IPO Market Activity
The Indian market is bustling with IPO activity. Several companies are preparing to launch their IPOs, including Wakefit and Corona Remedies. Meesho, in particular,
is leading in listing. The Stanbik Agro IPO is also attracting attention, targeting a Rs 12.28-crore SME IPO. The Corona Remedies IPO experienced a rise in GMP (Grey Market Premium) to 31% ahead of its Monday debut. Aequs IPO received a substantial 104.3x subscription on Day 3, with the allotment date being watched closely. The ICICI Prudential AMC IPO also announced its price band and opened this week, with investors monitoring key dates and the initial subscription status, which was 0.26x on Day 1. The KV Toys IPO is also set to list on Monday, with a strong GMP indicating potential gains.
Market & Lending Rates
The stock market showed mixed performances. The Sensex snapped a 3-day losing streak, gaining 426 points, while the Nifty neared 25,900. Additionally, the RBI's repo rate cut of 25 basis points to 5.25% had ripple effects. Several banks, including HDFC and PNB, responded by reducing lending rates. PNB, for example, lowered its home loan rate to 8.10%. These changes are expected to make home and personal loans cheaper. SBI also reduced its lending rates and retail deposit interest rates, effective December 15. The Reserve Bank of India (RBI) lowered the repo rate by 25 basis points to 5.25%, which could lower home and personal loan rates.
Gold, Silver, Forex
The prices of precious metals and the state of forex were also key highlights. Gold prices rose by Rs 870, while silver jumped by Rs 9,000, influenced by the US Federal Reserve's decisions. Further, gold increased again on December 13. The rupee faced pressure, declining to a fresh all-time low of 90.56 against the US dollar. India's forex reserves showed an increase of over $1 billion to $687.26 billion. The World Gold Council cited three factors that might boost gold prices by 15-30%.
Real Estate Trends
The real estate sector displayed dynamic activity with interesting trends. AIPL launched an ultra-premium housing project in Gurugram, valued at Rs 1,500 crore. In Bengaluru, 50 flats were sold in a single day, with values ranging from Rs 14 lakh to Rs 1.26 crore. The luxury housing market is expanding beyond metros, with tier-1 cities stabilizing. Premium housing sales in H1 surged by 85%. Reports also suggest India's wellness housing segment is projected to reach $7.7 billion by 2030. In Mumbai, Worli saw the sale of 30 homes, valued at Rs 5,500 crore, accounting for 40% of India's ultra-luxury market. The Navi Mumbai International Airport is expected to boost Khopoli's real estate prospects.
Tax & Financials
Several tax-related and financial updates are noteworthy. The CBDT initiated the second NUDGE for foreign asset compliance, urging ITR revisions before December 31. Taxpayers had until December 10 to file returns. The Advance Tax due date is set for December 15. Additionally, the new Income Tax Act will see ITR forms notified before FY28. Experts explain the rules around tax on gifts received at weddings. Joint property purchasers can benefit from separate capital gains tax benefits. Regarding investments, the rules about claiming 80C for investments made in a spouse’s or kids' names were discussed. Notably, the Atal Pension Yojana enrolments hit 8.34 crore, with women comprising 48%.
