Ford’s Big Comeback: E-Cars Made in India for Export!

• The market ended flat on September 13, following a sharp rise the previous day. Indian markets finished Friday's session lower as investors seized the chance to book profits.

• Both key indices briefly reached the record highs set on Thursday but failed to sustain those levels. Weakness in pharma and FMCG stocks weighed on the market, despite robust support from IT stocks.

Bharti Hexacom +5.26%

• Shares surged over 5 percent after Jefferies upgraded the stock to 'buy' and raised the target price to Rs 1,600, forecasting a 24 percent upside.

• The brokerage also increased its FY26 and FY27 revenue and EBITDA estimates by 5-12 percent, citing Bharti Hexacom's higher EBITDA and free cash flow growth as factors supporting premium valuations.

Patanjali Foods (3.75%)

• Shares dropped nearly 4 percent after a 3.3 percent equity stake was sold through large trades on Friday, September 13, amounting to Rs 2,223.4 crore, with the promoter group firms likely being the sellers. Around 1.2 crore shares were exchanged at an average price of Rs 1,889 per share.

• Swiggy has launched 'Cafe' for 15-minute snack and beverage deliveries. (YS)

• SEBI introduced a centralized fee collection system for Investment Advisors and Research Analysts. (YS)

• The government will form a committee to regulate online gaming amid tax issues. (YS)

• After a two-year hiatus, Ford is returning to India to produce electric cars for export. (BS)

• LG Electronics has selected banks for the $1.5 billion listing of its Indian unit. (BS)

• SpiceJet announced that shareholders have approved its Rs 3,000 crore fund-raising plan. (BS)

• Northern Arc Capital raised Rs 229 crore from anchor investors ahead of its IPO. (YS)

• Moneyboxx Finance raised Rs 176 crore through preferential equity and warrants. (YS)

• Delhivery claims Ecom Express used incorrect figures in its IPO draft prospectus. (MC)

This week’s mainboard IPO schedule

• Western Carriers

  • Offering Period: 13 September- 18 September, 2024

  • Listing Date: 23 September, 2024

  • Issue Price: 163-172

  • Lot Size:

• Arkade Developers

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 121-128

  • Lot Size: 110

• Northern Arc Capital

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 249-263

  • Lot Size: 57

M&A / Investments

• Max is set to acquire a 64% stake in Jaypee Healthcare, valuing the company at Rs 1,660 crore. (BS)

• Nazara Technologies will invest Rs 982 crore in PokerBaazi's parent, Moonshine Technology. (YS)

• GQG Partners increased its stake in Patanjali Foods by 1.24% for Rs 835 crore. (BS)

• Temasek's arm has reduced its stake in Godrej Agrovet by 1.4% for over Rs 212 crore. (BS)

• Temasek is close to acquiring a significant minority stake in VFS Global. (BS)

Debt

• SBI may raise up to Rs 7,500 crore through the second tranche of Tier-II bonds. (BS)

VC