📊 Sensex Reaches Record High But Ends Day Flat..

Hello,
Markets ended very flat yesterday despite both benchmarks reaching all-time highs, this was attributed towards profit book at higher levels. Adani Group plans to start its roadshows this week to raise $4 billion for its renewables push.

In other news, we have hit a milestone of 100 subscribers! All thanks to every one of you reading this, we have a lot planned over the next few weeks and months to improve your experience. So, stay tuned! Happy reading 😁 

Markets

• Indian stock market benchmarks, the Nifty 50 and the Sensex closed flat on Monday, May 27, after reaching fresh record highs during intraday trading. The gains were curtailed by profit booking at higher levels amid mixed global cues.

• After opening higher, the Sensex and the Nifty 50 hit new all-time highs of 76,009.68 and 23,110.80, respectively. However, both indices failed to maintain these gains, with profit booking at higher levels leading to mild losses.

Notable Gainer & Loser
Source: Moneycontrol

Bosch Ltd (NSE: BOSCHLTD) +2.43%

• Shares surged over 2 percent after the company's impressive fourth-quarter results were well-received by the market.

• The company reported a 42 percent year-on-year increase in net profit, reaching Rs 564.4 crore, driven by increased demand for passenger cars and consumer goods products. In the same period last year, the company's net profit was Rs 398.1 crore.

Karnataka Bank Ltd (NSE: B) (1.94%)

• Shares of Karnataka Bank fell over 2 percent to Rs 213 per share on May 27 after the lender reported a weak performance for the January-March quarter (Q4FY24).

• The bank's net profit dropped by 22.5 percent year-on-year to Rs 272 crore in Q4FY24, while net interest income decreased by 3 percent to Rs 834 crore.

Yesterday’s Highlights

• Electronics companies are seeking Rs 35,000 crore ($4.2Bn) PLI support to enhance manufacturing. (BS)

• Adani Group to embark on fundraising roadshow this week, aiming to raise up to Rs 33,254 crore ($4Bn). (BS)

• Real estate company Sobha aims to increase its equity capital to Rs 10,000 crore ($1.2Bn) within 5 years. (BS)

• REnergy Dynamics ventures into the renewable energy sector, targeting a Rs 5,000 crore ($600Mn) order book by 2029. (ET)

• Cochin Shipyard secures a Rs 541 crore ($65.1Mn) order for hybrid SOVs from a UK operator. (ET)

• Sameera Group earmarks Rs 500 crore ($60Mn) for senior living housing. (ET)

• Satin Creditcare Network secures Rs 332 crore ($40Mn) from Dutch development bank. (ET)

• Lectrix EV plans to invest INR 100 crore ($10.2Mn) in FY25; and intends to introduce several new launches to bolster its position in the EV market. (ET)

• The major purchaser of electoral bonds, Megha Engineering, to divest its city gas business. (ET)

• India introduced a specialized auction for discovered small oil and gas fields. (ET)

• Public sector banks seek adjustments to rules for infra loans, may approach govt. (ET)

• Hyundai establishes an EV charging station in Chennai, with plans to introduce 100 facilities across Tamil Nadu. (ET)

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IPO / FPO / QIPs

There are no mainboard IPOs for the rest of the week but you can check out SME IPOs for this week here.

• Vedanta is reportedly considering a Rs 8,300 crore ($1Bn) share sale through a QIP as early as June. (Moneycontrol)

• Awfis Space Solutions IPO subscribed 108 times yesterday, with the Non-Institutional Investor (NII) portion booked 129x. (Moneycontrol)

M&A / PE

• EQT Private Capital Asia's Mid-Market Growth Fund raises Rs 13,300 crore ($1.6Bn). (YS)

• UltraTech Cement proposes to purchase a 31.6% stake in UAE-based RAKWCT. (ET)

• The parent company of Mamaearth acquires the cosmetic formulation brand CosmoGenesis. (BS)

VC

• Sauce.VC launches third fund with a target corpus of Rs 250 crore ($30Mn). (EN)