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Till now, Life Insurance Corporation of India was the biggest-ever IPO in India, raising Rs 21,008 crore in 2022, followed by One 97 Communications' (Paytm) Rs 18,300-crore public issue in 2021, and Coal India's Rs 15,199 crore offer in 2010.

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Swiggy has granted special indemnity to board members representing key investors SoftBank, Accel, and Prosus, shielding them from regulatory risks stemming from violations by the food ordering platform, ahead of its initial public offering.

Directors appointed by the three funds would not be held liable for any failure or lapses in following the rules and the other directors, including the founders, would be fully responsible for such lapses, according to the draft red herring prospectus (DRHP) filed by Swiggy on September 27.

Emails sent to spokespeople for Swiggy, Accel and SoftBank remained unanswered. A spokesperson for Prosus declined to comment.

Why the protection

With many new-age companies increasingly getting entangled in regulatory disputes, many private equity investors are demanding such indemnities from companies, legal experts said.

This is to ensure that the nominee-directors of PE investors don’t face any regulatory proceedings for compliance failure on the part of the company.  The development assumes significance, since several rules impose both criminal and civil liabilities on the directors of a company, if rules are violated.

“The company shall indemnify and hold the Accel Director, MIH Director (Prosus) and SoftBank Director harmless from all claims and liabilities to the maximum extent permitted under applicable laws,” said the offer document.

“The company and founders have also agreed that the Accel Director, MIH Director and Softbank Director shall, subject to applicable law, not be considered as officers-in-default of the Company and shall not be liable for any default or failure of the company in the past or in the future, in complying with the provisions of any applicable law,” the offer document said.

According to Swiggy’s offer document, Prosus is eligible to appoint up to two directors, while Accel and Softbank are eligible to nominate one director each. Prosus is the largest pre-IPO shareholder in the company, with a stake of 30.95 percent.

Softbank owns 7.75 percent, while Accel owns a 6.08 percent stake in the company. Cofounders of the company, Sriharsha Majety, Lakshmi Nadan Reddy Obul and Rahul Jaimini, own 6.34 percent, 1.76 percent and 1.14 percent, respectively, of the share capital.

What areas are covered 

Legal experts say that the indemnities cover limited scenarios such as violation of the Companies Act. In case of serious violations, such as anti-money laundering rules or foreign exchange management rules, the indemnified board members can be still pulled up by regulatory agencies.

“If there are specific instances where the board member has authorised or approved any scheme that violates rules, he can be pulled up by the regulators. The officer-in-default protection is available only in cases where the said directors have not in any way participated/facilitated the violation,” said a leading corporate lawyer.

Softbank has sought protection earlier as well

This is not the first time that Softbank is seeking assurances from an IPO-bound tech company to indemnify itself and its employees.

Moneycontrol reported on July 21  that ahead of the IPO of Kunal Bahl and Snapdeal-backed SaaS company Unicommerce eSolutions, the Japanese investor had entered into an indemnity contract with Snapdeal's founders—Bahl and Rohit Bansal—to protect itself and its executives from any future liabilities arising out of the responsibilities of being deemed a promoter of Unicommerce.

Softbank sought this indemnity after Sebi’s observations that, given the former's significant shareholding in Unicommerce as well as in Snapdeal, the promoter of Unicommerce, SoftBank, too, should be identified as a promoter of Unicommerce. Subsequently, Unicommerce declared in an addendum that Starfish I Pte. Ltd, a Softbank entity, is the promoter of the company.

According to sources, Softbank has sought a similar indemnity in OYO, too.

In its July 21 report, Moneycontrol reported that while, on paper, SoftBank was declared a promoter, it continues to remain just a financial investor in Unicommerce and thus signed this indemnity agreement to protect its interests as a purely financial investor in the company.

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With an order visibility of 1.5-2 GW, Adani ConneX could see its market share rise significantly. Achieving a 1 GW capacity could potentially elevate its share to around 25 percent.

The Adani Group is reportedly advancing its $4 billion plan to expand its data centre business in response to a surge in demand from technology giants. According to a report by Mint, this move aims to strengthen the group’s power sector by tapping into the substantial power requirements associated with data centre services.

Adani ConneX Pvt. Ltd., a joint venture between Adani Enterprises Ltd. and Virginia-based EdgeConneX, currently operates 17 megawatts (MW) of data centre capacity while managing 210 MW in various stages of construction. With demand for data centre services skyrocketing, the Adani Group now aims to achieve a data centre capacity of 1 to 1.5 gigawatts (GW) within the next one to two years, significantly accelerating its original timeline from five years, the Mint report added.

To reach this ambitious goal, the group plans to invest an additional $4 billion, with current investment estimates at approximately Rs 40 crore per MW., people in the know told Mint. Industry insiders suggest that the rapid growth in data centre demand is so significant that the Adani Group may consider slowing down investments in other sectors to redirect funds into the data centre business as part of a strategic shift.

“The average order size for data centre services has dramatically increased from 5-10 MW two years ago to 50-100 MW now,” a source familiar with the matter stated. Currently, Adani Group holds just a 2.5 percent share of India’s data centre market, which is expected to expand from its current capacity of 700 MW to 4 GW by FY30.

With an order visibility of 1.5-2 GW, Adani ConneX could see its market share rise significantly. Achieving a 1 GW capacity could potentially elevate its share to around 25 percent.

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Share Market Closing Note

Nifty below 26,200, Sensex falls 264 pts but gains 1% in a week:

The market failed to hold on record high and ended lower in the volatile session on September 27 amid selling seen in the media, bank and realty sectors.

At close, the Sensex was down 264.27 points or 0.31 percent at 85,571.85, and the Nifty was down 37 points or 0.14 percent at 26,179.

During the day, BSE Sensex and Nifty touched fresh highs of 85,978.25 and 26,277.35, respectively, and for the week, both indices rose 1 percent each.

Despite a flat start, the market scaled to fresh record high in the initial hours but witnessed a range-bound movement in the first half. However, selling pressure in the second half dragged the benchmark indices to red.

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Topic :- Time:3.15 PM

Nifty spot if manages close above 26140 level then expect some upmove in coming sessions and close below above mentioned level will result in some sluggish move. Avoid open positions fot Monday.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER Is trading at 92038. If it breaks and trade below 91950 level then some decline can be seen in it and if it manages to trade and sustain above 92120 level then some upmove can follow.

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Topic :- Time:2.00 PM

Nifty spot is trading at 26220. If it manages to trade and sustain above 26240 level then expect some upmove in the market and if it breaks and trade below 26200 level then some decline can follow. Nifty is trading in a very small range right now however Banknifty is declining and Sensex is also rangebound.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5700. If it holds above 5675 level then expect some quick upmove in it and if it breaks and trade below 5675 level then some decline can follow in it.

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Topic :- Time:12.45 PM

Just In:

Rajiv Jains GQG Partners pays $500,000 to settle SEC charges over whistleblower protection rules

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 92117.If it manages to trade and sustain above 92300 level then some upmove can be seen in it and if it breaks and trade below 92000 level then some decline can follow in Silver.

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Topic :- Time:12.00 PM

Nifty spot is trading at 26215. If it manages to trade and sustain above 26240 level then expect some upmove and if it breaks and trade below 26200 level then some decline can follow in it.

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Topic :- Time:11.30 AM

COPPER Trading View:

COPPER is trading at 859.50. If it breaks and trade below 858 level then expect some decline in it and if it manages to trade and sustain above 860.20 level then some pull back can be seen in it.

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Topic :- Time:11.00 AM

News Wrap Up:

1. Sensex, Nifty flat; IT, metal stocks rise

2. Make-in-India push woos Japan chipmaker into expansion mode

3. Trump launches new biz venture: $100,000 watches

4. SpiceJet puts money in GST office after raising ₹3K cr

5. HDFC sells $717 mn of home loans to reduce credit

6. BikeWo GreenTech lists at 27% discount over IPO price

7. US economy grew at a 3% rate last quarter

8. IPO-bound Swiggy sees losses widen to Rs 611 cr, despite 36% surge in Q1 revenue

9. Tata Power shares surge to fresh record high on Morgan Stanley upgrade, target price hike

10. Sugar stocks sweeten as govt to consider ethanol price, sugar MSP hike

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Share Market Closing Note

Nifty crosses 26,200 on expiry day; Sensex rises 666 pts led by auto, metals:

Indian equity indices ended on solid note on September 26 with Nifty crossing 26,200 for the first time.

At close, the Sensex was up 666.25 points or 0.78 percent at 85,836.12, and the Nifty was up 211.80 points or 0.81 percent at 26,216. About 1603 shares advanced, 2200 shares declined, and 102 shares unchanged.

Among sectors, metal, auto up 2 percent each, FMCG, PSU Bank indices up 1 percent each. However, capital goods index was down 0.6 percent.

BSE Midcap index ended flat, while Smallcap index was down 0.4 percent.

Maruti Suzuki, Tata Motors, Shriram Finance, Grasim Industries and M&M were among the major gainers on the Nifty, while losers were ONGC, Cipla, NTPC, Hero MotoCorp, L&T.

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Topic :- Time:3.00 PM

Nifty is closing on strong note. Nifty future if holds above 26220 level on closing basis then expect some further upmove in coming sessions and if it closes below above mentioned level then some sluggish move may follow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5733. If breaks and trade below 5700 level then expect some further decline and above 5745 it is likely to show some upmove. Overall buy from dips should be followed.

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Topic :- Time:2.00 PM

Nifty is likely to turn volatile now. Nifty spot if manages to trade and sustain above 26100 level then expect some further upmove in the market and if it breaks and trade below 26040 level then some decline can follow in the Nifty.

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Topic :- Time:1.50 PM

Just In:

India has space to cut petrol, diesel prices by Rs 2-3/ltr

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 75350. If it manages to trade and sustain above 75380 level then expect some upmove in it and if it breaks and trade below 75300 level then some decline can follow in it.

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Topic :- Time:1.10 PM

Just In:

Oil prices extend sharp drop on prospects of more Saudi, Libyan supply.

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Topic :- Time:1.00 PM

Nifty spot is trading at 26090. If it manages to trade and sustain above 26120 level then expect some upmove and if it breaks and trade below 26050 level then some decline can follow in it.

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Topic :- Time:12.40 PM

Just In:

NSE Index Rejig: Trent, BEL to enter Nifty 50 tomorrow; Divis Labs, LTIMindtree excluded

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 846. If it holds above 843.80 level then expect it to test 850 level soon and if it breaks and trade below 843.80 level then some decline can follow in it.

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Topic :- Time:12.00 PM

Nifty future is trading at 26105. If it holds above 26040 level then expect it to move towards 26200-26220 levels quite soon and if it breaks and trade below 26040 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Nifty above 26,050, Sensex gains 220 pts; Maruti Suzuki, Tata Motors, HCL Tech top gainers

2. City dwellers to splurge Rs 1.85 lakh cr, but top-tier may spend less this festive season: LocalCircles

3. BSE said to push for tighter scrutiny of SME listings

4. Five Star Business Finance block deal: Equity worth Rs 2,034.60 cr sold as Peak XV, other PE investors likely offload 11.2% stake

5. Nomura roots for valuation premium for Hyundai Motor India over rival Maruti Suzuki

6. IMF approves USD 7 billion bailout for Pakistan; USD 1.1 billion tranche expected this month

7. Prestige Estates shares gain on launching residential project in Bengaluru

8. SpiceJet stock edges up even as Carlyle Aviation offloads 1.4% stake

9. Tata Motors-owned JLR to spend $669 million in retooling UK plant for electric SUVs

10. Promoters of 180 firms sell shares worth ₹40K cr in this rich market

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Topic :- Time:11.00 AM

Nifty is trading flat on its expiry day. Nifty spot if manages to trade and sustain above 26080 level then expect some upmove in the market and if it breaks and trade below 26040 level then some decline can follow in the Nifty.

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Share Market Closing Note

Sensex up 260 pts, Nifty above 26,000 led by media, power, realty

In the volatile session the Indian equity indices ended on strong note on September 25 with Nifty above 26,000 for the first time.

Power Grid Corp, NTPC, Axis Bank, Grasim, Bajaj Finance are among the top gainers on the Nifty, while losers are LTIMindtree, Tech Mahindra, Tata Consumer, Tata Motors and Titan Company.

BSE Midcap and Smallcap indices down 0.5 percent each.

On the sectoral front, power, metal, media and realty indices up 0.5-2 percent, while PSU Bank and IT down 0.5-1 percent.

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Topic :- Time:3.10 PM

Nifty spot if holds above 25980 on closing basis then expect some further upmove in coming days and if it breaks and closes below above mentioned level then some sluggish move may follow. Avoid short positions for tomorrow.

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Topic :- Time:2.00 PM

Less volume and slow movement it is going to be a dull Banknifty expiry today. Premium decay is happening only. BANKNIFTY Future is trading at 54081. If it manages to trade and sustain above 54140 level then expect some upmove and below 54000 some decline can follow in the market.

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Topic :- Time:1.30 PM

ZINC Trading View:

ZINC is trading at 275.40. If it holds above 274 level then expect it to test 277-277.30 levels soon and once it breaks and trades below 274 some decline can be seen. Good buy will be from dips around 273-272 levels for higher targets.

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Topic :- Time:1.20 PM

Just In:

Sebi gives green signal to Rs 25,000 cr IPO of Hyundai Motors; issue likely in October

Hyundai Motors India is all set to launch Indias largest ever initial public offering (IPO) after getting a nod from the capital markets regulator Sebi. The company had filed its draft papers in June 2024 and select sources suggest that the auto major may launch its IPO as soon as next month.

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Topic :- Time:1.10 PM

Just In:

HK beats Singapore to be Asias top financial center

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Topic :- Time:1.00 PM

Market is still trading in a very small range. Nifty spot is trading at 25890. If it breaks and trade below 25860 level then expect some more decline in the market and if it manages to trade and sustain above 25920 level then some upmove can follow.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 826.50. If it manages to trade and sustain above 827.80 level then expect some upmove in it and if it breaks and trade below 825.50 level then some decline can follow in the Copper.

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Topic :- Time:12.00 PM

Nifty is rangebound. Nifty spot if manages to trade and sustain above 25920 level then expect some upmove and if it breaks and trade below 25860 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty trade flat; EaseMyTrip drops 6%

2. India picks 300 law points to decriminalise & hurt China more

3. Zerodha traders sitting on Rs 1 lakh crore profit

4. Trump wants US to wipe Iran off the face of Earth

5. Easy Trip drop 7% as promoter likely sells 3% stake

6. Paramount Speciality shares list at 41% premium

7. Aditya Birla Renewables raises Rs 2500 crore

8. IPO fundraise thus far in 2024 third highest in primary market history

9. BSE TECk index: Rs 1 lakh investment soars 356% in 7 years to Rs 3.56 lakh

10. New rules ease testing for drug imports from US, EU, Australia, and Japan

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Topic :- Time:11.00 AM

After negative start nifty is still in range. Nifty and Banknifty are trading in opposite directions. Market is sideways right now. Nifty spot if manages to trade and sustain above 25940 level then some upmove can be seen and if it breaks and trade below 25890 level then some decline can follow in it.

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In a novel practice that is quickly catching on, some of the bankers are convincing smaller enterprises to list for a profitable but illegal arrangement, according to sources.

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This assumes significance as an earlier study published in January 2023 by the capital market watchdog had showed that 89 percent of individual equity F&O traders lost money in FY22.

A latest analysis by the Securities and Exchange Board of India (SEBI) has revealed that nine out of 10 individual traders in the equity futures and options (F&O) segment incurred significant losses with the aggregate losses pegged at over Rs 1.8  lakh  crore over the three-year period between FY22 and FY24.

The latest SEBI study revealed that 93% of over 1 crore individual F&O traders incurred losses on an average of around Rs 2 lakh per trader (inclusive of transaction costs) during the three years from FY22 to FY24.

More importantly, the top 3.5 percent of loss-makers -- approximately 4 lakh traders -- faced an average loss of Rs 28 lakh per person over the same period, inclusive of transaction costs.

Meanwhile, only one percent of the individual traders managed to earn profits exceeding Rs 1 lakh, after adjusting for transaction costs.

This assumes significance as an earlier study published in January 2023 by the capital market watchdog had showed that 89 percent of individual equity F&O traders lost money in FY22.

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CM Siddaramaiah will launch the works for the first phase of the Knowledge Health Innovation Research-City (KHIR-City) on September 26.

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Topic :- Share Market Closing Note

Benchmark indices ended on a strong note with Nifty at 19,500 on July 6.

Biggest gainers on the Nifty included M&M, Apollo Hospitals, Power Grid Corporation, Reliance Industries and Tata Motors, while losers were Eicher Motors, HDFC Life Insurance, Maruti Suzuki, HCL Technologies and Bajaj Finance.

Among sectors, Power, Oil & Gas and Realty were up 2 percent each, while Auto and Healthcare added 1 percent each.

The BSE midcap index rose 0.8 percent and smallcap index added 0.7 percent.

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Topic :- Time:3.10 PM

Just In:

Adani Green Energy to raise up to Rs 12,300 crore via QIP; shares rise 2%

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Topic :- Time:3.00 PM

Nifty spot is trading at 19493. If it holds above 19450 on closing basis then expect some further upmove in coming sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for tomorrow.

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Topic :- Time:2.50 PM

Just In:

Piramal Pharma shares gains nearly 4% after 60 lakh shares change hands in six large deals.

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Topic :- Time:2.40 PM

SILVER Trading View:

SILVER is trading at 71450. If it manages to trade and sustain above 71500 level then expect some quick upmove in Silver and if it breaks and trade below 71280 level then some decline is possible in Silver.

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Topic :- Time:2.25 PM

LME Inventory:

COPPER DECREASED BY 2025

ALUMINIUM DECREASED BY 1825

NICKEL DECREASED BY 96

ZINC DECREASED BY 1700

LEAD INCREASED BY 550 

TIN INCREASED BY 160

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Topic :- Time:2.00 PM

Nifty is trading in a small range. Nifty spot if manages to trade and sustain above 19480 level then expect some upmove and if it breaks and trade below 19440 level then some decline can be seen.

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Topic :- Time:1.15 PM

Just In:

Rice, a staple for 3 bn, wont be spared by the price spike devil

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Topic :- Time:1.10 PM

Nifty is trading at 19465. If it manages to trade and sustain above 19480 level then expect some upmove in it and if it breaks and trade below 19440 level then some decline can be observed in the market.

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Topic :- Time:12.50 PM

Just In:

TCS to get 25,000 employees trained in Microsofts Azure Open AI

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Topic :- Time:12.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5915. If it holds above 5900 level then expect some quick upmove in it towards 5950 level and if it breaks and trade below 5900 level then some decline can follow.

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Topic :- Time:12.00 PM

Nifty is trading on stronger note. Nifty spot if manages to trade and sustain above 19480 level then expect some further upmove in the market and if it breaks and trade below 19420 level then some decline can follow in Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex jumps 150 points, Nifty tops 19,400

2. India cant rest on laurels for it has some external forces to fight

3. HDFC Bank special FD for senior citizens to end soon

4. Haier plans ₹1,000 crore expansion push

5. DCB Bank shares rally 8% as Tata AMC gets nod to raise stake in lender

6. Greenchef Appliances SME IPO lists at a premium of 20% on NSE SME

7. Essen Speciality SME IPO lists at a premium of 31% on NSE SME

8. Hindustan Zinc to consider interim dividend for FY24; share price rises over 3%

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 06 July,2023:

Nifty is likely to turn volatile as the day progresses. Trade as per market trend.

Nifty spot if manages to trade and sustain above 19420 level then expect some upmove in the market and if it breaks and trade below 19360 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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