Fri Oct 11 09:40:00 UTC 2024: ## Indian Markets Show Mixed Signals as Tata Trusts Announces New Chairman
**Mumbai, India – October 29, 2023** – Indian markets experienced a mixed day today, with several Tata Group companies showing notable gains following the appointment of Noel Tata as Chairman of Tata Trusts. Tata Trusts, holding a majority stake in Tata Sons, announced the news yesterday, with Tata expected to succeed his late half-brother, Ratan Tata.
Shares in Trent, where Noel Tata serves as chairman, rose over 3 percent, while Tata Steel, another company on his board, experienced a 2.54 percent increase.
Meanwhile, the capital markets are on the cusp of a significant overhaul with a proposed Unified Securities Markets Code that will replace four existing laws, including the Securities Contracts (Regulation) Act, Depositories Act, SEBI Act, and Government Securities Act. Consultation with SEBI has concluded, and the bill is currently in draft.
SEBI is also planning to tighten regulations for merchant bankers, aiming to address concerns about conflict of interest and ensure IPO fairplay.
On a concerning note, India’s industrial growth shrunk for the first time in 22 months, contracting by 0.1 percent in August compared to the previous month’s 4.7 percent expansion. This contraction comes in stark contrast to August 2023’s 10.9 percent growth.
The beauty and personal hygiene sector saw a significant development as The Good Glam Group, owner of brands like Organic Harvest, The Moms Co, and Sirona, put three of its companies up for sale. This move signifies the company’s efforts to raise capital to remain afloat.
In a positive sign for the banking sector, the gap between deposit growth and credit narrowed to an 18-month low of 1.76 percentage points, indicating that banks are not overly reliant on deposits to fuel loan growth.
Finally, Maldives President Mohamed Muizzu concluded a successful five-day visit to India, securing financial support and urging Indian tourists to visit the islands. Indian tourist traffic to the Maldives has rebounded in recent months, with the country actively promoting itself to Indian influencers to further boost tourism.
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