Finvezto Daily Market Bytes, 07 Jan 2025
In today’s edition, we cover:
India Dec Services PMI shoots up
Mahindra Production Surge
Key Stock Updates
India Dec Services PMI shoots up
India's Services PMI accelerated to 59.3 in December up from 58.4 in November.
Business activity soared as new orders reached their highest level since August 2024.
Services Companies expanded their workforce at one of the fastest rates since 2005.
Business confidence remains strong with capacity expansion. Marketing budgets and customer inquiries point toward continued expansion in the coming year.
Mahindra Production Surge
Mahindra and Mahindra boosts December production to 53,361 vehicles after increased demand for its SUVs.
It plans to expand annual capacity to 64,000 units by FY25 end.
Production capacity has grown 3.5 times since fiscal 2020 for the SUV segment.
FY26 target set at 72,000 units showing continued expansion strategy for India's largest SUV maker.
Key Stock Updates
NEW ORDERS:
🟢 Ashoka Buildcon secured ₹1,391 Cr order from NHAI for four-lane economic corridor development in West Bengal.
🟢 Dynamic Services signed MoU with Orion Security Solutions for ₹476 Cr work contract.
🟢 Power Grid declared successful bidder for 2 interstate transmission system projects under BOOT basis.
🟢 Nesco becomes highest bidder for 3 Wayside Amenities projects on Bengaluru-Chennai Expressway, total cost ₹75 Cr each.
PARTNERSHIPS/INVESTMENTS/ACQUISITIONS:
🟢 Adani Petrochemicals formed JV with Indorama Resources to set up petrochemical facility in Mundra with ₹35,000 Cr investment.
🟢 Coal India signed MoU with IREL for development of critical minerals mining and refining assets.
CORE BUSINESS UPDATES:
🟢 Titagarh Rail Systems delivers first driverless Made-in-India train to Bengaluru Metro Yellow Line.
🔴 Manappuram Finance reports ₹20 Cr robbery at Odisha branch with gold jewelry and cash stolen.
🟢 Reliance Consumer Products enters rehydration category with RasKik Gluco Energy launch.
CORPORATE ACTIONS:
🟢 BPCL gives in-principle approval for IPO of Maharashtra Natural Gas Ltd, joint venture with GAIL and IGL.
INDIAN ECONOMY:
🔴 Indian rupee hits record low of 85.84 against US dollar
🟢 Services PMI rises to 4-month high of 59.3 in December, showing strong business activity growth.
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This daily update highlights market trends for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.