Ather Energy Files RHP to Raise ₹2,626 Cr

• The Indian stock market extended its winning streak to a sixth consecutive session on Tuesday, April 22, defying weak cues from Wall Street.

• Strong gains in financials, autos, and a sharp rebound in FMCG stocks supported the positive momentum.

• Broader markets continued to outperform frontline indices, with mid- and small-cap stocks rallying on the back of strong domestic sentiment.

• The Nifty Bank index hit a new record high of 55,961 points after the RBI released final guidelines on the Liquidity Coverage Ratio (LCR), which were more relaxed than initially proposed.

• In a major relief for the banking sector, the RBI allowed commercial banks to maintain a lower stock of liquid assets against deposits raised via digital channels, easing concerns over potential liquidity pressures.

HDFC Bank +1.71%

• Shares of India’s largest private lender rose 2% after it became the third Indian company to cross the ₹15 lakh crore mark in market capitalisation.

• HDFC Bank reported a 6.7% year-on-year increase in standalone net profit to ₹17,616 crore for Q4 FY25, with a 5.3% rise on a sequential basis.

Cholamandalam Investment & Finance Co (5.95%)

• Shares fell 6% after CLSA downgraded the stock to ‘hold’ and set a revised target price of ₹1,600. The NBFC now trades at 4x its price-to-book ratio—just a 9% discount to market leader Bajaj Finance.

• Such elevated valuations have been rare for the company and were historically seen only during periods of exceptionally strong AUM growth, typically between 30–40%.

• VC investment in India falls to $2.4 billion as global uncertainties weigh on investors. (ET)

• Rural Consumer Confidence Survey shows optimism in income and spending for 2025. (ET)

• IMF lowers India’s growth forecast to 6.2% in FY26 due to tariff uncertainty. (ET)

• Ather Energy files RHP to raise ₹2,626 crore ($306Mn) through a fresh issue. (YS)

There are no mainboard IPOs this week.

M&A / Investments

• CCI approves Kandhari Beverages’ acquisition of Coca-Cola's bottling arm for ₹2,000 crore ($233Mn). (ET)

• Aavishkaar Capital invests ₹42.8 crore ($5Mn) in Poshs Metal. (YS)

• 360 ONE to acquire UBS India’s wealth unit and take 4.95% stake. (BS)

• Devyani International to acquire a majority stake in Biryani by Kilo. (YS)

• Jaipuria Group acquires eyewear brand ClearDekho. (EN)

VC/Funds

• A91 Partners closes its third fund at ₹5,695 crore ($665Mn). (YS)

• Trident Growth Partners raises ₹1,000 crore ($116Mn) for its maiden fund. (YS)