Bank of Baroda Wins ₹5,000-Crore SAIL Loan

• The Sensex and Nifty 50 ended the day with minimal changes due to some profit booking and mixed global cues, as investors looked ahead to the upcoming Federal Reserve meeting.

• This followed Wall Street's strongest week since November, which ended with a slight rise in US equities on Friday.

• Gains in the market were largely supported by metal, PSU bank, and energy stocks, while banking and auto stocks saw some profit booking.

Voltas +4.83%

• The shares rebounded with a 5 percent increase after three days of declines, driven by profit booking from a strong June quarter.

• While the company's gains in appliance market share were positively received by the market, analysts remained cautious due to the management's unchanged guidance and limited potential for margin expansion in the near term.

Hindustan Zinc (4.79%)

• Shares fell by 4.8 percent, extending losses after Vedanta announced its plan to offload a stake through an offer-for-sale.

• The Anil Agarwal-led company is selling a 3.17 percent stake in Hindustan Zinc through an OFS running from August 16-19.

• RBI study forecasts a rise in corporate capex driven by infrastructure financing. (ET)

• RBI attributes the FMCG sector's revival to 'green shoots' in the rural economy. (ET)

• Industry bodies criticize telecom companies' push to bring OTT apps like WhatsApp under a licensing regime. (RM)

• The RBI Bulletin notes that the revival in overseas fundraising by Indian companies reflects changing dynamics in the domestic credit market. (ET)

• RBI issues new norms for recognizing self-regulatory organizations in financial markets. (MC)

• Vedanta likely raised Rs 3,200 crore ($381Mn) from Hindustan Zinc's OFS. (BS)

• Tata Consumer Products closes its Rs 3,000 crore ($357Mn) rights issue after 14 days. (BS)

• TruAlt Bioenergy files IPO papers for a fresh issue of Rs 750 crore ($89.4Mn). (MC)

• Interarch Building Products IPO was subscribed 3.19 times on Day 1, led by non-institutional investors and retail investors. (MC)

• SEBI directs ISF to develop standard KPIs for IPO prospectuses. (MC)

This week’s mainboard IPO schedule

• Interarch Building Products (RHP)

  • Offering Period: 19 August - 21 August, 2024

  • Listing Date: 26 August, 2024

  • Issue Price: 850 - 900

  • Lot Size: 16

• Orient Technologies (RHP)

  • Offering Period: 21 August - 23 August, 2024

  • Listing Date: 28 August, 2024

  • Issue Price: 195 -206

  • Lot Size: 72

M&A / Investments

• Antfin Singapore plans to sell a 1.54% stake in Zomato valued at ₹3,420 crore ($407.5Mn). (Mint)

• Adani Power is set to acquire Reliance Power's Butibori plant in a Rs 3,000 crore ($357Mn) deal. (BS)

• Al Gore's firm invests Rs 1,259 crore ($150Mn) in Continuum Green Energy. (ET)

• LIC sells a 2.09% stake in Hindustan Copper for Rs 447 crore ($53.3Mn) through the open market. (BS)

• NCLT approves the merger of Slice and North East Small Finance Bank. (EN)

Debt

• Bank of Baroda outperforms PSB peers to secure a ₹5,000 crore ($595Mn) loan from SAIL. (ET)