Record-Breaking ₹25,000 Cr SIP Inflows—What’s Behind It?

• The Indian market ended flat on Monday, November 11, as gains in IT and bank stocks were balanced out by losses in major index stocks. The recent correction in Indian stocks has been largely influenced by domestic factors rather than global ones.

• Key issues include expectations of persistently high inflation in the coming months, slowing high-frequency indicators, subdued urban spending, record-low levels of the rupee, and high market valuations.

Biocon +8.37%

• Shares surged 8 percent after the US Food and Drug Administration awarded “Voluntary Action Indicated” (VAI) status to the company's Bengaluru-based biologics unit.

• The US FDA’s VAI designation follows a facility inspection and is typically a positive outcome, allowing companies to continue operations without further regulatory obstacles.

MapMyIndia (8.57%)

• Shares of MapMyIndia's parent dropped over 8 percent after the company posted an 8.2% year-on-year decline in consolidated net profit to Rs 30.33 crore for the quarter ending September 30, 2024.

• Revenue from operations rose 14% YoY to Rs 103.67 crore in Q2FY25. Operationally, MapMyIndia’s EBITDA decreased by 7.5% YoY to Rs 37.5 crore, with the EBITDA margin slipping to 36.1%.

• Mutual fund monthly SIP inflows exceed Rs 25,000 crore for the first time. (ET)

• Japan's largest bank is seeking acquisition targets in India's growing market. (ET)

• Govt makes a renewed push to promote EV policy. (ET)

• Banks curb unsecured credit growth as defaults resurface. (ET)

• Niva Bupa IPO was 1.8 times subscribed by Day 3, with strong interest from retail investors. (MC)

• Sagility India shares may have a flat listing due to weak market sentiment post-IPO. (MC)

This week’s mainboard IPO schedule

• Niva Bupa Health Insurance

  • Offering Period: 07 November- 11 November, 2024

  • Listing Date: 14 November, 2024

  • Issue Price: 70-74

  • Lot Size: 200

• Zinka Logistics

  • Offering Period: 13 November - 18 November, 2024

  • Listing Date: 21 November, 2024

  • Issue Price: Rs 259-273

  • Lot Size: 54

M&A / Investments

• Vedanta Ltd plans to invest approximately Rs 4,641 crore ($550Mn) in AvanStrate Inc. (BS)

• L&T Technology Services to acquire Intelliswift for Rs 928 crore ($110Mn). (YS)

• Welspun Corp arm sells 5% stake in associate entity for approximately Rs 480 crore ($56.8Mn). (BS)

• HealthCare Global to sell its diagnostic business Triesta for Rs 135 crore ($16Mn). (BS)

• Unicommerce to acquire a 42.76% stake in Shipway for Rs 68 crore ($8.1Mn). (YS)

• Raghu Vamsi Group acquires UK-based PMC Group for an undisclosed amount. (YS)

• HDFC Bank to divest HDFC House and other real estate assets. (ET)

• Ambuja Cements seeks CCI approval to acquire a majority stake in Orient Cement. (BS)

Debt

• IRFC raises Rs 1,415 crore ($167Mn) at 7.14% through 15-year maturing bonds. (BS)

VC

• Algorand Foundation and T-Hub announce investments in five startups. (YS)