Ola Electric to Launch IPO at a Reduced Valuation of $4.5 Billion

Hello,
Markets were up for the third consecutive session yesterday. Earnings season has started in full flow as Q1 FY25 earnings are being released, the market is sure to respond to these results and expect stock prices to be influenced. The IMF raised India’s GDP expectation to 7% from 6.8%. SEBI released a paper which proposed a new asset class for investors who can bear more risk. Ola Electric is likely to launch its IPO at a reduced valuation of $4.5 billion.

P.S Today’s newsletter contains less news than usual so to make up for it we have included a post link that summarises all the industry expectations from the upcoming Union Budget. Don’t forget to check it out!

Markets📊 
As of 16/07/2024 Market Close

• The Indian stock market benchmarks, Sensex and Nifty 50, climbed for the third consecutive session, hitting new record highs on Tuesday, July 16.

• With the earnings season set to kick off in full swing this week, investors are expected to gain a more comprehensive sectoral view.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Hatsun Agro Product Ltd +4.71%

• Shares surged nearly 5 percent after the dairy company reported strong quarterly results across all key parameters.

• The company's net profit for the April-June quarter increased by 62.9 percent year-on-year to Rs 130.5 crore, while revenue rose over 10 percent to Rs 2,375 crore. Its EBITDA margin expanded to 13.90 percent for the quarter under review, compared to 11.0 percent in the same period last year.

DEN Networks Ltd (2.60%)

• Shares dropped nearly 3 percent after the company's revenue from operations decreased by 9.4 percent to Rs 247.5 crore, and EBITDA declined by 9.1 percent to Rs 28.1 crore in Q1FY25, compared to the same period last year.

Yesterday’s Highlights📒 

• SEBI has proposed a new asset class positioned between Mutual Funds and Portfolio Management Services aimed at catering to higher risk-takers. (Mint)

• More than 65% of office buildings in India are green-certified. (ET)

• Public-sector banks are actively pursuing fundraising through infrastructure bonds. (BS)

• Taiwanese firms are moving their supply chains from China to India. (RT)

• The IMF has revised India's GDP forecast upwards to 7% for the fiscal year 2024-25. (RT)

IPO / FPO / Issuances🚀 

• Ola Electric is likely to launch its IPO at a reduced valuation of $4.5 billion. (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

• Adani, Wilmar are considering selling a Rs 5,600 crore ($670Mn) stake in their joint venture. (BS)

• The Adani-Sirius joint venture has announced the acquisition of the cloud platform company Coredge.io. (ET)

Funds

• Altern Capital has launched its inaugural real estate fund worth Rs 250 crore ($30Mn). (YS)

Debt

• Zee Entertainment Enterprises plans to raise Rs 1,997 crore ($239Mn) through Foreign Currency Convertible Bonds (FCCBs). (BS)

• Klub aims to disburse Rs 200 crore ($23Mn) to SMEs to boost festive e-commerce sales. (YS)

• The government has deposited Rs 92 crore ($11Mn) to clear the immediate bond interest dues of MTNL. (BS)

VC🤑

Enjoy this newsletter? Forward to a friend and have them signup here.