PM Modi Invites Global Tech CEOs to Join India's Growth Journey

• Indian benchmark indices extended their winning streak for the third straight session, hitting new record highs yesterday. The financial services sector provided strong support, with gains also driven by rallies in realty and auto stocks.

• PSU stocks continued their recovery into today’s session, and most major sectoral indices ended Monday's trading in positive territory.

Adani Total Gas +5.20%

• Shares jumped more than 5 percent after the company secured a Rs 3,136 crore ($375Mn) financing package from global lenders.

• The city gas joint venture between Adani Group and France's TotalEnergies stated that this is the largest global funding initiative in the city gas distribution (CGD) sector.

Fusion Finance (10.00%)

• Shares dropped more than 10 percent after Investec downgraded the stock from 'hold' to 'sell' and lowered the target price from Rs 500 to Rs 300.

• The downgrade followed the company's indication of higher estimated credit loss (ECL) provisioning for the second quarter of FY25 compared to Q1.

• Modi encourages global tech CEOs to join India's growth story. (YS)

• Solar parts manufacturers are seeking government protection from cheap imports. (ET)

• India's largest oil and gas bid round attracts four bidders, with Reliance, BP, and ONGC submitting a joint bid. (ET)

• Indian labor officials inspect EY's Pune office following a worker's death that prompted an investigation. (RT)

• Auto component maker Samvardhana Motherson raises Rs 6,438 crore ($769Mn) through a QIP. (BS)

• PNB launches a QIP to raise up to Rs 5,000 crore ($597Mn) at Rs 103.75 per share. (ET)

• SpiceJet raises Rs 3,000 crore ($358Mn) through a QIP and is set to receive an additional Rs 736 crore. (BS)

• Waaree Energies receives SEBI approval for an IPO, with a fresh issue worth Rs 3,000 crore ($358Mn). (ET)

• Reliance Power plans to raise Rs 1,525 crore ($182Mn) through a preferential issue. (BS)

• MobiKwik receives SEBI approval for a Rs 700 crore ($83.7Mn) IPO. (YS)

• Lighthouse Advisors reduces its stake in V2 Retail by over 2% for Rs 85 crore ($10Mn). (BS)

• Manba Finance IPO is subscribed 23.8 times on its first day. (MC)

• Northern Arc Capital shares are expected to list at nearly a 55% premium over the IPO today. (ET)

This week’s mainboard IPO schedule

• Manba Finance

  • Offering Period: 23 September- 25 September, 2024

  • Listing Date: 30 September, 2024

  • Issue Price: 114-120

  • Lot Size: 125

• KRN Heat Exchanger

  • Offering Period: 25 September- 27 September, 2024

  • Listing Date: 03 October, 2024

  • Issue Price: 209-220

  • Lot Size: 65

M&A / Investments

• Firstsource acquires UK-based Ascensos for Rs 468 crore ($56Mn). (ET)

• EaseMyTrip invests Rs 60 crore ($7.1Mn) in The Wellness Co. (SS)

• Redcliffe Labs acquires Celara Diagnostics for Rs 58 crore ($7Mn). (EN)

• DOMS acquires a 51.77% stake in Uniclan Healthcare for Rs 54 crore ($6.45Mn). (YS)

• AM Green acquires Finland's Chempolis and Fortum 3 for an undisclosed amount. (TH)

Debt

• REC raises Rs 4,181 crore ($500Mn) through foreign debt. (ET)

• Inox Wind secures a Rs 2,200 crore ($263Mn) financing deal with an ICICI Bank-led consortium. (BS)

VC/Funds

• Tribe Capital and Oister Global are launching a Rs 4,181 crore ($500Mn) secondaries fund. (EN)

• Optimistic Capital launches a Rs 200 crore ($23.9Mn) fund targeting microbreweries. (YS)