HDFC Capital plans to raise a $2 Billion Private Credit Fund

Hello,
Markets ended flat on Friday despite positive global cues and performance of global markets.

Markets📊 
As of 05/07/2024 Market Close

• Markets ended flat as heavy losses in HDFC Bank shares dragged down the Sensex and Nifty 50, despite support from Reliance Industries, SBI, and Larsen & Toubro amid largely positive global cues on Friday, July 5.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Gabriel India Ltd +1.32%

• Brokerage Elara Capital has initiated coverage on Gabriel India with a buy rating and set a target price of Rs 624 per share, up 30 percent from the current market price.

• Gabriel India holds a dominant 31 percent market share in India's 2W suspension segment, contributing to 61 percent of its total sales as of FY24.

HDFC Bank Ltd (4.50%)

• The stock of India's largest private lender declined over 4 percent on July 5 after reporting a soft April-June quarter (Q1FY25) business update. HDFC Bank reported a robust 52.6 percent year-on-year growth in gross advances to Rs 24.87 lakh crore.

• However, this figure was down 0.8 percent quarter-on-quarter from Rs 25.07 lakh crore in Q4FY24, driven by a decline in corporate and wholesale loans.

Weekend Highlights📒 

• UPI usage surges in India, driven by small businesses. (ET)

• DPIIT recommends removing the angel tax; Finance Ministry to make the final decision. (EN)

• Women receive only 7% of MSME credit; low female participation hinders growth, says RBI. (YS)

IPO / FPO / Issuances🚀 

• Flipkart-backed BlackBuck files DRHP for a ₹550 crore ($65.9Mn) IPO. (TA)

• Emcure Pharma IPO received a strong response, being subscribed 67.86 times on the third bidding day. (Mint)

• Bansal Wire Industries IPO received 62.6x subscription on Day 3. (News18)

There are no mainboard IPOs for the rest of the week.

Deal Activity🤝 

M&A / Investments

• DVC to invest Rs 20,000 crore ($2.39Bn) in solar energy projects by 2030. (ET)

• HDFC Capital Advisors plans to raise a Rs 16,695 crore ($2Bn) private credit fund. (BS)

• Glean Technologies sets up an office in India, plans to invest up to Rs 417 crore ($50Mn). (ET)

• Torrent Power seeks shareholders' nod to raise up to Rs 5,000 crore ($600Mn) through equity. (BS)

• Coforge acquires a 17% stake in Cigniti Technologies for Rs 645 crore ($77.3Mn). (YS)

• Apollo Hospitals plans to acquire a Rs 103.2 crore ($12.3Mn) stake in its subsidiary Apollo Health. (ET)

• iVP Semi secures Rs 41 crore ($5Mn) to establish a fabless chip company in India. (YS)

• JM Financial consolidates its wholesale and distressed credit businesses. (ET)

• JM Financial plans to increase its stake in Credit Solutions and sell its 71.79% stake in the ARC (Asset Reconstruction Company). (BS)

Debt

• SBI may rely on infra bonds to raise Rs 10,000 crore ($1.19Bn) next week. (ET)

• Bank of Baroda plans to raise up to Rs 7,500 crore ($898Mn) through AT1 and Tier-II bonds. (BS)

• Shapoorji Pallonji enlists Deutsche Bank and DAM Capital to raise Rs 3,000 crore ($359Mn) from private credit funds. (ET)

• Auto component maker SAMIL raises Rs 2,921 crore ($350Mn) through the issuance of notes. (BS)

• Future Group's FMCG arm FCL defaults on payments of Rs 449.04 crore ($53.8Mn) as of June-end. (ET)

VC🤑

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