CCI Approves Rs 70,350 Cr Reliance-Disney India Merger

• The Nifty 50, hit a new all-time high of 25,129.60 on Wednesday, August 28, after trading with modest gains throughout the session, in line with recent trends.

• This was the 10th consecutive day of gains for the index, although the increases have been subdued. During this period, the index has risen by more than 1 percent only once, with gains of less than 0.30 percent on seven of the ten days.

Insecticides (India) +9.52%

• Shares jumped 9 percent after the company reported strong earnings for the April-June quarter. The company's net profit for Q1 FY25 soared 68 percent year-on-year to Rs 49 crore, while revenue increased 3 percent to Rs 657 crore.

• Additionally, the premiumisation of products helped the agrochemical company expand its EBITDA margins by 380 basis points to 10.9 percent in Q1 FY25, compared to 7.1 percent in Q1 FY24.

Tata Investment (2.55%)

• The stock declined by nearly 3 percent as profit booking set in following strong gains in the previous session.

• Additionally, the BSE and NSE placed the stock under the long-term Additional Surveillance Measure (ASM) framework. Separately, the exchanges have requested clarification from the company regarding the surge in share volume.

• India is set to hold further discussions regarding import restrictions on steelmaking raw materials. (ET)

• The RBI has approved FACE's application to become a Self-Regulatory Organization (SRO) for the fintech sector. (TH)

• ICRA projects that India will benefit from the global gas supply glut. (FE)

• RBI Governor emphasized the need to leverage AI, blockchain, and quantum computing to enhance the delivery of financial services. (YS)

• Amazon India is considering entering the quick commerce sector early next year. (BS)

• Companies are calling for an expansion of the specialty steel products included under PLI 1.1. (ET)

• Ather Energy and Google are teaming up to offer real-time data on 2-wheeler fast charging stations. (AP)

• PDS raised Rs 430 crore ($51.3Mn) through a QIP, with subscriptions exceeding twice the issue size. (BS)

• The Hive Hostels has secured Rs 11.5 crore ($1.4Mn) in a pre-IPO funding round. (ISN)

• PhonePe CEO Sameer Nigam has stated that the proposed UPI market cap rule is hindering the company's IPO plans. (Mint)

• Orient Technologies shares surged 48% on their market debut yesterday. (MC)

• Ecos India Mobility and Hospitality’s IPO was 3.36 times subscribed on day one, led by NII and retail investors. (MC)

• Premier Energies’ IPO was 6.61 times subscribed on day two, led by NIIs. (MC)

• Indus Towers will become a subsidiary of Bharti Airtel following a share buyback. (BS)

This week’s mainboard IPO schedule

• Premier Energies

  • Offering Period: 27 August - 29 August, 2024

  • Listing Date: 03 September, 2024

  • Issue Price: 427 - 450

  • Lot Size: 33

• ECOS Mobility & Hospitality

  • Offering Period: 28 August - 30 August, 2024

  • Listing Date: 04 September, 2024

  • Issue Price: 318 - 334

  • Lot Size: 44

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

M&A / Investments

• The CCI has approved the Rs 70,350 crore ($8Bn) merger between Reliance and Disney India. (MC)

• Tencent is set to sell a 2.1% stake in PB Fintech for Rs 1,610 crore ($192Mn). (MC)

• GQG Partners has increased its stake in GMR Airports to 5.17% for Rs 433 crore ($51.7Mn). (BS)

• Motilal Oswal PE has acquired a 25% stake in Lal Sweets for Rs 330 crore ($39.4Mn). (ET)

• GRM Overseas has acquired a 44% stake in the parent company of Rage Coffee, which is backed by Virat Kohli. (MC)

• VerSe Innovation has acquired Valueleaf Group, a digital marketing company. (YS)

• Power Grid has acquired a project-specific SPV for power evacuation in Rajasthan. (BS)

• SP Jain Group has acquired California Miramar University. (TOI)

Debt

• SBI has raised Rs 7,500 crore ($894Mn) through tier 2 bonds to meet regulatory requirements. (BS)

• Adani Enterprises will issue its first public bond next week to raise Rs 800 crore ($95.4Mn). (BS)

VC/Funds

• Whiteboard Capital has closed its second fund at Rs 300 crore ($35.8Mn). (ET)