Gold Breaches ₹85,000

• The Indian stock market remained under selling pressure for the fourth straight session on Monday, February 10, with the Sensex dropping over 600 points and the Nifty 50 approaching 23,350 intraday.

• The selloff was broad-based, with mid- and small-cap stocks hit harder as the BSE Midcap and Smallcap indices tumbled over 2% each.

• Market sentiment took a hit from US President Donald Trump’s tariff policies. According to Reuters, Trump stated he would announce new 25% tariffs on all steel and aluminium imports into the US on Monday, alongside existing duties, and plans to unveil reciprocal tariffs on several countries by early next week.

• The Indian rupee touched a fresh record low on Monday, falling 52 paise intraday to 87.95 against the US dollar from Friday’s close of 87.43. The domestic currency has weakened nearly 3% this year, adding to market concerns.

MTNL +2.29%

• Shares surged 9% to ₹57.50 in morning trade on February 10, following reports that the Union Cabinet approved a ₹6,000 crore financial package to accelerate the 4G network expansion of BSNL and its subsidiary MTNL.

Sun Tv (4.07%)

• Shares dropped over 7% on February 10, largely due to disappointing quarterly results, which showed margin pressure and lower advertising revenue.

• The South India-based broadcaster reported a 20% YoY decline in net profit to ₹363 crore, while revenue from operations fell 10.4% to ₹827.6 crore.

• The Indian steel industry voices 'deep concern' over the US tariff decision. (ET)

• Gold breaches ₹85,000 for the first time on Trump tariff fears. (ET)

• India and the UK announce an offshore wind task force to drive ecosystem development. (ET)

• Ajax Engineering IPO saw a 28% subscription on Day 1. (MC)

This week’s mainboard IPO schedule

• Ajax Engineering

  • Offering Period: 10 February - 12 February, 2025

  • Listing Date: 17 February, 2025

  • Issue Price: 599-629

  • Lot Size: 23

• Hexaware Technologies

  • Offering Period: 12 February - 14 February, 2025

  • Listing Date: 19 February, 2025

  • Issue Price: 674-708

  • Lot Size: 21

• Quality Power Electrical Equipments

  • Offering Period: 14 February - 18 February, 2025

  • Listing Date: 21 February, 2025

  • Issue Price: 401-425

  • Lot Size: 26

M&A / Investments

• Chalet Hotels to acquire Westin Resort & Spa, Rishikesh, for ₹530 crore ($60Mn). (BS)

• Peak XV Partners sold a 1% stake in Freshworks for ₹451 crore ($51.5Mn). (YS)

• Veefin Solutions to acquire a 49% stake in White Rivers Media for ₹166 crore ($18.9Mn). (BS)

• RIL to acquire a 49% stake in London-based Oval Invincibles cricket team. (BS)

Debt

• Juniper Green Energy secures ₹8,700 crore ($1Bn) in phased debt financing. (BS)

• Sidbi secures ₹6,000 crore ($684Mn) through bonds, while Hudco raises ₹2,910 crore ($331Mn). (BS)

• Jubilant is likely to raise ₹5,500 crore ($627Mn) via bonds for the Coke bottling business deal. (BS)

VC

• Triton has announced the first close of its second fund at ₹120 crore ($13.7Mn). (YS)