Zomato Infuses ₹1,500 Crore in Blinkit

• The Sensex plunged over 800 points on February 24, marking its fifth straight session of decline amid weak global cues, trade war concerns, and continued foreign capital outflows.

• A strong rally in Chinese stocks has further pressured the Indian market, with investors shifting funds due to China's attractive valuations and India's relatively high valuations.

• While India's economic growth had driven markets to record highs last year, recent macroeconomic data and revised forecasts indicate a slowdown.

Glenmark Pharmaceutricals +1.78%

• Glenmark Pharma shares jumped over 3.5% after settling multiple antitrust and consumer protection lawsuits against its US subsidiary for $7 million.

• Plaintiffs included Humana, Centene, and Kaiser, though the company clarified that the settlement did not imply any admission of guilt.

NTPC Greeny Energy (6.11%)

• NTPC Green Energy shares fell over 6% as the three-month shareholder lock-in ended on February 24, triggering sell-offs.

• With 18.33 crore shares (2% of outstanding equity) now eligible for trading, concerns over potential increased supply weighed on sentiment.

• RBI plans to remove foreclosure charges on floating-rate loans for retail and MSME borrowers. (BS)

  • New foreclosure rules may impact NBFC profitability. (DC)

• SEBI plans to expand the investor base for angel funds. (ET)

• RBI raises mortgage and loan ceilings for urban co-operative banks. (ET)

• Ireda secures shareholder approval to raise up to ₹5,000 crore ($575Mn) through QIP. (BS)

There are no mainboard IPOs this week.

M&A / Investments

• AkzoNobel N.V. to acquire Indian arm’s powder coatings business for ₹2143 crore ($246Mn). (ET)

• Indorama Ventures to acquire a 25% stake in EPL from Blackstone for ₹1,910 crore ($219Mn). (BS)

• Zomato infuses ₹1,500 crore ($172Mn) into Blinkit. (FE)

• Veranda Learning acquired a 40.41% stake in BB Virtuals. (YS)

Debt

• Tata Communications issues commercial papers to raise ₹465 crore ($53.5Mn). (BS)

• Oxyzo raised ₹100 crore ($11.5Mn) through secured NCDs as it gears up for IPO. (YS)

VC