New PM E-Drive Scheme: No More EV Subsidies!🔋

• Benchmark indices closed lower due to profit-booking. Indian shares experienced significant volatility during Wednesday's session as investors awaited the August US consumer inflation report, which could influence the extent of the anticipated Federal Reserve interest rate cut next week.

Century Textiles Ltd +4.63%

• The stock jumped over 7 percent to reach a new record high of Rs 2,689 on the National Stock Exchange, closing 4 percent higher.

• The surge followed the Aditya Birla Group-owned company's acquisition of ownership rights for a nearly 10-acre leasehold land parcel in Worli, Mumbai, from Wadia Group chairman Nusli Wadia for Rs 1,100 crore.

Tata Motors (5.73%)

• Tata Motors shares plunged 5.7 percent after UBS Securities maintained its 'sell' rating on the stock, citing additional downside risk due to margin slippage at Jaguar Land Rover and in the domestic passenger vehicles segment.

• UBS also kept its price target at Rs 825, suggesting a potential decline of over 20 percent from the previous close.

• RBI will retain its proposal for a higher digital deposit buffer. (ET)

• The government has launched the PM E-Drive scheme to replace FAME, with no subsidies for electric or hybrid cars. (ET)

• The Delhi government is considering converting Gramin Seva autos to electric vehicles. (ET)

• Uber has reintroduced its premium 'Black' service in India after a 10-year hiatus. (HT)

• India will impose up to 30% tariffs on certain steel imports from China and Vietnam. (RT)

• Regreen-Excel EPC India’s IPO includes a Rs 350 crore ($41.8Mn) fresh equity issue and an OFS. (MC)

• Bajaj Housing Finance IPO was 63.54x subscribed on day 3. (MC)

• Tolins Tyres IPO was 23.61x subscribed overall and 21x in the retail segment on day 3. (MC)

• Kross IPO was 16.69x subscribed on the final day. (MC)

This week’s mainboard IPO schedule

• Bajaj Housing Finance

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 66-70

  • Lot Size: 214

• Kross

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 228-240

  • Lot Size: 62

• Tollins Tyres

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 215-226

  • Lot Size: 66

• PN Gagdil Jewellers

  • Offering Period: 10 September - 12 September, 2024

  • Listing Date: 17 September, 2024

  • Issue Price: 465-480

  • Lot Size: 31

M&A / Investments

• Tata Steel has secured Rs 5,477 crore ($652Mn) for the green makeover of its Port Talbot plant. (Mint)

• L&T will invest over Rs 2,519 crore ($300Mn) to establish a semiconductor firm. (BS)

• Balaji Telefilms is investing Rs 795 crore ($94.6Mn) in its OTT arm. (e4m)

• Nazara has acquired a 15.86% stake in the e-sports startup Stan for Rs 18 crore ($2.2Mn). (EN)

Debt

• InMobi secures Rs 839 crore ($100Mn) from MARS Growth Capital to support its AI-driven acquisitions. (YS)

• Slice is poised to raise over Rs 293 crore ($35Mn) through convertible debt financing. (EN)

• KARA Capital is listing its first NCDs on BSE to raise Rs 100 crore ($11.9Mn). (BS)

• Satin Creditcare Network is raising Rs 41 crore ($5Mn) in bonds with an 11.32% all-inclusive cost. (ET)

VC/Funds

• Arka has launched its second fund, raising Rs 500 crore ($59.5Mn). (YS)