Indian equity indices ended strong on Friday, with the NIFTY closing at 23,350.40, up 159.75 points (0.69%), while the Sensex rose 557.45 points (0.73%) to finish at 76,905.51. Foreign institutional investors (FIIs), who had been consistently selling, are now turning into net buyers. This shift is attributed to dovish signals from the US Federal Reserve (Fed) indicating the possibility of two interest rate cuts this year which has renewed optimism in the domestic market.
News
Bain Capital will acquire an 18% stake in Indian gold loan provider Manappuram Finance for Rs4,385 crore (US$508mn—million), with shares and warrants priced at Rs236 each—a 30% premium over the company's six-month trading average. This transaction will trigger a mandatory open offer for an additional 26% stake from existing shareholders, potentially increasing Bain Capital's ownership to between 18% and 41.7%, depending on shareholder response. Meanwhile, Manappuram's microfinance subsidiary, Asirvad Micro Finance, has decided to withdraw its initial public offer (IPO) filing, citing uncertain market conditions.
KPIT Technologies entered into a memorandum of understanding (MoU) with Bharat Petroleum Corporation (BPCL) during the Global Hydrogen and Renewable Energy Summit in Kochi to promote hydrogen-based mobility initiatives in Kerala.
Lupin received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Amifampridine tablets, 10mg. This product would be manufactured at Lupin’s Goa facility in India.
Punjab & Sind Bank and Piramal Capital & Housing Finance (Piramal Finance) entered into a strategic co-lending partnership to enhance credit availability for middle- and low-income borrowers, with a special emphasis on rural and semi-urban regions.
Dalmia Bharat commenced commercial production of its 2.4MTPA (million tonnes per annum) increased cement grinding capacity at Lanka (Assam). With this, the total cement manufacturing capacity of the group stands at 8mn tonnes in north-east and overall 49MTPA, pan-India. The new unit is part of the company’s planned investment of Rs3,642 crore, which was announced in May 2023, to strengthen its market presence and meet the growing demand in the region.
Hindustan Construction Company (HCC), in partnership with Tata Projects (TPL), won a Rs2,191 crore contract for construction of a 8.65km long corridor including underground tunnels and stations for Madhya Pradesh Metro Rail Corporation (MPMRCL). HCC holds a 55% share in the joint venture (JV), amounting to Rs1,205 crore.
Zydus Lifesciences received final approval from the US FDA to manufacture Eluxadoline tablets, 75mg and 100mg (USRLD: Viberzitablets, 75mg and 100mg). Eluxadoline is a mu-opioid receptor agonist, indicated in adults for the treatment of irritable bowel syndrome with diarrhoea (IBS-D). Eluxadoline tablets will be produced at Zydus Lifesciences (SEZ), Ahmedabad.
Tech Mahindra expanded long-term strategic partnership with Google cloud to boost the adoption of artificial intelligence (AI) and lead digital transformation for enterprises globally. The partnership will enable Tech Mahindra to help enterprises worldwide achieve agility, scalability and sustainable growth through cutting-edge technologies.
JSW Energy’s wholly-owned subsidiary—JSW Neo Energy—received competition commission of India’s (CCI) approval to acquire 100% shareholding of O2 Power Midco Holdings Pte and O2 Energy SG Pte.
Tata Power Delhi Distribution (Tata Power-DDL), a JV between Tata Power and the government of NCT of Delhi, and FSR Global signed an MoU to collaborate on policy research, innovation in clean energy technologies and capacity building. The partnership aims to facilitate comprehensive research projects, technical papers and knowledge-sharing initiatives to enhance industry knowledge and promote best practices in the power sector.
Morepen Laboratories executed a business transfer agreement (BTA) with its subsidiary—Morepen Medtech—for the hiving-off of medical devices business on a 'slump sale’ as a going concern basis.
KPI Green Energy received final sanction letter from National Bank for Financing Infrastructure and Development (NaBFID) for credit facilities amounting to Rs272 crore for the part financing of the 50MW (megawatt) hybrid power project comprising 75.2MWp (megawatt peak) solar capacity and 16.95MW wind capacity at Bharuch (Gujarat).
Marksans Pharma received approval from Australian TGA for its manufacturing facility located at Plot A-1, phase-1-A, Verna Industrial Estate, Verna (Goa) for manufacture of pharmaceutical formulations in solid dosage forms of tablets and hard capsules for Australian markets. The products will be manufactured at the above facility in Goa (India) and marketed & distributed in Australian markets through the company’s subsidiary Nova Pharmaceuticals Australasia.
Ashok Leyland inaugurated a manufacturing plant to produce both diesel and electric buses near Vijayawada (Andhra Pradesh). Spread across 75-acre land at Malavalli about 40km from Vijayawada, the factory would manufacture the complete range of diesel and electric buses of Switch Mobility, the electric arm of Ashok Leyland.
Prince Pipes & Fittings launched its eighth manufacturing facility in Begusarai (Bihar). Through this launch, the company expands its pan-India manufacturing presence, makes greater in-roads into the high growth east market and strengthens its position as a leading manufacturer of high-quality plastic pipes and fittings. The state-of-the-art manufacturing unit is expected to have a total installed capacity of around 60,000MTPA to come up in phases over the next six to nine months.
Dishman Carbogen Amcis’ wholly-owned subsidiary—CARBOGEN AMCIS SAS—received ‘certificate of GMP (good manufacturing practice) compliance from National Agency for the Safety of Medicine and Health Products (ANSM) for its Saint-Beauzire site in France.
Orders
KPI Green Energy’s subsidiary—Sun Drops Energia—was awarded letters of award (LoA) for development of solar power projects with a total capacity of 14.90MW under captive power producer (CPP) business segment of the company. The projects are tentatively scheduled to be completed in FY2025-26, in various tranches as per the terms of the orders.
Engineers India was awarded the job for Engineering, Procurement, and Construction Management (EPCM ) services for 360KTPA (kilo tonnes per annum ) polypropylene unit (PPU) project at Numaligarh Refinery. Total estimated award value is around Rs252.95 crore. The service order is to be executed in 36 months.
KEC International secured new orders of Rs1,267 crore across its various businesses. Transmission & distribution (T&D) business secured comfort letter for T&D projects in India and North and South America (Americas) which includes 800 kV (kilo-volt) HVDC (high-voltage direct current) & 765kV transmission line orders from Power Grid Corporation of India (PGCIL) and supply of towers, hardware and poles in Americas. Its business has secured orders for supply of various types of cables and conductors in India and overseas.
Maharashtra Seamless received an order with basic value of around Rs298 crore. The order is for supply of seamless pipes in oil & gas sector. Earlier, it had received order with basic value of around Rs674 crore from ONGC for supply of casing seamless pipes.
Transformers and Rectifiers (India) secured orders amounting to Rs726 crore from Gujarat Energy Transmission Corporation. The orders are for manufacturing of auto transformers and bus reactors and its related work.
Welspun Corp received new orders valued at around Rs2,400 crore for supply of coated pipes for natural gas pipeline projects in USA. With addition of these new orders its consolidated order book stands at around Rs20,000 crore. Execution of these orders will be largely during FY25-26 and FY26-27.
RITES bagged additional work order from Ntokoto Rail Holdings for supply and commissioning of overhauled in-service of cape gauge diesel electric locomotives fitted with new cape gauge bogies, traction motors, control system air braked, etc.
GPT Infraprojects was declared L1 (first lowest) in order valued at Rs481.11 crore by CAO Construction, South Eastern Railway Kolkata.
NCC received letter of acceptance (LoA) from Andhra Pradesh capital region development authority for construction of roads, drains, water supply, sewage, utility ducts for power and ICT, reuse waterline and avenue plantation, etc, at Zone-12 villages area in Amaravati capital city (Andhra Pradesh). The total price for the contract will be Rs2,129.60 crore
Investment/ Acquisition / Stake Stale
Thomas Cook (India) entered into and executed a business transfer agreement (BTA) with Nature Trails Resorts (NTRPL), a step-down wholly-owned subsidiary of the company, to purchase the hotel business of NTRPL for an agreed consideration of Rs52.25 crore on a going concern basis through a slump sale as defined under Section 2(42C) of the Income Tax Act, 1961. The completion of the slump sale will be subject to fulfilment of conditions precedent and on such other terms and conditions as more particularly mentioned under the BTA.
Nazara Technologies acquired 18,330 equity shares of Rs1 each, representing 8.97% of the equity share capital of Absolute Sports which owns popular sports media and news brand Sportskeeda against payment of sale consideration of Rs69.17 crore.
Zen Technologies completed the investment and acquired 45.33% of the total paid-up share capital of the Bhairav Robotics.
Indian Renewable Energy Development Agency’s (IREDA) board of directors approved the enhancement of borrowing programme for FY24-25 by Rs5,000 crore through taxable bonds/ subordinated tier-II bonds/perpetual debt instruments (PDI) /term loan from banks and FI’s /lines of credit from international agencies (multilateral and bilateral agencies) /external commercial borrowings (ECB)/short term loans from bank.
Mahindra & Mahindra (M&M) completed the execution of a share purchase agreement with its wholly-owned subsidiary -- Mahindra Overseas Investment Company (Mauritius) (MOICML) -- and Mahindra-BT Investment Company (Mauritius) (MBTICM,) a subsidiary of MOICML, and the company whereby the company has agreed to acquire 67,71,600 equity shares of MBTICM constituting 57% of its paid-up equity share capital from MOICML.
Laurus Labsinvested Rs83.30 crore and acquired 83,300,000 equity shares of KRKA Pharma (KRKA) (a JV of the company) at face value of Rs10 each by way of rights issue.
Coromandel International, a Murugappa group company, will acquire a 53% stake in NACL Industries for Rs820 crore at Rs76.7 per share. The deal, subject to regulatory approvals, will establish Coromandel as a leading crop protection player. An open offer for an additional 26% stake will be made as per regulations of the Securities and Exchange Board of India (SEBI).
NACL Industries reported a turnover of Rs1,787 crore in 2023-24 and has technical and formulation plants in Andhra Pradesh. The acquisition will enhance Coromandel’s scale, expand its product portfolio and accelerate its entry into contract manufacturing.
Alkem Laboratories’ wholly-owned subsidiary—M/s AlkemMedtech executed share purchase and share subscription agreement with M/s Bombay Ortho Industries (Bombay Ortho) to acquire 100% stake in Bombay Ortho.
Bajaj Finance raised Rs542.74 crore through the allotment of 5,450 non-convertible debentures (NCDs), at face value of Rs10 lakh each on private placement basis. The debentures are proposed to be listed on the wholesale debt market segment of the Bombay Stock Exchange (BSE).
Top gainers and losers of the major indices for the week are given in the table below:
