Peak XV Sells 22% Stake in Indigo Paints for ₹1,557 Crore

1. Markets this Week

   • Indian stock market benchmarks experienced an unexpected decline last week after consolidating at all-time highs for 14 consecutive sessions, influenced by weak global cues.

   • This week, investors will closely watch key triggers such as domestic and global macroeconomic data, including inflation rates in India and the US, foreign fund inflows, crude oil prices, and other global factors.

2. New IPOs

   • Thirteen new IPOs and eight listings are set to hit D-Street. This week, the mainboard segment will see the opening of the Bajaj Housing Finance, Tolins Tyres, Kross, and P N Gadgil Jewellers IPOs for subscription.

• The Indian stock market closed lower on Friday, breaking a three-week winning streak, as investors stayed cautious ahead of an important US jobs report that could influence the pace and extent of the Federal Reserve's interest rate cuts.

• Among the Nifty 50, 43 stocks ended in the red.

• Public sector banks were the hardest hit, with all 12 members of the PSU Bank Index finishing lower, some declining by as much as 5.3 percent.

Premier Energies +9.87%

• The stock closed 9.8 percent higher after an 18 percent intraday surge, reaching a new record high of Rs 1,188.90 on the NSE.

• The recently listed company secured an order from the Uttar Pradesh Department of Agriculture to supply, install, and commission 8,085 solar water pumping systems across various districts, with a five-year comprehensive warranty.

• The project, valued at Rs 215 crore, is set to be completed by March 2025.

Vodafone Idea (11.00%)

• The stock dropped more than 11 percent to reach a 52-week low after Goldman Sachs reiterated its 'Sell' rating, though it marginally raised the target price to Rs 2.5 from Rs 2.2, implying an 83 percent downside.

• The brokerage highlighted challenges the company faces in achieving free cash flow break-even and regaining market share.

• The Centre is considering an Rs 11,000 crore ($1.31Bn) outlay for FAME-III, including incentives for e-buses and e-rickshaws. (CNBC)

• Education loans will remain a top growth segment for NBFCs, says Crisil. (ET)

• India will tighten derivatives rules despite investor pushback. (ET)

• Zepto grants exclusive early access to its BNPL service, Zepto Postpaid, to select users. (YS)

• Hexaware has filed for a Rs 9,950 crore (1.18Bn) IPO. (MC)

• SpiceJet plans to raise over Rs 3,200 crore ($381Mn) through debt and equity instruments. (BS)

• Bajaj Housing Finance raises Rs 1,758 crore ($209Mn) through anchor investors ahead of its IPO. (MC)

• Peak XV Partners sells a 22% stake in Indigo Paints for Rs 1,557 crore ($185Mn). (BS)

• Kross raises Rs 150 crore ($17.9Mn) from anchor investors ahead of its IPO. (Mint)

• Tolins Tyres secures Rs 69 crore ($8.2Mn) from anchor investors ahead of its IPO. (Mint)

• Baazar Style Retail shares jumped 11% after initially listing flat at the IPO price. (MC)

• iValue Infosolutions has filed for an IPO, featuring a full offer-for-sale component. (MC)

• Zepto selects Goldman Sachs, Morgan Stanley, and Axis Capital for its IPO. (MC)

• HDB Financial Services selects Jefferies, JM Financial, Morgan Stanley, and Nomura for its mega IPO launch. (MC)

This week’s mainboard IPO schedule

• Bajaj Housing Finance

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 66-70

  • Lot Size: 214

• Kross

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 228-240

  • Lot Size: 62

• Tollins Tyres

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 215-226

  • Lot Size: 66

• PN Gagdil Jewellers

  • Offering Period: 10 September - 12 September, 2024

  • Listing Date: 17 September, 2024

  • Issue Price: 465-480

  • Lot Size: 31

M&A / Investments

• NIIF receives CCI approval to acquire an additional stake in Ather Energy. (BS)

• SpiceJet's Ajay Singh may sell over 10% of his stake in the airline to raise funds. (BS)

• Max Financial Services' promoter firm sells a 3.19% stake to repay debt. (BS)

• Jio Financial and BlackRock Advisors form a joint venture for investment advisory services. (BS)

VC/Funds

• VentureSoul Partners launches its maiden fund with a target of Rs 600 crore ($71.6 Mn). (EN)