ACME Solar Holdings Files Rs 3,000 Crore IPO.

Hello,
Markets witnessed a significant rally yesterday powered by banking stocks as gross NPAs dropped to their lowest level in 12 years. HDFC Bank reached its record high, Sebi’s levy order could cost brokers 2,000 crore, both Emcure and Bansal Wire IPOs were oversubscribed on their first day and VC funding into Indian start-ups increased by 45% in the H1 2024 compared to the previous period.

Markets📊 
As of 03/07/2024 Market Close

• A broad-based rally was witnessed in the Indian market, driven by large caps with financials taking centre stage. With the drop in Indian banks' GNPAs to a 12-year low, the sector is anticipated to outperform in the near term.

• On the global front, the US FED chair's commentary on inflation cooling down to 2% by the end of CY25 was sentimentally positive.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

HDFC Bank Ltd +2.14%

• Shares of the private lender surged 2.2 percent to hit an all-time high of Rs 1,791 per share on July 3 after the release of June shareholding data.

• With foreign investors' stake falling below 55 percent in the June quarter, analysts anticipate a potential doubling of the bank's weighting in the MSCI Standard index during the upcoming reshuffle.

NACL Industries Ltd (5.56%)

• Shares of the company fell over 5.5 percent. In a recent regulatory filing, the company announced a change in senior management personnel. Gantasala Jagannadha Rao, president of international business and designated as 'senior management personnel,' retired from his position effective immediately on July 2, 2024.

Yesterday’s Highlights📒 

• India urges utilities to order Rs 27500 crore ($33Bn) in equipment this year to boost coal power output. (ET)

• Sebi's levy order could cut discount brokers' income by Rs 2,000 crore ($239Mn). (ET)

• By FY31, online delivery is expected to comprise 20% of the food services market. (YS)

• India's office property market saw record gross leasing in the first half of 2024. (ET)

• Institutional investments in real estate reached a three-year high. (ET)

• UPI payments will now be available in the UAE, as NPCI International partners with Network International. (YS)

• RBI instructs banks to find solutions to bridge the gap between credit and deposit growth. (ET)

• Consumers can no longer use UPI apps to pay electricity bills. (TH)

IPO / Issuances🚀 

• ACME Solar Holdings has filed for a Rs 3,000 crore ($359Mn) IPO. (Moneycontrol)

• Bansal Wire IPO was oversubscribed 1.76 times on the first day. (Moneycontrol)

• On the first day, the Emcure Pharma IPO was oversubscribed 1.32 times, with NIIs taking the lead. (Moneycontrol)

• Enviro Infra Engineers has filed draft papers to raise funds through an IPO. (Moneycontrol)

This week’s mainboard IPO schedule

• Emcure Pharmaceuticals (RHP)

  • Offering Period: 03-05 July, 2024

  • Listing Date: 10 July, 2024

  • Issue Price: 960-1008

  • Lot Size: 14

• Bansal Wire Industries (RHP)

  • Offering Period: 03-05 July, 2024

  • Listing Date: 10 July, 2024

  • Issue Price: 243-256

  • Lot Size: 58

Deal Activity🤝 

M&A / Investments

• Reliance Industries invested Rs 4,330 crore ($518Mn) in its retail unit in FY24. (ET)

• InCred Wealth and Investment has provided funding of Rs 416.85 crore ($50 million) to Oyo. (EN)

• LatentView Analytics has acquired a 70% stake in Decision Point for Rs 326 crore ($39.1Mn). (BS)

• Collective Artists Network has acquired Terribly Tiny Tales. (ET)

• MENA region's BitOasis has been acquired by crypto exchange platform CoinDCX. (BS)

• PB Fintech has seen new investments from Capital Group, Fidelity, and other firms. (ET)

• Mitsubishi UFJ's talks for a stake in HDFC Bank have reportedly hit a snag. (JT)

Debt

• Acre ARC sold Nagarjuna Fertilizers and Chemicals' debt to AM Green for ₹1,685 crore ($201Mn). (ET)

• Samvardhana Motherson raised Rs 2922 crore ($350Mn) through bonds. (ET)

VC🤑

• VC funding into Indian startups increased by 45% in H1 2024 compared to the previous period. (YS)

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