🇮🇳 Last Trading Day Before Election Results

Hello,
Today is the last trading day before the Lok Sabha election results tomorrow (Tue, 04 June) with the result of the election undoubtedly affecting how the markets will move for the rest of the week. After a week’s break for mainboard IPOs, chemical manufacturing company, Kronox will be available for subscription this week.

Markets
As of 31/05/24 market close

• The Sensex and Nifty indices experienced slight increases on Friday, bouncing back after a series of losses over the past five days. The Sensex closed at 73,961.31, up 75.71 points from the previous day, while the Nifty 50 ended at 22,530, marking a 0.2% rise.

• All attention was now focused on the final phase of the 2024 General Election scheduled for Saturday, June 1, followed by the release of exit poll results tomorrow (June 4).

Notable Gainer & Loser
Source: Moneycontrol

Praj Industries Ltd (NSE: PRAJIND) +3.59%

• The biotechnology company's stock surged by nearly 4 percent following a 4.3 percent year-on-year increase in profit to Rs 91 crore in the fourth quarter of the fiscal year 2024.

• Additionally, revenue saw a growth of 1.5 percent year-on-year to Rs 1,018 crore.

IPCA Laboratories Ltd (NSE: IPCALAB) (7.52%)

• Ipca Labs saw a 7.5 percent decline in its stock price after brokerages reduced their target price for the healthcare company due to its mostly disappointing performance in the March quarter.

• The pharmaceutical company's net profit fell by 22.2 percent to Rs 59.6 crore from Rs 76.6 crore in the same period last year.

Weekend Highlights

• Banking and Finance

  • Canara Bank has announced plans to raise up to Rs. 8,500 crore ($1Bn) in debt capital during the fiscal year 2024-25. (BS)

  • IIFL Samasta Finance is set to raise up to Rs. 1,000 crore ($119Mn) through secured bonds. (BS)

  • According to Finance Minister Nirmala Sitharaman, the Insolvency and Bankruptcy Code (IBC) has successfully rescued 3,171 distressed companies over the past eight years. (ET)

  • According to Reserve Bank of India (RBI) data, banking frauds have tripled in the past fiscal year. (ET)

• Business Expansion/Investments

  • Aurobindo Pharma has entered into an agreement with MSD to supply biologicals and has announced plans to invest Rs. 1000 crore ($119Mn) in a new plant. (ET)

  • Apollo is set to open new hospitals in Mumbai and Bengaluru following an investment deal with Advent. (BS)

  • Stripe, the prominent payments company from the US, is set to introduce its services in India through an invite-only model. (ET)

  • ACT Fibernet has invested in Aprecomm, a network intelligence company. (ET)

  • SaaS unicorn Zoho has made investments in two manufacturing firms in India. (YS)

• Other

  • Suzlon Group has secured an 82 MW wind energy project in Madhya Pradesh from Oyster Green. (ET)

  • India's Altmin is currently in negotiations with Australia to secure lithium supplies. (ET)

IPO / FPO / Issuances

This week’s mainboard IPO schedule

M&A / PE

• PE firm, TPG has exited RR Kabel by selling its entire stake for Rs 958 crore ($115Mn). (YS)

• Kewal Kiran Clothing has acquired a 50% stake in Kraus Jeans for Rs 166.51 crore ($20Mn). (ET)

• Tata Capital Healthcare Fund has invested Rs 166 crore ($20Mn) in Orbicular Pharmaceutical to enhance its research and development efforts. (YS)

• Infra.Market has sold a stake worth Rs 166 crore ($20Mn) in RDC Concrete. (EN)

• IIFL Fintech Fund has achieved an impressive 80% internal rate of return (IRR) on its first exit and maintains an overall IRR of 24%. (YS)

• BSE has acquired the complete equity stake of S&P Dow Jones Indices in Asia Index. (BS)

VC

• Peak XV is reportedly in discussions to lead a new funding round for the visa startup AtlyS. (EN)