## Market Rebound, Adani Ports Shine, Ola Electric Struggles: Top Business Headlines
The Indian stock market experienced a significant turnaround on Tuesday, October 29, with the Sensex and Nifty recovering from an initial dip. Key contributors to this rebound were heavyweights like Reliance Industries, HDFC Bank, ICICI Bank, and State Bank of India, ensuring a second consecutive day of positive trading.
Meanwhile, Adani Ports and Special Economic Zone announced robust earnings for the quarter ending September 2024 (Q2FY25). The company’s net profit surged by 37% to ₹ 2,412.54 crore, driven by a 6% increase in total income to ₹ 7,372.37 crore.
In stark contrast, Ola Electric Mobility shares suffered a significant downturn on Tuesday. The stock plummeted nearly 4% during intraday trading, hitting a new low of ₹ 74.82 and falling below its issue price of ₹ 76 for the first time since listing. This decline came despite favorable market conditions at the time of its debut on August 9, 2024.
Adding to the list of notable business news, Swiggy, the popular Indian online food ordering and delivery platform, is gearing up for its initial public offering (IPO). The IPO will open for subscription next week, from Wednesday, November 6, to Friday, November 8. The allocation for anchor investors is scheduled for Tuesday, November 5, and the price band for the issue will be announced tomorrow (Wednesday, October 30).
Moving away from the corporate realm, the Election Commission of India (ECI) dismissed Congress allegations of irregularities in Haryana elections as baseless and lacking factual basis. The BJP secured a historic third consecutive victory in the elections held earlier this year.
In the Middle East, Hezbollah, the Lebanese militant group, announced the appointment of Sheikh Naim Kassem as its new leader, replacing the slain leader Hassan Nasrallah. Kassem, who served as Nasrallah’s deputy for over three decades, was elected by Hezbollah’s decision-making Shura Council. The militant group vowed to continue Nasrallah’s policies “until victory is achieved.”
Finally, the Indian IT sector continues to demonstrate resilience, with the Nifty IT index surging 36% since last Diwali. This impressive growth comes despite concerns about a demand slowdown and rising interest rates in major markets. The Nifty IT index’s performance outpaces the Nifty 50’s 25% rise, highlighting the continued strength of tech stocks in the Indian market.
