Temasek Considering Minority Stake in Haldiram's at $11B

• After a highly volatile session, Indian benchmark indices closed nearly 1 percent lower on Friday, October 4, marking their fifth consecutive day of losses. This follows a more than 2 percent drop in the previous session.

• The recent market decline is attributed to rising tensions in the Middle East, as the conflict between Iran and Israel has escalated. Overall, the indices have fallen over 5 percent from their record highs reached on September 27.

• The rupee recorded its worst week since May, impacted by equity outflows and risks from the Middle East.

Bank of Baroda +2.10%

• Shares of Bank of Baroda closed 2.10 percent higher after the public sector lender released its Q2FY25 business update.

• During the July-September period, the bank reported an 11.6 percent year-on-year (YoY) growth in global advances to ₹11.43 lakh crore, while domestic advances increased by 12.51 percent to ₹9.39 lakh crore.

Avenue Supermarts (4.40%)

• Shares of Avenue Supermarts, the operator of DMart, dropped 4.40 percent after brokerages provided a mixed outlook on the stock following its Q2FY25 business update on Thursday.

• The company reported a 14 percent year-on-year increase in standalone revenue to ₹14,050 crore for the quarter ended September 2024. However, some analysts expressed concerns over the growth pace.

• Jio Financial Services and BlackRock have received SEBI's in-principle approval to start their mutual fund business. (BT)

• Apple plans to open four new retail stores in India amid rising sales. (AI)

• Motilal Oswal forecasts a 0.6% quarter-on-quarter decline in profits for public sector banks. (ET)

• AIFs and the government are in discussions regarding taxation on "carry income." (ET)

• IRDAI is encouraging insurance companies to go public. (ET)

• India's forex reserves surpass $700 billion for the first time following a seven-week surge. (RT)

• Dev Accelerator plans a Rs 125 crore IPO amid strong demand for office spaces. (BS)

• Diffusion Engineers shares finished their listing day with a 21% gain. (MC)

This week’s mainboard IPO schedule

• Garuda Construction and Engineering

  • Offering Period: 08 October - 10 October, 2024

  • Listing Date: 15 October, 2024

  • Issue Price: 92-95

  • Lot Size: 157

M&A / Investments

• Temasek is in talks to acquire a minority stake in Haldiram's at an $11 billion valuation. (BS)

• Jakson Green is close to raising Rs 4,000 crore ($476Mn) to expand its renewable capacity. (BS)

• Exicom acquired US-based EV charging firm Tritium for Rs 310 crore ($36.8Mn). (YS)

• SAMHI Hotels to acquire Innmar Tourism at an enterprise value of Rs 205 crore ($24.3Mn). (BS)

• Capital IQ has acquired Karman Drones for Rs 75 crore ($8.9Mn). (ISN)

• LIC increases its stake in Bank of Maharashtra from 4.05% to 7.10%. (BS)

• Goldman Sachs raises its stake in CarTrade to 7.19%. (ET)

Debt

• SBI classifies MTNL as a non-performing asset due to Rs 325.53 crore ($38.7Mn) debt. (BS)

VC

• Inflexor Ventures plans to raise Rs 1,200-1,700 crore ($142-202Mn) for its third fund. (BS)