Ather Energy Files for ₹3,100 Cr IPO

• Indian benchmark indices closed higher amid volatility ahead of the US Fed meeting. On Monday, September 9, the Sensex and Nifty 50 recorded solid gains, driven by strong performances from key banking and FMCG stocks, including ICICI Bank, ITC, HDFC Bank, and Hindustan Unilever (HUL) despite pushback from IT stocks.

• The rupee resists risk-aversion pressure affecting Asian peers and ends flat.

Deep Industries +20.00%

• Shares surged 20 percent after the company secured a Rs 1,402 crore order from Oil and Natural Gas Corporation (ONGC).

• This 15-year contract for production enhancement operations at ONGC's mature Rajahmundry Asset is the largest project in Deep Industries' history, more than doubling its existing order book. As of June 30, 2024, the company’s order book was valued at Rs 1,246 crore.

VST Industries (8.58%)

• Shares plunged 9 percent as investors rushed to book profits following an over 18 percent surge in the previous session.

• The stock, part of ace investor Radhakishan Damani's portfolio, had soared more than 18 percent earlier as the company marked the record date for its bonus issue.

• In July, VST Industries announced a 10:1 bonus share issue, initially setting August 30 as the record date, which was later revised to September 6.

• The GST Council decides to form a new GoM to address health insurance premium issues. (ET)

• Union Bank of India becomes the first major Indian bank to sign the PCAF agreement. (ET)

• The iPhone 16 marks a significant milestone for Indian manufacturing. (ET)

• Airtel Finance launches FD service and partners with NBFCs and small finance banks. (BS)

• Ather Energy files draft papers for a fresh issue of shares worth Rs 3,100 crore ($369Mn). (YS)

• NIIF IFL plans to issue Rs 1,500 crore ($179Mn) in preference shares, targeting family offices. (BS)

• Bajaj Housing Finance IPO was fully subscribed within 4 hours of opening and was booked 2.01 times on Day 1. (MC)

• Kross IPO was subscribed nearly 88% on Day 1. (MC)

• Tolins Tyres was subscribed nearly 2 times on Day 1 of its IPO. (MC)

This week’s mainboard IPO schedule

• Bajaj Housing Finance

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 66-70

  • Lot Size: 214

• Kross

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 228-240

  • Lot Size: 62

• Tollins Tyres

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 215-226

  • Lot Size: 66

• PN Gagdil Jewellers

  • Offering Period: 10 September - 12 September, 2024

  • Listing Date: 17 September, 2024

  • Issue Price: 465-480

  • Lot Size: 31

M&A / Investments

• Ingka Centres will invest Rs 5,500 crore ($656Mn) in developing an Ikea-anchored meeting place. (BS)

• GMR acquires Fraport's 10% stake in Delhi Airport for ₹1,058 crore ($126Mn). (ET)

• Flipkart’s Super.money plans to raise funds and introduce FDs and credit lines via UPI. (OB)

Debt

• Bank of Baroda raises Rs 5,000 crore ($596Mn) through an infra bond issue. (BS)

• Hinduja Group's IIHL files documents to raise Rs 3,000 crore ($357Mn) through NCDs. (BS)

• JSW seeks a ₹1,000 crore ($119Mn) loan for the acquisition of Navkar. (ET)

• Vijaynath Roof and Wall Cladding Systems secures Rs 26 crore ($3.1Mn) in debt funding. (YS)

VC/Funds

• Arnya Real Estate Fund raises Rs 375 crore ($44.7Mn) in its first close. (YS)