India Scrambles for Foreign Cash as Investments Plunge

• After a relief rally over the past two sessions, the Indian market struggled to sustain its momentum on Wednesday, October 30, with both main indices ending in the red, weighed down by weaknesses in private sector banks.

• Experts point to ongoing challenges for the market, including potential global instability, a contentious US election, interest rate decisions in the US and Europe, risks of a broader Middle East conflict, domestic economic pressures, and weak quarterly earnings domestically.

Shriram Properties +2.83%

• Shares increased by 3 percent after the company signed a joint development agreement for a project in Pune, with an estimated revenue potential of around Rs 750 crore.

Cipla (4.03%)

• Shares dropped 4 percent as analysts lowered the target price after the company's second-quarter earnings.

• Management noted seasonal weakness in the prescription and trade generic segments but highlighted strong growth in consumer health.

• India's markets regulator has proposed a deadline for utilizing funds from new mutual fund schemes. (RT)

• India is considering measures to boost strategic foreign investment, currently at five-year lows. (RT)

• LCR buffers are currently high at most banks but may decrease once new regulations are implemented. (ET)

• FMCG and auto companies are increasing their advertising expenditures to boost demand. (ET)

• Godavari Biorefineries had a disappointing market debut, with shares closing nearly 3% lower. (MC)

• EFC REIT has received Sebi registration to launch a public issue of its SM-REIT. (BS)

This week’s mainboard IPO schedule

• Afcons Infrastructure

  • Offering Period: 25 October - 29 October, 2024

  • Listing Date: 01 November, 2024

  • Issue Price: 440-463

  • Lot Size: 32

M&A / Investments

• Torrent Pharmaceuticals' promoters sold a 3% stake, raising Rs 3,087 crore ($367Mn). (BS)

• Luxury brand Da Milano is up for sale, targeting a valuation of Rs 1,500 crore ($178Mn). (ET)

• The Zydus Wellness board has approved the acquisition of Naturell India for Rs 390 crore ($46.4Mn) . (BS)

• Dabur is set to acquire ayurvedic product maker Sesa Care for Rs 315-325 crore ($37.5-38.6Mn). (BS)

• Yatharth Hospital will acquire a 60% stake in MGS Infotech for Rs 152 crore ($18.1Mn). (BS)

• Patel Engineering has sold its remaining 9.99% stake in Welspun Michigan Engineers for Rs 100 crore ($11.9Mn). (ET)

• Nazara's subsidiary, Datawrkz, has acquired a full 100% stake in Space & Time for Rs 52.3 crore ($6.2Mn). (EN)

Debt

• Bharti Telecom plans to raise Rs 8,500 crore ($1.01Bn) through the bond market. (BS)