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Dalal Street is set for a vibrant IPO season with 15 companies, including LG Electronics India, Vishal Mega Mart, Mobikwik, and Canara Robeco AMC, planning listings in December and early January 2025. These public issues aim to raise nearly Rs 20,000 crore, featuring a mix of fresh equity issuances and offers for sale across various sectors, from retail to fintech.
Inventurus Knowledge Solutions has set a price band of Rs 1,265-1,329 per share for its IPO, with anchor investor bidding starting on December 11. The allotment will be finalized by December 15, and the stock is expected to list on exchanges on December 19. This IPO is a pure offer-for-sale, with existing promoters and shareholders selling shares worth up to Rs 2,497 crore, leading to a projected market capitalization of approximately Rs 22,802 crore at the upper price band.
Wiom, an affordable internet service provider, is in advanced talks to raise Rs 85 crore ($10 million) from Accel and Bertelsmann India Investments, with potential participation from Prosus. This funding round follows a $17 million raise in July 2023 and aims to expand the company's reach, offering unlimited internet for as low as Rs 10.
Credit card limits are being reduced due to rising defaults on repayments, which increased from 1.6% in March 2023 to 1.8% by June 2024. This trend is influenced by the growing popularity of Buy Now, Pay Later schemes and easy e-commerce installment plans, particularly among young millennials. As of June 2024, India's outstanding credit card dues reached Rs 2.7 trillion, up from Rs 2 trillion in March 2023.
Indian markets experienced a rally in the first week of December, fueled by foreign investments totaling ₹11,933.59 crores after two months of selling. The Sensex rose by 2.38%, and the Nifty50 increased by 2.26%, with mid-cap and small-cap stocks climbing over 3% for the third consecutive week.
The third edition of the Digital Engineering Awards, co-hosted by ISG, L&T Technology Services, and CNBC-TV18, celebrated 35 organizations and 14 individuals for their innovations in digital engineering, with over 230 nominations received. The event highlighted advancements in AI and GenAI across sectors like automotive, healthcare, and telecommunications, showcasing the transformative impact of digital technologies. Judges included international experts, and the awards recognized excellence in sustainability, digital products, and new technology applications.
Jefferies has issued a 'Buy' recommendation for Sun Pharma with a target price of ₹2,150 per share, citing potential peak sales of $100 million from its latest cancer treatment assets. Meanwhile, CLSA rates NHPC as 'Outperform', reflecting positive sentiment in the market.Godrej Consumer Products also received a 'Buy' call from Jefferies, targeting ₹1,550 per share, despite anticipated volume declines in soaps and home insecticides. Motilal Oswal has a 'Buy' rating on Reliance Industries, targeting ₹1,580 per share, highlighting strong free cash flow generation and growth prospects in various segments.
Lenskart has signed a Memorandum of Understanding with the Telangana government to establish the world's largest eyewear manufacturing facility at Fab City, with an investment of Rs 1,500 crore. The plant is expected to create approximately 2,100 jobs and will produce eyewear, lenses, sunglasses, and accessories for the Indian market, as well as for export to Southeast Asia and the Middle East. The land for the facility has been identified and is set to be handed over to Lenskart soon, reflecting the state's commitment to facilitating business operations.
The Nifty 50 index experienced moderate losses after five consecutive days of gains, closing at 24,678 on December 6, as investors took profits following the RBI's expected outcome. Resistance is anticipated at the 24,700 and 24,800 levels, while immediate support is found between 24,500 and 24,400, with 24,200 as the next key support level.
Kota's coaching and hostel industries are facing a significant downturn, with student numbers plummeting from 2-2.5 lakh to 85,000-1 lakh due to negative publicity and new regulations. This has led to a revenue drop from Rs 6,500-7,000 crore to Rs 3,500 crore, leaving many hostel owners struggling to meet loan repayments. Despite the crisis, stakeholders remain hopeful about the city's unique educational environment and are exploring new opportunities, including the establishment of IT hubs.
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