Markets Soar! Reliance Boosts Markets to Record Highs

• The Sensex and Nifty 50, reached fresh record highs on Thursday, August 29, driven by key index heavyweights such as Reliance Industries, Tata Motors, and ITC.

• While the main indices posted decent gains, mid and small-cap indices ended lower due to mixed global cues and a lack of new domestic triggers.

• Reliance Industries emerged as the biggest contributor, rising 1.51% to ₹3,040.85 after announcing a 1:1 bonus issue.

Sonata Software +6.00%

• Shares surged 6 percent after the company secured a multi-year, multi-million dollar IT outsourcing contract from a leading US-based healthcare and wellness firm.

• The healthcare company focuses on providing personalized, high-quality care tailored to the unique needs of vulnerable patients and underserved populations in complex clinical and behavioral health settings.

Interglobe Aviation (1.86%)

• Shares of InterGlobe Aviation, the parent company of IndiGo, fell 2 percent on August 29 after a 6 percent stake was sold in a block deal, with promoter and co-founder Rakesh Gangwal likely aiming for a near complete exit.

• CNBC-TV18 reported on August 28 that Gangwal was planning to further reduce his stake in the aviation company by selling shares worth Rs 10,300 crore.

• Reliance will commission its first solar giga-factory this year. (BS)

• NPCI has launched UPI ICD to facilitate cash deposits at ATMs using UPI. (CNBC)

• Mukesh Ambani stated that Reliance is evolving into a deeptech company. (YS)

• The University of Southampton is the first foreign university to establish a campus in India under the NEP. (ET)

• The FinMin advisory allows LGBTQ persons to open joint bank accounts. (BS)

• Federal Bank has introduced India’s first facial payment system. (BT)

• SEBI has proposed making the UPI block mechanism mandatory for secondary market trading. (YS)

• India's UPI linkage plan gets a cautious response from the Fed. (ET)

• Baazar Style Retail raised Rs 250 crore ($29.8Mn) via its anchor book; IPO subscription starts today. (MC)

• Premier Energies' IPO was subscribed 74.14 times on the third day, with the QIB portion oversubscribed by over 217 times. (MC)

• Ecos India Mobility and Hospitality IPO was subscribed 9.56 times on day 2, with NIIs playing a key role. (MC)

• Reliance Industries' board is set to consider a 1:1 bonus share issuance on September 5. (Mint)

This week’s mainboard IPO schedule

• Premier Energies

  • Offering Period: 27 August - 29 August, 2024

  • Listing Date: 03 September, 2024

  • Issue Price: 427 - 450

  • Lot Size: 33

• ECOS Mobility & Hospitality

  • Offering Period: 28 August - 30 August, 2024

  • Listing Date: 04 September, 2024

  • Issue Price: 318 - 334

  • Lot Size: 44

• Baazar Style

  • Offering Period: 30 August - 03 September, 2024

  • Listing Date: 06 September, 2024

  • Issue Price: 370 - 389

  • Lot Size: 38

M&A / Investments

• Macrotech has acquired Opexefi Services and One Box Warehouse for nearly Rs 100 crore ($11.9Mn). (BS)

Debt

• Adani Enterprises will launch its first public NCD issue worth Rs 800 crore ($95.4Mn). (BS)

VC