PhonePe Enters Quick Commerce Race: Launches 'Pincode'

• Indian markets rebounded on Tuesday, January 14, following four days of declines that pushed frontline indices to a seven-month low. Gains in banking, auto, and metal stocks drove the recovery, along with Adani Group stocks rising on speculation about fundraising plans.

• Contributing factors included a relatively stronger rupee, lower crude oil prices, domestic inflation at a four-month low, value buying at lower levels, and positive global cues, especially from China.

Piramal Enterprises +8.44%

• Piramal Enterprises' shares surged over 7% to ₹1,022 on January 14 after announcing it would receive $140 million from Life Healthcare's sale of its Molecular Imaging business, expected to conclude by FY26.

• Additionally, the company may earn up to $200 million based on eligible profits and future earnouts from the Imaging Group.

Angel One (3.13%)

• Shares of Angel One dropped over 5% to ₹2,309 on January 14 after reporting its smallest quarterly profit growth since its 2020 listing, impacted by tighter derivative sector regulations.

• Q3FY25 profit rose 8% year-on-year to ₹281 crore but declined 33.5% sequentially. Revenue from operations grew 19% year-on-year but fell 17% compared to the previous quarter.

• China aims to slow down India's Apple success story. (ET)

• High subsidies have yet to drive India's EV growth. (ET)

• RBI to manage FX reserves carefully amid challenges. (RT)

• RBI appoints M. Rajeshwar Rao to lead the monetary policy department. (RT)

• Bank FD rates continue to rise as the competition for deposits remains strong. (ET)

• PhonePe ventures into quick commerce with its platform, Pincode. (EN)

• Apollo Global plans Tenneco India's listing at a ₹16,500 crore ($2Bn) valuation. (BS)

• Zetwerk appoints banks for its ₹4,286 crore ($500Mn) India IPO. (MC)

• Urban Company may soon file draft papers for a ₹3,000 crore ($350Mn) IPO. (ISN)

• Laxmi Dental IPO subscribed 16x on Day 2, with NIIs leading at 37x. (MC)

• Quadrant Future Tek shares surge 53% on debut trade. (MC)

This week’s mainboard IPO schedule

• Laxmi Dental

  • Offering Period: 13 January - 15 January, 2025

  • Listing Date: 20 January, 2025

  • Issue Price: 407-428

  • Lot Size: 33

M&A / Investments

• New Mountain Capital acquires a majority stake in BPO Access Healthcare. (ET)

Debt

• Tata Capital raises ₹3,429 crore ($400Mn) via its maiden international bond. (BS)

• BharatPe secures ₹150 crore ($17.5Mn) in debt funding. (Inc42)

VC

• Riceberg Ventures launches a ₹171 crore ($20Mn) fund for deeptech startups. (YS)