- The BSE Sensex closed at 81,455 up by 3.07% and the Nifty 50 closed at 24,857 up by 3.53% in July 2024 led as the market’s focus shifted to the Federal Reserve’s rate decision and commentary on monetary policy despite the volatility experienced after the budget on the government’s increase in capital gains tax and the STT on derivatives, investors have remained bullish.
- From a sector perspective, leading gainers were IT (+12.86%), Healthcare (+10.9%), Oil & Gas (+10.17%), FMCG (+9.1%), and Energy (+7.4%) while Metals (-1.94%), Banks (-1.48 %) and Realty (-0.69%) were laggards.
- The FPIs turned net buyers for the second consecutive month in July by purchasing Indian equities worth Rs 5,408 Crores and DIIs also continued to remain net buyers for a consecutive 7th month this year, with purchases worth Rs 23,486 Crores in July 2024.
- GST revenue in July (up 10.3% y/y) neared Rs. 1.82 lakh crore, the 3rd highest monthly collection since the new indirect tax regime started in Jul-17. Collections for FY25 till date stood at Rs.7.39 lakh crore (up 10.2% y/y) and were impacted due to heatwaves and elections.
- As per the RBI, banking sector reported a slowdown in credit growth for June 2024. On a y/y basis, non-food bank credit grew 13.9% in June, compared to a growth of 16.3% a year ago
- During July 24, average liquidity in the banking system turned surplus and stood at Rs 1.03 lakh Crores, while it reported deficit of Rs 55,000 Crores in previous month.

Primary Market Update:
There were 05 main board IPOs in July 2024 of Allied Blenders and Distillers Limited, Vraj Iron and Steel Limited, Bansal Wire Industries Limited, Emcure Pharmaceuticals Limited and Sanstar Limited as against 05 main board IPOs in June 2024. There were 03 SME IPOs in July 2024 as against 07 SME IPOs in June 2024.
Emcure Pharmaceuticals Limited:
About the Company |
Incorporated in 1981, Emcure Pharmaceuticals Limited, an Indian pharmaceutical company, develops, manufactures, and globally markets a wide range of pharmaceutical products across several major therapeutic areas like gynaecology, HIV antiviral etc. It has 13 manufacturing and 5 research facilities with 548 scientists in India. Global presence in over 70+ Countries through its network and distribution channels. During FY24, the company’s revenue increased by 11.33% to 6,715 crores and PAT dropped by -6.1% to 528 crores. While, the company’s Domestic sales grew at a CAGR of 10.80% in last 4 years. |
Funds Utilization |
Net proceeds from the IPO will be used for repayment of borrowings and general corporate purposes. |
Investors |
PE affiliate Bain Capital sold 7.23 million shares, nearly one-third of its 13.07% stake in OFS, which was previously owned by Blackstone. |
IPO Performance |
The Rs. 1,952 Crore IPO consisted of a fresh issue of Rs. 800 Crore and an offer for sale of Rs. 1,152 Crore. The issue was subscribed over 67.87 times by the end of the third day. QIB’S subscribed the most at 191.24 times to the issue. The price band was set at Rs. 960 to Rs. 1,008 per equity share. Shares of Emcure Pharma made a stellar entry on the bourses on July 10 as it listed at Rs 1,325 at NSE, a premium of 32 percent over the issue price of Rs 1,008. |
Funds Mobilization by Corporates (Rs. In Crore)
Particulars |
May-24 |
Jun-24 |
I. Equity Issues |
40,322 |
13,341 |
a. IPOs (i+ii) |
10,133 |
2,521 |
i. Main Board |
9,606 |
1,957 |
ii. SME Platform |
527 |
563 |
b. FPOs |
0 |
0 |
c. Equity Rights Issues |
2,155 |
1,051 |
d. QIPs/IPPs |
3,040 |
2,775 |
e. Preferential Allotments |
24,993 |
6,995 |
II. Debt Issues |
62,434 |
64,857 |
a. Debt Public Issues |
1,207 |
560 |
b. Private Placement of Debt |
61,227 |
64,297 |
III. REITs/ InvITs |
0 |
1,331 |
a. REITs |
0 |
1,228 |
b. InvITs |
0 |
103 |
Total Funds Mobilized (I+II) |
1,02,756 |
79,530 |
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.
This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.