Indian Banks Re-evaluate Adani Group Ties After Bribery Allegations

• Following weak global market trends amid heightened tensions from the Russia-Ukraine and Israel-Hezbollah wars, Indian markets closed lower on Thursday, November 28, after a brief recovery in the previous session.

• Declines in the IT sector and heavyweight stocks like Reliance Industries and HDFC Bank weighed on the indices, while support from Adani Group stocks was insufficient to offset the losses.

Ola Electric +5.55%

• The stock climbed 6%, marking its fifth consecutive session of gains. This rally followed the company's launch of its most affordable electric scooters, the S1 Z and Gig range, priced from ₹39,000, garnering a positive response from brokerages.

Amber Enterprises India (7.60%)

• The stock dropped over 6% on November 28 after Goldman Sachs downgraded it to 'Neutral' from 'Buy' following its recent price surge. However, the brokerage raised its target price for Amber to ₹6,300 from ₹4,550.

• India's central bank is expected to delay rate cuts until early 2025 due to inflation concerns, according to a Reuters poll. (RT)

• Delhi extends EV incentives until March 2025 due to poor air quality. (ET)

• India plans global agreements for processing offshore minerals. (ET)

• SBI and other banks are reviewing their exposure to the Adani Group following US bribery charges. (BS)

• The Finance Ministry supports increasing FDI in insurance to 100%. (ET)

• PSBs are preparing to evaluate digital solutions for MSME loans. (ET)

• Japan’s third-largest bank is considering a new strategy to tap into India's private equity boom. (ET)

• Suraksha Diagnostic raised ₹254 crore ($30Mn) through its anchor book ahead of its ₹846-crore IPO. (MC)

• Incuspaze is in talks to raise ₹211 crore ($25Mn) in a pre-IPO round. (ET)

• Miko secures shareholder approval to raise ₹28 crore ($3.31Mn) through a preferential issue. (EN)

• IRDAI urges 10-12 major insurers to pursue public listings in the next 4-6 quarters. (ET)

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

• Suraksha Diagnostic

  • Offering Period: 29 November - 03 December, 2024

  • Listing Date: 06 December, 2024

  • Issue Price: 420-441

  • Lot Size: 34

M&A / Investments

• RIL subsidiary buys 21% stake in US-based Wavetech Helium for ₹101 crore ($12Mn). (BS)

• Tube Investments to acquire a 67% stake in Kcaltech System India for ₹62 crore ($7.3Mn). (BS)

• LIC is reportedly in discussions to acquire a 50% stake in ManipalCigna Health Insurance. (BS)

• Mirae Asset has finalized the acquisition of Sharekhan. (YS)

VC/Funds

• Stellaris Venture Partners has closed its third fund at ₹2,534 crore ($300Mn). (YS)

• Former Peak XV MD Piyush Gupta has launched Kenro Capital, focusing on secondary deals. (Mint)