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Senores Pharmaceuticals Announces Rs 582 Crore IPO, Opens December 20
- Senores Pharmaceuticals' IPO, opening on December 20, 2024, offers shares at Rs 372-391, comprising a fresh issue of Rs 500 crore and an OFS of 21 lakh shares.
- The Ahmedabad-based firm's IPO, closing on December 24, aims to raise Rs 582.11 crore, valuing the company at Rs 1,801 crore at the upper price band.
- Proceeds will fund subsidiary Havix Group's Atlanta facility, repay debt, support working capital, and finance inorganic growth through acquisitions and other initiatives.
- Senores develops pharmaceuticals for regulated markets in the US, Canada, and UK, with presence in 43 emerging markets, manufacturing critical care injectables and APIs.
- The company reported Rs 171.87 crore debt as of November 30, 2024. Equirus Capital, Ambit, and Nuvama Wealth Management are lead managers for the December IPO.
Patanjali Ayurved and DS Group Acquire Magma General Insurance for Rs 4,500 Crore
- Patanjali Ayurved and DS Group have acquired Magma General Insurance from Sanoti Properties for Rs 4,500 crore.
- The acquisition marks Patanjali's entry into the general insurance sector, diversifying its business portfolio beyond wellness products.
- Patanjali and DS Group will hold a 98% stake in Magma Insurance post-acquisition, subject to regulatory approvals.
- Magma General Insurance offers over 70 products and recorded a Gross Written Premium of Rs 3,295 crore in FY24.
- The deal leverages Patanjali's extensive distribution network of 2,00,000 counters and 250 mega stores for insurance expansion.
Anand Mahindra Advocates for Prioritizing Pedestrian-Friendly Street Designs in Indian Cities
- Anand Mahindra emphasizes pavements as key to citizen safety and mental well-being in cities.
- He urges municipalities to prioritize holistic street designs focusing on pavement size and aesthetics.
- Mahindra highlights cleanliness and hygiene, sharing images from Pune, Indore, Mumbai, and Bengaluru.
- The post sparks discussion on urban planning, praising some cities and criticizing infrastructure challenges.
- Focus on street design is critical, as India faces a high number of road accidents daily.
Markets React to Trump Tariffs; Sensex & Nifty Fluctuate Amid Global Uncertainty
- Wall Street plunges as Trump imposes tariffs on Canada and Mexico, S&P 500 down 1.76%.
- Indian equity indices ended marginally lower amid volatility, Sensex down 0.15%, Nifty 0.02%.
- Mixed cues include positive domestic data (GDP, GST) offset by global trade & Ukraine concerns.
- Bharat Electronics gains 4.52%, while Coal India lags, down 2.44% among Nifty stocks.
- Sectoral performance varies: Metal & IT up, while Media & PSU Bank sectors decline.
Trump's Crypto Reserve Plan Sparks Market Surge
- Trump champions a US Strategic Crypto Reserve including XRP, SOL, and ADA.
- Bitcoin and Ether are central to Trump's envisioned crypto reserve.
- The announcement caused Bitcoin to spike by 9% and Ether by nearly 13%.
- The reserve aims to function like gold reserves, hedging against inflation.
- Trump is hosting the first White House Crypto Summit this Friday.
FPIs Withdraw ₹34,574 Crore in February, Outflows Reach ₹1.12 Lakh Crore in 2025
- FPIs offloaded ₹34,574 crore from Indian equities in February amid global trade tensions.
- Total FPI outflow in 2025 has reached ₹1.12 lakh crore due to sustained selling.
- High valuations and concerns about earnings growth are driving the FPI outflows.
- FPIs are selling in financial services despite attractive valuations in that sector.
- Rising US bond yields and a strong dollar are shifting investor focus to US assets.