Jubilant Bhartia Group to Buy 40% of HCCB for $1.4B

• The Sensex and Nifty 50 reached record highs today, reflecting strong market performance. A total of 241 stocks, including ICICI Bank, Bharti Airtel, NTPC, and Britannia Industries, touched new 52-week highs during intraday trading on the BSE on Thursday, September 19.

• This came amid positive global sentiment following a 50 bps rate cut by the US Fed, with indications of further cuts ahead.

• Despite the Sensex and Nifty 50 reaching new all-time highs, they ended the session with modest gains due to profit booking.

Info Edge (India) +1.76%

• Shares rose 1.7% during the session after Bank of America (BofA) upgraded the stock from 'underperform' to 'buy', marking a double upgrade due to strong growth prospects.

• The brokerage highlighted Info Edge's dominant 70% market share and its lack of disruption risks.

Vodafone Idea (19.07%)

• Vodafone Idea came under selling pressure, dropping 19% after the Supreme Court dismissed telecom companies' request to recalculate their adjusted gross revenue (AGR) dues.

• IIFL Securities noted that without court relief, Vodafone Idea's cash flow situation is likely to worsen.

• The Centre has instructed the Maharashtra government to take action regarding the alleged death of an EY employee due to work-related stress. (BT)

• Bharti Airtel has become the fourth company in India to achieve a market capitalization of Rs 10 trillion. (BS)

• A report reveals that almost 50% of India's public infrastructure is at risk from climate change and urbanization. (ET)

• NPCI is considering increasing the market share limit for UPI transactions to over 40%. (BS)

• India aims to reduce logistics costs to a single-digit percentage over the next five years. (ET)

• The RBI has lifted restrictions on IIFL Finance's gold loan business. (ET)

• The board of Reliance Infra has approved a preferential issue worth ₹3,014 crore ($360Mn). (BS)

• Casagrand Premier Builder has filed draft papers for an ₹1,100 crore ($131Mn) IPO. (MC)

• Western Carriers' IPO was subscribed 30.46 times. (MC)

• Arkade Developers' IPO was oversubscribed by over 106 times. (MC)

• Northern Arc Capital's IPO was subscribed 111 times on the final day. (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

• Jubilant Bhartia Group is set to buy up to 40% of Hindustan Coca-Cola Beverages for $1.4 billion. (MC)

• Uber has invested Rs 250 crore ($30Mn) in Everest Fleet. (EN)

• A global investor consortium is set to invest Rs 2,100 crore ($251Mn) in SP Group. (BS)

• Macrotech Developers has increased its stake in three warehousing firms with an investment of Rs 239.56 crore ($28.6Mn). (BS)

• EaseMyTrip has invested Rs 60 crore ($7.2Mn) in The Wellness Co, a startup specializing in luxury wellness clinic chains. (YS)

• Infosys will invest Rs 17 crore ($2.03Mn) in the spacetech startup GalaxEye. (YS)

VC/Funds

• Early-stage VC firm z21 Ventures has raised Rs 167 crore ($20Mn) in the first close of its second fund. (YS)

• Shivalik Investment Fund has raised Rs 75 crore ($8.9Mn) in the first close of its inaugural fund. (YS)