Warburg Pincus to Sell 9.17% Kalyan Stake for ₹3,584 Cr

• The Nifty 50 continued its upward momentum for the sixth straight session on Thursday, August 22, buoyed by favourable global trends and growing anticipation that the US Federal Reserve might start reducing interest rates in September.

• India’s market mirrored the positive outlook of global indices, as investors reacted to the latest US Fed meeting minutes, which suggested that rate cuts could be on the horizon.

• Furthermore, the downward revision of US employment data over the past year added to the belief that rate cuts might commence soon.

IREDA +8.57%

• Shares of the green financing NBFC, Indian Renewable Energy Development Agency (IREDA), jumped more than 8% after the company announced it is exploring a fundraising proposal of up to ₹4,500 crore through qualified institutional placement (QIP), a rights issue, or other methods.

PNB Housing Finance (2.59%)

• Shares dropped 3% following a block deal valued at approximately ₹715.60 crore, with Asia Opportunities V (Mauritius) likely being the seller.

• Around 81 lakh shares, representing a 3.2% stake in the lender, were traded at a floor price of ₹873 per share.

• Hindalco plans to invest $10 billion for expansion in India and the US, according to KM Birla. (ET)

• India's steel sector's technology investments are expected to reach $2.7 billion by 2030. (ET)

• PwC India projects the gold loan market will double in 5 years to ₹14.19 lakh crore. (ET)

• Rate panel members warn that high food prices in India could threaten the overall inflation outlook. (RT)

• Following the introduction of 6-minute loans, ONDC is set to offer sachetized insurance and micro-investment services. (Mint)

• India may allow foreign investors to raise capital in rupees for overseas investments. (RT)

• India surpassed China to become Russia's top oil buyer in July. (ET)

• ONDC expands into the financial services market by offering working capital loans. (MC)

HDFC Bank Dominates Deposit Growth Despite Smaller Branch Network📈

• HDFC Bank has outpaced its peers by adding a staggering ₹4.66 lakh crore in deposits over the past year. What’s remarkable is that they achieved this with just 8,851 branches, a third of what the State Bank of India (SBI) operates. 🏦

• Why It Matters:
  Amid the Reserve Bank of India's push for better credit-to-deposit ratios, banks have been fiercely competing for deposits. HDFC Bank’s ability to lead the pack, despite its smaller physical presence, speaks volumes about its strategic efficiency. 🎯 

• How They Compare:
  SBI, with its massive network of 22,580 branches, added ₹3.70 lakh crore in deposits during the same period. Public sector banks like Punjab National Bank and Canara Bank, despite their extensive branch networks, couldn’t match HDFC Bank’s pace, with deposit growths of ₹1.10 lakh crore and ₹1.42 lakh crore, respectively. 📊
  
  

• The International Gemmological Institute, backed by Blackstone, files draft papers to raise ₹4,000 crore ($476Mn) through an IPO. (MC)

• Axio secures Rs 167 crore ($20Mn) through a rights issue. (EN)

• DAM Capital will soon file for its IPO, marking India's first ever by a pure-play boutique investment bank. (MC)

• Orient Technologies' IPO was 16.95 times oversubscribed on the second day, led by retail and HNI investors. (MC)

This week’s mainboard IPO schedule

• Interarch Building Products (RHP)

  • Offering Period: 19 August - 21 August, 2024

  • Listing Date: 26 August, 2024

  • Issue Price: 850 - 900

  • Lot Size: 16

• Orient Technologies (RHP)

  • Offering Period: 21 August - 23 August, 2024

  • Listing Date: 28 August, 2024

  • Issue Price: 195 -206

  • Lot Size: 72

M&A / Investments

• The Adani family will sell 3% of its Ambuja Cements stake today to raise up to ₹4,197 crore ($500Mn). (BS)

• Adani Power receives approval to acquire Lanco Amarkantak Power for ₹4,101 crore ($488Mn). (BS)

• Warburg Pincus will sell its entire 9.17% stake in Kalyan Jewellers India for ₹3,584 crore ($427Mn). (BS)

• Nexus Ventures Partners sells a 1.06% stake in Delhivery for ₹344 crore ($41Mn). (YS)

• Faering Capital invests Rs 209 crore ($25Mn) in Hangyo Ice Cream. (YS)

• To finalize the merger in India, Disney and Reliance may need to reduce their dominance in cricket. (Mint)

Debt

• PSUs are set to issue long-term bonds worth ₹5,000 crore ($595Mn) to meet investor demand. (BS)

• LIC Housing Finance raises ₹1,050 crore ($125Mn) through a 5-year bond with a 7.75% interest rate. (BS)

VC/Funds

• Physics Wallah launches a School of Startups and establishes a ₹100 crore fund. (BW)