Flipkart Ventures into Astrology with InstaAstro Deal

• Indian stock markets extended gains for the third straight session on January 30, driven by heavyweight stocks like Reliance Industries, HDFC Bank, and Bharti Airtel.

• A rebound in real estate and pharma sectors further supported the uptrend, while IT stocks faced profit booking after recent gains.

• Despite the US Fed holding rates steady in January after three consecutive cuts since September 2024, Fed Chair Jerome Powell indicated progress in controlling inflation, keeping the possibility of future rate cuts open.

• Analysts suggest the market's rally will depend on the upcoming Union Budget, with expectations of a focus on capital spending and measures to boost consumption recovery. There is increasing speculation about potential income tax relief for salaried taxpayers.

KPIT Technologeis +4.67%

• KPIT Technologies shares gained for the second straight day on January 30 after its Q3 results.

• The company reported a 19.27% YoY rise in net profit and 17.6% revenue growth. It also raised its FY25 EBIT margin guidance to over 21%, strengthening investor confidence.

JK Paper (5.44%)

• JK Paper shares tumbled 11% to ₹340 on January 30 after disappointing Q3FY25 results.

• The stock has fallen over 21% in three months, underperforming the Nifty 50, which declined 4% in the same period. It previously hit a 52-week low of ₹319 on March 27, 2024, and a 52-week high of ₹639 on July 2, 2024.

• Govt launches credit guarantee scheme for MSMEs on loans up to ₹100 Cr ($11.5Mn). (YS)

• SEBI Issues Clarifications On Finfluencer Guidelines. (YS)

• India plans to develop its own AI Model in next 10 months. (BS)

• RBI raises concerns over small finance banks and suggests mergers to mitigate risks. (ET)

• Dr Agarwal's Health Care IPO was 42% subscribed on Day 2. (MC)

This week’s mainboard IPO schedule

• Dr Agarwals Healthcare

  • Offering Period: 29 January - 31 January, 2025

  • Listing Date: 05 February, 2025

  • Issue Price: 382-402

  • Lot Size: 35

M&A / Investments

• Blueleaf Energy to invest ₹3,462 Cr ($400Mn) in Jakson Green's solar assets in India. (BS)

• Mitsubishi Electric India to acquire a stake in Gervigreind Data Science. (YS)

• Flipkart plans to enter astrology through the acquisition of InstaAstro. (EN)

• Whirlpool Corp to reduce stake in its Indian arm to 20% by mid-to-late 2025. (YS)

VC

• Trifecta Capital completes first close of ₹2,000 Cr ($231Mn) venture debt fund. (YS)