Skincare Brand Minimalist Acquired by HUL for ₹2,955 Cr

• Dalal Street extended its gains on Thursday, January 23, driven by strong support from IT and cement stocks, keeping the frontline indices positive for the second session in a row.

• The broader market saw a sharp recovery after recent selling pressure, with mid- and small-cap stocks outperforming.

• IT stocks maintained their momentum for the second day, while Ultratech Cement's better-than-expected results boosted sentiment in the cement sector, resulting in strong gains across major counters.

PB Fintech +4.65%

• Shares surged over 5% after Citi Research placed PB Fintech under a 90-day positive catalyst watch.

• Citi's optimism stems from expectations of sustained growth in the company's retail protection, retail health, and savings segments.

Bharat Petroleum (2.14%)

• Shares dropped 2% after the October-December earnings failed to meet expectations.

• Despite a nearly 20% year-on-year rise in profit, the oil marketing major's results fell significantly short of brokerages' estimates, which had anticipated a 50% increase in net profit.

• A renewed push by Japanese banks and other global lenders is driving down loan prices in India. (ET)

• Fuel prices in India are expected to remain stable despite fluctuating crude rates. (ET)

• Lending growth surpasses deposit growth once again. (ET)

• IREDA board approves ₹5,000 crore ($578Mn) fundraising through QIP. (BS)

• Karamtara Engineering files draft papers to raise ₹1,750 crore ($203Mn) through IPO. (MC)

• Infra.Market raises ₹1,050 crore ($121Mn) in a pre-IPO round. (YS)

• Denta Water & Infra IPO subscribed 34x on Day 2, with retail and NII leading. (MC)

This week’s mainboard IPO schedule

• Denta Water and Infra Solutions

  • Offering Period: 22 January - 24 January, 2025

  • Listing Date: 29 January, 2025

  • Issue Price: 279-294

  • Lot Size: 50

M&A / Investments

• HUL acquires 90.5% stake in Minimalist for ₹2,955 crore ($342Mn) valuation. (EN)

• Nuvama-Cushman & Wakefield JV raises ₹1,700 crore ($196Mn) for Prime Offices Fund. (BS)

• Everstone to acquire Wingify from Paras Chopra for ₹1,728 crore ($200Mn). (EN)

• Kotak Life Sciences Fund achieves ₹250 crore (29Mn) first close. (YS)

• ArisInfra Solutions raises ₹80 crore ($9.25Mn) in pre-IPO funding round. (BS)

• DroneAcharya announces merger with AVPL. (EN)

• Sanlayan acquires major stake in Dexcel Electronics. (EN)

Debt

• JSW Steel seeks up to ₹7,779 crore ($900Mn) syndicated loan from international lenders. (BS)

• Bank of India's board approves plan to raise ₹5,000 crore ($578Mn) through infra bonds. (BS)

• Kotak Bank acquires Standard Chartered's ₹3,330 crore ($385Mn) personal loan portfolio. (BS)

• Arya.ag secures ₹259 crore ($30Mn) debt from HSBC. (YS)

VC

• Eximius Ventures launches ₹259 crore ($30Mn) Fund II for early-stage startups. (YS)

• IIFL Fintech Fund raises ₹200 crore ($23.1Mn) through its second fund. (YS)