BAT Dumps ₹13,344 Cr Worth of ITC Shares

• Indian benchmark indices extended their losses for a second consecutive session on Wednesday, May 28, as selling pressure in heavyweight stocks—particularly ITC—continued to drag the market lower. This came despite a positive handover from Wall Street, with profit booking in auto, IT, and metal sectors weighing on sentiment.

• With a lack of fresh domestic triggers, investor focus shifted toward the primary market, where IPO activity has picked up pace as several companies prepare to list on Dalal Street.

• The Nifty FMCG index emerged as the biggest sectoral loser, falling 1.49%, driven by sharp declines in ITC and Nestle India. ITC slipped 1.17% after British American Tobacco sold a 2.5% stake, weakening its veto power and dampening investor sentiment. The Nifty Auto index also dropped 0.68%, as investors booked profits following a recent rally.

• Other sectors, including metals and consumer durables, saw marginal declines, while PSU banks showed relative strength amid the broader market weakness.

LIC +7.98%

• Shares of LIC jumped over 8% despite posting a mixed Q4 performance. Most brokerages remained bullish, citing improving margins and attractive valuations as key near-term drivers.

• Analysts noted that a higher share of non-participating (non-par) policies boosted the Value of New Business (VNB) margin in Q4. The management also expressed confidence in a recovery in premium growth.

ITC (2.97%)

• ITC shares fell as much as 3% on May 28 after British American Tobacco Plc (BAT) offloaded 32 crore shares—representing a 2.57% stake—worth ₹13,344 crore.

• This marks BAT’s second major stake sale, following a 3.5% divestment via block deals worth ₹16,690 crore last year.

• Indians in Tier-II cities bring 'faster growth' for travel industry. (BS)

• “50% of our growth will come from GCCs”: Here are the trends shaping India’s managed workspaces sector. (ET)

• Govt asks e-commerce players to proactively eliminate dark patterns. (TH)

• Domestic natural gas prices may fall in June on crude oil decline. (ET)

• Hero FinCorp gets SEBI approval to launch ₹3,668-crore ($431Mn) IPO. (MC)

• Solar module maker Emmvee eyes ₹3,000 crore ($352Mn) via IPO. (MC)

• Leela Hotels IPO subscribed 4.5x on Day 3, QIB, retail investors lead. (MC)

• Aegis Vopak Terminals IPO gets subscribed 2x on Day 3. (MC)

• Prostarm Info Systems IPO subscribed 12x on Day 2. (MC)

• Scoda Tubes IPO subscribed 2x on Day 1, NII portion booked 3x. (MC)

This week’s mainboard IPO schedule

• Schloss Bangalore (Leela Hotels)

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 413-435

  • Lot Size: 34

• Aegis Vopak Terminals

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 223-225

  • Lot Size: 63

• Prostarm Info Systems

  • Offering Period: 27 May - 29 May, 2025

  • Listing Date: 03 June, 2025

  • Issue Price: 95-105

  • Lot Size: 142

• Scoda Tubes

  • Offering Period: 28 May - 30 May, 2025

  • Listing Date: 04 June, 2025

  • Issue Price: 130-140

  • Lot Size: 100

M&A / Investments

• Saarathi Finance secures ₹475 crore ($55.8Mn) in equity capital. (EN)

Debt

• Adani Ports & SEZ likely to raise ₹5,000 crore ($587Mn) through 15-yr bonds today. (BS)

• Lendingkart to raise ₹100 crore ($11.7Mn) debt from InnoVen Capital. (Inc42)

VC/Funds

• L Catterton to launch ₹5,105 crore ($600Mn) India-focused fund. (EN)