Finvezto Daily Market Bytes, 13 Dec 2024
India CPI Inflation drops; Zomato Bistro Launch; HDFC Bank Regulatory Warning; EV Charging Infrastructure Growth & much more.
In today’s edition, we cover:
India CPI Inflation drops
Zomato Bistro vs Swiggy Bolt vs Zepto Cafe
HDFC Bank Regulatory Warning
EV Charging Infrastructure Growth
Key Stock Updates
Here’s a quick market snapshot before we start. GIFT Nifty indicates a lower opening for the Indian Markets.
India CPI Inflation drops
November 2024 Retail CPI inflation eases to 5.48% from October's 6.21%, staying within RBI's comfort band but above early 2024 levels.
Food inflation, making up 50% of consumer price basket, drops to 9.04% from 10.87%. Housing costs remain stable at 2.87%, while fuel and light prices continue declining at -1.83%.
Current Inflation levels suggest RBI might delay rate cuts as it is still hovering near the upper band of 6%.
Zomato Bistro vs Swiggy Bolt vs Zepto Cafe
Blinkit launches Bistro for 10-minute food delivery in Delhi-NCR, competing with Zepto’s Cafe and Swiggy’s Bolt.
Bistro, powered by Blinkit's quick commerce network, offers more SKUs than Zepto Cafe and operates without restaurant partnerships. Swiggy's Bolt platform collaborates with local eateries.
Bistro’s launch follows Zepto's announcement to create a separate app for their cafe service next week.
Bistro is the new addition to Zomato's brand portfolio alongside Blinkit, District, and Hyperpure.
On a side note, Zomato faces ₹803 crore GST demand over unpaid delivery charges tax from October 2019 to March 2022. Zomato maintains confidence in fighting the tax demand while expanding operations.
HDFC Bank Regulatory Warning
SEBI issues warning to HDFC Bank over investment banking compliance issues, covering merchant banking, capital disclosure, and insider trading regulations.
HDFC Bank commits to addressing regulatory concerns in merchant banking operations after the notice.
Note that a warning is considered a less severe action compared to monetary penalties.
EV Charging Infrastructure Growth
India crosses 25,000 public charging stations milestone with Karnataka (5,765), Maharashtra (3,728), and UP (1,989) leading installations nationwide.
PM e-DRIVE program allocates ₹2,000 crore for 72,300 new stations - 48,400 for two/three-wheelers, 22,100 for four-wheelers, and 1,800 for e-buses.
Infrastructure expansion might require 45 million sq. ft. real estate in 5-6 years.
Key Stock Updates
New Orders
Shakti Pumps gets ₹754.30 crore empanelment for 25,000 solar pumps from MSEDCL
Aayush Wellness receives first export order worth $3 million from Singapore Cosmos Holdings
RVNL wins ₹110.86 crore Southern Railway contract for Chennai block signaling
NESCO bags ₹200 crore 30-year lease for Hyderabad-Vizag amenities project
L&T-Cloudfiniti wins 10-year contract for 6 MW IT load at Sriperumbudur
Bajel Projects secures ₹91.4 crore EPC contract for Solapur substation
HAL to supply 12 Su-30MKI aircrafts to Indian Air Force for ₹13,500 crore
Ashok Leyland bags ₹345.6 crore order for 1,475 BSVI bus chassis
Partnerships, Investments & Acquisitions
Firstsource teams with WebID Group for AI-driven Trust & Safety solutions
Core Business Updates
Tata Motors announces up to 2% price hike on trucks and buses
Tata Communications launches Kaleyra AI for enhanced customer interactions
GHCL receives environmental clearance for Soda Ash project in Kutch
Corporate Actions & Regulatory Updates
NHPC plans to raise ₹6,900 crore through non-convertible debentures
Welspun Corp completes divestment of Sintex Logistics
Kalpataru Projects faces revised ₹73 lakh penalty from Mauritania government
Zomato receives ₹802 crore GST demand including penalty from Maharashtra authorities
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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.