SBI to Offload Rs 18,420 Crore Yes Bank Stake by March

• The domestic benchmark indices ended Wednesday's trading with mixed results amid a slightly choppy session. Despite a positive rebound in global markets, the domestic market experienced a restricted range of trading.

• The Nifty IT index outperformed the other 13 key industry indices following positive US economic data.

• Meanwhile, a drop in WPI inflation, mainly due to decreased food costs, suggests that the RBI is getting closer to its price stability goal.

SVJN Ltd +3.67%

• Shares climbed 3.7 percent as investors welcomed the PSU firm's positive June 2024 quarter earnings.

• The hydropower company reported a 31 percent year-on-year increase in consolidated net profit, reaching Rs 357 crore in Q1 FY25, driven by higher income. Total income surged 29 percent YoY to Rs 958.47 crore.

Piramal Enterprises (10.39%)

• The stock dropped 10.4 percent after the diversified non-banking financial company (NBFC) reported its Q1 FY25 earnings.

• The Piramal Group firm's net profit fell 64 percent year-on-year to Rs 181 crore in Q1 FY25, mainly due to a high base effect from a one-off item in the previous year.

• MSMEs will receive a Rs 15,000 crore ($1.78Bn) subsidy to adopt green technology. (ET)

• India and Russia's central banks have renewed talks to establish a mechanism for expanding local currency trade. (RT)

• The government plans to offer financial incentives for the development of critical minerals. (ET)

• India plans to discuss the EU carbon tax in the next round of FTA talks. (ET)

• India seeks a review of its trade pact with the UAE. (FE)

• D2C festive sales are expected to rise by 40%, according to a Gokwik report. (ET)

• India's July merchandise trade deficit widened due to global headwinds. (RT)

• Passenger vehicle sales declined for the first time in over two years in July. (ET)

• Vedanta's board has approved a 2.6% OFS in Hindustan Zinc, valued at Rs 6,450 crore ($768Mn). (BS)

• Aurobindo Pharma is considering a mega IPO of Eugia Pharma Specialities to raise approximately Rs 4,500 crore ($536Mn). (MC)

• SoftBank-backed OfBusiness is engaging bankers for a Rs 4,196 crore ($500Mn) IPO next year. (YS)

• SpiceJet promoter Ajay Singh plans to dilute over 10% of his stake to raise Rs 3,000 crore ($357Mn). (BS)

• Ecom Express' board has approved a Rs 2,600 crore ($309Mn) IPO. (EN)

• Arisinfra Solutions has filed a DRHP with SEBI for a Rs 600 crore ($71.5Mn) IPO. (MC)

• The Ola Electric and FirstCry IPOs have netted investment banks a substantial Rs 241 crore ($28.7Mn) payday. (MC)

• Technocraft Industries announces a Rs 130 crore ($15.5Mn) share buyback. (ET)

• The Saraswati Saree Depot IPO was oversubscribed by 107.52 times on the final day. (MC)

• Inventurus Knowledge Solutions has filed a DRHP with SEBI. (MC)

This week’s mainboard IPO schedule

• Saraswati Saree Depot (RHP)

  • Offering Period: 12 August - 14 August, 2024

  • Listing Date: 20 August, 2024

  • Issue Price: 152-160

  • Lot Size: 90

M&A / Investments

• SBI plans to sell its Yes Bank stake worth Rs 18,420 crore ($2.19Bn) by the end of March. (ET)

• ONGC, JSW, and Sembcorp have been shortlisted to acquire a majority stake in the Rs 6,714 crore ($800Mn) Ayana deal. (BS)

• Nishkala Healthcare has acquired Suasth Hospital for Rs 189 crore ($22.5Mn) through the IBC process. (ET)

• Accenture gets CCI approval to acquire stakes in Vodafone's VSOL. (BS)

• Veefin has acquired Nityo Tech to expand its digital banking services. (YS)

• NPCI has established NPCI BHIM Services Ltd as a wholly-owned subsidiary. (BS)

Debt

• Reliance Retail secures Rs 14,839 crore ($1.76Bn) debt from its parent company for strategic growth. (BS)

• Bajaj Finance is seeking a loan of up to Rs 4,196 crore ($500Mn). (ET)

VC/Funds

• Zepto has raised Rs 2,853 crore ($340Mn) in Series G funding, boosting its valuation to $5 billion. (BS)

• 35North Ventures has raised Rs 100 crore ($11.9Mn) in the first phase of its newly launched AIF. (YS)