Stock Market Weekly Recap - 18 Nov to 22 Nov

From November 18 to November 22, 2024, the Indian stock markets continued declining, largely driven by foreign selling. However, by the end of the week, the markets observed a healthy recovery and ended on a positive as a result of buying in several sectors. 

During the week, Nifty opened at 23,605.30 and closed at 23,907.25, which represents a 1.28% increase for the week. Similarly, Sensex started the week at 77,863.54 and finished at 79,117.11, reflecting a 1.61% weekly rise.

Nifty 50: Top Gainers and Losers

Top Gainers

Top Losers

Important Highlights between 18 Nov to 22 Nov

Tata Power, ADB Forge 4.25B Dollar Renewable Energy Partnership

Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) at the COP29 conference in Baku, Azerbaijan, to explore financing options for major projects aimed at boosting India's power infrastructure and renewable energy efforts. The partnership focuses on funding initiatives such as a 966 MW Solar Wind Hybrid project and a Pumped Hydro Storage Project, with a total estimated cost of 4.25 billion dollars. Dr. Praveer Sinha, CEO of Tata Power, emphasized the collaboration’s role in supporting India’s clean energy goals, while ADB’s Suzanne Gaboury underscored their commitment to sustainability and energy security across Asia. The MoU aims to enhance energy access and resilience in India, contributing to its climate action objectives.

SJVN Partners with Rajasthan for 7 GW Renewable Energy Projects

SJVN Limited has signed a Memorandum of Understanding (MoU) with the Rajasthan government to develop 7 GW of renewable energy projects, including 5 GW of Pumped Storage and 2 GW of Floating Solar Projects. The agreement, signed in the presence of Rajasthan Chief Minister Bhajan Lal Sharma, aims to boost SJVN's renewable energy capacity, supporting its target of 25,000 MW by 2030 and 50,000 MW by 2040. This initiative marks a major step forward in enhancing Rajasthan's renewable energy infrastructure, combining solar energy with advanced storage solutions to meet regional energy needs.

NTPC Green Energy, ONGC Form Joint Venture for Renewables

NTPC Green Energy, a subsidiary of NTPC Limited, has announced a 50:50 joint venture with ONGC Green Energy to develop renewable energy projects across India. The partnership aims to boost the growth of solar and wind power generation, combining the strengths of both companies to accelerate the country’s transition to sustainable energy. This collaboration is expected to make a significant contribution to India’s renewable energy goals.

Adani Indicted in $250 Million Bribery Scheme for Solar Projects

Gautam Adani, chairman of the Adani Group, has been indicted by U.S. prosecutors for allegedly orchestrating a $250 million bribery scheme to secure solar energy contracts in India. The indictment also targets several executives, accusing them of bribing Indian officials to obtain lucrative contracts backed by international investors. This legal action follows earlier fraud allegations, including claims of stock manipulation by Hindenburg Research. The Adani Group has denied the charges, calling them baseless and reaffirming its commitment to governance. The indictment has led to a significant drop in the group’s market value and the cancellation of a $600 million bond issuance.