Perplexity AI to Expand Operations in India

• Indian markets witnessed a third consecutive session of declines on Friday, January 10, as bearish sentiment dominated, limiting any attempts by bulls to lift the indices.

• Although the IT sector provided some support, weak performance from financials and other heavyweight stocks pulled the markets down.

• Recent data suggests that whenever the frontline indices recover with gains exceeding 0.5%, they are followed by heavy selling sessions, indicating that investors are using such upswings to book profits.

• The rupee hit its lifetime low, falling for the 10th straight week.

IRCTC +2.06%

• Shares rose over 2%, breaking a two-day losing streak, after Macquarie initiated coverage with an 'outperform' rating and set a target price of ₹900.

• The brokerage highlighted IRCTC's unmatched monopoly in Indian Railways' e-ticketing and catering services as its key strength, establishing it as a leader in the nation's railway modernization efforts.

GTPL Hathway (11.60%)

• Shares fell 11.60% on January 10 after the digital cable TV and broadband services provider reported a significant drop in third-quarter net profit, disappointing investors.

• As per a regulatory filing, net profit declined 57.2% year-on-year to ₹10.1 crore for the quarter ending December 31, 2024, compared to ₹23.6 crore in the same period last year.

• Government forms crisis management group to address bank strikes and ensure continuity. (ET)

• Indian lenders seek lasting liquidity infusion from the central bank. (ET)

• Centre launches the 'Bharat Cleantech Manufacturing Platform'. (Inc42)

• Perplexity AI plans to expand its operations in India. (YS)

• Vidya Wires files draft IPO papers to raise ₹320 crore ($37.3Mn) through a fresh issue. (MC)

• Laxmi Dental raises over ₹314 crore ($36.6Mn) through its anchor book. (MC)

This week’s mainboard IPO schedule

• Company

  • Offering Period: 13 January - 15 January, 2025

  • Listing Date: 20 January, 2025

  • Issue Price: 407-428

  • Lot Size: 33

M&A / Investments

• Adani Group raised ₹4,850 crore ($565Mn) by selling a 13.5% stake in Adani Wilmar. (ET)

• Vodafone exits Indus Towers, selling shares worth ₹2,800 crore ($326Mn). (BS)

• Kotak Alternate Asset Managers invests ₹940 crore ($109Mn) in Neuberg Diagnostics. (YS)

• Waaree Energies signs pact to acquire Enel Green Power India for ₹792 crore ($92.4Mn). (BS)

• EV manufacturer OPG Mobility plans to raise ₹400 crore ($46.7Mn). (YS)

Debt

• Vedanta Resources secures a ₹2,571 ($300Mn) loan commitment for debt refinancing. (BS)

VC