ICICI Bank Becomes 6th Indian Company to hit $100 Billion Milestone

Hello,
Markets reached record highs yesterday largely thanks to banking stocks. The Nfity Bank hit a fresh all-time high during the session. Furthermore, ICICI bank became only the sixth Indian company to hit a market cap of $6 billion. The Vraj Iron and Steel IPO opens for subscription today.

Markets📊 
As of 25/06/2024 Market Close

• Defying weak global cues, Indian stock market benchmarks—the Sensex and the Nifty 50—reached new record highs on Tuesday, June 25, despite the mid-and small-cap segments faltering.

• The primary driver of the rise in benchmark indices was strong gains in banking heavyweight stocks. The Nifty Bank index hit a fresh all-time high of 52,746.50 before closing 1.74 percent higher at 52,606.00.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Craftsman Automation Ltd +12.20%

• Shares ended a three-day losing streak and surged over 10 percent after the company signed a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions and Kedaara Capital Fund II LLP to potentially acquire all or part of Sunbeam's business.

Happiest Minds Technologies Ltd (9.53%)

• Happiest Minds shares worth Rs 1,076 crore were traded on the bourses in a block deal. Approximately 1.27 crore shares, or 8.3 percent equity, were exchanged at an average price of Rs 847 per share. The stock declined nearly 10 percent.

Yesterday’s Highlights📒 

• ICICI Bank's market capitalization crosses $100 billion, making it the sixth Indian company to achieve this milestone. (BS)

• Telcos bid ₹11,000 crore ($1.31Bn) for 5G on the first day of India's second spectrum sale. (ET)

• India asserts that increasing solar cell production will reduce imports from China. (ET)

• Tata Motors partners with Bajaj Finance for commercial vehicle financing. (BS)

• Anime platform Crunchyroll launches on Prime Video Channels. (ET)

• Strong growth metrics give food aggregator Zomato an edge over Swiggy, according to brokerages. (THBL)

• Fuelled by the Production Linked Incentive (PLI) scheme, Indian automakers are gearing up to enter the global electric vehicle (EV) market, with a focus on Europe and other developed markets. (ET)

• India and China were the top buyers of Russian fuel oil in May, according to LSEG data. (ET)

• Large inflows into sector and thematic mutual funds are making wealth managers uneasy. (ET)

Featured Highlight💡 
Sources: ET, Moneycontrol, BS

Spectrum Auction Day 1: Govt Receives Bids Worth ₹11,000 Crore

• Strong Initial Bidding: The first day of the spectrum auction saw telecom operators placing bids totalling ₹11,000 crore across five rounds, indicating robust participation.

• Preferred Bands: Significant interest was observed in the 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, and 2500 MHz bands, which are critical for various telecommunications services.

• Low Demand for 5G Bands: The 3300 MHz and 26 GHz bands, essential for 5G deployment, received minimal attention from bidders, suggesting a cautious approach towards 5G investments.

• Participants and Strategy: Major telecom players such as Reliance Jio, Bharti Airtel, and Vodafone Idea participated, collectively depositing ₹4,350 crore as earnest money, reflecting a conservative bidding strategy compared to previous auctions.

• Total Auction Size: The total size of the auction is estimated at ₹96,000 crore, encompassing a wide range of frequency bands to cater to the diverse needs of telecom operators.

IPO / Issuances🚀 

• Ecom Express is set to raise over Rs 1,418 crore ($170Mn) through a rights issue. (EN)

• Borosil announces a Rs 250 crore ($30Mn) QIP at a floor price of ₹331.75 per share. (Moneycontrol)

• Ahead of the IPO, Vraj Iron and Steel collects Rs 51 crore ($6.1Mn) from anchor investors. (Moneycontrol)

• Stanley Lifestyles' IPO was oversubscribed 97 times on the final day, with the Non-Institutional Investor (NII) portion oversubscribed by 119 times. (Moneycontrol)

• DEE Development Engineers is expected to debut on the stock market today with a likely premium of over 40%. (Moneycontrol)

• Allied Blenders' IPO was subscribed 0.51 times on Day 1, with non-institutional investors taking the lead. (Moneycontrol)

This week’s mainboard IPO schedule

• Stanley Lifestyles (RHP)

  • Offering Period: 21-25 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

• Allied Blenders (RHP)

  • Offering Period: 25-27 June, 2024

  • Listing Date: 02 July, 2024

  • Issue Price: 261-281

  • Lot Size: 53

• Vraj Iron and Steel (RHP)

  • Offering Period: 26-28 June, 2024

  • Listing Date: 03 July, 2024

  • Issue Price: 195-207

  • Lot Size: 72

Deal Activity🤝 

M&A / Investments

• Happiest Minds promoter Ashok Soota sold a 6% stake for Rs 754 crore ($90Mn). (bt)

• Everstone Group plans to merge two healthcare companies and list the combined entity. (ET)

• UltraTech Cement revises its offer, aiming to acquire 25% of UAE-based RAKWCT instead of 31.6%. (ET)

Debt

• NTPC's board will review raising up to Rs 12,000 crore ($1.43Bn) through bonds on June 29. (BS)

• Jubilant Pharmova's US arm prepays a Rs 626 crore ($75Mn) term loan. (ET)

• Northern Arc Capital secures Rs 625 crore ($75Mn) from FMO through senior NCDs on BSE. (YS)

• NARCL receives four bids for the debt takeover of Sion Panvel Tollways in Mumbai. (ET)

VC🤑

• The Indian Venture and Alternate Capital Association introduces a new VC council for 2024-26 to support micro VCs. (YS)

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