Markets React to Awaited US Fed Monetary Policy Decision

• Indian benchmark indices Sensex and Nifty50 faced significant selling pressure on Tuesday, December 17, marking their second consecutive session of losses.

• Investors remained cautious ahead of the US Federal Reserve's monetary policy decision scheduled for Wednesday, December 18.

• Meanwhile, India's trade deficit surged to $37.8 billion in November, which may weaken the rupee further, approaching 85 against the dollar.

Quess Corp +7.01%

• Shares of Quess Corp surged 10% in early trade after Antique Broking initiated coverage with a Buy recommendation and a target price of ₹1,000 per share, citing an improved growth outlook.

• The brokerage noted that Quess Corp is poised to benefit from robust hiring trends across segments, with strong momentum in BFSI, manufacturing, and telecom driven by rapid urbanisation and the growth of Global Capacity Centres in India.

Indraprastha Gas (2.82%)

• Shares of gas companies like IGL, MGL, and GAIL declined after reports indicated that the inclusion of gas in GST would not be discussed at the upcoming GST Council meeting.

• Currently, gas is subject to multiple taxes, including state VAT, central sales tax, and central excise duty. The gas value chain faces significant input and output tax inefficiencies due to varying state-level taxation, which GST implementation could resolve.

• Aye Finance files draft papers for ₹1,450 crore ($170Mn) IPO. (Mint)

• International Gemmological Institute IPO oversubscribed 33x on Day 3. (MC)

• Sai Life Sciences' shares are expected to debut with marginal gains on December 18. (MC)

This week’s mainboard IPO schedule

• Inventurus Knowledge Solutions

  • Offering Period: 12 December - 16 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 1265-1329

  • Lot Size: 11

• International Gemmological Institute

  • Offering Period: 13 December - 17 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 397-417

  • Lot Size: 35

• DAM Capital Advisors

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 269-283

  • Lot Size: 53

• Concord Enviro Systems

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 665-701

  • Lot Size: 21

• Transrail Lighting

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 410-432

  • Lot Size: 34

• Sanathan Textiles

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 305-321

  • Lot Size: 46

• Mamata Machinery

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 240-243

  • Lot Size: 61

• Ventive Hospitality

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 28 December, 2024

  • Issue Price: 610-643

  • Lot Size: 23

M&A / Investments

• UK government approves Bharti Global's acquisition of a 24.5% stake in BT. (BS)

• Ambuja Cements to merge Sanghi Industries and Penna Cement with itself. (BS)

• Jindal Saw to acquire a 31.2% stake in ReNew Green Energy for an undisclosed amount. (BS)

• CCI approves Temasek unit's investment in Speed JVco. (YS)

Debt

• State-owned REC raises ₹2,195 crore ($258Mn) through bonds of varying maturities. (BS)

• Embassy REIT raises ₹1,000 crore ($117Mn) through debentures to repay existing loans. (BS)

VC

• Warmup Ventures launches ₹300 crore second fund for early-stage startups. (YS)