NVIDIA & Reliance Team Up to Advance India's AI Future

• Indian benchmarks faced difficulty gaining momentum, with major drops in FMCG and realty shares pulling the main indices to a flat finish on Thursday, October 24. While public sector banking stocks offered some market support, it wasn't enough to push the indices upward.

• FMCG stocks struggled amid weak earnings reports, raising concerns about the sector's overall condition. The underperformance was largely due to muted consumer demand, especially in urban areas where inflation has tightened household budgets.

CARE Ratings +20.00%

• CARE Ratings stock surged 20 percent on October 24, hitting the upper circuit, following the company's announcement of a 31 percent year-on-year increase in consolidated profit-after-tax for the September quarter.

• Revenue from operations also saw a 22 percent year-on-year rise, reaching Rs 117 crore.

SBI Life Insurance (4.67%)

• SBI Life shares fell over 5 percent after the company posted a weaker-than-expected performance for the September quarter.

• Key metrics, including Annual Premium Equivalent (APE) and Value of New Business (VNB), missed market expectations by 11 percent and 14 percent, respectively.

• NVIDIA partners with Reliance to develop AI infrastructure in India. (Mint)

• Binkit launches EMIs for orders above Rs 2,999, challenging Amazon and Flipkart. (YS)

• IT firms are experiencing a rise in smaller deals due to a focus on short-term ROI. (FE)

• NBFC growth is expected to be affected by increasing stress in unsecured loans. (ET)

• Swiggy lowers its IPO valuation target to Rs 1.1 lakh crore ($13.5Bn). (ET)

• Captain Fresh appoints Axis Capital and BofA for its Rs 3,363 crore ($400Mn) IPO, planning a pre-IPO fundraise. (MC)

• Afcons Infrastructure raises Rs 1,621 crore ($192Mn) from anchor investors as its IPO opens today. (MC)

• Reliance Power receives shareholder approval to raise Rs 1,525 crore ($181Mn) through shares. (BS)

• Godavari Biorefineries IPO subscribed 54% by day 2; retail portion at 0.96x. (MC)

This week’s mainboard IPO schedule

• Waaree Energies

  • Offering Period: 21 October - 23 October, 2024

  • Listing Date: 28 October, 2024

  • Issue Price: 1427-1503

  • Lot Size: 9

• Deepak Builders & Engineers India

  • Offering Period: 21 October - 23 October, 2024

  • Listing Date: 28 October, 2024

  • Issue Price: 192-203

  • Lot Size: 73

• Godavari Biorefineries

  • Offering Period: 23 October - 25 October, 2024

  • Listing Date: 30 October, 2024

  • Issue Price: 334-352

  • Lot Size: 42

• Afcons Infrastructure

  • Offering Period: 25 October - 29 October, 2024

  • Listing Date: 01 November, 2024

  • Issue Price: 440-463

  • Lot Size: 32

M&A / Investments

• MSTC signs agreement to sell its arm to Konoike Transport for Rs 320 crore ($38.1Mn). (ET)

• ixigo acquires a 51% stake in Zoop for Rs 12 crore ($1.4Mn). (YS)

• Arihant Academy acquires a 51% stake in ZEAL Academy. (ET)

Debt

• Power Grid's board approves raising up to Rs 5,000 crore ($595Mn) through bonds. (ET)

• India Bank plans to raise Rs 5,000 crore ($595Mn) through 10-year infrastructure bonds. (ZW)

VC

• The Union Cabinet has approved a Rs 1,000 crore ($118Mn) VC fund for the space tech sector. (YS)