🤑 Hero Fincorp Approves 4000 crore IPO

Hello reader,
Markets were down for the fifth consecutive session yesterday primarily due to the expiration of May F&O contracts. OYO founder Ritesh Agarwal says the company achieved its year first year profitability last year and Awfis listing resulted in a double-digit gain for the stock.

Markets

• The Indian stock market saw a significant selloff yesterday, coinciding with the expiration of May futures and options (F&O) contracts. Both the Sensex and Nifty 50 marked their fifth straight session of losses, each declining by approximately 2 percent during this period, leading to an investor loss of nearly ₹10 lakh crore.

• Persistent election-related anxiety has been exacerbated by increasing uncertainty regarding the election results in recent days.

Notable Gainer & Loser
Source: Moneycontrol

Indian Bank (NSE: INDIANB) +0.14%

• The PSU bank experienced a 3.4 percent intraday surge, reaching an all-time high of Rs 582 per share on May 30. This increase came after the credit ratings agency S&P Global Ratings reaffirmed their 'BBB-' long-term and 'A-3' short-term issuer credit ratings, while also revising the outlook from 'stable' to 'positive.'

• However, by the end of the trading session, the stock had pared some of its gains to close marginally higher.

Edelweiss Financial Services Ltd (NSE: EDELWEISS) (11.62%)

• The stock price of Edelweiss Financial Services plummeted by 11.6 percent following the Reserve Bank of India's imposition of restrictions on two of its financial services entities due to significant supervisory concerns.

• The directive applies to two Edelweiss companies, Edelweiss Asset Reconstruction Company and ECL Finance.

Yesterday’s Highlights

• Corporate Announcements

  • Sterlite Power has successfully secured funding of Rs 1,373 crore ($164Mn) for its Neemrana II Kotputli transmission project. (ET)

  • PhonePe has launched secured lending products across six categories in collaboration with several Non-Banking Financial Companies (NBFCs). (ET)

  • ONGC is set to establish a joint venture on equal terms with EverEnviro to construct ten Compressed Biogas (CBG) plants. (ET)

  • Adani Total is contemplating the construction of additional LNG import facilities in India. (ET)

  • JSW Steel aims to capture a 50 percent market share in the coated steel segment. (ET)

  • Reliance has introduced the beta version of the JioFinance app, providing services such as UPI, digital banking, and loans on mutual funds. (Moneycontrol)

• Financial Performance

  • OYO has achieved its first profitable year, reporting a Profit After Tax (PAT) of nearly Rs 100 crore ($12Mn) in FY24. (YS)

• Investments

  • French flight simulator provider Simaero has announced plans to invest Rs 832 crore ($100Mn) in India with the aim to train 5,000 pilots. (ET)

• Industry

  • As demand slows down, car dealers could potentially be left with inventory worth Rs 44,000 crore ($5.28Bn). (BS)

  • NSE Indices has launched India's first-ever Electric Vehicle (EV) index. (ET)

• Other

  • The RBI has urged banks to lessen their dependence on wholesale deposits as a source of funding for loans. (ET)

IPO / FPO / Issuances

There are no mainboard IPOs for the rest of the week but you can check out SME IPOs for this week here.

• Hero Fincorp has approved an IPO worth Rs 4,000 crore ($480Mn), consisting of a combination of a fresh issue and an offer for sale. (Moneycontrol)

• The board of IDFC First Bank has sanctioned a fundraise of Rs 3,200 crore ($384Mn) through a preferential issue. (BS)

• Awfis Space Solutions concluded its listing day with a 10% increase in value, despite market weakness. (Moneycontrol)

M&A / PE

• MediBuddy is set to raise $8.4 million in debt funding to support its expansion plans. (Inc42)

• IndiaMART has acquired a 10% stake in the identity verification platform IDfy for Rs 89.7 crore. (BS)

VC

• RPSG Capital Ventures has successfully closed its Fund II, securing Rs 550 crore. (EN)