Vishal Mega Mart Files for Rs 8,000 Cr IPO

• After breaking the 50-DEMA support at 20,050, the Nifty 50 index plunged during Thursday's session, hitting an intraday low of 24,749, losing approximately 375 points over three consecutive sessions. The BSE Sensex dropped more than 1,000 points, reaching an intraday low of 80,959.

• Stock market experts suggest that domestic institutional investors (DIIs) are anticipating further declines as foreign institutional investors (FIIs) sell at higher levels, while awaiting the results of the U.S. Presidential Election and the Maharashtra Assembly polls.

NALCO +3.26%

• Shares of a domestic aluminium producer jumped more than 3%, driven by Alcoa Corporation's strong quarterly earnings and rising alumina prices. Alcoa's results were also supported by lower raw material costs.

• Alumina futures, a crucial component in aluminium production, have surged over 45% this year due to tight supply.

Bajaj Auto (13.11%)

• Shares of the two- and three-wheeler giant plunged more than 13% after the company reported a lower-than-expected net profit for the second quarter.

• This followed a revision of its growth outlook for two-wheeler sales in India to a modest 5%, the lower end of its previous estimate of 5-8%.

• India has extended its first-ever rupee-denominated line of credit, granting Mauritius Rs 487 crore ($57.9Mn). (ET)

• India and Australia are accelerating negotiations for a free trade agreement (FTA). (FE)

• Punjab and Sind Bank has classified MTNL's accounts as non-performing assets. (ET)

• The rupee closed at a record low, weighed down by capital outflows and weak Asian currencies. (RT)

• Vishal Mega Mart has filed draft IPO papers to raise Rs 8,000 crore ($951Mn). (MC)

• Zomato's board will consider raising funds through a Rs 840 crore ($100Mn) QIP ahead of its Q2 results. (YS)

• Hyundai's IPO was subscribed 2.37 times on the final day, with QIBs leading at 7 times subscription. (MC)

This week’s mainboard IPO schedule

• Hyundai Motor India

  • Offering Period: 15 October - 17 October, 2024

  • Listing Date: 22 October, 2024

  • Issue Price: 1865-1960

  • Lot Size: 7

M&A / Investments

• Zodius Capital exits OfBusiness through a Rs 840 crore ($100Mn) secondary share sale. (ET)

• Bharat Forge is set to acquire axle manufacturer AAM India for Rs 544.5 crore ($64.7Mn). (BS)

• Morgan Stanley purchased a Rs 85.5 crore ($10Mn) stake in Titagarh Rail Systems via a bulk deal. (BT)

• Haldiram Snacks' promoters have revised their stake sale plans and now aim to offload 10-15%. (BS)

Debt

• Muthoot Finance has raised Rs3,362 crore ($400Mn) through dollar bonds with a maturity period of 4.5 years. (BS)

• LIC Housing Finance has accepted bids totalling Rs 1,300 crore ($154Mn) for its 5-year bonds. (BS)

VC/Funds

• Tetr College of Business launches a Rs 84 crore ($10Mn) fund to support student entrepreneurs. (YS)