Google's First Retail Stores Coming to India

• Indian markets ended lower for the third consecutive session as selling in financial and IT stocks outweighed gains in metal and real estate stocks. Losses remained limited, but concerns over potential U.S. tariffs on Indian goods triggered capital outflows.

• Additionally, the proposed trade policy is expected to drive inflationary pressures, with the latest Fed Minutes suggesting a possible delay in interest rate cuts.

• The broader market initially recovered, supported by expectations of improved consumption from Q1FY26, driven by easing domestic inflation and the recent RBI rate cut.

Just Dial +6.18%

• Just Dial shares jumped nearly 9% intraday on heavy trading volumes after Nuvama Institutional Equities upgraded the stock to ‘buy,’ citing attractive valuations.

• The brokerage set a price target of ₹1,140, implying a 36% upside. Trading volumes were significantly above the one-month daily average, reflecting strong investor sentiment.

HDFC Bank (2.39%)

• HDFC Bank shares declined 2% to ₹1,693 as multiple large deals worth over ₹230 crore were executed on the NSE shortly after market opening, likely adding to the selling pressure. The surge in trading volume indicates heightened activity and possible investor concerns.

• India is on track to become a high-income country by 2047, driven by the services sector. (ET)

• Google nears selection of sites in India for its first retail stores outside the US. (RT)

• Credit war intensifies among mid-sized companies as lenders slash pricing. (ET)

• NSDL plans to launch a ₹3,000 crore ($345Mn) IPO by next month. (MC)

• SEBI plans stricter disclosure norms for new-age tech IPOs. (MC)

• PhonePe begins IPO preparations. (MC)

This week’s mainboard IPO schedule

• 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

• Goldman Sachs exits ISGEC, selling shares for ₹96 crore ($11Mn). (BS)

• WLDD is in talks to acquire ScoopWhoop from Good Glamm Group for ₹20 crore ($2.3Mn). (Mint)

• Somerset Indus Capital Partners sold its 10% stake in Hexagon Nutrition. (YS)

• ideaForge Technology has invested in US-based Vantage Robotics. (YS)

• Yuma Energy acquires Chennai-based Grinntech to enhance battery solutions. (ET)

Debt

• Sun Pharmaceutical seeks shareholder approval for RPTs worth ₹8,600 crore ($1Bn). (BS)

• Vedanta raises ₹2,600 crore ($300Mn) via non-convertible debentures. (BS)

VC