Top news of the week: Uttarkashi tunnel rescue, Tata Tech market debut, Charlie Munger death and more

Here are top news of the week between 26 November to 2 December that made headlines:

Adani Group’s m-cap posts biggest rise since Hindenburg report

The Adani Group of stocks showed its biggest increase in market capitalization of over a trillion rupees for the first time since the Hindenburg report surfaced, days after the Supreme Court reserved its judgement on a bunch of public interest litigations pleading for a court-monitored investigation into allegations of corporate malfeasance and manipulation against the ports to renewables conglomerate. Read more

Workers exit Silkyara tunnel after 17 days, CM announces review of new routes

41 workers were rescued from a collapsed section of the Silkyara-Barkot tunnel on Tuesday evening after some 400 hours in the dark. Read more

Charlie Munger passes away: 7 things that Buffett said about the ace investor

Charlie Munger, who helped Warren Buffett build Berkshire Hathaway, died at a California hospital on Tuesday. He was 99. Read more

Tata Motors total sales in November drops 1.7% YoY to 74,172 units

Tata Motors on Friday reported a 1.7% drop in total sales in the domestic and international market for November 2023 at 74,172 vehicles, compared to 75,478 units during November 2022. Read more

Climate change: COP28 okays $475 mn loss and damage fund

On the opening day of the United Nations Framework Convention on Climate Change, or COP28, the UAE has greenlit a crucial decision, making the loss and damage fund for developing nations operational. Read more

Ant Group’s Alipay to exit Zomato in $395 mn block deal

Alipay’s share sale follows a partial stake sale by Softbank Group in the food delivery aggregator last month where the Japanese investor sold 1.1% stake for ₹1,200 crore. Read more

Go First tells Delhi HC it has exhausted CoC funds

Go First on Thursday informed the Delhi High Court that it had exhausted the funds provided by the Committee of Creditors and was dealing with a shortage of manpower and financial constraints. The airline had received interim financing of Rs100 crore from the CoC for service maintenance costs. Read more

Siemens AG set to acquire 18% stake in Siemens

Siemens announced that Siemens AG, based in Germany, will purchase an 18 percent stake in the company from Siemens Energy Holding BV at a rate of ₹2952.86 per share, on December 1. Read more

Prosus cuts valuation of Byju’s by half to sub-$3 bn

Dutch investor Prosus Ventures on Wednesday axed the valuation of Byju’s by more than half to below $3 billion, in another setback for the edtech giant battling lenders, lawsuits and investigations. Read more

FIIs make a stellar comeback! Turn net buyers in last 6 sessions with net inflow of ₹13,474 crore

Foreign institutional investors (FIIs) have made a stellar comeback in Indian markets over the country’s strong macroeconomic fundamentals and the resilience shown by the economy and domestic markets. Foreign investors have emerged as net buyers of Indian equities for the six straight sessions. Read more

UltraTech to acquire Kesoram’s cement business

UltraTech Cement Ltd, the flagship company of Aditya Birla group, has acquired the cement business of Kesoram Industries in a share-swap deal, according to a filing with the exchanges on Thursday. UltraTech will be issuing one share for every 52 shares of Kesoram, implying an offer price of ₹173.15 per share, a 34% premium to Kesoram’s last close. Read more

Tata Coffee board approves ₹450 crore investment in Vietnam-based facility

Tata Coffee’s board of directors, on Thursday, approved the capacity expansion of its Vietnam-based subsidiary firm at an investment of ₹450 crore.

As part of the expansion plan, the board approved the setting up of an additional 5,500 tonne freeze-dried coffee facility in Vietnam, according to Tata Coffee’s BSE filing. Read more

Sony-Zee merger in turmoil over leadership dispute, claims report

Sony Pictures Networks India (Sony) and Zee Entertainment Enterprises (ZEEL) are facing hurdles in finalising their proposed merger due to a deadlock over leadership arrangements for the merged entity, as per a report in the Financial Express. Read more

Asia’s 2023 Heroes of Philanthropy: KP Singh, Nandan Nilekani, Nikhil Kamath

Forbes has released its 17th annual list of philanthropists who donated generously and showed commitment to causes of their choice over the past year. The unranked list showcases names from the Asia-Pacific region. Read more

Deepak Chemtex IPO: Issue subscribed more than 403 times on the last day

Deepak Chemtex IPO is likely to see SME listing on the bourses with tentative listing date expected on as Monday, December,11 2023. Read more

Bitcoin surges 2.87% to its highest level this year

Bitcoin rallied to its highest price in 2023 as the cryptocurrency jumped 2.87% to a high of $38,834 on Friday. The surge in Bitcoin’s value marks its peak since May 2022 just before the disruption of the TerraUSD stablecoin ecosystem, causing a ripple effect in the sector and initiating a gradual decrease in asset values. Read more

Mid- and small-cap indexes shine in November 2023 derivative expiry, says Nuvama

Mid- and small-cap realms were the real heroes of the November 2023 derivative expiry series, according to brokerage Nuvama Institutional Equities. Read more

Flair Writing share price makes stellar debut, stock lists with 65% premium at ₹501 on NSE

Flair Writing share price made a stellar debut on the bourses today. On NSE, Flair Writing share price today was listed at ₹501 per share, 64.8% higher than the issue price of ₹304, and on the BSE, Flair Writing shares were listed at ₹503 apiece. Read more

LPG price hike: Govt increases commercial cylinder rates

Oil Marketing Companies (OMCs) increased the prices of commercial LPG cylinders by ₹21 per cylinder in various locations throughout the country. The hike will come into effect from today i.e. 1 December. Read more

Tata Tech soars 163%, registers highest listing gain in two years

Investors chasing listing-day gains made a killing on Tata Technologies Ltd, which debuted on the Street with the best gains in two years for an offer above ₹500 crore. The stock gained 162.85% from its issue price of ₹500 to close at ₹1,314.25 on Thursday. Read more

Market cap of BSE-listed firms hit $4 trillion mark for the first time ever

The market valuation of BSE-listed companies crossed a record $4 trillion for the first time on November 29, on the back of positive market sentiment in Indian equities. Read more

I-T dept conducts survey at Hinduja Group entity

The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered. Read more

Sunil Mittal’s Bharti Telecom targets its biggest-ever rupee bond issuance in India with $961 million plan

Bharti Telecom Ltd., owned by Sunil Bharti Mittal, is planning to raise as much as 80 billion rupees ($961 million) in the local-currency bond market, according to people familiar with the matter. Read more