It’s been a stellar week for Indian equities, with the Sensex and the Nifty surging to levels last seen in October 2024 – that’s nearly nine months ago. At the start of the week, investors were jittery over the United States joining the Israel-Iran war. However, sentiment on Dalal Street improved after US President Donald Trump announced a ceasefire between Israel and Iran, which both countries have so far honoured.
This led to the Sensex gaining almost two percent, adding around 1,500 points over the week. The Nifty, which had slipped below the 25,000 mark earlier, also saw a solid rebound.
Flurry of IPO activity
HDB Financial Services, a subsidiary of financial giant HDFC Bank, launched its IPO on 25th June. The ₹12,500 crore issue was fully subscribed by the second day. The IPO has a price band of ₹700-740 per share. At the upper end, the company is valued at ₹61,400 crore rupees.
PhonePe plans ₹12,500 crore IPO
Bloomberg reported that Walmart-owned Indian fintech major PhonePe is planning a ₹12,500 crore IPO, at a valuation of ₹1,25,000 crore. According to the report, citing sources, the company is expected to apply to the market regulator to list as early as August.
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Def-tech startup raises ₹800 crore
Noida-based defence tech startup Raphe mPhibr has raised over ₹800 crore in a Series B funding round led by US-based venture capital firm General Catalyst. Reportedly, it’s the largest funding to date in India’s defence startup sector. The strong investor interest in the 10-year-old startup comes amid reports of the Indian armed forces using Raphe mPhibr drones during Operation Sindoor.
Helping hand for agri startups
The Indian government is planning to handhold 100 agriculture and food startups to make them export-ready. According to an Economic Times report, the move is part of the government’s efforts to boost farm sector exports. The report, quoting a senior official, states that around 500 startups will be evaluated to select the final 100.
