Flipkart Re-enters Fintech Space with New App Announcement

Hello,
Markets ended in the green again driven by some select heavyweights. Flipkart announced its re-entry into the fintech space with a new app, investment banks in Hyundai’s India IPO are poised for the country's second-biggest payday with a Rs 333 crore ($40Mn) fee and Zepto is in discussions for yet another funding round, aiming for a valuation of $4.6 billion.

Markets📊 
As of 26/06/2024 Market Close

• The domestic benchmark indices, Sensex and Nifty 50, closed in the green during Wednesday's trading session, driven by heavyweights Reliance Industries Ltd (RIL), Bharti Airtel Ltd, UltraTech Cement Ltd, and ICICI Bank.

• Media, oil and gas, and banking stocks dominated the market. Despite profit-taking, both Sensex and Nifty 50 reached new highs amid a volatile trading day.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Sharda Motor Industries Ltd +3.13%

• Shares surged around 10 percent initially, reaching an all-time high of Rs 2,193.10, following a block deal worth Rs 474 crore on the exchanges.

CE Info Systems Ltd (5.55%)

• Shares declined by over 5 percent after promoter and managing director Rakesh Kumar Verma sold a 0.9 percent stake in the company via a block deal.

Yesterday’s Highlights📒 

• Megha Engineering emerges as the lowest bidder for a Rs 12,800 crore ($1.52Bn) nuclear power project. (ET)

• Minister Giriraj Singh announces the approval of a Rs 10,000 crore ($1.19Bn) PLI scheme for the textile sector. (ET)

• Three state insurers—Oriental Insurance Co. Ltd, National Insurance Co. Ltd, and United India Insurance Co. Ltd—may receive a Rs 5,000 crore ($600Mn) infusion for revival. (ET)

• Flipkart Group launches Super.Money to re-enter India's fintech sector. (BS)

• JSW Energy, through its subsidiaries, signs power purchase agreements for 1,325 MW of renewable projects. (ET)

• Interest rates not hindering growth, monetary policy to prioritize reducing inflation: Shaktikanta Das. (YS)

• Global tyre manufacturers fast-track make-in-India plans, encouraged by the government's PLI scheme. (ET)

• Credit card issuance surges despite concerns over unsecured loans. (ET)

• Farm loan waivers will negatively impact banks' asset quality, says Macquarie. (ET)

IPO / FPO / Issuances🚀 

• Hyundai India IPO banks are poised for the country's second-biggest payday with Rs 333 crore ($40Mn) in fees. (Moneycontrol)

• Vraj Iron and Steel IPO on Day 1: Issue oversubscribed 3.47 times; retail and HNIs lead the subscription. (Moneycontrol)

• Allied Blenders and Distillers' IPO is fully subscribed, with the non-institutional investors' portion oversubscribed by 3 times on Day 2. (Moneycontrol)

• Akme Fintrade shares rise over 11% on their market debut. (Moneycontrol)

This week’s mainboard IPO schedule

• Stanley Lifestyles (RHP)

  • Offering Period: 21-25 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

• Allied Blenders (RHP)

  • Offering Period: 25-27 June, 2024

  • Listing Date: 02 July, 2024

  • Issue Price: 261-281

  • Lot Size: 53

• Vraj Iron and Steel (RHP)

  • Offering Period: 26-28 June, 2024

  • Listing Date: 03 July, 2024

  • Issue Price: 195-207

  • Lot Size: 72

Deal Activity🤝 

M&A / Investments

• Zepto is in discussions for another funding round, aiming for a valuation of $4.6 billion. (YS)

• Vedanta's stake worth Rs 7,485 crore ($897Mn) was sold in a block deal, potentially indicating that the promoter entity offloaded 4.6% of its equity. (Moneycontrol)

• Dr. Reddy's to acquire nicotine replacement brands from UK-based Haleon for Rs 5,272 crore ($632Mn). (ET)

• Ontario Teachers' Pension Plan acquires a stake in Kogta Financial for Rs 1,230 crore ($147Mn). (YS)

• Inox Green Energy Services' board approves a fundraise worth Rs 1,050 crore ($125Mn). (BS)

• Five entities sell an 11% stake in FMCG firm Hindustan Foods for Rs 638 crore ($76.5Mn). (BS)

• Zee Media's board approves raising up to Rs 200 crore ($24Mn). (BS)

• Promoters Ambuja Cements and Ravi Sanghi plan to sell a 3.52% stake in Sanghi Industries. (ET)

Debt

• SBI raises Rs 10,000 crore ($1.19Bn) through bonds to fund infrastructure projects. (BS)

VC🤑

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