Caspian Debt & BlackSoil Capital Merge: New NBFC with Rs 2,000 Cr AUM

• The benchmark indices, the Sensex and Nifty 50, closed in the red on Wednesday, September 4, due to profit booking in key stocks like ICICI Bank, Infosys, and Larsen & Toubro (L&T), influenced by weak global signals.

• However, the indices regained some of their losses later in the session, supported by gains in Reliance Industries, Hindustan Unilever, and Asian Paints.

• Rupee hits record low amid negative global cues, with RBI support providing some relief.

BEML +6.68%

• Shares surged xx percent after the Defence Acquisition Council (DAC) approved significant procurements worth Rs 1.4 lakh crore for the Armed Forces.

• The stock climbed on heavy trading volumes, with 17 lakh shares of the defence PSU changing hands on the BSE and NSE combined, compared to a one-month average trading volume of 5 lakh shares.

ONGC (2.27%)

• Shares dropped over 2 percent, following a decline in crude oil prices. Lower crude prices negatively impact oil drilling companies by squeezing their profit margins.

• This happens because the price of refined products might not fall as quickly or proportionately, leading to potential inventory losses for refineries holding stock purchased at higher prices as its value declines.

• SEBI denies ‘toxic work culture’ allegations, citing high employee standards amid protests. (Mint)

• Credit guarantee proposed for climate-smart farming. (FE)

• Steel ministry supports industry's call to increase tariffs. (ET)

• Delhi EV sales plummet after withdrawal of road tax waiver, with prices rising 10%. (Inc42)

• India to soon decide on non-tariff barriers for solar cell imports to boost local production, says Minister Joshi. (Mint)

• Auto parts maker Motherson to launch a Rs 5,992 crore ($715Mn) share sale to tap the stock market. (BS)

• Gala Precision Engineering IPO garners robust demand on final day with over 201x subscription. (MC)

• ECOS India Mobility shares close 32% higher on market debut. (MC)

This week’s mainboard IPO schedule

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

• Gala Precision Engineering

  • Offering Period: 02 September - 04 September, 2024

  • Listing Date: 09 September, 2024

  • Issue Price: 503 - 529

  • Lot Size: 28

M&A / Investments

• Caspian Debt and BlackSoil Capital to merge, forming an NBFC with Rs 2,000 crore ($238Mn) AUM. (YS)

• Bessemer Venture sells 13.5% stake in Medi Assist for Rs 580 crore ($69.2Mn). (YS)

• Capital Group's arm sells 5% stake in IT firm Mastek for Rs 475 crore ($56.7Mn). (BS)

• Natco Pharma acquires Rs 67 crore ($8Mn) worth of shares in eGenesis Inc. (ET)

• Arbour Investments invests Rs 58 crore ($7Mn) in Justo Realfintech. (YS)

• SCOPE invests Rs 8.3 crore ($1Mn) in Goodeebag. (YS)

• Hearzap acquires majority stake in Speech and Hearing Care. (YS)

Debt

• State-owned Canara Bank raises Rs 2,514 crore ($300Mn) through IFSC banking unit. (BS)

• Sunsure Energy secures Rs 226 crore ($27Mn) long-term debt from Tata Capital. (YS)

• Satin Creditcare Network raises Rs 120 crore ($14.3Mn) through a securitization deal with HSBC India. (ET)

• Adani Enterprises' inaugural Indian retail bond fully subscribed at launch. (BS)

VC

• SarvaGram is in talks with Peak XV, Apis Partners, and others to raise Rs 419 crore ($50Mn). (MC)