Introducing: Your Weekly Preview in Monday Newsletter

Hello,
Benchmark indices ended 1% lower on Friday due to potential caution ahead of the Union Budget announcement and profit booking. The Nifty 50 still gained 0.40% in the last week despite a couple of sessions of profit booking.

Last week, we asked you what you’d like to see in our Monday newsletter, and the top choice was a ‘Preview of the Week Ahead.’ We heard you loud and clear! We’re excited to roll out this new section starting today and will keep it going every Monday. Thanks for helping us make this newsletter better!

In our markets section, we have added India’s 10-year government bond yield and rupee value compared to the dollar to give a larger overview of bond and forex markets.

What can we expect this week? 📅

1. Union Budget Announcement: The D-Street will be having its eyes fixed on July 23, when Finance Minister Nirmala Sitharaman will be presenting her first full budget of the Narendra Modi-led NDA government. Specific sectors like defence, railway, and infrastructure may remain in focus. See what each industry expects from the budget here.

2. Earnings Results: A list of major companies are set to announce their Q1FY25 earnings results this week including Reliance, HDFC Bank, Cipla, L&T, Bajaj Finance, HUL, etc. Full earnings calendar can be viewed here.

3. Key Economic Data: Foreign exchange reserves, deposit growth and bank loan growth will be made available. The full economic calendar can be viewed here.

4. Sanstar IPO: Sanstar’s IPO will remain open for subscription until Tuesday, July 23. It received 4.2 times the subscription on the first day of bidding on Friday.

Markets📊 
As of 19/07/2024 Market Close

• On Friday, the Indian stock market experienced a widespread selloff, resulting in the benchmark indices, Nifty 50 and Sensex, losing about 1 percent.

• Experts attribute this decline to caution ahead of the Union budget and some profit-taking.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Spicejet Ltd +1.99%

• Shares surged nearly 5 percent in morning trading on Friday after the low-cost airline announced it will hold a board meeting on July 23 to consider raising fresh capital through a qualified institutional placement.

Hindustan Aeronautics Ltd (4.30%)

• Shares dropped more than 3 percent despite the aerospace and defense firm announcing a revised Memorandum of Understanding (MoU) with the Aeronautical Development Agency (ADA) to enhance their collaboration on the LCA AF Mk-2 program.

• A sales note from InCred raised concerns about valuations in defence stocks like HAL, likely unsettling investors.

IPO / FPO / Issuances🚀 

• Vedanta raises Rs 8,300 crore ($1Bn) via QIP; Goldman Sachs and Morgan Stanley are among the top investors. (BS)

• Sanstar IPO was subscribed 4.16 times on the opening day, with the NII portion booked 10x. (Moneycontrol)

• NLC India plans to raise funds through an IPO of its subsidiary to support clean energy expansion. (BS)

This week’s mainboard IPO schedule

• Sanstar (RHP)

  • Offering Period: 19-23 July, 2024

  • Listing Date: 26 July, 2024

  • Issue Price: 90-95

  • Lot Size: 150

Deal Activity🤝 

M&A / Investments

• ONGC acquires Equior's stake in Azerbaijan oilfields for Rs 501 crore ($60Mn). (BS)

• Nazara acquires Paper Boat Apps with an additional Rs 300 crore ($35.9Mn) investment. (YS)

• Gujarat Titans' owners are in discussions with the Adani and Torrent groups regarding the sale of a majority stake. (SN)

Funds

• LVMH-backed L Catterton is seeking Sebi approval for a Rs 4,000 crore fund ($478Mn) aimed at India. (BS)

VC🤑

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