PAN 2.0: What Do Taxpayers Need to Know?

• Following a sharp rally over the past two sessions, Indian markets struggled to sustain momentum on Tuesday, November 26, as trade tensions reemerged. President-elect Donald Trump’s announcement of tariffs on imports from China, Mexico, and Canada reignited concerns about global trade relations, leading investors to book profits at higher levels.

• The Nifty IT index closed 1.07% higher, reaching a record high of 44,244, supported by a sharp rise in the dollar index that kept IT stocks buoyant.

Swiggy +9.03%

• Shares of food delivery and quick commerce giant Swiggy rose 9% after UBS initiated coverage on the stock with a 'buy' recommendation, citing strong growth potential for the company.

• The brokerage assigned a target price of ₹515, projecting a nearly 27% upside from its current closing levels on the exchanges. UBS highlighted that Swiggy is well-positioned for growth and is currently trading at a 35% discount compared to Zomato.

Raymond (3.72%)

• Raymond shares declined nearly 4% due to profit-booking after gaining over 20% in the past two sessions. The rally followed the receipt of a 'no objection' letter from BSE and NSE for the demerger and listing of its real estate arm, Raymond Realty.

• This development comes two months after the company finalized the demerger of its lifestyle business, marking another significant restructuring step within the Raymond Group.

• The government announced a Rs 1,435 Cr PAN 2.0 Project. Which will bring sweeping changes to the current tax identification system. Here is what we know so far.

• India plans to amend insurance laws to introduce a unified license and increase the FDI limit. (ET)

• The government is set to revamp infrastructure lender IFCI, according to sources. (ET)

• Amazon India is considering the launch of its quick commerce service, 'Tez,' soon. (ET)

• Pine Labs has selected five bankers for its ₹8,400 crore ($1Bn) IPO, planned for FY26. (MC)

• EQT-backed Indira IVF is reportedly considering a ₹3,379 crore ($400Mn) India IPO. (MC)

• Solarworld Energy Solutions has raised ₹110 crore ($13Mn) in a pre-IPO placement round. (YS)

• SEBI has approved the IPO papers of Kalpataru and Unimech Aerospace. (MC)

• Grid Equipments will divest an 8.38% stake in GE Vernova T&D through an OFS. (BS)

This week’s mainboard IPO schedule

• Enviro Infra Engineers

  • Offering Period: 22 November - 26 November, 2024

  • Listing Date: 29 November, 2024

  • Issue Price: 140-148

  • Lot Size: 101

M&A / Investments

• The CCI has cleared Google’s ₹2,956 crore ($350Mn) acquisition of a stake in Flipkart. (TOI)

• TPG is reportedly in advanced talks to acquire Siemens Gamesa India's assets for ₹2,534 crore ($300Mn). (ET)

• Candytoy Corporate has raised ₹110 crore ($13Mn) in a Series A funding round. (YS)

• The Lotus Family Trust has invested ₹109 crore ($12.9Mn)in Arihant Foundations. (YS)

• Innov8 is targeting ₹100 crore ($11.8Mn) in funding to double its coworking centres. (Inc42)

• The Manish Choksi family office invested ₹30 crore ($3.6Mn) in All Things Baby. (YS)

• The CCI has cleared Google’s acquisition of a stake in Flipkart.

• Temasek Holdings has received CCI approval to acquire a stake in foodtech firm Rebel Foods. (BS)

• Edelweiss Financial Services is exploring a minority stake sale in its mutual fund unit. (BS)

• Adani Wilmar is reportedly postponing its stake sale amid US bribery charges. (ET)

Debt

• Vedanta Resources has raised ₹6,758 crore ($800Mn) from global investors through a new bond issue. (BS)

VC