NTPC Green IPO, Maharashtra Elections, G20 And More — The Week Ahead

The upcoming week will see several crucial events that could shape both India’s political landscape and global developments. In the domestic markets, focus will be on the upcoming NTPC Green IPO. While, the Maharashtra assembly elections, slated to take place on Nov. 20, will be another crucial event to watch out for.

Internationally, global leaders will converge for the G20 summit in Brazil, while climate action will take center stage at COP29 in Azerbaijan.

Additionally, the Jharkhand election will add further political intrigue within India.

Indian equity markets continued their downward slide for the second consecutive week, as earnings from corporate India continued to dampen investor sentiment.

The Nifty 50 ended the week lower by 0.11% at 23,532.70, while the Sensex dropped 0.14% to 77,580.31. This marked the Nifty’s sixth consecutive day of losses, the longest streak since early October.

A rise in safe-haven assets, such as the US dollar and Treasury yields, has put pressure on risk assets, including emerging market equities like India. While volatility eased slightly during the week, with the India VIX falling by 13.14%, sector-specific declines, particularly in FMCG, kept the broader market under pressure.

This backdrop sets the stage for the major events coming up in the week ahead, which could further influence market sentiment.

The coming week will see three IPOs opening for subscription—one mainboard and two SMEs. NTPC Green Energy will launch its IPO on Nov. 19, aiming to raise Rs 10,000 crore through the issuance of 92.59 crore shares.

Lamosaic India’s IPO, scheduled to open on Nov. 21, plans to raise Rs 61.2 crore, offering shares at Rs 200 each.

Lastly, C2C Advanced Systems will open its IPO on Nov. 22, targeting Rs 99.07 crore with a price band of Rs 214 to Rs 226 per share.

Next week will also see the listing of Neelam Linens on the NSE SME platform on Nov. 18. Zinka Logistics Solutions and Onyx Biotec will both list on Nov. 21, with Zinka debuting on the NSE and BSE, and Onyx Biotec on the NSE SME platform.

NTPC Green Energy Ltd., a wholly-owned subsidiary of NTPC Limited, is gearing up to launch its initial public offering from Nov. 19 to Nov. 22, 2024. The company aims to raise Rs 10,000 crore through the offering, which will involve the issue of 92.59 crore fresh shares.

The price band for the shares is set between Rs 102 and Rs 108 per share, with a minimum lot size of 138 shares. This IPO is one of the largest renewable energy offerings in India this year and is being seen as a significant step in NTPC Green's ambitious expansion in the clean energy sector.

The funds raised through the offering will be used to repay or prepay borrowings of its subsidiary, NTPC Renewable Energy Ltd., along with general corporate purposes.

The Maharashtra Legislative Assembly election, scheduled for Nov. 20, 2024, is one of the most anticipated political events in India. With results to be declared on Nov. 23, the election will determine the future composition of the 288-member assembly and shape the political direction of the state for the next five years.

The ruling Mahayuti Alliance, comprising the BJP, Shiv Sena (Eknath Shinde faction), and the NCP—led by Ajit Pawar—will face a strong challenge from the opposition Maha Vikas Aghadi coalition, which includes the Congress, Shiv Sena (Uddhav Thackeray faction), and the NCP led by Sharad Pawar.

Issues such as economic development, infrastructure, and social welfare programs are likely to dominate the election discourse.

India will also be witnessing assembly elections in Jharkhand, which are already underway.

The second phase of the elections, covering 38 seats, will take place on Nov. 20. The first phase, which included 43 seats, was conducted on Nov. 13. Votes for both phases of the Jharkhand Assembly elections will be counted on Nov. 23.

The 2024 G20 summit will be held in Rio de Janeiro, Brazil, from Nov. 18-19, under the presidency of Luiz Inácio Lula da Silva. This year’s summit carries special significance, as it is the first time Brazil is hosting the G20, and the theme—'Building a Just World and a Sustainable Planet'.

The summit will focus on global hunger, poverty reduction, and the promotion of energy transitions, with an emphasis on increasing the role of the Global South in global governance.

Notably, the African Union will participate as a full member for the first time. As global leaders meet to address pressing issues like climate change, economic inequality, and geopolitical tensions, the outcomes of the G20 summit could have long-lasting implications on global cooperation and economic stability.

The COP29 summit will continue in Baku, Azerbaijan, till Nov. 22, 2024, with key discussions around the global response to climate change.

This year’s summit has already seen progress on the international carbon market standards, which are essential for meeting global climate targets. The establishment of the Fund for Loss and Damage, aimed at assisting countries most impacted by climate change, is a significant development that will provide financial support to vulnerable nations starting in 2025.

Additionally, new climate pledges from major nations are expected, marking an effort to fulfill the goals set by the Paris Agreement. The continued focus on climate finance and emission reduction commitments will be crucial, and the decisions made at COP29 could influence global environmental policies for years to come.