Sterlite Power gets Rs 1,200 cr orders in Q2
Infrastructure
Date: 28 Nov 2024
Sterlite Power on Monday said it received orders worth around Rs 1,200 crore across its Global Products and Services (GPS) business in September quarter. Its GPS business focuses on sustainable products, and specialized Engineering, Procurement, and Construction (EPC) services. The cumulative order win in April-September FY25 is Rs 2,700 crore, it said. In September quarter, it bagged new orders totaling Rs 800 crore for high-performance conductors and Optical Ground Wire…
HDFC Securities confirms closure of franchisee business, denies compliance concerns
Banks/NBFC
Date: 28 Nov 2024
HDFC Securities, the wholly owned stockbroking subsidiary of HDFC Bank, has confirmed that it has decided to close its franchisee business, while denying any compliance issues. The firm clarified that the decision was initiated earlier this year as a strategic step to streamline operations and enhance service quality, and not due to compliance issues as suggested in rumours. The brokerage firm said that it remains focused on consistent growth across…
Manjushree Technopak dual track: PAG emerges lead suitor for buyout even as promoter Advent mulls IPO
Packaging
Date: 22 Nov 2024
The ongoing dual track process for Advent International-backed Manjushree Technopak is fascinatingly poised as Asia-focused private equity firm PAG has emerged as the front-runner to buy out the top packaging solutions firm even as the US private equity promoter is still considering the IPO route, multiple industry sources in the know told Moneycontrol on the condition of anonymity. The draft papers for the Manjushree Technopak IPO were filed more than…
DPIIT approves RCap's acquisition by IndusInd International Holdings
Insurance
Date: 21 Nov 2024
The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the ₹10,000-crore acquisition of Anil Ambani-promoted Reliance Capital by Hinduja Group-backed IndusInd International Holdings (IIHL), sources familiar with the development told ET. With this approval, all regulatory clearances required to finalise the transaction are now in place, said sources. IIHL had already secured approvals from the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of…
Ritesh Agarwal to raise stake in OYO with Rs 550 crore infusion
Travel & Hospitality
Date: 19 Nov 2024
Oyo’s founder and chief executive officer Ritesh Agarwal is planning to increase his stake in the company with Rs 550 crore infusion. He is slated to buy another USD 60 million worth of shares from the company at Rs 42.60 per share, a 45% premium to his last purchase in August 2024. The investment will value the company at about USD 3.8 billion. Agarwal had earlier also led the company’s…
Boat sets sail for $300-500 million IPO with bankers on board
Consumer Goods
Date: 15 Nov 2024
Boat has finalised ICICI Securities, Goldman Sachs and Nomura as bankers for a $300-500 million IPO next year, sources aware of the matter said, joining the queue of new-age firms looking to go public. New Delhi-based Boat may aim for a valuation of over $1.5 billion, sources said, adding these numbers may change closer to the IPO filing. It’s targeting a public offer in next financial year. Boat had filed…
Zepto in talks with Indian family offices to shore up another $100-150 million
E-Commerce
Date: 28 Oct 2024
Quick commerce firm Zepto has held discussions to raise another $100-150 million from a group of domestic family offices and wealthy individuals at a pre-investment valuation of $4.6 billion, sources aware of the matter said. Motilal Oswal Group’s private wealth arm is running the mandate for the fundraising and Motilal Oswal Asset Management Company has already committed about $40 million in this round. Motilal Oswal Financial Service chairman Raamdeo Agrawal…
Swiggy Instamart looks to strengthen pharmacy play 10-minute medicine deliveries
E-Commerce
Date: 28 Oct 2024
PO-bound food and grocery delivery platform Swiggy has partnered with PharmEasy to expand assortment and offer medicine deliveries in 10 minutes. Since the Bengaluru-based firm is partnering with the e-pharmacy company it does not require additional regulatory permissions for this foray. To be sure, Swiggy was already delivering basic over the counter (OTC) medicines such as pain relief sprays and others through Instamart, the company’s quick commerce arm. With the latest…
IPO-bound Swiggy sets valuation target at $11.3 billion to aid retail participation; Issue to open post Nov 6
E-Commerce
Date: 26 Oct 2024
Food delivery giant Swiggy plans to list at a valuation of $11.3 billion for its upcoming IPO, . The earlier plan was to list at a higher $15 billion valuation or above. However, Swiggy has slashed its IPO valuation target due to the current volatility in the Indian stock market and to ensure greater retail investors’ participation. The last private market valuation was when Invesco became an investor at $10.3 billion….
Oyo registers Rs 158 crore net profit in July-Sept quarter
Travel & Hospitality
Date: 24 Oct 2024
The SoftBank-backed firm reported gross booking value of Rs 3,243 crore during the September quarter, up 17% from the same period last year. It recorded Rs 1,578 crore in revenue for the three months. The improvement in the firm’s profit after taxes has come on the back of Oyo’s premiumisation focus with the launch of company-serviced hotels under its Townhouse banner, and other hotel brands. The hospitality company had made…
The Lalit likely to file for IPO in FY26, eyes Rs 1,800 crore
Travel & Hospitality
Date: 22 Oct 2024
The Lalit will file fresh documents for its initial public offering (IPO) in the next fiscal year starting April 2025, a top company official told ET. The IPO size may be between ₹1,500 crore and ₹1,800 crore, though the final decision is still some time away and will depend on several factors, including the market situation, said another person aware of the New Delhi-based hotel chain’s plans. The company had…
NOTICE OF RECORD DATE
Infrastructure
Date: 21 Oct 2024
Notice is hereby given that the Board of Directors of Sterlite Power Transmission Limited has fixed ‘Wednesday, 30th day of October 2024’ as the Record Date for determining the name of equity shareholders of Sterlite Power Transmission Limited, who would be entitled for issue and allotment of new equity shares of Sterlite Grid 5 Limited, pursuant to the Scheme of Arrangement between Sterlite Power Transmission Limited and Sterlite Grid 5…
RBI Bars 4 NBFCs, Asirvad Micro Finance, Arohan, Navi Finserv and DMI Finance, from Granting Loans
Banks/NBFC
Date: 17 Oct 2024
The Reserve Bank of India (RBI) issued directions to four non-banking finance companies (NBFCs) to cease and desist from sanction and disbursal of loans, from close of business of 21 October 2024. RBI says its action is based on material supervisory concerns observed in the pricing policy of these companies in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds, which…
Vikram Solar files draft papers for IPO with fresh issue Rs 1,500 crore, OFS of 1.74 crore shares
Energy
Date: 03 Oct 2024
Vikram Solar, one of the largest solar photo-voltaic modules manufacturers, has filed draft papers with the capital markets regulator SEBI for fund raising via initial share sale on September 30. The IPO consists of fresh issue of Rs 1,500 crore worth shares, and an offer-for-sale of 1.74 crore equity shares by promoters Gyanesh Chaudhary, Vikram Capital Management, and Anil Chaudhary. Promoters’ shareholding in the company stands at 77.64 percent, while…
Swiggy Files Updated DRHP With SEBI For INR 3,750 Cr IPO
E-Commerce
Date: 26 Sep 2024
As per the DRHP, Swiggy’s public issue will comprise a fresh issuance of shares worth INR 3,750 Cr and an OFS component of 18.53 Cr equity shares The OFS component will be pegged at around INR 6,485 Cr. As a result, the total size of the company’s IPO will likely be around INR 10,000 Cr ($1.2 Bn). Investors such as Accel, Coatue, Alpha Wave, Elevation, Norwest and Tencent will sell…
OYO estimates EBITDA to cross INR 2,000 cr in FY26 with Motel 6 acquisition
Travel & Hospitality
Date: 25 Sep 2024
The EBITDA of IPO-bound travel tech platform OYO is expected to cross Rs 2,000 crore in 2025-26 with the American budget hotel chain Motel 6 adding substantially to its topline. The travel tech unicorn estimates that Motel 6 will add over Rs 630 crore to its EBITDA in the coming financial year, which will be the first full year of its integration. The travel tech major is expected to refile its initial public offering (IPO)…
Utkarsh Small Finance Bank to merge with parent company
Banks/NBFC
Date: 23 Sep 2024
The Board of Directors of Utkarsh Small Finance Bank Limited (USFBL) has given approval for merger with its parent company, Utkarsh CoreInvest Limited (UCL), in their meeting held on September 20, 2024. The scheme of merger aims to simplify operations, enhance shareholder value, and create a stronger entity. This is a big step to align the interests of both the entities and leverage their combined strengths. Exchange Ratio: The share exchange ratio…
Mobikwik, Waaree Energies get green signal from SEBI to float IPOs
Energy, Payments
Date: 23 Sep 2024
Mobikwik, and Waaree Energies have received approval from the capital markets regulator SEBI to raise funds via initial public offering. The regulator had issued observation letters on September 19. In Sebi parlance, the issuance of observation letter means the company can launch its IPO within one year from the receipt of the letter. Payment service provider One MobiKwik Systems had filed draft red herring prospectus with the regulator on January…
OYO to buy iconic Motel 6 brand for $525 million in US expansion bid
Travel & Hospitality
Date: 21 Sep 2024
Blackstone Inc. agreed to sell the company behind budget hotel brand Motel 6 to India’s OYO Hotels for $525 million in an all-cash deal. Oravel Stays, the parent company of the global travel company OYO, announced that it has agreed to acquire G6 Hospitality, the leading economy lodging franchisor and parent company of the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash…
HDFC Bank approves IPO of HDB Financial Services with fresh equity sale of Rs 2,500 crore
Banks/NBFC
Date: 21 Sep 2024
HDB Financial Services Ltd, a non-banking subsidiary of HDFC Bank, has approved plans for an initial public offering (IPO) that will include a fresh equity issue worth Rs 2,500 crore and an offer for sale by existing shareholders, reported Bloomberg. The IPO, which has been anticipated for months, and is likely to hit the market by December or by the end of the financial year, Moneycontrol reported earlier in September citing unidentified…
NCLT dismisses Philips India plea to buy minority stake over valuation gap
Healthcare
Date: 21 Sep 2024
The National Company Law Tribunal has dismissed the petition by Philips India to buy out the remaining 3.87 per cent from its minority shareholders, observing a “huge difference” between values determined by the company-appointed valuer and its minority investors. The Kolkata bench of NCLT though agreed with the “discounted cash flow method” adopted by the valuers appointed by Philips India and its minority shareholders but pointed out a “huge difference”…
Sebi disposes off proceedings against NSE in co-location probe
Capital Market
Date: 13 Sep 2024
The market regulator has disposed off its proceedings against the National Stock Exchange (NSE), Ravi Narain, Chitra Ramkrishna, Anand Subramanian, and others concerning the exchange’s co-location services. In an order released on September 13, the Securities and Exchange Board of India (Sebi) stated, “There is no dispute to the fact that NSE did not have a detailed defined policy for the use of Colo (co-location) facility. It even failed to monitor…
Hexaware Technologies files DRHP for Rs 9,950-crore IPO
I.T.
Date: 09 Sep 2024
Hexaware Technologies has filed a draft red herring prospectus with SEBI to raise ₹9,950 crore through an IPO. The offering will be an offer for sale from CA Magnum Holdings, affiliated with Carlyle Group. Hexaware, delisted in 2020. Kotak Mahindra Capital, Citigroup Global Markets India, JPMorgan India, HSBC Securities and Capital Markets (India) and IIFL Securities are the book-running lead managers for the issue https://economictimes.indiatimes.com/markets/ipos/fpos/hexaware-files-drhp-for-rs-9950-crore-ipo/articleshow/113177738.cms?from=mdr
HDB Financial Services picks Jefferies, JM Financial, Morgan Stanley & Nomura and kicks-off mega IPO
Banks/NBFC
Date: 07 Sep 2024
Law firm Cyril Amarchand Mangaldas has been roped in as the company counsel , the board of directors of HDFC Bank provided an in-principle approval to initiate the process of listing of the NBFC These four investment banks have been formally onboarded for now and the deal was kicked off . More i-banks may be added at a later stage, if required. https://www.moneycontrol.com/news/business/ipo/hdb-financial-services-picks-jefferies-jm-financial-morgan-stanley-nomura-and-kicks-off-mega-ipo-12816466.html
India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance
Energy
Date: 27 Aug 2024
Waaree Energies had filed its draft IPO papers on December 29, 2023. The IPO approval is stuck on the issue of deemed public offer non-compliance of the Companies Act, which states that an unlisted company cannot offer its shares to more than 200 people in a financial year without making a public offering. Sources added that Waaree Energies had raised funds in pre-IPO rounds, following which investors sold down the…
Swiggy targets $15 billion valuation to raise $1-1.2 billion via upcoming IPO
E-Commerce
Date: 23 Aug 2024
SoftBank-backed food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion The valuation and issue deal would make it one of the biggest Indian IPOs this year Swiggy aimed to use IPO proceeds to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato. https://www.livemint.com/market/ipo/swiggy-targets-15-billion-valuation-to-raise-1-1-2-billion-via-upcoming-ipo-report-11724419058099.html
HDFC Bank says no to Mitsubishi Financial's $2-bn proposal to buy into NBFC arm
Banks/NBFC
Date: 23 Aug 2024
The Japanese group, second-largest bank holding firm globally, proposed to acquire 20 percent stake in HDB Financial Services for $2 billion. The board, instead, backed a plan to go ahead with the listing of the NBFC unit, which will help it comply with the regulations laid out by the Reserve Bank of India. The decision is likely to disappoint the establishment in Japan as Tokyo had conveyed its support for…
Frick India: Proposed Bonus Issuance of Shares
Industrial Goods
Date: 19 Aug 2024
The Company in its postal ballot, proposed a Bonus issuance of shares pursuant to Board & Shareholder approvals. Bonus Details: The bonus issue of shares will be made in the ratio of 9:1 i.e. 9 (Nine) fully paid up Equity Shares for every 1 (One) Equity Shares held by the shareholders. The Record Date will be determined by the Board of Directors after approval of this resolution by shareholders in…
OYO Snaps Up Paris-Based Checkmyguest For $27.4 Mn
Travel & Hospitality
Date: 16 Aug 2024
Just a few days after raising INR 1,457 Cr (around $175 Mn) in a down round, hospitality major OYO has now reportedly acquired Paris-based premium rental homes company Checkmyguest for INR 230 Cr ($27.4 Mn) in a cash and stock deal. Checkmyguest was earlier valued at $110 Mn, according to multiple reports. The buyout included the housing renovation business HMG, formerly known as Helpmyguest and luxury rental apartment management company Studio Prestige, based on…
OYO's parent Oravel Stays raises ₹1,457 crore in latest Series G round
Travel & Hospitality
Date: 11 Aug 2024
The IPO-bound unicorn has earlier raised nearly ₹1,040 crore in the Series G funding round. This follows an earlier raise of ₹416.85 crore in the same series and concludes the round. This additional fundraise values the company at the same valuation of $2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at ₹29, consistent…
Tata Capital may ask RBI for more time to list
Financial Services
Date: 05 Aug 2024
Tata Capital may miss the September 2025 deadline to list its shares on stock exchanges. The company has sought one more year from the banking regulator to go public, citing the ongoing merger of Tata Motor Finance with the lender, people familiar with the development said, requesting anonymity. Tata Capital is required to list by September 2025 under RBI regulations. The regulator has yet to respond to the request made…
Studds Accessories re-ignites plans for IPO
Auto Ancillary
Date: 05 Aug 2024
Two-wheeler helmets and accessories maker Studds Accessories Ltd has reignited its plans for an initial public offer of shares and has initiated talks with investment bankers as the domestic market is rising high on a IPO frenzy, sources said. The company, which has over a fourth of the market share in India in two-wheeler helmets, had filed for an IPO in 2018 and had obtained regulatory approval for it, but did not…
Hero Fincorp looks to raise Rs 3,668 crore via IPO
Banks/NBFC
Date: 01 Aug 2024
The offers contains fresh issue of shares worth Rs 2,100 crore. The financial services division of two-wheeler manufacturer, Hero MotoCorp, will also raise Rs 1,568 crore through an Offer For Sale (OFS), according to the Draft Red Herring Prospectus (DRHP). Those selling shares in the OFS are — AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd….
Zomato Q1 results: Net profit jumps multi-fold to Rs 253 crore
E-Commerce
Date: 01 Aug 2024
Zomato’s net profit jumped 126.5 times to hit Rs 253 crore in the April-June quarter (Q1), compared to the year ago period, even as the food aggregator hiked platform fees charged to consumers and saw an improvement in the operational profitability of its quick commerce arm Blinkit. Its revenue rose 74 percent year-on-year to Rs 4,206 crore at a time when the broader e-commerce sector is reeling under the pressure…
Otis Elevator Co Limited - Capital Reduction
Industrial Goods
Date: 31 Jul 2024
The company in its meeting on 23rd July, 2024 proposed to reduce the equity share capital where the Non-Promoter shareholding will be extinguished as under: Capital Structure – Pre and Post reduction of capital Shareholding Pattern – Pre and Post reduction of capital Price Offered -The Company has opted for the value of ₹4,311.6 (Indian Rupees Four Thousand Three Hundred Eleven and Sixty Paise Only) as the basis for determination of…
Chennai Super Kings ownership to be unaffected with Srinivasan and family selling their India Cements stake
Sports
Date: 29 Jul 2024
The Chennai Super Kings (CSK) ownership will be unaffected despite their holding company India Cements promoters N. Srinivasan and family selling their stake in the cement manufacturer to UltraTech Cement. This deal will not bother the controlling shareholder of CSK as Srinivasan and his family hold 28.14% of the franchise. UltraTech Cement have said that their board have given a nod to a 32.72% stake in India Cements from their…
Private refiners RIL & Nayara Energy grow local market share as export margins dip
Oil & Gas
Date: 29 Jul 2024
Private sector refiners Reliance Industries (RIL) and Russia’s Rosneft-backed Nayara Energy are doubling down on the Indian fuel market as export margins have fallen sharply. The refiners’ combined share in the diesel retail market has surged by a third in the June quarter from a year earlier. Reliance, which operates pumps in a joint venture with UK’s BP, retailed 73% more diesel last quarter, while Nayara recorded a 13.5% increase,…
IRDAI fines Care Health Insurance Rs 1 cr, asks to cancel ESOPs issued to Rashmi Saluja
Insurance
Date: 24 Jul 2024
The insurance regulator, in its order dated July 23, stated that the options were granted against its directions and guidelines. Care Health Insurance (CHIL) has been asked to buyback shares it sold to Rashmi Saluja, cancel the employee stock options that have not been exercised and pay a fine of Rs 1 crore by the Insurance Regulatory and Development Authority of India (IRDAI). https://www.moneycontrol.com/news/business/markets/irdai-fines-care-health-insurance-rs-1-cr-asks-to-cancel-esops-issued-to-rashmi-saluja-12776738.html
RCapital Insolvency: NCLT rules in favour of Hinduja Group, extends deadline for completion of CIRP
Insurance
Date: 23 Jul 2024
NCLT stated that the Hindujas do not have to pay interest on the delayed payments due to an extension of the timeline. NCLT also says cash recovered from Reliance Capital during the corporate insolvency period belongs to the Committee of Creditors. The lenders had asked Hinduja to deposit ₹2,750 crore equity in an escrow account. This amount is the equity portion of the offer made by Hinduja Group’s IndusInd International…
HDFC Bank board gives nod to initiate listing of HDB Financial Services via IPO route
Banks/NBFC
Date: 22 Jul 2024
India’s biggest private lender, HDFC Bank Ltd, announced on Saturday, July 20, that its Board of Directors has approved in principle to initiate the public listing of its subsidiary HDB Financial Services (HDBFS) through the initial public offering (IPO) process. HDFC Bank’s decision to publicly list its subsidiary HDB Financial Services comes after the Reserve Bank of India’s (RBI) decision to mandate Non-Banking Financial Companies (NBFCs) belonging to the “upper layer” of the…
Amazon in talks with Swiggy for buying Instamart business
E-Commerce
Date: 22 Jul 2024
Amazon India has reportedly approached IPO-bound Swiggy for a potential deal involving its quick commerce business, Instamart. The e-commerce giant is eyeing a stake in the ongoing pre-IPO placement or a buyout proposal for Instamart. According to a report in The Economic Times, there are, however, multiple roadblocks at the moment. There is no official offer on the table yet, the report added. This comes at a time of Swiggy…
Chennai Super Kings set up new academy in Sydney
Sports
Date: 16 Jul 2024
The Chennai Super Kings (CSK), a highly accomplished team in the Indian Premier League (IPL), has revealed the opening of its latest International Super Kings Academy situated in Sydney, Australia. This marks the third global facility for the franchise. CSK has already established international centers in Dallas, USA, and the United Kingdom. The cutting-edge academy, positioned at Cricket Central, 161 Silverwater Road, Sydney Olympic Park, will provide indoor and outdoor…
HDFC Bank in talks with credit funds to sell 20% of HDB Financial
Banks/NBFC
Date: 11 Jul 2024
The talks with domestic credit funds are part of the ongoing value discovery process for HDB Financial. Five funds are engaged with HDFC Bank to each acquire a 4-7 percent stake in the non-bank lender. The discussions with the private credit funds were initiated after HDFC Bank’s conversations with large investors about a possible stake sale hit a rough patch due to differences in valuations. https://www.moneycontrol.com/news/business/banks/hdfc-bank-in-talks-with-credit-funds-to-sell-20-of-hdb-financial-12766852.html
Swiggy shares on the menu: Secondary transactions gain steam ahead of IPO
E-Commerce
Date: 09 Jul 2024
A clutch of Swiggy’s early investors are selling shares and partly diluting their stakes in the food delivery company ahead of its initial public offering (IPO) slated for later this year, several people aware of the transactions told Moneycontrol. Their shares are being mopped up by new investors who are upbeat on the company’s growth potential in the near future, they added. Prosus, Accel and Elevation Capital are among the ones…
OfBusiness FY24 operating revenue up 26% on year to Rs 19,296 crore
E-Commerce
Date: 08 Jul 2024
Business-to-business (B2B) ecommerce platform OfBusiness posted a 25.7% rise in operating revenue to Rs 19,296.27 crore for the financial year ended March 31, 2024. The company’s consolidated net profit also increased by 30% to Rs 602.97 crore from Rs 463.25 crore a year ago. Total expenses grew to Rs 18,695.75 crore in FY24 from Rs 15,037.46 crore a year ago. A significant amount of the expenditure was attributed to the…
NSE urges market regulator Sebi to take a 'fresh view' on much-delayed IPO
Capital Market
Date: 05 Jul 2024
The National Stock Exchange (NSE) has urged the Securities and Exchange Board of India (Sebi) to revisit its stance on allowing the country’s largest bourse to go public. In an affidavit submitted to the Delhi High Court—which is hearing a writ petition filed by People Activism Forum for expediting NSE’s initial public offer (IPO)—the exchange has stated it has been seven years since it first filed an offer document and…
MUFG’s talks for minority stake in HDB Financial said to be stalling
Banks/NBFC
Date: 03 Jul 2024
Mitsubishi UFJ Financial Group Inc.’s negotiations for a minority stake in HDFC Bank Ltd.’s consumer lending unit are stalling due to differences over how much say it will have in company strategy. While MUFG is still interested in HDB Financial Services Ltd., the talks may face further delays or even fall apart MUFG has been seeking to build its presence in India, where HDBF offers services such as personal, gold…
Capgemini to invest ₹1,000 crore in its new facility in Chennai
I.T.
Date: 02 Jul 2024
Capgemini will invest ₹1,000 crore in the next three years to set up a 5,000-seat capacity facility in Chennai. The facility, spanning nearly 6 lakh sq ft, will become a prime destination for top-tier talent in southern India. It will support Capgemini’s diverse specialist teams, including financial services, engineering, digital, cloud, and AI. The facility to be set up at Sipcot, Siruseri, will promote a collaborative and engaging work environment featuring…
Signify aims double-digit growth from Indian business in 2024: CEO
Consumer Goods
Date: 24 Jun 2024
Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, a top company official has said. The company, which overall leads the Indian lighting market, also has plans to increase exports from India to other markets, playing a bigger role, Signify CEO and MD Sumit Joshi said. On the domestic market, in which Signify operates in the consumer segment (B2C) and the professional lighting…
Craft beer maker Bira 91 raises $25M from existing investor Kirin Holdings
Consumer Goods
Date: 19 Jun 2024
Craft beer maker Bira 91 has raised $25 million in funding through External Commercial Borrowing (ECB) from its existing investor Kirin Holdings. The funding marks the conclusion of a larger $50 million round that the company has been pursuing over the past three months. The latest tranche follows a previous $25 million investment from Tiger Pacific Capital in March. The board at Bira has passed a resolution to raise $25 million via…
Oyo aims to raise Rs 1,000 crore at $2.5 billion valuation
Travel & Hospitality
Date: 18 Jun 2024
The proposed round is expected to value OYO at around $2.5 billion, which is still a far call from its 2021 valuation of $9 billion. Hospitality startup OYO is reportedly in an advanced stage to raise around Rs 1,000 crore ($120 million) from the family offices of top corporate honchos and market experts. This comes after OYO parent Oravel Stays withdrew its DHRP and is set to refile it with…
HDB Financial awaits parent’s approval to begin IPO journey
Banks/NBFC
Date: 14 Jun 2024
HDB Financial services, the non-banking financing arm of HDFC Bank, is awaiting the signal from its parent to begin the listing process. The lender also has plans to open nearly 200 branches in the current fiscal year as it aims to grow its loan book. “We are ready; it’s just that when we will be asked to, the parent decides something – this is one of those,” said Rohit Patwardhan,…
IPL valuation rises to $16.4 billion in 2024, Chennai Super Kings remain most valued franchise
Sports
Date: 13 Jun 2024
The Indian Premier League (IPL) reached a valuation of $16.4 billion, or around Rs 1.3 lakh crore, after concluding its 17th season in May, up 6.5 percent from $15.4 billion last year, according to a report by independent global investment bank Houlihan Lokey. The report has generated IPL’s business as well as brand value highlighting that the business value incorporates cash flows being generated by the IPL as a standalone…
BoAt In Talks To Raise Funds, Eyes IPO In The Next 12-18 Months
Consumer Goods
Date: 12 Jun 2024
Audio products and smartwatch maker boAt’s parent Imagine Marketing India is in talks with three investors to raise capital. BoAt cofounder and CEO Sameer Mehta told Economic Times that the fundraise will be “strategic” in nature instead of just raising capital. The cofounder said that boAt is now focussed on improving its financial metrics and turning profitable once again in the current fiscal year (FY25). He added that the startup…
Ola Electric gets Sebi approval for Rs 7,250-crore IPO
Automotive
Date: 12 Jun 2024
Electric vehicle maker Ola Electric has received market regulator Sebi’s nod for its initial public offering wherein the firm is looking to raise Rs 7,250 crore. Ola Electric was the firs-ever Indian EV two-wheeler maker to file for an IPO. The firm filed its draft red herring prospectus (DRHP) with the markets regulator on December 22, 2023. Ola Electric’s IPO comprisesd a fresh issue of Rs 5,500 crore and an…
Purplle Snags $100 Mn From ADIA, Others With Eye On More Offline Stores
E-Commerce
Date: 12 Jun 2024
Beauty ecommerce marketplace Purplle has reportedly raised $100 Mn (INR 835 Cr) funding through a combination of primary and secondary investments led by Abu Dhabi’s sovereign fund ADIA. As per an ET report, this infusion values Purplle at approximately $1.2-1.3 Bn, marking a 15% increase from its previous fundraising round last year. Creaegis, a sector-agnostic PE fund founded by former Premji Invest partner Prakash Parthasarathy is expected to join Purplle’s funding…
IPO of travel aggregator Ixigo to open on June 10
Travel & Hospitality
Date: 05 Jun 2024
The initial public offering of Le Travenues Technology, the parent company of travel aggregator Ixigo, will hit the Dalal Street on June 10. The price band for the issue will be announced on June 5. The IPO, which closes on June 12, comprises of fresh issuance of equity shares worth Rs 120 crore, and an offer-for-sale (OFS) of 6,66,77,674 equity shares by the existing shareholders. SAIF Partners and Peak XV…
Tata Motors Fin to merge with Tata Capital via NCLT scheme of arrangement
Financial Services
Date: 05 Jun 2024
The boards of Tata Motors, Tata Capital, and Tata Motors Finance have approved a merger of Tata Motors Fin with Tata Capital through an NCLT (National Company Law Tribunal) scheme of arrangement, Tata Motors said on Tuesday. As consideration for the merger, Tata Capital (TCL) will issue its equity shares to the shareholders of Tata Motors Finance (TMFL), resulting in the automobile company effectively holding a 4.7 per cent stake…
NSE creates world record, handles highest number of transactions in a single trading day today
Capital Market
Date: 05 Jun 2024
NSE CEO Ashish Chauhan on June 5 said the stock exchanged created a world record in terms of number of transactions in a single day. The Nifty saw its best percentage gain since Feb 1, 2021, when union budget-related announcements drove the market up nearly 5%. The exchange handled the highest ever – world record – number of transactions in a single day today on June 5, 2024 in a 6…
SBI MF assets top Rs 10 trn; becomes first fund house to achieve milestone
Capital Market
Date: 05 Jun 2024
SBI Mutual Fund (SBI MF) made history on Monday by becoming the first fund house in the country to achieve the Rs 10 trillion milestone in assets under management (AUM). The industry leader has adeptly navigated the post-pandemic equity boom and capitalised on the increasing awareness of MF investing. The sharp growth in SBI MF’s AUM, alongside the overall industry, has been driven by the equity market rally and expanding…
Hero FinCorp approves ₹4,000 crore IPO including fresh issue, offer for sale
Banks/NBFC
Date: 30 May 2024
Hero FinCorp Ltd (HFCL), a subsidiary of Hero MotoCorp Ltd, on Wednesday (May 29) said its board of directors approved a ₹4,000 crore Initial Public Offering (IPO) of equity shares with a face value of ₹10 each. “the IPO comprises of a fresh issue of equity shares aggregating up to ₹40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the company,” it…
At Rs 100 crore, OYO posts FY24 as maiden profitable fiscal: Ritesh Agarwal
Travel & Hospitality
Date: 30 May 2024
Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder Ritesh Agarwal said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead “not just in India” but also in OYO’s other key markets of Nordics, South East Asia, the US and UK. “While a delighted customer or a hotel partner…
Ixigo receives Sebi clearance for IPO
Travel & Hospitality
Date: 22 May 2024
Le Travenues Technology, which operates online travel portal Ixigo, has received clearance from the Securities and Exchange Board of India to raise funds through an initial public offering, according to a notification by the market regulator on Wednesday. The Gurugram-based company had filed its initial IPO papers in February, with a proposal comprising an issue of fresh shares worth Rs 120 crore and an offer for sale (OFS) of 66.67 million shares by its existing shareholders. The…
Hospitality technology firm withdraws draft papers, to refile after refinancing
Travel & Hospitality
Date: 18 May 2024
Softbank-backed OYO is set to refile its highly anticipated initial public offering (IPO) as the leader in international travel technology approaches completion of refinancing plans to earn up to USD 450 million through the issue of dollar bonds, said PTI in its news report citing sources. JP Morgan is most likely to be the lead banker for the refinancing through the selling of dollar bonds at an expected interest rate of 9…
Mizuho Eyes KKR’s Part Stake In InCred Finance
Banks/NBFC
Date: 17 May 2024
Japan’s Mizuho Financial Group is reportedly in discussions to acquire a portion of KKR’s stake in financial services unicorn InCred Finance at a premium to its most recent valuation of $1.2 Bn. Global investment firm KKR may divest around 10% of its stake in the Mumbai-based tech-driven non-banking finance company (NBFC), though this may change depending on how the talks progress. According to the report, the negotiations are being held…
Nayara Energy to set up two ethanol plants for ₹600 crore
Oil & Gas
Date: 14 May 2024
Russian energy giant Rosneft-backed Nayara Energy is planning to invest ₹600 crore to set up two ethanol manufacturing plants in the country, said a senior company executive. Each plant will have a production capacity of 200 kilo litres of ethanol per day. These will be set up in Andhra Pradesh’s Naidupeta and Madhya Pradesh’s Balaghat, and are slated for commissioning by 2026. The company will use broken rice and maize for feedstock. In the long run, the company…
Hinduja Group gets IRDAI approval for Reliance Capital acquisition
Insurance
Date: 13 May 2024
Hinduja Group’s IndusInd International Holdings (IIHL) on May 10 received the long-awaited Insurance Regulatory and Development Authority of India’s approval for the acquisition of Reliance Capital. The acquisition will include the takeover of Reliance Capital’s insurance arms — wholly-owned subsidiary Reliance General Insurance and 51:49 JV with Nippon Life, Reliance Nippon Life Insurance. The insurance regulator has cleared the transfer of Reliance Capital’s 26 per cent stake in Reliance Nippon Life to Aasia…
Tata Motors plans NBFC spin-off, merger with Tata Capital ahead of IPO
Banks/NBFC
Date: 10 May 2024
Tata Motors is planning to separate its vehicle financing subsidiaries housed under Tata Motors Finance Ltd and merge them with Tata Capital to streamline operations and reduce its debt burden, according to sources familiar with the matter as reported by The Economic Times on May 10. The proposed move will entail a share-swap arrangement, with Tata Sons, the group holding company, offering shares of Tata Capital to Tata Motors. This transaction would…
Virat Kohli-backed Go Digit IPO to open on May 15, close on May 17
Insurance
Date: 09 May 2024
Go Digit General Insurance is set to go public on May 15. The public issue will close on May 17. Further, the anchor investor bidding will be open one day prior to the bid/offer opening date, i.e., May 14, 2024, the company said in an exchange filing. The Go Digit IPO consists a fresh issue of shares worth ₹1,125 crore, and an offer-for-sale (OFS) component of up to 5.47 crore equity shares. Originally…
Waaree Energies appoints Amit Paithankar as CEO
Energy
Date: 08 May 2024
Waaree Energies has appointed Amit Paithankar as its new chief executive officer, the Mumbai-based renewable energy firm. With a career spanning over two decades, Paithankar brings experience in driving growth, innovation, and sustainability in his practices. Before joining Waaree, he was managing director – South Asia at Emerson Electric. In his new role as CEO, he will be responsible for driving Waaree’s growth in the renewable energy sector. “With the…
Hexaware acquires US-based Softcrylic to strengthen data capabilities
I.T.
Date: 07 May 2024
Hexaware Technologies, a global provider of digital solutions, on Monday announced the acquisition of Softcrylic, a data consulting firm headquartered in Minneapolis. The acquisition is aimed at strengthening Hexaware’s data and analytics capabilities, enabling the company to offer clients a comprehensive suite of services to drive marketing and customer journeys through data and technology. “By leveraging Softcrylic’s expertise in customer journeys and marketing technology alongside Hexaware’s engineering prowess and AI…
Hillhouse said to consider India IPO for home appliance maker
Consumer Goods
Date: 04 May 2024
Hillhouse Investment is considering options for the Indian unit of Versuni Group BV, formerly Philips Domestic Appliances, including a possible initial public offering in Mumbai. The Asian investment firm is working with JPMorgan Chase & Co. and Kotak Mahindra Bank Ltd. as potential arrangers for a listing this year or next, the people said, asking not to be identified discussing a private matter. Talks are at an early stage and…
SK Finance files DRHP with SEBI to raise ₹2,200-crore via IPO
Banks/NBFC
Date: 03 May 2024
SK Finance has filed preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to garner ₹2,200 crore through an initial share sale. The proposed initial public offer (IPO) is a combination of a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of up to ₹1,700 crore by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed by the…
National Stock Exchange of India (NSE) Q4FY24 & FY24 Financial Highlights
Capital Market
Date: 03 May 2024
🔵 National Stock Exchange of India (NSE) 🔵 Q4FY24 & FY24 Highlights All figures in INR Crs unless otherwise stated 📊Total Income Q3FY24 – ₹3,973.58 Q4FY24 – ₹5,080.04 FY23 – ₹12,765.36 FY24 – ₹16,433.61 📊Total Expenses Q3FY24 – ₹813.05 Q4FY24 – ₹1,130.74 FY23 – ₹2,608.83 FY24 – ₹3,608.90 📊Net Profit Q3FY24 – ₹1,975.34 Q4FY24 – ₹2,487.84 FY23 – ₹7,355.99 FY24 – ₹8,305.74 📊EPS Q3FY24 – ₹39.90 Q4FY24 – ₹50.25 FY23 –…
PharmEasy raises $216 million at a slashed valuation of $710 million
Retail
Date: 30 Apr 2024
Online pharmacy startup PharmEasy has raised $216 million in a round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) among other existing investors. The round happened at a valuation haircut of nearly 90 percent at $710 million, according to a report by Entrackr. PharmEasy was last valued at $5.6 billion in 2021. Among investors, the MEMG family office led the round with Rs 800 crore, and Prosus, Temasek, and…
Sterlite power bags projects worth ₹2500 crore in Q4
Energy
Date: 30 Apr 2024
Sterlite Power announced securing new orders worth Rs 2,500 crore during the quarter ended March 31. This takes the company’s cumulative order wins in FY24 to Rs 7,000 crore, up 35 per cent year-on-year (YoY) over FY23, Sterlite Power said in a statement. “Sterlite Power has capped off a successful fiscal year FY24 with new orders worth Rs 2,500 crore for its Global Products and Services (GPS) business unit in…
SBI General Insurance result: Net profit jumps 30.4% to Rs 240 cr in FY24
Insurance
Date: 26 Apr 2024
SBI General Insurance reported a 30.4 per cent rise in net profit at Rs 240 crore for the financial year ended March 2024. The non-life subsidiary of State Bank of India had recorded a net profit of Rs 184 crore in the previous financial year. The company also demonstrated strong growth in overall business clocking a Gross Written Premium (GWP) of Rs 12,731 crore, registering a growth of 17 per…
Swiggy shareholders give the greenlight to $1.2-billion IPO
E-Commerce
Date: 25 Apr 2024
Food tech giant Swiggy has received the approval from shareholders for a $1.2-billion initial public offering (IPO), according to regulatory filings with the registrar of companies (RoC). The Bengaluru-based company plans to raise up to Rs 3,750 crore (around $450 million) through a fresh issue and up to Rs 6,664 crore (around $800 million) as an offer-for-sale (OFS) component, the filings further showed. In the same EGM, Sriharsha Majety and…
FirstCry set to withdraw $500 mn IPO papers after regulatory scrutiny: Report
Insurance
Date: 25 Apr 2024
Indian retailer FirstCry is set to withdraw its papers for an up to $500 million IPO as early as next week, after India’s markets regulator raised questions over key metrics it disclosed to investors, said three sources with direct knowledge of the issue. FirstCry parent BrainBees filed papers with India’s Securities and Exchange Board of India last December for an IPO that would have been one of the country’s biggest…
Post Ola Electric, now Ola Cabs meets investment banks, weighs IPO
E-Commerce
Date: 20 Apr 2024
ANI Technologies, the parent company of Ola Cabs, initiated preliminary discussions with investment banks this week as the holding firm evaluates the potential launch of an initial public offer (IPO) of the ride hailing business, three people familiar with the development said on the condition of anonymity. The development comes on the back of sister firm Ola Electric filing its draft red herring prospectus with market regulator Sebi in December to…
Softbank-backed Oyo Hotels eyes $450 million bond sale for refinancing
Travel & Hospitality
Date: 20 Apr 2024
Oyo Hotels is in talks to raise up to $450 million via dollar bonds, a person familiar with the matter said, as the once-high-flying Indian startup seeks to replace an existing high-cost loan amid delays in its stock-market debut. Oravel Stays Ltd., as Oyo’s parent company is known, is in discussions with bankers for raising $350 million to $450 million to repay its term loan B, which is due in…
HDB Financial Services Q4FY24 & FY24 Financial Highlights
Banks/NBFC
Date: 18 Apr 2024
🟢 HDB Financial Services 🟢 Q4FY24 & FY24 Highlights All figures in INR Crs unless otherwise stated -Indicative price of the company in the unlisted market is ₹1135. It is trading at a P/B multiple of 6.55 times. 📊Total Revenue from Operations Q3FY24 – ₹3,601.80 Q4FY24 – ₹3,666.80 FY23 – ₹12,402.90 FY24 – ₹14,171.10 📊Total Expenses Q3FY24 – ₹2,746.20 Q4FY24 – ₹2,785.00 FY23 – ₹9,775.50 FY24 – ₹10,866.40 📊Net Profit Q3FY24 –…
NSE to launch derivatives on Nifty Next 50 index from Apr 24, gets Sebi nod
Capital Market
Date: 18 Apr 2024
The National Stock Exchange (NSE) said it will introduce derivative contracts on Nifty Next 50 index from April 24. The Nifty Next 50 index represents 50 companies from Nifty 100 after excluding the Nifty 50 companies. In a statement, NSE said it “has received approval for derivatives on Nifty Next 50 index from the Securities and Exchange Board of India (Sebi) and will launch these contracts from April 24, 2024”….
Carlyle picks JPMorgan and Kotak to help arrange Hexaware IPO: Report
I.T.
Date: 14 Apr 2024
Carlyle Group Inc. has selected JPMorgan Chase & Co. and Kotak Mahindra Bank to help arrange Hexaware Technologies Ltd.’s planned initial public offering in Mumbai this year, according to people familiar with the matter. The US investment firm plans to hold the IPO as early as in the fourth quarter of this year, the people said, asking not to be identified as the deliberations are private. More bankers will likely…
Japan’s MUFG set to pick 20% stake in HDFC Bank arm HDB Financial for $2 bn
Banks/NBFC
Date: 12 Apr 2024
Bank of Tokyo-Mitsubishi UFJ (MUFG) is set to buy a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank, at a valuation of $9-10 billion. The decision is expected to take place next week at the HDFC Bank board meeting. The deal is expected to be among the largest deals in the shadow banking space in India. HDFC Bank owns 95% of the shadow bank, while employees…
Manjushree Technopack to acquire Oricon's packaging business for Rs 520 crore
Packaging
Date: 11 Apr 2024
Manjushree Technopack Limited (MTL) announced on April 11 that it has entered into definitive agreements to acquire the plastics packaging business of Oricon Enterprises Limited for an Enterprise Value of Rs 520 crore. The acquired business includes Oriental Containers, manufacturer of plastic caps & closures and preforms, primarily used in beverages. This transaction will double MTL’s current market share in the caps and closures segment, with an installed capacity of…
Swiggy converts to public limited company ahead of IPO
E-Commerce
Date: 09 Apr 2024
Swiggy has converted itself into a public limited company from a private limited one ahead of an expected stock market listing later this year, according to documents submitted by the firm with the Registrar of Companies. The name of the food-delivery and quick-commerce major’s holding company has been changed from Swiggy Private Limited to Swiggy Limited. The change comes as the company is expected to file a draft red herring…
Ahead of IPO, Hero FinCorp writes off bad loans worth around Rs 1,200 crore
Banks/NBFC
Date: 08 Apr 2024
The Abhimanyu Munjal-led Hero FinCorp has written off bad loans worth close to Rs 1,200 crore, representing almost 3.4 percent of its loan book, as the lender looks to clean up its financial records in the runup to its public market debut. For the nine months ended December 31, 2023, the lender recorded ‘impairment on financial instruments’ of Rs 1,214.71 crore, coming primarily from bad loans written off, filings by the company show….
Sanlam to hike shareholding in Shriram General Insurance, Shriram Life Insurance
Insurance
Date: 05 Apr 2024
South African financial services group Sanlam announced that it has reached an agreement to increase its effective shareholding in Shriram General Insurance Company (SGIC) and Shriram Life Insurance Company (SLIC) in India. The company said, through its wholly-owned subsidiary, Sanlam Emerging Markets Mauritius Limited, it has reached an agreement to acquire shares from TPG India Investments II Inc and the Shriram Ownership Trust. The transaction involves acquiring 6.29 percent in…
Swiggy plans its IPO around 2024 festive season: Report
E-Commerce
Date: 28 Mar 2024
Swiggy is planning to go for public this year, as per a report by Entrackr, which added that the food delivery platform will file papers for its IPO by May and ultimately list around the festive season. Swiggy will seek valuation in the range of $12-15 billion, the report said quoting sources. The foodtech and quick commerce platform is exploring a secondary market deal as it wants to offer exits…
CCI clears Ranjan Pai’s investment in PharmEasy
Retail
Date: 27 Mar 2024
The Competition Commission of India (CCI) has cleared Manipal group chief Ranjan Pai’s investment in online pharmacy PharmEasy, according to the latest filing by the antitrust regulator. An additional investment from 360 One (formerly IIFL) in PharmEasy has also been cleared. Pai’s investment in PharmEasy is part of the Rs 3,500-crore funding through a rights issue. He has emerged as one of the largest investors in the Mumbai-based firm, with…
Hinduja Group starts rebranding Reliance Capital, operating units
Insurance
Date: 27 Mar 2024
The Hinduja Group has started the process of rebranding Reliance Capital (RCap) and its operating companies, following the successful bid of the debt-laden firm, as it awaits final regulatory approvals. Under the rebranding exercise, RCap, the holding company, would be renamed as IndusInd Insurance Holding Company, which is in sync with the group’s strategy of focusing only on the acquired firm’s insurance businesses. Further, Reliance Nippon Life Insurance Company (RNLIC) will be…
Sterlite Power Transmission may consider listing post demerger: MD
Infrastructure
Date: 26 Mar 2024
Sterlite Power Transmission Ltd (SPTL), which will retain only its manufacturing vertical following the proposed demerger of the transmission business, may explore a public listing as part of its fundraising plans, said managing director Pratik Agarwal. In November, the company had announced the demerger of its transmission business into a separate entity. In an interview, Agarwal said the company is awaiting the approval for the demerger from the National Company…
Hexaware Technologies may relist on the bourses, over three years after delisting
I.T.
Date: 26 Mar 2024
Hexaware Technologies, the IT services provider, which delisted from the Indian stock markets may see a return to Dalal Street. Bloomberg reported citing sources that the Carlyle Group is considering options for the company, including an IPO, which could raise up to $1 billion. An IPO might value Hexaware at $4 billion or more, the report said. Hexaware Technologies shares delisted from the bourses in November 2020 after the company’s…
Govt extends permission for import of urea through India Potash till March 2025
Chemicals
Date: 18 Mar 2024
The government extended the permission by a year for import of urea (agri grade) through India Potash Ltd till March 2025. According to the Directorate General of Foreign Trade’s (DGFT) notification, “import of urea (agricultural grade) on government account is allowed through Indian Potash Ltd …till March 31, 2025”. Urea imports stood at USD 1.81 billion during April-January this fiscal. The fertiliser is mainly imported from China, Oman and Russia….
Vedanta’s Sterlite to transfer three power projects to GIC JV: Report
Infrastructure
Date: 18 Mar 2024
Sterlite Power Transmission Ltd (SPTL), a privately-held unit of mining company Vedanta Ltd, has transferred three power transmission projects in India to its joint venture with Singapore-based sovereign wealth fund GIC Pte, reported Bloomberg. The three power transmission projects in India are still under development and the transfer into the Sterlite Grid 32 Ltd joint venture has reportedly been agreed. The projects are in Kishtwar, Nangalbibra and Fatehgarh, the report said. Last…
CRISIL upgrades long-term rating of InCred Finance to ‘CRISIL AA-/Stable’ from earlier ‘CRISIL A+/Stable’
Banks/NBFC
Date: 15 Mar 2024
CRISIL has upgraded the long-term rating for InCred Finance to ‘CRISIL AA-/Stable’ from the earlier rating, which was ‘CRISIL A+/Stable’. The upgrade in ratings reflects strong capitalization of the company supported by high pedigree of investor base, coupled with steady improvement in earnings profile. The ratings also factor in InCred’s experienced leadership team and diversified loan portfolio. The upgrade comes on the back of significant growth reported by the firm,…
NSE cuts transaction charges by 1%, plans exit from non-core businesses
Capital Market
Date: 12 Mar 2024
The National Stock Exchange (NSE) board approved a 1% reduction in transaction charges for cash equity and equity derivatives starting April 1, 2024. This move is expected to impact the company’s annual revenue from transaction charges by approximately Rs. 130 crores. Additionally, NSE announced its decision to exit non-core businesses, including technology and education. The divestment process attracted interest from over 60 parties, with 7 submitting non-binding bids. Following due…
Rights Issue: Ramaraju Surgical Cotton Mills
Textile
Date: 12 Mar 2024
The Board at its meeting held on February 28, 2024 approved the issue of 18,17,227 Equity Shares of the face value of ₹ 10/- each at an issue price of ₹ 204/- per Equity Share (including premium of ₹ 194/- per Equity Share) for an amount aggregating up to ₹ 3,707.14 Lakhs to all the existing equity shareholders of the Company on a rights basis. Rights Ratio: 5 Rights Equity…
HDB Fin Services to raise Rs 2,500 crore via debt capital for biz growth
Banks/NBFC
Date: 08 Mar 2024
HDB Financial Services, a subsidiary of HDFC Bank, is planning to raise about Rs 2,500 crore of debt capital to support business growth. The subordinated debt is to the tune of Rs 2,000 crore while perpetual debt is nearly Rs 500 crore. After witnessing asset quality pressures in the aftermath of the Covid-19 pandemic, the finance company has improved its risk profile and health to support sustained growth in loan…
Oyo parent Oravel Stays plans to launch 13 premium hotels this year
Travel & Hospitality
Date: 08 Mar 2024
Oravel Stays, the parent company of hospitality major Oyo, on Thursday announced plans to launch 13 premium hotels under the Palette brand by the end of this year. Last year, the company started a pilot by setting up 10 Palette resorts in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru. This will bring the total number of hotels under the Palette brand to 23. The Palette hotels will operate on…
Hero FinCorp targets PAT of Rs 1,000 crore in FY25, says CEO Abhimanyu Munjal
Banks/NBFC
Date: 07 Mar 2024
New Delhi-headquartered Hero FinCorp is targeting a net profit of Rs 1,000 crore in the financial year 2024-25, which would be a 30 percent rise on year on year basis, the NBFC’s Joint Managing Director and Chief Executive Officer Abhimanyu Munjal said on March 5. Hero FinCorp’s Assets under management (AUM) till December 2023 stood at Rs 49,127 crore compared with Rs 39,381 crore at the end of December 2022,…
Tiger Pacific Capital Invests $25M in B9 Beverages, Eyeing Pre-IPO Growth and Global Expansion
Consumer Goods
Date: 06 Mar 2024
Private equity fund Tiger Pacific Capital has marked a significant milestone in the beverage industry by acquiring a nearly 4% stake in B9 Beverages, with a $25 million investment. The investment by Tiger Pacific Capital is lauded as a pivotal development for B9 Beverages, bringing on board a crossover fund investor for the first time. Ankur Jain, the Chief Executive of B9 Beverages, highlighted the significance of this partnership, emphasizing…
HDFC Securities Limited Rights Issue
Capital Market
Date: 04 Mar 2024
The Board of HDFC Securities Limited at its meeting held on 1st March 2024 has approved the issue of shares on the Rights Basis in the ratio of 2 equity shares of Rs. 10/- each for every 19 equity shares held by the Shareholders, at a premium of Rs. 5,899/-. Further, pursuant to Section 91 of the Companies Act, 2013 and the rules made thereunder, the Board has fixed Monday,…
Nayara Energy exports decline by 10% in 2023 as domestic demand surges
Oil & Gas
Date: 04 Mar 2024
Nayara Energy, India’s largest private fuel retailer, saw petroleum product exports drop by 10 per cent in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline…
Fairfax-backed Go Digit receives Sebi's approval to raise funds via IPO
Insurance
Date: 04 Mar 2024
Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi’s go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday. The approval came after the company’s preliminary IPO papers were first filed in August 2022. Go Digit’s proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore…
NCLT approves Hinduja Group’s revival plan for Anil Ambani-promoted Reliance Capital
Insurance
Date: 27 Feb 2024
The National Company Law Tribunal (NCLT) approved the proposal of IndusInd International Holdings Ltd (IIHL), a Hinduja Group entity, to acquire bankrupt Reliance Capital Ltd, marking a significant milestone in the prolonged acquisition process. Last July, IIHL, the promoter of IndusInd Bank, had placed a bid of ₹9,861 crore to acquire Reliance Capital, which was subsequently approved by the administrator. The bid also received overwhelming support from creditors, with a 99%…
Japan's Kirin Holdings to purchase additional stake in B9 Beverages, maker of Bira
Consumer Goods
Date: 19 Feb 2024
Kirin Holdings, the Japanese beverage group, is investing Rs 205 crore to purchase an additional minority stake in B9 Beverages. B9 Beverages is the maker of craft beer Bira 91 and owner of Beer Cafe, a pub chain. The transaction, which was made through the purchase of fresh shares, will boost the group’s holding in B9 Beverages. Another American investor is also close to investing $25 million for an additional…
IKF Finance Limited Q3FY24 Financial Highlights
Banks/NBFC
Date: 14 Feb 2024
🔵 IKF Finance Limited 🔵 Q3FY24 Highlights All figures are on a standalone basis and are in INR Crs unless otherwise stated 📊Total Income Q2FY24 – ₹100.30 Q3FY24 – ₹111.12 9MFY23 – ₹199.94 9MFY24 – ₹300.15 📊Net Profit Q2FY24 – ₹16.18 Q3FY24 – ₹18.62 9MFY23 – ₹32.92 9MFY24 – ₹47.14 📊Net Worth Q2FY24 – ₹834.17 Q3FY24 – ₹850.90 9MFY23 – ₹459.49 9MFY24 – ₹850.90 📊EPS (in ₹ ) Q2FY24 -…
Ixigo's parent Le Travenues Technology refiles draft papers with SEBI to raise funds via IPO
Travel & Hospitality
Date: 14 Feb 2024
Travel aggregator Ixigo’s parent company Le Travenues Technology has resubmitted its draft papers to the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The travel company is backed by SAIF Partners India IV, Peak XV and Micromax. The IPO comprises a combination of fresh issuance of shares valued at ₹120 crore and an offer-for-sale (OFS) of 6,66,77,674 equity shares by existing shareholders, according to the…
CIAL, BPCL sign pact for green hydrogen plant
Aviation
Date: 14 Feb 2024
Cochin international airport, the world’s first airport fully powered by solar energy, has entered into an agreement with Bharat Petroleum Corporation Limited (BPCL) for setting up a green hydrogen plant on the airport premises, making Cochin International Airport Limited (CIAL), as it claims, the first airport operator in the world to have a hydrogen power generation facility on its premises. The agreement for the green hydrogen plant was exchanged at…
NSE’s settlement plea in the co-location case rejected by Sebi
Capital Market
Date: 13 Feb 2024
Market regulator the Securities and Exchange Board of India (Sebi) has rejected a settlement application filed by the National Stock Exchange (NSE) in a case pertaining to the colocation matter, said two people with direct knowledge of the matter. The exchange had filed under the consent mechanism of Sebi which allows market participants to settle any alleged security market violation by paying a fee and without admitting or denying guilt….
Tata Capital to raise Rs 20K crore via NCDs to boost core lending biz
Banks/NBFC
Date: 13 Feb 2024
Tata Capital Limited’s (TCL’s) board has greenlit a fundraising exercise of Rs 20,000 crore through non-convertible debentures (NCDs). This capital will be channelled into the company’s core lending business and is separate from the Rs 8,000 crore fundraising plan of its home finance subsidiary, Tata Capital Housing Finance. Tata Capital, a subsidiary of Tata Sons Private Limited, the holding company of the Tata group, currently encompasses Tata Capital Housing Finance,…
Sterlite Power gets Rs 2,400 crore funding from REC arm for Beawar project
Infrastructure
Date: 13 Feb 2024
Sterlite Power has secured Rs 2,400 crore funding from state-owned REC Power Development and Consultancy Ltd (RECPDCL) for its Beawar transmission project in Rajasthan. In a statement, Sterlite Power said “it has has successfully achieved financial closure for its Beawar Transmission Limited (BTL) project.” This accomplishment comes within four months of Sterlite Power acquiring the project. “Financial closure is an important milestone in an infrastructure project’s lifecycle. Achieving this in a…
RCap administrator opposes Rs 118 cr payout to Reliance General Insurance officials
Insurance
Date: 13 Feb 2024
Reliance Capital’s (RCap) central bank-appointed administrator has opposed the decision of Reliance General Insurance Company Ltd (RGIC) board to make a one-time special payment of Rs 118.41 crore to key managerial staff and directors of RGIC. RGIC is a subsidiary of RCap — part of the Anil Ambani Reliance group — which is going through the insolvency process. RCap, with the approval of the committee of creditors (CoC) recently made…
National Stock Exchange of India (NSE) Q3FY24 Financial Highlights
Capital Market
Date: 10 Feb 2024
🔵 National Stock Exchange of India (NSE) 🔵 Q3FY24 Highlights All figures in INR Crs unless otherwise stated 📊Total Income Q2FY24 – ₹4,023.15 Q3FY24 – ₹3,892.15 9MFY23 – ₹8,991.84 9MFY24 – ₹11,272.14 📊Total Expenses Q2FY24 – ₹859.45 Q3FY24 – ₹813.05 9MFY23 – ₹1,815.42 9MFY24 – ₹2,455.27 📊Net Profit Q2FY24 – ₹1,998.61 Q3FY24 – ₹1,975.34 9MFY23 – ₹5,289.11 9MFY24 – ₹5,817.91 📊EPS Q2FY24 – ₹40.38 Q3FY24 – ₹39.90 9MFY23 – ₹106.86…
Hero Fincorp Limited Q3FY24 Financial Highlights
Banks/NBFC
Date: 09 Feb 2024
🟢 Hero Fincorp Limited 🟢 Q3FY24 Highlights CMP – ₹1,450 P/B as on CMP is ~2.94 times All figures in INR Crs unless otherwise stated 📊Total Income Q2FY24 – ₹1,891.54 Q3FY24 – ₹1,998.17 9MFY23 – ₹4,369.97 9MFY24 – ₹5,676.71 📊Total Expenses Q2FY24 – ₹1,626.38 Q3FY24 – ₹1,712.37 9MFY23 – ₹3,976.48 9MFY24 – ₹4,964.24 📊Net Profit Q2FY24 – ₹184.03 Q3FY24 – ₹200.43 9MFY23 – ₹242.98 9MFY24 – ₹473.05 📊EPS Q2FY24 -…
Shriram Life Insurance's net profit jumps 61% to Rs 50 cr in Dec quarter
Insurance
Date: 09 Feb 2024
Shriram Life Insurance Company Ltd announced a net profit of Rs 50 crore in the third quarter (Q3FY24), up 61 per cent compared to Rs 31 crore during Q3FY23. The company’s premium from group business up to Q3FY24 more than doubled to Rs 693 crore from Rs 324 crore in the year-ago period. The insurer reported individual new business premium income of Rs 237 crore for its third quarter, raising…
Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss expands 15%
E-Commerce
Date: 31 Jan 2024
Food and grocery-delivery firm Swiggy reported a 45% jump in operating revenue for fiscal year ended March 2023 to Rs 8,265 crore, even as its net loss expanded 15% to Rs 4,179 crore. The Prosus-backed company, which is currently prepping for an initial public offering (IPO), spent heavily during the year under review on scaling up its quick-commerce vertical Instamart. Swiggy’s total expenses in FY23 came in at a staggering…
Sterlite Power Secures 1,400 Crores in Q3 FY’24 Orders, Focusing on Clean Energy Solutions and Global Expansion
Infrastructure
Date: 30 Jan 2024
Sterlite Power, a leading player in the energy sector, has maintained its robust performance with new orders worth approximately INR 1,400 crores for its Global Products and Services (GPS) business in the third quarter of FY’24. This achievement brings the cumulative order win for the first nine months of FY24 to a formidable INR 4,700 crores. The orders encompass high-performance power conductors, optical ground wire (OPGW), and power cables from…
OYO launches 65 hotels and homes in Ayodhya ahead of Ram Temple inauguration
Travel & Hospitality
Date: 18 Jan 2024
Hospitality tech firm OYO announced the addition of 51 homestays and 14 hotels in Ayodhya on its platform ahead of the inauguration of Ram Temple. A total of 65 properties have been added on the platform based in Ayodhya, OYO said on January 17. Guests can find budget-friendly rooms with prices starting from Rs 1,000, the platform said. OYO has seen a 350 percent increase in searches for Ayodhya on its platform…
HDFC Bank expects to start IPO process of HDB Financial Services in next few months, says CFO
Banks/NBFC
Date: 17 Jan 2024
The process of the initial public offering (IPO) of HDFC Bank’s non-banking arm, HDB Financial Services, may commence in the next few months, said the lender’s Chief Financial Officer Srinivasan Vaidyanathan. “The listing requirement of the IPO is to be in September 2025 and we expect in the next few months to commence the activity around that so that we have as much flexibility as we can to be in the…
Capital Small Finance Bank gets Sebi nod to launch IPO
Banks/NBFC
Date: 16 Jan 2024
Capital Small Finance Bank, which is the first one to start operating in the small finance bank space, has received market regulator Securities & Exchange Board of India’s permission to launch an initial public offer. The proposed IPO consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 2,412,685 equity shares. Oman India Joint Investment Fund, PI Ventures, Amicus Capital would be…
Mobikwik files for ₹700 cr IPO
Payments
Date: 05 Jan 2024
Payments business One MobiKwik Systems Ltd has filed its draft papers with the Securities Exchange Board of India (Sebi) to raise ₹700 crore in an initial public offering (IPO). Mobikwik is also aiming to raise ₹140 crore in a pre-IPO placement, which if successful will reduce the issue size appropriately. SBI Caps and DAM Capital are managing the issue. This is the fintech company’s second attempt at the bourses with a reduced…
Waaree Energies files IPO papers with SEBI, fresh issue portion at Rs 3,000 crore
Energy
Date: 29 Dec 2023
Leading solar panel manufacturer Waaree Energies has filed the preliminary papers with the capital markets regulator SEBI for fund raising through initial public offering, on December 28. The IPO is a mix of fresh issue of shares worth Rs 3,000 crore by the company and an offer-for-sale (OFS) of 32 lakh equity shares by the existing shareholders. Promoter entity Waaree Sustainable Finance (formerly known as Mahavir Thermoequip) will be selling…
FirstCry parent Brainbees files IPO papers with SEBI; M&M to sell 28 lakh shares
E-Commerce
Date: 28 Dec 2023
The parent company of online retailer FirstCry, Brainbees Solutions, has submitted an application for an initial public offering (IPO) with the market regulator SEBI. The company plans to sell fresh equity shares worth Rs 1,816 crore, according to the Draft Red Herring Prospectus (DRHP). In addition to this, existing investors, including SoftBank, will sell up to 5.44 crore shares via an Offer for Sale (OFS). Apricot Investments, Valiant Mauritius, TIMF,…
Ola Electric files DRHP with SEBI to raise ₹5,500 crore via IPO
Automotive
Date: 22 Dec 2023
Bhavish Aggarwal-led Ola Electric Technologies on Friday filed draft papers for an initial public offering (IPO) to raise ₹5,500 crore by issuing new shares, apart from a share sale by existing investors. The IPO by Bengaluru-based Ola Electric, India’s largest electric two-wheeler maker in terms of sales, is the first attempt by an Indian pure-play electric vehicle maker to go public. The share sale papers said promoter and chief executive Aggarwal…
Waaree Energies to build 3-GW module manufacturing facility in Texas
Energy
Date: 22 Dec 2023
Waaree Energies said on Thursday that it will establish its first manufacturing facility in the US in Houston. The facility, located in Brookshire, will have an initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024. Waaree plans to invest up to $1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the…
SoftBank-backed FirstCry set to file for IPO, eyes $500-600 million raise
E-Commerce
Date: 19 Dec 2023
After last year’s postponement, omnichannel retailer FirstCry is looking to file its draft IPO papers in the next few days, said people with knowledge of the matter. It is aiming to raise $500-600 million. While valuation has not been finalised yet, it may be pegged at around $4 billion during the initial public offering (IPO), said the people on condition of anonymity. FirstCry was last valued at under $3 billion….
NSE has to be glitch-free for at least a year to get IPO approval, says SEBI
Capital Market
Date: 18 Dec 2023
The Securities and Exchange Board of India (SEBI) has imposed several conditions on the National Stock Exchange (NSE) for its proposed initial public offering (IPO), including ensuring glitch-free operations for at least a year. The market regulator wants NSE to enhance its technological infrastructure, improve the corporate governance structure and resolve pending legal matters. NSE’s listing has been delayed by several years after the exchange got embroiled in corporate governance…
PharmEasy CEO hopes to return to market with an IPO if robust performance sustains
Retail
Date: 18 Dec 2023
Indian e-pharmacy company PharmEasy will return to the market with a public issue, if continues to put up a robust performance, Siddharth Shah, founder of PharmEasy told CNBC-TV18 in an interview. PharmEasy rights issue has been oversubscribed with the health tech major raising a little above Rs 3,950 crore on December 14. The issue saw Ranjan Pai, of Manipal Hospitals Group, committing the largest amount at Rs 1,300 crore with the remaining…
Orbis Financial Corporation raises Rs 102 cr
Capital Market
Date: 15 Dec 2023
Orbis Financial Corporation has raised Rs 102 crore which will be used to strengthen its position in the financial securities market. Orbis Financial has completed the fund raise of Rs 102 crore from investor Ashish Kacholia, it said in a release. This is the second round of fresh investment by Ashish Kacholia in the company. In both the fundraising rounds, Derivative Saint was the sole advisor to the deal. Earlier,…
Footpath Ventures may pick a stake in Rajasthan Royals
Sports
Date: 14 Dec 2023
US-based investment firm Footpath Ventures is in advanced talks to pick up a stake in the Rajasthan Royals franchise of Indian Premier League at an estimated post-money valuation of $800-850 million. Footpath Ventures – an investor in Indian unicorns like Dream11 and Zetwerk – is expected to lead a funding round of between $50 million and $80 million as the IPL franchisee is engaging with other investors, too. It is…
Ola Electric reports Rs 2,782 cr revenue in FY23, targets Ebitda profitability by FY25
Automotive
Date: 06 Dec 2023
IPO-bound Ola Electric has reported consolidated revenue of Rs 2,782 crore up nearly 510 percent in the financial year ended March 2023 (FY23) even as its net loss widened to Rs 1,472 crore on the back of an increase in its expenses, showed the company’s auditor signed financial statements shared with bankers and investors. The firm had reported an Ebitda loss of Rs 1,318 crore in FY23. Its total expenses flared…
Bira91 parent plans a Rs 400-cr fund shot for expansion plans
Consumer Goods
Date: 05 Dec 2023
B9 Beverages, maker of Bira 91 beer and owner of The Beer Cafe pub chain, is set to raise Rs 400 crore ($50 million) of fresh funds, executives close to the development said. The money, from existing investors as well as a new one, will be used to expand business. This will be the third round of fund raising for B9 Beverages in 13 months. The existing investors include Japan’s…
Sterlite to double manufacturing revenue to Rs 12,000-crore in 2 years
Infrastructure
Date: 05 Dec 2023
Sterlite Power, a subsidiary of Vedanta Group, plans to invest $1-2 billion in its transmission business every year, and another $100 million in manufacturing, as part of plan to double revenue from this segment to Rs 12,000 crore, Pratik Agarwal, Managing Director, Sterlite Power told Arunima Bharadwaj in an interview. The group also plans to expand its renewable energy capacity by adding 2 giga watt (GW) annually, starting FY26, Agarwal,…
Advent International exploring strategic options for Manjushree Technopak; eyeing up to $1bn valuation
Packaging
Date: 30 Nov 2023
Leading global private equity investor Advent International, which is spearheaded by Shweta Jalan in India is exploring strategic options to unlock value in India’s largest rigid plastic packaging firm Manjushree Technopak, multiple industry sources with knowledge of the matter told Moneycontrol. “Advent International recently invited pitches from a clutch of foreign and domestic investment banks to pick an advisor and explore an exit by selling a controlling stake in portfolio company…
Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO
Payments
Date: 29 Nov 2023
One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million. The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. for preparations of its listing, the people said, asking not to be identified as the information is private. The company is aiming to file an initial prospectus as soon as next month and a…
OYO restarts self-operated hotels, seeks partnerships with realty sector
Travel & Hospitality
Date: 28 Nov 2023
Hospitality tech platform OYO on Tuesday said it has restarted self-operated hotels tagged as ‘Managed by OYO’ through the company’s app and website and is seeking partnerships with real estate developers to identify properties for these hotels. “As part of the program, OYO will secure annual to long-term management contracts on the revenue share basis of 200 premium hotels across Indian metros and give its top hotel operators an opportunity…
OfBusiness to raise up to $200 mn, eyes $6 bn value
E-Commerce
Date: 23 Nov 2023
Chasing a valuation of $6 billion, business-to-business (B2B) marketplace OfBusiness has approached sovereign wealth funds, private equity (PE) funds and crossover funds to raise $150-200 million in a new funding round. The company has appointed investment bank Avendus to help it raise the funds. “The talks are in an early stage and the deal has just been launched. The final value discovery will happen basis the investor interest,” said the…
Ola Electric transforms itself into a public company ahead of IPO
Automotive
Date: 18 Nov 2023
Ola Electric has transformed itself into a public company as it gears up for its Initial Public Offering (IPO) in the coming months. This significant milestone involves undertaking a corporate restructuring to convert itself from a private limited company to a public company, regulatory filings showed. The IPO may be in the range of $800 million to $1 billion, according to the sources. The conversion of a private limited company…
Tata Tech IPO: Price band, other details announced
I.T.
Date: 16 Nov 2023
Tata Technologies has set the price band for its much-awaited initial public offer (IPO) at Rs 475-500 per equity share. The issue opens for public subscription on November 22 and will close on November 24. The IPO is book building and entirely an offer for sale (OFS) with the selling shareholders including promoter Tata Motors receiving the entire proceeds from the issue. Under the OFS, parent Tata Motors will sell…
Capital Small Finance Bank awaiting SEBI nod for IPO, says MD & CEO Sarvjit Singh Samra
Banks/NBFC
Date: 10 Nov 2023
Jalandhar-based Capital Small Finance Bank is expecting approval from the Securities and Exchange Board of India (Sebi) for an IPO consisting of a fresh issue of Rs 450 crore by next month, said Managing Director (MD) and Chief Executive Officer (CEO) Sarvjit Singh Samra. “The documents have been filed with the SEBI and we are expecting to get approval from SEBI by December 2023. In general, typically it takes 80-85…
Religare initiates IPO process for its health insurance subsidiary 'Care Health Insurance'
Insurance
Date: 08 Nov 2023
After successfully completing a ₹2,320 crore One Time Settlement (OTS) for Religare Finvest, parent Religare Enterprises is likely to have initiated the initial public offering (IPO) process for its health insurance subsidiary-Care Health Insurance. According to sources privy to the development, Care Health Insurance has invited investment bankers to make IPO mandate pitches. IPO mandate pitches for Care Health Insurance IPO are expected to go on over next one month. Care Health insurance…
Waaree Energies ties up with NTPC for 135 MW solar module supply
Energy
Date: 08 Nov 2023
Waaree Energies Ltd said it has partnered with NTPCto supply over 135 MW of solar PV modules. The photovoltaic modules will be utilized by NTPC for a solar power project in Baran district of Rajasthan. The order is expected to be completed within a span of 4 months, Waaree Energies said in a statement. “Such projects provide us with a splendid opportunity to further that objective, through the provision of our…
Sterlite Power Transmission to demerge its transmission infra business
Infrastructure
Date: 03 Nov 2023
Power transmission infrastructure developer and solutions provider Sterlite Power Transmission said it has decided to demerge electricity transmission infrastructure business spread across India and Brazil. The demerged Sterlite Power Transmission Ltd (SPTL) entity will continue to hold the global products and specialised EPC (engineering, procurement and construction) services business as well as the convergence – fiberco business, a company statement said. SPTL announced the strategic decision to demerge its power…
Saudi Arabia eyes ‘significant’ stake in IPL, proposes investment up to $5 billion
Sports
Date: 03 Nov 2023
Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, international cricket’s most lucrative event, following a string of investments that have upended professional sports including football and golf. Crown Prince Mohammed bin Salman’s advisers have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, in which Saudi Arabia would then take a significant…
Ola Electric closes Rs 3,200 crore funding round in a mix of debt and equity
Automotive
Date: 26 Oct 2023
Electric vehicle manufacturing major Ola Electric announced on October 26 that it has closed a Rs 3,200 crore (approximately $380 million) funding round with a mix of debt and equity from Temasek-led prominent investors and debt from the State Bank of India (SBI). The funds raised will be used to expand Ola’s EV business and to set up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, the firm…
IndusInd's resolution plan for Reliance Capital can't drop Reliance General Insurance's employee stock ownership plans
Insurance
Date: 25 Oct 2023
Reliance General Insurance has obtained a legal opinion that states IndusInd Holding’s resolution plan cannot extinguish any stock options or other employee benefits. IndusInd International Holdings has emerged as the successful bidder for Reliance Capital. RCap’s most valuable holdings are the shares it owns in its 100% subsidiary Reliance General Insurance. IndusInd Holding’s resolution plan involves raising funds to creditors of Reliance Capital by creating a charge on the shares…
GIC collaborates with Vedanta's Sterlite Transmission for $1 bn venture
Infrastructure
Date: 25 Oct 2023
To draw on the rising demand for power evacuation networks in the country, Sterlite Power Transmission (SPTL) is collaborating with Singapore’s sovereign wealth fund, GIC, to set up a $1-billion joint venture platform, according to a report by The Economic Times (ET). Sterlite Power Transmission (SPTL) is a privately held Vedanta Group firm. At the present moment, SPTL is in the process of separating into two businesses. One business will house the infrastructure…
NSE sees 6.33 million shares change hands in Sept, institutions pick up the most
Capital Market
Date: 16 Oct 2023
Nearly 6.33 million shares of the National Stock Exchange of India (NSE) changed hands in September at an average price of Rs 3,055 each, taking the total turnover to Rs 1,860 crore. In September, foreign portfolio investors picked up 4.36 lakh shares, while domestic investors bought 29.8 lakh. Non-resident Indian investors sold around 34.17 lakh shares. In terms of price, the highest recorded during the month was Rs 3,600, while…
Ahead of IPO, Tata Motors to sell 9.9% stake in Tata Technologies for Rs 1,614 crore
I.T.
Date: 13 Oct 2023
Ahead of the IPO, parent Tata Motors will sell 9.9% stake in Tata Technologies for about Rs 1,614 crore. TPG Rise Climate will pick up about 9% stake in the transaction, which valued Tata Technologies at Rs 16,300 crore ($2 billion). Ratan Tata Endowment Foundation will buy the remaining 0.9% from Tata Motors. This transaction is said to further Tata Motors’ de-leveraging agenda and is expected to close in the…
RBI permits SBI Mutual Fund to acquire 9.99% paid-up share capital in IndusInd Bank
Capital Market
Date: 11 Oct 2023
The Reserve Bank of India (RBI) on October 11 issued its approval to SBI Mutual Fund (SBI MF), the mutual funds arm of the State Bank of India, to acquire 9.99 percent of the paid-up share capital in private lender IndusInd Bank, a regulatory filing stated on October 11. “The approval has been granted with reference to the application made by SBI MF to RBI,” IndusInd Bank informed the stock exchanges. This…
Sterlite Power bags orders worth Rs 1,300 crore in April-June FY24
Infrastructure
Date: 10 Oct 2023
Power transmission solutions provider Sterlite Power bagged orders worth Rs 1,300 crore in June quarter of this fiscal year. The new orders, won across the domestic and international markets, were built on the total order book of Rs 5,200 crore that the business garnered in the previous financial year, a company statement said. The company bagged orders across its Global Products & Services business that caters to high performance, green…
Oyo talking to Apollo for $660 million refinance as IPO delayed
Travel & Hospitality
Date: 06 Oct 2023
Oyo Hotels is in talks with Apollo Global Management Inc. to refinance a $660 million loan as the once-high-flying startup seeks more time to cut debt following a delay in its initial public offering, according to people with knowledge of the matter. Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said,…
Mobikwik post Rs 5 crore profit in Q2
Payments
Date: 05 Oct 2023
Fintech firm MobiKwik has recorded a consolidated profit of Rs 5 crore in the September 2023 quarter and expects to maintain the momentum in the current fiscal, a top company official has said. The company will evaluate its position based on the ongoing performance and market condition in the June 2024 quarter for the firm’s public listing. Its revenue grew 52 per cent to Rs 208 crore during the reported…
Billionaire Ranjan Pai to invest in beauty company Purplle
E-Commerce
Date: 04 Oct 2023
Billionaire investor Ranjan Pai is likely to invest in Purplle, an online retailer of beauty and personal care products, by buying JSW Ventures’ shares in the firm for Rs 60-70 crore. This would be the second instance of JSW Ventures offloading shares in Purplle in five months. In May, it sold a partial stake to Abu Dhabi Investment Authority (ADIA), scoring an 18X return on its initial investment. The previous…
Rocky rupee drives NSE volumes to record high
Capital Market
Date: 02 Oct 2023
Currency derivative volumes on the National Stock Exchange (NSE) rose to a record high in the first half of the current financial year as a volatile rupee increased trader interest. The average daily turnover of currency futures and options contracts traded on India’s largest exchange hit ₹1.59 trillion, up 22.3% from a year ago. The rupee-dollar is the most active pair on the NSE for currency derivatives contracts, accounting for…
Lava eyes 10% smartphone market in 2 yrs with investment of Rs 600 crore
Consumer Goods
Date: 02 Oct 2023
Home-grown mobile devices maker Lava International expects to capture 10 per cent market share in under Rs 30,000-priced smartphone segment on account of up to Rs 600 crore investment in product development and marketing in the next two years, a senior company official said. Lava International President Sunil Raina told PTI that at a time when several Indian mobile phone companies succumbed to the pressure of aggressive pricing of foreign…
Capital Small Finance Bank to hit IPO street, files draft papers with Sebi
Banks/NBFC
Date: 29 Sep 2023
Private equity and venture capital-backed Capital Small Finance Bank Ltd has filed the draft papers with the Securities and Exchange Board of India (Sebi) to raise funds through a public issue. The IPO consists of a fresh issue of Rs 450 crore and an offer-for-sale of up to 24.12 lakh shares by its existing shareholders and promoters. The OFS comprises up to 8.37 lakh shares by Oman India Joint Investment…
OYO set to report maiden profit in Q2
Travel & Hospitality
Date: 27 Sep 2023
Oravel Stays Ltd, which operates travel tech brand OYO, is set to report its first-ever profit after tax of over Rs 16 crore in the current quarter ending September, according to an email sent by OYO’s founder and CEO Ritesh Agarwal to the company’s top management on Tuesday, sources said. “This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this…
NSE plans to extend trading hours for derivatives segment in a phased manner
Capital Market
Date: 25 Sep 2023
India’s largest bourse, the National Stock Exchange (NSE), is finalising its plans to extend the equity derivatives trading hours in a phased manner, with an aim to offer an opportunity to domestic traders to react to global events, a report said. An evening session for equity derivatives trading between 6 pm and 9 pm is likely to be proposed by the stock exchange, an Economic Times report said, quoting multiple…
HDFC Securities looks to gain active clients with a new trading app
Capital Market
Date: 25 Sep 2023
HDFC Securities, which has a one per cent market share in active retail clients, launched its new app called HDFC Sky, offering trading in stocks, ETFs, derivative products, and investments in mutual funds on one platform. With the launch, the broker will be competing with low-price broking services with a flat pricing of Rs 20 per all intraday trades and delivery. Speaking at the launch, Dhiraj Relli, chief executive officer of…
Chief Minister to launch seven CIAL mega projects on October 2
Aviation
Date: 25 Sep 2023
Chief Minister Pinarayi Vijayan will inaugurate the import cargo terminal of Cochin International Airport Limited (CIAL) and launch DigiYatra software developed by CIAL and the modernisation of the airport emergency service on October 2 at a function scheduled for 4.30 p.m. The Chief Minister will also lay the foundation stone for the first phase of the international terminal expansion, a golf tourism project, and aero lounges. These projects are part…
Sterlite Power buys Beawar Transmission to develop project in Rajasthan
Infrastructure
Date: 22 Sep 2023
Sterlite Power on Friday said it has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development and Consultancy Ltd. The SPV was awarded to Sterlite Power through tariff-based competitive bidding in August, a company statement said. “Sterlite Power announces the acquisition of Beawar Transmission Ltd from REC Power Development and Consultancy Ltd, a wholly owned…
Ola Electric IPO | Company set to file papers for $700-million offering by October-end
Automotive
Date: 20 Sep 2023
Indian electric two-wheeler company Ola Electric is set to file its regulatory papers for its initial public offering (IPO), totalling nearly $700 million, before October-end. The company was valued at $5.4 billion in a recent fundraise backed by investors, including Singapore’s Temasek and Japan’s SoftBank. The Bengaluru-headquartered company urged advisers on the IPO, including Bank of America, Goldman Sachs, Kotak and ICICI to give “utmost priority” to meet a five-week…
Tata Capital plans IPO, expanding board and merging subsidiaries to go public
Financial Services
Date: 19 Sep 2023
Tata Capital Ltd is making changes in its operation and adding members to its board as part of the Tata group’s plan to make the non-bank lender a public company. The group is aiming to have an Initial Public Offering (IPO) for Tata Capital in 2025. To prepare for this, the company’s board has been expanded, and some mergers have occurred among Tata Capital’s affiliated companies. The IPO process is…
NTPC Green Energy, Nayara Energy ink pact to explore green hydrogen space
Oil & Gas
Date: 11 Sep 2023
NTPC Green Energy Limited (NGEL) has entered into an agreement with Nayara Energy to explore opportunities in the green hydrogen space. The memorandum of understanding (MoU) was signed between NGEL CEO Mohit Bhargava and Nayara Energy Head-Technical Amar Kumar on Monday in the presence of other senior officials of both sides, NTPC said in a statement. “NGEL and Nayara Energy have entered into an MoU today to explore opportunities in…
IPO-Bound Ola Electric Bags $140 Mn At $5.4 Bn Valuation From Temasek, Others
Automotive
Date: 07 Sep 2023
Electric vehicle (EV) maker Ola Electric has reportedly signed an agreement to raise $140 in a funding round led by Singapore’s sovereign wealth fund Temasek with participation from other existing investors. As per the report, Temasek will invest $90 Mn while the remaining $50 Mn will be pumped by remaining investors, primarily comprising family offices. The round reportedly pegs Ola Electric at a valuation of $5.4 to $5.5 Bn. This…
IPL team owners eye market listing, PE fundraising
Sports
Date: 03 Sep 2023
Owners of three Indian Premier League (IPL) teams have approached the Board of Control for Cricket in India (BCCI) regarding their capital raising plans, three people aware of the matter said. While KPH Dreams Cricket Pvt. Ltd (Kings Xi Punjab) and JSW GMR Cricket Pvt. Ltd (Delhi Capitals) are weighing a public listing, Rajasthan Royals is looking to raise private equity funds, said a BCCI official, one of the three people who spoke…
PharmEasy To Raise Rs3,500cr From Rights Issue: Report
Retail
Date: 23 Aug 2023
As PharmEasy’s valuation slumps, Temasek Holdings, TPG, Prosus, CDPQ, Eight Roads, LGT, Abu Dhabi sovereign wealth fund ADQ, Amansa, OrbiMed and Sunil Kant Munjal’s family office to invest as much as Rs 2,000 crore, according to media reports. Omnichannel pharmacy chain PharmEasy will raise ₹3,500 crore through a rights issue next week, multiple people aware of the development said, helping it repay a big chunk of its loans to Goldman…
Hero FinCorp in talks with I-banks for Rs 4,000-crore IPO
Banks/NBFC
Date: 14 Aug 2023
Hero FinCorp, an arm of India’s largest two-wheeler maker, Hero MotoCorp, has interviewed investment banks over the past two weeks as it searches for underwriters for a planned initial public offering (IPO) of shares that could raise ₹4,000 crore, according to people aware of the matter. The financing arm of the two-wheeler maker that provides retail and business loans has interviewed 7-8 investment banks that include domestic and international players….
Fintech firm MobiKwik posts first ever consolidated Q1 profit at Rs 3 cr
Payments
Date: 08 Aug 2023
Unicorn Fintech firm MobiKwik on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. “We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA)…
Sterlite Power in talks with GIC for $300 mn fund infusion; weighs demerger of solutions biz
Infrastructure
Date: 04 Aug 2023
Sterlite Power, which is backed by metals magnate Anil Agarwal’s Vedanta Group, has embarked on an internal restructuring exercise to unlock value as part of which the firm seeks to carve out its solutions vertical and then induct Singapore’s sovereign wealth fund GIC as a strategic partner for the power transmission business. “An internal rejig is underway at Sterlite Power. The plan is to demerge the solutions business and then…
SEBI puts NSDL's proposed Rs 3,000 crore IPO in abeyance: Sources
Capital Market
Date: 03 Aug 2023
The Securities and Exchange Board of India (SEBI) has put the proposed initial public offering (IPO) of National Securities Depository Ltd (NSDL) in abeyance, CNBC TV-18 reported on August 3, citing sources. The IPO, which is targeted to be of around Rs 3,000 crore, has been put under abeyance due to a pending investigation against the National Stock Exchange (NSE), which is the primary shareholder of NSDL, the persons privy…
IPO-Bound OYO Posts INR 175 Cr Adjusted EBITDA In Q1
Travel & Hospitality
Date: 02 Aug 2023
“Our Q1 adjusted EBITDA of around INR 175 Cr makes it an exciting start to the year. If you annualise this outcome, it sets us up for INR 700 Cr adjusted EBITDA this financial year, though, in all likelihood, we will achieve or probably surpass our previously stated target of INR 800 Cr,” OYO founder and CEO Ritesh Agarwal told the employees. Earlier this year, Agarwal told employees that the…
Waaree Energies Revives IPO Plan After Raising Over $200 Mn In Private Capital
Energy
Date: 02 Aug 2023
Waaree Group, one of India’s largest makers of solar energy equipment, has revived its plans to list its group holding company, nearly a year after shelving an initial public offering. The photovoltaic equipment maker, which is looking to aggressively expand its manufacturing capacity, may aim to raise as much as Rs 2,000 crore ($242 million) from the capital markets, most likely by the end of the year, a top company…
Sterlite Power acquires Fatehgarh III Beawar Transmission project from PFC
Infrastructure
Date: 02 Aug 2023
Power transmission developer Sterlite Power said it has successfully acquired Fatehgarh III Beawar Transmission Limited, a special purpose vehicle (SPV) from PFC Consulting Limited (PFCCL). PFCCL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a maharatna company. The project was awarded to Sterlite Power through the tariff based competitive bidding (TBCB) process in March 2023. Under this acquisition, Sterlite Power will undertake the construction, ownership, operation, and…
Reliance General Insurance Gets Rs 200 Cr Capital Infusion From Reliance Capital
Insurance
Date: 31 Jul 2023
General insurance player Reliance General Insurance Company (RGICL) has raised the capital of Rs 200 crore by issuing equity shares to Reliance Capital. “With this capital raise, RGICL is reinforcing its commitment to financial strength and readiness to capitalize on emerging opportunities in the insurance sector,” the company said. Rakesh Jain, CEO of Reliance General Insurance expressed his optimism about the capital raise, stating, “This strategic decision is a testament…
IPO-bound Ola Electric recorded $136 million loss in FY23
Automotive
Date: 31 Jul 2023
India’s largest e-scooter maker Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal. The 2022/23 loss number of SoftBank-backed Ola Electric, which is preparing for an up to $700 million IPO, has not previously been reported or filed with Indian authorities, which allows time until…
boAt looking at IPO in FY25-FY26; definitely not listing this year, says co-founder Aman Gupta
Consumer Goods
Date: 26 Jul 2023
Audio and wearables brand boAt, which had earlier deferred its public share sale plans amid stock market volatility, is “not in a hurry” to go for a listing, and is looking at FY25-FY26 timeframe for the IPO On whether boAt will look at another round of capital raise before listing, Gupta said while the startup is not in need of funds per se, a lot will depend on how things…
Sheela Foam to acquire 95% stake in Kurlon Enterprises for Rs 2,035 crore
Consumer Goods
Date: 26 Jul 2023
Sheela Foam Ltd, the maker of mattress brand Sleepwell, on Monday said it will acquire a 94.66 per cent stake in Kurlon Enterprises Ltd for Rs 2,035 crore. The company’s board at its meeting held on July 17, 2023, has approved the acquisition of Kurlon Enterprise Ltd and House of Kieraya Pvt Ltd, Sheela Foam said in a regulatory filing. “The company is acquiring 94.66 per cent of KEL’s (Kurlon…
Sterlite Power commissions Rs 1,600 cr project in Brazil
Infrastructure
Date: 20 Jul 2023
Sterlite Power on Thursday announced commissioning of its sixth transmission project in Brazil built with an investment of Rs 1,600 crore. The project, Marituba involved developing a 344-km 500kV transmission corridor connecting Brazil’s largest hydropower plant at Tucurui to the metropolitan region of Belem to deliver up to 1000 MW of green energy, a company statement said Since its foray in Brazil in 2017, Sterlite Power has built a significant…
Dhoni-led Chennai Super Kings ranks no 1 in brand and business enterprise value
Sports
Date: 11 Jul 2023
The Indian premier league’s (IPL) brand value is at $3.2 billion in 2023, from $1.8 billion in 2022, an increase of 80 percent, according to Houlihan Lokey’s IPL Valuation Study 2023. The league’s business value also saw an increase of 80 percent and is worth $15.4 billion in 2023. One of the main reasons for this increase is the media rights deal with JioCinema and Disney Star, which is 3x…
NSDL files DRHP with SEBI for IPO
Capital Market
Date: 08 Jul 2023
India’s largest depository National Securities Depository Limited (NSDL) has filed its Draft Red Herring prospectus with the Securities and Exchange Board of India (Sebi) for an IPO. The IPO, which is an offer for sale (OFS) of 57,260,001 shares, will see IDBI Bank, NSE, SBI, HDFC Bank and Union Bank of India paring stakes. Post IPO, the dates of which are not yet announced, the stock would be listed on…
Reliance Retail opts for reduction of share capital, payout at Rs 1,362/ share
Retail
Date: 07 Jul 2023
Billionaire Mukesh Ambani-led Reliance Industries (RIL) announced that its board has approved a proposal to reduce the equity share capital of its subsidiary Reliance Retail to the extent held by shareholders other than its promoter and holding company. “The Board of Directors of the Company at its meeting held on July 4, 2023, approved a proposal to reduce the equity share capital to the extent held by shareholders other than…
Manipal Group to invest Rs 1,000 crore in Pharmeasy
Retail
Date: 05 Jul 2023
In a significant development, API Holdings, the owner of online pharmacy PharmEasy and the promoter of Thyrocare, is currently engaged in discussions for a substantial fundraise aimed at repaying debt. Sources suggest that Manipal Group has expressed interest in investing approximately Rs 1,000 crore for an 18 percent stake (post-money valuation) in API Holdings. As part of this potential investment, Manipal Group may also secure a board seat at API…
Arohan Financial Snags $24 Mn From Another DFI
Banks/NBFC
Date: 03 Jul 2023
Microfinance institution Arohan Financial Services, a part of the Aavishkaar-Intellecap Group, has raised nearly Rs 200 crore ($24 million) from Investment Fund for Developing Countries (IFU), a development finance institution backed by the Denmark government. The move comes after the micro lender scrapped its plans to float an initial public offering (IPO) due to tough macroeconomic conditions. Arohan counts private equity firm Tano Capital and secondaries specialist TR Capital among its backers. The Kolkata-based firm, in…
Religare may sell 6-7% of its health insurance business
Insurance
Date: 29 Jun 2023
Religare Enterprises Ltd is in early talks with private equity (PE) investors to sell 6-7% in its subsidiary Care Health Insurance Ltd to raise as much as ₹1,200 crore. The talks are at an initial stage. Religare is seeking very high valuations for its stake, in line with the robust performance of health insurance businesses in the country. However, it is unlikely that they will be able to raise such a…
Cial records highest ever profit of ₹267.17 crore
Aviation
Date: 28 Jun 2023
Cochin International Airport Ltd (CIAL) posted a net profit of Rs 267.17 crore for the financial year 2022-23, which is the highest ever profit recorded by the company in its 25 years of operational history. The director board meeting chaired by chief minister Pinarayi Vijayan finalized the balance sheet and proposed a dividend of 35% to the investors, subject to the endorsement of the annual general body meeting dated to…
Sebi approves Tata Technologies IPO, first from Tatas after 19 years
I.T.
Date: 27 Jun 2023
Markets regulator Sebi approved the IPO of Tata Technologies which would be the first public issue from the Tata Group after nearly two decades. Tata Tech had filed IPO papers with Sebi in March. The issue is completely an offer for sale (OFS), under which the selling shareholders will offload up to 9.57 crore units representing 23.60% of its paid-up share capital. The IPO is a much-awaited one as it…
Shriram Life Insurance declares bonus of Rs 149 cr
Insurance
Date: 24 Jun 2023
Shriram Life Insurance Company, promoted by Shriram Group and South Africa-based financial services firm Sanlam Ltd, has declared its highest ever bonus of Rs 149 crore, the company announced. The bonus saw an increase of 25 per cent over the previous year and will benefit 3.29 lakh individuals. “The increase in bonus reflects SLIC’s commitment to serve customers and to help them achieve their financial goals and security. This further…
MobiKwik In Talks With Funds, Family Offices For Fresh Fundraise
Payments
Date: 23 Jun 2023
Digital payments company MobiKwik, which is keen to evaluate acquisition opportunities, is likely looking at a fresh round of equity funding to fuel its inorganic growth plans. MobiKwik, operated by Gurugram-based One Mobikwik Systems Ltd, last raised equity capital in June 2021 when it snagged $20 million from Abu Dhabi Investment Authority, the emirate’s sovereign wealth fund. The company is now possibly looking at raising nearly $50 million (Rs 409 crore)…
Capital Small Finance Bank Gets Equity From Max Life Insurance For Minority Stake
Banks/NBFC
Date: 19 Jun 2023
Private equity and venture capital-backed Capital Small Finance Bank, India’s first small finance bank, has secured an equity investment from Max Life Insurance Company Limited for a minority equity stake in the lender at a valuation of over Rs 1,600 crore. Max Life Insurance Company Ltd has been allotted a total of 10.58 lakh equity shares for a total consideration of Rs 49.5 crore. Each equity share has a face value of Rs 10…
GIFT Nifty, formerly SGX Nifty, may become tradeable 22 hours a day from July 3
Capital Market
Date: 16 Jun 2023
The new avatar of SGX Nifty, GIFT Nifty, is likely to be available for trading 22 hours a day from July 3 when all dollar-denominated Nifty derivatives contracts will be entirely traded from NSE IFSC at GIFT City. The proposal being considered is to allow trading in GIFT Nifty — dollar-denominated Nifty futures contracts — from 4 am IST till 2 am IST the following morning, a person part of…
Warburg-Backed BoAt’s FY23 Revenue Rises As Audio, Wearables Sales Soar
Consumer Goods
Date: 15 Jun 2023
Imagine Marketing Pvt. Ltd, which operates audio gear and wearables brand, boAt, has witnessed a growth of nearly 40% in its revenue through FY23, even as it had dropped its plan for a public market debut last year. In FY23, the company claims it generated net sales of approximately Rs 4,000 crore, 39.2% higher compared to Rs 2,873 crore in the preceding year. The company declined to comment on profitability…
Ola Electric to kick off investor meet on IPO plans
Automotive
Date: 09 Jun 2023
India’s Ola Electric will hold talks next week with investors in Singapore and the United States on its planned stock market listing, the first of a series of meetings for its up to $1 billion IPO, two sources with direct knowledge said. The sources said Ola, which makes electric scooters and is backed by investors such as SoftBank and Temasek, has plans to raise between $600 million and $1 billion…
PharmEasy Appoints Avendus Capital For Next Funding Round
Retail
Date: 09 Jun 2023
Online pharmacy unicorn PharmEasy has reportedly appointed Avendus Capital to raise equity funding. The move comes as its existing investors plan to infuse fresh capital to shore up the company. Prosus Ventures, Temasek Holdings, CDPQ and TPG are looking to invest up to INR 250 Cr into PharmEasy, Mint reported citing sources. Avendus might also look for external investors for fundraising. PharmEasy is looking to raise up to $100 Mn (INR 824.64…
Fairfax-backed Go Digit gets green light for life insurance
Insurance
Date: 09 Jun 2023
India’s insurance regulator on Friday granted its approval for Go Digit Life Insurance Ltd, which will become the 25th life insurer in the country. The Insurance Regulatory and Development Authority of India (Irdai) said in a statement, “Irdai, in its 122nd meeting held on 2 June 2023, has granted the certificate of registration to a new life insurer, namely, Go Digit Life Insurance to carry life insurance business in India.”…
Lava likely put its IPO plan on hold
Consumer Goods
Date: 06 Jun 2023
Homegrown handset company Lava International has likely put its plan for initial public offering (IPO) on hold, according to people aware of the matter. The company is presently looking to focus on its profitability and take benefit of the PLI scheme. It may refile the draft papers with updated financial numbers and other operating metrics, based on the internal discussions and market condition, according to industry sources. The Securities and…
Trading activity picks up pace in May amid buoyancy in the markets
Capital Market
Date: 02 Jun 2023
Trading activity has picked up pace amid buoyancy in the markets. The average daily trading turnover for the cash segment in May stood at Rs 63,774 crore — the highest since September 2022. Besides, it reported a month-on-month (MoM) increase of 16.5 per cent — the most since August. The average daily trading turnover for the futures and options (F&O) segment (for the NSE and the BSE combined) rose to…
IKF Finance Limited Q4FY23 Financial Highlights
Banks/NBFC
Date: 01 Jun 2023
🔵 IKF Finance Limited FY23 Highlights🔵 CMP 218 All figures in INR Crs unless otherwise stated 📊Total Income FY22 – ₹271.70 FY23 – ₹378.45 📊Total Expenses FY22 – ₹203.31 FY23 – ₹295.96 📊Net Profit FY22 – ₹51.13 FY23 – ₹61.52 📊Net Worth FY22 – ₹410.47 FY23 – ₹724.03 📊EPS FY22 – ₹9.71 FY23 – ₹9.11 📊BVPS FY22 – 77.95 FY23 – 107.21 📊 P/ BV. – 2.03 times 📑 KEY…
Capital Small Finance Bank eyes Rs 14,000 crore of total business in FY24
Banks/NBFC
Date: 30 May 2023
Capital Small Finance Bank Limited is looking at its total business rising over Rs 14,000 crore by the end of current financial year on the back of growth in its advances led by MSME loans and mortgages. The Jalandhar-headquartered bank has also plans to expand its branch network by opening 20 more branches in the northern region. In the last financial year, the bank’s total business grew to Rs 12,000…
Mohan Meakin Limited Q4FY23 Financial Highlights
Consumer Goods
Date: 29 May 2023
🟢 Mohan Meakin 🟢 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Income Q3FY23 – ₹659.51 Q4FY23 – ₹466.44 FY22 – ₹1,379.37 FY23 – ₹1,778.58 📊Total Expenses Q3FY23 – ₹620.71 Q4FY23 – ₹439.10 FY22 – ₹1,310.40 FY23 – ₹1,689.80 📊Net Profit Q3FY23 – ₹29.02 Q4FY23 – ₹20.25 FY22 – ₹51.45 FY23 – ₹68.39 📊EPS ( in ₹ ) Q3FY23 – ₹34.10 Q4FY23 – ₹23.80 FY22 – ₹60.47 FY23 –…
Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
Automotive
Date: 25 May 2023
Ola Electric has engaged investment banks Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO) in early 2024. The electric mobility startup aims to go public before the government subsidies for electric vehicles are discontinued. This makes Ola Electric one of the few venture capital-backed companies to enter IPO discussions within a six-month timeframe. The electric mobility startup, backed by some of the world’s biggest private market…
Travel Aggregrator Ixigo Revenue Crosses Rs 500 cr in FY23, Targets 40% Growth
Travel & Hospitality
Date: 25 May 2023
Online travel aggregator Ixigo has recorded a nearly 5X growth in operating revenue from the pre-pandemic levels, generating over Rs 500 crore, and is targeting 40% revenue growth in FY24. The Gurugram-based company aims to scale its business to a projected Rs 700 crore in FY24. It claimed to be cash flow positive and said it has achieved an EBITDA margin of more than 7% in FY23. Ixigo said its…
ADIA picks up Purplle's shares from JSW Ventures in secondary transaction
E-Commerce
Date: 24 May 2023
Beauty products platform Purplle has raised around $40-$50 million in a flat round which was split as a primary and a secondary one, people aware of the developments told Moneycontrol. The capital infusion comes at a time when the e-commerce industry has slowed down, after steep growth during the Covid years, which has forced an increasing number of online-only startups, especially the direct-to-consumer (D2C) companies, to look at an omnichannel play…
Nayara Energy exports dip, just 0.07 mn tonne diesel flows to Europe in FY23
Oil & Gas
Date: 24 May 2023
Nayara Energy, India’s second-biggest private oil refinery, reported a sharp decline in fuel exports as domestic sales surge on retail network expansion and demand rise, a company official said. During calendar year 2022, Nayara reported 61 per cent of sales from the domestic market and the remaining 39 per cent from exports of all products including jet fuel (ATF), diesel and petrol. Out of the total 6.91 million tonne of…
Tiger Global to invest in Rajasthan Royals at a likely valuation of $650 mn
Sports
Date: 22 May 2023
Tiger Global is in talks to acquire a stake in Indian Premier League’s team Rajasthan Royals, making its foray into one of the biggest sports leagues in the world, The Economic Times (ET) reported on Monday. It said that the investment firm is likely to invest $40 million in the franchise at a valuation of $650 million. In the sports economy, Tiger Global has already invested in India’s Dream Sports, which…
Ola Electric secures $300-million funding at $6-billion valuation
Automotive
Date: 22 May 2023
Electric scooter maker Ola Electric has secured $300 million (about Rs 2,500 crore) in its latest funding round, which will push up its valuation to $6 billion. The company had raised $200 million at a valuation of $5 billion in January 2022. The latest round is led by a leading sovereign fund company and has received an overwhelming response from other investors, the sources said, adding that the paper work…
Swiggy’s Food Delivery Biz Turns Profitable, Excluding ESOP Costs: CEO
E-Commerce
Date: 18 May 2023
Foodtech unicorn Swiggy said its food delivery business, which accounts for the majority of its revenue, has turned profitable as of March 2023, excluding costs related to employee stock ownership plans (ESOPs). The SoftBank-backed company’s chief executive Sriharsha Majety said in a blog post that the firm’s sharp focus on innovation, coupled with strong execution, helped it achieve the feat. “This is a milestone for food delivery globally, not just for us,…
NSE gets approval to delist Nifty50 from SGX, SGX Nifty rechristened GIFT Nifty
Capital Market
Date: 16 May 2023
The National Stock Exchange of India has received regulatory approvals to delist Nifty50 futures from the Singapore Exchange and list on the NSE IFSC Exchange, an NSE spokesperson said. All trades done on Nifty 50 futures on the Singapore Exchange will be transferred to NSE IFSC Exchange for matching from July 3, the spokesperson said. Following the listing, SGX Nifty will be called “GIFT NIFTY” from July 3. On April…
National Stock Exchange of India (NSE) Q4FY23 Financial Highlights
Capital Market
Date: 15 May 2023
🟢*National Stock Exchange of India (NSE)*🟢 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Income Q3FY23 – ₹3,094.02 Q4FY23 – ₹3,764.65 FY22 – ₹8,873.79 FY23 – ₹12,765.36 📊Total Expenses Q3FY23 – ₹692.96 Q4FY23 – ₹793.42 FY22 – ₹2,018.31 FY23 – ₹2,608.83 📊Net Profit Q3FY23 – ₹1,826.63 Q4FY23 – ₹2,065.37 FY22 – ₹5,194.97 FY23 – ₹7,354.81 📊EPS ( in ₹ ) Q3FY23 – ₹36.90 Q4FY23 – ₹41.72 FY22…
Care Health Insurance Limited Q4FY23 Financial Highlights
Insurance
Date: 12 May 2023
🟡 Care Health Insurance 🟡 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Gross Direct Premium Q3FY23 – ₹1,250.77 Q4FY23 – ₹1,495.46 FY22 – ₹3,880.91 FY23 – ₹5,141.52 📊Net Earned Premium Q3FY23 – ₹969.61 Q4FY23 – ₹1,201.59 FY22 – ₹2,510.84 FY23 – ₹3,932.04 📊Operating Profit Q3FY23 – ₹47.20 Q4FY23 – ₹519.27 FY22 – ₹282.97 FY23 – ₹643.72 📊Net Profit Q3FY23 – ₹56.84 Q4FY23 – ₹99.27 FY22 – ₹11.50…
Pharmeasy charts turnaround, turns cash flow positive in April
Retail
Date: 10 May 2023
Pharmacy retailer Pharmeasy is scripting a turnaround and has become operationally cash flow positive in April, in a sign that the company’s efforts at cutting expenses are beginning to bear some fruit, two people familiar with the development said. In April, it eked out monthly adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) or a positive cash flow from operations in “double digit” crores, one of the people cited…
In 2nd markdown in 4 months, Invesco cuts Swiggy’s valuation to $5.5 billion
E-Commerce
Date: 09 May 2023
Invesco, a US-based fund manager, has once again slashed the valuation of Swiggy, the food and grocery delivery platform, effectively pulling its valuation below the market capitalization of its biggest rival Zomato. As per filings, Invesco – which led Swiggy’s $700 million round in January last year – valued the Bengaluru-based company at $5.5 billion as of January 31, 2023, as per the latest filing. The fresh valuation is about…
Hero Fincorp Q4FY23 Financial Highlights
Banks/NBFC
Date: 04 May 2023
🟢 Hero Fincorp Limited 🟢 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Income Q3FY23 – ₹1,660.42 Q4FY23 – ₹1,779.54 FY22 – ₹4,797.66 FY23 – ₹6,447.55 📊Total Expenses Q3FY23 – ₹1,502.68 Q4FY23 – ₹1,448.40 FY22 – ₹5,051.69 FY23 – ₹5,712.33 📊Net Profit Q3FY23 – ₹96.11 Q4FY23 – ₹226.38 FY22 – ₹(191.90) FY23 – ₹479.95 📊Net Worth FY22 – ₹4,769.98 FY23 – ₹5,247.83 📊EPS Q3FY23 – ₹7.55 Q4FY23…
Mobikwik turns profitable, expects to almost double revenue to Rs 1,000 cr this fiscal
Payments
Date: 01 May 2023
Fintech platform Mobikwik turned profitable in the March quarter and expects to almost double revenue to over Rs 1,000 crore in the current fiscal along with full-year profitability, the company’s co-founder Upasana Taku said. The company closed the 2022-23 financial year with a 39 per cent net revenue growth at Rs 560 crore. She said that 50 per cent of the company’s revenue came from the distribution of digital credit…
Tata Capital in talks with lenders to raise Rs 10,000 crore via debt
Banks/NBFC
Date: 01 May 2023
Tata Capital, a subsidiary of Tata Sons, is in talks with lenders to raise Rs 10,000 crore by way of debt for its on-lending purposes. The Board of Directors of Tata Capital Financial Services Limited (TCFSL) has approved the merger of TCFSL, a wholly owned subsidiary of Tata Capital and Tata Cleantech Capital – 80.5 per cent owned subsidiary of TCL with TCL. The company has been identified as a…
Oyo turns cash flow positive in Q4, ends FY23 in black as it gears up to go public
Travel & Hospitality
Date: 28 Apr 2023
Hospitality and travel tech startup Oyo said it has turned cash flow positive in the fourth quarter of the financial year (FY) 2023, in a presentation to employees. The Ritesh Agarwal-led company ended Q4FY23 with Rs 90 crore in cash flow surplus, as per one of the slides in the presentation. With this, the IPO-bound company was now on track to end FY23 with adjusted earnings before interest, taxes, depreciation,…
Reliance Retail Q4 Results - PAT rises 13% YoY to Rs 2,415 cr; co posts record revenue
Retail
Date: 21 Apr 2023
Reliance Industries’ retail arm Reliance Retail reported a net profit of Rs 2,415 crore for the quarter ended March, which is higher by 13%, compared with Rs 2,139 crore in the corresponding quarter of last year. For the full year, Reliance retail has clocked a net profit of Rs 9,181 crore. Revenue from operations for the fourth quarter rose 21% to Rs 61,559 crore as against Rs 50,834 crore in…
Arohan Financial Services opens over 100 branches in FY23
Banks/NBFC
Date: 21 Apr 2023
Arohan Financial Services Ltd has opened 102 new branches in FY’23 to expand its presence in underserved states of the country. The Kolkata-based NBFC-MFI lender now has 835 branches across 15 states offering a range of financial products and services to low-income customers. The new branches were opened in West Bengal, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Rajasthan, with additional operations in Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Meghalaya, Odisha,…
HDFC Securities Limited Q4FY23 Financial Highlights
Capital Market
Date: 19 Apr 2023
🔵 HDFC Securities Limited 🔵 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Revenue from Operations Q3FY23 – ₹500.26 Q4FY23 – ₹481.87 FY22 – ₹1,975.57 FY23 – ₹1,874.01 📊Total Expenses Q3FY23 – ₹237.30 Q4FY23 – ₹222.47 FY22 – ₹670.00 FY23 – ₹849.73 📊Net Profit Q3FY23 – ₹203.23 Q4FY23 – ₹193.79 FY22 – ₹984.34 FY23 – ₹777.22 📊Net Worth FY22 – ₹1,657.91 FY23 – ₹1,797.14 📊EPS Q3FY23 -…
Complete transition of SGX-Nifty derivatives contracts to SGX-Connect from July 3
Capital Market
Date: 17 Apr 2023
Announcing the full-scale operation of NSE IFSC-SGX Connect at GIFT City, Gandhinagar, the Singapore Exchange (SGX) issued a circular to its market participants stating that a full-fledged liquidity switch will be made effective from July 3, 2023, from SGX to the National Stock Exchange of India (NSE)‘s IFSC-SGX Connect. “Full-scale operation of the NSE IFSC-SGX Connect (Connect) with the transition of SGX Nifty derivatives to NSE IFSC will take place…
HDB Financial Services Q4FY23 Financial Highlights
Banks/NBFC
Date: 17 Apr 2023
🔴 HDB Financial Services 🔴 Q4FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Revenue from Operations Q3FY23 – ₹3,154.70 Q4FY23 – ₹3,220.20 FY22 – ₹11,306.30 FY23 – ₹12,402.90 📊Total Expenses Q3FY23 – ₹2,483.70 Q4FY23 – ₹2,487.00 FY22 – ₹9,958.70 FY23 – ₹9,775.50 📊Net Profit Q3FY23 – ₹501.50 Q4FY23 – ₹545.40 FY22 – ₹1,011.40 FY23 – ₹1,959.30 📊Net Worth FY22 – ₹9,539.70 FY23 – ₹11,437.00 📊EPS Q3FY23 -…
Nayara Energy to expand business 50% by 2030, says Chief Alois Virag
Oil & Gas
Date: 14 Apr 2023
India’s second-largest refinery Nayara Energy is going to expand around 50 per cent of business by 2030. Currently operating with 6000 retail outlet company has planned to open 3000 more retail outlets across the country, said Alois Virag, CEO, of Nayara Energy after meeting with Commerce and Industry Minister Piyush Goyal on the sidelines of the India-Italy CEO roundtable. Nayara Energy Chief said that his company want to contribute to…
TATA group company to operate Cochin Airport's hotel project with Rs 100 crore investment
Aviation
Date: 13 Apr 2023
TATA group’s Indian Hotels Company Limited (IHCL), which owns the luxury hotel brand ‘Taj’, will operate Cochin International Airport Limited’s (CIAL) five-star hotel at the airport premises with an estimated investment of Rs 100 crore. CIAL constructed the hotel, which is ideally located near the airport entrance, as part of its land utilisation programme and also to provide the passengers with hospitality services at par with international standards. Taj CIAL…
India NSE's IPO plan stumbles at market watchdog's door - sources
Capital Market
Date: 11 Apr 2023
The National Stock Exchange of India’s (NSE) share listing plan will not be approved by the market watchdog until pending legal and regulatory cases involving the nation’s biggest bourse are resolved, two sources familiar with the matter said. The Securities and Exchange Board of India (SEBI) has formed an internal view that due to the pending cases it won’t approve NSE’s application made last year for an IPO, the sources…
Accion, others invest Rs 250 crore in IKF Finance
Banks/NBFC
Date: 05 Apr 2023
Motilal Oswal Alternatives (MOA) said its investee company IKF Finance has raised Rs 250 crore in a funding round led by Accion’s Digital Transformation Fund. The south-based non-bank lender has been operational since the 1990s and focuses on the commercial vehicle, small business and affordable housing segments. MOA had invested in the company in 2015. Accion led the funding round by investing Rs 120 crore, while the rest was from…
Oyo pre-files fresh DRHP for primary fundraise of $400-500 million
Travel & Hospitality
Date: 31 Mar 2023
Hotel aggregator Oyo has pre-filed a fresh draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise $400-500 million through an initial public offer (IPO). As the confidential pre-filing route gives an option to change the fresh issue size, a source said that the IPO size may be revised within the $400-600 million range. The earlier plan of a secondary sale component in the…
SoftBank-backed Oyo to reduce planned IPO amid tech headwinds
Travel & Hospitality
Date: 27 Mar 2023
Oyo Hotels is reducing the shares it aims to sell via a stock-market debut by about two-thirds, an effort by its founder to get the sale done even after tech valuations plunged. The once-high-flying company is preparing to file a fresh initial public offering document as soon as this week, said two people familiar with the matter, who asked not to be named discussing internal matters. In the filing, Oyo…
Shriram Life Insurance plans to maximize rural penetration; hopes to grow AUM to Rs 13,000 cr by FY25
Insurance
Date: 23 Mar 2023
Shriram Life Insurance, which already nets 44 per cent of its premium from rural markets, is planning to maximize rural penetration and hopes to grow its assets under management by 45 per cent to Rs 13,000 crore by FY25. As of December 2022, the Chennai-based company’s assets under management (AUM) stood at Rs 8,573 crore, down from Rs 8,900 crore a year ago and hopes to close the current fiscal…
MobiKwik to file for IPO again in next 12-18 months, says co-founder
Payments
Date: 21 Mar 2023
Gurugram-based payment service provider MobiKwik plans to file for an Initial public offering (IPO) in the next 12-18 months, Upasana Taku – Chairperson, Cofounder & COO of the company told Moneycontrol on March 21, 2023. “We are ready again to file an IPO in the next 12-18 months. We planned to file it in March 2023 but due to several reasons couldn’t be able to do so. But this time…
Supreme Court asks SEBI to refund Rs 300 crore to NSE
Capital Market
Date: 20 Mar 2023
India’s Supreme Court on Monday directed the market regulator to refund 3 billion rupees ($36.3 million) to the National Stock Exchange of India in a case involving alleged lapses in the bourse’s systems, lawyers representing the parties said on Monday. The top court also refused to stay a tribunal order, which had set aside the regulator’s ruling against NSE, the lawyers added. In 2019, SEBI passed a series of orders…
Sterlite Power bags green energy transmission project in Rajasthan
Infrastructure
Date: 17 Mar 2023
Sterlite Power on Friday said it has bagged a green energy transmission project in Rajasthan. The project was bid out through tariff-based competitive bidding (TBCB) process, a company statement said. Sterlite Power received the Letter of Intent (LoI) from PFC Consulting Ltd to build the project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. Sterlite Power has been awarded the transmission project for the evacuation…
Ixigo generates positive cash flow; puts IPO on back burner amid market crunch
Travel & Hospitality
Date: 17 Mar 2023
Amid market pressures, Ixigo has put its IPO plans on the backburner in the near future. However, it is confident that it will sustain its growth for the upcoming fiscal with free cash flow. The online travel agency (OTA) has seen a 5x growth in three years which is higher than its pre-Covid levels. It targets 5 crore transactions in a year, said Aloke Bajpai, Co-founder and Group CEO of…
Owners of Mumbai Indians, Chennai Super Kings, Delhi Capitals to own teams in MLC
Sports
Date: 16 Mar 2023
Three prominent IPL franchises have bought stakes in Major League Cricket (MLC), a new T20 franchise league in the USA, which is scheduled to be launched this July. Mumbai Indians, Chennai Super Kings and Delhi Capitals, ESPNcricinfo has learned, have all bought stake in the MLC and will anchor franchises in New York, Texas and Seattle respectively. In a media release issued on Thursday, the MLC confirmed the alliance between…
Tata Technologies files DRHP with SEBI for IPO
I.T.
Date: 10 Mar 2023
Tata Technologies Ltd., a subsidiary of Tata Motors Ltd., has filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering. The company plans on selling up to 9.5 crore shares, representing nearly 23.6 percent of its paid-up share capital through the IPO, according to the exchange filing. Parent company Tata Motors Ltd., will be selling 8.1 crore shares or…
Bira 91 raises $10 million from Japan's MUFG Bank
Consumer Goods
Date: 09 Mar 2023
B9 Beverages, which owns Indian craft beer brand Bira 91, has raised $10 million from Japan’s largest bank MUFG Bank, months after it secured $70 million in a Series-D funding round, which was led by Japanese beer company Kirin Holdings Co. The company will use the funds to continue to ramp up its production, bolster supply chain and enhance innovation capabilities. “When I look at this particular investment, I think…
Sterlite Power commissions its largest green energy corridor Lakadia-Vadodara Transmission Project
Infrastructure
Date: 06 Mar 2023
Sterlite Power said it has successfully commissioned its largest green energy corridor in Gujarat called Lakadia-Vadodara Transmission Project. The project aims to deliver more than 5,000 MW of power from renewable rich regions of Bhuj and Kutch to the national grid, a step towards accelerating India’s transition towards a greener economy. Built with an investment of Rs 2,024 crore, this inter-state transmission project connects the 765/400 kV substation at Lakadia…
Reliance General Insurance seeks a capital infusion of Rs 600 crore
Insurance
Date: 23 Feb 2023
Reliance General Insurance, a subsidiary of Reliance Capital has sought a capital infusion of Rs 600 crore from its holding company to improve its solvency level. Reliance Capital is undergoing bankruptcy proceedings since November 2021 after defaulting on loans worth Rs 24,000 crore. The main reason for the urgent need for capital is the delay in Reliance Capital’s resolution process. Both Torrent and Hinduja group have made offers for Reliance…
IPO-bound OYO looks to double number of premium hotels in India this year
Travel & Hospitality
Date: 22 Feb 2023
IPO-bound OYO has announced plans to double the number of its premium hotels in India in 2023. The firm plans to add about 1800 premium hotels this year, with a focus on key business cities such as Bangalore, Hyderabad and Chennai in south India, Delhi, and Noida in north India, Kolkata in east India, and Mumbai in west India. The company says it plans to support the surge in business travel by increasing its footprint across…
Ola to invest Rs 7,614 cr in TN to make electric cars, lithium-ion cells
Automotive
Date: 18 Feb 2023
In a further push to Ola Electric Mobility’s plan to launch four-wheeler Electric Vehicles (EVs) by 2024, the SoftBank-backed company has signed a memorandum of understanding with the government of Tamil Nadu to set up a four-wheeler EV manufacturing plant and a 20 giga watt battery manufacturing unit in Krishnagiri District. This may see Ola investing around Rs 7,614 crore, creating 3,111 jobs and converting its facility into the world’s…
Philips Domestic Appliances globally renamed as Versuni
Consumer Goods
Date: 17 Feb 2023
Philips Domestic Appliances has been renamed as Versuni. This comes after Royal Philips sold its domestic appliance business to Hillhouse Capital in September 2021. “The new name is the next step after the Domestic Appliances business became independent in September 2021. Although the visual identity of the company is changing, its mission to turn houses into homes remains constant,” an official statement added. As a licensee of Royal Philips, the…
FreshBus raises Rs 26 crore from ixigo
Travel & Hospitality
Date: 16 Feb 2023
Bengaluru-based electric bus start-up FreshBus on February 16 said it has raised Rs 26 crore in a funding round from travel tech platform ixigo. The fund raised in the seed funding round will help the launch of the company’s premium inter-city electric bus services across India, FreshBus said in a statement. The company will commence its services simultaneously from Hyderabad and Bengaluru with the launch of 24 electric buses. It…
Mohan Meakin Limited Q3FY23 Financial Results
Consumer Goods
Date: 15 Feb 2023
Cochin International Airport Limited Rights Issue
Aviation
Date: 15 Feb 2023
The Board of Directors of Cochin International Airport Limited at its meeting heid on 14th February 2023 decided to offer 9,56,43,687 equity shares of Rs.10/- each (“Equity Shares”) for cash at a premium of Rs. 40/- per share (i.e issue price Rs. 50/- per share) to the existing Equity Share holders of the Company in the ratio of 1:4 ( i.e. one new Equity Share for every four fully paid-up…
Arohan Financial Services Limited Q3FY23 Financial Results
Banks/NBFC
Date: 15 Feb 2023
Shriram Life Insurance Company Q3FY23 Financial Results
Insurance
Date: 15 Feb 2023
Care Health Insurance Q3FY23 Financial Results
Insurance
Date: 15 Feb 2023
Frick India Limited Q3FY23 Financial Results
Industrial Goods
Date: 14 Feb 2023
Capital Small Finance Bank Q3FY23 Financial Results
Banks/NBFC
Date: 10 Feb 2023
Nayara Energy Limited Q3FY23 Financial Results
Oil & Gas
Date: 09 Feb 2023
NCL Buildtek Limited Q3FY23 Financial Results
Building Materials
Date: 09 Feb 2023
National Stock Exchange of India (NSE) Q3FY23 Financial Highlights
Capital Market
Date: 07 Feb 2023
National Stock Exchange of India (NSE) Q3FY23 Highlights All figures in INR Crs unless otherwise stated 📊Total Revenue Q2FY23 – ₹3,307.15 Q3FY23 – ₹3,262.92 9MFY23 – ₹9,450.75 9MFY22 – ₹6,370.41 FY22 – ₹9,305.55 📊Total Expenses Q2FY23 – ₹773.90 Q3FY23 – ₹907.17 9MFY23 – ₹2,395.55 9MFY22 – ₹1,720.00 FY22 – ₹2,570.27 📊Net Profit Q2FY23 – ₹1773.94 Q3FY23 – ₹1826.09 9MFY23 – ₹5,289.11 9MFY22 – ₹3,618.00 FY22 – ₹5,198.29 📊EPS ( in…
Swiggy plans to get IPO ready by September
E-Commerce
Date: 07 Feb 2023
Swiggy—the only foodtech decacorn—has chalked out plans to get the company ready for a public listing later this year, according to two people aware of the details of internal discussions. This comes at a time when several tech companies in India have delayed their IPOs, after releasing a DRHP. “Swiggy has put a plan in place to be ready for IPO by September this year,” said one of the sources,…
Tata Technologies Q3FY23 Financial Results
I.T.
Date: 07 Feb 2023
Ashish Kacholia takes part in Orbis Financial's Rs 111-crore fundraising
Capital Market
Date: 06 Feb 2023
Ace investor Ashish Kacholia has participated in a funding round by Orbis Financial Corporation that also saw the participation of other marquee investors, both existing and new. The company has raised Rs 111 crore augmented by stellar growth in assets under custody (AUC), clearing services, trustee, RTA, fund accounting, etc. DerivativeSaint, a leading Mumbai-based boutique Investment Banking firm, was the sole advisor to the deal. Ashish Kacholia, famously known as…
Kotak Realty Fund invests over Rs 1,100 crore in The LaLiT's Bharat Hotels
Travel & Hospitality
Date: 05 Feb 2023
Kotak Realty Fund, a property-focused private equity asset manager, has invested more than Rs 1,100 crore in hospitality company Bharat Hotels, the owner of The LaLiT brand that operates luxury hotels, resorts, and palaces across the country. The fund has invested in Bharat Hotels through debt with a total tenure of five years and the company will be using the same to repay its existing lenders including public and private…
Hero Fincorp Q3FY23 Financial Highlights
Banks/NBFC
Date: 03 Feb 2023
🔴Hero FinCorp Limited🔴 Q3FY23 Highlights 📊Total Revenue from Operations Q2FY23 – ₹1,540.88 Cr Q3FY23 – ₹1,663.44 Cr 📊Total Expenses Q2FY23 – ₹1,343.25 Q3FY23 – ₹1,417.78 📊Net Profit Q2FY23 – ₹159.31 Cr Q3FY23 – ₹191.89 Cr 📊Net Worth Q2FY23 – ₹7,079.45 Cr Q3FY23 – ₹7,269.06 Cr 📊EPS Q2FY23 – ₹9.73 Q3FY23 – ₹11.72 📑 KEY HIGHLIGHTS – Q3FY23 ➡The revenue from operations increased by 7.95% on a Q-o-Q basis, standing at…
NSE co-location case | Stock exchange to now pay SEBI Rs 100 crore as SAT slashes disgorgement order
Capital Market
Date: 23 Jan 2023
The Securities Appellate Tribunal (SAT) has slashed the disgorgement order of Rs 625 crore in the NSE co-location case. Instead, the National Stock Exchange (NSE) has to pay only Rs 100 crore to the SEBI as disgorgement amount in the case, according to the SAT order. It also stated that the stock exchange did not make any illicit gains in the co-location case. On former NSE chairman Ravi Narain and…
Motilal Oswal Home Finance Limited Q3FY23 Financial Results
Banks/NBFC
Date: 23 Jan 2023
Swiggy lays off 380 employees as startup winter deepens
E-Commerce
Date: 20 Jan 2023
Foodtech company Swiggy has fired 380 employees in a bid to rationalise business amid a tough venture funding market, a company spokesperson said on January 20, the latest in the series of layoffs that have rocked India’s startup ecosystem. The decision was communicated to employees at a town hall on January 20. “We’re implementing a very difficult decision to reduce the size of our team as a part of a…
Reliance Retail's Q3 revenue jumps 17%, net profit up 6.2% on highest ever footfalls
Retail
Date: 20 Jan 2023
Reliance Retail, the retail arm of diversified conglomerate Reliance Industries, clocked 17 percent year-on-year (YoY) jump in revenue from operations at Rs 67,634 crore in the quarter ended December 2022. Consolidated revenue for Reliance Retail stood at Rs 57,717 crore in the same period last year. Net profit for the quarter rose 6.2 percent YoY to Rs 2,400 crore, from Rs 2,259 crore in Q3 FY22. The company said it recorded its…
Unit sales powers Ola Electric to profitability
Automotive
Date: 19 Jan 2023
Electric two-wheeler company Ola Electric is making profit on unit sales on the back of manufacturing efficiency and economies of scale, said its chief marketing and revenue officer. Though the company declined to share the revenue numbers, it said it is not making a loss. “We are the most capital efficient business out there in terms of our manufacturing efficiency, economies of scale through our investment in research and development,…
OYO to refile updated draft IPO papers by mid February
Travel & Hospitality
Date: 18 Jan 2023
Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month. Earlier this month capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates. “We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company…
Sebi proposes separating brokers from investors money
Capital Market
Date: 18 Jan 2023
Capital markets regulator Sebi on Tuesday proposed to discontinue the current practice of an advance transfer of funds to stockbrokers before secondary market trades are executed. The move, aimed at safeguarding investors’ money from misuse and default by stock brokers, is similar to Application Supported by Blocked Amount (ASBA)-like facility already available for the primary market which ensures that money from an investor gets moved only when an allotment happens….
Aricent Technologies (Holding) Limited and Capgemini Technology Services India Limited Merger
I.T.
Date: 17 Jan 2023
Scheme of Amalgamation of Aricent Technologies (Holdings) Limited (Transferor Company) with Capgemini Technology Services India Limited and their respective shareholders, with an appointed date of 01 October 2021, has been approved by the National Company Law Tribunal (NCLT). 23 December 2022, and has been made effective from 28 December 2022. The Board of Directors of the Company, in their meeting dated 13 January 2022, have fixed 20 January 2023 as…
Indian stock market to shift to a shorter trading cycle T+1 settlement on Jan 27
Capital Market
Date: 17 Jan 2023
On January 27, T+1 settlement is scheduled to launch on the NSE and BSE of India. The market will have more liquidity as the settlement cycle is shortened to T+1, and as a result, buyers and sellers will be able to receive shares and corporate actions like dividends and bonus shares in their accounts one day after the market closes. All large-cap and blue-chip companies will switch to the T+1…
Sebi returns Lava Internationals draft IPO papers; asks to refile with updates
Consumer Goods
Date: 17 Jan 2023
Capital markets regulator Sebi has returned the draft IPO papers of Lava International and asked the home-grown mobile maker to file documents again with certain updates. The move might delay the company’s initial public offering (IPO). Lava International had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial share-sale. The proposed IPO comprises fresh issuance…
HDB Financial Services Q3FY23 Financial Highlights
Banks/NBFC
Date: 16 Jan 2023
🔴 HDB Financial Services 🔴 Q3FY23 Highlights 📊Total Revenue from Operations Q2FY23 – ₹3,047.80 Cr Q3FY23 – ₹3,154.70 Cr 📊Total Expenses Q2FY23 – ₹2,416.00 Cr Q3FY23 – ₹2,483.70 Cr 📊Net Profit Q2FY23 – ₹471.10 Cr Q3FY23 – ₹501.50 Cr 📊Net Worth FY22 – ₹8,488.60 Cr 9MFY23 – ₹9,762.30 📊EPS Q2FY23 – ₹5.96 Q3FY23 – ₹6.34 📑 KEY HIGHLIGHTS – Q3FY23 ➡️There was an increase in Revenue from Operations because the…
HDFC Securities Q3FY23 Financial Highlights
Capital Market
Date: 12 Jan 2023
🔴 HDFC Securities Limited 🔴 Q3FY23 Highlights 📊Total Revenue from Operations Q2FY23 – ₹463.63 Cr Q3FY23 – ₹500.26 Cr 📊Total Expenses Q2FY23 – ₹210.25 Cr Q3FY23 – ₹237.30 Cr 📊Net Profit Q2FY23 – ₹190.92 Cr Q3FY23 – ₹203.23 Cr 📊Net Worth FY22 – ₹1,657.91 Cr 9MFY23 – ₹1,767.48 Cr 📊EPS Q2FY23 – ₹120.59 Q3FY23 – ₹128.10 📑KEY HIGHLIGHTS – Q3FY23 ➡️There was an increase in Revenue from Operations on account…
Sterlite Power gets ₹305 cr funding from Aseem Infra Finance for transmission project
Infrastructure
Date: 11 Jan 2023
Sterlite Power on Wednesday said it has received funds worth ₹305 crore from Aseem Infrastructure Finance to set up the Kishtwar Transmission Limited (KTL) project located in Jammu & Kashmir. The project involves construction of a transmission system comprising of a 400/132kV GIS substation at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti. The transmission system will aid evacuation of 1000MW of power from Pakaldul Hydro Electric Project…
Nayara Energy says on track for setting up solar power plants
Oil & Gas
Date: 11 Jan 2023
Nayara Energy, India’s second biggest private oil refining and fuel marketing company, on Tuesday said its solar power plants which will help cut carbon emissions are on track. “The company is progressing well on its plans to set up a 10 MW solar power plant at its Vadinar refinery in Gujarat, which will help Nayara mitigate approximately 20,000 tonnes of CO2 emissions every year,” it said in a statement without…
Early investors look for buyers to sell off their stakes in Byjus
Education
Date: 10 Jan 2023
Byju’s early backers, including Lightspeed Investment Partners and Chan Zuckerberg, are looking for buyers for their partial or full stakes in the edtech company Byju’s, as they plan to book profit and make an exit, four people aware of the development informed Mint. “These investors have been around for a long time and would be now looking to cash out. The talks are in initial stages, and final valuation is yet…
Sebi returns OYO's draft IPO papers; asks to refile with updates
Travel & Hospitality
Date: 03 Jan 2023
Capital markets regulator Sebi has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates. The move might delay the Gurugram-based hospitality unicorn’s initial public offering (IPO). OYO filed preliminary documents with the Securities and Exchange Board of India (Sebi) in September 2021 for a Rs 8,430 crore IPO. The proposed offering consists of a fresh issue of shares of up to…
Sheela Foam to acquire rival mattress maker Kurlon for Rs 2,000 crore
Consumer Goods
Date: 28 Dec 2022
India’s largest mattress manufacturer Sheela Foam will reportedly soon acquire competitor Kurlon for Rs 2,000 crore to further expand its footprint, ET Now reported citing unnamed sources. Kurlon sells Kurl-on branded mattresses and it has presence across India with more than 10,000 dealers, 72 branches and stock points. Kurlon also has nine manufacturing facilities across Karnataka, Odisha, Madhya Pradesh, Uttaranchal and Gujarat. The combined entity will have marketshare of more…
Tata Technologies: The next TCS?
I.T.
Date: 23 Dec 2022
Tata Consultancy Services (TCS) made a stellar debut on the stock exchanges in 2004, listing at a premium of 27% to its issue price of ₹850. Ever since, the company’s shareholders as well as those who missed out on this life changing opportunity have been waiting with bated breath for the Tata group to launch another IPO of one of its many unlisted companies. It seems the wait is finally over after…
IPL turns into decacorn as its valuation jumps to $10.9 billion
Sports
Date: 21 Dec 2022
The world’s most popular and richest cricket league, Indian Premiere League(IPL) which was started in 2008 has turned into a decacron with a valuation at $10.9 billion as per the estimates by D and P Advisory. According to “Beyond 22 Yards” – IPL Valuation Report 2022 by D and P Advisory,as the IPL moves into a more mature and stable phase, franchise owners and investors are likely to focus more…
boAt launches Stream Edition wireless headphones in India
Consumer Goods
Date: 18 Dec 2022
Homegrown audio brand Boat has partnered with the streaming platform Netflix to announce a wireless headphone in India. The company has launched Boat Stream Edition headphones in the country that include boAt Nirvana 751 ANC wireless headphones, boAt Airdopes 411 ANC TWS earphones and boAt Rockerz 333 Pro neckband style Bluetooth. All these devices come with Netflix branding on them. They are offered in three different colour variants – White,…
Tata Motors to partially sell stake in subsidiary Tata Tech via IPO
I.T.
Date: 12 Dec 2022
Tata Motors’ board has approved a partial divestment of the company in Tata Technologies, its wholly owned subsidiary, through an initial public offering (IPO), the parent firm said in an exchange filing. The subsidiary is into product engineering and digital services. “We wish to inform you that the IPO committee (duly constituted by the board of directors of Tata Motors) at its meeting held on December 12, 2022, has accorded…
Bira 91 converts into public entity, expands ESOP Pool
Consumer Goods
Date: 12 Dec 2022
Craft beer maker Bira 91 has been silently planning a public listing for a while, and it has now taken the first key step towards realizing that by converting itself into a public entity. It has also expanded its employee stock options (ESOP) pool. Following the conversion, the name of the company has been changed from B9 Beverages Private Limited to B9 Beverages Limited, as per the resolution passed by…
RCap assets e-auction to kick off on Dec 19; base bid at Rs 5,300 crore
Insurance
Date: 10 Dec 2022
The electronic auction of Reliance Capital’s assets would begin on December 19, with the Rs 5,300-crore offer made by the Cosmea-Piramal combine taken as the base price. The bidders will have to bid Rs 1,000 crore onwards over the base value in the first round, a person close to the development said. The auction is expected to end within two days. In the second round of the auction, the bid value sought would be Rs…
Sterlite Power acquires Kishtwar transmission project in J&K
Infrastructure
Date: 06 Dec 2022
Sterlite Power, an integrated power transmission developer and solutions provider, said it has acquired a Kishtwar transmission project for a period of 35 years. Kishtwar Transmission Limited, a Special Purpose Vehicle (SPV) from PFC Consulting Limited (PFCCL), was awarded to Sterlite Power through tariff based competitive bidding process, an official release said. PFCCL is a wholly-owned subsidiary of Power Finance Corporation Limited (PFC), a Maharatna public sector enterprise. It said the project would…
NSDL, India’s first depository, kicks off 2023 IPO plans; IDBI Bank, NSE may sell stake
Capital Market
Date: 05 Dec 2022
National Securities Depository Limited (NSDL), the country’s oldest depository services firm, which revamped the Indian securities market by facilitating the holding and transfer of securities in dematerialized form, has kicked off plans to launch an initial public offer (IPO) in 2023. As of June 30, 2022, IDBI Bank held 26.1 percent and NSE held 24 percent in NSDL. Other shareholders include the likes of HDFC Bank with 9.95 percent, SBI…
Reliance gears up for fight against D-Mart and hypermarkets as its looks to close Metro deal this month
Retail
Date: 03 Dec 2022
Reliance Industry’s mega acquisition of German retailer METRO AG’s Cash & Carry business in India, which is likely to be finalized in time for the group’s late founder Dhirubhai Ambani’s birthday later this month, will give the oil-to-telecom conglomerate the option to convert Metro’s 31 stores into multi-brand retail chains and take on the likes of D-Mart. Adding B2C business to the wholesale stores will thus require tweaks to the operating…
Orbis Rights Issue
Capital Market
Date: 23 Nov 2022
LETTER OF OFFER Offer for 1,62,14,133 (One Crore Sixty Two Lakh Fourteen Thousand One Hundred and Thirty Three only) equity shares of face value of Rs. 10/- (Rupees Ten only) per share at a premium of Rs. 59 (Rupees Fifty Nine only) per share for cash, aggregating to Rs. 1,11,87,75,177 (Rupees One Hundred Eleven Crore Eighty Seven Lakh Seventy Five Thousand One Hundred and Seventy Seven only) on rights basis…
NCLAT stays CCI-imposed penalty against OYO
Travel & Hospitality
Date: 22 Nov 2022
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the ₹169 crore penalty imposed by the CompetitionCommission of India (CCI) upon IPO-bound Oravel Stays Limited (OYO). A NCLAT Division Bench, comprising Justice Rakesh Kumar, Member (Judicial) and Ashok Kumar Mishra, Member (Technical), however, directed OYO to deposit 10 per cent of the penalty amount. It maybe recalled that OYO had on November 15 filed an appeal before NCLAT against…
Bira 91 raises $70 mn from Japanese beer company Kirin Holdings
Consumer Goods
Date: 22 Nov 2022
Premium beer company Bira 91 on Tuesday announced it has raised $70 million in Series D funding, led by leading Japanese beer firm Kirin Holdings. The capital will also be utilised to increase the company’s distribution footprint across the country and internationally, and further bolster Bira 91’s product development and innovation capabilities, the company said in a statement. “As the fifth largest economy in the world, with increasing digitalisation, and a…
Tata Group Firm Tata Technologies Likely To Launch IPO In April-June Quarter Of 2023
I.T.
Date: 17 Nov 2022
It’s been 18 years since the Tata Group came out with an IPO. The last IPO of a Tata group company was of Tata Consultancy Services (TCS) in the year 2004. And, now, Tata Motors’ global product engineering, design and digital services subsidiary, Tata Technologies is planning to launch an IPO. Nearly five months after the reports of Tata Technologies’ IPO came out this year, the Tata group company has begun preparing for…
Kochi airport’s business jet terminal to be commissioned in December
Aviation
Date: 17 Nov 2022
Kochi: The business terminal of Cochin International Airport Limited (CIAL), which is being constructed for private jets and chartered flights, will ill be commissioned in the second week of December. As the terminal turns operational, the number of private jets coming to Kochi will go up. So far, almost 95 per cent of its construction activities have been completed. The terminal is being built over an area of 3,150 sq.m….
Shriram Life gets PFRDA nod to become annuity service provider
Insurance
Date: 17 Nov 2022
NEW DELHI: Shriram Life Insurance Company (SLIC) is empanelled as an Annuity Service Provider by the Pension Fund Regulatory Development Authority (PFRDA). The empanelment will help the insurance major manage the annuity component of the maturity proceeds under the National Pension System (NPS). The PFRDA certification will help SLIC garner more NPS subscribers under its annuity plan. With close to 1.5 crore subscribers under NPS and assets under management (AUM)…
At first investor meet, NSE seeks to win back trust
Capital Market
Date: 09 Nov 2022
The National Stock Exchange held its first conference call with investors on Monday, aiming to win back the trust of potential investors after the country’s largest exchange was rocked by corporate governance issues and scams in the past few years. NSE’s first investor interaction in its nearly three-decade journey comes soon after the former BSE boss Ashish Chauhan took over as managing director of the privately held exchange in August….
PharmEasy’s Parent Raises Debt Funding
Retail
Date: 07 Nov 2022
The firm was aiming to raise Rs 6,250 crore via its IPO. With the capital, it was planning to majorly prepay or repay debt, fuel organic growth initiatives and fund inorganic growth via acquisitions. “This is part of a sequence of planned capital raises, to be followed by equity infusion in the company in the near term. This collective capital raise will optimize the capital structure as well as improve…
National Stock Exchange of India (NSE) Q2 Financial Highlights
Capital Market
Date: 05 Nov 2022
National Stock Exchange of India (NSE) 🟤 Q2FY23 Highlights 📊Total Revenue Q1FY23 – ₹2920.79 Cr Q2FY23 – ₹3371.93 Cr 📊Total Expenses Q1FY23 – ₹756.67 Cr Q2FY23 – ₹823.64 Cr 📊Net Profit Q1FY23 – ₹1689.08 Cr Q2FY23 – ₹1773.94 Cr 📊Net Worth ( Half Yearly ) FY22 – ₹15,418.28 Cr H1FY23 – ₹16,766.08 Cr 📊EPS Q1FY23 – ₹34.13 Q2FY23 – ₹35.83 KEY HIGHLIGHTS – Q2FY23 ➡There was a substantial increase of…
BoAt raises $60 mn, freezes plan for IPO
Consumer Goods
Date: 28 Oct 2022
Wearables startup boAt on Friday deferred its public share sale plans and raised $60 million ( ₹500 crore) from private investors instead, amid continuing concerns over the volatile stock market. Existing investor Warburg Pincus and new investor Malabar Investments participated in the round, Imagine Marketing Pvt. Ltd, which makes boAt smartwatches and audio gear, said. Warburg Pincus invested through its affiliate, South Lake Investment, in a private placement of preference…
PharmEasy's annus horribilis may get worse before it gets better
Retail
Date: 25 Oct 2022
API Holdings Limited, the parent of online pharmacy PharmEasy, is having a nightmare of 2022. The company, which was riding high following its multi-million-dollar acquisition of Thyrocare Technologies last year that propelled its valuation to a peak of $5.1 billion, is finding it hard to raise even a few million dollars. The funding winter confronting startups this year owing to surging global interest rates, the capitulation of technology stocks and…
Reliance Retail earnings beat driven by revival in footfalls, digital integration
Retail
Date: 21 Oct 2022
Reliance Retail reported record revenue for the September quarter that also surpassed brokerage estimates. The consumer retail arm of Reliance Industries Ltd. reported revenue of Rs 64,936 crore. On a year-on-year basis, revenue increased 11 percent. The figure was higher than the Rs 62,140 crore that broking firm Nomura had projected. Growth in the topline was led by a revival in footfalls, store additions and digital integrations. During the September…
Amid Market Volatility, Droom Withdraws INR 3,000 Cr IPO Bid
Auto Ancillary
Date: 18 Oct 2022
As negative market sentiment continues to weigh heavily on new-age tech stocks, online car marketplace platform Droom has now withdrawn its INR 3,000 Cr initial public offering (IPO) bid. In its weekly observation data issued on October 14, SEBI noted that the issue was withdrawn on October 12, 2022. While there was no clarity immediately on what prompted the withdrawal, the move could likely be attributed to raging market volatility…
Byju’s raises $250 million funding from existing investors, eyes another $500 million
Education
Date: 18 Oct 2022
Byju’s has closed a financing round of $250 million from its existing investors, including Qatar Investment Authority (QIA), which led the round with over $100 million. It includes the sale of secondary shares by existing investors of the edtech firm. The primary fundraise was executed at its previous valuation of $22 billion while the secondary stake sale took place at a discounted price, said sources in the know. The deal, however, involves…
Smartphone maker Lava eyes India venture with Chinese partner
Consumer Goods
Date: 17 Oct 2022
Indian smartphone maker Lava International Ltd. is in advanced talks with China’s Huaqin Technology Co. to create an electronics manufacturing venture in the South Asian nation. The venture would aim to win contracts from the US and Chinese customers for research and development, design, and manufacturing of electronics products, according to a letter from Lava to India’s technology ministry seen by Bloomberg News. Talks for the partnership are close to…
Fidelity, HDFC Mutual eye India's Five Star IPO at lower valuation
Banks/NBFC
Date: 13 Oct 2022
Indian non-banking finance company Five Star Business Finance is planning to make its stock market debut within weeks, with anchor investors including Fidelity Investments in talks to subscribe to the issue at a valuation 27% below the company’s last fund raise, three sources said. Backed by U.S. investors such as KKR & Co and Sequoia Capital, the NBFC, or shadow lender, caters to small businesses in India’s thriving lending market. The…
Bira 91 acquires retail bar chain The Beer Cafe
Consumer Goods
Date: 12 Oct 2022
Premium beer manufacturing startup Bira91 has acquired India’s largest alcobev retail chain The Beer Cafe in an all stock deal. The bar and restaurant chain will become a fully owned subsidiary of the beer manufacturer. Reported by The Economic Times, the investors in The Beer Cafe, including promoters Rahul and Bineeta Singh, and venture capitalists Mayfield, Granite Hill, and RB Investments, will receive stocks of Bira 91 as part of…
