Kalpataru Files for ₹1,590 Crore IPO

• Markets this week

  • Market participants will focus on upcoming U.S. economic data, including the Federal Reserve's potential interest rate cut and global economic indicators such as U.S. retail sales and inflation rates. This will likely influence global and Indian market trends.

  • Key domestic data releases, including HSBC India Manufacturing PMI and HSBC India Services PMI for August, will be crucial for assessing the Indian economy's performance and investor sentiment.

• New IPOs

  • There are no breaks for those working at the bourses this month as we have 2 new mainboard IPOs this week of Interarch Building Products and Orient Technologies. Please refer to our IPO section for detailed information.

• Indian stock market benchmarks, the Sensex and the Nifty 50, both rose by nearly 2% on Friday, August 16, with the Nifty 50 crossing the 24,500 mark and the Sensex exceeding the 80,500 mark.

• The rally in the Indian stock market was driven by positive global cues, with the S&P 500 gaining almost 2% and the Nikkei 225 surging 3.5%, which had a ripple effect on Indian equities.

• The rupee holds above record low to end flat on day and week.

DLF +5.42%

• Shares surged 5.4% after JPMorgan analysts reaffirmed their 'overweight' rating and increased the target price from Rs 925 to Rs 1,000, suggesting a potential 17% upside.

• The revision follows analysts' expectations that the company will generate over $1 billion in operating cash flow at the group level in FY25.

Hindustan Zinc (9.40%)

• Shares dropped over 9% as the offer-for-sale, through which promoter Vedanta Ltd will offload a 3.17% stake in the company, opened for subscription.

• PM Modi proposes a 'Global Development Compact' to support the growth of developing countries. (YS)

• FMCG players expect volume trends to remain strong due to rising rural demand. (ET)

• The government revises windfall gains tax on petroleum products. (ET)

• SEBI proposes expanding the basket of ESG bonds. (YS)

• The RBI tightens P2P lending regulations to improve transparency and mitigate risk. (YS)

• Gold loan demand remains robust despite cash disbursement restrictions, according to CRISIL. (BS)

• JSW Cement files IPO papers to raise Rs 4,000 crore ($476Mn) through a fresh issue and an OFS. (MC)

• Hindustan Zinc's offer-for-sale receives bids totalling Rs 3,150 crore ($375Mn). (BS)

• Realty firm Kalpataru Ltd files draft papers to raise Rs 1,590 crore ($189Mn) through an IPO. (BS)

• Ecom Express DRHP: Partners Group plans to sell a stake valued at Rs 931 crore ($110Mn). (EN)

• Promoters of Electronics Mart India divest a 7.8% stake for Rs 689 crore ($82.1Mn). (BS)

• Smartworks Coworking Spaces files IPO papers, aiming to raise Rs 550 crore ($65.5Mn) through a fresh issue. (YS)

• Interarch Building Products raises Rs 179.5 crore ($21.4Mn) through its anchor book. (Mint)

This week’s mainboard IPO schedule

• Interarch Building Products (RHP)

  • Offering Period: 19 August - 21 August, 2024

  • Listing Date: 26 August, 2024

  • Issue Price: 850 - 900

  • Lot Size: 16

• Orient Technologies (RHP)

  • Offering Period: 21 August - 23 August, 2024

  • Listing Date: 28 August, 2024

  • Issue Price: 195 -206

  • Lot Size: 72

M&A / Investments

• Swan Energy is expected to sell its FSRU stake to Turkey's Botas for Rs 3,357 crore ($400Mn). (BS)

• BharatPe invests Rs 67-75 crore ($8-9Mn) to increase its stake in Trillion Loans to 60%. (EN)

• Warburg Pincus acquires a majority stake in furniture fittings manufacturer Ebco. (YS)

• Ambuja Cements finalizes the acquisition of Penna Cement Industries. (BS)

Debt

• Adani Group pledges a 51% stake in Navi Mumbai Airport for a Rs 12,770 crore ($1.52Bn) loan. (BS)

• Tata Capital Housing Finance plans to raise up to Rs 3,500 crore ($417Mn) through NCDs. (BS)

• FlexiLoans secures Rs 75 crore ($9Mn) in debt funding from JM Financial. (EN)

Funds

• Golden Growth Fund (GGF), a category-II alternative investment fund, aims to raise Rs 400 crore ($47.7Mn). (ET)