No Registration Tax on Hybrid Vehicles in UP?

Hello,
Markets hit record highs during trading yesterday despite mixed signals from global markets. The UP government announced that it is abolishing the registration tax on strong hybrid cars, Emcure Pharma and Bansal Wire shares will be listed on the stock markets today, and Prosus is set to lead a $100 million funding round in BlueStone.

Markets📊 
As of 09/07/2024 Market Close

• Indian stock market benchmarks, Nifty 50 and Sensex, hit record highs on Tuesday, July 9, despite mixed global cues.

• Several automobile stocks, including Maruti Suzuki and Mahindra and Mahindra (M&M), saw significant gains following reports of the UP government's complete registration tax waiver on strong hybrid cars.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Maruti Suzuki India Ltd +6.52%

• Shares surged nearly 5 percent, emerging as the top Nifty gainer, following the Uttar Pradesh government's immediate announcement of a complete waiver of registration tax on strong hybrid electric cars (HEVs) and plug-in hybrid electric vehicles (PHEVs).

Jupiter Wagons Ltd (3.27%)

• Shares dropped more than 3 percent in early trade following the company's announcement that its Fund Raising Committee has approved a qualified institutional placement (QIP), with a floor price set at Rs 689.47 per equity share.

Yesterday’s Highlights📒 

• Global Banks are the biggest bulls in India’s bond market. (TOI)

• Reliance Retail plans to introduce a sports format to rival Decathlon. (BS)

• European carbon removal experts to aid new initiatives in India. (TH)

• Exchange prices decline as power demand softens with the onset of the monsoon. (ET)

• Struggling logistics firms are opting for pre-owned trucks to reduce expenses. (ET)

• India can play a crucial role as a partner in diversifying critical mineral supply chains, according to the US. (BS)

• Supreme Court instructs I&B ministry to hold talks with advertisers on the self-declaration issue. (ET)

• Drug regulator to crack down on pharma companies not using barcodes. (ET)

• The bid date for exploration licensing has been postponed. (ET)

• UP government has relaxed building regulations to stimulate growth in the hotel industry. (ET)

• Luxury room rates skyrocket ahead of Anant Ambani's wedding. (ET)

• UP government has abolished the registration tax on strong hybrid cars. (ET)

• Permission has been requested to accelerate the awarding of road projects. (ET)

Featured Highlight💡 
Sources: Mint, News18, THBL

Uttar Pradesh Waives Registration Tax on Hybrid Vehicles

• Policy: The Uttar Pradesh government has waived the registration tax on strong hybrid and plug-in hybrid electric vehicles to promote eco-friendly transportation, potentially saving customers up to Rs 3.5 lakh.

• Immediate Impact: This waiver benefits popular models like Maruti Suzuki’s Grand Vitara, Toyota Hyryder, and Honda’s City e, and is expected to increase sales of hybrid vehicles in Uttar Pradesh, a significant market for passenger vehicles.

• Market Growth and Job Creation: The initiative supports India's goal of achieving net zero carbon emissions by 2070, aiming to reduce dependence on fossil fuels, boost EV sales, and create job opportunities in the green mobility industry.

• Future Implications: Analysts expect the policy to encourage the adoption of hybrid vehicles and possibly influence other states to implement similar measures, further driving the shift towards sustainable and cleaner transportation in India.

IPO / FPO / Issuances🚀 

• Aegis Logistics might file DRHP for Rs 4,500 crore IPO of terminal business by September. (Moneycontrol)

• Emcure Pharma could see a strong debut with a 33-36% premium on today (July 10). (Moneycontrol)

• Bansal Wire's IPO listing is expected to debut with a 25-30% premium. (CNBC)

There are no mainboard IPOs for this week.

Deal Activity🤝 

M&A / Investments

• Prosus is set to lead a Rs 835 crore ($100Mn) funding round in BlueStone. (FE)

• Paytm gets government panel approval for Rs 50 crore ($6Mn) investment in Paytm Payment Services. (Moneycontrol)

• DBS reports that ESG financing in India is ahead of targets. (ET)

• Edtech firm Schoolnet has acquired the learning platform Genius Teacher. (YS)

• Adda247 has acquired the CA test preparation platform Ekagrata. (EN)

• Kesoram's cement business demerger is expected to be finalized by December 2024. (BS)

Debt

• Canara Bank aims to raise Rs 10,000 crore ($1.19Bn) through infrastructure bonds in FY25. (BS)

• Kalpataru Projects International increases fund limit through NCDs to Rs 1,600 crore ($191Mn). (BS)

• Vedanta plans to raise Rs 1,000 crore ($119Mn) through debt. (ET)

VC🤑

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