Chennai-based company Northern Arc Capital has filed for an IPO with SEBI, comprising Rs 500 crore worth of fresh shares and an OFS by several investors. The NBFC may also raise up to Rs 100 crore through pre-IPO placement. The firm aims to use the funds for onward lending and meet RBI's capital adequacy norms. It recorded a net profit of Rs 242.2 crore for FY23 and has a gross NPA of 0.42%.

SBI Mutual Fund has raised over Rs 900 crore through its new fund offer, which closed on January 29. The Nifty50 equal weight index fund received more than 40,000 applications and saw strong interest from all distribution channels and the direct channel. The low-cost open-ended scheme tracks the Nifty50 equal weight index and aims to provide returns corresponding to the underlying securities.

SBI is willing to assist Paytm customers affected by RBI's order to halt activities from March 1. SBI Chairman Khara said they have no plans to rescue Paytm but will be there if directed by RBI. SBI reported a 35% drop in profits. The central bank asked Paytm to stop primary activities due to non-compliance. SBI subsidiary is ready to help Paytm merchants with payment needs.

EU leaders have approved a deal to give Ukraine 50 bn euros for economic recovery, with most of the funds going towards stabilizing the economy and rebuilding infrastructure. The aid will also support state salaries, public services, and foreign investments. This aid is seen as crucial for sustaining its long-term economic stability, in addition to military assistance and sanctions against Russia.

The Nifty ended the week with a gain of 2.3%, driven by IT stocks. PSU banks saw the most gains, while FMCG and media sectors saw losses. The market will react to important domestic and global events this week, including the RBI policy, US markets, Q3 earnings, and rupee-dollar movement. Technical factors indicate a demand zone for Nifty and a resistance level for Bank Nifty.

The stock market saw a rollercoaster week with Alphabet Inc. reporting lower earnings, Jerome Powell downplaying potential interest-rate cuts, and regional banks struggling. Despite this, the S&P 500 hit a new record high thanks to strong economic data and positive reports from Meta Platforms and Amazon.com.

The recent budget announcement to withdraw direct tax demands below a certain threshold may not significantly reduce the pending litigation in courts. The government has previously increased limits for filing appeals, but this step is unlikely to impact cases already before the Income Tax Appellate Tribunal (ITAT), High Courts (HCs), and the Supreme Court (SC).

Minister Rajeev Chandrasekhar states that regulatory oversight applies to all entities in the fintech and technology sector, following RBI's restriction on Paytm Payments Bank for violating compliance standards. Finance Minister Nirmala Sitharaman remains positive about the growth of fintech, while Paytm founder Vijay Shekhar Sharma reassures app users of its continued operation beyond February.

Apeejay Surrendra Park Hotels Ltd, operator of The Park hotels, has raised Rs 409.5 crore through anchor investors ahead of its IPO. The company will allocate 2.64 crore shares to 37 funds at Rs 155 per share, the upper end of the price band. The IPO opens on Feb 5 and is a mix of fresh equity shares and an offer for sale by promoters and investors. Proceeds will go towards debt payment.

State Bank of India reported a net profit of Rs 9,163 crore for the October-December quarter, a 35 percent decrease from the previous year. The bank's net interest income and gross non-performing assets also missed estimates, while its share prices closed at Rs 650.40 on February 2nd. More updates to come.

84,635 applications to legalize unauthorized houses and plots were received by NMRDA before the deadline of January 31. The applicants were also requested to submit physical documents in person at the divisional office on weekends. The legalization process started on June 1, 2023 and will continue till December 31, 2020.

Last week, the Indian equity market saw a significant increase with benchmarks rising 2% and hitting fresh all-time highs. This was due to positive global cues, India Inc's Q3 earnings, in line Interim Budget, and FOMC meeting outcome. Nifty gained 501.2 points while BSE Sensex added 1,384.96 points. The BSE Small-cap index rose by 3.3%, led by NBCC (India), Shakti Pumps

Equity markets rose this week due to buying in heavyweight stocks and a fiscally responsible budget. 52 BSE500 stocks saw double-digit gains, with NBCC being the top gainer. 5 stocks offered returns between 20-25%. In the midcap segment, 16 stocks including Indian Bank and Delhivery rose by double digits. The market is expected to remain positive after the Fed and Budget announcements.

HDFC Bank and ICICI Bank, two of India's largest private banks, have established a new company called RMBS Development Company Limited (RDCL) to promote the residential mortgage-backed securities market. The two banks have invested Rs 35 crore each in the company and it will have ten other financial institutions as shareholders. RDCL aims to facilitate investment, issuance, and trade of RMBS.

With the upcoming general elections looming, the recently revealed Interim Budget for the fiscal year 2024-25 has diverged from the typical pre-election pattern. Instead of succumbing to populist measures, the budget showcases a professional and forward-looking approach, indicating the government's confidence in the upcoming elections and the overall economic landscape.