Zomato to Acquire Paytm’s Entertainment Business for Rs 2,048 Cr

• Boosted by gains in select FMCG and IT heavyweights like ITC, Hindustan Unilever, and TCS, the Nifty 50, India's stock market benchmark, closed in positive territory for the fifth consecutive session on Wednesday, August 21.

• Over these five sessions, the Nifty 50 has climbed approximately 2.6%.

• The domestic market's gains on Wednesday were supported by generally positive global cues ahead of the Jackson Hole Economic Symposium, where investors expect US Fed Chair Jerome Powell to offer clear indications about the anticipated rate cuts, likely starting in September.

Genus Power Infrastructures +4.99%

• Shares surged 5 percent, closing at the upper circuit of Rs 437.75, after the company announced that its wholly-owned subsidiary secured three Letters of Award (LOA) worth Rs 3,608.52 crore.

• These orders pertain to the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) for the design, supply, installation, and commissioning of an Advanced Metering Infrastructure (AMI) system.

NHPC (0.87%)

• The stock declined by nearly a percent after a major landslide in East Sikkim caused significant damage to the 510-MW hydroelectric project on the Teesta River.

• The full extent of the damage to the power station is still being evaluated, particularly since the dam has been non-operational since October 2023 due to flash floods.

• HDFC Bank surpasses its peer banks by a wide margin in attracting deposits. (ET)

• S&P Global Market Intelligence forecasts a slowdown in dividend growth for Indian banks amid a surge in deposit activity. (ET)

• ICRA warns that higher cost of funds and asset quality challenges could reduce NBFC profitability. (ET)

• HDFC Bank is tapping retail bankers to serve as wealth managers amid a talent crunch. (ET)

• A report reveals that India is achieving double-digit sales growth in FMCG and tech durables through modern trade channels. (ET)

• Despite the e-commerce surge, Indian shoppers continue to buy from retail chains. (ET)

• Developers are struggling to find quality contractors amid the housing boom. (ET)

• NBFCs are overcoming high fund costs by increasing rates and reducing their dependence on bank loans. (ET)

• Ireda is set to float a follow-on public offering (FPO) worth Rs 4,500 crore. (BS)

• Bluestone has secured Rs 900 crore in a pre-IPO round and plans to file draft papers this year. (ET)

• Orient Technologies' IPO was subscribed 6.64 times on Day 1, with the retail portion being oversubscribed 10.5 times. (MC)

• Interarch Building Products' IPO was subscribed 93.53 times on the final day. (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

• Zomato is set to acquire Paytm's entertainment and ticketing business for Rs 2,048 crore. (BS)

• Decathlon is set to invest €100 million in India over the next five years. (YS)

• E2E Networks has secured a $51 million investment. (BS)

• M&G Investments and Ncubate Capital have invested $28 million in Livpure. (EN)

• Kilburn Engineering is set to acquire Monga Strayfield for Rs 123 crore. (BS)

• The Central Bank of India is the top bidder for Future's stake in its insurance ventures. (BS)

• JK Tyre will invest Rs 1.32 crore to acquire a 26% stake in Truere Galaxy. (BS)

• Approval from the CCI is sought for the merger of Tata Motors Finance with Tata Capital. (ET)

Debt

• Cholamandalam is set to raise Rs 1,000 crore by issuing the largest private perpetual bond. (BS)

VC/Funds

• Transition VC plans to launch a new $150 million international fund in 2026. (YS)

• Titan Capital's Winners Fund has raised a target corpus of Rs 200 crore. (EN)

• Micro VC firm Volt VC has launched its inaugural fund with a corpus of Rs 46 crore. (EN)