Zerodha Launches New Fund to support open-source projects.

• Indian stock market benchmarks, the Sensex and Nifty 50, declined for the second straight session on Wednesday, October 16, due to weak global cues.

• Additionally, disappointing Q2 earnings and concerns about persistent inflation continued to dampen sentiment. Most sectoral indices closed with losses, with Nifty Auto and IT dropping 1.27 per cent and 1.17 per cent, respectively.

South Indian Bank +6.30%

• Shares jumped more than 6 percent after the lender announced its Q2 earnings, reporting an 18 percent rise in profit to Rs 325 crore for the second quarter ended September 2024.

• The private lender had recorded a net profit of Rs 275 crore in the same quarter last year. Total income rose to Rs 2,804 crore during the quarter, compared to Rs 2,485 crore in the corresponding period a year ago.

Cochin Shipyard (5.00%)

• Cochin Shipyard dropped 5 percent as the government's offer-for-sale to reduce its stake in the PSU by 5 percent opened today.

• The OFS is set at a floor price of Rs 1,540 per share, representing a 7 percent discount from the previous closing price.

• Retailers report that India's high food prices are limiting spending during the early festive season. (RT)

• Macquarie compares the food delivery and quick commerce businesses of Zomato and Swiggy. (BS)

• BlackRock is in discussions with Jio Financial to establish a private credit venture. (BS)

• Nitin Gadkari has urged automakers to enhance the public's acceptance of flex fuel vehicles. (TN)

• According to the IEA, the world is set to enter an "age of electricity" following a surplus in fossil fuel supplies. (ET)

• Hyundai India's IPO was 42% subscribed on Day 2, with the retail portion booked at 38%. (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

• Cipla and Alkem are seeking a Rs 4,000 crore ($475Mn) stake in India's largest stent manufacturer. (BS)

• Strides Pharma's CDMO arm has secured Rs 801 crore ($95Mn) from investors in a pre-listing round. (BS)

• Housing finance firm WEAVER has acquired Capital India Home Loans for Rs 267 crore ($31.8Mn). (BS)

• Bikaji is set to acquire a majority stake in Hazelnut Factory for Rs 131 crore ($15.6Mn). (BS)

• Aditya Birla Digital Fashion has invested Rs 75 crore ($8.9Mn) in WROGN. (NDTV)

• SeaLink Capital and promoters plan to sell a majority stake in Surya Hospital. (ET)

• Temasek is looking to acquire a 25% stake in Rebel Foods ahead of its IPO. (BS)

Debt

• ADIA-backed Lake Shore has received over Rs 1,200 crore ($142Mn) in green loans. (ET)

• Avaada Energy has refinanced Rs 597 crore ($71Mn) for solar projects in Karnataka and Maharashtra. (ET)

• UGRO Capital has secured Rs 336 crore ($40Mn) in impact debt financing. (YS)

• Red Fort Capital has secured Rs 22.6 crore ($2.68Mn) in debt from major PSU banks. (EN)

VC/Funds

• BPEA Credit is nearing the final close of its Rs 750 crore ($89Mn) short-term income fund and has rebranded as Ascertis Credit. (YS)

• Zerodha has launched a new fund to support open-source projects. (Inc42)