Sam Altman in India: Why does it matter?

• Indian frontline indices closed lower on Wednesday, weighed down by weak support from heavyweight stocks and escalating U.S.-China trade tensions.

• Investor focus has shifted to the Reserve Bank of India's upcoming monetary policy meeting under the new governor, with expectations of a rate cut on Friday.

• Shares of state-owned firms and energy companies, including ONGC, IGL, BPCL, IOC, and HPCL, gained 2% to 3%. Goldman Sachs upgraded HPCL and BPCL to 'Buy' and IOC to 'Neutral,' citing an improved earnings outlook.

• While declining U.S. bond yields and lower crude oil prices have supported sentiment, the rupee's depreciation could offset these gains. Rate-sensitive sectors are drawing interest ahead of the potential RBI rate cut.

Force Motors +5.56%

• Force Motors shares jumped 6% after strong January sales data, driven by robust performance in the commercial and utility vehicle segments.

• Domestic sales of SCVs, LCVs, UVs, and SUVs rose 39.27% YoY to 3,493 units, up from 2,508 units. Overall sales, including exports, increased 20.3% to 3,597 units.

Asian Paints (3.40%)

• Asian Paints delivered disappointing Q3FY25 results, missing market expectations as weak urban demand continued to impact performance.

• Its shares declined over 3%. The company’s consolidated net profit dropped 23.3% YoY to ₹1,110.5 crore, while revenue fell 6.1% YoY to ₹8,549.4 crore.

• Why Sam Altman’s visit to India matters. (ET)

• Sam Altman believes India should be one of the leaders of the AI revolution. (Inc42)

• India’s cash deficit eases after the RBI opens the fund tap. (ET)

• Amid rising consumer demand for luxury items, 27 new foreign retail brands have entered India in 2024. (ET)

• Atlanta Electricals has filed for a ₹400 crore ($45Mn) IPO. (MC)

There are no mainboard IPOs this week.

M&A / Investments

• Canada's PSP is in talks for a ₹3,492 crore ($400Mn) stake in Maple InvIT. (ET)

• CRED is mulling investing ₹550 crore ($62Mn) in NBFC Newtap Finance. (EN)

• Cashfree Payments raised ₹462 crore ($53Mn) from KRAFTON India. (YS)

• Blue Earth Capital AG has invested ₹78 crore ($9Mn) in Apex Kidney Care. (YS)

Debt

• SBI is looking to raise around ₹5,000 crore ($572Mn) via perpetual bonds. (BS)

VC