Celebrating National Startup Day: All You Need to Know

• Indian markets closed higher for the second straight session on January 15, supported by heavyweights like Reliance Industries, State Bank of India, and Kotak Mahindra Bank.

• Mid- and small-cap stocks also saw robust buying interest for the second day, recovering from last week’s sell-off.

• However, concerns over rising inflation and a sharp spike in the US Dollar have led FPIs to withdraw funds from emerging markets, including India.

• In the last session, FPIs sold ₹8,132 crore worth of Indian equities, marking the largest single-day outflow since November 28, when they withdrew ₹11,756 crore.

Trent +3.86%

• Shares of Trent surged by up to 4.89% after Elara Securities issued a "Buy" recommendation.

• The brokerage initiated coverage with a bullish target of ₹8,500, highlighting Trent's strong market position, unique product offerings, and solid operational performance.

CreditAccess Grameen (6.47%)

• Shares of CreditAccess Grameen fell over 5% intraday after Goldman Sachs projected a further 40% downside for the stock.

• The global brokerage cited ongoing stress in the microfinance sector and the absence of positive recovery indicators as reasons for its bearish outlook.

• India File: A report providing insights into Indian economic data. (RT)

• NPCI has partnered with Magnati to expand UPI acceptance in the UAE. (ET)

• Moody's warns that India's fiscal conditions will constrain credit strength in 2025. (ET)

• RBI has stepped into liquidity management to address the spike in short-term interest rates. (ET)

• ABFRL approved raising ₹4,286 crore ($500Mn) via preferential issuance and QIP. (BS)

• Stallion Fluorochemicals raised nearly ₹60 crore through its anchor book ahead of IPO. (MC)

• Laxmi Dental IPO was 114x subscribed on Day 3, with NII portion 148x oversubscribed. (MC)

This week’s mainboard IPO schedule

• Laxmi Dental

  • Offering Period: 13 January - 15 January, 2025

  • Listing Date: 20 January, 2025

  • Issue Price: 407-428

  • Lot Size: 33

• Stallion India

  • Offering Period: 16 January - 20 January, 2025

  • Listing Date: 23 January, 2025

  • Issue Price: 85-90

  • Lot Size: 165

M&A / Investments

• Minda Corp will acquire a 49% stake in Flash Electronics for ₹1,372 crore ($160Mn). (ET)

• Hissa launched a ₹300 crore ($35Mn) fund to enhance liquidity in the ESOP market. (YS)

Debt

• Vedanta Resources raised ₹9,430 crore ($1.1Bn) through a dual tranche bond issuance. (BS)

• BoB raised ₹5,000 crore ($583Mn) through a 10-year infrastructure bond at 7.23%. (BS)

VC

• Cornerstone Ventures secured ₹342 crore ($40Mn) in the first close of its second fund. (YS)