Trump’s Tariffs Blocked by US Court in Major Ruling

• Indian stock market benchmarks—the Sensex and Nifty 50—ended higher on Thursday, May 29, snapping a two-day losing streak. Late buying in select blue-chip stocks and positive global cues supported the rebound, after a US federal court blocked former President Donald Trump’s reciprocal tariffs announced on April 2.

• The session was marked by some volatility due to the expiry of May futures and options contracts, but investors took the opportunity to buy on dips, buoyed by a favourable medium- to long-term outlook underpinned by strong macroeconomic fundamentals.

• On the economic front, all eyes are on the March-quarter GDP data set to be released on Friday, May 30. According to a Mint poll of 22 economists, GDP is expected to have grown by 6.9% in Q4FY25, largely driven by robust agricultural activity and strong service exports.

• This would bring full-year FY25 growth to 6.3%, slightly below the National Statistical Office’s second advance estimate of 6.5% released in February.

Waaree Energies +8.36%

• Waaree Energies' share price jumped up to 8% on Thursday after its wholly-owned subsidiary secured a major order worth $176 million.

• According to an exchange filing, the supply of modules under this contract will begin in FY26-27.

Bharat Rasayan (8.51%)

• Shares of Bharat Rasayan Ltd. fell nearly 9% after the company posted weak Q4 results, despite a steady performance for the full fiscal year.

• Revenue for the March quarter remained flat, while profit dropped by over 50%, and EBITDA margins saw a significant decline compared to the previous year.

• Prostarm Info Systems IPO subscribed 97x on Day 3, NII portion booked 222x. (MC)

• Scoda Tubes IPO subscribed over 8x on Day 2; NII, retail lead. (MC)

This week’s mainboard IPO schedule

• Schloss Bangalore (Leela Hotels)

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 413-435

  • Lot Size: 34

• Aegis Vopak Terminals

  • Offering Period: 26 May - 28 May, 2025

  • Listing Date: 02 June, 2025

  • Issue Price: 223-225

  • Lot Size: 63

• Prostarm Info Systems

  • Offering Period: 27 May - 29 May, 2025

  • Listing Date: 03 June, 2025

  • Issue Price: 95-105

  • Lot Size: 142

• Scoda Tubes

  • Offering Period: 28 May - 30 May, 2025

  • Listing Date: 04 June, 2025

  • Issue Price: 130-140

  • Lot Size: 100

M&A / Investments

• Warburg Pincus and Abu Dhabi Investment Authority invest ₹8,500 crore ($1Bn) in IDFC FIRST Bank. (YS)

• Apparel brand Snitch secures ₹279 crore ($32Mn) at ₹2,500 crore ($290Mn) valuation. (YS)

• Imarticus Learning acquires learning platform MyCaptain for ₹50 crore ($5.8Mn). (YS)

• Mapmygenome acquires Canada’s Microbiome Insights ahead of IPO. (YS)

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