India and UK to Restart FTA Talks Next Month?

• The Indian market saw another day of consolidation on Tuesday, with traders staying cautious ahead of the Federal Reserve's policy meeting. Today, the Fed is anticipated to make its first rate cut since 2020.

• Policymakers started their two-day meeting yesterday, and market opinion is split on whether they will reduce rates by a quarter point or take the less typical approach of a half-point cut. This follows the emergency rate cut in March 2020 during the early stages of the Covid pandemic.

DCX Systems +4.99%

• Shares of the company hit the 5 percent upper circuit after it announced that its wholly-owned subsidiary had received an industrial license.

• The license was granted by the Industrial Licensing Section of the Office of the Development Commissioner of the Cochin Special Economic Zone (CSEZ), the SEZs in Karnataka, and the Ministry of Commerce and Industry.

Spicejet (5.23%)

• Shares of the airline dropped nearly 7 percent as investors rushed to book profits.

• This decline follows a strong rally the previous day, after the company launched a Qualified Institutional Placement (QIP) to raise up to Rs 3,000 crore at a floor price of Rs 64.79 per share.

• India's FTA talks with the UK are set to resume next month. (FE)

• The government urges platform aggregators to register their gig workers on the e-Shram portal. (Inc42)

• ONDC reduces network partner incentives by over 80% ahead of the festive season. (Inc42)

• PhonePe now holds 50% of the UPI market by value. (YS)

• Foreign banks request the RBI to relax norms until the standoff with ESMA is resolved. (ET)

• SpiceJet's Rs 3,000 crore ($357Mn) issue begins, with a floor price set at Rs 64.79 per share. (BS)

• Oswal Pumps files IPO papers with SEBI, aiming to raise Rs 1,000 crore ($119Mn) through a fresh issue. (MC)

• PMEA Solar files papers with SEBI for a Rs 600 crore ($71.5Mn) IPO. (BS)

• Quality Power Electrical Equipments plans a Rs 225 crore ($26.8Mn) IPO and has filed draft papers. (MC)

• PN Gadgil Jewellers' shares made a strong market debut, closing over 65% higher. (MC)

• Western Carriers IPO was subscribed 9.43 times on the second day of bidding. (MC)

• Arkade Developers IPO was subscribed 16.20 times on the second day of bidding. (MC)

• Northern Arc Capital IPO was subscribed 9.98 times on the second day of bidding. (MC)

This week’s mainboard IPO schedule

• Western Carriers

  • Offering Period: 13 September- 18 September, 2024

  • Listing Date: 23 September, 2024

  • Issue Price: 163-172

  • Lot Size:

• Arkade Developers

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 121-128

  • Lot Size: 110

• Northern Arc Capital

  • Offering Period: 16 September- 19 September, 2024

  • Listing Date: 24 September, 2024

  • Issue Price: 249-263

  • Lot Size: 57

M&A / Investments

• Nexus Venture Partners sells a 5.97% stake in India Shelter Finance for Rs 482 crore ($57.5Mn). (YS)

• International Finance Corporation invests Rs 280 crore ($33.4Mn) in NIIF-backed iBUS. (YS)

• Indo National sells its entire 51% stake in Kineco for Rs 220 crore ($26.2Mn). (BS)

• EaseMyTrip invests Rs 90 crore ($10.7Mn) in two international firms, entering the medical tourism sector. (EN)

• Zydus Lifesciences to acquire Sterling Biotech's API business for Rs 84 crore ($10Mn). (BS)

• Modern Insulators purchases Swiggy shares worth Rs 5 crore ($596k) ahead of its IPO. (Inc42)

• Naspers receives CCI clearance to acquire a minority stake in Vastu Housing Finance Corp. (ET)

• Veefin acquires a 26% stake in EpikIndifi. (EN)

Debt

• IRB InVIT plans to raise Rs 2,667 crore ($317Mn) through term loans to refinance existing debt. (BS)

• HSBC India offers a Rs 300 crore ($35.8Mn) green loan to Neovantage Innovation Parks. (ET)

VC/Funds

• Billionaire Kotak’s unit plans to launch its first private credit fund to capitalize on the growing market. (ET)