Adani Enterprises to Raise $1B via QIP for Hydrogen

• Sensex and Nifty opened strong on Wednesday, driven by a broad-based rally and positive global cues.

• After facing setbacks from US recession fears and the unwinding of the Yen carry trade, global markets are gradually stabilizing.

• Additionally, the government's proposal to restore indexation benefits on property sales lifted sentiment in real estate stocks.

• The rupee reached all-time lows as pressure from the carry trade unwind persists.

Oil and Natural Gas Corporation Ltd +7.45%

• Shares jumped over 7 percent after the company raised its production outlook for FY25.

• ONGC projects a 12 percent increase in crude oil production to 23.1 million metric tonnes and a 27 percent rise in gas production to 25.9 million metric tonnes by FY27, fuelled by developments in the KG-98/2 and Daman fields.

• The company also revealed plans to commence gas production from the KG-98/2 asset in Q4 FY25.

EIH Ltd (5.46%)

• The stock of this luxury hospitality company fell over 10 percent intraday after reporting weak Q1FY25 results.

• The company’s profit declined 11.2 percent year-on-year to Rs 92.2 crore from Rs 103.8 crore in the same period last year.

• The RBI has asked top banks to avoid large trading bets against the rupee. (RT)

• The LTCG tax amendment proposal could restore indexation benefits, bringing optimism to the real estate sector. (FE)

• MFIs request easier credit rating rules as they struggle to secure bank loans. (ET)

• India swap market traders anticipate a hike in the foreign investment limit, according to treasury officials. (RT)

• Borrowing costs are easing due to rising surplus liquidity in the banking system. (ET)

• The rupee falls to a record low as pressure from the carry trade unwind persists. (RT)

• Bata is in talks with quick commerce companies to offer 10-minute delivery of footwear. (ET)

• India waives the clinical trial requirement for drugs approved in developed markets. (ET)

• TRAI has started discussions on the broadcasting tariff consultation paper. (BS)

• SEBI is proposing measures to curb the use of offshore structures for derivative trades. (RT)

• Indigenous high-voltage alternating current lines may be used to enhance transmission infrastructure. (ET)

• Short-term garment orders might shift to India due to the turmoil in Bangladesh. (ET)

• Domestic pharma market growth fell to 6% in July. (BS)

• Adani plans to raise $1.2 billion for its flagship firm through a share sale. (BS)

• Adani Enterprises plans to raise $1 billion through a QIP for green hydrogen expansion. (BS)

• Visit Health has raised Rs 251 crore ($30Mn) through a combination of primary and secondary transactions. (EN)

• Ceigall India's IPO shares are expected to debut with 5-10% gains on August 8. (MC)

• Unicommerce Esolutions' IPO received a strong response on day 2, with a subscription of 12.23 times. (MC)

• FirstCry's IPO saw 30% subscription on the second day of bidding, with the retail portion fully booked. (MC)

This week’s mainboard IPO schedule

• Ceigall India (RHP)

  • Offering Period: 01-05 August, 2024

  • Listing Date: 08 August, 2024

  • Issue Price: 380-401

  • Lot Size: 37

• Ola Electric Mobility (RHP)

  • Offering Period: 02-06 August, 2024

  • Listing Date: 09 August, 2024

  • Issue Price: 72-76

  • Lot Size: 195

• Brainbees Solutions (RHP)

  • Offering Period: 06-08 August, 2024

  • Listing Date: 13 August, 2024

  • Issue Price: 440-465

  • Lot Size: 32

• Unicommerce eSolutions Mobility (RHP)

  • Offering Period: 06-08 August, 2024

  • Listing Date: 13 August, 2024

  • Issue Price: 102-108

  • Lot Size: 138

M&A / Investments

• Torrent, Zydus, and EQT are set to qualify for the $3 billion JB Chemicals buyout. (ET)

• The New Shop is in advanced talks to acquire 24Seven. (ET)

• Mizuho plans to decline the Yes Bank deal, leaving the competition between SMBC and Emirates NBD. (ET)

• Compass India has acquired a 70% stake in food services company ICS Foods. (ET)

VC