Accel Launches $650M Fund For Early-Stage Startups

• The Indian stock market faced a significant decline on Monday, January 6, as the Sensex and Nifty 50 fell over 1.5%, driven by widespread selling amid concerns about a new virus outbreak in China.

• All major sectoral indices ended in the red, with Nifty PSU Bank, Nifty Metal, Nifty Energy, Nifty Realty, and Nifty Media registering the steepest losses, ranging from 2.51% to 4%.

FSN E-Commerce Ventures +2.33%

• FSN E-Commerce Ventures Ltd., the parent company of Nykaa, saw its shares rise 4% after its December quarter business update.

• In a filing on January 5, the company projected net revenue growth exceeding the "mid-twenties," despite subdued online fashion demand. Nykaa expressed confidence in its long-term prospects despite the current challenges.

JSW Energy (1.40%)

• JSW Energy shares came under pressure after the Central Electricity Regulatory Commission (CERC) rejected the proposed tariff for its battery energy storage project with Solar Energy Corporation of India.

• CERC stated that the tariff, set in the January 2023 agreement, was significantly higher than rates discovered in recent auctions.

• India seeks private capital for a $107 billion grid expansion. (ET)

• India's services sector ended 2024 on a strong note, according to PMI data. (RT)

• RBI consolidates instructions on customer credit information. (ET)

• Quadrant Future Tek raises ₹130.5 crore ($15Mn) through its anchor book ahead of its IPO. (MC)

• Standard Glass Lining's IPO was subscribed 13.32x on Day 1, driven by NII bids. (Mint)

This week’s mainboard IPO schedule

• Standard Glass Lining

  • Offering Period: 06 January - 08 January, 2024

  • Listing Date: 13 January, 2024

  • Issue Price: 133-140

  • Lot Size: 107

• Quadrant Future Tek

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 275-290

  • Lot Size: 50

• Capital Infra Trust

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 99-100

  • Lot Size: 150

M&A / Investments

• Motilal Oswal Alternates raises over ₹1,750 crore ($204Mn) for its sixth fund. (ET)

• Ajooni Biotech plans to raise ₹45 crore ($5.2Mn) through 5 crore convertible warrants. (YS)

• Airtel and Vi sell their entire stake in Wi-Fi JV Firefly to iBus for ₹9 crore ($1Mn). (BS)

• Nuvoco Vistas Corp to acquire Vadraj Cement through the NCLT route. (BS)

• The steel ministry proposes a merger between state-run KIOCL and NMDC. (BS)

Debt

• Sterlite Grid 32 raises ₹2,450 crore ($285Mn) via listed NCDs to refinance MUML project. (MC)

VC

• Accel launches ₹5,572 crore ($650Mn) fund for early-stage startups. (YS)