Tata Group Remains India's Most Valuable Brand at $28.6 billion.

Hello,
Thursday's session saw the Nifty 50 cross 24,000 and the Sensex soar over 79,000 for the first time, marking historic highs in mid-day trading. Indian President Droupadi Murmu has said the upcoming Union budget will feature several landmark steps and the Tata Group retains its place as India’s most valuable brand according to Brand Value.

Markets📊 
As of 27/06/2024 Market Close

• Thursday's session marked a historic day for the domestic benchmark indices, with the Nifty 50 crossing 24,000 and the Sensex soaring over 79,000 for the first time, hitting new highs in mid-day trading.

• Market analysts attributed the surge to the return of foreign institutional investors (FIIs), increased purchases in index heavyweights, and political stability.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Dr Reddy’s Laboratories Ltd +2.72%

• Shares climbed nearly 3 percent after the company announced an agreement to acquire UK-based Haleon Plc's global portfolio of Nicotine Replacement Therapy (NRT) consumer healthcare brands outside the US.

IIFL Securities Ltd (9.76%)

• Shares dropped nearly 10 percent after reports emerged that market regulator SEBI is investigating market expert Sanjiv Bhasin for alleged stock market manipulation.

Yesterday’s Highlights📒 

• Tata Group remains India's most valuable brand, with a valuation of $28.6 billion. (BS)

• The RBI has raised concerns about high delinquency levels among fintech lenders for loans under Rs 50,000. (ET)

• Housing sales have declined by 8% quarter-on-quarter, even as prices continue to rise. (ET)

• Bank unions have written to the Finance Minister advocating for the merger of Regional Rural Banks (RRBs) with their sponsor banks. (ET)

• President Murmu: Upcoming Budget to Feature Many Historic Steps. (YS)

• Hitachi Payment Services receives RBI approval to operate as an online payment aggregator. (YS)

• ONDC is set to reach 10 million transactions in June. (ET)

• The Japanese alcoholic beverage company Suntory has established a subsidiary in India. (ET)

• According to CAPA India, Indian airports need to reassess their pricing strategies. (ET)

• The RBI has cautioned against a surge in private credit between corporates and non-banking entities. (ET)

• The RBI has voiced concerns over credit growth, highlighting that an expansion exceeding 18% could pose risks. (ET)

• Financing is increasingly becoming a significant obstacle for the adoption of electric vehicles (EVs). (ET)

IPO / Issuances🚀 

• Ecom Express initiates Rs 3,000 crore ($359Mn) IPO process. (ET)

• Sobha Ltd is set to launch a rights issue on Friday aimed at raising up to Rs 2,000 crore ($239Mn). (BS)

• Bansal Wire Industries' IPO is scheduled to open on July 3, aiming to raise Rs 745 crore ($89.3Mn) through a fresh issue of shares. (Moneycontrol)

• Experts predict that Stanley Lifestyles is likely to debut with a 40% increase in its share price. (Moneycontrol)

• On the third day of the Allied Blenders & Distillers IPO, the issue was oversubscribed 23.55 times, bolstered by HNIs and QIBs. (Moneycontrol)

• Vraj Iron and Steel's I PO was oversubscribed 16.9 times on the second day of the offer. (BS)

• Urban Company aims for IPO in 2025, says CEO Abhiraj Singh Bhal. (YS)

• Bain Capital-backed Emcure Pharma to launch IPO on July 3. (Mint)

This week’s mainboard IPO schedule

• Stanley Lifestyles (RHP)

  • Offering Period: 21-25 June, 2024

  • Listing Date: 28 June, 2024

  • Issue Price: 351-369

  • Lot Size: 40

• Allied Blenders (RHP)

  • Offering Period: 25-27 June, 2024

  • Listing Date: 02 July, 2024

  • Issue Price: 261-281

  • Lot Size: 53

• Vraj Iron and Steel (RHP)

  • Offering Period: 26-28 June, 2024

  • Listing Date: 03 July, 2024

  • Issue Price: 195-207

  • Lot Size: 72

Deal Activity🤝 

M&A / Investments

• PE firm, Finnest invests Rs 1209 crore ($145Mn) to acquire a majority stake in Kitchens@. (EN)

• JSW Infrastructure acquires a 70.4% stake in logistics company Navkar Corporation for Rs 1,013 crore ($121Mn). (BS)

• Amazon has injected an additional Rs 600 crore ($71Mn) into Amazon Pay India. (ET)

• The board of UltraTech Cement has approved the acquisition of a 23% stake in India Cements. (Mint)

• Ambuja Cements' board has approved the merger of Adani Cementation with the company. (BS)

• The National Company Law Tribunal (NCLT) has approved BPCL subsidiaries' acquisition of VoVL. (ET)

• Dialog has acquired 100% ownership of Airtel Lanka through a share swap agreement. (ET)

Debt

• Celebal Tech secures debt funding from alternative credit platform, BlackSoil. (EN)

Funds

• Emkay Investment Managers has launched a new alternative fund, targeting Rs 500 crore ($60Mn) in investments. (BS)

VC🤑

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