Good Glamm Group Acquires Sirona for ₹450 Crore

• The Indian market ended on a muted note for the second consecutive session on Thursday, October 10, despite positive cues from global and Asian markets.

• Selling pressure in IT and pharma stocks kept the main indices around their previous day's levels, while banking stocks saw strong gains, suggesting a sectoral rotation from pharma and IT to banking.

• Pharma stocks faced profit booking following recent strong gains, leading to a drop of up to 6% in companies such as Lupin, Alkem, Torrent Pharma, Cipla, and Sun Pharma. Consequently, the Nifty Pharma index emerged as the worst-performing sectoral index during the session due to declines across most constituents.

PNC Infratech +3.31%

• Shares jumped over 3% after the company emerged as the lowest bidder for a ₹2,091 crore infrastructure project near the upcoming Navi Mumbai Airport, awarded by the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO).

• PNC Infratech stated in a regulatory filing that the project entails integrated infrastructure development of roads 20 meters wide and above, along with constructing flyovers, minor bridges, and associated electrical works, including street lighting, under the NAINA project.

Star Health and Allied Insurance (2.11%)

• Shares dropped over 2% a day after the company disclosed a targeted cyberattack that led to a data breach impacting over 3.1 crore customers.

• Meanwhile, the hacker, identified as xenZen, alleged that Star Health's Chief Information Security Officer, Amarjeet Khanuja, sold the data and then tried to renegotiate the deal, demanding additional payment for backdoor access on behalf of senior management.

• The RBI has instructed banks to utilize information from all relevant sources for risk assessment. (ET)

• India's September inflation likely exceeded the RBI's 4% target, according to a Reuters poll. (RT)

• The Centre is working on a new Production-Linked Incentive (PLI) scheme for the drone sector. (ET)

• Blinkit is set to launch 'Cafe,' a service for quick snack deliveries. (af)

• The RBI has directed asset reconstruction firms to standardize their credit bureau reporting practices. (BS)

• The NSE will retain Nifty 50-linked weekly options after new derivatives rules. (RT)

• Garuda Construction and Engineering's IPO was subscribed 7.55 times on its final day. (MC)

This week’s mainboard IPO schedule

• Garuda Construction and Engineering

  • Offering Period: 08 October - 10 October, 2024

  • Listing Date: 15 October, 2024

  • Issue Price: 92-95

  • Lot Size: 157

M&A / Investments

• Jindal Power, Vedanta, and CESC are competing to acquire Hiranmaye Energy's assets valued at Rs 1,300 crore ($154Mn). (ET)

• Good Glamm Group has completed the acquisition of Sirona for Rs 450 crore ($53.6Mn). (YS)

• Bharat Value Fund has invested Rs 122 crore ($14.5Mn) in the hygiene care startup Millennium Babycares. (YS)

• Economy Process Solutions secured Rs 100 crore ($11.9Mn) in Series A funding from Stakeboat Capital. (YS)

• eBikeGo’s unit has acquired a 40% stake in Varcas Automobiles. (YS)

Debt

• Adani Group seeks Rs 8,300 crore ($1Bn) from a sovereign fund for airport expansion. (BS)

VC