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 Bitcoin broke through a new all-time record high over $81,000, on the back of United States President-elect Donald Trump’s victory and his apparent support of digital assets, Bloomberg reported.

Further, crypto markets are abuzz with the prospect of a Trump-era US Congress featuring pro-crypto lawmakers, it added.

As of 9:05 a.m. on November 11, the world’s largest cryptocurrency was at $81,156.62. This is Bitcoin’s second consecutive record high, having peaked at $80,000 for the first time on November 10.

On November 6, a day after Trump’s 2024 US presidential election win against Kamala Harris was announced, the token reached $75,000, crossing its previous all-time high of $73,797.98 hit in March 2024.

Smaller tokens, including billionaire Elon Musk–promoted Dogecoin, also gained as “bullish sentiment” persists across the crypto space, the BB report added.

“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” Le Shi, Hong Kong managing director at market-making firm Auros to Bloomberg.

Overall, Bitcoin has gained around 93 per cent so far in 2024, due to inflows into US bitcoin exchange-traded funds (ETFs) and interest-rate cuts by the US Federal Reserve (Fed), the report added. 

Richard Galvin, founder of crypto-focused investment firm DACM told Bloomberg they expect “buying pressure” to continue “for some time yet” given the de-risk from Trump’s win. He is not alone in the optimism as Noelle Acheson, author of the Crypto Is Macro Now newsletter, wrote, “Trump has promised supportive regulation, and the sweep of the House and the Senate makes the passage of crypto bills much more likely.”

Trump is viewed as pro-crypto. During his first presidency, he called cryptocurrencies a “scam”, but has since reversed his position on it during his re-election campaign. He even launched his own platform for the unit, as per an AFP report.

The Republican candidate has pledged to make the US “bitcoin and cryptocurrency capital of the world” and to put Tesla founder and chief executive officer Elon Musk in charge of a wide-ranging audit of governmental waste, as per the report.

Trump announced in September that he, along with his sons and entrepreneurs, will launch a digital currency platform named World Liberty Financial. It had a poor launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer, reported the agency.

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Niva Bupa Health Insurance’s IPO garnered a 1.5 times subscription on November 11, its third day of bidding, with investors bidding for 26.4 crore shares against the 17.3 crore available.

The retail individual investor (RII) category was subscribed 2.2 times, while the qualified institutional buyer (QIB) segment saw a subscription of 1.8 times its allocation. Meanwhile, demand in the non-institutional investor (NII) category was comparatively lower, with a subscription rate of 53 percent.

The Rs 2,200 crore IPO includes both a fresh issue and an offer for sale. The fresh issue consists of 10.81 crore shares worth Rs 800 crore and the offer for sale comprises 18.92 crore shares, aggregating to Rs 1,400 crore.

The IPO, open for subscription from November 7 to November 11, has a price band set at Rs 70 to Rs 74 per share. The allotment for the Niva Bupa IPO is expected to be finalised on November 12 with tentative listing date fixed as November 14.

ICICI Securities, Morgan Stanley India, Kotak Mahindra Capital, Axis Capital, HDFC Bank, and Motilal Oswal Investment Advisors are the book-running lead managers while Kfin Technologies is the registrar for the issue.

The IPO raised Rs 990 crore from anchor investors on November 6.

Niva Bupa, a joint venture between the Bupa Group and Fettle Tone LLP, has been serving the Indian health insurance sector since 2008. The proceeds from the IPO are earmarked for strengthening its capital position and general corporate purposes.

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Stock Market Today: Shares of Suzlon Energy, India’s largest renewable energy solutions provider, fell 6.30% to ₹58.56, slipping below ₹60 for the first time since late July on Monday, November 11. However, the stock recovered its losses and was last trading with a 0.54% gain at ₹62.84 per share as of 1:45 p.m. 

The early morning volatility in the stock price was triggered by the company’s announcement regarding the resignation of a top management executive. In an exchange filing on Friday, the company notified investors that Ishwar Chand Mangal, CEO of New Business, has resigned, effective at the close of business on November 8, 2024, to pursue new challenges and opportunities outside the company.

Mangal had been with Suzlon for nearly three decades and had led various business verticals, including sales and marketing, business development, EPC projects, global OMS, and new business initiatives, including the company’s foray into offshore wind.

After a remarkable rally from March 2023 to September 2024, during which the stock surged by 913%, it struggled to maintain the same momentum in the following months as investors appeared to take profits after significant gains.

In October, the stock saw a 16% correction, its steepest monthly drop since February 2023. Thus far in the current month, it has declined by an additional 6.5%. As a result, the stock is now trading 28% lower than its recent one-year high of ₹86.

Meanwhile, the stock’s performance in recent years marked the biggest rebound on Dalal Street, reflecting the company’s successful strategies and the potential for growth in the renewable energy sector.

On October 29, the company posted a healthy performance for the September ending quarter, though it came in slightly below analysts’ expectations due to the impact of the heavy monsoon.

It ramped up execution to 274 MW in Q2 FY25, compared to 132 MW in Q2 FY24, resulting in net revenue of ₹2,093 crore, a 48% year-over-year improvement. Net profit stood at ₹201 crore, reflecting a 96% year-on-year increase but a 34% quarter-on-quarter decrease.

As of the September quarter-end, the company’s S144 wind turbine had secured a robust order book of 4.7 GW, and the company is ramping up capacity to boost manufacturing for this product. A robust order inflow of 1.6 GW during the reporting quarter has led to a record-high order book of 5.1 GW, providing strong revenue visibility.

During the quarter, the company signed India’s largest wind energy order of 1,166 MW with NTPC Green Energy Limited.

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Air India Group announced a slew of senior management changes due to the merger of Air India and Vistara, which is scheduled to be effective from November 12.

Vinod Kannan, Chief Executive Officer of Vistara who was also holding the role of Chief Integration Officer for the full-service airlines’ merger, will continue in the latter role post-merger, according to a press release.

Deepak Rajawat, currently the Chief Commercial Officer of Vistara, will take up the Chief Financial Officer role at the newly-enlarged Air India Express, and will report to CEO Aloke Singh. Along with this, he will also support Group CFO Sanjay Sharma in strategic initiatives and projects.

Consequently, Air India Express’ current CFO Vikas Agarwal will move to a new role in Air India, the statement added.

Full-service carriers — Air India and Vistara, a joint venture between Tatas and Singapore Airlines — are set to be merged on November 11.

Among the other changes, Hamish Maxwell, SVP Flight Operations of Vistara, has assumed an advisory role to Air India Express CEO Aloke Singh.

Pushpinder Singh, Chief Operations Officer of Air India Express, will return to flying, and his successor will be announced in due course.

Deepa Chadha and Vinod Bhatt, SVP HR & Corporate Affairs and Chief Information Officer of Vistara, respectively, will take on senior roles at other Tata group companies.

“Vistara CFO Mr Niyant Maru, who had graciously continued beyond his superannuation date to see through completion of the merger, will retire at the end of his current term,” the release added.

“Over the past two years the four Tata airlines have worked hard to prepare for and execute one of the most complex mergers in aviation history, consolidating from four airlines to two in the context of dramatic growth and wholesale transformation. As we now approach the end of that process, we are delighted to formalise a Group leadership comprising colleagues from all four antecedent airlines to drive the next phase of our journey,” said Air India’s CEO & MD Campbell Wilson.

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There is no reason to anticipate any systemic risk in the Indian banking sector, with banks appearing healthier than ever, said KV Kamath, independent director and non-executive chairman of Jio Financial Services, on Friday at the Business Standard BFSI Insight Summit in Mumbai. 

In his fireside chat with Tamal Bandyopadhyay, Kamath nonetheless emphasised that the systemic caution shown by the Reserve Bank of India (RBI) is “entirely warranted”. 

Highlighting the strong health of Indian banks, Kamath pointed to the top-four banks reporting returns on equity of 16-20 per cent in the last quarter—levels previously unheard of. He maintained that the Indian banking system is currently better positioned than it has been in the past 50 years. 

Explaining that lending activity goes through cycles and that pain is inevitable at some point, Kamath noted that no such pain is reflected in the current quarter’s numbers. He added that he did not see any change in the banking sector’s cycle at present. 

Kamath made these comments in response to a question from Bandyopadhyay about whether the stress related to unsecured lending was confined to the non-banking financial company (NBFC) sector or had also impacted the broader banking sector. 

Addressing the health of the NBFC sector, Kamath observed signs of a “pyramid” forming, with many borrowers taking multiple loans—often to repay earlier borrowings—while still seeking additional credit. 

Acknowledging the situation, Kamath said the RBI had raised risk weights for unsecured loans and signalled concern, adding, “They were right on time.”

Kamath noted that financial technology (fintech) firms are lending even to borrowers with a credit score of 550, while traditional bankers typically lend to those with scores of 700 to 750. 

He underscored that recent regulatory measures for the NBFC sector were “absolutely warranted,” praising the regulator’s proactive stance. 

When asked about a potential structural change in India’s financial landscape, Kamath agreed that it was underway, describing it as a “slow shift”. 

He explained that increased access to financial products, driven by technology and systematic investment plans (SIPs), is leading to the financialisation of savings—a trend that was not seen earlier. 

However, Kamath expressed concern about the flow of funds raised through personal and unsecured loans entering the markets. 

Agreeing with Bandyopadhyay that money is leaving the banking system and entering the markets, Kamath cited RBI Governor Shaktikanta Das’s warning about the risks of retail participation in the Futures and Options (F&O) market. He estimated that between Rs 1.5 trillion to 1.7 trillion has been lost in the markets due to such activities, with unsecured lending accounting for nearly the entire amount. 

Kamath stated that this is why the RBI was correct in raising concerns about unsecured lending. 

“The RBI was absolutely right in raising a red flag on unsecured lending, increasing risk weights, and advising lenders to scrutinise the borrower’s end-use of funds,” Kamath said, commending the RBI for acting at the right time.

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