Mankind Pharma Acquires Bharat Serums for ₹13,600 crore.

Hello,
Markets opened weakly but recovered as the session progressed, driven by gains in auto and pharma stocks. The rupee fell to an all-time low in early trading. Indian banks are offloading retail loan portfolios due to lagging deposit growth. Additionally, no review is planned for the recent capital gains tax change affecting real estate despite protests. Meanwhile, Mankind Pharma has acquired Bharat Serums and Vaccines for $1.62 billion.

Markets📊 
As of 10/07/2024 Market Close

• Extending their losses for the fifth consecutive session, Indian stock market benchmarks, the Sensex and Nifty 50, closed in the red on Thursday, July 25, due to weak global cues. In a choppy trading session, the indices recovered sharply after a poor start, driven by gains in auto and pharma stocks.

• The domestic market has been declining since July 19, driven by concerns over high valuations, disappointing Q1 earnings of Indian companies, the new long-term capital gains tax proposed in the Union Budget, and a lack of fresh triggers.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Tata Motors Ltd +5.97%

• Shares surged 6 percent after Nomura upgraded the stock to a 'buy,' citing multiple growth levers. Analysts have set a target price of Rs 1,294, indicating a 26 percent upside from current levels.

• Over the past month, the company's shares have rallied 13 percent. Nomura highlighted significant upside potential from Jaguar Land Rover's (JLR) execution and the demerger of commercial vehicles (CVs) from passenger vehicles (PVs) as key value-unlocking catalysts.

RBL Bank Ltd (3.07%)

• Shares fell 3 percent after a 7.95 percent stake was sold through a block deal. The transaction, worth Rs 1,100 crore, likely saw private equity firm EQT (formerly Baring PE Asia) exit the lender.

• Approximately 4.8 crore shares of RBL Bank changed hands at an average price of Rs 229.50, implying a 3.5 percent discount to the previous closing price.

Yesterday’s Highlights📒 

• SEBI directs NSE to review transactions between Linde India and Praxair India following shareholder complaints. (Mint)

• SEBI advises stock exchanges to be ‘extra cautious’ when approving SME IPOs, according to a report. (Mint)

• Indian banks are selling retail loan portfolios as deposit growth lags. (ET)

• Duplexes and triplexes are on the rise, there is a growing trend in the ultra-luxury real estate segment. (FE)

• What the numbers reveal: Elon Musk might need India now. (ET)

• A report reveals that Indian businesses focus more on ESG reporting and compliance than their global peers. (FE)

• Global consumer firms are highlighting India for its investment potential. (ET)

• No review is planned of the capital gains tax change for real estate. (FE)

• Ola Electric suspends its India car project to focus on scooters and bikes. (NDTV)

• The Supreme Court upholds states' authority to tax minerals. (Mint)

• The Budget’s green energy proposals fall short, with plans for key reforms put on hold. (FE)

IPO / Issuances🚀 

• Sanstar IPO stock is expected to debut with 25-30% gains on July 26.

• Hinduja Leyland Finance plans to go public through a reverse merger with NXTDigital. (ET)

This week’s mainboard IPO schedule

• Sanstar (RHP)

  • Offering Period: 19-23 July, 2024

  • Listing Date: 26 July, 2024

  • Issue Price: 90-95

  • Lot Size: 150

Deal Activity🤝 

M&A / Investments

• Mankind Pharma acquires Bharat Serums and Vaccines for ₹13,600 crore ($1.62Bn). (BS)

• EQT Private Cap Asia exits RBL Bank, selling its entire stake for ₹1,091 crore ($130Mn). (BS)

• Private credit investor BPEA Credit invests ₹250 crore ($30Mn) in DMW Group. (YS)

• Vantage Point Asset Management receives NCLT approval to acquire Alchemist Infra Realty. (ET)

• Emami is set to acquire a 100% stake in The Man Company. (EN)

• Thyrocare acquires Polo Labs’ pathology diagnostic business. (EN)

Debt

• SAEL issues Rs 2,551 crore ($305Mn) in green bonds. (PV)

VC

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