🚚 Jiomart to Rival Blinkit & Zepto in Quick-Commerce War

Hello,
Benchmark indices declined majorly yesterday primarily due to losses in financial and IT stocks. Awfis’ shares will be listed today with experts expecting a 25% gain in listing price. Elsewhere, Avendus announced a 3,000 crore late-stage fund.

Markets

• Indian benchmark equity indices ended in the deep red for the fourth consecutive session on Wednesday, primarily dragged down by losses in major financial and IT stocks.

• The market downturn was further intensified by uncertainty over domestic election results and the timing of potential U.S. rate cuts.

Notable Gainer & Loser
Source: Moneycontrol

One 97 Communications Ltd (NSE: PAYTM) +4.99%

• Shares of One97 Communications, the parent company of fintech firm Paytm, surged to the 5 percent upper circuit on May 29 amid reports of a potential stake acquisition by Adani Group.

• However, the company subsequently clarified that the news was speculative, affirming that it was not involved in any discussions regarding such a stake sale.

PNB Housing Finance Ltd (NSE: PNBHOUSING) (6.70%)

• The housing financier's stock declined by over 6 percent following a block deal on May 29, where approximately 2.7 percent equity changed hands.

• Its share price is reportedly adjusting due to news surrounding the stake sale by certain Foreign Institutional Investors (FIIs) through the block deal.

Yesterday’s Highlights

• Corporate Fundraising

  • Tata Steel's board approves a Rs 3,000 crore ($359Mn) fundraise through the NCD route. (ET)

  • Aditya Birla Capital injects Rs 300 crore ($35Mn) into its housing finance arm. (BS)

• Orders & Contracts

  • Man Industries secures new orders worth Rs 490 crore ($58Mn). (ET)

  • Avaada Energy secures Rs 315 crore ($37Mn) financing for a captive solar project in Karnataka. (BT)

• Investments & Partnerships

  • Jakson Green secures Rs 60 crore ($7.2Mn) in funding from HSBC India. (Moneycontrol)

  • MG Motor and HPCL join hands to enhance EV charging infrastructure. (THBL)

• Market Expansion and Ventures

  • Schneider Group-owned Lauritz Knudsen plans to invest Rs 850 crore ($101Mn) in India over the next three years. (BS)

  • Reliance's JioMart is set to enter the quick commerce space to compete with Blinkit, Zepto, and other players. (ET)

  • IIFL Securities plans to enter the wealth management sector. (ET)

• Other

  • Top beer companies launch a new Brewers Association of India (BAI), supported by the World Brewing Alliance. (ET)

  • The RBI has barred Edelweiss ARC from acquiring assets, citing supervisory concerns. (ET)

IPO / FPO / Issuances

There are no mainboard IPOs for the rest of the week but you can check out SME IPOs for this week here.

• Ratan Tata-backed BlueStone aims to achieve unicorn status in its pre-IPO round, planning to raise Rs 833 crore ($100Mn) initially, followed by an IPO with a target of Rs 2,000 crore ($239Mn). (ET)

• Awfis Space Solutions' shares are expected to see around 25-30 percent gains on their stock market debut today (May 30). (Moneycontrol)

M&A / PE

• Avendus launches a Rs 3,000 crore ($359Mn) late-stage fund. (YS)

• GIC, Xander buy Allianz-Shapoorji Pallonji JV’s Hyderabad IT SEZ WaveRock for Rs 2,200 crore ($263Mn). (BS)

• Amazon is in the final stages of acquiring MX Player from Times Internet for approximately Rs 416 crore ($50Mn). (EN)

• Stakeboat Capital provides Rs 40 crore ($4.7Mn) in funding to robotics firm DiFACTO. (BS)

• Sale talks between Bharti AXA Life Insurance and SBI Life collapse due to valuation disagreements. (ET)

• Paytm denies reports of a stake sale to Adani Group. (YS)

• BharatX (a BNPL fintech) acquires Zenifi, a healthcare finance start-up, to venture into the medical lending segment. (EN)

• Shinhan Bank receives CCI approval to acquire an 11% stake in HDFC Credila. (BS)

VC

• Sorin Investments closes its maiden early-stage VC fund at Rs 1,350 crore ($161Mn). (YS)

• Holani Group secures Rs 184 crore ($22Mn) for a new venture capital fund focused on SMEs. (FE)