Stock Market Weekly Recap - 04 Nov to 08 Nov

The market experienced significant volatility during the week due to selling from institutional investors. Overall, the benchmark indices closed in the red.

During the week, Nifty opened the week at 24,315 and closed at 24,148, which represents a 0.69% decrease for the week. Similarly, Sensex started the week at 79,713.14 and finished at 79,486, reflecting a 0.28% weekly decline.

Nifty 50: Top Gainers and Losers

Top Gainers

Top Losers

Important Highlights between 04 Nov to 08 Nov

NTPC, ONGC Form JV to Boost Renewable Energy

NTPC Limited and Oil and Natural Gas Corporation (ONGC) have formed a 50:50 joint venture to expand into renewable and new energy sectors, through their subsidiaries NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd (OGL). The venture will focus on solar and wind energy (onshore and offshore), green hydrogen, green ammonia, sustainable aviation fuel (SAF), green methanol, and emerging technologies like energy storage, e-mobility, and carbon credits. It will also target renewable asset acquisitions and offshore wind projects in Tamil Nadu and Gujarat. 

Bharti Telecom Raises Rs.11,150 Crore; REC Ltd. to Raise Rs.6,500 Crore

Bharti Telecom, the holding company of Bharti Airtel, raised Rs.11,150 crore through a bond issuance across six tranches, with coupon rates ranging from 8.25% to 8.90% and maturities between 3 to 10 years. The issuance saw strong investor interest, with Rs.3,345 crore subscribed by anchor investors and the rest from non-anchor investors. The funds will be used for investment and transaction-related costs. This reflects confidence in India's growth despite global yield fluctuations. Separately, REC Ltd. plans to raise Rs.6,500 crore in two tranches to support its FY25 borrowing program.

Vedanta Approves Rs.17,025 Crore Investment for Aluminium, Power Expansion

Vedanta Limited's board has approved a Rs.17,025 crore capital expenditure plan to expand its aluminium and power businesses. This includes boosting Bharat Aluminium Company (BALCO) smelter capacity by 435 KTPA to 1,015 KTPA with an Rs.11,816 crore investment. The expansion will also increase wire rod capacity by 50 KTPA and double sow ingot capacity to 200 KTPA, with economic benefits expected by FY 2025-26. Additionally, Rs.5,209 crore will be invested in the Athena Chhattisgarh Power Plant for two 600 MW units, set to start operations in FY 2025-26. Vedanta’s subsidiary Sesa Resources will acquire Sterlite Iron and Steel Company (SISCOL) for Rs.1 lakh as part of a group simplification.