Tesla Backtracks: Unlikely to Enter India Soon

Hello,
Markets opened at all-time highs but ended pretty flat yesterday as investors chose to book profit. Elon Musk has gotten cold on any potential Tesla entry into Indian markets.

Markets📊 
As of 04/07/2024 Market Close

• Benchmark indices Nifty and Sensex lost most of their gains in early trade, closing the day marginally higher due to profit booking. Despite this, IT, healthcare, pharma, and auto sectors performed strongly.

• Both indices hit fresh record highs during the session. Market experts cited a rally in IT stocks, supportive global cues, and optimism about a positive budget as key drivers in today's trade.

Notable Gainer & Loser📈📉 
Source: Moneycontrol

Lupin Ltd +8.18%

• Shares climbed over 8 percent after Kotak Institutional Equities double-upgraded the stock to an 'add' rating from 'sell'. KIE's optimism about Lupin comes from its strong US portfolio, which is expected to positively surprise market estimates in FY25 and FY26.

• Consequently, the brokerage raised its price target for Lupin by nearly 30 percent to Rs 1,805, indicating a potential upside of around 11 percent from the previous close.

ITD Cementation India Ltd (13.75%)

• Shares fell 14 percent after the company's promoter, Italian Thai Development Public, announced plans to explore a potential stake divestment.

• Additionally, the recent sharp rise in the stock prompted investors to take partial profits.

Yesterday’s Highlights📒 

• SBI announces initiatives to mitigate risks in its agriculture loan portfolio. (IE)

• Tesla's investment in India is not expected anytime soon as Elon Musk has ceased contact on the matter. (BS)

• Fast fashion brand Shein plans to re-enter India through Reliance Retail's app and stores. (BS)

• Reliance Industries begins testing India's first smart television operating system. (ET)

• Bajaj Auto is set to unveil the world's first CNG bike. (BS)

• Zomato has shut down its hyperlocal delivery platform 'Xtreme' due to poor demand. (BS)

• DPIIT is close to finalizing a model to launch the Producer Price Index in India. (BS)

IPO / FPO / Issuances🚀 

• Lloyds Metals and Energy is expected to launch a Rs 1,200 crore ($143Mn) QIP this week. (ET)

• Cello World launches a Rs 737 crore ($88Mn) QIP. (ET)

• Emcure Pharma IPO Day 2: Issue oversubscribed 3.6x, led by NIIs and retail investors. (Moneycontrol)

• Bansal Wire IPO: Issue subscribed 4.2x on Day 2, with NIIs leading. (Moneycontrol)

This week’s mainboard IPO schedule

• Emcure Pharmaceuticals (RHP)

  • Offering Period: 03-05 July, 2024

  • Listing Date: 10 July, 2024

  • Issue Price: 960-1008

  • Lot Size: 14

• Bansal Wire Industries (RHP)

  • Offering Period: 03-05 July, 2024

  • Listing Date: 10 July, 2024

  • Issue Price: 243-256

  • Lot Size: 58

Deal Activity🤝 

M&A / Investments

• IDFC First Bank raises Rs 3,200 crore ($383Mn) by selling shares to LIC and five other investors. (BS)

• Inox Wind will become a debt-free company after its promoter infuses Rs 900 crore ($107Mn). (BS)

• AstraZeneca invests Rs 250 crore ($30Mn) to expand its global innovation center in Chennai. (YS)

• Raymond plans to demerge its real estate business and list its realty vertical on exchanges. (BS)

• SEFI proposes merger of three companies with SAIL for synergy. (ET)

• Kumar Birla re-enters the race to acquire Orient Cement. (ET)

• AstraZeneca plans to invest Rs 250 crore to expand its Global Capability Centre (GCC) in India. (ET)

Debt

• The Centre has sanctioned a loan of ₹1,898 crore ($227Mn) to 13 sugar factories. (TOI)

• Engie signs a loan agreement with ADB for a Rs 1,460 crore ($174Mn) loan. (ET)

VC🤑

• Suzuki launches Rs 340 crore ($40.7Mn) Next Bharat Ventures fund for Indian startups. (EN)

• Wipro Consumer Care-Ventures leads investment round in snacks firm LetsTry. (BS)

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