Fortis to Acquire 31% Stake in Agilus for Rs 1,780 Crore

• Indian stock market benchmarks, the Nifty 50 and the Sensex, resumed their downward trend on Thursday, August 8, unable to maintain the solid gains from the previous session, this was partly due to the RBI deciding not to change interest rates for the 9th consecutive time.

• After an early dip, the Nifty exhibited volatile movements and closed near the day's low. IT, metals, and energy sectors were the hardest hit.

BASF India Ltd +9.13%

• Shares surged over 9 percent, hitting a fresh record high as investors welcomed the company's fiscal first quarter earnings.

• The Indian arm of German chemical giant BASF reported a 36 percent year-on-year growth in net profit to Rs 22 crore for Q1 FY25, with revenue rising 18 percent YoY to Rs 399 crore.

Protean eGov Technologies Ltd (1.19%)

• Shares worth Rs 236 crore were sold in a block deal, with Standard Chartered Bank likely being the seller.

• Approximately 12 lakh shares, representing a 3.2 percent stake in the IT-enabled solutions provider, changed hands at a floor price of Rs 1,805 per share, reflecting a discount of over 3 percent from the previous close.

• The block deal led to a decline of over 1 percent in Protean eGov's share price.

• RBI holds policy interest rates steady for the 9th consecutive time. (ET)

• Telcos ask global vendors to absorb duty hikes. (ET)

• RBI expresses concern over deposit growth, and urges banks to use innovative products to attract funds. (YS)

• RBI to create a repository of digital lending apps to help users identify legitimate lenders. (YS)

• India is poised for an increase in export orders due to the turmoil in Bangladesh. (ET)

• RBI MPC suggests measures to accelerate cheque clearance to a few hours. (ET)

Why has the Rupee hit record lows? Click to find out ⬇️ 

• Ceigall India shares trim early gains and end nearly 4% lower on debut. (MC)

• Unicommerce eSolutions IPO: Issue subscribed over 168x on Day 3, with the NII portion oversubscribed 252x. (MC)

• FirstCry IPO: Issue subscribed 12.22x on Day 3, with the QIB portion oversubscribed 19.3x. (MC)

This week’s mainboard IPO schedule

• Ceigall India (RHP)

  • Offering Period: 01-05 August, 2024

  • Listing Date: 08 August, 2024

  • Issue Price: 380-401

  • Lot Size: 37

• Ola Electric Mobility (RHP)

  • Offering Period: 02-06 August, 2024

  • Listing Date: 09 August, 2024

  • Issue Price: 72-76

  • Lot Size: 195

• Brainbees Solutions (RHP)

  • Offering Period: 06-08 August, 2024

  • Listing Date: 13 August, 2024

  • Issue Price: 440-465

  • Lot Size: 32

• Unicommerce eSolutions Mobility (RHP)

  • Offering Period: 06-08 August, 2024

  • Listing Date: 13 August, 2024

  • Issue Price: 102-108

  • Lot Size: 138

M&A / Investments

• Vedanta reportedly puts $2.5 billion steel business sale on hold. (ET)

• Blackstone to sell 43% stake in Nexus Select Trust for about Rs 4,500 crore ($537Mn). (BS)

• Fortis Healthcare to acquire a 31% stake in Agilus for Rs 1,780 crore ($212Mn). (BS)

• Tata Power to acquire a 40% stake in Khorlochhu Hydro Power for Rs 830 crore ($99Mn). (ET)

• Standard Chartered Bank exits Protean eGov Tech, selling its stake for Rs 225 crore ($26.9Mn). (BS)

• Nazara acquires UK-based Fusebox Games for Rs 227 crore ($27.2Mn). (EN)

• Wipro Infrastructure Engineering acquires US-based Columbus Hydraulics. (BS)

Debt

• PFC secures ₹14,800 crore ($1.76Bn) loan from a Japanese bank for green business. (ET)

VC