The BSE Sensex and the NSE Nifty 50 ticked half a percent lower and the markets had a muted start. Nervousness persisted among investors amid recession warnings from the IMF and the World Bank and the UD Fed’s decision on interest rate hikes due during the week. The thirty-share Index opened at 58,747.31 points, while the fifty-share index opened at 17,540.65 points. 

On Friday, the Sensex shed 1.73 percent or 1020.80 points and closed at 58098.92 points. Similarly, the NSE Nifty 50 lost 1.72 percent or 302.45 points and settled at 17,327.35 points. The rupee slid past the 81 mark for the first time. Stocks fell globally as central banks around the world hiked interest rates to fight inflation. 

Market Movers 

Some of the top gainers this week were Shree Renuka Sugars Ltd. (up16.38 percent), Sterling and Wilson Renewable Energy Ltd. (up16.24 percent), KPIT Technologies Ltd. (up15.39 percent), Welspun Corp Ltd. (up13.59 percent), and Metro Brands Ltd. (up12.69 percent). 

The Recap 

In this week’s recap, we shall take a look at the Yes Bank-Dish TV tussle, PLI scheme for solar companies, Adani Group’s new move, Tata Steel Merger, and 

The Yes Bank-Dish TV Tussle 

● Bank has moved the Bombay High Court seeking directions for Dish TV to hold its extraordinary general meeting (EGM) soon, since the NCLT did not pass an order on the matter for over five months. 

● Yes Bank had initiated legal proceedings following allegations of irregularities in corporate governance issues at Dish TV and had recommended the names of seven directors for a complete reconstitution of the company’s board. 

● Yes Bank’s move, seeking the removal of Jawahar Goel as the managing director, was supported by 78.9 percent of the company’s shareholders. This will pave the way for the bank to become a part of the satellite TV provider’s board. 

Why was the sun shining on solar companies? 

● The cabinet approved an additional ₹ 19500 crore funding on Wednesday for the production-linked incentive (PLI) scheme for the manufacture of high-efficiency solar modules.

● The government expects this cash support to help the sector receive investments worth ₹ 94,000 crores and provide a domestic push for manufacturing. ● This sector is highly dependent on imports and the government has already issued letters of award to Reliance New Energy Solar, Adani Infrastructure and Shirdi Sai Group for the ₹4,500-crore first tranche of PLI on National Programme on High-Efficiency Solar PV Modules. 

Here’s why the Adani Group pledged shares in ACC and Ambuja 

● Billionaire Gautam Adani pledged shares valued at about $ 13 billion in two Indian Cement firms, Ambuja Cement and ACC, days after the group completed their acquisition from the Holcim Group. 

● The business tycoon’s hunger for capital raises concerns over the high level of debt across the Adani Group which has elevated leverage ratios. 

● The pledge coms as the group looks forward to dealmaking in an array of sectors from green energy to media. 

Seven metal companies to be amalgamated into Tata Steel Ltd. 

● The board of Tata Group has approved the amalgamation of all metal companies of Tata group into Tata Steel. 

● Tata Steel Long Products Ltd., The Tinplate Company of India Ltd., Tata Metaliks Ltd., TRF Ltd., The Indian Steel & Wire Products Ltd., Tata Steel Mining Ltd. and S & T Mining Company Ltd. are the companies that will merge into the metal giant. ● Each of these mergers is subject to regulatory approvals and permissions. 

What rattled the Rupee? 

● The Rupee fell past the crucial level of ₹ 80 a dollar to a record low. Shares in the US markets tumbled after the US Federal Reserve raised interest rate and signalled that it would pursue additional large hikes until it regained control of inflation. 

● This is adding pressure on the RBI to defend the Rupee, although its dollar reserves are depleting. Softening crude prices remain a redeeming factor for domestic markets. 

● Experts say that a stronger dollar triggers outflows, therefore the RBI might hike interest rates aggressively, keeping the markets volatile. 

Written by Simran Bafna

The post Weekly Recap: Yes Bank-Dish TV tussle, Adani Group’s new move, Tata Steel merger and More  appeared first on Trade Brains.