Closing Bell : Market closes flat amid turbulence; real estate gains offset by IT drags. Sep-25

Closing Bell: Sensex falls, closed at 66,023 level : While Nifty at 19,675 level

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1. 1. 1. Market closes flat amid turbulence; real estate gains offset by IT drags
      2. The BSE Realty index increased by 0.5 percent, driven by Indiabulls Real Estate, Sobha, and Godrej Properties.
      3. European markets were lower on Monday as investors digested last week’s flurry of central bank announcements and the potential of higher-for-longer interest rates.
      4. JSW Infrastructure IPO data On the first day of bidding, 28% of the retail segment was fully booked.
      5. JSW Infrastructure IPO data 20% discount on bidding debut
      6. Sugar stockpiles have risen by up to 7% as sugar prices have risen.
      7. Delta Corp has received notification to settle an alleged GST debt of Rs 11,139 crore.
      8. Berger Paints loses 7.5% when it becomes ex-bonus; volumes fall by 60%.
      9. LT Foods rises 3% on a positive outlook for convenience wing revenue.
      10. IRCON International signs deal with Sri Lanka Railway on a Rs 122 crore Indian line of credit.
      11. Federal Bank plummeted more than 1% following a massive block deal.
      12. Delta Corp plummeted more than 18% following a massive block deal.
      13. Equitas Small Finance Bank gains 1% on a massive block deal
      14. Shree Renuka Sugars’ board of directors approves the signing of formal agreements to acquire Anamika Sugar Mills for Rs 235.5 crore.
      15. Delta Corp has received notification to settle an alleged GST debt of Rs 11,139 crore.
      16. SBI raises Rs 10,000 crore through infrastructure bonds with a 7.49% interest rate.
      17. A day before the deal opens, Updater Services raises Rs 288 crore through an anchor book.
      18. Bajaj Finance has big plans. Funding of $800 million to $1 billion

Indian Market Action

     INDIAN MARKET MOVERS 

News Updates

Bajaj Finance plans mega $800mn-$1bn fund raise; engages JM Fin, Citi, Morgan Stanley & BofA Securities

Bajaj Finance, a leading NBFC, is planning a massive $800mn-1bn fund raise, with four investment banks shortlisted for the deal. The deal was initiated by the firm, which is known for large trades. The final decision on the deal size and mechanism will be made during the upcoming board meeting on October 5. The fundraising proceeds are expected to be used for growth capital and to strengthen the firm’s balance sheet. The company’s stock has risen by 21% in the last six months. The deal is part of Bajaj Finance’s strategy to engage in large trades every few years.

IPO rush continues with 18 public issues worth over Rs 4,000 cr set to open this week

The IPO rush continues with 18 public issues worth over Rs 4,000 crore set to open this week on Dalal Street. Starting on September 25, 18 companies will open Rs 4,095 crore worth of IPOs for subscription, including four in the mainboard segment. Five ongoing issues are also expected. The first IPO from the JSW Group since 2010, JSW Infrastructure, will open on September 25 with a target of raising Rs 2,800 crore. Facility management services company Updater Services will also open its Rs 640-crore public issue during the same period. JSW Infrastructure has already raised Rs 1,260 crore and Updater Services Rs 288 crore from anchor investors.

ICICI Lombard appoints Sanjeev Mantri as MD and CEO

ICICI Lombard General Insurance has appointed Sanjeev Mantri as Managing Director and Chief Executive Officer. Mantri, currently serving as Executive Director, will take on the role starting December 1, or upon IRDAI approval, for a five-year term or until his retirement pending IRDAI and shareholder approval. With over 28 years of experience, Mantri started his career at Bennett Coleman and Co, BNP Paribas, and spent over 20 years with the ICICI Group, initially at ICICI Bank in 2003. He joined ICICI Lombard in 2015 as Executive Director, overseeing the retail division and playing a crucial role in enhancing the company’s revenue, profitability, stock exchange listing, and the merger with Bharti Axa.

Aggressive divestment drive triggers doubts on the fate of PSU stocks

The government’s aggressive divestment drive has caused a 12 percent correction in the SJVN counter, raising concerns among investors about potential corrections in other public sector companies. The NSE CPSE index, which represents central public sector enterprises, was trading 1.68 percent down on September 22, the best performer this year with a 36 percent gain. The government announced its decision to sell 4.95 percent in SJVN at Rs 69, 15.59 percent lower than the prevailing price on September 20. Currently, the stock trades at Rs 71.15 per share, 0.03% higher than the divestment price.

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Force Motors announces August production of 3,032 automobiles. 

Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.

Hitachi Energy India rises nearly 4% after receiving an order.

Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.

Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.

Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.

Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.

Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e

Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.

Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.

CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.

PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.

L&T rises on rumours of a possible order from Saudi Aramco for a gas project.

Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit

Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.

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