Microsoft to Invest $3B in India for AI and Cloud

• Indian stock market benchmarks, the Sensex and Nifty 50, posted gains on Tuesday, January 7, breaking a two-day losing streak.

• Investors remained attentive to the spread of HMPV cases, but the market saw a relief rally, with the Sensex climbing nearly 500 points during the session.

• Buying at lower levels was driven by reports indicating the virus is less severe than COVID-19.

• The government advised caution while emphasizing that the infection is a seasonal disease and not a major cause for concern.

Paras Defence and Space Technologies +10.00%

• Shares of Paras Defence and Space Technologies Ltd reached the upper circuit after receiving approval from the DPIIT under the Arms Act to manufacture MK-46 and MK-48 belt-fed light machine guns.

S H Kelkar And Company (7.89%)

• Shares of SH Kelkar and Company fell sharply, dropping up to 8%, as gross margins came under pressure in Q3 due to supply constraints.

• The company disclosed that its margins were impacted during the October-December quarter, primarily because of limited availability of key raw materials.

• Microsoft will invest $3 billion in India to expand AI and cloud capacity. (TOI)

• 10-minute delivery is giving a significant boost to FMCG brands in India. (ET)

• India forecasts a 6.4% economic growth for 2024/25, the slowest in four years. (RT)

• Vodafone Idea is preparing to roll out 5G starting in March. (ET)

• Standard Glass Lining IPO was subscribed over 34.85x on Day 2. (Mint)

• Quadrant Future Tek's IPO was 16x subscribed, with retail 55x oversubscribed. (MC)

• Capital Infra Trust InvIT IPO was 39% subscribed on Day 1. (MC)

This week’s mainboard IPO schedule

• Standard Glass Lining

  • Offering Period: 06 January - 08 January, 2024

  • Listing Date: 13 January, 2024

  • Issue Price: 133-140

  • Lot Size: 107

• Quadrant Future Tek

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 275-290

  • Lot Size: 50

• Capital Infra Trust

  • Offering Period: 07 January - 09 January, 2024

  • Listing Date: 14 January, 2024

  • Issue Price: 99-100

  • Lot Size: 150

M&A / Investments

• Temasek is close to acquiring a 10% stake in Haldiram at a $10 billion valuation. (BS)

• ASK Property and India Sotheby's launch ₹1,000 crore ($116Mn) fund for luxury housing. (BS)

• Sachin Bansal, co-founder of Flipkart, is likely to sell a ₹857 crore ($100Mn) stake in Ola. (Mint).

• Stakeboat Capital led the raise of ₹250 crore ($29.1Mn) for Botanic Healthcare. (YS)

• Rubicon Research is buying Alkem's Pithampur unit for ₹149 crore ($17.3Mn). (ET)

• JSW Group is in talks to acquire Everstone Capital's 8% stake in MG India. (BS)

• Tata Electronics has received CCI approval to acquire a majority stake in Pegatron India. (BS)

• Carlyle has received CCI approval to acquire a 68.9% stake in Roop Automotives. (BS)

Debt

• Exim Bank India has raised ₹8,572 crore ($1Bn) from overseas through 10-year bonds. (BS)

• REC plans to sell ₹2,848 crore ($332Mn) worth of bad loans in Corporate Power. (BS)

VC