Swiggy Increases IPO Size to Rs 5,000 Crore

• The Indian stock market continued its upward momentum for the second straight session on Tuesday, driven by an overnight rally on Wall Street fuelled by hopes of a possible Fed rate cut next week.

• IT and pharma stocks were the top performers, with Nifty IT stocks climbing 5 percent amid optimism about a rate cut.

ITI +5.69%

• Shares surged nearly 6 percent after the PSU firm secured a Rs 300 crore order from the Bihar government. The telecom manufacturing company received the order from the Bihar Renewable Energy Development Authority (BREDA) to supply and install 1,00,000 Solar Street Light Systems.

• This announcement triggered a sharp rise in the stock's price. This new order comes on top of the 80,000 solar street light systems the company is already executing in Bihar for BREDA.

ONGC (1.00%)

• Shares of ONGC continued to face selling pressure, impacted by global demand weakness, supply disruptions, and downward revisions in crude oil price forecasts.

• ONGC's stock closed with a 1 percent decline, despite a brief rebound in global crude prices on Monday after six consecutive sessions of losses.

• UAE and India are set to collaborate on critical minerals supply chains. (ET)

• Centre amends regulations for amalgamations under companies law. (BS)

• SEBI updates Foreign Venture Capital Investors’ registration rules to streamline investments. (ET)

• The government is developing a policy for decarbonizing the steel sector. (ET)

• Merger filings with CCI are expected to rise by 30% due to the new norm. (FE)

• India's mutual fund assets hit a record high in August, with thematic funds leading equity inflows. (RT)

• Swiggy increases IPO size to raise Rs 5,000 crore ($596Mn), up from Rs 3,750 crore ($447Mn). (MC)

• Panchshil-Blackstone hotel JV, Ventive Hospitality, files DRHP for a Rs 2,000 crore ($238Mn) IPO. (MC)

• PN Gadgil Jewellers raises Rs 330 crore ($39.4Mn) from anchor investors. (MC)

• Bajaj Housing Finance IPO was 7.5x subscribed, with NIIs at over 16x. (MC)

• Tolins Tyres IPO was subscribed 5.2x on Day 2. (MC)

• Kross IPO was subscribed 2.56x on Day 2, with retail investors booking nearly 4x. (MC)

• PN Gadgil Jewellers' IPO was fully subscribed within hours and booked 2.01x on Day 1. (MC)

This week’s mainboard IPO schedule

• Bajaj Housing Finance

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 66-70

  • Lot Size: 214

• Kross

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 228-240

  • Lot Size: 62

• Tollins Tyres

  • Offering Period: 09 September - 11 September, 2024

  • Listing Date: 16 September, 2024

  • Issue Price: 215-226

  • Lot Size: 66

• PN Gagdil Jewellers

  • Offering Period: 10 September - 12 September, 2024

  • Listing Date: 17 September, 2024

  • Issue Price: 465-480

  • Lot Size: 31

M&A / Investments

• GoKwik acquires Return Prime to expand into global markets. (EN)

• CCI approves the merger of Tata Motors Finance into Tata Capital. (BS)

• CCI approves Dixon Technologies' acquisition of a stake in Aditya Infotech. (BS)

VC/Funds

• Playbook Partners announces the first close of its Rs 2,095 crore ($250Mn) growth capital fund. (EN)