MobiKwik Listing, Fed Rate Cuts, Ashwin Retirement — The Week That Was
The past week has been eventful, with significant developments in the world of finance, sports, and global markets. Here’s a detailed recap of the top stories that dominated the headlines.
MobiKwik’s Stellar Market Debut
Indian digital payments company MobiKwik made a strong entry into the stock market on December 18, 2024. Listed at a premium of 57.7% over its IPO price of ₹279, the company’s shares opened at ₹440 on the National Stock Exchange (NSE). By the close of trading, MobiKwik’s stock had reached ₹530.70 on the Bombay Stock Exchange (BSE), hitting the 20% upper circuit limit.
The overwhelming response to MobiKwik’s IPO, which was oversubscribed multiple times, highlights the growing investor confidence in India’s fintech sector. With a valuation of $474 million, the company’s impressive debut underscores the potential of digital payment solutions in a rapidly digitizing economy.
Federal Reserve’s Interest Rate Cuts
The Federal Reserve took another step to support economic growth by cutting its benchmark interest rate by 0.25 percentage points. The rate now stands in the range of 4.25% to 4.5%. This marks the Fed’s third consecutive rate cut in 2024, aiming to bolster economic activity amid cooling inflation.
However, the Fed tempered expectations for aggressive rate cuts in 2025, signaling only two potential quarter-point reductions next year. Despite the easing monetary policy, concerns about inflation and economic stability persist, making the Fed’s decisions pivotal for global markets.
Ravichandran Ashwin’s Surprise Retirement
Indian cricket fans were taken by surprise as veteran spinner Ravichandran Ashwin announced his retirement from all forms of international cricket. The decision came after the third Test against Australia in Brisbane on December 18, 2024.
Ashwin, aged 38, leaves behind a stellar career, having taken 537 wickets in Test cricket—making him India’s second-highest wicket-taker in the format. While Ashwin’s decision has sparked speculation, his father hinted that feelings of “humiliation” due to inconsistent team selection might have played a role. Regardless, Ashwin’s contributions to Indian cricket are unparalleled, and his absence will be deeply felt by fans and teammates alike.
