Swiggy's $1.3 billion IPO has received a lukewarm response from Indian investors, despite being oversubscribed by institutional investors. The company, valued at $11.2 billion, faces challenges in a competitive market dominated by Zomato and newer entrants like Zepto. Swiggy's losses have widened, and its IPO comes amid a downturn in the Indian stock market and weak corporate earnings. The company plans to use IPO proceeds to expand its quick commerce network, but analysts remain cautious about its growth prospects.
Indian Prime Minister Narendra Modi's ruling coalition is set to retain power, but his party lost its outright majority, causing Indian stocks and ETFs to fall sharply. Investors are concerned about potential policy uncertainty as Modi will now rely on support from regional parties. Despite the market reaction, analysts believe there will be continuity in government policies.
Gautam Adani's net worth surged to nearly $100 billion following a significant rally in Indian stock markets, driven by exit polls predicting a third term for Prime Minister Narendra Modi. Shares in Adani's companies saw substantial gains, with Adani Enterprises rising nearly 6.9% and Adani Power surging over 18%. This market boost added $8 billion to Adani's fortune, making him the world's 17th richest person and Asia's second wealthiest.
