Ratan Tata’s Legacy: Business Leader and Philanthropist

• The Indian stock market returned to its downward trend on Wednesday, October 9, following a brief pause, as late-session profit booking weighed on sentiment.

• The benchmark indices opened higher and picked up pace after the RBI hinted at potential rate cuts in future meetings. However, gains were erased due to selling pressure in major stocks like Reliance Industries, HDFC Bank, and ITC.

Torrent Power +6.24%

• Shares jumped over 6 percent following the company’s announcement of securing a major contract from Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

• The energy firm received a letter of award for the long-term supply of 2,000 MW energy storage capacity from its upcoming InSTS Connected Pumped Hydro Storage Plant.

J K Cement (2.29%)

• Shares declined 2 percent due to an increase in short positions.

• Open interest in the stock rose over 4 percent, indicating higher short bets by investors. JK Cement has been on a downtrend recently, losing 10 percent over the past month.

• The RBI maintained interest rates and shifted its stance to 'neutral,' indicating potential rate cuts in the future. (TOI)

• RBI increased UPI Lite and 123Pay limits and cautioned NBFCs against aggressive growth. (YS)

• India is set to become a global manufacturing hub for IPO-bound Hyundai. (ET)

• BigBasket and Urban Company are leading fairwork ratings as the gig economy experiences a trend of 'de-flexibilisation.' (FE)

• Varun Beverages plans to raise Rs 7,500 crore ($893Mn) via QIP to fund expansion. (BS)

• Goldi Solar plans to go public to fund its Rs 2,700 crore ($321Mn) expansion. (ET)

• Garuda Construction and Engineering's IPO received strong investor interest on Day 2 despite market volatility. (MC)

• Gaurs Group plans to raise funds through an IPO for construction and acquisitions. (HT)

This week’s mainboard IPO schedule

• Garuda Construction and Engineering

  • Offering Period: 08 October - 10 October, 2024

  • Listing Date: 15 October, 2024

  • Issue Price: 92-95

  • Lot Size: 157

M&A / Investments

• Kalpataru Projects International will sell its stake in Vindhyachal Expressway for Rs 775 crore ($92.3Mn). (ET)

• UBS Group purchased IDFC shares worth Rs 88 crore ($10.5Mn) via an open market transaction. (BS)

• Tellado Realty has sold its hospitality business to StayVista. (ET)

Debt

• IRB Infrastructure plans to raise up to Rs 1,678 crore ($200Mn) through a bond issue. (BS)

• HDFC Life Insurance plans to raise Rs 1,000 crore ($119Mn) through NCDs to support growth. (BS)

VC