They say, "Every morning is a blank page. Write something remarkable today." And what better way to start than with fresh business insights that keep you ahead of the game?
So, grab your coffee, and let’s make Monday marvelous!
Quick Recap of the Weekend
📌 Akasa Air surprises everyone with a codeshare partnership with Etihad
📌 Pushpa 2 smashes records, soars past ₹600 crore mark
📌 Two-thirds of businesses surveyed admitted to paying a bribe in the past year
📌 SpiceJet slashed its workforce in FY24, cutting 716 permanent male employees, 618 females, and 561 non-permanent staff
📌 Lenskart is investing ₹1,500 crore to build the world's largest eyewear factory in Telangana
Why are Wipro shares in focus today?
The IT giant made headlines after announcing a partnership with SIAM.AI in Thailand, a member of NVIDIA's Cloud Partner program. Together, they're building an AI-powered virtual assistant for the Tourism Authority of Thailand. This move is set to boost Thailand's AI capabilities, giving both domestic and international tourists personalized experiences.
On the stock front, Wipro’s shares dipped 0.68% on Friday, closing at ₹297.25. Their market cap stands at ₹3.11 lakh crore, and around 6.35 lakh shares were traded, with a turnover of ₹18.89 crore. The stock is currently in a pretty stable position, trading above all major moving averages and with an RSI of 63.2—neither oversold nor overbought.
In terms of earnings, Wipro reported a solid 21.26% YoY jump in net profit for Q2, hitting ₹3,208.8 crore. However, their revenue slipped slightly by 0.95%, coming in at ₹22,301.6 crore. Still, a solid performance overall!
IPOs coming this week…
Five major IPOs are hitting the market, with a whopping ₹18,340 crore up for grabs. Companies from all sorts of sectors - like retail, healthcare, pharma, fintech, and jewelry are launching their offerings. Here’s a quick rundown of what to expect:
Vishal Mega Mart: The retail giant is opening its ₹8,000 crore IPO from December 11-13, with a price range of ₹74-78.
Sai Life Sciences: A ₹3,042 crore offering, opening December 11-13, priced between ₹522-549.
Mobikwik Systems: The fintech platform is raising ₹572 crore with a price range of ₹265-279, open December 11-13.
Inventurus Knowledge Solutions: A ₹2,500 crore IPO, opening December 12-16, with a price range of ₹1,265-1,329.
International Gemmological Institute: They’re looking to raise ₹4,225 crore, with a price range of ₹397-417, open December 13-17.
So, if you're thinking of jumping into the IPO market, it’s a busy week ahead! Keep an eye on these launches.
BTW, a US pharmaceutical GIANT is coming to India
Eli Lilly is all set to launch its game-changing drug, Tirzepatide (branded as Mounjaro), in India by 2025. This drug will target both obesity and type 2 diabetes, making it a big deal in a country where the need for such treatments is on the rise.
The company is pretty optimistic about India’s market potential, thanks to the growing health issues like obesity and diabetes and an increasing focus on healthcare spending. Mounjaro is already making waves globally, with over $3.1 billion in sales for Q3 2024, and now it's gearing up to make its way to Indian shelves.
While the exact pricing is still under wraps, Eli Lilly promises it’ll be competitively priced, especially considering how much it can help tackle the health and economic burden of these diseases. On top of that, Eli Lilly already has some solid partnerships in India for their diabetes portfolio, like teaming up with Lupin for their Huminsulin products and Cipla for Humalog and Trulicity.
So, that’s it from me today for this week!
See ya 👋