Discover the top business headlines that are trending across the world today!
The Sensex, India’s spearheading stock market index, has yielded impressive returns, soaring 850 times over the past 45 years, with a compound annual growth rate (CAGR) of around 16%. An initial investment of Rs 1 lakh when the Sensex launched in April 1979 would be worth a surprising Rs 8.5 crore today. After recently surpassing the 85,000 mark, the Sensex is creeping closer to the much-expected 1 lakh milestone. However, if the index sustains its historical CAGR of 16%, it is anticipated to touch down this level by December 2025. To attain the 1 lakh milestone, the Sensex still needs to surge an additional 17.5%. While retail inflows have been considerable, they may not be enough to push the index to this target. The next phase of growth in blue-chip stocks is possibly to be fueled by banks and foreign investments.
The popular food and grocery delivery platform, Swiggy, has gained SEBI nod for its highly anticipated IPO, boosting a surge in its unlisted share market value. Following shareholder approval in April, Swiggy’s stock has garnered considerable attention, with its share price skyrocketing from Rs 355 in July to around Rs 490 — a nearly 40% increase, according to The Economic Times. Over the last two months, the company’s market valuation has leaped from Rs 70,000 crore to Rs 1.16 lakh crore. The current lot size for unlisted shares is around 100, and approximately 200,000 pre-IPO shares have already been actively traded. Noteworthy investors such as Rahul Dravid, Amitabh Bachchan, and Karan Johar have purchased shares in the company, with further trading activity anticipated leading up to the IPO, scheduled for November.
Following Citi’s initiation of coverage with a ‘buy’ rating, on Thursday, shares of Trendt Ltd, a Tata Group mutlibagger, hit a historic high. Citi set a target price of Rs 9,250, illustrating a 21% perk from the previous close, and included the stock in its Pan-Asia high-conviction focus list. Over the past two years, Trent’s stock has soared 463%, attaining 269% in the last year and delivering an extraordinary 702% return in three years. Citi highlighted Trent’s effective use of its supply chain and insights from Westside and Zudio, alongside a turnaround in its Star Bazaar business. The brokerage noted Trent’s transformation into a multi-format player, driving a 36% revenue CAGR from FY19 to FY24. For FY24-27, it projects industry-leading CAGRs for revenue (41%), EBITDA (44%), and PAT (56%). The stock rose 4.32% to a record Rs 7,939 in early trading today.
Indian benchmark indices recovered from early declines to close with gains on Wednesday. The BSE Sensex climbed 255.83 points, or 0.30%, finishing at 85,169.87, while the NSE Nifty50 advanced 63.75 points, or 0.25%, to settle at 26,004.15. However, broader markets experienced some corrections. Ahead of the market opening on Thursday, September 26, 2024, several stocks are expected to be in the spotlight. These include Infosys, Vedanta, ASK Auto, PB Fintech, Five Star, Adani Green, IDFC, SpiceJet, and Puravankara. Keep an eye on these key stocks as they may influence market movements during Thursday's trading session.
