HCL Technologies' AI investment and SBI Funds Management IPO spur Indian market moves

On July 14, Indian equities were buoyed by several corporate actions. HCL Technologies' board approved a 3,500 billion‑rupee investment to set up an artificial‑intelligence data centre in India and to create new wholly‑owned subsidiaries, while reporting a 20.3 % rise in net profit for the June quarter. SBI Funds Management launched a 9,813 billion‑rupee IPO with a price band of 545‑574 rupee per share, having raised 2,663 billion rupees from anchor investors the day before.

Grasim Industries, through its Aditya Birla Renewables unit, cleared a share‑purchase agreement to acquire 100 % of Solenergi Power for 17,200 billion rupees. Biocon may see a block sale of Viatris‑owned Mylan’s 5.64 % stake, valued at roughly 3,481 billion rupees. Other noted moves included Emcure Pharmaceuticals buying the remaining 12.05 % stake in its subsidiary Gennova Biopharmaceuticals, Welspun Enterprises signing a sub‑consignment agreement for a 7,300 billion‑rupee highway project in Maharashtra, and Zee Entertainment receiving RBI approval to redeem foreign currency convertible bonds.