Airtel to Shut Down Wynk Music App

• Stock market benchmarks, the Nifty 50 and Sensex closed flat on Tuesday, August 27. Despite positive expectations of US Fed rate cuts in September, the market remained subdued due to stretched valuations and ongoing geopolitical tensions.

• The rupee ended slightly lower due to importer dollar bids and weak Asian currencies.

Tata Elxsi Ltd +16.49%

• Shares of the Tata Group company surged 16.5% on heavy trading volumes, extending their upward trend for the fourth consecutive session and gaining over 22% in just two days.

Bharat Electronics (1.81%)

• Shares of the state-run defence equipment manufacturer dropped 1.8% due to profit booking.

• Despite this, the stock has surged 125% in the past year and is up about 65% in 2024. Technical analysts consider the stock structurally positive and see its current sideways movement as no cause for concern.

• Financial institutions are encountering operational challenges due to the new TRAI mandate. (BS)

• Co-branded credit cards are set to outpace traditional credit cards according to a report. (YS)

• Bharti Airtel will shut down the Wynk Music app and absorb all its employees, according to reports. (BS)

• BigBasket embraces quick commerce and is poised to compete with Blinkit, Zepto, and Swiggy. (EN)

• Amazon has introduced its GenAI conversational shopping assistant, Rufus, in India. (YS)

• A report shows that over 40% of consumers in Tier 3-6 cities use digital payments daily. (BS)

• Crisil forecasts a slower revenue growth of 5-7% for road developers next fiscal. (ET)

• The India Goods and Services Tax Council will discuss the rationalization of rates, according to the minister. (RT)

• A motorbike dealer with 8 staffers received Rs 4,800 crore ($572Mn) in bids for its Rs12 crore IPO. (BS)

  National Infrastructure Trust has filed draft papers with SEBI for a Rs 1,600 crore ($190Mn) IPO. (YS)

• Ecos Mobility & Hospitality has raised over Rs 180 crore ($21.5Mn) from anchor investors, with its IPO set to open today. (MC)

• Premier Energies' IPO was subscribed 2.1 times on the first day, with NIIs leading the demand. (MC)

• LG Electronics is considering an IPO in India amid the stock market boom, according to reports. (BS)

This week’s mainboard IPO schedule

• Premier Energies

  • Offering Period: 27 August - 29 August, 2024

  • Listing Date: 03 September, 2024

  • Issue Price: 427 - 450

  • Lot Size: 33

• ECOS Mobility & Hospitality

  • Offering Period: 28 August - 30 August, 2024

  • Listing Date: 04 September, 2024

  • Issue Price: 318 - 334

  • Lot Size: 44

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

M&A / Investments

• Warburg Pincus has exited MedPlus Health Services by selling its 11.35% stake for Rs 836 crore ($99Mn). (YS)

• Alberta Investment and HDFC Life will invest Rs 667 crore ($79.6Mn) in India Grid Trust. (BS)

• BrowserStack has acquired Bird Eats Bug, a Berlin-based SaaS company for Rs 167 crore ($20Mn). (ET)

• Jio Financial Services has increased its stake in Jio Payments Bank with a Rs 68 crore ($8.1Mn) investment. (MC)

Debt

• Shriram Finance plans to raise up to Rs 12,572 crore ($1.5Bn) from overseas, according to the CEO. (BS)

VC