Zomato to Pilot 10-Minute Food Delivery in NCR

• Indian markets closed higher for the second straight session on January 29, supported by strong buying in IT and banking stocks. Value buying in the broader market also added to the gains. A decline in crude oil prices helped sustain the bullish sentiment.

• The recent correction had pushed several stocks into oversold territory, leading to a rebound.

• IT stocks saw a sharp recovery, tracking Wall Street’s tech-led rebound after concerns over a low-cost AI model from China’s DeepSeek triggered a sell-off.

TVS Motor Company +5.49%

• TVS Motor rose over 6% in early trade after posting a 4.2% increase in net profit for the December quarter, driven by higher sales volumes and operational efficiency. Revenue from operations grew 10% YoY to ₹9,097 crore.

JSW Energy (5.99%)

• JSW Energy shares dropped 10% intraday after the company reported a 27% YoY decline in consolidated net profit for Q3, primarily due to lower revenues from its thermal and hydropower plants. Net profit fell to ₹168 crore from ₹231 crore in the year-ago quarter.

• India bond investors expect a slight rise in government borrowing and a decline in yields. (RT)

• Finance Ministry approves mutual credit guarantee scheme for MSMEs. (ET)

• Zomato will pilot 10-minute food deliveries in NCR under Quick next week. (YS)

• Avendus to wind down its hedge fund business; vertical head to exit. (BS)

• Blackstone-Sattva JV plans to file for a ₹7,000 crore ($812Mn) REIT IPO. (MC)

• IFCI board approves ₹500 crore ($58Mn) infusion via preferential share issue. (BS)

• Dr Agarwal's IPO was subscribed 7% on the first day. (Mint)

• Denta Water and Infra Solutions shares closed 16% higher on debut. (MC)

This week’s mainboard IPO schedule

• Dr Agarwals Healthcare

  • Offering Period: 29 January - 31 January, 2025

  • Listing Date: 05 February, 2025

  • Issue Price: 382-402

  • Lot Size: 35

M&A / Investments

• Hindustan Unilever seeks CCI approval to acquire Minimalist. (ET)

Debt

• Union Bank of India to raise ₹20,000 crore ($2.31Bn) for infrastructure and housing, plus ₹5,000 crore ($580Mn) in green bonds. (BS)

• Aditya Birla Housing Finance raises ₹830 crore ($96Mn) funding from IFC through NCDs. (BS)

• D2C brand P-TAL in talks to raise ₹30 crore ($3.47Mn) funding. (Inc42)

VC

• Prudent Investment Managers to launch ₹500 crore ($58Mn) fund for early-stage startups. (Inc42)

• NAV Capital launches India-focused AIF fund, targets ₹500 crore ($58Mn). (BS)

• Maharashtra Defence and Aerospace Venture Fund invested ₹406 crore ($47Mn) in 22 MSMEs. (YS)

• Early-stage VC-Peaceful Progress Fund closes first fund at ₹50 crore ($5.8Mn). (YS)