Weekend Wrap: From IRFC to Macrotech Developers, top market movers and news of week

Top News

India’s Goods and Services Tax (GST) collections in October 2024 demonstrated substantial growth, achieving an 8.9% year-on-year increase to reach ₹1.87 lakh crore. This strong performance is indicative of the economic momentum sustained by domestic consumption and imports, contributing to an overall 9.4% growth in GST collections for the year, amounting to a cumulative ₹12.74 lakh crore. These numbers reflect the positive economic environment within India, fueled by resilient consumer demand and steady import activity, signalling encouraging prospects for the nation’s economic outlook.

In the equity markets, Waaree Energies made a notable debut by listing at a premium of 70% over its issue price of ₹1,503, underscoring investor confidence and demand. This is part of an ongoing trend of robust initial public offerings (IPOs) within the renewable energy sector, driven by India’s push towards sustainable energy solutions and increasing interest in green investments. Meanwhile, Godavari Biorefineries, another recently listed entity, recorded a listing premium of 1.42% above its issue price of ₹352, which suggests investor optimism regarding the biorefining sector’s growth potential as a key player in sustainable manufacturing. Additionally, Afcons Infrastructure received an oversubscription of 2.77 times, indicating a healthy demand from investors increasingly looking at infrastructure development opportunities in India. These positive listings reflect the confidence of both retail and institutional investors in sectors aligned with India’s long-term development and sustainability goals.

Motilal Oswal Asset Management Company (AMC) has launched a series of New Fund Offerings (NFOs), targeting specific growth sectors within India’s economy. The new funds include the Motilal Oswal Nifty Midsmall Financial Services Index Fund, Motilal Oswal Nifty Midsmall Healthcare Index Fund, Motilal Oswal Nifty Midsmall India Consumption Index Fund, and the Motilal Oswal Nifty Midsmall IT & Telecom Index Fund. Each of these funds is tailored to offer investors sector-specific exposure, covering financial services, healthcare, consumer goods, and information technology and telecommunications. The launch of these NFOs aims to meet the growing demand for sector-focused investment options, enabling investors to align their portfolios with areas that showcase robust growth potential. These funds not only broaden the investment options available in the market but also offer diversification for investors seeking balanced exposure across India’s mid- and small-cap sectors.

Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.