CarDekho Plans Rs 4,000 Cr IPO, Seeks I-Bank Partners

• The Indian stock market saw a broad selloff, with the Sensex and Nifty 50 falling by over 1 percent each, while mid- and small-cap segments dropped by up to 2 percent.

• The decline is driven by nervousness surrounding the US elections, as opinion polls show a close contest between Democratic candidate Kamala Harris and Republican Donald Trump.

• Additionally, despite the recent market correction, experts do not find significant comfort in current valuations.

Gensol Engineering +3.48%

• Shares rose by 3.5 percent after the company secured a solar PV project valued at Rs 780 crore from a major public utility in Maharashtra.

• This significant turnkey engineering, procurement, and construction (EPC) contract involves developing a 150 MWac ground-mounted solar PV power plant, with completion scheduled over 15 months.

Tata Power (3.82%)

• Shares dropped nearly 4 percent after CLSA noted that the stock had outpaced its fundamentals, driven by strong interest from retail shareholders who have favored power-related stocks.

• The brokerage has upheld its "underperform" rating on the stock, which has risen over 80 percent in 2024 without notable improvement in profitability, making its current valuations appear "expensive."

• Brokerages indicate that derivatives data suggests further challenges ahead for Indian equities. (RT)

• SEBI permits mutual funds to invest in overseas funds with Indian securities exposure. (YS)

• India has emerged as a significant global player in petroleum, gemstone, and sugar exports, with its market share increasing over the past five years. (ET)

• SEBI cautions the public against unauthorized virtual trading platforms. (YS)

• The incremental CD ratio has moderated to 77.7%, its lowest level in nearly 30 months. (BS)

• Economists view food inflation and geopolitical conflicts as potential headwinds. (ET)

• CarDekho is in discussions to appoint investment banks for an IPO worth up to Rs 4,000 crore ($475Mn). (MC)

• Sagility India has raised Rs 945 crore ($112Mn) from anchor investors, and its IPO opens today. (MC)

• Afcons Infra shares debuted at an 8% discount, listing at Rs 426 per share on the NSE. (MC)

This week’s mainboard IPO schedule

• Sagility India

  • Offering Period: 05 November- 07 November, 2024

  • Listing Date: 12 November, 2024

  • Issue Price: 28-30

  • Lot Size: 500

• Swiggy

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 371-390

  • Lot Size: 38

• Acme Solar Holdings

  • Offering Period: 06 November- 08 November, 2024

  • Listing Date: 13 November, 2024

  • Issue Price: 275-289

  • Lot Size: 51

• Niva Bupa Health Insurance

  • Offering Period: 07 November- 11 November, 2024

  • Listing Date: 14 November, 2024

  • Issue Price: 70-74

  • Lot Size: 200

M&A / Investments

• Haier Group plans to invest Rs 1,000 crore ($118Mn) in a joint venture with JSW Group. (YS)

• SAR Televenture is set to acquire Tikona Infinet for Rs 669 crore ($79.5Mn). (YS)

• Bandhan Financial Services has acquired global IT company Genisys for Rs 100 crore ($11.9Mn). (ET)

• Crystal Crop has acquired I&B Seeds to enhance its flower and vegetable seed segment. (BS)

Debt

• Bharti Telecom has raised Rs 11,150 crore ($1.32Bn) through bonds. (BS)

• JC Flowers is seeking bids to sell Rs 2,613 crore ($310Mn) in loans through a Swiss auction. (BS)

VC