Benchmark Indian equity indices BSE Sensex and Nifty 50 advanced on Tuesday, buoyed by gains in IT, metal, and real estate stocks.

At 10:34 am, the BSE Sensex rose 0.14%, while the Nifty 50 edged up by 0.092%.

The BSE Metal Index outperformed, climbing over 1%, with major gainers like Jindal Steel, NMDC, and APL Apollo driving momentum.

The Nifty IT Index and Nifty Realty Index also recorded steady gains of 22 points and 7 points, respectively.

Greaves Cotton surges to a 52-week high

Greaves Cotton shares surged 13.58% to reach a 52-week high of ₹242.20 after ace investor Vijay Kedia acquired a 0.52% stake in the company.

Kedia’s purchase of 12 lakh shares at an average price of ₹208.9 per share, totalling approximately ₹25 crore, fuelled market excitement.

The strategic move follows Greaves Cotton’s announcement of an IPO for its subsidiary, Greaves Electric Mobility, signalling growth prospects in the electric vehicle segment.

This marks the stock’s strongest single-day gain in three years.

ITI Limited continues rally

ITI Limited shares extended their upward trajectory for a third consecutive session, hitting an all-time high of ₹404 on the NSE.

The stock opened at ₹385, up from its previous close of ₹368.10, before soaring 9.8% to its new peak.

By 10:30 am, ITI shares traded 7.42% higher at ₹395.40, with a market capitalization nearing ₹38,000 crore.

The stock has gained nearly 40% over the past three days, reflecting strong investor confidence amid robust buying interest.

Mishtann Foods falls as SEBI takes action

Shares of Mishtann Foods plummeted nearly 10% to ₹8.95 after the Securities and Exchange Board of India (SEBI) barred the company, its promoter, and four other entities from the securities market for alleged financial irregularities.

SEBI’s investigation revealed that Mishtann Foods engaged in circular trading with fictitious buyers and suppliers, many of which were shell entities controlled by company insiders.

This scandal has raised concerns over corporate governance and could lead to further regulatory scrutiny.

Inflation data eyed amid global cues

Upcoming CPI data releases in India and the US are expected to guide market sentiment.

US CPI figures, due Wednesday, could influence the Federal Reserve’s interest rate decisions.

Markets anticipate an 86% probability of a 25 basis point rate cut at the Fed’s December 18 meeting.

India’s CPI data, due Thursday, is projected to have slowed to 5.53% in November, retreating below the Reserve Bank of India’s 6% upper tolerance limit, according to a Reuters poll of economists.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted a consolidation phase in Indian markets.

“There are no major triggers for a new bull orbit or deep correction. The current weakness in FMCG stocks presents a buying opportunity for long-term investors,” he noted.

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Rivian stock price has risen in the past five consecutive days and is hovering at its highest level since August 8 of this year. It has soared by 52% from its lowest level in November, pushing its valuation to over $14.7 billion.

Rivian stock jumps after key upgrade

RIVN shares jumped to a high of $14.9 on Monday after a Benchmark analyst upgraded the company to a buy. In a note, he cited the fact that the company has continued to see more demand this year.

The analyst also noted that the company’s commercial business was doing well, and that it will continue providing cash to support the other segment. 

Rivian’s commercial business manufactures vehicles that are used by companies like Amazon for their deliveries. It ended its exclusivity with Amazon in 2023, meaning that it can now sell the vehicles to other clients.

Other analysts are largely muted on Rivian, with Goldman Sachs and Mizuho having a neutral rating. Stifel, RBC, WebBush, and Piper Sandler have a buy rating. The average Rivian stock forecast among analysts is $15, a few points above the current $14.45. 

Concerns about RIVN remains

Rivian stock has collapsed from its all-time high as concerns about its business have remained. While its vehicle sales have risen, the company has continued to make substantial losses. In most periods, it losses thousands of dollars for each vehicle it sells.

The most recent results showed that its revenue dropped from $1.3 billion in Q3’23 to $874 million. This decline happened as the company delivered 10,018 vehicles, a big drop from the 15,564 it sold in the same period last year.

These numbers showed that demand for its vehicles has softened as customers have embraced hybrid vehicles. 

Rivian’s gross loss was over $393 million, while its net loss narrowed to over $1.1 billion. 

The company hopes to sell between 50,000 and 52,000 vehicles this year and turn a positive gross profit this quarter. 

Rivian has also made progress in the past few months. The most notable one was raising about $5 billion from Volkswagen, the biggest German automaker. The two formed a joint venture that will be used to develop technologies for their vehicles. 

Read more: Rivian soars 13% on Monday after double dose of good news

RIVN has made progress

Rivian has also made progress in building R2, its more affordable vehicle that will go into production in 2026. Analysts believe that the R2 will be a more popular vehicle since it will start at $45,000. 

Historically, EV companies have started their businesses selling more expensive vehicles and then using the cash to fund cheaper versions. 

Rivian R2 will have an estimated range of over 300 miles and have a sitting capacity of 5 seats.

The management believes that the cash in its balance sheet, together with the recently funding from VW, will be enough to see it through the launch of R2. 

The challenge, however, will be how to ensure that there is strong demand for its vehicles as competition in the industry rises. 

Rivian stock price analysis

The weekly chart shows that the RIVN share price has remained in a consolidation phase in the past few years. It has found a strong support at $8.85, where it failed to move below several times since April this year.

This performance mirrors that of most altcoins like Cardano and Shiba Inu, which bottomed in 2022 and then rebounded this year. 

Therefore, there is a likelihood that the Rivian stock price will have a strong bullish breakout in the next few months. This rebound will be confirmed if it rises above the descending trendline that connects the highest swings in September 2022.

If this happens, the next point to watch will be at $27.82, its highest level in July 2023. A break above that level will point to more gains, potentially to $40.47, the highest level in August 2022.

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The recent fall of Bashar al-Assad’s regime in Syria marks a seismic political shift, unlocking both challenges and opportunities for Turkey.

Experts and business leaders anticipate significant ripple effects on Turkey’s economy, particularly through reconstruction efforts and workforce dynamics.

Turkish construction and cement sectors to spearhead rebuilding efforts

Shares in Turkish construction and cement companies surged on Monday following the announcement of Assad’s ouster.

Bursa Çimento and Oyak Çimento climbed 5.3% and 9.9%, respectively, while steelmaker Iskenderun Demir Çelik saw a 10% increase.

Analysts attribute these gains to expectations of a pivotal role for Turkish companies in rebuilding war-torn Syrian cities.

“Cement producers like Limak Doğu Anadolu Çimento and Oyak Çimento are poised to benefit, while construction giant Enka Inşaat is likely to lead large-scale projects,” said Yakup Toktamış of Trive Yatırım.

Turkey’s proximity and existing trade ties with Syria position its firms advantageously for contracts tied to the rebuilding of infrastructure devastated during the 13-year civil war.

Brokerage firm Info Yatırım’s Yusuf Doğan added, “Cement and steel will be the core catalysts for Syria’s reconstruction, creating long-term opportunities for Turkish companies.

However, the timeline for project implementation may temper investor expectations.”

Economic challenges in Turkey loom as Syrian workers begin returning home

This trend is raising concerns among Turkish companies that depend on Syrian labor, which has become a cornerstone of several industries, including textiles, agriculture, and manufacturing.

At the same time, as stability returns to Syria, some Syrian refugees have started heading back.

Last year alone, over 108,000 Syrians received work permits in Turkey.

The departure of this workforce could strain industries reliant on low-cost labor, driving up costs and reducing profitability.

“Given weak domestic demand, companies may struggle to pass on these costs to consumers,” warned industry analysts.

Despite these challenges, some business leaders remain optimistic.

Mehmet Kaya, president of Diyarbakır’s Chamber of Commerce, stated, “Syrians form a small percentage of the labor force in Turkey. Many of them have established businesses or moved into white-collar roles, suggesting not all will leave.”

In Gaziantep, a hub for Syrian businesses and industries, Syrian workers make up just 3% of the labor force, according to Fikret Kileci of the Anatolian Exporters’ Association.

Adnan Ünverdi, president of Gaziantep’s Chamber of Commerce, echoed this view, noting that Syrian-owned businesses primarily employ Syrians.

“If they return, operations might see short-term disruptions, but companies can easily fill gaps with unemployed Turkish workers,” Ünverdi said.

Bilateral trade revival anticipated

Bilateral trade between Turkey and Syria, which peaked at $2.3 billion in 2010 before plunging to $565 million in 2012 due to the conflict, is expected to rebound.

“Trade between Türkiye and Syria will gain momentum,” said Cemal Demirtaş from Ata Yatırım.

The reconstruction process could significantly boost Turkey’s exports to Syria, particularly in cement and steel.

However, the scale and pace of this revival will hinge on political and economic developments in Syria.

While demand for Turkish goods may rise, global economic uncertainties and geopolitical risks could temper gains.

Geopolitical dynamics: a boon for Erdoğan’s agenda

Bashar al-Assad’s fall is seen as a strategic win for Turkish President Recep Tayyip Erdoğan, whose government has backed Syrian opposition groups throughout the conflict.

With Assad gone, Turkey’s influence in Syria could expand, allowing Ankara to curb Kurdish separatists in northeastern Syria and secure its southern border.

Economist Timothy Ash described this development as a “genius move by Erdoğan,” emphasizing the strategic and economic benefits Turkey stands to gain.

Investment outlook: cautious optimism

The fall of Assad has driven optimism in Turkish financial markets, with construction and cement indices seeing strong gains.

However, analysts urge caution, highlighting the long timelines for infrastructure projects and potential volatility in Syria’s political landscape.

Serhat Başkurt of ALB Yatırım highlighted the importance of firms like Enka Inşaat and Bursa Çimento. “Enka’s expertise in international projects positions it as a leader in Syria’s reconstruction, while Bursa Çimento’s capacity gives it an edge in cement supply,” he said.

While investors remain bullish, the broader implications for Turkey’s economy—ranging from labor market adjustments to trade dynamics—underscore the complexity of navigating the post-Assad era.

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AppLovin stock price has gone parabolic this year, rising by 760%, and becoming the best-performing player in the Russell 1000 index. APP’s surge has helped to transform the little-known into a $134 billion juggernaut. So, does the APP stock has more upside in 2025?

AppLovin stock price has become highly overbought

The weekly chart shows that the APP share price has been one of the best-performing companies in the United States. After bottoming at $7.4 in 2023, it has surged by over 4,945%. 

The rally accelerated after the stock soared above the key resistance level at $115.73, the highest swing in November 2021. That was the upper side of the cup and handle pattern, a popular bullish sign.

AppLovin stock has remained above the 50-week and 100-week Exponential Moving Averages, a sign that bulls are in control.

The Relative Strength Index (RSI) has moved to the overbought level of 77. Similarly, the MACD and the Stochastic Oscillator have all pointed upwards. 

Therefore, there is a risk that the stock will have a mean reversion, a situation where an asset drops and moves to its key moving averages. A likely scenario is where the stock drops to the key support at $200. A move above the year-to-date high of $418 will invalidate the bearish view.

Read more: Are there more gains ahead for AppLovin?

Valuation concern remain

Most analysts believe that American stocks are highly overvalued. Recent data shows that the S&P 500 index has a forward P/E ratio of 22.3, higher than the five-year average of 19.7.

Still, stocks and other assets can remain overvalued for a long time as long as there is momentum. For example, firms like Visa and Mastercard have been overvalued for decades. 

AppLovin is one of the most overvalued companies in the United States. It has a market cap of over $134 billion and made a revenue of $4.2 billion in the trailing twelve months. 

This means that, excluding debt, if you bought the company at the current $134 billion valuation, it will take you 32 years to recoup your money. And that is just on volume. When you look at its net income, it would take you 116 years to break even. 

According to SeekingAlpha, AppLovin has a forward P/E ratio of 77, much higher than the sector median of 26. 

These numbers would be a bit understandable if the company was having a strong growth. The most recent results showed that its quarterly revenue rose by 39% in the last quarter to $1.20 billion. Most of this growth was from its software platform as its app revenue rose by just 1%.

Analysts expect that its annual revenue for the year will be $4.59 billion, a 39% increase from last year. It will then make about $5.6 billion in the next financial year. 

On the positive side, the company has a positive Rule of 40 metrics. Its revenue growth was 39%, while its net income margin was 36%. Ideally, a software company is said to be undervalued if it has a metric of 40 and above. 

Still, in the long term, there is a risk that the AppLovin stock will go through a mean reversion in 2025. 

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A detailed profile is emerging of Luigi Mangione, the 26-year-old accused of murdering United Healthcare CEO Brian Thompson in New York City last week.

Arrested in Pennsylvania, Mangione faces murder and firearms charges in a case that has gripped public attention.

Arrest in Pennsylvania leads to charges

On Monday, police apprehended Mangione at a McDonald’s in Altoona, Pennsylvania, following a tip from an employee.

He was reportedly carrying a ghost gun—a firearm assembled from untraceable components—a silencer, and a loaded magazine.

Alongside the weapon, authorities discovered multiple forms of identification, including a fake New Jersey ID, which had been used to check into a New York City hostel.

Mangione’s arrest followed a manhunt after Thompson’s fatal shooting. While the arrest was described as “peaceful,” Mangione has since ceased cooperating with authorities, according to police reports.

Suspect’s background: A life of privilege and promise

Mangione hails from a prominent Baltimore family involved in businesses ranging from country clubs to nursing homes. He attended the prestigious Gilman School in Baltimore, where he graduated as valedictorian.

Later, he earned bachelor’s and master’s degrees in computer science from the University of Pennsylvania.

Described by classmates as “super normal” and exceptionally intelligent, Mangione co-founded a video game development club at the Ivy League institution.

He later worked as a data engineer for TrueCar, a digital retailing platform for vehicles, until 2023.

Despite his promising career, Mangione’s recent actions suggest a troubled mindset.

Evidence of motivation and mindset

During the arrest, police found a three-page handwritten document detailing Mangione’s apparent grievances with corporate America.

Phrases like “these parasites had it coming” and “I do apologize for any strife and trauma, but it had to be done” indicate a deep resentment toward large corporations, according to officials.

Investigators are scrutinizing Mangione’s social media activity for further insights. A Goodreads account linked to Mangione features a four-star review of Industrial Society and Its Future by Theodore Kaczynski, also known as the Unabomber.

Mangione described the manifesto as the work of an “extreme political revolutionary,” though he acknowledged the author’s violent crimes.

Additionally, a concerning post on X (formerly Twitter) from October suggested that Mangione had fallen out of touch with friends and family.

The post read: “Hey, are you ok? Nobody has heard from you in months, and apparently, your family is looking for you.”

Family responds with shock and prayers

Mangione’s family, including his cousin, Republican state lawmaker Nino Mangione, released a statement expressing shock and devastation.

The statement offered condolences to Brian Thompson’s family and requested prayers for everyone involved.

The case has cast a shadow over the Mangione family, known for their affluence and community standing in Maryland.

Weapon and arrest details

The weapon Mangione allegedly carried—a ghost gun—is a major focus of the investigation.

Ghost guns are untraceable and can be assembled at home, often using 3D printers. This has made them a growing concern for law enforcement.

In addition to the gun, Mangione possessed a fraudulent ID and a US passport.

Upon questioning, he initially provided a false name but admitted his true identity when warned of further consequences.

Potential motives and broader implications

While the exact motive for Thompson’s murder remains unclear, the handwritten notes and social media activity suggest ideological grievances.

Authorities are investigating whether Mangione’s actions were influenced by extremist literature or personal animosities.

The case also underscores broader concerns about ghost guns and their role in violent crimes.

The untraceable nature of these weapons complicates investigations and raises questions about current regulations.

Looking ahead

Mangione is expected to face trial in New York, where he has been charged with murder and additional counts related to the possession of firearms and fraudulent identification.

For now, the case continues to unfold, drawing attention to issues ranging from corporate-targeted violence to the accessibility of ghost guns.

As authorities piece together the events leading to Brian Thompson’s tragic death, the incident serves as a stark reminder of the complex interplay between personal grievances and societal challenges.

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