Karan Johar Sells 50% Stake in Dharma Productions for ₹1,000 Crore

• Indian benchmark indices started Monday's session positively, driven by a sharp rise in HDFC Bank, but the momentum faded as the day went on. A major sell-off in Kotak Mahindra Bank and other large-cap stocks dragged the indices down, ending the day in negative territory.

• The Q2 FY25 earnings season has so far shown limited optimism, with generally weak trends across sectors. This has dampened investor sentiment, especially as many stocks are trading at high valuations, requiring strong performance to maintain these levels.

Oberoi Realty +2.99%

• Shares rose by 3 percent on October 21 after the company secured Rs 1,350 crore in gross bookings for new projects within the first three days.

• The real estate developer also reported a 29 percent increase in consolidated net profit, reaching Rs 589.44 crore in the second quarter of this fiscal year, compared to Rs 456.76 crore in the same period last year.

PNC Infratech (20.00%)

• Shares hit a 20 percent lower circuit after the company and its two subsidiaries were disqualified by the Ministry of Road Transport & Highways from participating in any of its tender processes.

• In an exchange filing, PNC Infratech announced that it has been barred from tender processes for one year, starting from October 18, 2024.

• The RBI Bulletin highlights that food inflation and global spill overs may obstruct India’s progress toward disinflation. (ET)

• G. Kishan Reddy announced that India's first coal exchange will be established soon. (ET)

• The Maldives is preparing to launch the UPI service to strengthen its economy. (YS)

• Zomato’s Deepinder Goyal is entering the health and wellness sector with his new venture, Continue. (YS)

• The booming private credit market in India is facing risks as investor exuberance increases. (ET)

• Niva Bupa has received SEBI approval for its Rs 3,000 crore ($356Mn) IPO. (Mint)

• Suraj Estate Developers has raised Rs 343 crore ($40.8Mn) through a share issue to expand its business. (BS)

• Waaree Energies' IPO was subscribed 3.32 times on Day 1, with the retail portion booked at 317%. (MC)

• Deepak Builders & Engineers' IPO saw over 4x subscription on Day 1, fuelled by retail and HNI demand. (MC)

This week’s mainboard IPO schedule

• Waaree Energies

  • Offering Period: 21 October - 23 October, 2024

  • Listing Date: 28 October, 2024

  • Issue Price: 1427-1503

  • Lot Size: 9

• Deepak Builders & Engineers India

  • Offering Period: 21 October - 23 October, 2024

  • Listing Date: 28 October, 2024

  • Issue Price: 192-203

  • Lot Size: 73

• Godavari Biorefineries

  • Offering Period: 23 October - 25 October, 2024

  • Listing Date: 30 October, 2024

  • Issue Price: 334-352

  • Lot Size: 42

• Afcons Infrastructure

  • Offering Period: 25 October - 29 October, 2024

  • Listing Date: 01 November, 2024

  • Issue Price: 440-463

  • Lot Size: 32

M&A / Investments

• The Bhartias are in discussions with global investors to acquire Coca-Cola's bottling arm for Rs 12,500 crore ($1.48Bn). (ET)

• CD&R has made a Rs 2,983 crore ($354Mn) offer for a 26% stake in Sanofi Consumer Healthcare. (BS)

• Aadar Poonawalla will acquire a 50% stake in Karan Johar’s Dharma Productions for Rs 1,000 crore ($118Mn). (ET)

• Temasek has invested Rs 504 crore ($60Mn) in Upgrad. (BS)

• Nazara has raised Rs 220 crore ($26.2Mn) from SBI Mutual Fund. (Inc42)

• Falcone Peak Fund and Patanjali Food have invested around Rs 100 crore ($11.9Mn) in KBC Global. (BS)

• Sintex-BAPL, a subsidiary of Welspun Corp, has acquired 100% of Weetek Plastics for Rs 85 crores ($10.1Mn). (ET)

• The government is in discussions with Reliance Retail to sell 'Bharat' products. (ET)

Debt

• HUDCO will provide Rs 11,000 crore ($1.30Bn) for the construction of the Amaravati greenfield capital city. (ET)

• Indel Money plans to raise up to Rs 150 crore ($17.8Mn) through NCDs. (BS)

• Navi Finserv has cancelled its Rs 100 crore ($11.9Mn) bond issuance plan following RBI action. (BS)

VC/Funds

• Titan Capital Winners Fund has announced its final close at Rs 333 crore ($39.6Mn). (YS)