Finvezto Daily Market Bytes, 23 Dec 2024
IPO Market Hits Peak; UltraTech <> India Cements; GST Council Key Changes; Key Stock Updates
In today’s edition, we cover:
IPO Market Hits Peak
UltraTech <> India Cements
GST Council Key Changes
Key Stock Updates
Here’s a quick market snapshot before we start. GIFT Nifty indicates a positive start for the Indian Markets.
IPO Market Hits Peak
Indian companies shatter IPO records with ₹1.6 lakh crore raised in 2024.
90 companies went public showcasing unprecedented market interest.
The average issue size doubled to ₹1,700 crore from ₹867 crore in 2023.
Over 60 companies delivered listing day gains, with 4 jumping more than 100% on debut.
The SME segment boomed with 238 companies raising ₹8,700 crore, 2x of 2023.
2025 looks even bigger with 75 IPO documents in pipeline including HDB Financial's ₹12,500 crore and LG’s ₹15,000 crore offerings.
UltraTech <> India Cements
UltraTech Cement received CCI approval to acquire 58.72% stake in India Cements, marking consolidation in the cements industry.
The deal involves a two-step acquisition - first buying 32.72% stake from India Cements promoters for ₹3,954 crore, followed by an open offer for additional 26%.
With over 35 manufacturers operating in South India, cement industry is quite fragmented. UltraTech sees an opportunity to strengthen their position in a key growth region.
UltraTech already leads India's cement manufacturing. They make everything from grey cement to ready-mix concrete. Now they are bringing India Cements, a southern powerhouse, under their umbrella.
GST Council Key Changes
55th GST Council meeting brings changes across sectors - from popcorn taxes to EV sales.
Some big decisions remain pending. GST on Insurance premium rates await IRDAI's input. GST on Food delivery charges needed more deliberation.
Key Stock Updates
New Orders
SRM Contractors won ₹105 Cr NHAI work order for infrastructure development project.
United Drilling Tools secured ₹5.52 Cr ONGC order for large OD casting pipes.
Partnerships/Investments/Acquisitions
UltraTech Cement gets CCI approval to acquire India Cements for ₹33,954 Cr.
Indian Oil invests ₹657 Cr in Odisha yarn project with MCPI totaling ₹4,382 Cr.
Fortis Healthcare buys 7.61% stake in Agilus Diagnostics from IOC for ₹429 Cr.
Eight Roads Ventures and F-Prime Capital invest ₹120 Cr in Laurus Bio arm.
Suven Pharmaceuticals acquires 56% stake in US-based NJ Bio for $64.4 million.
GMM Pfaudler's German arm forms JV for engineering facility in Poland.
Core Business Updates
Aurobindo's CuraTeQ Biologics gets UK authorization for bevacizumab biosimilar Bevqolva.
At Finvezto Stock Research, we offer the following services.
Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This daily update highlights market trends for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.