 

“The reduced size of the IPO and specific allocation of funds demonstrate strategic intent… With caution, the IPO could make MobiKwik a trailblazer in determining the path of digital finance,” Kotak Securities said in its IPO note.

Given the bullish outlook towards the IPO, the company’s public offer gained an overwhelming response from investors. Its IPO closed with an oversubscription of 119.38X, becoming one of the most heavily bid public issues of new-age tech companies. Investors cumulatively bid for 141.72 Cr shares of MobiKwik. 

MobiKwik posted a net loss of INR 6.6 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) against a profit of INR 3 Cr in the year-ago period. Operating revenue stood at INR 342.2 Cr during the quarter under review.

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Sensex crashes 2,000 points in 3 days; 5 factors why Indian stock market is falling

Sensex crashes 2,000 points in 3 days; 5 factors why Indian stock market is falling

The Indian stock market has been under pressure for three consecutive sessions. On Wednesday, December 18, both the Sensex and Nifty 50 declined by 0.80 per cent during intraday trade. The selling was not confined to bluechips only as the BSE Midcap and Smallcap indices declined by a per cent.

Finally, the Sensex closed 502 points, or 0.62 per cent, down at 80,182.20, while the Nifty 50 ended the day at 24,198.85, down 137 points, or 0.56 per cent. The BSE Midcap index closed 0.61 per cent lower, and the Smallcap index ended with a loss of 0.76 per cent.

Considering today’s closing of 80,182.20, the Sensex has crashed 1,951 points in three days.

The overall market capitalisation of BSE-listed firms has dropped to nearly ₹453 lakh crore from about ₹459 lakh crore on Friday, December 13, making investors poorer by about ₹6 lakh crore in three sessions.

Nifty 50 falls below 20-day SMA

According to Shrikant Chouhan, the head of equity research at Kotak Securities, the market again experienced selling pressure at higher levels. A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels. Additionally, after a long time, the Nifty Index closed below the 20-day SMA, which is largely negative for the short term.

Chouhan believes the current market texture is weak, but a fresh sell-off is only possible if it dismisses 24,150. The market could slip to 24,050-24,000 if it falls below this level. On the other hand, if it rises above 24,250, there could be a quick pullback rally up to the 20-day SMA or 24,350-24,400.

Sectoral indices today

Most sectoral indices suffered losses on Wednesday. The Nifty Media index cracked over 2 per cent, while the Nifty PSU Bank index fell 2 per cent. Nifty Bank, Financial Services, Private Bank and Metal indices suffered losses of over 1 per cent each.

On the other hand, the Nifty Pharma index rose by over a per cent. Nifty IT, too, rose with mild gains.

Why Indian stock market is falling?

Experts point out the following five reasons behind the last three day’s market downturn:

1. Caution ahead of the US Fed policy outcome

Amid sticky inflation and growing concerns about slowing growth, all eyes are on today’s US Federal Reserve policy decision.

The two-day policy meeting of the US Federal Open Market Committee (FOMC) started on December 17, and its outcome is due today.

Experts say while a 25 bps rate cut is widely expected, the updated economic projections and the US Federal Reserve’s dot plot are the key things to watch. They will shape expectations for the interest rate trajectory of the world’s most powerful central bank through 2025 and 2026.

“Policymakers on the Federal Open Market Committee (FOMC) are widely expected to announce a quarter-point interest rate cut at their final meeting of the year. However, concerns about inflation’s resistance to the Fed’s 2% target could prompt Chair Jerome Powell to signal a more patient and cautious approach to future rate cuts. The updated dot plot is also likely to show that the median participant now anticipates one less rate cut next year,” said Amit Goel, co-founder and chief global strategist at Pace 360.

2. Rupee’s weakness

The Indian rupee plunged to a record low of 84.95 per dollar on Wednesday, weighing on domestic market sentiment. Due to a strengthening dollar, experts expect the rupee to remain weak for some time, going beyond the 85 per dollar mark.

As weak currency accelerates foreign capital outflow, weakness in the rupee may keep the market sentiment low.

“We expect the rupee to trade with a negative bias on weak domestic markets and concerns over the economic slowdown. A strong US dollar and FII outflows may further weigh on the rupee. Traders may take cues from current account balance and housing data from the US. Investors may also watch out for the FOMC meeting decision tonight. USDINR spot price is expected to trade in a range of ₹84.75 to ₹85.20,” said Anuj Choudhary, a research analyst at Mirae Asset Sharekhan.

3. Foreign capital outflow

Foreign portfolio investors (FPIs) have resumed selling Indian equities this week amid rising dollar and US bond yields. FPIs sold Indian equities worth ₹6,409.86 crore on December 17 and ₹278.70 crore on December 16. On a monthly scale, however, they are still net buyers this month.

Experts note that FPIs typically sell Indian stocks toward the end of the year ahead of the holiday season. This year, the dollar’s appreciation, uncertainty around the US Fed’s interest rate trajectory, and Donald Trump’s tariff policies have accelerated the pace of capital outflows.

4. Deep losses in banking heavyweights

Shares of some banking heavyweights have been among the top drags on the benchmark indices in the last three days. On Wednesday, HDFC Bank and ICICI Bank were the two top drags on the Nifty 50 index.

The Nifty Bank index dropped 1.32 per cent, while the PSU Bank index and the Private Bank index fell 1.92 per cent and 1.11 per cent, respectively.

The Nifty Bank index has lost almost 3 per cent in the last three days.

5. Concerns over deteriorating macro

India’s trade deficit widened to an all-time high in November, primarily due to high gold imports. As Mint reported earlier, the trade deficit, or the amount by which the value of imports exceeds exports, hit a record $37.84 billion, compared with $21.31 billion in November 2023. A Bloomberg economists’ poll had predicted a deficit of $23 billion.

After the Q2 GDP prints came to the lowest in nearly two years and showed growth slowing for the third consecutive quarter, the higher trade deficit numbers have come as a fresh blow to sentiment.

“Market sentiment remains cautious ahead of the FOMC meeting, as well as potential policy and tariff shifts from the incoming US administration. This caution is further influenced by India’s premium valuation, which is significantly above the current earnings growth trajectory that has slowed over the last two quarters. Additionally, the widened November trade deficit has negatively affected domestic sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.

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Sensex nosedives 1,000 points, Nifty closes below 24,350 amid broad-based selling ahead of Fed meet

Sensex nosedives 1,000 points, Nifty closes below 24,350 amid broad-based selling ahead of Fed meet

A cocktail of concerns—a higher-than-expected trade deficit weighing on the rupee, nervousness ahead of the US Fed FOMC meeting, and a slowdown in Chinese retail sales—rattled investor sentiment today. The Sensex tumbled over 1,000 points or 1.3 percent to close at 80,684.45, while the Nifty shed over 330 points or 1.4 percent to end at 24,336.

Sector-wise, financials, oil & gas, and IT weighed on Nifty but HDFC Bank, RIL, and Bharti Airtel were the primary culprits. All three stocks combined contributed to over 100 points of decline in the Nifty 50 index. About 1497 shares advanced, 2360 shares declined, and 85 shares unchanged.

“The FOMC meeting is a key factor affecting the market right now. Investors are closely watching this meeting, awaiting its outcome, which is adding pressure to the market,” said Anita Gandhi, Whole-Time Director at Arihant Capital Markets.

Adding to investor caution, India’s merchandise trade deficit widened to $37.84 billion in November from $27.14 billion in October, exerting pressure on the rupee. The Indian rupee touched a record low of 84.93 against the US dollar, further unnerving foreign investors already concerned about the rising dollar index. The rupee has remained under pressure for several months due to sustained foreign investor outflows and a strong dollar, depreciating 2.01 percent year-to-date against the greenback.

Commenting on the rupee’s impact, V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Exporters like IT and pharma will benefit from depreciating rupee and for importers the import cost will increase.”

On the global front, China’s retail sales rose by 3 percent in November from a year ago, according to National Bureau of Statistics data released on December 16, missing the forecast of 4.6 percent in a Reuters poll. This was seen as a sign that Beijing’s efforts to boost the economy have failed to revive sluggish demand.

Reuters reported that Chinese leaders have agreed to raise the budget deficit to 4 percent of GDP next year—the highest on record—while targeting economic growth of around 5 percent. Though not officially announced, the additional spending, equal to 1.3 trillion yuan ($179.4 billion), will be financed through off-budget special bond issuances.

The Asia-Pacific markets appeared underwhelmed by the news, with almost all Asia-Pacific indices falling between 0.1 and 2 percent.

Back home, the financial sector faced additional pressure as HDFC Bank shares fell over 1 percent following a warning letter from SEBI, alleging non-compliance in disclosures regarding the resignation of a senior employee. The Nifty Bank, Nifty Private Bank, and Nifty PSU Bank indices dropped over 1 percent each, with Axis Bank and ICICI Bank contributing to the weakness.

Despite the rupee’s depreciation, export-heavy Indian IT stocks failed to gain traction. The Nifty IT index slipped 0.7 percent, weighed down by losses in TCS, Infosys, and LTIMindtree, which declined 0.5-2 percent.

The BSE Smallcap and BSE Midcap indices, which held firm in early trade, succumbed to selling pressure in the second half, falling 0.5 percent and 0.7 percent, respectively.

Investors now await the Federal Reserve’s policy decision on December 18, where a 25-basis-point rate cut is almost certain, with odds standing at 97 percent, as per the CME FedWatch tool. More importantly, markets are bracing for Federal Reserve Chair Jerome Powell’s commentary on the trajectory of interest rates, which could dictate sentiment in the days ahead.

Top losers on the Nifty 50 index included Shriram Finance, Grasim, Bharti Airtel, Hero MotoCorp, and JSW Steel, falling between 2-5 percent. Meanwhile, Cipla emerged as the sole gainer, rising 0.2 percent. The stock climbed over 2 percent intraday after Kotak Institutional Equities upgraded it to ‘Buy’ from ‘Add’, citing attractive valuations, upcoming US launches, domestic recovery expectations, and healthy growth prospects in South Korea.

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