PC Jeweller Plans to Raise Rs 2,705 crore.

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July 15, 2024 • Reading Time: 6 minutes

Hello,
Markets climbed more than 70 bps on Friday reaching all-time highs in intraday trade. Notable, the Nifty IT index was boosted by favourable earnings results and increased by a staggering 4.53%. Further, Aditya Birla Fashion has raised its stake in the Tarun Tahiliani brand for Rs 127 crore from 33.5% to 51%. NABARD plans to launch 'AgriSURE,' a Rs 750 crore fund to promote start-ups and rural enterprises.

Markets📊 
As of 12/07/2024 Market Close

  • The Sensex and Nifty 50, Indian stock market benchmarks, each climbed nearly 1%, reaching new all-time highs in intraday trade on Friday.

  • This positive market sentiment was fueled by TCS's better-than-expected Q1 earnings and a slower-than-expected increase in US CPI inflation.

  • The Nifty IT index surged nearly 5%, driven by strong performances from TCS, Infosys, and Wipro.

Nifty 50

0.77%

24.502.15

BSE Sensex

0.78%

80,519.34

Nifty Bank

0.02%

52,278.90

Nifty IT

4.53%

39,023

Nifty Vix

(2%)

13.72

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Inox Wind Ltd +8.48%

  • Shares surged over 10 percent to reach an intraday high of Rs 175 on the National Stock Exchange (NSE).

  • The stock has garnered attention as investors anticipate that the upcoming Union Budget announcements may emphasize the government's continued focus on renewable energy.

ABB India Ltd (3.05%)

  • Shares fell nearly three percent in trading after international brokerage UBS downgraded the stock to 'neutral,' citing limited potential for a re-rating.

  • Despite strong earnings and favourable market conditions, UBS does not anticipate a significant upside to the stock price based on its valuation.

Yesterday’s Highlights📒 

  • India can become the world's second-largest economy by 2031, according to the RBI deputy governor. (YS)

  • Builders have cut project completion time by 20% in the top 7 cities, according to Anarock. (BS)

  • Indian banks are eyeing a record infrastructure bond issue for the second straight financial year. (BS)

  • SBI has hiked its benchmark MCLR rate. (ET)

  • Central spending has boosted liquidity, bringing the overnight rate 10 bps below the repo rate. (ET)

  • Jio Financial has received RBI approval to change its status from an NBFC to a core investment company. (YS)

  • Amid a demand slowdown, EVs plug into PE recharging infrastructure. (ET)

  • Luxury car sales have slowed in line with the broader slowdown in the Indian auto market. (ET)

IPO / FPO / Issuances🚀 

  • PC Jeweller plans to raise Rs 2,705 crore ($323Mn) via warrants, focusing on loan settlement. (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

  • SoftBank exits Paytm with a loss of approximately Rs 1,252 crore ($150Mn). (YS)

  • Aditya Birla Fashion has raised its stake in the Tarun Tahiliani brand for Rs 127 crore ($15Mn) from 33.5% to 51%. (YS)

  • Foreign Institutional Investors (FIIs) and mutual funds increased their stake in Mamaearth during the June quarter. (PN)

  • Adani Wilmar is set to acquire a 67% stake in Omkar Chemicals. (Moneycontrol)

  • Mutual funds and retail investors have increased their stake in Paytm. (EN)

Debt

  • The government is likely to pay bond interest dues of MTNL, assuring no default. (BS)

Funds

  • The government plans to launch 'AgriSURE,' a Rs 750 ($89Mn) crore fund to promote startups and rural enterprises. (AP)

  • Anicut Capital has closed its late-stage Equity Continuum fund at Rs 300 crore ($35Mn). (YS)

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