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The National Stock Exchange achieved a major milestone. Its registered investor base has now surpassed 10 crore mark as of August 8, 2024.

The NSE’s investor base grew from 4 crore in March 2021 to 10 crore in just over three years. Notably, the last 1 crore additions came in just over five months, reflecting a sharp rise in investor registrations.

The total number of client codes (accounts) registered with the Exchange stands at 19 crore.

Daily new unique registrations have ranged between 50,000 to 78,000, fueled by advancements in digitisation, heightened investor awareness, and robust market performance.

The median age of the NSE’s 10 crore registered investors is 32, with 40% under 30, showcasing growing youth interest in the markets. Female investors now represent over 20% of the total. Regional distribution shows that North India contributed 42% of the last 1 crore registrations, with Uttar Pradesh and Maharashtra leading in new registrations, according to NSE.

In addition, indirect market participation has surged, with 2.1 crore new SIP accounts opened between March and June 2024, and average monthly SIP inflows rising to approximately Rs 20,452 crore.

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Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Thursday announced changes to the cheque-clearing process. The central bank kept the rates unchanged at the meeting.

At present, cheque clearing is done through the Cheque Truncation System (CTS), which operates in a batch processing mode and has a clearing cycle of up to two working days. To reduce the clearing cycle, RBI has proposed to introduce continuous clearing with ‘on-realisation-settlement’ in CTS.

With this, the RBI says that the cheques will be cleared within a few hours after it is presented at the bank. “This will speed up cheque payments and benefit both the payer and the payee,” the governor said in his speech.

Increased UPI limit for tax payment

The central bank has also proposed the enhancement of the transaction limit for Unified Payments Interface (UPI) transactions for tax payments from the current ₹1 lakh to ₹5 lakh.

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Tata Group-backed steelmaker, Tata Steel has witnessed a sharp correction in one month, falling by nearly 11% on BSE. While Tata Steel’s weekly performance is also down by 8.5%. This brings a buy-on-dips opportunity to Tata Steel. Brokerages have recommended BUY for a target price ranging from Rs 175 to Rs 190. At the latest, Tata Steel has made a merger update related to Indian Steel & Wire Products.

The stock’s 52-week high and low are at Rs 184.60 apiece and Rs 114.25 apiece respectively. Tata Steel’s share price has been on a bearish trend after its Q1 results. On a week-on-week basis, the stock is down by 8.5%, while in a month, the downfall is about 10.71%. However, year-to-date, the stock is still up by 10%, but gains have been squeezed in due to the latest correction.

The approval is a step closer for Tata Steel to consolidate its metal and resources business into one single entity. In 2022, Tata Group commenced the process of merging six subsidiaries into Tata Steel. These included three listed companies such as Tata Metaliks, Tata Steel Long Products and The Tinplate Company of India. While Indian Steel & Wire Products is part of the other three unlisted companies including Tata Steel Mining and S&T Mining Company.

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India’s bustling initial public offering market is barreling ahead with bigger debuts, shrugging off this week’s global equity selloff.

The nation saw 189 companies going for fresh share sales to raise $5.6 billion this year, making it one of the busiest markets in this space. At least 30 IPOs are in the offing as demand powered by domestic money pushes companies to explore listing.

The pipeline underscores investor exuberance in India despite turbulence in global equity markets. Local investors armed with funds and a desire to participate in the world’s fastest-growing major economy are ignoring pessimism over global risks.

“Absorption of supply is not a challenge for India,” said Vaibhav Porwal, co-founder of Dezerv Investments Pvt. in Mumbai. Equity mutual funds have about $13 billion of cash in their portfolios, while recurring investment plans are bringing over $2 billion of monthly inflows, which is “big liquidity to support any sort of supply.”

While the bulk of companies raised below $100 million this year, bigger offerings are also coming to the market. On tap are Ola Electric Mobility Ltd.’s listing of more than $730 million Friday and baby-products company Brainbees Solutions Ltd.’s debut of about $500 million on Aug. 13. Hyundai Motor Co. will likely raise a record amount of as much as $3.5 billion from the listing of its Indian unit in the coming months.

India’s market regulator is also processing applications of Hero Fincorp Ltd.’s some $440 million offer and Niva Bupa Health Insurance Co.’s roughly $360 million share sale. Other large offerings may include IPO of SoftBank-backed food delivery firm Swiggy Ltd. 

While retail investors have been key for the success of such sales in India, the offerings have attracted foreigners as well. Jitters in global stock markets, however, could potentially dampen the appeal of the assets.  

“You could see IPO discounts widen and valuations lower if the risk appetite remains as fragile as the past few days,” said Arvind Vashistha, head of India equity capital markets at Citigroup Inc. Companies are still powering through with roadshows, though “it’s also not a day to go out and actively engage with investors around live transactions as they manage their current portfolios.”

At least so far, India’s IPO market doesn’t look fazed by the global volatility. On Tuesday, Ola Electric’s offer was subscribed more than four times the shares offered, with strong demand from retail as well as institutional investors.

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Continuing their upward trend, Suzlon Energy shares hit the 5% upper circuit limit at ₹69.60 apiece in today’s trade for the sixth time in the last 13 sessions. During this period, the stock has gained 28.3% to trade at a level not seen since January 2010.

Investors have been bullish on the company, given its consistently strong financial performance each quarter, its focus on reducing debt, and the significant order wins, which expanded its order book to 3.8 GW at the end of Q1 FY25—the highest in the company’s history.

Today’s rally came after the company announced on Tuesday that it would acquire a 76% stake in Renom Energy Services for ₹660 crore in two tranches from the Sanjay Ghodawat Group. The first tranche involves acquiring a 51% stake for ₹400 crore, followed by an additional 25% stake within 18 months for ₹260 crore.

Renom is the largest multibrand operations and maintenance service (MBOMS) provider in the country, with assets of 1,782 MW in wind, 148 MW in solar, and 572 MW in BOP under maintenance across customer segments.

It offers comprehensive operations and maintenance services for all technologies and capacities of wind turbines and solar assets, managing about 2.5 GW of assets across India, as the company’s filing. 

This strategic acquisition aims to establish Suzlon’s market leadership in the wind energy O&M service business, with the wind energy sector expected to exceed 100 GW by 2030. Suzlon’s in-house OMS will focus on the current Suzlon fleet in India of approximately 15 GW and a growing order book, while Renom will continue to target the non-Suzlon wind turbine services market of around 32 GW and growing in India.

This acquisition gives the Suzlon Group comprehensive presence and penetration into the non-Suzlon segments of the Indian Wind Energy Services industry.

Girish Tanti, Vice Chairman, Suzlon Group, said on the acquisition, “With India’s target to achieve 500 GW of renewable energy installations by 2030, we shall see a multitude of different technologies and wind turbines of various makes in the market going ahead.”

“Renom has emerged as the single largest player in this domain with great strength and potential to tap further into this market segment. This acquisition aligns with Suzlon Group’s vision of leveraging growth while safeguarding our country’s renewable energy assets, irrespective of their original make,” he added.

Earlier, JM Financial raised its target price for the stock to ₹71 from ₹54 following the company’s June quarter numbers.

The firm cites several factors driving Suzlon’s momentum, including enhanced execution capabilities, a strong order book, a healthy bid pipeline, and a strengthened balance sheet.

These elements are positioning the company for substantial growth, according to JM Financial.

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