Hero Motors Files ₹1,200 crore IPO

• Indian stock market benchmarks, the Sensex and Nifty 50, closed marginally higher on Tuesday, July 1, supported by gains in BEL, Reliance Industries, and HDFC Bank, amid mixed global cues.

• Investor sentiment remained cautious as markets awaited clarity on the progress of India-US trade negotiations. Although both sides have expressed optimism, concrete details remain elusive.

• Globally, sentiment was subdued ahead of a key vote on US President Donald Trump’s tax bill.

• On the technical front, the Nifty 50 is hovering near its upper Bollinger Band, indicating continued upward momentum. Analysts note that 25,600 remains a crucial resistance level, with a sustained breakout potentially taking the index to 25,700–25,750.

Reliance Industries +1.75%

• Shares of Reliance Industries rose as much as 2 percent after Nuvama Institutional Equities assigned the stock its highest target price on the Street, reaffirming a bullish outlook following the launch of RIL’s solar modules.

• The company announced the commissioning of its first 1GW HJT (heterojunction solar panels) manufacturing line, with plans to scale it up in phases to a fully integrated 10GW capacity by early CY26E.

Sigachi Industries (5.76%)

• Shares of Sigachi Industries dropped over 7 percent, marking a second straight session of steep losses, following the company’s announcement of a temporary shutdown at its Telangana plant.

• The decision comes after a major blast at the facility in Pashamylaram on June 30, where a chemical reactor exploded during operations, resulting in at least 34 fatalities and multiple injuries.

• Cabinet approves ₹1 lakh crore R&D fund. (MC)

• India's per capita debt of individual borrower rises significantly over last two years: RBI Report. (ET)

• Centre allows private bikes to operate as bike taxis under revised guidelines. (TNIE)

  
  

• Hero Motors refiles draft papers for ₹1,200 crore ($140Mn) IPO. (Mint)

• Crizac IPO: Institutional investors acquire ₹258 crore ($30Mn) shares via anchor book. (MC)

This week’s mainboard IPO schedule

• Indogulf Cropsciences

  • Offering Period: 26 June - 30 June, 2025

  • Listing Date: 03 July, 2025

  • Issue Price: 105 - 111

  • Lot Size: 135

• Crizac

  • Offering Period: 02 July - 04 July, 2025

  • Listing Date: 09 July, 2025

  • Issue Price: 233-245

  • Lot Size: 61

M&A / Investments

• TR Capital acquires stakes in MoEngage, Shadowfax and Whatfix from Eight Roads for ₹427 crore ($50Mn). (MC)

• Adani group acquires 85% stake in MRO firm Air Works for ₹400 crore ($46Mn). (BS)

• JM Financial acquires full control of NBFC arm from Moraine Fund for ₹88.9 crore ($10Mn). (ET)

• Morgan Stanley offloads PB Fintech shares worth ₹19.1 crore ($2.2Mn). (Inc42)

• Competition Commission clears Coromandel’s stake purchase in NACL. (ET)

• Luxmi Group acquires majority stake in UK-based Brew Tea Co. (ET)

Debt

• FincFriends raises ₹98.5 crore ($11.5Mn) in debt from other NBFCs. (YS)

VC