News wrap: India’s retail inflation data, Vistara’s last flight, Sanjiv Khanna sworn in as CJI, Q2 results and more

News wrap: Several political and financial developments encompassed last week from November 11 to November 15 right from Justice Sanjiv Khanna was sworn in as the 51st Chief Justice of India, succeeding DY Chandrachud. Several companies including ONGC, Nykaa, Hyundai Motor India reported declared their Q2 results, while Vistara operated its final flight before merging with Air India.

November 11

Sanjiv Khanna takes oath

President Droupadi Murmu administered the oath of office to Justice Sanjiv Khanna as the 51st Chief Justice of India at Rashtrapati Bhavan on November 11. Justice Sanjiv Khanna succeeded Chief Justice DY Chandrachud, who retired on November 10.

ONGC Q2

Oil and Natural Gas Corporation Limited (ONGC) announced its July to September quarter results. The company recorded a 25 percent fall in net profit to ₹10,272.5 crore in the second quarter of the financial year 2024-25, compared to ₹13,703.38 crore in the same quarter the previous year in the consolidated statements.

Vistara’s last flight

Vistara operated its final flight under its own brand on on November 11 and from November 12, its operations was unified with Air India. With the merger, the number of full service carriers in the Indian aviation space will come down to one from five in a span of just over 17 years.

November 12

Bitcoin tops $89,000

Bitcoin surged past $89,000 on November 12, reaching an all-time high, as investors rallied behind hopes of a crypto-friendly stance from President-elect Donald Trump. The rally, which pushed Bitcoin to $89,599 before settling at $87,800 in early Singapore trading, marked a 30 percent rise since Trump’s election on November 5.

Hyundai Motor India Q2

Hyundai Motor India Ltd (HMIL), the country’s second-largest automaker, posted a 16% decline in its second-quarter net profit following its public listing last month, hurt by weak domestic demand and the Red Sea crisis that subdued exports.

Nykaa Q2 Results

Nykaa announced a consolidated net profit (attributable to equity shareholders of parent) of ₹10.04 crore for the quarter that concluded on September 30, 2024 (Q2FY25), marking an increase of 71.6% compared to ₹5.85 crore it recorded during the same quarter last year.

India’s retail inflation

Retail inflation shot to a 14-month high, even as the economy consoled itself with a sequential recovery in industrial production. Retail inflation based on the consumer price index (CPI) hit 6.21 percent in October, statistics ministry data showed, days after Reserve Bank of India governor Shaktikanta Das cautioned that the month’s reading could be “very high”. This is the highest since 6.83 percent in August 2023, and compares to 5.49 percent in September.

November 13

Vodafone Idea Q2

Vodafone Idea Ltd’s losses narrowed to ₹7,175 crore in the September quarter, down from ₹8,746 crore a year earlier, as revenues edged up to ₹10,932 crore from ₹10,716 crore.

November 14

Reliance-Disney merger

Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL), its step-down unit Viacom18 Media Pvt Ltd, and Walt Disney Company announced the completion of the transaction on Thursday, November 14, to form a joint venture (JV) valued at ₹70,532 crore ($8.5 billion) to create India’s largest media and entertainment powerhouse.

Delhi pollution

Due to rising pollution levels in Delhi and air quality index reaching ‘severe’ level for a second consecutive day, the Delhi government has decided to close all primary schools in the national capital and shift classes to online mode, until further directions, announced Chief Minister Atishi.

November 15

Champions Trophy tour in PoK cancelled

The Pakistan Cricket Board (PCB) suffered a huge blow after the International Cricket Council (ICC) asked the host body to cancel the Champions Trophy tour in cities of Skardu, Hunza, and Muzaffarabad which fall under the Pakistan-occupied Kashmir.