Amazon Pilots Quick Commerce in Bengaluru

• Reliance Industries, Asian Paints, Tata Motors, and Power Grid were among the 721 stocks that hit their 52-week lows on the BSE on Wednesday amid a broad market decline.

• Weak sentiment persisted due to high valuations and muted Q3 earnings growth. Concerns over excessive valuations are expected to extend the consolidation phase.

• Investor confidence was further weighed down by the US Fed’s stance on delaying rate cuts and uncertainty over metal tariffs.

Arkade Developers +3.05%

• Shares jumped over 5% to ₹184.40 on February 12 after the company secured a redevelopment project in Mumbai’s Dahisar, with an estimated GDV of ₹1,700 crore, boosting investor sentiment.

Gensol Engineering (13.58%)

• Shares tumbled over 17% to a 52-week low of ₹580.05 on February 12 after disappointing Q3 earnings, as weak bottom-line and operational performance triggered a sharp decline.

• OpenAI denies using Indian media content to train ChatGPT. (Inc42)

• SBI expects challenges in the personal loan sector to ease with tighter credit rules. (ET)

• Amazon pilots quick commerce service in select Bengaluru pincodes. (YS)

• India considers a temporary tax on cheap Chinese steel imports, says minister. (ET)

• Rite Water Solutions files draft papers with SEBI for a ₹745 crore ($85Mn) IPO. (MC)

• Ajax Engineering IPO subscribed 6.44 times on Day 3. (MC)

• Hexaware Technologies IPO subscribed 3% so far on Day 1. (Mint)

This week’s mainboard IPO schedule

• Ajax Engineering

  • Offering Period: 10 February - 12 February, 2025

  • Listing Date: 17 February, 2025

  • Issue Price: 599-629

  • Lot Size: 23

• Hexaware Technologies

  • Offering Period: 12 February - 14 February, 2025

  • Listing Date: 19 February, 2025

  • Issue Price: 674-708

  • Lot Size: 21

• Quality Power Electrical Equipments

  • Offering Period: 14 February - 18 February, 2025

  • Listing Date: 21 February, 2025

  • Issue Price: 401-425

  • Lot Size: 26

M&A / Investments

• ONGC-NTPC Green Energy JV acquires Ayana Renewable for ₹19,500 crore ($2.24Bn). (BS)

• Government approves ₹10,300 crore ($1.18Bn) equity infusion for RINL. (ET)

• DSP leads a ₹17 crore ($2Mn) seed round in ArthAlpha. (EN)

Debt

• Prestige Group may raise ₹1,000 crore ($115Mn) to refinance high-cost debt. (ET)

• SIDBI partners with France's AFD for a ₹867 crore ($100Mn) credit line. (BS)

VC