ICICI Securities has begun coverage on Adani Energy Solutions (AESL), India’s largest private transmission company, assigning it a buy rating with a target price of ₹1,318, indicating a potential 30% upside.
Diffusion Engineers IPO allotment likely soon: Here’s how you can check status (01-10-2024)
The company’s shares are set to be listed on the exchanges on October 4. In the unlisted market, they are trading with a GMP of Rs 60, reflecting a 36% premium over the issue price.
BJP behind Ram Rahim, Kejriwal being out of jail to campaign in Haryana: Robert Vadra (01-10-2024)
Robert Vadra accuses the BJP of releasing Gurmeet Ram Rahim Singh and Arvind Kejriwal to campaign in Haryana, aiming to undermine Congress’ electoral prospects. Vadra criticizes Modi and BJP leaders for maligning him and alleges their actions obstructed his business ventures in Haryana.
Rahee Infratech files IPO papers with Sebi, aims to raise Rs 420 crore (01-10-2024)
Rahee Infratech Ltd, an integrated railway civil engineering, manufacturing and construction firm, has filed preliminary papers with markets regulator Sebi for raising funds through an Initial Public Offering (IPO), comprising Rs 420 crore through fresh issuance of shares.
Apart from fresh issues, the offer will have an Offer For Sale (OFS) component of 27.8 lakh equity shares by its promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.
The Kolkata-based company may also consider raising Rs 84 crore in a pre-IPO placement round. If such placement is carried out, the fresh issue size will be reduced.
Proceeds from the fresh issue to the extent of Rs 50 crore will be utilised for the purchase of machinery, equipment and vehicles; Rs 280 crore for funding the working capital requirements of the company and the rest for general corporate purposes.
Rahee Infratech is focused on providing manufacturing and construction services including the design, supply, ..
IIFL Finance and its subsidiaries receive ratings action from CRISIL (01-10-2024)
Further, CRISIL has also reaffirmed it’s ratings and has assigned the outlook as Stable for Bank Loan Facilities, Non- Convertible Debentures and reaffirmed A1+ for Commercial Papers of IIFL Finance, HFC and Samasta.
GE Power India secures major hydropower contract in Nepal, stocks advance (01-10-2024)
Under the 42-month contract, GEPIL will provide turbines, generators, and control systems, as well as oversee their installation and commissioning
GE Power India rises on bagging order worth Rs 240-cr (01-10-2024)
GE Power India advanced 1.51% after the company announced that it has received a contract worth Rs 240.4 crore (NPR 340 million) from Blue Energy in Nepal.
Linc Ltd: Writing the future of Bharat (01-10-2024)
Notes from recently concluded Investor/Analyst meeting on the strategic JV with Mitsubishi Pencil, Japan:
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Going in the untapped market with this JV of price point 20-50 rupees, where the market size is INR 500 crores (domestic market).
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The company already has 10-15% market share in this 500 crore market but is looking to increase it further as the opportunity size is huge because the market is growing rapidly as customers are moving up in the value chain.
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Production cost will reduce with this JV.
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The whole chain is like: JV will manufacture the pens, then it will sell them to LINC, which LINC will further sell them to customers.
JV (Mitsubishi) —> LINC —> Target Market
- Mitsubishi has a range of ball pens and roller pens.
- Manufacturing will start in July 25.
- Total INR 20 crores of investment in a 50:50 ratio. However, investment in JV may increase further.
- No investment in factory or land acquisition; entire investment in molds and assembly workings.
- JV will have similar margins as of LINC (need further clarification on the same).
- Same range of products in price points of 20-50 rupees will provide more offerings for customers, hence market share gain for LINC.
- Mitsubishi is not present in this price range (20-80 or 120, not 100% sure) internationally for which JV is established, hence positive for the export market.
(But it will take a little longer, although the opportunity size is huge.)
Expecting minimum asset turns of 8-10 times - Potential to do sales of 200 Crs (20 Crs*10 times)
- Targeting the South Asian market first.
Varindera Constructions files draft papers to secure Rs 1,200-cr via IPO (01-10-2024)
Varindera Constructions has filed draft papers with capital markets regulator Sebi to mobilise Rs 1,200 crore through an initial share sale.
The proposed IPO (Initial Public Offering) is a mix of fresh issue of equity shares valued at Rs 900 crore and an Offer For Sale (OFS) of shares worth Rs 300 crore by promoters, draft papers filed on Monday showed.
Varinder Kumar Garg and Sushma Garg will offload shares worth Rs 201 crore and 99 crore, respectively under the OFS.
Proceeds from the fresh issue will be utilised for the purchase of equipment, to support the working capital requirements of the company, payment of debt and for general corporate purposes.
Varindera Constructions is an integrated Engineering, Procurement and Construction (EPC) company with experience in the construction of building projects, including residential units, and office complexes, as well as undertaking infrastructure projects such as metro depot and aircraft hangar.
In the last 10 fiscal years (ended Mar