📜 Markets show up-turn for 3rd consecutive session.

Hello,
Benchmark indices ended in the positive for 3 consecutive sessions as volatility decreased. DHFL Dheeraj Wadhwan has been arrested by the CBI for an alleged fraud of Rs 34,000 crore, Go Digit IPO opens for subscription and PE fund Advent International is looking to sell its 100% stake in Bharat Serums and Vaccines for Rs 16,000 crore.

Markets

• Both the Sensex and the Nifty 50 closed in positive territory for the third consecutive session on Tuesday, May 14, despite mixed global cues. Following a nearly 2% decline last week, market indices rebounded this week potentially due to promising retail inflation numbers.

• The medium- to long-term outlook for the Indian stock market appears optimistic, despite the current market slump seen this year, buoyed by the nation's promising economic growth prospects.

Notable Gainers

Hero Motocorp Ltd (NSE: A) +3.37%

• The company's shares surged by 3.37% and reached a 52-week high following its integration into the ONDC Network, marking it the first automobile company in India to join.

• The stock has shown consistent growth over the past five trading sessions, with a remarkable 57% increase over the past year, significantly outpacing the Nifty 50 index, which rose by 13%.

Mankind Pharma Ltd (NSE: MANKIND) 3.14%

• Shares of the company soared by 3.14% following reports of its intention to acquire Bharat Serum & Vaccines from private equity firm Advent International.

• Advent is reportedly seeking a valuation of $2 billion for its complete stake as part of its exit strategy.

Yesterday’s Highlights

• The Central Bureau of Investigation (CBI) has arrested DHFL director Dheeraj Wadhawan in connection with the Rs 34,000-crore bank fraud case. (Mint)

• 9Unicorns has unveiled Fund II with a target of almost Rs 17,000 crore ($200 million) and has rebranded itself to 100Unicorns. (EN)

• Edelweiss ARC and Phoenix ARC are among the asset reconstruction companies (ARCs) competing to acquire Indian Overseas Bank's (IOB) loan portfolio that amounts to Rs 13,472-crore of non-performing assets (NPAs). (ET)

• Macrotech Developers plans to invest between Rs 3,500 crore to Rs 4,000 crore in the current fiscal year for acquiring land parcels. (ET)

• Cipla’s promoter group plans to sell a 2.53% stake in Cipla, valued at approximately $316 million. (BS)

• Amazon has injected Rs 1,600 crore into its India entity. (BS)

• Nayara Energy plans to establish two ethanol plants for an investment of Rs 600 crore ($718k). (ET)

• Kotak has announced plans to invest Rs 400 crore in the medical device maker Biorad Medisys. (ET)

• Quant Mutual Fund has received approval from the Reserve Bank of India to raise its stake in RBL Bank up to 9.98%. (ET)

• Chinese electric vehicle manufacturer Leapmotor plans to enter the Indian market in the third quarter of the fiscal year 2024-25. (BS)

Featured Highlight

Chinese EV company might soon enter India’s crowded automobile market

• Leapmotor, in collaboration with Stellantis, is gearing up to enter the Indian market by introducing its first electric vehicle in the third quarter of the 2024-25 fiscal year.

• To overcome high import duties, Leapmotor may leverage Stellantis' manufacturing facility in India for production and sales.

• Stellantis eyes its existing manufacturing facilities in Chennai and Pune for potential production of Leapmotor vehicles, as electric car sales in India surge.

IPOs / FPOs / QIPs

• Hexaware Technologies, owned by the Carlyle Group, has enlisted the services of five investment banks for its upcoming mega IPO, which aims to raise around $1 billion for a valuation between $5 to $6 billion. (Moneycontrol)

• Allied Blenders and Distillers Limited, the manufacturer of Officer's Choice whisky, has received approval from SEBI for its ₹1500 crore initial public offering (IPO). (HT) Access the DRHP here.

• KPI Green Energy has approved a plan to raise up to Rs 1,000 crore via a Qualified Institutional Placement (QIP). (ET)

• Go Digit’s IPO opens for subscription today. Here are 10 things you may want to know before subscribing. (FE)

M&A / PE

• Mankind Pharma is reportedly competing to acquire Advent International's stake in Bharat Serums. Advent International has been seeking an exit since February 2024, aiming for a valuation of Rs 16,000 crore ($2 billion) for the entire stake. (BS)

• PE fund ChrysCapital is set to invest Rs 830 crore in Centre For Sight(CFS), one of India’s largest eye care chains, acquiring Mahindra Holdings' entire stake in the company. (ET)

• The board of Siemens India has approved the demerger of its energy arm, Siemens Energy India Limited, into a separate listed entity. (Moneycontrol)

• BizDateUp Technologies, a platform facilitating investments in startups, has acquired a 20% stake in Duro Green, a waste management platform. (EN)

VC

• Agritech robotics company Niqo Robotics has successfully raised Rs 1085 crore ($13 million) in a Series B funding round aimed at expanding its global presence. (EN)

• Online gold loan platform Rupeek has secured Rs 50 crore in funding from 360 One Large Value Fund, notably, the company's valuation decreased by 60% in this round. (EN)

• Celcius Logistics has raised Rs 40 crore in pre-Series B funding, with existing investor IvyCap leading the investment. (YS)

• Highperformr.ai, a marketing SaaS platform, has secured Rs 29 crore ($3.5 million) in seed funding from Venture Highway and Neon. (YS)