Amazon Enters the Game: Quick Commerce War Gets Fiercer

• Indian stock market indices, Sensex and Nifty 50, closed flat on Tuesday, December 10. Gains in major stocks like Infosys, ICICI Bank, and SBI were offset by declines in Reliance Industries, Bharti Airtel, and L&T. Nifty Realty advanced over 1%, while the IT index gained nearly 1%.

• Analysts note the market is trading sideways due to a lack of fresh triggers, with focus shifting to key macroeconomic data and the US Fed policy decision on December 18.

Swiggy +0.96%

• Shares climbed over 4% intraday on December 10 after CLSA initiated coverage on the recently listed food delivery company with an 'outperform' rating.

• The brokerage set a target price of ₹708, projecting a 32% upside from current levels, driving the stock's surge in the morning session.

CEAT (6.08%)

• After a 10% surge in the previous session, CEAT shares dropped 6% due to heavy volumes and profit booking. The rally followed investor approval of the company's decision to acquire Michelin's Camso brand of off-highway tyres (OHT).

• The ₹1,900 crore deal includes the brand, two manufacturing facilities in Sri Lanka, and the high-tech products and tracking business.

• SEBI will allow optional same-day settlement for 500 stocks. (Mint)

• S&P forecasts the economy will grow by 6.8% in FY25. (ET)

• Amazon enters India's quick commerce market, trialing 15-minute grocery delivery. (YS)

• Institutional investors buy ₹2,400 crore ($282Mn) of Vishal Mega Mart shares via anchor book. (MC)

• ChrysCapital-backed Corona Remedies plans a ₹2,000 crore ($235Mn) IPO. (MC)

• Sai Life Sciences raises ₹913 crore ($107Mn) through its anchor book ahead of its IPO. (MC)

• Mobikwik raises over ₹257 crore ($30.3Mn) through its anchor book for its IPO. (MC)

• SEBI approves the IPO of DAM Capital Advisors, a pure-play investment bank. (MC)

This week’s mainboard IPO schedule

• Vishal Mega Mart

  • Offering Period: 11 December - 13 December, 2024

  • Listing Date: 18 December, 2024

  • Issue Price: 74-78

  • Lot Size: 190

• Sai Life Sciences

  • Offering Period: 11 December - 13 December, 2024

  • Listing Date: 18 December, 2024

  • Issue Price: 522-549

  • Lot Size: 27

• Mobikwik

  • Offering Period: 11 December - 13 December, 2024

  • Listing Date: 18 December, 2024

  • Issue Price: 265-279

  • Lot Size: 53

• Inventurus Knowledge Solutions

  • Offering Period: 12 December - 16 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 1265-1329

  • Lot Size: 11

• International Gemmological Institute

  • Offering Period: 13 December - 17 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 397-417

  • Lot Size: 35

M&A / Investments

• Alpha Wave and two others target a 15% stake in Haldiram's at a $9 billion valuation. (BS)

• Ontario Teachers’ TVG and Prosus lead Mintifi’s ₹1,527 crore ($180Mn) Series E funding round. (YS)

• Multiples PE leads a ₹1,000 crore ($117Mn) round for Shubham Housing. (BS)

• Awfis to see Peak XV and others offload a stake worth ₹583 crore ($68.7Mn). (CNBC)

• MPL acquires CloudFeather Games, backed by Lumikai. (EN)

• RBI approves the Burmans' purchase of a 26% stake in Religare. (Mint)

• Blackstone receives CCI approval to acquire stakes in two Bagmane Group entities. (BS)

• CCI approves JSW Steel’s JV arm’s acquisition of Thyssenkrupp Electrical Steel India. (ET)

Debt

• Reliance Industries seeks up to ₹25,000 crore ($3Bn) loan to refinance debt maturing in 2025. (BS)

• Kreedo has raised ₹10 crore ($1.17Mn) in debt funding from Recur Club. (EN)

VC

• Stride Ventures has launched its fourth fund, aiming for a target corpus of ₹2,545 crore ($300Mn). (YS)