Musk vs. Ambani: Spectrum Battle Heats Up in India

• Shares of major companies like Reliance Industries, Bajaj Finance, and Bajaj Auto fell, pulling down the Sensex and Nifty 50 into negative territory on Tuesday, October 15.

• Despite this, the mid and small-cap segments saw gains. Market sentiment was dampened by weak global trends, underwhelming Q2 earnings, and concerns over persistent inflation. However, a steep drop in crude oil prices helped limit the overall losses.

Sunteck Realty +7.65%

• Sunteck Realty shares jumped over 7% following strong Q2FY25 results, with pre-sales reaching ₹520 crore, a 33% year-on-year increase, driven by sustained demand in the Mumbai Metropolitan Region (MMR) market.

Oil India (4.88%)

• The 4% drop in crude prices is likely to negatively impact oil drilling stocks like Oil India by squeezing profit margins.

• Since refined product prices may not fall as quickly or proportionally, refineries holding inventories purchased at higher prices could incur inventory losses as the value of their stock declines.

• Elon Musk is challenging Mukesh Ambani over satellite spectrum allocation in India. (BS)

• SEBI has raised position limits for trading members in index futures and options contracts. (Mint)

• Blinkit has introduced a '10-minute' return policy for footwear and clothing. (BT)

• Jio has become the world’s fastest-growing 5G Fixed Wireless Access (FWA) provider. (MC)

• ICAI has introduced a quality management standard for CA firms. (ET)

• Economists expect India's rate cuts to be delayed until 2025 following the September inflation spike. (RT)

• Hyundai India's IPO was 18% subscribed on Day 1, with the retail portion booked at 26%. (MC)

• Garuda Construction shares ended their market debut with gains of over 12%. (MC)

This week’s mainboard IPO schedule

• Hyundai Motor India

  • Offering Period: 15 October - 17 October, 2024

  • Listing Date: 22 October, 2024

  • Issue Price: 1865-1960

  • Lot Size: 7

M&A / Investments

• Cipla and Alkem Laboratories are in the final stage of acquiring SMT, valued at Rs 4,000 crore ($475Mn). (ET)

• The government will sell up to a 5% stake in Cochin Shipyard, valued at Rs 2,026 crore ($241Mn). (BS)

• US-based Capital Group has sold a 1.7% stake in IT firm Mastek, valued at Rs 148 crore ($17.6Mn). (BS)

• Adani Energy Solutions acquired two SPVs from PFCCL for around Rs 38 crore ($4.5Mn). (BS)

• IBM has acquired Bengaluru-based SaaS startup Prescinto. (YS)

• The CCI has approved Central Bank of India's acquisition of a stake in Future Generali. (BS)

Debt

• Avaada Energy has completed a Rs 597 crore ($71Mn) refinancing deal for its solar projects. (BS)

• Navi Finserv has securitised Rs 205 crore ($24.5Mn) in personal loans with Goldman Sachs India. (YS)

VC/Funds

• Aditya Birla Sun Life AMC is planning to expand its AIF offerings by launching private credit schemes. (BS)

• A former TPG NewQuest executive has launched an equity fund aimed at reviving struggling startups. (YS)

• IndiGo Gets SEBI Nod To Float VC Arm To Back Startups. (Inc42)