Market Bizzz

Senco Gold Limited raised Rs 459 crore through a Qualified Institutions Placement (QIP), issuing 40.8 lakh equity shares at Rs 1,125 per share. Major investors included funds managed by Tata AIA Life Insurance and ICICI Prudential Life, among others. The funds will support the company’s expansion plans, including adding 18-20 stores annually.

Eleganz Interiors plans to go public. The company filed for an IPO with NSE Emerge. The IPO will consist of fresh shares. Eleganz aims to raise funds for debt repayment and working capital. The company provides interior fit-out solutions across India. Eleganz reported strong revenue and profit in recent quarters. The company is led by a green building advocate.

Foreign institutional investors (FIIs) returned to buying Indian equities in December, injecting Rs 22,765 crore and boosting market recovery after months of selling. This fueled a rally, especially in large-cap stocks, despite concerns about high valuations and a rising dollar. Positive political developments, recovering corporate stocks, and easing inflation further supported the market’s upward trend.

Four IPOs, including Mamata Machinery and Transrail Lighting, are set to open next week, continuing the primary market’s strong momentum. Nine companies, including Mobikwik and Sai Life Sciences, are expected to list. Mamata Machinery’s IPO is entirely an offer for sale, while Transrail Lighting’s includes a fresh issue to fund expansion. Two additional IPOs will launch in the SME segment.

Ajit Menon, CEO of PGIM India Mutual Fund, discusses his approach to leadership, emphasizing holistic well-being, creativity, and a culture of trust. He shares his personal passions, including portrait sketching and singing, and his philosophy of “Try to be Happy, Not Happier.” Menon also highlights PGIM India’s growth and focus on retirement planning.

Central banks in the US, Japan, and Britain are set to meet, with the Fed likely to cut rates again. The Bank of Japan may pause its tightening, while the Bank of England faces pressure to ease policy. Germany’s strong stock market performance contrasts with its economic and political uncertainties, and global services sectors are showing signs of weakness.

IKS Health sees massive growth in US healthcare. The company leverages technology, including AI, to deliver efficient solutions. It aims to expand its market share in the US. IKS Health is also eyeing potential expansion into the Australian and Canadian markets. The company plans to bring its expertise to India in the future.

Tata Motors will increase truck and bus prices by up to 2% starting January 1, 2025, to offset rising input costs. This follows a recent price hike for its cars and EVs. The company’s Q2 profits and sales declined, though November sales saw a slight increase. Share values have dropped significantly recently.

Reliance Industries secured a massive deal with Rosneft. The deal involves importing Russian crude oil. The agreement spans 10 years. Reliance will receive up to 500,000 barrels of oil daily. This equates to 25 million tonnes annually. The deal is estimated at $12-13 billion. India’s Russian oil imports have significantly increased. Reliance’s Jamnagar refineries will process the crude.

The stake in Shriram Housing Finance was sold to Warburg Pincus’ affiliate, Mango Crest Investment Ltd. The transaction marks a significant milestone, with all requisite approvals from regulatory authorities and stakeholders duly secured, the company said in its press release on Wednesday.