PC Jeweller Plans to Raise Rs 2,705 crore.

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.

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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