Real Estate Stocks Surge

• The Indian stock market remained range-bound for the second consecutive session on Monday, May 19, closing with a slight decline as domestic technology stocks faced continued selling pressure.

• Both benchmark indices moved within a narrow range after reaching a 7-month high on May 15.

• While the main indices lacked clear momentum, broader markets drew investor interest. Technology stocks came under renewed pressure due to concerns about growth in their primary revenue market—the US—after global rating agency Moody’s downgraded the US government’s credit rating from Aaa to Aa1, citing increasing debt and interest expenses.

• This downgrade led to a rise in US Treasury yields, potentially reducing the appeal of equities in emerging markets like India for foreign investors.

• Yields rose further following the approval of US President Donald Trump’s major tax-cut bill by a key congressional committee.

• On the positive side, real estate stocks were the top sectoral gainers for the fourth straight session, with Nifty Realty climbing 2.26% to close at 932, driven by expectations of an economic recovery in India that could boost urban consumer demand.

Delhivery +10.14%

• Delhivery shares surged over 10 percent to close at ₹353 each after the company posted a net profit of ₹73 crore in Q4 FY25, compared to a net loss of ₹68.5 crore in Q4 FY24. Sequentially, net profit increased 190 percent from ₹25 crore in Q3 FY25.

• Delhivery's revenue from operations grew nearly 6 percent year-on-year to ₹2,192 crore in Q4 FY25 but declined over 7.8 percent compared to ₹2,378 crore in Q3 FY25.

Vodafone Idea (8.41%)

• Vodafone Idea shares dropped over 8 percent to close at ₹6.75 each following the Supreme Court’s rejection of petitions from Vodafone Idea, Airtel, and Tata Teleservices seeking a waiver on adjusted gross revenue (AGR) dues.

• A bench of Justices J B Pardiwala and R Mahadevan labeled the petitions as "misconceived" and expressed surprise that such pleas came from multinational companies, ultimately deciding to dismiss them.

• India's export outlook remains uncertain, trade deficit to widen to 1.2% of GDP in FY26. (ET)

• RBI proposes relaxing rules for investments in AIFs. (ET)

• Myntra goes global with Singapore launch, targets Indian diaspora. (BS)

• Non-banking lenders opting for overseas funds. (ET)

• India plans stricter rules for companies with foreign ownership. (ET)

• Shiprocket to file DRHP via confidential route for ₹2,500 crore ($292Mn) IPO. (BS)

• Coal India begins process to list BCCL, CMPDI, to file DRHP soon. (BS)

This week’s mainboard IPO schedule

• Borana Weaves

  • Offering Period: 20 May - 22 May, 2025

  • Listing Date: 27 May, 2025

  • Issue Price: 205-216

  • Lot Size: 69

• Belrise Industries

  • Offering Period: 21 May - 23 May, 2025

  • Listing Date: 28 May, 2025

  • Issue Price: 85-90

  • Lot Size: 166

M&A / Investments

• Euler Motors raises ₹638 crore ($74.7Mn) in Series D funding led by Hero MotoCorp. (YS)

• BlackRock could invest ₹500 crore ($58.5Mn) into Bira91's promoter group. (ET)

• Rasna acquires Jumpin brand to enter India's RTD beverage segment for ₹350 crore ($41Mn). (FTB)

• Vivriti Asset Management bags ₹170 crore ($20Mn) commitment from Development Bank of Austria. (YS)

• Elevation Capital offloads ixigo shares worth ₹38.27 crore ($4.4Mn). (EN)

Debt

• Oxyzo raises ₹533 crore ($62Mn) debt from Neo Group, others. (Inc42)

VC/Funds

• Folks Motor secures ₹100 crore ($11.7Mn) in first close of ₹500 crore EV-focused fund. (AP)