Volkswagen India Accused of Evading Rs 11,855 Crore Tax

• The Indian stock market saw robust buying across segments on Tuesday. A total of 251 stocks, including HDFC Bank, Persistent Systems, and Info Edge (Naukri), reached new one-year highs during intraday trade on BSE on December 3, driven by a broader market rally.

• Investors are shifting focus to potential growth drivers, anticipating that weak economic data is already priced into recent subdued corporate earnings. Banking stocks led the gains, reflecting their sensitivity to interest rates.

Enviro Infra Engineers +15.44%

• Enviro Infra Engineers shares closed nearly 16% higher on Tuesday after a strong market debut on November 29. The stock opened on the NSE at ₹220 per share, a 48.64% premium to the upper end of its IPO price band.

Godfrey Phillips India (1.58%)

• Shares of tobacco companies, including ITC, Godfrey Phillips, and VST Industries, declined on December 3 amid reports suggesting a potential increase in the tax rate for cigarettes, aerated beverages, and other 'sin goods' to 35%.

• Volkswagen Group allegedly "evaded" paying Rs 11,855 crore ($1.4Bn) in tax in India. (BS)

• Experts suggest that weak Q2 GDP may lead the RBI to consider a CRR cut. (ET)

• Morgan Stanley lowers India's GDP growth forecast for FY25 to 6.3%. (ET)

• Deloitte reports that Japanese firms are keen to establish semiconductor units in India. (ET)

I posted yesterday about why Bollywood is turning to external investors. To read more, click below 👇️ 

• Swiggy invests ₹1,600 crore ($188Mn) in Scootsy Logistics via rights issue. (YS)

• Suraksha Diagnostic IPO fully subscribed on Day 3, driven by QIBs and NIIs. (MC)

• Property Share Investment Trust IPO receives 8% subscription by day 2. (MC)

This week’s mainboard IPO schedule

• Suraksha Diagnostic

  • Offering Period: 29 November - 03 December, 2024

  • Listing Date: 06 December, 2024

  • Issue Price: 420-441

  • Lot Size: 34

• Property Share REIT

  • Offering Period: 02 December - 04 December, 2024

  • Listing Date: 09 December, 2024

  • Issue Price: 10,00,000-10,50,000

  • Lot Size: 1

M&A / Investments

• KKR is set to acquire a 60.36% stake in HCG for ₹4,663.12 crore ($550Mn) from CVC Capital. (ET)

• Fairfax India to acquire an additional 10% stake in Bangalore airport for ₹2,159 crore ($255Mn). (ET)

• Lectrix EV plans to raise ₹846 crore ($100Mn) to support its next phase of growth. (BS)

• Carlyle Group sells 4.3% stake in Indegene for ₹636 crore ($75.1Mn). (ET)

• IFC will invest ₹169 crore ($20Mn) in FlexiLoans, an MSME-focused NBFC. (YS)

• CCI approves MUFG Bank and Koch Group's investment in Shiprocket. (YS)

• SaaS unicorn Amagi acquires Argoid AI. (EN)

• CCI approves ADIA arm's investment in GMR Infra Enterprises. (ET)

Debt

• Bank of India plans to issue an additional ₹5,000 crore ($590Mn) in infrastructure bonds. (BS)

VC