India Rejects $300B Climate Deal

• After falling by more than half a percent in the previous session, Indian stock market benchmarks Sensex and Nifty 50 bounced back strongly with gains exceeding 2% on Friday, November 22.

• The recovery was led by Reliance, Infosys, ICICI Bank, and TCS. Experts attribute the rebound primarily to technical factors rather than fundamentals, citing an absence of fresh positive triggers to sustain further momentum.

State Bank of India +4.33%

• State Bank of India (SBI) shares rose over 2%, breaking a two-day losing streak, after Jefferies reaffirmed its "buy" rating with a target price of ₹1,030, indicating a 29% upside from current levels.

• Jefferies highlighted SBI as its top sector pick, citing potential improvements in the loan-to-deposit ratio (LDR) as deposit mobilisation strengthens.

Protean eGov Technologies (6.01%)

• Shares of the IT-enabled solutions company dropped 9% intraday after the National Stock Exchange (NSE) announced plans to offload a stake.

• NSE Investments will sell up to a 20.3% stake through an offer for sale (OFS) at a floor price of ₹1,550 per share. The OFS comprises a base issue of 10.16% equity with an additional green shoe option for another 10.16% equity.

• India rejects $300 billion climate finance package for the Global South. (YS)

• Zomato becomes the first new-age tech stock to join the BSE Sensex. (Mint)

• New bill proposes multiple nominees for FDs to ease fund distribution. (ET)

• India becomes a key hub for Global Capability Centers (GCCs). (ET)

• CCI rejects Apple’s request to suspend antitrust report. (RT)

• Zomato receives shareholder approval to raise Rs 8,500 crore ($1Bn) through QIP. (YS)

• Zinka Logistics Solutions ended 5% lower on debut despite favourable market conditions. (MC)

• NTPC Green Energy IPO fully subscribed on Day 3, with the retail portion at 3.44x. (MC)

• Enviro Infra Engineers IPO subscribed 2.08 times on day 1. (MC)

• NSE Investments to offload a 20.3% stake in Protean eGov via OFS. (Mint)

This week’s mainboard IPO schedule

• Enviro Infra Engineers

  • Offering Period: 22 November - 26 November, 2024

  • Listing Date: 29 November, 2024

  • Issue Price: 140-148

  • Lot Size: 101

M&A / Investments

• Advent to sell Manjushree Technopack to PAG for nearly Rs 8,500 crore ($1Bn). (BS)

• Zepto secures Rs 2,956 crore ($350Mn) in its third funding round in six months amid rapid expansion. (YS)

• CESC receives LOI for ₹871 crore ($103Mn) deal to acquire Chandigarh power company. (BS)

• Abundantia Entertainment seeks a strategic partner to raise ₹200-250 crore ($23.7-29.6Mn). (ET)

• Westbridge Capital reduces its stake in SaaS company Freshworks by 2%. (ET)

• Central Bank of India gets RBI approval for insurance JV with Generali. (ET)

Debt

• HDFC Bank securitises ₹12,700 crore ($1.50Bn) in new car loans through PTCs. (BS)

VC/Funds

• IIT Bombay's incubator to boost startup support with a Rs 100 crore ($11.8Mn) VC fund. (YS)