Apple's Record-Breaking Sales: India Revenue Surges

Hello,
Markets dropped by over 1% on Friday, ending a six-day winning streak. The decline was driven by profit booking, a lack of global cues, and new market triggers.

In other news, Apple achieved a quarterly revenue record in India. Adani Power emerged as the top bidder for the stressed KSK Mahanadi project with a bid of Rs 27,000 crore.

What can we expect this week? 

1. IPO Frenzy Set to Continue

   • Ceigall and Ola Electric IPOs will be open for subscription this week as two more companies join the party, Brainbees and Unicommerce. Find out all details in our IPO section ⬇️ 

2. Earnings Reports

   • Earnings season continues as a list of major companies are set to announce their Q1FY25 earnings results this week including Airtel, Vedanta, LIC, ONGC, and Tata Power.

3. RBI Interest Rate Decision

   • The RBI will announce its interest rate decision on Thursday, August 8. It is widely expected that the RBI will keep interest rates steady influenced by persistent inflation and economic growth. Experts noted any rate cuts might be seen in late 2024, subject to further economic data.

Markets📊 
As of 02/08/2024 Market Close

• Indian stock market benchmarks, the Sensex and Nifty 50, each fell over 1 percent on Friday, August 2, due to an across-the-board selloff driven by weak global cues.

• The volatility index suggests the market may have hit an exhaustion point, lacking new triggers for continued upward movement. India VIX surged over 11 percent to 14.41, reflecting growing nervousness among market participants.

• Q1FY25 earnings have been lacklustre, while broader market valuations remain significantly high.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Zomato Ltd +12.24%

• Shares surged over 12 percent as investors celebrated the food aggregator firm's impressive earnings for the quarter ended June 2024, with all segments showing robust growth.

Repco Home Finance Ltd (6.93%)

• Shares dropped by 7 percent after the Q1 FY25 performance disappointed investors. Sanctions fell by nearly 26 percent, and disbursements declined 24 percent sequentially.

Weekend Highlights📒 

• SBI Chairman Khara suggests that discouraging retail activity in F&O could help banks attract more deposits. (ET)

• Delhi is seeing a rise in luxury housing, while affordable housing sales have dipped, according to Anarock. (ET)

• Delhivery will launch dark stores for e-commerce players. (Mint)

• Banks' profits are healthy, but margins may shrink and deposit growth could disappoint. (ET)

• Rajasthan Cabinet approves four energy sector joint ventures. (YS)

• TRAI's new norms mandate telcos to compensate users for service outages. (ET)

• Apple set a quarterly revenue record in India and recorded its highest global sales growth in seven quarters. (YS)

• SEBI has started using AI for processing IPO documents. (FE)

• India’s cruise tourism faces numerous challenges despite tax incentives for foreign liners. (ET)

• TRAI has invited comments on auction pricing for FM radio in hilly areas. (ET)

IPO / FPO / Issuances🚀 

• Avanse Financial Services has refiled its DRHP for a ₹3,500 crore ($418Mn) IPO. (Mint)

• Black Box plans to raise Rs 410 crore ($49Mn) through a preferential issue. (YS)

• Ola Electric's IPO was subscribed 35% on the first day. (YS)

• Ceigall India's IPO was subscribed 1.2 times by day 2, with NIIs leading. (Moneycontrol)

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

Deal Activity🤝 

M&A / Investments

• Adani Power is the top bidder for the stressed KSK Mahanadi project at Rs 27,000 crore ($3.22Bn). (BS)

• Lotte India and Havmor have announced a merger with a target of achieving sales of Rs 6,000 crore ($716Mn). (BS)

• Six firms, including Citigroup Global, have purchased a stake in Netweb Tech for Rs 458 crore ($54.7Mn). (BS)

• Infibeam is set to acquire a 54% stake in Rediff. (YS)

• Viacom18 and Star India expect to complete their merger by October. (ET)

• The Hinduja group did not deposit funds for the RCap acquisition. (BS)

Debt

• Omkara ARC will acquire a Rs 6,000 crore ($716Mn) NPA book from the Stressed Asset Stabilisation Fund. (BS)

• ShareChat has raised an additional Rs 133 crore ($16Mn) in debt. (EN)

• Alteria has infused Rs 70 crore ($8.4Mn) in debt into Country Delight. (EN)

• Lenders have voted to liquidate the defunct airline Go First due to insufficient bids. (BS)

VC🤑

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