Northern Arc Capital Secures Rs 500 Crore IPO Approval

Hello,
The markets reached new all-time highs yesterday as foreign institutional investors returned following their exit before the Lok Sabha election results.

Noticing vegetable prices go up? It’s not just you, wholesale price inflation rose to 3.4% in June hitting a 16-month high. Furthermore, some states are considering permitting the sale of liquor through quick commerce apps. SEBI approved Northern Arc Capital’s 500 crore IPO.

Markets📊 
As of 16/07/2024 Market Close

• The stock market hit record highs on Monday, with both the BSE Sensex and NSE Nifty reaching new peaks.

• This uptrend was driven by fresh foreign fund inflows and a strong performance by the State Bank of India. Foreign Institutional Investors significantly contributed by purchasing equities worth Rs 4,021.60 crore.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

MRF Ltd +1.20%

• India's most expensive stock, MRF, rose three percent after reports indicated that the tyre maker increased prices, effective July 18.

• MRF raised its rates for truck tyres by 2 percent, while prices for passenger car tyres and radial tyres increased between 3 to 7 percent. These reports also caused the stock prices of other tyre companies to surge.

Mazagon Dock Shipbuilders Ltd (2.99%)

• Shares fell nearly 3 percent due to profit booking after a sharp run-up ahead of the Union Budget 2024.

• The stock had soared 38 percent in the past month amid expectations of strong growth prospects, driven by the government’s focus on the indigenisation of defence equipment.

Yesterday’s Highlights📒 

• The government has implemented a uniform 5% tax for all aircraft and aircraft engine parts. (ET)

• States may allow home delivery of liquor through quick commerce platforms. (ET)

• Wholesale inflation rose to a 16-month high of 3.4% in June. (Moneycontrol)

• India aims to boost its exports to Russia following Prime Minister Modi's trip. (RT)

• India has increased the windfall tax on petroleum crude. (RT)

• The pharmaceutical industry is seeking relief from the price cap rule for cheaper drugs. (ET)

• Banks are considering forming their own self-regulatory body for fintechs. (ET)

IPO / FPO / Issuances🚀 

• Vedanta plans to raise Rs 8,500 crore ($1.01Bn) via a QIP. (BS)

• Sai Life Sciences has filed draft papers for an IPO worth nearly Rs 5,000 crore ($598Mn). (ET)

• ZEE Entertainment shareholders have approved a plan to raise Rs 2,000 crore ($239Mn). (BS)

• Jupiter Wagons raised 800 crore ($95.7Mn) visa a QIP. (CW)

• PTC Industries has declared a fundraise of ₹700 crore ($83.7Mn) through a QIP. (Mint)

• Northern Arc Capital has been approved by SEBI for a Rs 500 crore ($59.8Mn) IPO. (YS)

• SAR Televenture is looking to raise Rs 450 crore ($53.8Mn) through a rights issue and a Follow-on Public Offering (FPO). (BS)

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

• Temasek plans to invest Rs 83,590 crore ($10Bn) in India by 2027. (YS)

• Lupin has sold its US women's health business to Evofem Biosciences for up to Rs 702 crore ($84Mn). (ET)

• HUL has sold its Pureit water business to AO Smith for Rs 600 crore ($71.8Mn). (YS)

• No final bids have been received from ARCs for IDBI's Stressed Assets Stabilisation Fund assets. (ET)

Debt

• India may intervene to cover the interest payment of MTNL's other bonds. (RT)

• Foreign banks are buying short-term Indian sovereign bonds, according to Bank of America. (BS)

Funds

• Yali Capital has launched an Rs 810 crore ($96.9Mn) fund for deeptech startups. (YS)

VC🤑

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