Ola Electric Faces Warning After 10,000 Customer Complaints

• After six consecutive sessions of selling pressure, the Indian market saw a relief rally today, with both major indices closing in positive territory, mainly driven by strong gains in banking and auto stocks.

• The much-anticipated briefing by China’s National Development and Reform Commission concluded without new commitments for additional government spending.

• Market participants were expecting Beijing to announce substantial fiscal measures, such as multi-trillion yuan bond issuances and programs to boost consumption. Instead, the government presented a modest investment plan of CNY 100 billion for the coming year, sharply lower than this year's CNY 1 trillion allocation, according to recent media reports.

HEG +9.97%

• The stock jumped more than 10 percent after the company acquired an 8 percent stake in GrafTech International for Rs 250 crore.

• GrafTech, a key player in graphite electrodes, operates in a segment closely aligned with HEG’s core business.

NMDC (3.91%)

• Shares of metal companies, led by NMDC, declined by up to 4.3 percent after China’s state planner outlined an economic roadmap that fell short of introducing new major stimulus.

• This disappointed investors who were anticipating stronger measures to accelerate economic recovery and clearer details on the implementation of previously announced initiatives.

• China's BYD plans to produce cars in India but lacks direct signals on eased investment rules. (ET)

• MFIN has tightened underwriting guidelines for lenders due to concerns over over-indebtedness. (ET)

• Private equity inflows into Indian real estate hit 2023 levels in nine months. (ET)

• The consumer rights watchdog has issued a warning to Ola Electric regarding customer service following 10,000 complaints. (RT)

• Logistics startup BlackBuck has received SEBI approval for its Rs 550 crore ($65.5Mn) IPO. (YS)

• Garuda Construction and Engineering's IPO was fully subscribed on the first day. (MC)

• Zinka Logistics, Standard Glass Lining Technology, and NSDL have received SEBI approval for their IPOs. (MC)

This week’s mainboard IPO schedule

• Garuda Construction and Engineering

  • Offering Period: 08 October - 10 October, 2024

  • Listing Date: 15 October, 2024

  • Issue Price: 92-95

  • Lot Size: 157

M&A / Investments

• GIC is reportedly considering selling its Rs 41,000 crore ($5Bn) stake in India’s Greenko. (ET)

• The CCI has approved the Rs 1,100 crore ($131Mn) acquisition of Patanjali Ayurved's home and personal care business. (BS)

• Bharti Airtel is in discussions to acquire Tata Play. (BS)

• The CCI has approved JM Financial’s acquisition of a 43% stake in JM Fin Credit Solutions. (BS)

Debt

• Embassy REIT has raised Rs 2,000 crore ($238Mn) through debt. (BS)

VC