Category: Business

Ambani-Adani strategic collaboration: Reliance will purchase 26% share in 600MW Mahan Energen power plant for Rs 50 crore.

Reliance Industries (RIL) and Adani Power have struck a 20-year power purchase deal for 500 MW, marking a rare strategic partnership between companies founded by two of India’s richest men.Mukesh Ambani’s business would pay Rs 50 crore to acquire a 26% interest in Mahan Energen’s 600MW thermal power facility.

The latter is a completely owned subsidiary of Gautam Adani’s Adani Power.Mahan Energen has committed to issue RIL 50 million equity shares with a face value of Rs 10 apiece at par, according to a regulatory filing. “The proposed investment by the company is in compliance with the provisions of the Electricity Rules, 2005,” the statement read. RIL did not provide any specific reasons for signing the power purchase deal.

“One 600 MW unit of the Mahan thermal power plant, out of its aggregate operating and upcoming capacity of 2,800 MW, will be designated as the captive unit for this purpose,” Adani Power stated in a regulatory filing announcing the deal with RIL.

Pranav Adani, managing director (agro, oil and gas) and director of Adani Enterprises, announced earlier this month that the Adani Group will invest around Rs 30,000 crore to increase Mahan Energen’s power producing capacity to 4,400 MW. Over the following decade, the near-term aim of 2,800 MW is planned to rise to 4,400 MW.Mahan is a village in Madhya Pradesh’s Singrauli district.

Mahan Energen was established in 2005 and presently has a total capacity of 1,200 MW. Essar Power previously owned the unit. Adani Power finalized the acquisition for Rs 4,250 crore in March last year, after being selected as a victorious bidder in June 2021.

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According to certified standalone financial accounts, Mahan’s turnover in FY23, FY22, and FY21 was Rs 2,730.68 crore, Rs 1,393.59 crore, and Rs 692.03 crore, respectively. “The investment is not a related party transaction, and none of the company’s promoter/promoter group/group companies have any interest in the investment,” RIL stated, adding that the transaction was subject to usual circumstances, including Mahan Energen’s receipt of the necessary permissions.

In a separate regulatory notification, Adani Power stated that it has consolidated various short-term credit arrangements totaling Rs 19,700 crore, which were used by six special purpose entities (SPVs), into one long-term debt. According to the filing, the improved agreement will benefit the firm by providing a consistent tenure and lowering the effective interest rate.

Tata Investment Corp reaches 5% upper circuit for the second session on news of IPO prospects.

Tata Investment Corporation Ltd shares hit their 5-percent upper limit for the second session on March 28 morning, after reports that the conglomerate planned many initial public offerings (IPOs) over the next two to three years.

According to The Economic Times, companies with potential IPOs include Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing, and Tata Batteries.Moneycontrol was unable to verify the report independently.

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So far this year, Tata Investment has increased its stock price by more than 46 percent.Earlier this month, Tata Group shares rose as investors expected Tata Sons to be floated. On March 7, shares of Tata Motors, Tata Chemicals, Rallis India, Tata Power, Nelco and Tata Investment, surged up to 15 percent as the buzz around Tata Sons’ expected IPO got louder.

SRM Contractors IPO Day 2: Check GMP, subscriber status, and review. Should you subscribe to the publication?

The SRM Contractors IPO got off to a solid start yesterday (Tuesday, March 26) and will close on Thursday, March 28. According to BSE statistics, the overall subscription rate for the SRM Contractors IPO on Day 1 was 3.56 times. The non-institutional investors (NIIs) component was booked 6.26 times, while the retail segment was subscribed 3.55 times. The qualified institutional buyer (QIB) segment was booked 1.57 times.

The IPO price range for SRM Contractors is ₹200 to ₹210 per share, with a face value of ₹10. Bids may be submitted for multiples of 70 shares, with a minimum bid of 70. It has reserved at least 15% of the shares for NIIs, up to 50% for QIBs, and at least 35% for retail investors.

On Friday, March 22, anchor investors contributed ₹39 crore to the SRM Contractors IPO.The SRM Contractors IPO share issuance date is tentatively scheduled for Monday, April 1. The shares will be credited to the allottees’ demat accounts on the same day as the reimbursement date, Tuesday, April 2. SRM Contractors share price is scheduled to be posted on BSE and NSE on Wednesday, April 3.

SRM Contractors works on various types of civil construction projects in Jammu and Kashmir and Ladakh, two Union Territories. Its endeavors include tunnel building, slope stabilization projects, roadways (including bridges), and other minor ones.With the technical expertise required to finish projects in the region’s difficult terrain, the company has developed to become a prominent player in the infrastructure development industry in the Union Territories of Jammu and Kashmir and Ladakh.

SRM Contractors’ IPO Subscription Status

On the second day, NIIs responded overwhelmingly, followed by individual investors and QIBs. According to BSE statistics, the aggregate subscription status for SRM Contractors’ IPO was 17.42 times. The retail component was subscribed for 13.95 times, while the NII portion was booked 45.51 times.

The QIB component was booked 2.41 times.According to BSE statistics, bids for the SRM IPO totaled 7,55,93,770 shares, with 43,40,100 shares on offer.

The retail investors category got bids for 3,02,77,100 shares, with 21,70,000 shares on offer.

The NIIs part received bids for 4,23,25,500 shares, with 9,30,000 on sale for this section.

The QIBs section received bids for 29,91,170 shares, with 12,40,100 on offer.

SRM Contractors IPO information

The SRM IPO issues up to 62,00,000 equity shares for ₹130.20 crore. There is no “offer for sale” component.The company intends to use the net proceeds from the offering to satisfy working capital requirements, repay existing secured loans in full or in part, participate in joint ventures customized to specific projects, and for general corporate purposes. Funding will also be available to cover the capital expenditures of buying machinery and equipment.Interactive Financial Services Ltd is the book running lead manager for the SRM Contractors IPO, while Bigshare Services Pvt Ltd serves as the registrar.

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SRM Contractors launched their IPO GMP today

SRM Contractors’ IPO GMP is +95. SRM Contractors’ share price was trading at a premium of ₹95 on the grey market, according to investorgain.com.The estimated listing price for SRM Contractors shares is ₹305 per share, which is 45.24% more than the IPO price of ₹210, considering the upper end of the IPO pricing band and the current premium on the grey market.

Based on the last nine sessions in the gray market, the IPO GMP predicts a strong listing in the future. According to the analyst analysis on investorgain.com, the lowest GMP is 25 rupees and the highest is 95.

SRM Contractors’ IPO Review Dilip Davda, a contributing editor for Chittorgarh

According to Davda, the firm has shown constant growth in both its top and bottom lines, and it specializes in engineering construction for roads, tunnels, slop stabilization, and so on. As of December 2023, the business has orders worth over ₹1199 crore, indicating its potential. The issue appears to be fully priced based on FY24 annualized earnings. All other indicators are consistent, with the exception of the Lead Manager’s poor performance record. Investors may save money in expectation of medium- to long-term returns.

SBI Card and Titan Launch Titan SBI Card: Check cashback, gift cards, reward points, and other data.

SBI Card, India’s largest pure-play credit card issuer, has collaborated with Titan Company, a significant player in the jewelry, watches, eyewear, and ethnic wear sectors, to introduce the Titan SBI Card today.

This shopping credit card is meant to fulfill customers’ aspirational spending demands, and with features like cashbacks, Titan gift certificates, and reward points, cardholders may enjoy rewards worth more than Rs 2 lakh per year.

Cardholders can earn 7.5% cashback on purchases from Titan timepieces, Taneira women’s ethnic wear, Titan EyePlus eyeglasses, and other non-jewellery Titan products. Cardholders may also earn 5% cashback when buying at Mia, Caratlane, and Zoya, both in-store and online. Furthermore, buying at Tanishq awards cardholders Titan gift certificates worth 3% of their entire expenditure.

Also read | Popular Vehicles and Services. IPO price band set at ₹280-295 per share, important dates, and more

Abhijit Chakravorty, MD & CEO of SBI Card, observed, “There is a rising preference among Indian customers for aspirational lifestyles and products. We are thrilled to announce the Titan SBI Card, a specialty credit card designed to meet our clients’ lifestyle spending demands. This launch is significant for us since it signals the beginning of our cooperation with Titan, a luxury retail behemoth. We think our clients will appreciate this additional addition to our already extensive premium portfolio and use it to maximize their advantages as they spend via it.”

C.K. Venkataraman, MD of Titan Company Limited, stated, “India is on track to become the third-largest consumer market, with consumer spending increasing year after year throughout the retail ecosystem. Titan has experienced a tremendous increase in demand from our customers across all categories. Our constant growth trajectory across categories indicates our customers’ faith in our value offer. We are thrilled to collaborate with SBI Card to offer this one-of-a-kind co-brand card, which will help our customers achieve even higher goals. Through this card, we hope to empower our clients by providing exciting advantages while shopping at their favorite Titan brands. Furthermore, as part of Titan’s commitment to society and its eco-conscious mission, we are delighted to plant atree for every approved

Furthermore, the Titan SBI Card provides travel and leisure perks. Cardholders are entitled to eight complimentary visits to domestic airport lounges (a maximum of two each quarter) and four complimentary visits to international airport lounges. Cardholders also get 6 reward points for every INR 100 spend on non-Titan businesses, such as restaurants and e-commerce websites.card.

The Titan SBI Card also provides spend-based milestone incentives. Cardholders are eligible for expenditure-based fee reversal after attaining an annual spend milestone of Rs 3 lakh during their card membership year. Furthermore, as cards reach yearly spending milestones of Rs 5 lakh and Rs 10 lakh, they are entitled for gift certificates of Rs 5,000 and Rs 10,000, respectively, for any Titan brand.The card’s joining and yearly renewal fees are Rs 2,999, plus any relevant taxes. This contactless card is usable on both RuPay and VISA payment networks. Furthermore, taking an eco-conscious approach, Titan Company Limited and SBI Card will plant a tree for every accepted card in conjunction with Grow-Trees.com.

Popular Vehicles and Services. IPO price band set at ₹280-295 per share, important dates, and more

The price band for the Popular Vehicles and Services IPO is ₹280 to ₹295 per equity share, with a face value of ₹2. The subscription date for the Popular Vehicles and Services IPO is Tuesday, March 12, with a closing date of Thursday, March 14. The distribution to anchor investors for the Popular Vehicles and Services IPO is slated for Monday, March 11.

The floor and cap prices are 140 and 147.50 times the equity shares’ face value, respectively. The price/earnings ratio based on diluted EPS for fiscal 2023 for the firm at the top end of the price range is as high as 28.86, compared to the average industry peer group PE ratio of 34.84; the market cap at offer price to total turnover is 0.43 times; and the P/E ratio at offer price. The weighted average return on net worth for fiscal years 2023, 2022, and 2021 is 15.55%.

Also Read| Reliance is considering a deal to bring British retailer Primark to India.

Tentatively, the Popular Vehicles and Services IPO basis of allocation of shares will be concluded on Friday, March 15, and the business will commence refunds on Monday, March 18, with shares credited to allottees’ demat accounts on the same day. Popular Vehicles and Services’ share price is expected to be posted on the BSE and NSE on Tuesday, March 19.

The Red Herring Prospectus (RHP) lists John K. Paul, Francis K. Paul, and Naveen Philip as the company’s promoters. The promoters now possess 43,558,086 equity shares in total, accounting for 69.45% of the company’s pre-offer issued, subscribed, and paid-up equity share capital.

According to its RHP, the company has a completely integrated business model and is a diverse car dealership in India in terms of revenue as of fiscal 2023, according to the CRISIL Report.The corporation covers all aspects of automobile ownership, such as selling new cars, maintaining and repairing them, providing spare parts and accessories, assisting with the purchase and sale of old cars, operating driving schools, and assisting in the sale of insurance and financial goods from third parties.

According to RHP, the company’s auto dealership operations are separated into three major categories: commercial vehicles, electric two- and three-wheeler vehicles, and passenger vehicles, including luxury cars.According to the RHP, the company’s listed peer is Landmark Cars Limited (P/E ratio of 34.84).From March 31, 2022 to March 31, 2023, Popular Vehicles & Services Limited’s profit after tax (PAT) increased by 90.31%, while revenue increased by 40.42%.

Details of the popular vehicles and services IPO.

The Popular Vehicles and Services IPO includes a ₹250 crore new issuance and an offer-for-sale (OFS) of up to 11,917,075 equity shares with a face value of ₹2. The selling shareholder is BanyanTree Growth Capital II, LLC.The net proceeds will be used to fund a variety of goals, including the full or partial repayment and/or prepayment of certain loans obtained by the company and its subsidiaries, Popular Autoworks Private Limited (PAWL), Popular Mega Motors (India) Private Limited (PMMIL), Kuttukaran Green Private Limited (KGPL), Kuttukaran Cars Private Limited (KCPL), and Prabal Motors Private Limited (PMPL), as well as general corporate purposes.

The book running lead managers for the Popular Vehicles & Services IPO are ICICI Securities Limited, Nuvama Wealth Management Limited, and Centrum Capital Limited, while Link Intime India Private Ltd serves as the registrar.

Reliance is considering a deal to bring British retailer Primark to India.

Reliance Industries is in preliminary conversations with British apparel retailer Primark about introducing the brand to the Indian market. This possible venture would pit Reliance against competitors such as Tata’s Zudio, Landmark Group’s Max, and Shoppers Stop’s new value format InTune, the company said.

Primark, a 55-year-old company famed for its low-cost apparel and shoes, has been studying the Indian market for some years and may partner with Reliance through a joint venture or licensing deal, according to two people.

The majority of the stores in India are anticipated to be on the high street due to the brand’s big box structure, as opposed to global retailers that normally choose malls, according to the article.

Primark’s Global Success

Primark has shown considerable global revenue growth in recent years, with the exception of two Covid-affected years. The firm sells goods at even cheaper costs than competitors like H&M and Uniqlo.

While China is Primark’s principal source nation, India comes second in terms of factories supplying the firm, demonstrating the brand’s dedication to nearshoring in its supply chain strategy.According to Devangshu Dutta, founder of retail consultancy firm Third Eyesight, Reliance, India’s largest retailer with many foreign brand agreements, may give Primark with a significant edge in terms of real estate and operational efficiencies.

Also Read|Finland is in recession as its GDP falls again

Reliance:Market Dynamics and Expansion Plans.

Experts believe that India’s consumption structure, which was historically biased toward a small group of wealthy people, is now opening up new chances for bargain brands. Primark, owned by Associated British Foods, wants to have 530 shops worldwide by the end of 2026, with over 400 now open.

Reliance, which has over 18,774 outlets in its existing portfolio, including Trends and the newly established Yousta, competes directly with fast-fashion companies such as Zara and H&M in India.RIL did not react to inquiries. A Primark representative recognized the brand’s openness to new prospects, but declined to comment on the India ambitions.

Finland is in recession as its GDP falls again.

Finland:The Finnish economy will enter a recession again in the second half of 2023, according to the national statistics office, as high inflation and rising interest rates hampered investment and economic optimism.

According to official figures, gross domestic product (GDP) fell 0.7% in October-December compared to the preceding quarter, and 1.1% in July-September.

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The Finnish economy quickly recovered with 0.4% growth in the second quarter of 2023 after sliding into recession at the end of 2022.The electronics, forestry, and hospitality industries were struck the worst, with banking and insurance being the only area that witnessed considerable increase, according to the statistics office.In December, the Finnish central bank predicted that rising interest rates and prices, weaker investment, and future uncertainty would continue to weigh on the economy this year. It expected recovery to begin by the end of 2024.

Growth in just a few sectors

According to Statistics Finland, output in the chemical, metal, electrical, and electronics industries decreased in October-December compared to the previous quarter. The forest industry’s output declined dramatically in the second and third quarters, but the trend stopped in the fourth quarter.

Looking ahead to 2023, Statistics Finland could only predict growth in the metals sector, energy, water supply, and waste management.Construction activity has been declining since early last year and will continue to do so until 2023. The fall in home building has been especially sharp, although the trend in civil engineering has been more mixed.

The trade sector dropped sharply from January to March last year, but has subsequently exhibited mixed growth.Hospitality services expanded last year due to a robust first quarter, but the trend has since shifted downward. Among other service activities, information and communication increased steadily last year. The amount of transportation was smaller than the previous year, but it did show growth in the second and third quarters.

Sridhar Ramaswamy, Snowflake’s latest Indian-origin CEO. Who are the others?

Ramaswamy joins Satya Nadella (Microsoft), Sundar Pichai (Google), and others as yet another Indian-born CEO of a multinational corporation.On Thursday, Sridhar Ramaswamy was appointed CEO of Snowflake, a data cloud startup located in the United States, adding to the ever-growing roster of Indian-origin CEOs.

Ramaswamy, whose appointment is effective immediately, follows Frank Slootman, joining an illustrious roster that includes Satya Nadella (Microsoft) and Sundar Pichai (Google).

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Ramaswamy formerly worked with Google for almost 15 years (April 2003-October 2018). Pichai was appointed CEO in August 2015 and took over in October.

Below is a list of some Indian-origin CEOs and the companies/organizations they lead:

Sundar Pichai (Google parent Alphabet; since October 2015)

Neal Mohan (YouTube, since February 2023)

Ajay Banga (President, World Bank, since May 2023)

Nikesh Arora (Palo Alto Networks, since June 2018)

Arvind Krishna (IBM, since April 2020)

Shantanu Narayen (Adobe, since December 2007)

Laxman Narasimhan (Starbucks, since April 2023)

Vasant Narasimhan (Novartis, since September 2017)

Sanjay Mehrotra (Micron Technology, since May 2017)

George Kurian (NetApp, since June 2015)

Vivek Sankaran (Albertsons, since April 2019)

Jayshree Ullal (Arista Networks, since October 2008)

Vimal Kapur (Honeywell, since June 2023)

Revathi Advaithi (Flex, since February 2019)

Niraj Shah (Wayfair, since August 2002)

Leena Nair (Chanel, since January 2022)

Ravi Kumar S (Cognizant, since January 2023)

Anirudh Devgan (Cadence Design Systems, since December 2021)

Reshma Kewalramani (Vertex Pharmaceuticals, since April2020)

Raj Subramaniam (FedEx, since June 2022)

Anjali Sud (Tubi, since September 2023)

Devika Bulchandani (Ogilvy, since September 2022)

Jay Chaudhary (Zscaler, since October 2007)

Luke Bradley-Jones, Disney’s EMEA streaming chief, will step down.

Disney is looking for a new head of its streaming business in EMEA, after the announcement that Luke Bradley-Jones will leave the company this summer.
Luke Bradley-Jones DAVID M. BENETT/DAVE BENETT/GETTY IMAGES


Bradley-Jones, who was most recently SVP and General Manager of Disney+ in EMEA, will leave the company to become president of The Economist, a UK-based journal.

He has been in charge of Disney+’s roll-out and operations in EMEA since January 2020, reporting to Disney’s EMEA president, Jan Koeppen.

Bradley-Jones joined Disney after working at Sky for eight years, when he rose to the position of chief marketing officer. He previously worked at BBC Studios for five years as the managing director of BBC.com and the company’s global iPlayer service.

His departure comes after substantial layoffs at Disney, which has reduced both people and content as it strives to boost profitability from its streaming business.

Earlier this month, Disney+ removed around 120 titles from its service in Europe, the Middle East, and Africa, following an initial cull last year that included episodes including The World According To Jeff Goldblum, Dollface, and Willow.

Others, such as Nautilus and The Spiderwick Chronicles, were never released on Disney+ since the streaming service removed them from the lineup in order to save money.

Koeppen stated, “There is a great team in place that will ensure the future success of Disney+, and it is an honor to be on that journey with them.” And, while it’s difficult to lose such a valuable team member, he’ll do an excellent job at The Economist, a firm about which he is really devoted.”

Also Read| GPT Healthcare IPO price band set at ₹177-186 per share

He said: “It’s been a privilege to lead the incredible launch and growth of Disney+ across Europe, the Middle East and Africa, and I know the business will continue to flourish under Jan’s stewardship and the brilliant DTC teams across the region.”

GPT Healthcare IPO price band set at ₹177-186 per share; see issue size, important dates.

The GPT Healthcare IPO price band is ₹177-₹186 per equity share with a face value of ₹10. The GPT Healthcare IPO subscription date is Thursday, February 22, and it will conclude on Monday, February 26. The distribution to anchor investors for the GPT Healthcare IPO is slated for Wednesday, February 21.
GPT Healthcare IPO price band has been fixed in the range of ₹177 to ₹186 per equity share of the face value of ₹10.

The floor price is 17.7 times the face value of the equity shares, while the cap price is 18.6 times the face value of those shares. The price/earnings ratio based on diluted EPS for fiscal 2023 at the floor price is 36.27 times, while at the cap price it is 38.11. In contrast to the average industry peer group P/E ratio of 56.36.

The GPT Healthcare IPO lot size is 80 equity shares, with subsequent lots being multiples of 80 equity shares.The GPT Healthcare IPO has reserved no more than 50% of the shares for qualified institutional buyers (QIB), no less than 15% for non-institutional institutional investors (NII), and no less than 35% for retail investors.The GPT Healthcare IPO aims to raise around ₹40 crore through the new issuance. In addition, it plans to generate capital by issuing up to 2.61 crore shares through an offer-for-sale (OFS).

The firm plans to use the net funds to fund the following goals: General business objectives include complete or partial repayment or return of certain current debts secured by the corporation from banks and financial institutions.

GPT Healthcare Ltd operates a chain of mid-sized full-service hospitals under the ‘ILS Hospitals’ brand, offering integrated healthcare services with a primary focus on secondary and tertiary care.

According to the Red Herring Prospectus (RHP), the organization offers medical services in over 35 specialties and superspecialties, including internal medicine and diabetology, nephrology (including renal transplants), general and laparoscopic surgery, obstetrics and gynaecology, critical care, gastroenterology, orthopaedics and joint replacements, interventional cardiology, neurology and neurosurgery, paediatrics, and neonatology.

As of September 30, 2023, the firm controlled four multispecialty hospitals in West Bengal, including Howrah, Dum Dum, Salt Lake, and Agartala, with a total bed capacity of 561.

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According to the RHP, the company’s listed peers are Global Health Limited (P/E of 90.29), Krishna Institute of Medical Sciences Limited (P/E of 49.51), Jupiter Life Line Hospitals Limited (P/E of 81.73), Yatharth Hospital & Trauma Care Services Limited (P/E of 37.66), Kovai Medical Center & Hospital Limited (P/E of 29.93), and Shalby Limited (P/E of 49.01).

Tentatively, the GPT Healthcare IPO basis of allocation of shares will be concluded on Tuesday, February 27, and the business will commence refunds on Wednesday, February 28, with shares credited to allottees’ demat accounts the same day. GPT Healthcare’s share price is expected to be posted on the BSE and NSE on Thursday, February 29.Between March 31, 2022 and March 31, 2023, GPT Healthcare Limited’s profit after tax (PAT) fell by 6.37%, while sales increased by 7.11%.

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