Pixxel to Launch India's First Private Satellite Network

• Fears of limited US rate cuts and a strengthening dollar sent shockwaves through markets on Monday, eroding over ₹12 trillion in investor wealth overnight.

• The rupee also plunged, breaching the 86-mark for the first time. It fell nearly 0.6% or 56 paise—the sharpest drop in two years—to close at a record low of 86.65 against the dollar.

• Weak corporate earnings could further exacerbate the situation.

• The market turmoil was triggered by unexpectedly robust US jobs data, leading investors to anticipate just a single 25-basis-point rate cut in 2025. This pushed 10-year US Treasury yields to a 14-month high and bolstered the dollar, reducing the appeal of emerging markets like India for investments.

IndusInd Bank +0.58%

• Shares of IndusInd Bank soared close to 4% intraday as its foreign headroom expanded in the December shareholding pattern due to a sell-off by foreign institutional investors (FIIs).

• The bank's latest data shows FII holdings dropped to 46.6% in December from 55.5% in the September quarter. This reduction pushed the foreign headroom well above the 25% threshold, with MSCI currently applying a half-float factor.

PCBL Chemical (10.36%)

• Shares of PCBL tumbled over 11% as investors offloaded the stock following weak Q3 earnings. The company's net profit plunged 37% year-on-year to ₹93 crore in the October-December quarter, significantly below the ₹148 crore reported in the same period last year.

• The sharp decline in profitability was primarily attributed to a surge in operating costs.

• Why is the rupee falling? (TIE)

• Pixxel plans to launch India's first private satellite network, targeting a $19 billion market. (ET)

• Rupee depreciation complicates RBI's rate cut decision amid liquidity squeeze. (ET)

• New US sanctions on Russian oil could disrupt Indian imports and end price discounts. (ET)

• IRDAI expands sandbox framework to foster innovation. (ET)

• Ather Energy targets a ₹20,500 crore ($2.4Bn) valuation for its IPO. (Inc42)

• Groww in talks for an IPO, aiming to raise ₹6,000 crore ($700Mn). (BS)

• SEBI approves JSW Cement's plan to raise ₹4,000 crore ($466Mn) via an IPO. (YS)

• WeWork India raises ₹500 crore ($58.3Mn) through a rights issue. (YS)

• Laxmi Dental IPO Day 1: Overall subscribed 5.30x; retail portion 12.48x.

• Standard Glass Lining shares surge nearly 17% in their market debut. (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

• PAG acquires Pravesha Industries, a packaging firm, for ₹1,700 crore ($198Mn). (BL)

• Quadria Capital invests ₹857 crore ($100Mn) in Aragen. (YS)

Debt

• Bank of India seeks ₹3,429 crore ($400Mn) loan. (BS)

VC

• RevX Capital launches its second fund with a target of ₹750 crore ($87.4Mn). (YS)