Today’s markets analysis on behalf of Joseph Dahrieh, Managing Principal at Tickmill
25th November 2024
The U.S. dollar retreated following the announcement of Scott Bessent as the new Treasury Secretary. This development dampened the greenback’s recent rally, which had been driven by expectations surrounding President-elect Donald Trump’s trade and fiscal policies. These measures, including aggressive tariffs and tax cuts, were anticipated to heighten inflationary pressures, potentially restricting the Federal Reserve’s capacity to further reduce interest rates.
Bessent’s measured approach, emphasizing economic stability and a gradual rollout of tariffs, has eased investor concerns. This moderation contributed to a decline in long-term Treasury yields, which slowed the near-term appreciation of the dollar. However, uncertainties remain regarding the feasibility of his proposals, considering the competing fiscal priorities and the political challenges of reducing discretionary spending while navigating tax reforms and economic growth targets.
Attention now shifts to upcoming economic data, including the Federal Reserve’s meeting minutes and the PCE inflation report. These figures will be pivotal in shaping the near-term outlook for interest rates. Persistent inflation, coupled with stable economic growth, could reduce the likelihood of further Fed cuts, potentially supporting the dollar in the medium term.
“The future of cloud security lies not in siloed solutions, but in unified platforms that can seamlessly manage the complexities of multi-cloud environments,” states Tushar Gupta, a network engineer specializing in automation, monitoring, and observability.
As businesses increasingly migrate to the cloud, the need for strong security measures has never been more pressing. Enter cloud-native application protection platforms (CNAPPs), a market reshaping how organizations strategize cloud security. Amid this transformation, Tushar Gupta has developed an automated multi-cloud provisioning solution that is gaining traction in an industry projected to reach $6 billion by 2028. This demonstrates the advanced approaches being adopted to address the challenges of cloud security.
The Rise of Multi-Cloud Strategies
The adoption of multi-cloud strategies has become a cornerstone of modern enterprise IT architecture. According to recent data, 93% of large companies are already pursuing a multi-cloud strategy. This shift is driven by a desire for flexibility, cost optimization, and the avoidance of vendor lock-in. However, with this flexibility comes increased complexity in managing security across disparate cloud environments.
Gupta’s solution addresses this challenge head-on. As a network engineer, he led a project to develop infrastructure for a security command center (SCC). This product scans cloud postures across multiple providers Google Cloud Platform (GCP), Microsoft Azure, and Amazon Web Services (AWS) to identify security vulnerabilities and compliance issues in organizations’ cloud environments.
To support SCC, developers and test engineers require fresh, isolated environments across these cloud platforms repeatedly throughout development and release cycles. Gupta developed an automated solution that enables rapid provisioning, configuration, and teardown of these multi-cloud environments. Utilizing infrastructure-as-code tools and cloud automation scripts, his team created a consistent and repeatable process for environment setup, integrating seamlessly with continuous integration and continuous deployment (CI/CD) pipelines.
Gupta’s project faced several challenges, including complex multi-cloud management, time-consuming manual setup, scalability and repeatability issues, resource optimization, and integration with CI/CD pipelines. Despite these hurdles, the impact of his solution has been significant.
The automated environment provisioning reduced setup time from days to minutes, significantly accelerating development and testing cycles. It ensured consistent configurations across all cloud platforms, reducing configuration drift and related issues. The solution enabled on-demand provisioning and deprovisioning, supporting agile methodologies and continuous delivery practices while optimizing resource usage across cloud platforms, leading to substantial cost savings.
Gupta’s solution enhanced developer productivity by allowing them to focus on coding and quality assurance rather than environment setup. Consistent testing environments led to more reliable test results, enhancing the overall quality of the product.
The CNAPP Market: A Landscape in Flux
The CNAPP market is growing. With a compound annual growth rate (CAGR) of 25% from 2023 to 2028, businesses are clearly recognizing the critical need for comprehensive cloud security solutions.
Gupta’s approach to this market is both innovative and timely. “We’re not just creating another security tool,” he asserts. “We’re building an ecosystem that integrates seamlessly with existing DevOps workflows, ensuring that security is baked into every stage of the application lifecycle.”
This integration is crucial, as Gartner predicts that by 2029, 60% of enterprises that do not deploy a unified CNAPP solution within their cloud architecture will lack extensive visibility into their cloud attack surface and consequently fail to achieve their desired zero-trust goals.
Industry-Wide Impact and Strategic Value
The project’s significance extends across the cloud computing industry. With the CNAPP market projected to grow from $2 billion in 2023 to $6 billion in 2028, the solution enables organizations to capitalize on new opportunities in this expanding sector. The streamlined provisioning and testing cycles accelerate product releases, enhancing market competitiveness.
Beyond efficiency gains, the solution addresses fundamental challenges in cloud infrastructure management. The automation framework reduces manual workload and human error while providing flexible, on-demand environments that foster innovation. Multi-cloud capabilities strengthen organizational resilience by reducing single-provider dependencies.
As cloud-first strategies become increasingly prevalent, robust cloud risk management capabilities prove essential. The infrastructure supports organizations in securing critical applications and data across multi-cloud environments, aligning with industry-wide goals for efficient, reliable, and secure cloud-native solutions.
AI Integration and Evolving Threats in CNAPP
With the CNAPP market not looking to stop evolving anytime soon, Gupta and his team face both challenges and opportunities. One of the primary hurdles is the ever-changing nature of cloud technologies and security threats. “We’re in a constant race against time,” Gupta admits. “As soon as we develop a solution for one type of threat, new vulnerabilities emerge. It’s a never-ending cycle of innovation and adaptation.”
This rapid pace of change is reflected in the market forecasts. By 2025, Gartner predicts that over 85% of global organizations will embrace a cloud-first principle, further underscoring the need for robust, scalable CNAPP solutions.
Another significant challenge is integrating emerging technologies such as artificial intelligence (AI) and machine learning (ML) into CNAPP solutions. Gupta sees this as a key area for future development: “AI and ML can revolutionize how we approach cloud security. We’re actively exploring incorporating these technologies into our platform to enhance threat detection and automate response mechanisms.”
Empowering Innovation Through Secure, Automated Cloud Environments
Solutions like Gupta’s automated multi-cloud provisioning system will be crucial in shaping the industry. With the global cloud computing market projected to reach $947.3 billion by 2026, the stakes have never been higher.
Reflecting on the journey ahead, Gupta offers a thought: “The true measure of success in cloud security isn’t just about preventing breaches or streamlining operations. It’s about enabling organizations to innovate confidently, knowing their cloud environments are secure, compliant, and optimized for performance.”
In this insightful conversation with EVreporter, Sumedh Battewar, Co-Founder & Chief Business Officer of EMotorad, discusses the dynamics of India’s burgeoning e-cycle market and the brand’s strategies for domestic and international growth.
Can you give us an overview of the e-cycle market in India? How big is the overall market at present, and what kind of overall volumes does it see?
The e-cycle market is the fastest-growing segment within the EV space, with global sales surpassing electric cars and scooters. Valued at $1.2 billion in India, this market is expanding at a CAGR of 9.94%, with a projected 50% increase in manufacturing capacity by 2026. While global adoption is mature, India is catching up quickly, particularly in Tier 1 cities like Delhi, Mumbai, and Bangalore, where demand has seen double-digit growth annually.
At EMotorad, we’re at the forefront of this shift, holding over 75% market share in India. Our network of 600+ offline dealers and 12 experience stores ensures widespread access. By combining innovative products with a focus on community education and sustainability, we’re not just riding the wave of growth—we’re leading it.
Since you started in 2020, what trends have you observed in the acceptability and adoption of e-cycles in India?
When we launched in 2020, the concept of e-cycles was still unfamiliar to most Indian consumers. Many were hesitant to invest in what they saw as an expensive cycle. Our initial focus was on education—explaining what an e-cycle is, how throttle and pedal-assist work, and why it’s a game-changer. We introduced India’s first dual-suspension e-cycle, the EMX, and the response was overwhelmingly positive. But mass adoption required accessibility, so we developed the budget-friendly X-Factor range, which made e-cycles mainstream in India.
Customer feedback has been our biggest teacher. We addressed pain points like battery charging by introducing removable batteries, ensuring convenience for urban users. Concerns about theft led us to enhance safety features, while insights on road conditions pushed us to adapt our tyres and switch to lightweight frame materials. Every product iteration reflects our commitment to solving real-world problems, making e-cycles more practical, secure, and enjoyable for everyone.
What are the target customer profiles for EMotorad?
E-cycles are incredibly versatile, appealing to a broad demographic across all age groups and genders—kids, parents, and even grandparents. Their battery and throttle features make them ideal for micro-mobility, particularly in Tier 1 and Tier 2 cities where traffic congestion is a daily challenge. We see significant adoption in cities like Pune, Mumbai, and Bangalore, where e-cycles are used for short commutes and running errands. Additionally, fitness enthusiasts form a growing segment, as do students and residents in areas with less developed local transport, who value e-cycles as a cost-effective means of travel.
We’ve developed two distinct ranges to cater to this diverse customer base. Our premium Desire range includes models like the Doodle (a fat-tyred foldable e-cycle), EMX (dual-suspension), and T-Rex (high-performance). Meanwhile, the X-Factor range offers budget-friendly options, ensuring there’s an e-cycle for every rider, regardless of their needs or budget.
What kind of market share do you have in the domestic e-cycle market?
We currently hold over 75% of the domestic e-cycle market share. To keep pace with the surging demand, we’re ramping up our manufacturing capacity, expanding our after-sales service teams, and strengthening our distribution network. We aim to ensure that EMotorad’s products are accessible to every corner of the market, delivering quality and innovation to an ever-growing customer base.
Please share about EMotorad’s sales performance in the current financial year vs last year.
This year has been our strongest yet. We surpassed our entire FY24 sales in India within the first half of FY25, and we’re on track to achieve over 200% year-on-year growth in the domestic market. September 2024 was a milestone for us, recording the highest single-month revenue in India—exceeding our total domestic sales for FY23. This performance underscores the growing demand for e-cycles and the success of our strategic initiatives.
Please tell us about your export strategy.
Currently, 30% of our sales come from the domestic market, while 70% are from international markets,where we operate primarily through white-labelled partnerships. Our export strategy is straightforward yet highly effective: we’re leveraging the global shift towards a supply chain model, positioning ourselves as a reliable alternative to traditional exporters. This has opened up significant opportunities for EMotorad, especially with large-format retailers, specialised e-bike brands, and mobility solution providers.
We focus on fostering strong partnerships by collaborating closely with these players to develop innovative, high-quality products tailored to their markets. We’re not just exporting e-bikes—we’re building enduring relationships and co-creating solutions that meet the diverse needs of global consumers. This approach has enabled us to establish a strong foothold in international markets, ensuring long-term growth and mutual success. Our gigafactory is pivotal in meeting the surging global demand and driving EMotorad’s export strategy. By bringing manufacturing in-house, we gain greater control over quality and streamline our supply chain, ensuring consistent, high-standard products that meet the expectations of our international partners.
Within the domestic market, what is the trend toward offline sales vs. online sales of your e-cycles? Also, tell us about your offline presence and the distribution you have set up.
In the domestic market, 85% of our e-cycle sales come from offline channels, with 15% from online. This reflects a strong preference for hands-on, in-person experiences where customers can test-ride and evaluate our products.
To meet this demand, we’ve built a robust offline presence with over 600 distributors nationwide, covering nearly all major pin codes. Combined with our 12 exclusive EMotorad experience stores, we ensure easy access and top-notch service for our customers nationwide.
Which state governments are offering incentives for e-cycles, and how important do you think these subsidies are?
While several state governments offer EV subsidies, few focus on e-cycles. That said, the push for EV adoption over the past few years has been significant, with governments investing time and resources to promote sustainable alternatives to traditional commuting. These subsidies are critical in building trust and driving mass adoption, especially for concepts still new to the average consumer.
These incentives make e-cycles more accessible by lowering the upfront cost and encouraging a broader audience to embrace eco-friendly transportation.
Please tell us about your upcoming manufacturing set-up.
Our upcoming gigafactory is a transformative project designed to boost our manufacturing capabilities significantly. It’s divided into four phases, each aiming to scale our production capacity and enhance self-reliance.
Phase 1 focuses on in-house manufacturing of key components such as motors, batteries, chargers, and displays, with an initial production capacity of 500,000 e-cycles annually across six assembly lines. Phase 2 will expand this further by adding in-house frame manufacturing and two additional assembly lines. Phase 3 will bring in mechanical component production with multipurpose units. Phase 4, still a few years away, will depend on market demand and the productivity of earlier phases, but it’s expected to boost our overall capacity substantially. We anticipate this final phase to exceed even our current ambitious projections.
How much investment has EMotorad raised to date?
We have raised nearly USD 25M to date.
MS Dhoni is an investor in Emotorad. How did he come on board, and how has your experience been working with him?
We were at a stage where we needed a brand face—someone who truly embodied our values and ethos. MS Dhoni was the perfect fit. He’s a national icon, known for his trustworthiness and integrity, resonating with people across every region, transcending language and cultural barriers. His passion for bikes made the partnership even more seamless.
Working with him has been an absolute honour and a surreal experience. Beyond being a legendary athlete, he’s a sharp investor and astute businessman. His insights and commitment have added immense value to our journey, helping us drive the EMotorad brand forward in ways that align perfectly with our vision.
November 23, 2024,Ahmedabad, Gujarat, India : Magma, a leader in B2B industrial solutions, has launched an expanded range of green manufacturing materials, including biomass, agrowaste, residue, husk, cotton stalk, and more. These eco-friendly inputs are critical to industries looking to meet increasing regulatory mandates that require a shift towards greener practices, including the government mandated transition of a specified percentage of energy consumption to bio-based materials.
Magma’s entry into green materials is backed by its robust existing capabilities, including an extensive industry network, logistics and reverse logistics expertise, and critical touchpoints with over 250 manufacturers across clusters. These synergies enable Magma to deliver these solutions efficiently and at scale, positioning the company as the go-to partner for industries transitioning to sustainable energy sources.
Magma’s green manufacturing expertise is built on a strong foundation of existing offerings, including its waste management business, which already recycles 80,000 tons of waste annually through four captive recycling facilities. These facilities transform industrial waste into valuable resources, supporting factories in their sustainability goals while creating significant value for the company. Additionally, Magma’s green energy and logistics business ensures seamless supply chain solutions to power factories with clean energy, further reducing their environmental impact.
“Magma’s solutions are designed to address the dual challenge industries face today: improving operational efficiency and meeting sustainability goals,” said Neal Thakker, Founder and CEO of Magma. “With our interconnected offerings and ability to leverage market dynamics, this expansion is not only timely but strategically aligned with our vision to address industries where demand outpaces supply. With its high-margin profile, strong working capital turnaround, and long-term stickiness, we are confident this segment will drive significant growth and profitability for Magma while helping our customers transition to greener practices.”
Gaurav Rawat, Head of Business Development at Magma, who recently joined the company after a successful tenure at Adani Group, emphasized the company’s strategic position, “Our solutions are designed with SME manufacturers in mind, ensuring they receive the benefits of green manufacturing at a per-unit cost that is both economical and sustainable. At the same time, we have expanded our reach to industry giants like Arvind Group and Reliance, leveraging these partnerships to achieve critical mass. This approach allows us to create economies of scale, ensuring that we create an ecosystem approach that will drive market share for us in this business.”
Indian stock market opens in green, Sensex surges 459 ptsIANS
The Indian stock market opened in green on Friday amid fresh tensions between Russia and Ukraine, as buying was seen in PSU bank, and realty sectors.
In early trade at around 9:41 am, Sensex was trading at 77615.50 after gaining 459.71 points or 0.60 per cent, while the Nifty was at 23,489.75 after gaining 139.85 points or 0.60 per cent.
Market watchers said that there are some important takeaways from the market trends in the present context.
“The Russia-Ukraine war has escalated with Russia firing even Inter Continental Ballistic Missiles. The relentless selling by FIIs continues with the selling spree reaching a record continuous 37 days. But the market has corrected only by about 11 per cent from the September peak,” they said.
“This is a correction, not a crash. The mother market US is bullish with 25.43 per cent return YTD. These factors suggest that the undertone of this market is positive,” according to experts.
The market trend remained positive. On the National Stock Exchange (NSE), 1,713 stocks were trading in green, while 492 stocks were trading in red.
Nifty Bank was up 517.25 points or 1.03 per cent at 50,890.15. Nifty Midcap 100 index was trading at 54,782.90 after gaining 397.55 points or 0.73 per cent. Nifty Small cap 100 index was at 17,718.45 after rising 121.85 points or 0.69 per cent.
In the Sensex pack, SBI, ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, Ultra Tech Cement, NTPC, Bajaj Finserv, Tech Mahindra and Bajaj Finance were the top gainers and Axis Bank was included in the list of top losers.
In the Asian markets, except Hong Kong and Shanghai markets, the markets of Jakarta, Bangkok, Seoul, Tokyo were trading in green. Whereas the US stock market closed in green on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 5,320 crore on November 21, while domestic institutional investors bought equities worth Rs 4,200 crore on the same day.
According to Akshay Chinchalkar, Head of Research at Axis Securities, with the Nifty falling to a new low, the focus is now squarely on a major node near 23,200.
“We are also close to a time-reversal area which covers the early part of next week, with both daily and weekly momentum now deeply oversold. Still, unless prices show bullish behaviour at price and time support, bears will have the upper hand,” he mentioned.
Stock market opens in red amid rising Russia-Ukraine tensionsIANS
The Indian stock market opened in red on Thursday amid rising Russia-Ukraine war tensions. Heavy selling was seen in the PSU bank sector in early trade and Nifty PSU Bank was down by more than 4 per cent.
In early trade at 9:43 a.m., Sensex was trading at 76,968.28 after slipping 610.10 points or 0.79 per cent. Nifty was trading at 23,308.85 after falling 209.65 points or 0.89 per cent.
Market trend remained negative. On the National Stock Exchange (NSE), 445 stocks were trading in green, while 1560 stocks were trading in red.
Nifty Bank was at 50,299.40 after falling 397.10 points or 0.78 per cent. The Nifty Midcap 100 index was trading at 54,377.85 after falling 170.40 points or 0.31 per cent. The Nifty Small cap 100 index was at 17,582.85 after falling 94.50 points or 0.53 per cent.
In the Sensex pack, SBI, IndusInd Bank, NTPC, Asian Paints, ITC, Tata Motors, L&T and Nestle India were the top losers. Infosys, TCS, HCL Tech, HDFC Bank and Tech Mahindra were the top gainers.
Market experts said that the increasing tension in the Ukraine-Russia war could affect the marketReuters file
Market experts said that the increasing tension in the Ukraine-Russia war could affect the market. However, they do not see any possibility of a sharp decline in the market.
“The escalation of tensions in the Ukraine-Russia war can weigh on markets. The element of uncertainty caused by the escalations is high and therefore most market participants are likely to be in a wait and watch mode. However, any sharp slide in the market appears unlikely since the mother market US has largely downplayed the escalation,” they said.
In the Asian markets, except Jakarta and Seoul, Shanghai, Tokyo, Bangkok and Hong Kong were trading in red. The US stock markets closed in green on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 3,411 crore on November 19, while domestic institutional investors bought equities worth Rs 2,783 crore on the same day.
(With inputs from IANS)
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Delhi’s Khan Market ranked as 22nd most expensive market globallyIANS
Delhi’s Khan Market has been ranked as 22nd most expensive main street globally, retaining its position and continuing to be India’s most expensive high street, registering a 7 per cent (year-on-year) rental growth, according to a report on Thursday.
According to a Cushman & Wakefield report, which focuses on rents in 138 urban and luxury retail locations across the globe, Khan Market has rents at $229 per square foot annually (about Rs 19,330).
Interestingly, Delhi-NCR now hosts India’s top three most expensive retail high streets. Alongside Khan Market, Connaught Place (Delhi) and Galleria Market (Gurgaon) also feature prominently in the APAC rankings, with rentals of $158 (Rs 13,335) and $156 (Rs 13,166) per square foot annually.
Bengaluru’s Indiranagar saw strongest rental growth market in the Asia-Pacific region, while Anna Nagar in Chennai as the most affordable in the region, the report mentioned.
“Khan Market’s position among the world’s top retail destinations underscores the resilience and strength of India’s retail sector. Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot,” said Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield.
The limited availability of retail space in the area creates intense competition, pushing rental values higher.
Bengaluru’s Indiranagar saw strongest rental growth market in the Asia-Pacific regionReuters
“With malls facing supply constraints, main streets across India are thriving, driven by robust demand and strong rental growth. As of YTD 2024, main streets have recorded leasing of 3.8 msf, marking a 11 per cent year-on-year growth,” Shatdal added.
Milan’s Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive retail destination, according to the report.
“Globally, super-prime physical retail spaces remain central to retailers’ strategies, highlighting the enduring importance of vibrant shopping destinations like Khan Market. With India’s robust economic growth and evolving consumer preferences, the country’s retail sector is poised for sustained success,” Shatdal added.
Competitive tension for limited space saw rental growth recorded in 57 per cent (79) of the 138 locations tracked, declines in just 14 per cent (19), with the remainder 29 per cent (40) flat.
This resulted in a global average rental increase of 4.4 per cent. Americas was the strongest performer regionally at 8.5 per cent, driven by rental growth of almost 11 per cent in the U.S. – more than double the 5.2 per cent recorded last year.
The Indian stock market recently experienced a temporary closure due to the Maharashtraassembly elections.
This pause in trading followed a significant surge in the market on Tuesday, which was subsequently lost due to escalating tensions between Russia and Ukraine.
All segments of the market, including equity, derivative, and securities lending and borrowing (SLB), remained closed. The public holidays also extended to capital markets, futures, and option divisions.
Despite these closures, the Indian equity markets managed to break a seven-day losing streak, ending higher in a volatile session on Monday, November 19. The Nifty closed at 23,500, buoyed by buying seen in the auto, realty, and media sectors, which was attributed to the fresh tensions between Ukraine and Russia.
The Sensex closed with a gain of 239 points due to heavy profit booking in the last hour of trading.
During intra-day trading, the Sensex traded with a gain of over 1,100 points. However, the market witnessed a major reversal when reports emerged of the Ukrainian Armed Forces launching their first ATACMS missile attack on the Russian border region.
Market Reactions
The media sector saw heavy buying, with Nifty Media registering a gain of 2.45 per cent. The Sensex closed at 77,578.38 after gaining 239.37 points or 0.31 per cent, and the Nifty closed at 23,518.50 with a gain of 64.70 points or 0.28 per cent.
On the downside, the 50-Weekly simple moving average (WSMA) is placed near 23,300, which will provide short-term support for the index.
Foreign institutional investors (FIIs) sold equities worth Rs 3,411 crore on November 19, while domestic institutional investors bought equities worth Rs 2,783 crore on the same day.
Meanwhile, tensions between Russia and Ukraine continue to escalate. Reports have emerged of Ukraine launching its first ATACMS missile attack on the Russian border region, leading to a stern warning from the Kremlin of dire consequences.
Despite being an innovator and a category inventor across both food delivery and quick commerce, Swiggy has let its leadership slip away, Motilal Oswal Financial Services Ltd (MOFSL) said on Tuesday, as it initiated coverage with a ‘Neutral’ rating on the stock.
In a note, the leading brokerage wrote that tight execution and better leveraging its platform can fix these issues.
Key downside risks for Swiggy are “inefficient management or being unable to scale dark stores as planned may impact quick commerce profitability and high user retention and acquisition costs”.
Further risks cited by MOFSL are Swiggy’s limited ability to expand margins in food delivery and quick commerce businesses, which could delay valuation re-rating, and intense competition in food delivery, quick commerce, and out-of-home sectors, which challenges its market position.
IANS
Swiggy’s, through its innovation DNA, has played a pivotal role in both food delivery and quick commerce, effectively inventing these categories and leading the way, according to the brokerage.
“That said, it has let its lead slip in food delivery and is currently behind its key rival Blinkit in quick commerce on both gross order value (GOV) growth and profitability. While the quick commerce race is just getting started, Swiggy’s re-rating depends on accelerating GOV growth, increasing average order values (AOVs), and improving execution in the quick commerce business,” the note further stated.
On Swiggy versus Zomato, MOFSL said that a cursory glance through the numbers indicates Zomato now has market leadership across food delivery and quick commerce, the two key battleground areas for the players.
“The war for the wallet share of the urban affluent consumer has just begun, and it is too early to call off the game. Zomato has continued to gain market share in food delivery, but based on GOV/MTU, Swiggy’s cohorts appear more mature and stickier,” said the brokerage.
In quick commerce, despite Swiggy’s Instamart inventing the category, Blinkit has taken an early lead, and Zepto continues to execute well.
“The market is nascent; however, enough avenues exist to differentiate on stock keeping units (SKUs) and strategy, making it too early to declare winners (or losers),” it added.
Swiggy’s share has slipped to its IPO level after a good public debut in a bearish market, due to profit booking on higher level.
Swiggy’s shares were listed in the stock market at a price of Rs 420 with a premium of 7.69 per cent. On Tuesday, the stock was trading at around Rs 422 apiece.
The company has shown impressive growth potential, yet persistent losses over recent fiscal years signal challenges ahead.
The Indian stock market, which saw a super rally on Tuesday, lost the steam towards the end amid heavy profit-booking, as fresh tensions between Ukraine and Russia came to light.
Sensex closed with a gain of 239 points after rising more than 1,100 points during the intra-day trading. The reversal happened after reports emerged about Ukraine’s armed forces launching their first ATACMS missile strike on Russian border territory, with the Kremlin threatening to retaliate with dire consequences.
Heavy buying was seen in the media sector. Nifty Media registered a gain of 2.45 per cent.
Sensex closed at 77,578.38 after gaining 239.37 points or 0.31 per cent and Nifty closed at 23,518.50 with a gain of 64.70 points or 0.28 per cent.
IANS
Nifty Bank rose 262.70 points or 0.52 per cent to 50,626.50. Nifty Midcap 100 index closed at 54,548.25 at the end of trading after gaining 503.45 points or 0.93 per cent.
Nifty Small cap 100 index closed at 17,677.35 after gaining 170.10 points or 0.97 per cent.
Apart from media, buying was seen in auto, IT, financial services, pharma, FMCG, realty and private bank sectors.
In the Sensex pack, M&M, HDFC Bank, Tech Mahindra, Titan, Tata Motors, Sun Pharma, Ultra Tech Cement, Adani Ports, Power Grid, Infosys, Axis Bank and TCS were the top gainers Whereas, Reliance, SBI, Tata Steel, Bajaj Finserv, Maruti and L&T were the top losers.
On the Bombay Stock Exchange (BSE), 2,326 stocks traded in green and 1,637 stocks in red. There was no change in 96 stocks.
The volatility index India (VIX) surged by 3.26 per cent to 15.66, indicating a rise in market volatility.
According to Jatin Trivedi of LKP Securities, Nifty remained volatile throughout the session due to a sudden spike in geopolitical tensions between Russia and Ukraine, causing the index to fall below its 200-day moving average (DMA) once again.
Experts said that due to rising geopolitical tensions and re-intensification of war between Russia and Ukraine, there is a selling situation in the market. With this, the pressure on the rupee has increased.
Foreign institutional investors (FIIs) sold equities worth Rs 1,403 crore on November 18, while domestic institutional investors bought equities worth Rs 2,330 crore on the same day.
