Rupee Hits a Two-Month Low, Is there Trouble?

• Weighed down by rising tensions in the Middle East due to the intensifying conflict between Iran and Israel, the benchmark indices — Sensex and Nifty — fell sharply today. This marked the fourth straight session of losses, with each index dropping over 3.5%.

• Besides geopolitical worries, the market downturn was driven by a spike in crude oil prices, SEBI’s new regulatory changes in the F&O segment, and foreign institutional investor outflows.

Angel One +4.46%

• Angel One's share price jumped 4.5% despite SEBI tightening F&O norms. The stock gained momentum after global brokerage Investec retained its 'Buy' rating on the discount broker, and Motilal Oswal stated that the company is well-positioned to handle any potential impact.

Dabur (5.71%)

• In its Q2 business update, FMCG giant Dabur India reported that extreme weather events like floods and heavy rains have affected consumer demand.

• Consequently, brokerages lowered their target prices due to its weaker-than-expected performance, leading the stock to drop nearly 6%.

• A Reuters poll indicates that the RBI's strong grip is expected to stabilize the rupee. (RT)

• India Ratings reports an early decline in asset quality for unsecured business loans. (TH)

• BSE will discontinue weekly options linked to the Bankex following new derivatives rules. (RT)

• The rupee experienced its worst day in two months, affected by weak Asian currencies and rising oil prices. (FN)

• The vending machine business is poised to benefit from the growth in q-comm. (FE)

• Swiggy shareholders have approved a provision to increase the IPO size to Rs 5,000 crore ($597Mn). (YS)

• Refex Industries intends to raise Rs 928 crore ($110Mn) through a preferential issue of equity. (BS)

• KRN Heat Exchanger shares surged over 117% on their market debut. (MC)

• Diffusion Engineers shares may debut with a strong double-digit premium tomorrow. (MC)

This week’s mainboard IPO schedule

• Diffusion Engineers

  • Offering Period: 26 September- 30 September, 2024

  • Listing Date: 04 October, 2024

  • Issue Price: 159-168

  • Lot Size: 88

M&A / Investments

• Blackstone plans to raise at least 83,718 crore ($10Bn) for its Asia PE fund, with a focus on India. (BS)

• Morgan Stanley and Citigroup have purchased shares in HDFC Bank worth Rs 755 crore ($90.2Mn). (BS)

Debt

• Reliance Power plans to raise Rs 4,198 crore ($501Mn) via convertible bonds. (BS)

VC

• Trillion Dollar Ventures has launched its Rs 50 crore ($5.97Mn) Fund II. (EN)