SpiceJet’s Financing Talks, Adani’s Green Initiative, and MCX’s Surge

Indian markets:

• Indian benchmark indices rebounded strongly on November 28, overcoming two days of mild closures, with the Nifty surpassing 19,900.
• The rally was driven by increased buying in sectors like oil & gas, power, auto, and metal.
• Market movement started on a positive note influenced by mixed global cues but lost gains initially, witnessing a phase of range-bound trading.
• However, a late surge in buying activity helped the indices close near their daily high points.
• Sectors like power and oil & gas witnessed a significant surge, both adding 3 percent, while metal, auto, and PSU Bank indices rose by 1 percent each.
• Conversely, some sectors such as capital goods, FMCG, and pharma experienced selling pressure.

Global Markets

• Global stocks stabilized on Tuesday, supported by the prevailing investor belief that the Federal Reserve won’t enact further rate hikes, leading to the dollar staying at three-month lows and maintaining gold above $2,000 per ounce.
• The Dow declined by 56.68 points or 0.2 percent to 35,333.47, and the S&P 500 dipped by 8.91 points or 0.2 percent to 4,550.43. These retreats pulled back from their highest closing levels in over three months. Additionally, the Nasdaq edged down by 9.83 points or 0.1 percent to 14,241.02.
• European stocks, represented by STOXX, experienced a 0.5% fall, primarily driven by losses in pharmaceutical and consumer goods companies. Concurrently, U.S. stock futures, represented by ESc1, displayed minimal changes.

Stocks in Spotlight

• SpiceJet closed with gains on November 28 following reports of promoter Ajay Singh engaging in discussions with global private credit funds. The aim is to secure up to $100 million, intended for refinancing a portion of the promoter’s debt and potentially injecting new capital into the financially strained airline. While these talks are in early stages and lack certainty of a deal, the improved profitability of India’s aviation sector and the recent exit of GoFirst from bankruptcy have bolstered SpiceJet’s outlook for debt repayment and financial management.
• Adani Total Gas initiated a green hydrogen blending pilot in Ahmedabad, planning to blend green hydrogen with natural gas for approximately 4000 residential and commercial customers. Green hydrogen, produced through water electrolysis powered by renewable energy, will be blended to reduce carbon intensity in burning gas while maintaining its heating capabilities. This move underscores Adani Total Gas’ commitment to sustainability by incorporating cleaner energy solutions.
• Multi Commodity Exchange of India (MCX) witnessed a surge of over 6%, reaching a new 52-week high. This upswing follows the stock’s removal from the NSE F&O ban list. The surge coincides with the company’s announcement regarding the recovery of technology costs for its old platform from its subsidiary, Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL). This development seems to have positively impacted investor sentiment, reflecting in the stock’s notable rise.

News from the IPO world🌐

• Vadodara-based Kronox Lab Sciences files DRHP to launch its IPO
• IREDA IPO subscribed 38.76x retail portion booked 7.65 times on final day
• SEBI sounds alarm on crowding of IPOs

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