Investors Eye YES Bank's $5Billion Stake

Hello,
Markets crashed yesterday largely due to profit booking as they opened at record highs. Optimism is high due to the upcoming budget and analysts expect similar swings until July 23. Emcure Pharma’s IPO listed at a 31% premium yesterday while Bansal Wires’ IPO listed at 39% premium.

Markets📊 
As of 10/07/2024 Market Close

• Indian stock market indices ended about half a percent lower on Wednesday due to profit booking at higher levels. All 19 sectoral indices on BSE were in the red, with auto, consumer durables, capital goods, metals, and oil and gas shares leading the losses.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Rail Vikas Nigam Ltd +13.50%

• Shares of Rail Vikas Nigam Ltd (RVNL) surged 10 percent intraday on Wednesday after the PSU announced winning orders worth Rs 389 crore.

• Additionally, RVNL signed an MoU with Tatweer Middle East & Africa LLP to leverage its railway expertise and collaborate on various projects in the MENA region and Europe.

Mahindra & Mahindra Ltd (6.69%)

• It was the top Nifty 50 loser, dropping over six percent after the firm decided to cut prices on its best-selling SUV due to low demand, along with general profit booking across the markets.

Yesterday’s Highlights📒 

• From 68,000 crore, the trade deficit in telecom has decreased to 4,000 crore. (BS)

• NPCI may set a 1.2% interchange fee for credit lines on UPI transactions, according to a report. (Moneycontrol)

• RBI's deputy governor raises concerns about the quality of disclosures by some NBFCs. (ET)

• Most telecom companies are seeking a reduction in prices for the 40GHz spectrum band. (ET)

• Digital payments have not yet surpassed cash on the priority list of Indians for offline purchases, according to a survey. (ET)

• Commercial vehicle sales volume is expected to decline by 3-6% in FY25. (ET)

• Private equity deals in Indian real estate saw a slight increase in Q1 2025. (ET)

• The government plans a Production Linked Incentive (PLI) scheme for underground mining equipment. (FE)

IPO / FPO / Issuances🚀 

• Vishal Mega Mart is considering a confidential filing of IPO papers. (HT)

• Emcure Pharma debuted on NSE with a 31% premium. (Moneycontrol)

• Bansal Wire's IPO made an impressive debut, listing at a 39% premium on NSE. (Moneycontrol)

There are no mainboard IPOs for this week.

Deal Activity🤝 

M&A / Investments

• Investors from West Asia and Japan are eyeing YES Bank's Rs 41,750 crore ($5Bn) stake sale. (BS)

• Adani Green Energy has raised Rs 3,340 crore ($400Mn) for its solar power projects in Rajasthan and Gujarat. (BS)

• L&T to acquire semiconductor design startup SiliConch Systems for Rs 183 crore ($21Mn). (BS)

• MedGenome acquires a stake in GenX Diagnostics to bolster its presence in East India. (BW)

• Glenmark Pharmaceuticals plans to divest a 7.84% stake in Glenmark Life Sciences. (BS)

Debt

• SBI has raised Rs 10,000 crore ($1.19Bn) through 15-year infrastructure bonds at a coupon rate of 7.36%. (BS)

• REC raises Rs 163 crore ($19.5Mn) through a 5-year green loan. (ET)

• Satin Creditcare secures Rs 135 crore ($16Mn) debt funding from OeEB. (YS)

VC🤑

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