54% of IPO Shares Sold in Just One Week—SEBI Reveals

• The Indian stock market's Nifty 50 index extended its winning streak to 13 consecutive sessions, reaching a new record high on Monday, September 2, despite unfavourable global signals.

• The domestic benchmarks stayed in positive territory, supported by gains in select heavyweight stocks like ITC, Bajaj Finance, Infosys, Reliance, and HCL Tech.

• However, the overall gains were limited due to weak global cues. Key European markets, including the UK's FTSE, France's CAC, and Germany's DAX, were in the red at the Nifty 50's close.

Hindustan Petroleum Corp +2.12%

• Shares rose by more than 2 percent due to a drop in Brent crude prices, which is expected to boost their margins. Brent crude prices have decreased by nearly 7 percent over five sessions due to reduced demand from China, the world's largest oil importer.

• Additionally, expectations of increased OPEC+ production starting in October, aimed at compensating for a significant drop in Libya's output, have further pressured oil prices.

• Lower crude prices benefit oil marketing companies (OMCs) by reducing their input costs, allowing them to maintain or even raise the prices of refined products like petrol and diesel, thereby increasing their margins.

Moil (4.29%)

• Shares dropped by more than 4 percent after the company announced a price revision for manganese ore and other products, effective September 1.

• For September 2024, prices for all Ferro grades of manganese ore with a manganese content of 44 percent or higher have been reduced by 20 percent compared to their August 1 levels.

• Similarly, Ferro grades of manganese ore with a manganese content below 44 percent have experienced a 15 percent price reduction.

• Nitin Gadkari has requested state finance ministers to reduce GST on flex-fuel vehicles. (ET)

• Gig workers will soon be registered on the e-Shram portal to receive social security benefits. (HT)

• Q-commerce players will add pre-made food to their offerings to improve margins. (FE)

• A single filing with the exchange will soon become a reality, according to the SEBI chief. (YS)

• Nomura anticipates that the Indian central bank will start rate cuts in October due to weakening growth. (RT)

• Modi's populism following India's election setback risks public finances. (RT)

• SEBI has placed JSW Cement's ₹4,000-crore ($477Mn) IPO in "abeyance." (MC)

• Baazar Style Retail's IPO was subscribed 4.64 times on day two, led by NIIs. (MC)

• Gala Precision Engineering's IPO saw a strong start, with 10.84 times subscription on the first day. (MC)

• Belstar Microfinance, Transrail Lighting, and TPG-backed SK Finance have received SEBI's approval to proceed with their IPOs. (MC)

• A SEBI study has found that investors sell 54% of IPO shares within a week of the listing. (BT)

This week’s mainboard IPO schedule

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

• Gala Precision Engineering

  • Offering Period: 02 September - 04 September, 2024

  • Listing Date: 09 September, 2024

  • Issue Price: 503 - 529

  • Lot Size: 28

M&A / Investments

• TotalEnergies will invest an additional Rs 3,721 crore ($444Mn) in its joint venture with Adani Green. (BS)

• Mintifi is in talks to raise Rs 838 crore ($100Mn) in funding from OTPP, Bain Capital, and other investors. (TA)

• Siddhartha Yog purchased over one million shares of Trent for Rs 718 crore ($85.7Mn). (BS)

• Blackstone’s arm will invest ₹700 crore ($83.5Mn) to develop CWC’s land parcels. (FE)

• Inox Wind's EPC arm plans to raise ₹350 crore ($41.8Mn) from global investors. (BS)

• Yatra has acquired Globe Travels for ₹128 crore ($15.3Mn) in cash. (Mint)

• Hindustan Composites will acquire a stake in Swiggy for Rs 5.2 crore ($620k). (MC)

Debt

• Moneyview is raising Rs 251 crore ($30Mn) in debt through a private placement. (EN)

VC