Last week, from November 11th to 15th, witnessed a whirlwind of significant developments in India, encompassing political transitions, major corporate announcements, and a controversial sporting decision. Let’s delve into the key events that shaped the news cycle.
A New Chief Justice Takes the Reins:
Justice Sanjiv Khanna assumed the office of the 51st Chief Justice of India on November 11th, succeeding Chief Justice D.Y. Chandrachud. The swearing-in ceremony, held at Rashtrapati Bhavan, marked a significant moment in India’s judicial landscape. This transition is always a closely watched event, signifying the continuity and evolution of the country’s highest court.
Corporate Earnings Paint a Mixed Picture:
The week saw several prominent Indian companies release their second-quarter (Q2) financial results, revealing a mixed bag of performances. ONGC, the Oil and Natural Gas Corporation Limited, reported a substantial 25 percent drop in net profit, reaching ₹10,272.5 crore compared to ₹13,703.38 crore in the same period last year. This downturn reflects the complexities of the global energy market and its impact on Indian energy giants.
In contrast, Nykaa, a prominent beauty and lifestyle retailer, announced a robust 71.6% increase in consolidated net profit, reaching ₹10.04 crore for Q2FY25. This growth indicates the resilience and continued expansion of India’s e-commerce sector, particularly within the consumer goods market. Hyundai Motor India Ltd experienced a 16% decline in net profit, influenced by weak domestic demand and geopolitical factors. Vodafone Idea also reported financial news, showing a reduction in losses compared to the previous year. These varying performances offer insight into the dynamic nature of the Indian economy.
Aviation Sector Consolidation:
Vistara, a full-service airline, completed its final flight on November 11th before merging with Air India. This merger significantly reshapes the Indian aviation industry, reducing the number of full-service carriers from five to one. This consolidation is likely to have considerable implications for airfares, competition, and overall market dynamics.
Crypto Market Volatility:
Bitcoin experienced a dramatic surge, briefly exceeding $89,000 on November 12th. This significant price increase was attributed to market speculation following the election of Donald Trump. This highlights the ongoing volatility and susceptibility of cryptocurrency markets to global political and economic events.
A Major Media Merger:
On November 14th, a significant milestone was achieved in India’s media landscape with the completion of the Reliance-Disney merger. The joint venture, valued at ₹70,532 crore ($8.5 billion), combines Reliance Industries and Walt Disney Company’s assets, creating a dominant force in the Indian entertainment industry. This development has significant implications for content creation, distribution, and the future trajectory of the Indian media market.
Controversial Cricket Tour Cancelled:
Finally, the week ended with the cancellation of a planned Champions Trophy cricket tour in Pakistan-administered Kashmir (PoK). The International Cricket Council (ICC) directed the Pakistan Cricket Board (PCB) to cancel the tournament, raising diplomatic and sporting considerations and highlighting the sensitive geopolitical issues surrounding the region.
This week’s events collectively demonstrate the multifaceted nature of India’s economic, political, and social landscape, highlighting both successes and challenges facing the nation across various sectors.
