Equity Analysis

Return of foreign investors on signs of the US Fed implementing two rate cuts this year from September and robust domestic data continue fuel buying 

Domestic equities surged, with the S&P BSE Sensex scaling an all-time high to 80,900 and the Nifty50 climbing to 24,600 in intra-day trading, pulled by IT stocks on the back of TCS’s robust June 2024 quarter earnings and easing US inflation, boosting hopes of a September rate cut. Besides, buoyant domestic economic data and buying by foreign investors fueled the Nifty IT index spurted to a new peak of 39,023, with the Sensex eventually closed at 80,519.34 and the Nifty 50 index finished at 24,502.15 on 12 July 2024. The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, tumbled nearly 49% from its 04 June 2024 high of 26.75 on receding political and monetary uncertainty.

Large caps were primarily lifted by accelerated inflows from foreign portfolio investors. They bought shares worth Rs 10,718 crore in July so far. They had bought shares worth 2037.47 crore in June 2024 and were net sellers of Rs 4,2214 crore of equity in May.

In the broader market, the Nifty Mid-cap 100 index climbed to a top of 57,173.80 and the Nifty Small-cap 100 came off 0.04% from its peak of 18,956.75 touched on 09 July 20024 as domestic institutions net mopped up Rs 2,037 crore of stock in July so far. However, data suggests slowing of their purchases from Rs 28,633 in June and Rs 55,733 crore in May.

The Nifty Consumption index rallied to a new high of 11,375.85 on 09 July 2024 as shares of paint companies jumped after industry leaders Asian Paints and Berger Paints reportedly implemented price increases. Asian Paints, India’s largest paint manufacturer, reportedly hiked prices by 0.7-1% across its product portfolio. Berger Paints, another major player, is reportedly implementing a similar price increase of 0.7-1%, effective 22 July 2024. The passthrough of higher input costs by the paint manufacturers points to the capacity of the market to absorb higher prices, indicating a positive outlook.

Domestic economic indicators boosting the mood of the market included India’s goods and services tax collection increasing 8% to Rs 1.74 lakh crore in June 2024 over the year. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.3 in June from 57.5 in May, in line with the improvement in business conditions. The seasonally adjusted HSBC India Services Business Activity Index went up from 60.2 in May to 60.5 in June, continuing the expansion in output. The broader HSBC India Composite Output Index also climbed to 60.9 from 60.5 in the previous month.

Reinforcing the buoyancy in manufacturing, the combined Index of Eight Core Industries increased 6.3% in May 2024 as compared with May 2023, driven by production of electricity, coal, steel, natural gas and refinery products.

The market welcomed the continuing trend of narrowing fiscal deficit. At Rs 50,615 crore between April and May 2024, the fiscal deficit was around 3% of the overall target for the current financial year ending March 2025 (FY 2025) and down from 11.8% of the budget estimate from the corresponding period last year. The fiscal deficit stood lower at Rs 16.54 trillion in FY2024 as against the budgetary target of Rs 17.86 trillion.

Aided by higher-than-expected tax receipts, the Union government contained the fiscal deficit at 5.6% of the gross domestic product (GDP) in FY 2024 as compared with the revised estimates of 5.8%. The reading will cut government borrowings from the market and ease the pressure on interest rates. The Centre has set a FY2025 fiscal deficit target of 5.1%, or Rs 16.85 trillion, to achieve a fiscal deficit of 4.5% of GDP by FY2026.

Meanwhile, India’s foreign exchange reserves rose US$816 million to US$653.71 billion in the week ending 21 June, reversing a decline from the previous week. This increase was driven by an increase in gold reserves (US$988 million) and decline in special drawing rights by US$57 million.

In the US, Wall Street closed higher on 12 July 2024, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the US Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results. Some of the market’s most valuable companies bounced back. Apple and Nvidia climbed more than 1%. The S&P 500 and Dow surged to all-time highs before giving up much of those gains by the close. The S&P 500 climbed to 5,615.35 points. The Nasdaq was up to 18,398.45 points. The Dow Jones Industrial Average rose to 40,000.90 points.

With stock indexes trading around record highs, investors are now shifting their focus to companies beyond Nvidia and other heavyweights that have benefited from the demand for artificial intelligence computing. Besides Fed Chair Jerome Powell’s testimony before Congress raising hopes of an interest-rate cut in September, encouraging economic US numbers included second straight month of cooling retail inflation in June, unchanged personal consumption expenditures (PCE) index in May after increases earlier this year, a marginal rise in consumer spending in June amid cheaper gasoline and moderating rents, and a flattening of the labor market. Slightly hotter-than-expected producer prices due to a rise in services in June did not alter expectation of a first rate cut in September.

The consumer price index (CPI) dipped 0.1% in June 2024 over the previous month. This was the first drop since May 2020, after being unchanged in May. The CPI benefited from a 3.8% decline in gasoline prices, following a 3.6% decrease in May. Food prices rose 0.2% after edging up 0.1% in May.

Excluding the volatile food and energy components, the CPI gained 0.1% in June on the month, the smallest increase since August 2021 and following a 0.2% rise in May. The core CPI was restrained by a moderation in the increase in rents by 0.3%, the smallest gain since August 2021.

The CPI climbed 3% over June 2023, the smallest gain since June 2023, following a 3.3% annual advance in May 2024. The projection was for the CPI pushing up 0.1% month on month and gaining 3.1% year on year. The annual increase in consumer prices has slowed from a peak of 9.1% in June 2022.

The core CPI increased 3.3% over June 2023, the smallest year-on-year advance since April 2021 and followed a 3.4% rise in May 2024. Over the past three months, the core CPI increased at a 2.1% annualized rate, the smallest increase since March 2021 and a slowdown from 3.3% pace in May.

The flat reading in the PCE price index in May 2024 followed an unrevised 0.3% gain in April. It was the first time in six months that PCE inflation was unchanged. The fall in goods prices by 0.4%, the biggest drop since November, offset the 0.2% higher cost of services. The PCE price index increased 2.6% over May 2023 after advancing 2.7% in April. This was in line with the projections.

Excluding the volatile food and energy components, the PCE price index edged up 0.1% in May over the previous month, the smallest gain since November, following an upwardly revised 0.3% rise in April. The core PCE price index climbed 0.2% in April. Core inflation increased 2.6% on a year-on-year basis in May, the smallest advance since March 2021, after rising 2.8% in April. It rose at a 2.7% annualized rate over the past three months, slowing from a 3.5% pace in April.

The producer price index (PPI) for final demand rose 0.2% in June over the previous month after being unchanged in May and marginally higher than the consensus estimate of a 0.1% increase. A 0.6% increase in the price of services accounted for the rise in the PPI. Services rose 0.3% in May. Core inflation inched up 0.1% in June over May, slightly lower than the 0.15% projection. That was the lowest reading since May 2023 and followed a 0.2% gain in May. The PPI jumped 2.6% in the 12 months through June, the largest year-on-year gain since March 2023 and followed a 2.4% advance in May and was higher than the estimates of a 2.5% increase. The core PPI was up 3.1% over June 2023 after rising 3.3% in May 2024.

Inflation at the factory gate was much cooler. The Institute of Supply Management (ISM) survey’s measure of prices paid by manufacturers dropped to 52.1 in June, the lowest reading since December, from 57 in May. Declining goods prices accounted for much of the unchanged reading in monthly inflation.

Services inflation slowed a bit. The ISM’s prices paid measure for services inputs slipped to 56.3 from 58.1 in May.

Consumer spending rose marginally in June. Underlying prices advanced at the slowest rate in six months. Consumer spending, which accounts for more than two-thirds of US economic activity, increased 0.2%over May 2024 after rising 0.1% in April. Spending was supported by a 0.3% gain in services. Services spending increased 0.4% in April. Goods spending rebounded 0.2%. Spending on goods fell 0.5% in April.

Consumer spending was supported by a resilient labour market, continuing to generate strong wage gains. Personal income increased 0.5% in May over the previous month after climbing 0.3% in April. Wages shot up 0.7%.

US employment increased solidly in June, but the unemployment rate hit a 2.5-year high of 4.1%, from 4% in May, pointing to a slackening labor market. Weekly jobless claims data pointed to easing labor market conditions. The US job openings and labor turnover survey, or Jolts, showed job openings increased in May after posting outsized declines in the prior two months, but layoffs picked up amid slowing economic activity, indicating a gradual rebalancing of the labor market.

The employment report showed the economy created 1.11 lakh fewer jobs in April and May than previously estimated, suggesting the trend in payrolls growth was slowing. Annual wages increased at the slowest pace in three years amid an expanding labor pool. About 277,000 people joined the labor force, accounting for the increase in the jobless rate from 4.0% in May to the highest level since November 2021.

The average hourly earnings rose 0.3% in June over the previous month after advancing 0.4% in May. In the 12 months through June, wages increased 3.9%, the smallest gain in wages since June 2021 and followed a 4.1% rise in May. Wage growth in a 3%-3.5% range is seen as consistent with the Fed’s 2% inflation target.

First-time applications for US unemployment benefits rose 4,000 to a seasonally adjusted 2.38,000 lakh in the week ended 29 June. The forecast was for 2.35 lakh claims. The four-week moving average of claims increased 2,250 to 2.38 lakh, the highest level since last August.

Claims have moved to the upper end of their 1.94 lakh-2.43 lakh range of this year, in part because of a rise in layoffs as higher interest rates dampen demand as well as difficulties adjusting the data for seasonal fluctuations during holidays.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 26,000 to a seasonally adjusted 18.58 lakh in the week ending June 22, the highest level since late November 2021.

The ADP Employment report showed private payrolls increased by a slower pace of 1.50 lakh jobs in June after rising 1.57 lakh. The projection was for private employment increasing 1.60 lakh. US job openings rose in May after posting outsized declines in the prior two months, but the trend remained consistent with an easing in labor market conditions. The Jolts report showed there were 1.22 vacancies for every unemployed person in May, unchanged from April and the lowest vacancy-to-unemployment ratio since 2021. April’s ratio previously had been estimated at 1.24. The ratio is now not too far from its average of 1.19 in 2019.

Job openings, a measure of labor demand, rose 2.21 lakh to 81.40 lakh on the last day of May after data for April was revised lower to show 79.19 lakh unfilled positions instead of the previously reported 80.59 lakh. The forecast was for 79.10 lakh job openings in May. Unfilled positions peaked at a record 1.22 crore in March 2022. These have declined to 12 lakh unfilled positions over the year.

Layoffs rose 1.12 lakh to 16.54 lakh, amid job losses in professional and business services, leisure and hospitality as well as other services. But there were fewer layoffs in manufacturing. The layoffs rate was unchanged at 1% for a third straight month.

The quits rate, viewed as a measure of labor market confidence, was unchanged at 2.2% for the seventh consecutive month. A steady quit rate points to moderate wage pressures ahead, boosting the outcome of a softer inflation.

The slowing labor market momentum was also evident in a survey from the ISM, showing services employment declined in June for the sixth time in seven months. The ISM’s nonmanufacturing PMI index dropped to 48.8 in June, the lowest level since May 2020, from 53.8 in May. It was the second time this year that the PMI had dropped below 50, indicating contraction in the services sector. The forecast was for the services’ PMI slipping to 52.5. The survey’s business activity measure dropped to 49.6, the first contraction since May 2020, from 61.2 in May.

The survey’s new orders measure dropped to 47.3, the lowest since December 2022, from 54.1 in May.

US manufacturing contracted for a third straight month in June as demand remained subdued, while a drop in a measure of prices paid by factories for inputs to a six-month low suggested that inflation could continue to subside. The weakness at the end of Q2, reported by the ISM, was across the board, with manufacturers unwilling to invest in capital and inventory due to current monetary policy and other conditions.

The ISM’s manufacturing PMI slipped to 48.5 last month from 48.7 in May, pointing to a contraction in manufacturing in 19 of the last 20 months. The consensus estimate was for the PMI climbing to 49.1, Sixty-two percent of manufacturing GDP contracted, up from 55% in May. The share of sectors in the GDP registering a composite PMI at or below 45 jumped to 14% from 4% in the prior month.

Government data showed manufacturing contracted at a 4.3% annualized rate in Q1 CY 2024, with most of the decline coming from long-lasting manufactured goods.

The ISM survey’s forward-looking new orders sub-index rose to 49.3 reading, remaining in contraction territory, from 45.4 in May. Output at factories decreased for the first time since February. The production sub-index fell to 48.5 from 50.2 in May.

Construction spending dipped 0.1% in May after an upwardly revised 0.3% increase in April. The forecast was for construction spending rebounding by 0.2% after a previously reported 0.1% fall in April. Construction spending increased 6.4% over May 2023.

Spending on private construction projects slipped 0.3% in May after rising 0.4% in the prior month. Investment in residential construction dropped 0.2% after moving up 0.9% in April. Outlays on new single-family construction projects decreased 0.7%. Spending on multi-family housing was unchanged. Higher mortgage rates have constrained demand for housing and could limit growth in new construction.

The trade deficit increased 0.8% to US$75.1 billion in May as exports weakened. The goods trade deficit widened 0.9% to US$100.2 billion, the highest since May 2022. The GDP growth in Q1 CY 2024 was restricted to a 1.4% annualized pace due to widening trade deficit. The economy grew at a 3.4% rate in the October-December 2024 quarter. Growth estimates for Q2 are around 2%.

The Fed has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range since last July. The central bank has hiked its policy rate by 525 basis points (bps) since 2022 to stamp out inflation.

US Fed Chair Jerome Powell told lawmakers that while inflation remained above the 2% soft-landing target, it has been improving in recent months and more good data would strengthen the case for interest-rate cuts. "After a lack of progress toward our 2% inflation objective in the early part of this year, the most recent monthly readings have shown modest further progress," Powell said in remarks to the Senate Banking Committee. "More good data would strengthen our confidence that inflation is moving sustainably toward 2%."

Powell felt the risks to the job market stood were at the same level as the risks of high inflation, with the Fed intent on meeting both its price stability and full employment goals. The goal is to getting back to full price stability while keeping the unemployment rate low.

Easing inflation and a tight but not overheated job market were same as the situation seen before the covid-19 pandemic and pointed to a return of normal conditions, the Fed said in a report to Congress. Financial markets saw a roughly 85% chance of a rate cut at the Fed’s September meeting as compared with about a 70% chance seen before the report. Two rate cuts are anticipated this year.

US inflation should continue to fall without a significant further rise in the unemployment rate, Federal Reserve Governor Lisa Cook said. In remarks delivered at an economics conference in Australia, Cook said slid in the Fed’s preferred measure of inflation, the PCE index, to 2.6% versus the central bank’s 2% target, and the unemployment rate at 4.1%, was laying the ground for a soft landing for the economy.

Soft landings are more likely when policy easing began with inflation close to target and there is a relatively firm growth backdrop. In the US, inflation has fallen significantly from its peak and the labor market has gradually cooled but remains strong.

Chicago Fed President Austan Goolsbee said he felt there were warning signs that the real economy is weakening, and though conditions remain strong, the Fed needed to be careful not to keep monetary policy at such a tight level longer than needed.

Referring to the cooling inflation, San Francisco Fed President Mary Daly noted that the Fed’s policy is working.

The University of Michigan’s preliminary reading of one-year inflation expectations dipped to 2.9% in July from 3% in June. The five-year inflation outlook fell to 2.9% from 3% in June.

Meanwhile, as per a private survey (Caixin PMI), China’s manufacturing activity in June grew more than expected, to 51.8, as compared with May’s reading of 51.7.

Higher wages and food and fuel prices combined with a weaker yen drove up input prices in Japan in June, contributing to the fastest inflation since August 2023. Rising global commodity costs and a phase-out of gasoline and fuel subsidies also pushed up wholesale prices. Companies passed on price hikes to consumers. The rise in the average price in June was only slightly lower than the record highs in April and May. The acceleration in wholesale inflation kept alive market expectation of a near-term interest rate hike by the central bank, thereby paving the way for the economy’s recovery.

The corporate goods price index, measuring the price companies charge each other for their goods and services, rose 2.9% in June from a year earlier, matching a median market forecast. It quickened from the previous month’s revised 2.6% gain and rose at the fastest year-on-year pace since August 2023. The index, at 122.7, hit a record high for the seventh straight month.

The yen-based import price index climbed 9.5% in June from a year earlier, up from a revised 7.1% rise in May. The pace of increase in the index was the fastest since February 2023. The weak yen, which has fallen more than 12% this year, also propped up overseas demand for Japanese services.

Although at a slower pace, employment growth and business confidence in the next 12 months remained relatively robust.

Domestic equity benchmarks ended flat on 11 July, after a volatile session marked by F&O expiry. The index opened positive, mirroring global gains, but quickly reversed course amid selling pressure. However, a late rally helped it recover lost ground. The Sensex declined to 79,897.34 and the Nifty 50 index fell to 24,315.95.

The Nasdaq ended sharply lower on 11 July 2024, hit by losses in Nvidia, Meta Platforms, Amazon, and Apple as investors rotated into smaller companies after softer-than-expected inflation data fed bets the Fed will cut interest rates in September. The S&P 500 lost ground after a Labor Department report showed US employment, despite softening a bit, continued to remain robust. The Dow finished with modest gains.

The S&P 500 declined to 5,584.54 points, the Nasdaq slid to 18,283.41 points, while the Dow Jones Industrial Average rose to 39,753.75 points.

Nonfarm payrolls increased by 2.06 lakh jobs in June, lifted by government hiring. This was more than the forecast of payrolls rising 1.90 lakh last month, with the unemployment rate unchanged at 4%. Job growth averaged about 2.22 lakh per month in H1 of CY 2024. This is more than the 1.80 lakh and two lakh jobs needed to be created per month to keep up with growth in the working-age population even after accounting for a recent surge in immigration.

The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 62.6% from 62.5% in May. The participation rate for prime-age workers, those aged 25 to 54, increased to 83.7%. That was the highest level since February 2002 and was up from 83.6% in May.

Initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 2.22 lakh in the week ended 06 July, the lowest level since late May. This was against the consensus forecast of 2.36 lakh claims. The number of people receiving benefits after an initial week of aid, a proxy for hiring, slipped 4,000 to a seasonally adjusted 18.52 lakh in the week ended 29 June. There were 1.22 job openings for every unemployed person in May as against the 1.19 average in 2019. Claims have since June been stuck in the upper end of their 1.94 lakh-2.43 lakh range of this year

The data pointed to the labor market’s robustness and stoked anxiety that the Fed might delay cutting interest rates.

The health of ex-US major economies caused worries, raising fears of a delayed recovery of the global economy. The manufacturing activity across the euro zone took a turn for the worse in June, as demand fell at a much faster pace despite factories cutting their prices. HCOB’s final euro zone manufacturing PMI, compiled by S&P Global, fell to 45.8 in June from May’s 47.3, just ahead of a 45.6 preliminary estimate. It has been below the 50-mark separating growth from contraction for two years.

An index measuring output, and constituting the composite PMI, sank from May’s 49.3 to a six-month low of 46.1. A new orders index dropped to 44.4 from 47.3, despite factories cutting prices charged for a 14th month, although less steeply than in previous months.

China’s consumer prices grew for a fifth month in June but missed expectations, while producer price deflation persisted. The CPI in June rose 0.2% from a year earlier, against a 0.3% rise in May, the slowest pace in three months, data from the National Bureau of Statistics showed. This was below the projected 0.4% rise. The CPI edged down 0.2% in June over the previous month as against a 0.1% drop in May.

The PPI fell 0.8% in June from a year earlier, less than a 1.4% decline the previous month, and matched a forecast 0.8% fall. The fall in the PPI was the smallest in 17 months.

China’s services activity expanded at the slowest pace in eight months and confidence hit a four-year low in June, weighed down by sluggish ordering, a private-sector survey showed. The Caixin/S&P Global services PMI eased to 51.2 from 54.0 in May, marking the lowest reading since October 2023 but remaining in expansionary territory for the 18th straight month. Service providers were scaling back hiring after adding employment in May.

The new orders subindex fell to 52.1 in June from 55.4 the previous month. Overseas demand also eased slightly even on top of strong exports in May.

An official government PMI survey indicated a contraction in the manufacturing sector for the second consecutive month in June. China’s manufacturing PMI came in at 49.5 in June 2024, unchanged from May.

The Caixin/S&P’s composite PMI, tracking both the services and manufacturing sectors, fell to 52.8 from 54.1.

Business confidence levels eased to the lowest level since March 2020 with concerns about the global economy and rising competition.

Japan’s economy contracted more than expected in Q1 CY2024, shrinking 2.9% over Q1 CY2023year-on-year. The decline was primarily driven by a decrease in consumer spending amid stagnant wages and persistent inflation.

Japanese service activity contracted for the first time in nearly two years in June as domestic demand cooled, a private sector survey showed, although business confidence and hiring indicators remained upbeat. The service sector has been propelling economic growth in Japan, making up for the weak manufacturing performance. The final au Jibun Bank service PMI slipped to 49.4 in June from 53.8 in May, snapping 21 straight months of expansion, the S&P Global Market Intelligence survey showed. The PMI was weaker than the flash reading of 49.8, which was the first reading below the 50-threshold since August 2022.

The composite PMI, which combines the manufacturing and service activity figures, fell to 49.7 in June from 52.6 in May, the first time the index slipped below 50 in seven months.

The Markets

Shares of Ganesh Green Bharat were listed at Rs 361, a premium of 90% over the IPO price. The IPO was subscribed 153.61 times. The issue opened for bidding on 5 July 2024 and closed on 9 July 2024. The price band of the IPO was fixed at Rs 95 to 100 per equity share. The IPO comprised fresh issue of 65,91,000 equity shares. The promoter and promoter group shareholding diluted to 69.55% from 94.73% pre-IPO.

The net proceeds will be used to fund capital expenditure for installation of additional plant and machinery at factory, repayment in full or in part, of certain of outstanding borrowings, to meet working capital requirements, and for general corporate purpose.

Ahead of the IPO, Ganesh Green Bharat on 4 July 2024 raised Rs 35.29 crore from anchor investors. The board allotted 18.57 lakh shares at Rs 190 per share to 20 anchor investors.

Ganesh Green Bharat provides comprehensive portfolios in the field of supply, installation, testing and commissioning of solar and electrical goods and services to various government bodies.

Shares of EFFWA Infra & Research were listed at Rs 155.80, a premium of 90% over the IPO price. The IPO was subscribed 209.68 times. The issue opened for bidding on 5 July 2024 and closed on 9 July 2024. The price band of the IPO was fixed between Rs 78 to Rs 82 per share. The IPO comprised fresh issue of 53,16,800 equity shares and an OFS up to 9,36,000 shares by existing shareholders. The promoter and promoter group shareholding diluted to 72.99% from 99.99% pre-issue.

The net proceeds will be used to fund working capital and capital expenditure requirements, to purchase new office equipment, and for general corporate purposes.

Ahead of the IPO, EFFWA Infra & Research on 4 July 2024 raised Rs 14.33 crore from anchor investors. The board allotted 17.48 lakh shares at Rs 82 per share to seven anchor investors.

EFFWA Infra & Research provides engineering, consultancy, procurement, construction and integrated project management services in water pollution control, encompassing sewage and industrial effluent treatment, solid waste treatment and disposal, ventilation systems, hazardous waste management, and water treatment plants.

Shares of Ambey Laboratories were listed at Rs 85, a premium of 25% over the IPO price. The IPO was subscribed 106.59 times. The issue opened for bidding on 4 July 2024 and closed on 8 July 2024. The price band of the IPO was fixed between Rs 65 to Rs 68 per share. The issue comprised fresh issue of 62,58,000 and an OFS of 3,12,000 shares by the existing promoter. The promoter and promoter group shareholding diluted to 69.90% from 94.97% pre-offer.

The net proceeds will be used to meet working capital requirements, issue related expenses and general corporate purposes.

Ahead of the IPO, Ambey Laboratories on 3 July 2024 raised Rs 12.70 crore from anchor investors. The board allotted 18.68 lakh shares at Rs 68 per share to five anchor investors.

Ambey Lab manufactures agrochemical products for the protection of crops. Operations are spread across India and abroad, with a manufacturing facility in Rajasthan- India.

Shares of Bansal Wire Industries were listed at Rs 352.05, at a premium of 37.52% over its IPO price. The IPO received 1,27,85,23,754 bids for shares as against 2,14,60,906 shares on offer. The issue was subscribed 59.57 times. The QIB category was subscribed 146.05 times. The NII category was subscribed 51.46 times. The RII category was subscribed 13.64 times. The issue opened for bidding on 3 July 2024 and closed on 5 July 2024. The price band of the IPO was fixed at Rs 243 to 256 per share. The offer comprised fresh issue of equity shares, totaling up to Rs 745 crore. The net proceeds will be used from the fresh issue towards repayment or prepayment of all or a portion of certain outstanding borrowings, amounting to Rs 452.68 crore, investment in subsidiary for repayment or prepayment of all or a portion of certain outstanding borrowings, amounting to Rs 93.708 crore, funding the working capital requirements, amounting to Rs 60 crore, and balance towards general corporate purposes. The total outstanding borrowings were Rs 676.28 crore as on 31 May 2024. The total outstanding borrowings of the subsidiary were Rs 103.92 crore.

Ahead of the IPO, Bansal Wire Industries on 2 July 2024, raised Rs 223.49 crore from anchor investors. The board allotted 87.30 lakh shares at Rs 256 each to 18 anchor investors.

Bansal Wire Industries is the largest stainless-steel wire manufacturer and the second largest steel wire manufacturer by volume in India. It is adding a new segment of specialty wires. These will be manufactured at Dadri.

Shares of Emcure Pharmaceuticals were listed at Rs 240, a premium of 31.45% over the IPO price. The IPO received 92,99,97,390 bids for shares as against 1,37,03,538 shares on offer. The issue was oversubscribed 67.87 times. The QIB category was subscribed 195.83 times. The NII category was subscribed 48.32 times. The RII) category was subscribed 7.21 times. The issue opened for bidding on 3 July 2024 and closed on 5 July 2024. The price band of the IPO was fixed at Rs 960 to 1,008 per share.

The IPO comprised fresh issue of equity shares worth up to Rs 800 crore and an OFS of 1,14,28,839 equity shares, totaling up to Rs 1,152.03 crore, by the existing shareholders.

The objectives of the fresh issue include Rs 600 crore for repayment and prepayment of certain outstanding borrowings. The remaining amount is to be used for general corporate purposes. The promoters and promoter group hold an aggregate 83% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding is expected to be around 78%.

Ahead of the IPO, Emcure Pharmaceuticals on 2 July 2024, raised Rs 582.60 crore from anchor investors. The board allotted 57.79 lakh shares at Rs 1,008 each to 48 anchor investors.

Incorporated in 1981, Emcure is an Indian pharmaceutical company developing, manufacturing, and marketing worldwide a diverse range of pharmaceutical products across several therapeutic areas.

Shares of Nephro Care India were listed at Rs 171, a premium of 90% over the IPO price. The IPO was subscribed 486.48 times. The issue opened for bidding on 28 June 2024 and closed on 2 July 2024. The price band of the IPO was fixed between Rs 85 to Rs 90 per share. The IPO comprised a fresh issue of 45,84,000 equity shares. The promoter and promoter group shareholding diluted to 61.39% from 85.02% pre-issue.

The net proceeds will be used for setting up a multi-specialty hospital, Vivacity Multi Specialty Hospital (unit of Nephro Care), at Kolkata (Madhyamgaram), West Bengal, and for general corporate purposes.

Ahead of the IPO, Nephro Care raised Rs 11.14 crore from anchor investors. The board allotted 12.38 lakh shares at Rs 90 per share to three anchor investors.

Kolkata-based Nephro Care is a treatment center for chronic kidney disease, offering a variety of treatments, including dialysis.

Shares of Vraj Iron and Steel were listed at Rs 240, exhibiting a 4.98% premium to the issue price. The IPO was subscribed 119.04 times. The issue opened for bidding on 26 June 2024 and closed on 28 June 2024. The price band of the IPO was fixed at Rs 195 to 207 per share. The offer comprised only a fresh issue of equity shares up to 82.60 lakh equity shares.

The net proceeds from the fresh issue will be used to repay or prepay borrowings of Rs 70 crore from HDFC Bank for capital expenditure on the expansion project of the Bilaspur plant and Rs 59.5 crore capital expenditure on the expansion project of the Bilaspur plant. The balance is towards general corporate purposes.

Incorporated in June 2004, Vraj Iron and Steel manufactures sponge iron, MS billets, and TMT bars under the brand Vraj. It runs two manufacturing plants, one each at Raipur and Bilaspur, Chhattisgarh. As of March 2023, the total installed capacity of the manufacturing plants was 2,31,600 tpa, including intermediate and final products.

Shares of Diensten Tech were listed at Rs 240, a premium of 140% over the IPO price. The IPO was subscribed 35.96 times. The issue opened for bidding on 26 June 2024 and closed on 28 June 2024. The price band of the IPO was fixed at Rs 95 to 100 per equity share. The IPO comprised fresh issue of 22,08,000 equity shares.

The net proceeds will be used to meet the working capital requirements, payment of liability raised against outstanding payment of consideration for professional services and training division business acquired from JK technosoft, and for general corporate purposes.

Ahead of the IPO, Diensten Tech on 25 June 2024 raised Rs 6.27 crore from anchor investors. The board allotted 6.27 lakh shares at Rs 100 per share to two anchor investors.

Diensten Tech is in the business of IT, professional resourcing, IT consultancy, IT training and software AMC.

Shares of Petro Carbon and Chemicals were listed at Rs 300, a premium of 75.44% over the IPO price. The IPO was subscribed 60.32 times. The issue opened for bidding on 24 June 2024 and is closed on 27 June 2024. The price band of the IPO was fixed at Rs 161 to 171 per share. The IPO comprised an OFS of up to 66,17,600 equity shares. The promoters, Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, Bharat Atha, sold 13,23,520 shares each through the OFS.

Ahead of the IPO, Petro Carbon and Chemicals on 24 June 2024 raised Rs 31.72 crore from anchor investors. The board allotted 18.55 lakh shares at Rs 171 per share to five anchor investors.

Petro Carbon and Chemicals manufactures calcined petroleum coke (CPC) for supply to aluminum, graphite electrodes and titanium dioxide manufacturers as well as other users in the metallurgical, chemical industries and other steel manufacturing companies.

Shares of Divine Power Energy were listed at Rs 155, a premium of 287.50% over the IPO price. The IPO was subscribed 369.06 times. The issue opened for bidding on 25 June 2024 and closed on 27 June 2024. The price band of the IPO was fixed at Rs 36 to 40 per equity share. The IPO comprised fresh issue of 45,22,222 equity shares.

The net proceeds will be utilized to meet the working capital requirements of the company and for general corporate purposes. Ahead of the IPO, Divine Power Energy on 24 June 2024 raised Rs 6.48 crore from anchor investors. The board allotted 16.20 lakh shares at Rs 40 per share to five anchor investors.

Divine Power Energy is a manufacturer of insulated wires and strips for power distribution and transformers.

Shares of Akiko Global Services were listed at Rs 98, a premium of 27.27% over the IPO price. The IPO was subscribed 25.19 times. The issue opened for bidding on 25 June 2024 and closed on 27 June 2024. The price band of the IPO was fixed between Rs 73 to Rs 77 per share. The IPO comprised a fresh issue of 30,01,600 equity shares. The promoter and promoter group shareholding diluted to 66.91% from 92.77% pre-issue.

The net proceeds will be used to meet the working capital requirements, implementation of ERP solution and TeleCRM, funding mobile application for financial product solution, enhancing visibility and awareness of its brands, including but not limited to Akiko Global or Moneyfair, to meet issue-related expenses, and for general corporate purpose.

Ahead of the IPO, Akiko Global Services on 24 June 2024 raised Rs 6.57 crore from anchor investors. The board allotted 8.54 lakh shares at Rs 77 per share to four anchor investors.

Akiko Global Services is working as a channel partner for major banks and NBFCs. The business model involves tele-calling, corporate activities, as well as a feet-on-street and digital marketing model to acquire customers digitally.

Shares of Allied Blenders and Distillers were listed at Rs 318.10, exhibiting a premium of 13.2% to the issue price. The IPO of Allied Blenders and Distillers was subscribed 23.55 times. The issue opened for bidding on 25 June 2024 and closed on 27 June 2024. The price band of the IPO was fixed at Rs 267 to 281 per share. The IPO comprised fresh issue of equity shares, aggregating up to Rs 1,000 crore, and an OFS of equity shares, aggregating up to Rs 500 crore, by Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev.

The objectives for the fresh issue include prepayment and scheduled re-payment of certain outstanding borrowings of Rs 720 crore. The remaining amount is to be used for general corporate purposes.

Allied Blenders and Distillers is the third largest IMFL company in India in terms of annual sales volumes between FY2014 and FY 2022. The company is one of the only four spirits companies in India with a pan-India sales and distribution footprint.

Shares of Shivalic Power Control were listed at Rs 311, a premium of 211% over the IPO price. The IPO was subscribed 170.78 times. The issue opened for bidding on 24 June 2024 and closed on 26 June 2024. The price band of the IPO was fixed between Rs 95 to Rs 100 per share. The IPO comprised fresh issue of 64,32,000 equity shares. The promoter and promoter group shareholding diluted to 70.86% from 96.63% pre-issue.

The net proceeds will be used to fund working capital requirements, to meet capital expenditure of the company, for inorganic growth through unidentified acquisition, and for general corporate purposes.

Ahead of the IPO, Shivalic Power Control on 21 June 2024 raised Rs 18.28 crore from anchor investors. The board allotted 18.28 lakh shares at Rs 100 per share to seven anchor investors.

Shivalic Power Control manufactures a variety of electric panels, including PCC, IMCC, Smart, MCC, DG synchronization, outdoor, HT panels up to 33KV, VFD, power distribution boards, bus ducts, and LT and HT APFC panels.

Shares of Sylvan Plyboard (India) were listed at Rs 66, a premium of 20% over the IPO price. The IPO was subscribed 78.48 times. The issue opened for bidding on 24 June 2024 and closed on 26 June 2024. The price of the IPO was fixed at Rs 55 per equity share. The IPO comprised fresh issue of 51,00,000 equity shares. The promoter and promoter group shareholding diluted to 71.23% from 96.67% pre-IPO.

The net proceeds will be used to fund capital expenditure to purchase plants and machinery, to meet the working capital requirement, to meet the issue expenses, and for general corporate purposes.

Sylvan Plyboard (India) manufactures wood products (plywood, doors and veneer) under the Sylvan brand.

Shares of Mason Infratech were listed at Rs 88, a premium of 37.50% over the IPO price. The IPO was subscribed 21.95 times. The issue opened for bidding on 24 June 2024 and closed on 26 June 2024. The price band of the IPO was fixed at Rs 62 to 64 per equity share. The IPO comprised a fresh issue of 47,60,000 equity shares. The promoter and promoter group shareholding will dilute to 71.60% from 98.20% pre-IPO.

The net proceeds will be used to meet the working capital requirements and for general corporate purposes. Ahead of the IPO, Mason Infratech on 21 June 2024 raised Rs 8.65 crore from anchor investors. The board allotted 13.52 lakh shares at Rs 64 per share to three anchor investors.

Mason Infratech provides construction services for residential as well as commercial buildings for new and redevelopment projects.

Shares of Visaman Global Sales were listed at Rs 45.10, a premium of 4.88% over the IPO price. The IPO was subscribed 37.84 times. The issue opened for bidding on 24 June 2024 and closed on 26 June 2024. The price of the IPO was fixed at Rs 43 per share. The IPO comprised fresh issue of 37,32,000 equity shares. The promoter and promoter group shareholding diluted to 72.98% from 100% pre-offer.

The net proceeds will be used to fund the working capital requirements, funding of capital expenditure requirements for setting up a manufacturing facility at Rajkot, Gujarat, and for general corporate purposes.

Visaman Global Sales supplies round pipes, square pipes, rectangle pipes, various specification of structural steels, BGL coils, GP (GI) coils, HR coils, CR coils, color coated coils, MS sheets, GP and GC sheets, CR sheets, HR sheets and plates, color coated sheets, roofing PUF panels, and wall PUF panels. It outsources the process of modification and alteration to the third party.

Bank of Baroda reported 8.51% rise in domestic advances to Rs 8,81,817 crore as on 30 June 2024 from 30 June 2023. Domestic deposits stood at Rs 11,05,459 crore, a growth of 5.25%. Domestic retail advances were at Rs 2,22,495 crore, up 20.86%. The global business grew 8.52% to Rs 23,77,467 crore. Global deposits were at Rs 13,05,821 crore, up 8.83%, and global advances stood at Rs 10,71,646 crore, up 8.14%.

Meanwhile, the board has approved to raise additional capital up to Rs 7,500 crore by way of additional tier 1 (AT 1) or tier II debt capital instruments with an interchangeability option in India/overseas, in suitable tranches up to 31 March 2025 and beyond if found expedient.

Bank of India’s domestic deposits rose by 9.91% to Rs 6,47,917 crore as on 30 June 2024 as against 30 June 2023. Domestic advances were at Rs 5,07,962 crore, up 17.25%. The global business grew 11.94% to RS 13,59,890 crore. Global gross advances stood at Rs 6,00,054 crore, up 15.78%, and global deposits came in at Rs 7,59,836 crore, up 9.09%.

Punjab National Bank’s (PNB) domestic deposits increased 8.12% to Rs 13,69,954 crore in Q1 FY2025 as compared with Q1 FY2024 and were up 2.7% over Q4 FY 2024. Domestic advances stood at Rs 9,89,253 crore, up 12.1% year on year and up 5% quarter on quarter. Global advances increased 12.7% to Rs 10,33,600 crore as against Rs 9,16,836 crore as of 30 June 2023 and from Rs 9,83,325 crore as of 31 March 2024. Global deposits were Rs 14,08,282 crore, up 8.5% year on year and up 2.8% quarter on quarter.

The global business stood at Rs 24,41,882 crore as of 30 June 2024, a growth 10.3% year on year and up 3.8% from a quarter ago.

The credit-deposit ratio increased to 73.39% in Q1 FY2025 as against 70.64% recorded in Q1 FY2024.

Uco Bank reported 17.78% rise in total advances to Rs 1.94 lakh crore as on 30 June 2024 as against 30 June 2023 and 3.74% increase as against 31 March 2024.

The total business stood at Rs 4.62 lakh crore, up 11.51% year on year and up 2.67% quarter on quarter. Total deposits were Rs 2.68 lakh crore, up 7.39% year on year and up 1.90% quarter on quarter.

Domestic advances jumped 19.33% to Rs 1.67 lakh crore from Rs 1.40 lakh crore as on 30 June 2023 and 3.08% rise from Rs 1.62 lakh crore as on 31 March 2023. Domestic deposits were at Rs 2.55 lakh crore, a growth of 5.87% year on year and 1.99% quarter on quarter.

Domestic Casa deposits came in at Rs 0.98 lakh crore, a growth of 6.56% year on year and flat quarter on quarter. Domestic Casa ratio stood at 38.62% as on 30 June 2024 as compared to 38.10% as of 30 June 2023 and 39.25% as on 31 March 2024.

The credit-deposit (CD) ratio improved to 72.15% as on 30 June 2024 as against 65.79% as of 30 June 2023 and 71.02% as on 31 March 2024.

Bank of Maharashtra’s gross advances jumped 19.01% to Rs 2,09,065 crore as of 30 June 2024 as against 30 June 2023 and were up 2.65% over 31 March 2024.

Total deposits grew 9.44% to Rs 2,67,423 crore as of 30 June 2024 as against Rs 2,44,365 crore as of 31 June 2023 and 1.23% fall from Rs 2,70,747 crore as on 31 March 2024.

The total business stood at Rs 4,76,488 crore, a growth of 13.44% year on year and 0.44% quarter on quarter.

Casa deposits stood at Rs 1,33,341 crore, up 7.06% year on year and down 6.60% quarter on quarter. The Casa ratio reduced to 49.86% as of 30 June 2024 from 50.97% as of 30 June 2023 and 52.73% as of 31 March 2024.

HDFC Bank’s gross advances aggregated to Rs 24.87 lakh crore as of 30 June 2024, a growth of around 52.6% over 30 June 2023. Excluding the impact of the merger of erstwhile HDFC with the bank on 1 July 2023, gross advances grew 14.9% over 30 June 2023 and as against Rs 25.078 lakh crore as of 31 March 2024.

Advances under management, grossing up for inter-bank participation certificates, bills rediscounted and securitisation and assignment, were Rs 25.75 lakh crore as of 30 June 2024, Rs 17.053 lakh crore as of 30 June 2023, and Rs 25.758 lakh crore as of 31 March 2024.

Retail loans grew by around Rs 18,600 crore and commercial and rural loans increased Rs 7,200 crore but corporate and other wholesale loans were lower by Rs 26,600 crore over 31 March 2024.

Deposits were Rs 23.79 lakh crore as of 30 June 2024, a growth of around 24.4% over 30 June 2023 and flat from 31 March 2024. Excluding the July 2023 merger impact, deposits grew 16.5% over 30 June 2023.

Casa deposits were Rs 8.635 lakh crore as of 30 June 2024, a growth of around 6.2% over 30 June 2023 and compared to Rs 9.088 lakh crore as of 31 March 2024, seeing a seasonal impact. Current account balances reduced by Rs 42,500 crore in the quarter.

Time deposits were Rs 15.155 lakh crore as of 30 June 2024, a growth of around 37.7% over 30 June 2023 and compared with Rs 14.71 lakh crore as of 31 March 2024.

Advances under management, on an average basis, were Rs 25.325 lakh crore in Q1 FY 2025, reflecting a significant 54.1% increase year over year and a rise of 0.8% as compared with Q4 FY 2025.

The average deposits were Rs 22.83 lakh crore, translating to a year-on-year jump of 25.2% and a quarter-on-quarter increase of 4.6%. The average Casa deposits were Rs 8.105 lakh crore, an 8.1% rise over the year and a 3.3% increase over the quarter. The average LCR was around 123% for the quarter.

IndusInd Bank’s net advances jumped 16% to Rs 3,48,107 crore as of 30 June 2024 as compared with 31 March 2023 and were up 1% from 31 March 2024. Deposits grew 15% to Rs 3,98,632 crore as of 30 June 2024 from Rs 3,47,347 crore as of 30 June 2023 and a rise of 4% as compared to Rs 3,84,793 crore as of 31 March 2024.

The Casa ratio reduced to 36.7% as of 31 June 2024 as against 39.9% as of 30 June 2023 and 37.9% as of 31 December 2023.

Retail deposits and deposits from small business customers amounted to Rs 1,74,245 crore as of 30 June 2024 as compared to Rs 1,69,457 crore as of 31 March 2024, a growth of 2.82%.

IDBI Bank’s total business jumped 15% to Rs 4,71,563 crore in Q1 FY2025 as compared with Q1 FY2024 and was up 1.13% from 31 March 2024. Total deposits stood at Rs 2,77,549 crore, up 13% year on year but were down marginally over the quarter.

Net advances stood at Rs 1,94,014 crore, up 17% year on year and up 2.85% quarter on quarter. Casa deposits were at Rs 1,34,812 crore, up 5% year on year and down 3.72% quarter on quarter.

Yes Bank reported 14.84% increase in loans and advances to Rs 2,29,920 crore as against on 30 June 2023 and a growth of 20.75% as against 31 March 2024. The Casa ratio increased to 30.7% as on 30 June 2024 as compared with 29.4% as on 30 June 2023. The credit-to-deposit ratio was at 86.8% as against 91.3%. The liquidity coverage ratio was at 137.8% as against 127%.

Moody’s Ratings affirmed Yes Bank’s Ba3 long-term foreign currency and local currency ratings. The agency also changed its outlook on the credit rating of the bank to ‘positive’ from ‘stable’.

The change in outlook to ‘positive’ reflected the agency’s expectation that a gradual improvement in Yes Bank’s depositor base and lending franchise will help improve its core profitability over the next 12-18 months.

The ‘positive’ outlook accounts for the improvement in the asset quality and capitalization over the past two-three years, somewhat offset by the weak core profitability, driven by high funding costs and the strain from meeting priority sector lending (PSL) targets.

Moody’s expects Yes Bank’s core profitability, which is measured by pre-provisioning profits to total assets, will gradually improve to above 1.2% over the next 12-18 months from 0.8% in FY 2024.

An improvement in Yes Bank’s ability to meet the central bank’s PSL rules through new lending from its branches will help reduce operating expenses for meeting the targets, improving its overall profitability.

In addition, Yes Bank’s lending focus on higher yielding, albeit higher-risk retail and small and medium enterprise segments will help widen its net interest margins. A gradual increase in the bank’s credit costs will be largely offset by recoveries from its legacy stressed assets, given the high loan loss provision coverage of those assets.

"Despite these improvements, Yes Bank’s profitability will remain weak compared with the Indian peers we rate, and a key drag on further improvements to its credit profile," Moody’s said.

RBL Bank’s total deposits jumped 18.35% to Rs 101,351 crore as on 30 June 2024 from 30 June 2023. The focus is on growing the share of granular retail deposits in the overall deposit mix, with deposits below Rs 3 crore constituting 49.3% of the overall deposits of the bank as on 30 June 2024.

Total Casa rose 3% to Rs 32,996 crore as on 30 June 2024 as compared with Rs 31,927 crore on 30 June 2023. The Casa ratio reduced to 32.6% as on 30 June 2024 as against 37.3% as on 30 June 2023.

The LCR stood at 137% as on 30 June 2024 as compared to 129% as on 30 June 2023. Gross advances increased 18% to Rs 88,455 crore as on 30 June 2024 from 30 June 2023.

Retail advances grew 31%, while wholesale advances rose 2% over the year. Within wholesale, commercial banking advances grew 23%. The mix of retail: wholesale advances was 62:38.

Bandhan Bank’s total deposits rose by 22.79% to Rs 1,33,203 crore in the quarter ended 30 June 2024 from the quarter ended 30 June 2023. Total deposits were lower by 1.5% as compared with Rs 1,35,202 crore reported in the quarter ended 31 March 2024. Bulk deposits stood at Rs 41,099 crore, up 31.6% year on year but down 0.7% quarter on quarter.

The retail-to-total deposits ratio stood at 69.1% as against 71.2% recorded in Q1 FY 2024. The Casa ratio stood at 33.4% as against 36% in the quarter ended June 2023 and 37.1% in the quarter ended March 2024.

The loans and advances (on book + off book + TLTRO + PTC) increased 21.8% to Rs 1,25,619 crore from Rs 1,03,169 crore posted in the quarter ended 30 June 2023 and was up 0.7% from 31 March 2024.

The LCR stood at 149.5%. Collection efficiency was 98.5% in June 2024 as compared with 98.8% in March 2024. The collection efficiency of the emerging entrepreneur business (EEB) (micro) segment was 98.5% and that of the non-EEB segment was 98.3% in June 2024.

Federal Bank reported 20% growth in gross advances to Rs 2,24,139 crore as on 30 June 2024 from 30 June 2023. The retail credit book grew 25% and the wholesale credit book expanded 14%. The retail-to-wholesale ratio was at 56:44.

Total deposits reached Rs 2,66,082 crore as on 30 June 2024, a growth of 20% over a year ago. Customer deposits, that is, total deposits excluding interbank deposits and certificates of deposit, aggregated to Rs 2,51,991 crore, up 20% year on year. The Casa ratio was at 29.28% as on 30 June 2024 as against 31.85% as on 30 June 2023.

South Indian Bank’s gross advances jumped 11.35% to Rs 82,510 crore as of 30 June 2024 as against Rs 74,102 crore as of 30 June 2023 and rose 2.59% over 31 March 2024. Total deposits stood at Rs 1,03,534 crore, a growth 8.41% year on year and 1.58% quarter on quarter.

Casa stood at Rs 32,998 crore as of 30 June 2024, up 5.88% year on year and up 0.93% quarter on quarter. The Casa ratio declined 77 bps to 31.87% from 32.64% in Q1 FY2024 and 32.08% in Q4 FY2024.

Jammu & Kashmir Bank’s gross advances jumped 11.64% to Rs 98,688.09 crore as on 30 June 2024 as against 30 June 2023 and were up 1.75 % from 31 March 2024. The total business grew 10.93% to Rs 2,28,272.26 crore, while total deposits increased 9.31% to Rs 1,32,587.85 crore. The total business fell marginally from Rs 2,28,537.40 crore as of 31 March 2024. Total deposits declined 1.62% from Rs 1,34,774.89 as of 31 March 2024.

Casa stood at Rs 65,995.70 crore as on 30 June 2024, up 2.09% year on year and down 3.05% quarter on quarter. The Casa ratio reduced to 49.78% from 53.29% as of 30 June 2023 and 50.51% as of 31 March 2024. Gross investment stood at Rs 33,955.15 crore, down 0.55% year on year and down 5.69% quarter on quarter.

Dhanlaxmi Bank’s gross advances grew 6.02% to Rs 10,644 crore as on 30 June 2024 from 30 June 2023 and increased 2.38% from 31 March 2024. Total deposits grew 7.75% to Rs 14,440 crore in Q1 FY2025 as against Q1 FY2024 and rose 1.27%as against Q4 FY 2024. The total business stood at Rs 25,084 crore, a growth of 7% year on year and 1.73% quarter on quarter.

Casa was at Rs 4,504 crore, up 6.18% year on year and up 2.81% quarter. Gold loan came in at Rs 3,153 crore, rising 28.64% year on year and 11.06% quarter on quarter.

Equitas Small Finance Bank’s (SFB) gross advances jumped 17.8% to Rs 34,872 crore as on 30 June 2024 as against 30 June 2023 and rose 16% as against 31 March 2024. Total deposits surged 35.4% year on year and 3.9% quarter on quarter to Rs 34,337 crore.

Casa deposits stood at Rs 11,724 crore, a growth of 9.7% year on year and up 1.5% quarter on quarter. The Casa ratio was at 31% as on 30 June 2024 as compared to 39% as on 30 June 2023 and 32% as on 31 March 2024.

The cost of funds increased to 7.46% in Q1 FY2025 from 6.94% in Q1 FY2024 and 7.44% in Q4 FY2024.

AU Small Finance Bank recorded 4.9% rise in gross advances to Rs 90,700 crore as on 30 June 2024 as compared with 31 March 2024. Securitised and assigned portfolio and inter-bank participation certificate stood at Rs 9,100 crore as against Rs 10,012 crore as on 31 March 2024.

Total deposits declined marginally to Rs 97,290 crore as on 30 June 2024 from Rs 97,704 crore as on 31 March 2024. The Casa ratio was at 33% as on 30 June 2024 as against 32% as on 31 March 2024. The cost of funds was 7.03% as compared with 7.10% for the March 2024 quarter.

Q1 FY2025 was the first quarter following amalgamation of Fincare SFB. The integration across liabilities, control functions and business segments has been seamless with both teams collaborating to deliver uninterrupted service to the customers while maintaining a focus on business growth.

Pursuant to strong deposit growth in Q4 FY2024, there was surplus liquidity in Q1. The focus in Q1 was to utilise this excess liquidity and reduce the cost of funds by retiring high-cost deposits, mainly of erstwhile Fincare SFB. Despite using some excess liquidity during the quarter, there is sufficient liquidity in the form of LCR investments and high-quality liquid non-SLR investments.

The quarter saw uptick in disbursement yields of 40 bps quarter on quarter over the proforma merged disbursement yields, mainly supported by increase in disbursement yields in the wheels and MBL businesses. Additionally, the gross loan portfolio yield expanded by 3bps over the proforma merged yield.

Suryoday Small Finance Bank’s (SFB) gross advances increased 42% to Rs 9,037 crore as on 30 June 2024 as compared with 30 June 2023. Gross advances included inter-bank participation certificates (IBPC) of Rs 550 crore in Q1 FY2025 as against Rs 400 crore in Q4 FY2024. Gross advances rose 4% from 31 March 2024. Disbursements stood at Rs 1,740 crore, up 46% year on year and down 26% quarter on quarter.

Total deposits grew 42% year on year and 5% quarter on quarter to Rs 8,137 crore. Retail deposits increased to Rs 6,418 crore and bulk deposits stood at Rs 1,719 crore in Q1 FY 2025.

The Casa ratio declined to 17.7% from 20.1% in Q4 FY2024 but increased from 14.9% in Q1 FY2024. Collection efficiency was at 101% as on 30 June 2024 as against 100.6% as on 31 March 2024 and 100.4% as on 30 June 2023.

GNPAs were at 2.67% as on 30 June 2024 as compared to 2.80% as on 31 March 2024 and 3% as on 30 June 2023.

Utkarsh Small Finance Bank reported 30% increase in total deposits to Rs 18,163 crore as on 30 June 2024 from 30 June 2023. Casa deposits grew 27% to Rs 3,453 crore. The Casa ratio declined to 19% from 19.5% as on 30 June 2023. Retail term deposits jumped 47.7% to Rs 8,729 crore.

The gross loan portfolio stood at Rs 18,798 crore, a growth of 30.6% from Q1 FY 2024. Bulk term deposits increased to Rs 5,980 crore from Rs 5,339 crore recorded on 30 June 2023. The collection efficiency excluding pre-payments for bank’s micro banking loan portfolio was 96.2%. The provisional LCR stood at 179% as on 30 June 2024.

Esaf Small Finance Bank’s total deposits jumped 33.41% to Rs 20,887 crore in Q1 FY2025 as against Q1 FY2024 and increased 5.13% from 31 March 2024. Gross advances surged 30.04% to Rs 18,783 crore from 30 June 2024 and were up marginally from Rs 18,772 crore as of 31 March 2024.

Casa stood at Rs 4,927 crore as on 30 June 2024, up 72.75% year on year and up 9.44% quarter on quarter. The Casa ratio improved to 23.59% from 18.22% as of 30 June 2023 and 22.66% as of 31 March 2024.

GNPAs margin grew to 6.61% as on 30 June 2024 as against 1.65% as on 30 June 2023. The NNPAs margin increased to 3.22% from 0.81% as on 30 June 2023. The distribution network as on 30 June 2024 stood at 755 branches and 628 ATMs.

Capital Small Finance Bank’s gross advances stood at Rs 6,391 crore as on 30 June 2024, higher by 16% as compared with 30 June 2023. Disbursements amounted to Rs 754 crore, a year-over-year growth of 62%. Total deposits increased 10% to Rs 7,778 crore from 30 June 2023. The Casa ratio was at 39.5% as against 38.3% as of 31 March 2024.

GNPAs stood at 2.7% as of 30 June 2024 against 2.8% as of 31 March 2024. The average CD ratio stood at 79.6% in Q1 FY 2025, with the CD ratio of 82.2% as on 30 June 2024. The average LCR stood at 215.5% against 264.1% in Q4 FY 2024.

REC’s loan sanctioned jumped 24.17% to Rs 1,12,747 in Q1FY2025 as compared with Q1 FY2024. Out of the total loan sanctioned, renewable energy loan sanctions increased 58.72% to Rs 39,655 crore. Total loan disbursements stood at Rs 43,652 crore, a 27.89% year-on-year increase. Out of this, Rs 5,351 crore went towards renewable energy projects, steeply higher than Rs 1,534 crore in Q1 FY 2024.

REC is a government-owned infrastructure finance company in India.

Bajaj Finance’s new loans booked increased 10% to 10.97 million in Q1 FY2025 as compared with Q1 FY2024. The rise in booking of new loans booked was on account of the resumed sanction and disbursal of loans under ‘e-com’ and ‘Insta EMI Card’ and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024.

Customer franchise stood at 88.11 million as compared with 72.98 million as of 30 June 2023. AUM jumped by 31% to Rs 354,100 crore from 31 March 2023. Net liquidity surplus stood at Rs 16,200 crore.

The deposits book stood at around Rs 62,750 crore as of 30 June 2024, a year-on-year growth of 26%.

L&T Finance’s retail disbursements were at Rs 14,830 crore in Q1 FY 2025, a growth of around 33% as against Q1 FY2024. The rural business finance disbursements were at Rs 5,770 crore, farmer finance disbursements Rs 1,900 crore, urban finance disbursements Rs 6,040 crore, and SME finance disbursements at Rs 980 crore. The value of acquired portfolio was Rs 140 crore. The retail loan book was estimated at Rs 84,440 crore, up 31%. Retailisation of the portfolio was 95% as at end of Q1 FY2025 from 82% in Q1 FY2024.

Jio Financial Services (JFSL) received approval from the RBI to convert into core investment company (CIC) from NBFC. A CIC’s primary responsibility, according to the RBI circular of 20 December 2016, is to purchase shares and securities, subject to specific restrictions. At least 90% of the CIC’s net assets must be invested in equity shares, bonds, debentures, preference shares, debt or loans made to group firms.

In November 2023, JFSL had applied to the RBI to convert its NBFC status into CIC.

Piramal Enterprises’ board approved the issuance of NCDs with a green shoe option, aggregating to Rs 180 crores, on a private placement basis. The base issue size is of Rs 30 crore along with a green shoe option to retain over subscription of up to Rs 150 crore, aggregating to Rs 180 crore. The debentures are proposed to be listed on the wholesale debt market segment of the BSE and the NSE. These NCDs have a coupon rate of 9.5% p.a. to be paid annually and on redemption date of 7 July 2034.

Piramal Enterprises is a diversified NBFC in India with a presence across retail lending, wholesale lending, and fund-based platforms.

Poonawalla Fincorp’s total disbursements were at Rs 7,400 crore in Q1 FY 2025, up 5% from Q1 FY2024. AUM grew 52% to Rs 26,970 crore. The company expects its GNPAs and NNPAs to improve further and be less than 1.00% and less than 0.50%, respectively. It had liquidity of Rs 5,200 crore as on 30 June 2024.

Poonawalla Fincorp is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company.

Anand Rathi Wealth’s consolidated net profit jumped 38% to Rs 73.4 crore in Q1 FY2025 as compared with Q1 FY2024. Revenue from operations spurted 35.76% to Rs 237.61 crore. PBT jumped 40% to Rs 99 crore. AUM stood at Rs 69,018 crore, up 59%. The share of equity mutual funds in the AUM increased to 54% from 48%. Net inflows surged 173% to Rs 3,364 crore. Equity mutual fund net inflows soared 462% to Rs 2,091 crore. As many as 471 client families were added in Q1, crossing the milestone of 10,000 client families.

Angel One’s client base jumped 64.2% to 24.72 million in June 2024 as against June 2023 and grew 3.7% from May 2024. Gross client acquisition stood at 0.94 million, a growth of 96.9% over June 2023 and up by 6.3% over May 2024.

The overall average daily turnover (ADTO) was at Rs 45,74,200 crore in June 2024, up 4.43% over May 2024 and up 90.2% over June 2023. The ADTO from the F&O segment stood at Rs 45,11,200 crore, up 4.4% month on month and up 90.9% year on year. ADTO from the cash segment was at Rs 10,600 crore, up 27.8% month on month and up 186.4% year on year. ADTO from the commodity segment stood at Rs 52,400 crore, up 3.6% month on month and up 87.3% year on year.

Gross client acquisition stood at 2.58 million, down 10.5% over Q4 FY2024 and up 94.8% over Q1 FY2024. The overall ADTO was at Rs 43,78,100 crore, down 1.3% quarter on quarter and up 92.7% year on year. ADTO from the F&O segment stood at Rs 43,19,800 crore, down 1.5% quarter on quarter and up 93.3% year on year.

ADTO from the cash segment was at Rs 8,800 crore, up 16.3% quarter on quarter and up 164.3% year on year. ADTO from the commodity segment stood at Rs 49,400 crore, up 35.2% quarter on quarter and up 101% year on year.

Life Insurance Corporation increased its stake in IDFC First Bank from 0.20% to 2.68%. LIC bought 18,60,34,900 shares at an average price of Rs 80.63 via private placement offer on 4 June 2024.

IDFC First Bank is a universal bank, offering financial solutions through its nationwide branches, Internet and mobile. The bank provides customized financial solutions to corporate, individuals, SMEs, entrepreneurs, financial institutions and the government.

The European Medicines Agency validated the submission of the marketing authorization application of Sun Pharmaceuticals for Nidlegy. Nidlegy is partnering with Sun Pharma for the treatment of skin cancers in Europe, New Zealand and Australia.

Alembic Pharmaceuticals received tentative approval from the US FDA for its Anda for ivosidenib tablets. The drug is therapeutically equivalent to the RLD Tibsovo Tablets of Servier Pharmaceuticals.

Ivosidenib is a targeted therapy medication designed to treat specific cancers. It is an isocitrate dehydrogenase-1 (IDH1) nhibitor indicated for patients with a susceptible IDH1 mutation as detected by an FDA-approved test with newly diagnosed acute myeloid leukemia (AML) as monotherapy in adults 75 years or older, or who have comorbidities that preclude use of intensive induction chemotherapy, adult patients with relapsed or refractory AML and adult patients with locally advanced or metastatic cholangiocarcinoma who have been previously treated.

According to Iqvia, ivosidenib tablets, 250 mg had an estimated market size of US$114 million in the 12 months ended March 2024.

Alembic Pharmaceuticals received tentative approval from the US FDA for its Anda for bosutinib tablets. The approved Anda is therapeutically equivalent to the RLD Bosulif tablets of PF Prism CV.

Bosutinib tablets are indicated for the treatment of a certain type of leukemia, called Philadelphia chromosome-positive chronic myelogenous leukemia.

According to Iqvia, Bosutinib Tablets had an estimated market size of US$275 million in the 12 months ended March 2024.

Zydus Lifesciences received tentative approval from the US FDA to market azilsartan medoxomil tablets. The approved drug is the RLD Edarbi tablets.

Azilsartan is an angiotensin II receptor blocker (ARB) indicated for the treatment of hypertension to lower blood pressure. Lowering blood pressure reduces the risk of fatal and nonfatal cardiovascular events, primarily strokes and myocardial infarctions. Azilsartan medoxomil tablets may be used either alone or in combination with other antihypertensive agents.

The drug will be manufactured at the group’s formulation manufacturing facility in Ahmedabad SEZ - II.

According to Iqvia Mat March 24, azilsartan medoxomil tablets had annual sales of US$89 million in the US.

Zydus Lifesciences received final approval from the US FDA to market sacubitril and valsartan tablets. Sacubitril and valsartan combination is used to treat chronic heart failure in adults to help reduce the risk of death and hospitalization. The drug is equivalent to the RLD Entresto tablets. The drug will be manufactured at the group’s formulation manufacturing facility in Moraiya, Ahmedabad (India).

Shilpa Medicare’s (SML) CDMO customer Unicycive Therapeutics reported positive results from pivotal clinical trial of oxylanthanum carbonate (OLC) to treat kidney diseases. OLC, a NCE molecule with potential treatment for hyperphosphatemia in chronic kidney disease patients, has several benefits for various patients in this chronic disease

SML partnered with Unicycive to provide end-to-end CDMO services from development and supply of APIs to finished dosage form. Unicycive is expected to file the NDA for OLC by mid-CY2024 with potential approval by mid-CY2025.

Based on the outcome of the pivotal clinical studies, Unicycive has entered into long term manufacturing and supply agreement with SML and agreed to place a binding purchase order for supply of OLC tablets by 30 June 2025. Additionally, Unicycive has agreed to place orders for additional tablets to be delivered between 31 December 2025, and 30 June 2026.

Apart from the supply arrangement, SML is expected to receive US$10 million as milestone income spanning over filing, approval and launch of the product. Additionally, in anticipation of increased product demand Unicycive will also fund the establishment of new manufacturing block at Shilpa’s site.

China’s National Medical Products Administration approved IOL Chemicals & Pharmaceuticals’ fenofibrate drug. The green light paves the way for IOL Chemicals to export the drug to the Chinese market. The drug is used to treat high cholesterol and triglyceride levels in the blood.

Wockhardt’s experimental antibiotic Zaynich successfully treated a US cancer patient with a chronic thigh infection caused by extremely resistant bacteria. The patient had been in the hospital for nearly nine months and had tried many other antibiotics before this. After four weeks of Zaynich, the wounds healed, and the patient was able to resume chemotherapy.

Moreover, Zaynich received a very high susceptibility breakpoint (64 mg/L) from Clinical and Laboratory Standards Institute (CLSI), indicating its effectiveness against a broad range of highly resistant gram-negative bacteria. This is the first time ever for an antibiotic to get such a high breakpoint for all three major gram-negative families (enterobacterales, pseudomonas, and acinetobacter). Zaynich has shown promising results in treating critically ill patients with infections resistant to other antibiotics in compassionate use programs. This high breakpoint is based on over eight years of research data and could pave the way for wider use of Zaynich upon formal approval.

Zaynich (zidebactam/cefepime-WCK 5222) is currently undergoing a global Phase 3 trial to potentially be approved for sale worldwide. Earlier US studies included safety and effectiveness testing.

Orchid Pharma partnered with Cipla to ensure widespread and rapid distribution of the company’s new drug, Cefepime-Enmetazobactam, across India. Cefepime-Enmetazobactam has been approved for the treatment of complicated urinary tract infections (cUTI), hospital-acquired pneumonia (HAP), and ventilator-associated pneumonia (VAP) indications.

Thyrocare Technologies acquired Polo Labs’ diagnostic and pathology business for cash consideration of Rs 4.26 crore. Thyrocare entered a business transfer agreement with Polo Labs and the existing shareholders of Polo. The acquisition is being made to expand the company’s diagnostic and pathological services business through this acquisition.

The acquisition is subject to long stop of 60 business days from the execution date of the BTA and the fulfilment of the conditions- precedent.

Metropolis Healthcare’s revenue grew around 13% in Q1 FY 2025 over Q1 FY 2024. The increase in revenue was driven by patient volume growth of 7% and test volume growth of about 9.5%. B2C revenue jumped around 18%. The company is debt-free and has cash reserves of Rs 140 crore as on 30 June 2024.

Despite Q1 being a historically weak quarter for West India, the largest contributing region, Metropolis experienced strong revenue growth in Q1FY2025, supported majorly by increase in volume for patients and tests across segments, driven mostly by existing networks of centers and partly by new networks.

Considering ongoing investments in new lab expansion, technology enhancement and brand building, Metropolis was able to increase its margins on a year-to-year basis due to operating leverage via higher B2C business.

Shalby’s consolidated net profit declined 20.29% to Rs 16.60 crore in Q1 FY2025 as compared with Q1 FY2024. However, revenue from operations jumped 18.43% to Rs 278.89 crore. PBT stood at Rs 30.41 crore, down 7.75%.

Revenue from healthcare services increased 15.85% to Rs 253.88 crore and from manufacturing of implants jumped 52.99% to Rs 25 crore. Ebitda stood at Rs 45.4 crore, a de-growth of 1.73%. The Ebitda margin contracted to 16.3% from 18.1%.

Shalby secured a 30-year lease to operate the Asha Parekh Hospital in Santacruz, Mumbai. It plans to construct a new hospital with over 175 beds at the Santacruz location. The company will now proceed with executing the lease agreement and obtaining necessary approvals for the construction project.

Shalby is the largest chain of multi-specialty hospitals in Western and Central India.

Krishna Institute of Medical Sciences (Kims) executed a SPA to acquire 100% equity stake of Chalasani Hospitals Pvt Ltd for a total consideration of Rs 75 crore. Chalasani Hospitals operates multi-specialty hospital under the brand name Queen’s NRI Hospital (QNRI). The 200-bed hospital is at a prime location in Vizag. It was established in 1995, with a built-up area of around 1,50,000 square feet, and is one of the leading hospitals in Vizag for cardiology and comprehensive oncology. Its turnover was Rs 62.60 crore in FY2023.

Kims has a multi-specialty hospital and gastro unit at Vizag. Thhis addition will help garner a larger share in the market. Besides the hospital is situated in a prime locality, making it an attractive proposition. The transaction will be completed within one month.

With the addition of Queens’s NRI Hospital, the second hospital in the city, Kims has over 630 beds in Vishakapatnam.

Kesoram Industries’ net loss widened to Rs 62.02 crore in Q1 FY2025 as against net loss of Rs 32.44 crore in Q1 FY2024. Revenue from operations declined 12.01% to Rs 878.91 crore. Pre-tax loss stood at Rs 41.57 crore as compared to a pre-tax loss of Rs 35.23 crore. Total expenses were at Rs 925.60 crore, down 11.11%.

Revenue from cement stood at Rs 811.63 crore, down 14.45%, while revenue from rayon, transparent paper and chemicals was at Rs 67.28 crore, up 34.16%.

Century Textiles and Industries’ board is scheduled to meet on 16 July 2024 to consider the proposal of raising of funds up to Rs 1,000 crore through issuance of unsecured, listed, rated, redeemable, NCDs on private placement basis.

Sportking India’s board will meet on 20 July 2024 to consider the sub-division of the equity shares.

Sportking India manufactures cotton yarn, synthetic yarn, and blended yarn.

GRM Overseas bagged a new order of Rs 60 crore from Bin Awadh Alnaqeeb Group from Yemen. GRM Overseas will ship Indian basmati rice to Bin Awadh Alnaqeeb Group, the largest importer of basmati rice from India. The order is the biggest received from the Yemen-based importer distributor till date.

Godrej Industries’ chemicals business signed a business transfer agreement with Shree Vallabh Chemicals, located at Kheda, Gujarat, to acquire its ethoxylation Unit II, with a manufacturing capacity of 24,000 tpa of finished products. The estimated cost of the acquisition is Rs 45 crore. As a player in oleochemicals, surfactants, specialities, and biotech, the transaction will help the company expand its product offerings by adding the ethoxylation technology to its portfolio of process and batch technologies.

Tata Steel’s India business reported 5% increase in crude steel production to 5.25 mt in Q1 FY2025 as compared with 5.02 mt in Q1 FY24. India deliveries stood at 4.94 mt, up 3.13%, and the best ever Q1 sales.

Tata Steel Netherlands liquid steel production stood at 1.72 mt, up 82.97% year on year and up 16.21% quarter on quarter. Deliveries were at 1.52 mt, up 11% year on year and up 6.3% quarter on quarter, aided by improved production.

Tata Steel UK liquid steel production stood at 0.68 mt, down 19.99% year on year and up 3.03% quarter on quarter. Deliveries stood at 0.69 mt, up 8.69% year on year and flat quarter on quarter. Operations ceased at blast furnace 5 at Port Talbot, where the last liquid iron was produced on 4 July and is being safely decommissioned.

In Thailand, Tata Steel production climbed 19.23% to 0.31 mt and deliveries stood at 0.31 mt, up 14.81%.

JSW Steel reported consolidated crude steel production of 6.35 mt in Q1 FY 2025, lower by 1% as compared with the production volume of 6.43 mt in Q1 FY 2024 and down 6% from Q4 FY 2024. The company cited planned maintenance shutdowns as the reason for lower steel production volume.

Further, the capacity utilisation level at the Indian operations stood at 87% in Q1 FY2025. The India division recorded steel production volume of 6.12 mt in Q1 FY2025, down 6% year on year and down 1% quarter on quarter.

Ohio-based JSW Steel USA reported steel production volume of 0.23 mt in Q1 FY2025 as against 0.24 mt in Q1 FY2024 and 0.25 mt in Q4 FY2024.

Vedanata’s total aluminium production rose 3% to 5,96,000 tonnes in Q1 FY2025 over Q1 FY 2024, on account of better operational performance. Alumina production at the Lanjigarh refinery was at 5.39 lakh tonnes, up 36% over the year due to new capacity and up 11% over Q4 FY 2024. Metal production was flat sequentially.

Zinc India’s mined metal production stood at 2.63 lakh tonnes, up 2% over the year, with improved mined metal grades. In line with mine preparation activities being carried out in Q1 of every year, metal output was lower by 12% over the quarter.

Refined metal production was at 2.62 lakh tonnes, up 1% over the year but down 4% over the quarter due to plant availability and pyro operations on lead mode in the later part of Q1 FY2025. Refined zinc production came in at 2.11 lakh tonnes, up 1% over the year and down 4% over the quarter.

Saleable silver production was at 167 tonnes, down 7% over the year and 12% over the quarter, in line with lead metal production and WIP built up in normal course as Zinc India moved to pyro operations on lead mode from 24 June. The WIP is to be liquidated in a subsequent period.

Mined metal of Zinc International slipped 45% to 3.80 lakh tonnes in Q1 FY2025 over Q1 FY 2024.

Oil and gas average daily gross operated production declined 17% to 112.4 thousand barrels of oil equivalent per day (kboepd) in Q1 FY 2025 over Q1 FY 2024.

Saleable iron ore production in Karnataka stood at 1.2 mt, down 4% over the year and down 33% over the quarter due to temporary suspension of mine production in May 2024.

Pig iron production fell 4% to 2.05 lakh tonnes over the year due to the shutdown of furnace during the end of Q1 FY2025 but was up 4% over the quarter, driven by an improved process system.

The power segment’s overall power sales were up 13% over the year and 20% over the quarter to 4,791 million units. Wind power generation was at 108 million units, up 78% over the quarter and down 11% over the year, depending on wind velocity and seasonality impact.

Hindustan Zinc’s mined metal production stood at 2.63 lakh tonnes in Q1 FY2025, a growth of 2% year on year, with improved mined metal grades. Mined metal production was in line with mine preparation activities being carried out in Q1 of every year, and hence was lower by 12% over the quarter.

Refined metal production stood at 2.62 lakh tonnes, up 1% over the year. It was down 4% sequentially in line with plant availability and pyro operations on lead mode for later part of Q1 FY2025.

Refined zinc production was at 2.11 lakh tonnes, up 1% over the year and down 4% over the quarter. Refined lead production was at 51,000, up 2% over the year and lower 3% over the quarter.

Saleable silver production declined 7% to 167 tonnes over Q1 FY 2024, aligning with lead metal production and WIP built-up (in normal course as company moved to pyro operations on lead mode from 24 June. The WIP is to be liquidated in the subsequent period.

Wind power generation stood at 108 million units, reflecting a 78% increase over the year, while an 11% decrease over the quarter, primarily influenced by wind velocity and seasonality impact.

Moil achieved its best quarterly sales, with a growth of 14.5% in Q1 FY 2025 over Q1 FY 2024. The performance was backed by record quarterly production, going up to a level of 4.70 lakh tonnes, a growth of 7.8% over the year.

Moil continued its focus on exploration activities and carried out exploratory core drilling of 30,028 meters in Q1 FY2025, higher by 49%.

Lloyd Metals and Energy’s board approved the issuance of four crore convertible warrants, aggregating to the amount of Rs 2,960 crore, on a preferential basis to promoters and non-promoters of the company, The warrants will be issued at a price of Rs 740 each and can be converted into equity shares with a face value of Rs 1 each at a premium of Rs 739 each within 18 months from the date of allotment, in one or more tranches.

The proceeds of the issue will be used for a four-mtp pellet plant, taking the total capacity to eight mtpa, and setting up additional DRI and power capacities at Chandrapur.

Lloyd Metals and Energy raised Rs 1,218 crore through qualified institutional placement (QIP). The company allotted 1.75 crore equity shares to QIIs at Rs 696 per share. The QIP garnered interest from a diverse range of investors, including long-only funds, mutual funds, insurance companies, and other key stakeholders.

The QIP witnessed participation from various institutional investors, with the allottees receiving more than 5% of the total issue size.

Authum Investment and Infrastructure emerged as the largest allottee, securing a major 32.29% allocation. Quant Mutual Fund - Quant Mid Cap Fund received allocation of 19.89%. Shamyak Investment Private received allocation of 5.71%, Quant Mutual Fund - Quant Large & Mid Cap Fund and Santosh Industries received allocation of 9.82% and 5.71%. Timf Holdings received allocation of 10.57%.

The proceeds from the QIP will be utilised for setting up a four-mtpa pellet plant at Konsari, Maharashtra, along with an iron ore and grinding unit, primarily for production of blast furnace and DRI grade pellets, in line with the business strategies and growth plans to achieve forward integration.

Man Industries (India) received a line pipe order of Rs 1,850 crore an international oil & gas company. The order is the largest single order in the company’s history. The contract is for supplying high value-added line pipes of API 5L grade for a mega offshore oil and gas project. This order is expected to be delivered in the next 12 to 18 months.

The value of the order is nearly 0.62 times the full market capitalization of Man Industries of Rs 3,000 crore.

Man Industries is a manufacturer and exporter of large diameter carbon steel line pipes for various high pressure transmission applications for gas, crude oil, petrochemical products and potable water.

JTL Industries reported 21% increase in consolidated net profit to Rs 30.70 crore in Q1 FY2025 as compared with Q1 FY2024. Revenue from operations jumped 2.1% to Rs 515.38 crore. PBT stood at Rs 40.72 crore, up 20.12%. Ebitda jumped 20.8% to Rs 438.6 crore. The Ebitda margin increased 130 bps to 8.5%, driven by the strategic focus on high-margin products and increasing scale.

Sales volume increased 10.8% to 85,674 tonnes as compared with Q1FY2024. Notably, value-added products contributed 25% to the total sales mix, with sales volumes of 21,261 tonnes.

The launch of DFT lines is expected to bolster manufacturing capabilities, increase plant capacity utilization, and enhance production efficiency. The aim is to achieve a 50% contribution from value-added products in the total sales mix, driving higher turnover and improved Ebitda margins. JTL Industries is a steel tube manufacturer.

Welspun Specialty Solutions emerged as L-1 bidder for RS 117.17 crore project awarded by Bharat Heavy Electricals (Bhel). The project includes supply of stainless-steel boiler tubes for NTPC Talcher 2 x 660 MW Super critical thermal power project. The project is expected to be executed by December 2024.

Pennar Industries will expand its manufacturing operations in the northern part of India by establishing a new plant at Raebareli, Uttar Pradesh. The plant is likely to come up in Q2 CY2024. The plant will span 16 acres and feature a built-up area of 12,000 square meters. With a production capacity of 36,000 tpa, the facility is to be equipped with state-of-the-art machinery and a comprehensive setup. Once fully operational, the plant will enable the company to meet the demands of clients in the Northern and Eastern part of India, significantly reducing transportation costs.

Indian Renewable Energy Development Agency’s (Irdea) loan sanctions stood Rs 9,136 crore in Q1 FY 2025, steeply higher than Rs 1,893 crore in Q1 FY 2024. Loan disbursements stood at Rs 5,320 crore, up 67.61%. The outstanding loan book was at Rs 63,150 crore, a growth of 33.77%.

Ireda is a GoI-owned enterprise under the administrative control of the Ministry of New and Renewable Energy. It has been conferred with the Mini Ratna (Category-I) status.

Reliance Industries (RIL) acquired a 26% stake in a 600 MW unit of Mahan Energen’s (Mel) thermal power plant, a wholly owned subsidiary of Adani Power. Mel entered a 20-year long-term PPA for 500 MW with RIL.

Mel issued and allotted to RIL five crore equity shares, with face value of Rs 10 each, translating to 26% proportionate ownership stake in the unit. This unit, part of MEL’s total capacity of 2,800 MW, is designated as the captive unit for the agreement.

The allotment will enable RIL to source reliable power supply from the captive unit and enhance Mel’s long-term revenue visibility. Consequent to this issuance, Mel ceased to be a wholly owned subsidiary of Adani Power.

NTPC recorded a power generation of 113.87 MUs in Q1 FY2025, a growth of 9.5% over Q1 FY 2024. Coal stations recorded a PLF of 79.5%.

KPI Green Energy received an approval from the chief electrical inspector for 15 MW of solar power projects under its captive power producer business segment. The projects were executed for its esteemed clients of KPIG Energia and Sun Drops Energia, wholly owned subsidiaries.

Meanwhile, KPI Green Energy received another approval from the chief electrical inspector for 13.60 MW solar power projects in the IPP segment. The project will be included in its power generation asset portfolio through Sun Drops Energia, a wholly owned subsidiary.

KPI Green Energy signed a PPA for a 50MW solar-wind hybrid power project of Gujarat Urja Vikas Nigam (GUVNL). The project, comprising 50 MW of solar and 16.80 MW of wind, was awarded through a competitive bidding process issued by GUVNL on 1 November 2023, and secured through a reverse e-auction on 22 January 2024.

Inox Wind completed infusion of Rs 900 crore into the company by its promoter Inox Wind Energy (IWEL). The funds were raised by IWEL on 28 May 2024 through the sale of equity shares of IWL through block deals on the stock exchanges. The funds will be utilised by IWL to completely pare down its external term debt to achieve a net debt free status.

Inox Wind bagged an order from a renewable C&I power producer. The order is for Inox Wind’s latest 3 MW WTGs. The scope comprises end-to-end turnkey execution. Additionally, Inox Wind will provide post commissioning multi-year O&M services. The project will be executed across Gujarat and Rajasthan.

Power Grid Corporation of India’s board approved to borrow funds up to Rs 16,000 crore through various sources in FY 2026. The company will issue domestic bonds (secured and unsecured, non-convertible, non-cumulative, redeemable, taxable and tax-free through private placement.

Further, the board approved enhancing the current borrowing limits from existing Rs 12,000 crore to Rs 15,000 crore through issue of secured and unsecured, non-convertible, non-cumulative, redeemable, taxable and tax-free bonds through private placement from domestic and other sources.

Oriana Power received a new order for a 40 MWp solar power plant under the captive segment. The project will be implemented by a separate entity incorporated or to be incorporated by Oriana Power directly or through its subsidiaries. The scope of this project includes EPC, commissioning, operation and maintenance of solar power plant.

The contract is to be executed within nine months and the O&M period is 25 years. The tentative estimated construction and development cost is Rs 155 crore.

Oriana Power specializes in solar energy solutions for industrial and commercial customers.

BlackRock, the world’s largest asset manager, acquired a stake in Swan Energy through block deals. BlackRock Emerging Frontiers Master Fund and BlackRock Global Funds India Fund acquired 0.78% and 0.58% stake, respectively.

BlackRock Emerging Frontiers Master Fund bought 24.58 lakh shares, while BlackRock Global Funds India Fund acquired 18.20 lakh shares. Another fund, BlackRock Strategic Funds - BlackRock Asia Pacific Absolute Return Fund, purchased 2.78 lakh shares (0.09% equity). These shares were bought at Rs 668.27 per share. BlackRock, as they did not hold any shares of the company in Q4 FY 2024.

Meanwhile, 2i Capital PCC, EOS Multi-Strategy Fund AIFLNP V.C.I.C, Dovetail India Fund, Epitome Trading and Investments and Paulomi Ketan Doshi were among the entities offloading shares of Swan Energy. 2i Capital PCC had a 1.9% stake in Swan Energy, while the Dovetail India Fund had a 1.39% stake in Q4 FY 2024.

Swan Group has presence across the textile, real estate and oil & gas sectors.

GE T&D India announced receipt of an international order, worth 64 million euros (Rs 576.43 crore), from Grid Solutions SAS, France. The contract is for supply and supervision of high voltage products. The project needs to be executed over two years.

Transformers And Rectifiers (India) received multiple orders, aggregating to Rs 148.55 crore. Orders were received from NCC, Power Grid Corporation of India, and Adani Energy Solutions for supply of transformers and reactors.

The order secured from NCC stood at Rs 72.5 crore. It involves designing, engineering, manufacture, testing, works, supply, and freight for transformers and reactors. The order is to be executed by January 2026.

Another order of Rs 55.91 crore received from Power Grid Corporation of India entails design, manufacture, and supply of reactors. The entire work will be completed within 21 months.

An order from Adani Energy Solutions is to supply, unloading of power transformers. The order, of Rs 20.14 crore, is to be executed by March 2025.

Total orders received in Q1FY 2025 amounted to Rs 698 crore.

GE Power India secured a purchase order from NTPC, India’s major power producer. The order, valued at Rs 1.87 crore, involves supplying main turbine spares for NTPC’s Talcher plant. GE Power India will fulfil the order within 9.5 months.

GE Power India received a purchase order of Rs 7.7 crore from Mangalore Refinery and Petrochemicals for supplying main turbine spares. The project needs to be executed within a period of 18 months.

GE Power India’s board approved the sale and transfer of its hydro business and gas power business on a slump-sale basis. The hydro business undertaking comprises the business of developing, designing, engineering, marketing, manufacturing, selling, supplying, transporting, assembling, installing and servicing hydro turbines, generators and associated auxiliaries including balance of plant and systems for hydroelectric power stations including pumped storage plants. The business contributed to 31.1% of the total income of the company in FY 2024.

The agreement for sale of hydro business is expected to be entered with GE Power Electronics (India) Pvt Ltd around 15 July 2024. As an integral part of the proposed slump sale of hydro business, GE Power Electronics (India) is taking over net liabilities of hydro business, currently amounting to Rs 214.09 crore, driven by negative net working capital and a net debt position of Rs 114.35 crore, resulting in the purchase consideration being at a premium of Rs 100.19 crore. The slump-sale of the hydro business is estimated to be completed in Q4 FY 2025.

The gas power business undertaking, comprising all activities in relation to gas power plants, provides project management, application and detailed engineering services for regional and global projects also provides maintenance services to the existing fleet of gas power plants. The business contributed to 5.1% of the total income in FY 2024.

The agreement for sale of the gas power business is expected to be entered with GE Renewable Energy Technologies Pvt Ltd around 15 July 2024. The gas power business had net liability of Rs 38 crore as on March 31, 2024. Hence, the board has decided to sell the gas power business to GE Renewable Energy Technologies for Rs 43.86 crore. The slump-sale of the gas power business is estimated to be completed by September 2024.

Divesting and exiting the businesses will allow to focus on four strategic growth areas: services growth strategy that has been consistently yielding a double-digit core business growth, retain share in the service upgrades, participate in margin and cash accretive FGD, increase the Durgapur load by supply of boiler OEM parts outside India in selected territories, and fabrication of industrial equipment, leveraging factory’s core competencies.

TD Power Systems received an order amounting to US$9.28 million for gas turbine generators from a major US original equipment manufacturer. The generators will be used primarily in fracking wells in the US for power supply and backup power for artificial intelligence server farms in the US, and other applications. Delivery of these generators is scheduled to commence from January 2025 to August 2025.

HPL Electric & Power signed an MoU with Guangxi Ramway Technology Co Ltd, China. This MoU paves the way for local manufacturing of relay and latching relays in India through a phased approach, potentially involving technical collaboration and component procurement.

HPL Electric & Power received a work order of Rs 2,100.71 crore from a leading customer. The contract is for supplying smart meters in the normal course of business. The value of the contract is nearly 0.70 times the full market capitalization of HPL Electric.

HPL Electric & Power’s products ranging from industrial and domestic circuit protection switchgears, cables, energy saving meters, CFL, and Led lamps.

Siemens’ consortium with Rail Vikas Nigam (RVNL) secured an order from Bangalore Metro Rail Corporation (BMRCL) for electrification of Bengaluru Metro Phase 2 project. The total order value is Rs 766 crore. Siemens’ share, as part of the consortium, is Rs 558 crore.

Siemens will design, engineer, install and commission rail electrification technologies as well as a digital solution comprising Scada systems. The project covers 30 stations spanning over 58 km, connecting the Bengaluru Airport terminal to Central Silk Board via KR Puram and two depots.

With this order, Siemens is present in 11 out of 20 cities that have a Metro in India.

Nippon India Mutual Fund increased its stake in Ion Exchange (India) by acquiring an additional 0.2881% stake through open market purchases between 12 June 2023 and 26 June 2024, bringing their total holding to 5.1709%.

NCC’s building division received orders up to Rs 335 crore in June 2024. These orders were received from private limited company and do not include any internal orders. The period for completing the orders is 14 months.

ITD Cementation India announced a potential divestment by its major shareholder. Italian Thai Development Public Company is exploring a possible sale of its 46.64% stake in the company. The process is in its preliminary stages and no final decision has been made.

ITD Cementation India is an EPC company undertaking heavy civil, infrastructure. Consolidated net profit surged 136.9% to Rs 89.51crore on 38.4% jump in net sales to Rs 2,257.72 crore in Q4 FY2024 over Q4 FY2023.

Patel Engineering’s promoter and CMD Rupen Patel expired. Meanwhile, the board approved several appointments as an ad hoc arrangement for seamless functioning after Patel’s passing.

The board appointed Janky Patel as an additional director and non-executive director to be designated as chairperson of the company effective from 6 July 2024 for three years. Janky Patel is wife of Rupen Patel. She is a graduate from Mumbai University.

Further, the board appointed Kavita Shirvaikar as acting MD effective from 6 July 2024. She stepped down from the position of CFO.

The board appointed Rahul Agarwal as an acting CFO effective from 6 July 2024. Pursuant to his appointment as CFO, he will be appointed as key managerial personnel and senior management personnel of the company.

Rajoo Engineers’ board approved to issue one bonus equity shares for every one share held (1:1). A total sum of 6.15 crore will be utilized from the securities premium for issuance of bonus shares. The total free reserves at the end of FY2024 were Rs 3.85 crore.

Rajoo Engineers manufactures and sells plastic processing machinery and post extrusion equipment. Consolidated net profit increased 31.4% to Rs 7.08 crore in Q4 FY2024 as compared with Q4 FY23 Revenue from operations declined 26.2% to Rs 52.68 crore.

KEC International’s T&D and renewable businesses bagged new EPC orders worth Rs 1,017 crore from the Middle East. The renewables business also won an order for balance of system package for a 625 MWp solar PV project in Rajasthan from a subsidiary of a PSU in the renewable power generation sector. With these orders, the YTD order intake surpassed Rs 5,000 crore, a growth of 50% over a year ago.

Bigbloc Construction’s board will meet on 19 July 2024, to consider a proposal for issue of bonus shares to the equity shareholders of the company.

BigBloc Construction is one of the largest and only listed company in the AAC Block Space. It operates three AAC Block plants: one in Umargaon District Valsad, Gujarat, another in Wada, Maharashtra, and the third in Kapadvanj, District Kheda, Gujarat. The new facility in Kheda is the company’s fourth plant, equipped to manufacture both AAC blocks and the AAC wall, known as the ZmartBuild wall. Consolidated net profit rose 54.09% to Rs 8.66 crore on 45.97% increase in sales to Rs 67.95 crore in Q4 FY2024 over Q4 FY2023.

Ahluwalia Contracts (India) secured an order worth Rs 893.48 crore for the development of Lal Bahadur International Airport, Varanasi. The order entails construction of new terminal building, allied works on EPC mode. The project is to be executed in 36 months.

Kalpataru Projects International increased fund-raising limit via NCDs by up to Rs 1,600 crore. This is inclusive of the current NCDs amounting to Rs 1,298 crore.

Kalpataru Projects International secured new orders worth Rs 2,995 crore. The company bagged orders in the T&D business in overseas markets. It secured an EPC order for water business in joint venture and B&F orders in India.

With the above order wins, the order intake till date in the current financial year stood at Rs 6,178 crore.

RPP Infra Projects secured new orders valued at Rs 310.93 crore. These orders involve the construction of two new district jails in Uttar Pradesh on EPC model. One jail will be built in Hapur. It will have a capacity of 1,026 inmates. The contract value is Rs 158.82 crore. The other jail will be constructed in Jaunpur, also with a capacity of 1,026 inmates, for a contract value of Rs 152.11 crore. Both projects are expected to be completed within 18 months.

RPP Infra Projects’ total order book stood at Rs 3,200 crore as of 30 June 2024.

Azad Engineering received an award for five years from Siemens Enerry Global CmtH & Co KG, Germany. The contract involves manufacture and supply of critical rotating components for Siemens’ global demands of advanced gas and thermal turbine engines.

Azad Engineering is a manufacturer of qualified product lines for global OEMs in the energy, aerospace and defence, and oil and gas industries.

Oriental Rail Infrastructure’s wholly owned subsidiary Oriental Foundry bagged an order worth Rs 432.15 crore from the Indian Railways. The project entails manufacturing and supplying of 1,200 BVCM-C wagons. It is expected to be completed by 31 March 2026

As much as 90% of total cost is to be received against inspection certificate issued by the RDSO, as specified in the contract, and proof of dispatch of the material and the balance 10% after receipt, inspection and acceptance of the goods.

Oriental Rail Infrastructure manufactures, buys and sells all types of recron, seat and berth, andcompreg boards and trades timber woods and all its products.

Ircon International’s JV Ircon-Paras-PCM was awarded a project worth Rs 750.82 crore by Rail Vikar Nigam (RVNL). The contract covers the design, supply, installation, testing, and commissioning of a broad gauge ballastless track (BLT) system for a new 125 km railway line between Rishikesh and Karanprayag in Uttarakhand, India. Additionally, the contract includes the supply of ballast and traditional track installation (excluding rails and sleepers) within a specific chainage (6+015 FLS to 125+200 FLS) of the project. The project is to be completed within 42 months.

The share of Ircon, Paras Railtech and PCM Strescon Overseas Ventures in the JV is 60%, 25% and 15%, respectively. Accordingly, Ircon’s share in the project will be Rs 450.492 crore.

Rail Vikas Nigam (RVNL) signed an MoU with Delhi Metro Rail Corporation (DMRC) to collaborate on upcoming projects in India and abroad. RVNL will act as project service provider for metro, railways, high speed rail, highways, mega bridges, tunnels, institutional buildings and workshops or depots, S&T works, and railway electrification.

RVNL emerged L1 bidder for the upgradation of electric traction system, worth Rs 132.59 crore, awarded by the Central Railway. The scope of the order involves the modifying overhead equipment modification work for up-gradation of existing 1 x 25 kV electric traction system to a 2 x 25 kV AT feeding system in the Wardha-Ballarshah section of the Nagpur division of Central Railway to meet the 3000-tonne loading target. The project is to be completed in 24 months.

RVNL secured multiple orders worth Rs 390.21 crore. It received an LoA from Maharashtra Metro Rail Corporation (Nagpur Metro) for the construction of six elevated metro stations (Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club and Kanhan River Metro Station). The cost of the project is Rs 187.34 crore. It is expected to be completed in 30 months.

Subsequently, RVNL emerged as L1 from South-Eastern Railway for design, supply, erection, testing and commissioning of 132 KV traction substation, sectioning post, and sub sectioning posts in the 2x25KV system on the Kharagpur - Bhadrak section of the Kharagpur division of South-Eastern Railway to meet the 3000-tonne loading target. The project, costing Rs 202.87 crore, is slated for completion in 18 months.

RVNL signed an MoU with Tatweer Middle East and Africa for using the firm’s expertise in the railway sector, developing joint capabilities in design and execution of various rail-based work in Middle East and North Africa (Mena) region and European countries and supply, design, implementation and commissioning of smart city, digital transformation and professional engineering services.

RVNL received an LoA worth Rs 138.45 crore from Central Railway. The order includes OHE modification work for up-gradation of existing 1 x 25 kV electric traction system to 2 x 25 kV AT feeding system in the Amla-Nagpur section of the Nagpur division of Central Railway to meet the 3000-tonne loading target. The project is to be executed in 24 months.

Asian Paints doubled the installed capacity of the Mysuru plant to 6,00,000 kl per annum, with an investment of Rs 1,305 crore, to meet the medium-term capacity requirements. The existing capacity utilisation of the Mysuru plant is at around 78% of the installed production capacity.

Havells India is expanding its manufacturing capacity of cables from 32.90 lakh kms per year to a proposed capacity addition of 41.20 lakh km per year. Its existing capacity utilisation is around 70%. The proposed capacity is to be added by March 2026 in phased manner with an investment of Rs 375 crore with internal accruals. This capacity expansion, of around 25%, is being carried out to cater the increased demand.

Cello World’s opened the QIP issue of equity shares at a floor price of Rs 896.09 per share. The floor price was at a discount of 6.79% to the previous day’s closing price of Rs 961.40 on the BSE. The company may offer a discount of not more than 5% on the floor price so calculated for the issue

Cello World is a prominent player in the consumer ware market in India. The company operates 13 manufacturing facilities across five locations in India and are currently establishing a glassware manufacturing facility in Rajasthan. Consolidated net profit stood at Rs 96.11 crore and revenue from operations stood at Rs 512.47 crore in Q4 FY2024.

Raymond’s board approved the vertical demerger of its real estate business into wholly owned subsidiary Raymond Realty (RRL). Ech Raymond (RL) shareholder will receive one share of RRL for every one share held in Raymond and the new entity will seek automatic listing on stock exchanges.

Raymond Realty has around 100 acres of land in Thane, with approximately 11.4 million square feet RERA-approved carpet area. Of this, about 40 acres is currently under development. There are five ongoing projects worth Rs 9,000 crore on its Thane land, with an additional potential to generate more than Rs 16,000 crore, making a total potential revenue of over Rs 25,000 crore from this land bank. The Raymond’s real estate business reported revenue of Rs 1,593 crore, up 43%, and Ebitda of Rs 370 crore in FY2024.

The demerger aligns with the Raymond Group’s stated objectives of simplifying its corporate structure and enhancing shareholder value for operational and structural benefits. Leveraging Raymond’s institutional strength, the move will allow for independent, dedicated management teams with industry-specific expertise to sharpen business focus and tailor investment strategies to each sector’s unique dynamics.

On completion of this demerger, Raymond and Raymond Realty will operate as separate listed entities within the Raymond Group post all statutory approvals. Raymond now has three vectors of growth: lifestyle, real estate, and engineering. The company reported 18% jump in consolidated net profit to Rs 229 crore in Q4 FY2024 as compared with Q4 FY2023. Revenue from operations increased 21.32% to Rs 2,608.50 crore.

Aditya Birla Fashion and Retail (ABFRL) raised its stake in Goodview Fashion (GFPL) to 51% from 33.5% for cash consideration of Rs 127.42 crore. The company raised its stake through secondary acquisition of 17.5% stake, i.e., 1,870 equity shares, from the existing shareholders of GFPL.

Goodview Fashion manufactures and sells ethnic couture fashion under the brand Tarun Tahiliani. It recorded revenue of Rs 148 crore in FY2024.

KDDL’s board approved a proposal to buyback 2.37 lakh shares, representing 1.90% of the total paid-up equity shares, at a price of Rs 3700 per equity share. The aggregate consideration will not exceed Rs 88 crore. The buyback price of Rs 3700 per equity share represents a premium of 12.30% to the previous closing price of Rs 3294.70 on the BSE.

The buyback size represents 22.35% and 12.06% of the aggregate of the total paid-up equity share capital and free reserves of the company based on the latest audited standalone and consolidated financial statements of the company as on 31 March 2024, respectively.

The buyback is proposed to be made from all the equity shareholders and beneficial owners of the company, including the promoters and members of the promoter group of the company holding equity shares as of the record date. The shares are to be bought back on a proportionate basis through the tender offer route.

KDDL makes watch components, high quality precision stamped components and progressive tools for a wide range of engineering applications and owns the largest retail chain of luxury watches in India through its subsidiary, Ethos.

Kalyan Jewellers’ revenue jumped 29% from India operations in Q1 FY2025 as compared with Q1 FY2024. The revenue growth was mainly driven by robust operating momentum on the ground with healthy same-store-sales-growth of 12%.

Operating performance was robust across all its markets in India and the Middle East despite extreme volatility in gold prices and a strong base quarter. Consolidated revenue grew 27% in Q1 FY 2025 as compared with Q1 FY 2024. As many as 13 Kalyan franchisee-owned-company-operated (Foco) showrooms were in India in Q1, with a strong pipeline of showrooms set to open in the coming quarters in line with its previously communicated guidance.

In the Middle East, the jewellery retailer witnessed a revenue growth of 16%, driven largely by SSS growth. The Middle East contributed 15% to the consolidated revenue. The digital-first jewellery platform, Candere, recorded a revenue growth of 13%.

Kalyan Jewellers signed documentation to increase its stake in the business and convert Enovate Lifestyles (Candere) to a wholly owned subsidiary of Kalyan Jewellers India. Kalyan Jewellers launched 24 showrooms across the Kalyan and Candere formats, taking the total number of showrooms as on 30 June 2024 to 277 (Kalyan India – 217, Kalyan Middle East – 36, and Candere – 24).

Kalyan is gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country, starting with Onam towards the end of Q2. As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the showrooms already opened, there are plans to launch another 40 Kalyan showrooms in India, 30 Candere showrooms, and the first showroom in the US by Diwali.

Punjab National Bank, one of PC Jeweller’s largest lenders, approved a one-time settlement proposal. PNB is the third-largest bank amongst PC Jeweller’s consortium lenders in terms of outstanding dues. The bank’s approval paves the way for a resolution and signifies a significant step forward for the company.

The approved one-time settlement involves a combination of cash and equity components from PC Jeweller. The settlement will lead to the release of previously held securities and mortgaged properties by the bank.

Titan’s revenue grew 9% in Q1 FY 2025 over Q1 FY 2024. The company added a total of 61 stores, expanding its combined retail network presence to 3,096 stores. The jewellery domestic operations grew 8%. The week of Akshaya Tritiya witnessed double-digit growths in Tanishq secondary sales as compared with the same period last year.

However, high gold prices (20% growth over the year) and their continued firmness had an impact on consumer demand. Coupled with lower wedding days, overall sentiments were relatively muted in comparison to Q1 FY2024.

Domestic growth came largely through increase in average selling prices whereas buyer growth was in low single digits. Gold (plain) grew in high single digits while studded growth was moderately lower in comparison.

Tanishq added a new store in Muscat (Oman), Of the 33 new store additions (net) in India, 11 stores were in Tanishq, 19 in Mia and 3 in Zaya, respectively.

The watches & wearables domestic business grew 14%. Revenue growth in analogue came in at a healthy 17%, whereas wearables witnessed a decline of 6%. The division added 17 new stores (net).

The eyecare domestic business increased 3%. The division’s foray into affordable fashion is aiding volume growth for the category. Titan Eye+ added three new stores (net) in India.

In the emerging businesses, Taneira’s revenue grew 4%. The brand opened four new stores. The fragrances and fashion accessories revenue gained 4%. Within the businesses, fragrances were up 13% and fashion accessories saw a decline of 15%.

The Caratlane business jumped 18% The business added three new domestic stores (net), expanding its network presence to 275 stores pan-India.

Avenue Supermarts’ (DMart) total number of DMart stores stood at 371 as of 30 June 2024. DMart reported a standalone revenue of Rs 13,711.87 crore, a growth of 18.36% from Q1 FY 2024. The revenue is higher than Rs 9,806.89 crore reported in Q1FY2023 and Rs 5,031.75 crore in Q1FY2022.

The total number of stores included one store at Rajkot, Gujarat, temporarily closed for customers.

Dabur India’s consolidated revenue is expected to register mid- to high single-digit growth in Q1 FY2025 over Q1 FY 2024. The quarter saw sequential improvement in demand trends, with rural growth picking up. The forecast of a normal monsoon and continued focus of the government on macro-economic growth, the improvement is expected to accelerate in the coming months.

The India business is expected to record mid-single digit volume growth. In the India business, the HPC and healthcare business, is expected to grow in high-single digits. Travel and out-of-home consumption got impacted due to scorching summers, impacting the beverage segment, although the food (culinary) category showed good momentum. Badshah masala continued to perform well and is expected to post strong volume led growth in high teens.

The international business is expected to post strong growth in constant currency terms. However, severe currency depreciation in Turkey and Egypt continued to have an impact on translated growth.

Commodity prices were stable in the quarter. The gross margins are likely to witness some expansion on account of roll-over price increases and cost-saving initiatives. The business continued to invest strongly behind the brands, with A&P spends growing ahead of revenue. Consequently, OP is expected to grow marginally ahead of revenue.

Further, the FMCG continued to focus on the strategy to increase the distribution reach, invest aggressively in key brands and drive increase in the market shares across the portfolio.

Marico’s domestic business saw a modest uptick in underlying volume growth in Q1 FY 2025 on a sequential basis. The volume growth was delivered post adjustments in distributor stock levels to enhance RoI and a certain degree of wholesale channel destocking to ensure smoother direct reach expansion through project Setu.

Parachute Coconut oil posted a low single-digit volume growth. This is likely to pick up visibly through the rest of the year given the consistently healthy trends in offtake growth.

Saffola oils delivered mid-single digit volume growth amid marked stability in input and consumer pricing. Value-added hair oils had a soft start to the year due to competitive headwinds persisting in the bottom of the pyramid segment, while the mid and premium segments fared relatively better. The portfolio is expected to revert to growth from the next quarter.

Foods and digital-first brands sustained their robust momentum and scaled up well ahead of stated aspirations.

The international business delivered double-digit constant currency growth, driven by resilient and broad-based growth across markets.

Consolidated revenue grew in high single digits, despite the residual impact of pricing cuts in the Saffola oils portfolio and currency headwinds in overseas markets.

The FMCG company expects consolidated revenue growth to trend upwards in FY 2025 on the back of an improving trajectory in domestic volume growth and higher realizations due to the favourable pricing cycle in key domestic portfolios.

Among key inputs, copra prices stayed firm in line with forecasts, while edible oil and crude oil derivatives remained rangebound. The gross margin is expected to expand year on year owing to a favourable portfolio mix. OP is expected to grow slightly ahead of revenue leading to a marginal inching up of the OPM year on year.

Earlier, Marico announced that it will collaborate with dermatological solutions provider Kaya to advance its play in science-backed personal care. The key strategic initiative will be an additional growth driver for Marico’s premium personal care led digital business and further accelerate the portfolio diversification agenda of the India business.

Adani Wilmar achieved volume growth of 13% in Q1 FY2025 over Q1 FY 2024, propelled by market-specific strategies in each category, aimed at gaining market share, especially in under-indexed markets. The company is actively pursuing substantial opportunities by executing strong sales and distribution strategies in general trade.

Moreover, alternate channels like e-commerce, quick commerce and MT maintained their momentum, with 19% volume growth. Volume of branded exports increased 36% in the June 2024 quarter. Segment-wise, the edible oil volume increased 13%, while the sales value for the segment jumped 10%.

Despite challenges in the quarter, including decreased out-of-home consumption and seasonal dips in summer demand, the business thrived due to robust execution in sales and distribution, bolstered by its ongoing efforts to improve retail penetration.

The edible oil major consistently expanded its market presence, driving robust growth amidst a fragmented market landscape. Sunflower oil continued to gain market share in South India on the back of our regional interventions.

Food products demonstrated strong growth by harnessing the established and widely penetrated distribution network of edible oils, along with increasing trials through strategic bundling and trade schemes. The volume of the segment surged 46%, while sales value jumped 45%. The growth was additionally supported by sales of non-basmati rice to government-appointed agencies for exports. Even after normalizing this aspect, the food & FMCG business volume grew 23%.

In the wheat business, the packaged atta industry experienced a significant slowdown in growth over the past three quarters. Yet, Adani Wilmar maintained a robust growth trajectory, driven by an expanded presence in retail outlets and households and increased repeat purchases.

Further, the wheat business made notable gains in the South market. Overall, the market share of wheat flour continued to expand.

In the rice business, several initiatives are being implemented to drive growth. By utilizing its distribution network, the business expanded its presence in numerous outlets. The quarter saw good growth, bolstered by a successful promotional event in collaboration with a major retailer.

Revenue from branded products in the domestic market has consistently grown at a rate exceeding 30% for the past eleven quarters. The expectation is for the strong growth in food volume to persist.

Godrej Consumer Products’ India business performed well with high-single digit organic volume and mid-single digit value growth despite the operating conditions in India continuing to remain soft in Q1 FY 2024. Reported growth will be double-digit in volume and high-single digit in value terms. The growth was broad-based across both home care and personal care. Demand for household insecticides was soft in the earlier parts of the quarter due to extreme heatwaves across the country.

Indonesia business continued to consistently deliver strong performance, with high-single digit volume growth and double-digit constant currency sales growth. However, the Indonesian currency saw depreciation, leading to lower growth in rupee terms.

The GAUM (Godrej Africa, USA, and Middle East) organic business is expected to see double-digit volume decline largely led by West Africa due to a high base in Q1 FY2024 on account of appointment of a national distributor giving a one-time sell-in benefit and some tough pricing decisions in Nigeria. There was an additional impact driven by supply disruption in South Africa led by the shipping crisis. The currency in Nigeria continued to negatively impact the Indian currency performance. Yet, Ebitda (reported) in rupee terms grew in double digits.

At the consolidated level (organic), Godrej Consumer Products expects flattish rupee sales, double-digit constant currency sales growth, and double-digit Ebitda (reported) growth.

Patanjali Foods’ board approved to acquire Patanjali Ayurved’s non-food business for Rs 1,100 crore. The acquisition, structured as a going concern sale, will bring Patanjali Ayurved’s established dental care, skin care, home care, and hair care products under the Patanjali Foods umbrella. The acquisition includes assets like land, buildings, machinery, inventory, and infrastructure including manpower and distribution networks along with associated liabilities. Patanjali Ayurved’s turnover was Rs 6,199 crore in FY 2024. The proposed acquisition is a related party transaction.

This strategic acquisition is expected to significantly boost Patanjali Foods’ product portfolio with well-recognized brands, contributing to revenue and Ebitda growth.

Additionally, a separate 20-year licensing agreement has been established, with Patanjali Foods paying a 3% turnover-based fee on gross sales (minimum Rs 83 crore annually) to Patanjali Ayurved for continued brand use.

The consolidation of the Patanjali brand under Patanjali Foods is anticipated to create synergies in brand equity, product innovation, cost optimization, and operational efficiencies. This ultimately aims to solidify Patanjali’s market share within the FMCG sector.

Following the board’s approval, Patanjali Foods will now pursue final agreements and obtain necessary approvals to complete the acquisition.

LT Foods’ step-down subsidiary LT Foods UK commenced operations of its new facility in the UK. Located in Harlow, the new facility is spread over an area of 100,000 square feet and has a production capacity of 60,000 tonnes of rice per annum. This location would allow LT Foods to efficiently serve the UK market. The facility will offer both branded and private-label products. The company is partnering with four retailers in the UK, with plans to further scale this up.

The rice and rice-based food market in the UK is worth around 1 billion. To tap this opportunity, LT Foods made an initial investment of 7 million in this new facility, with a commitment of further investment up to 50 million in the coming years. The company is expecting annual revenue of 50 million over the next two years, with a targeted 100 million within the next five years.

LT Foods long-term goals include solidifying its market presence in the UK, becoming a leader in the rice and rice-based food segment, and continually innovating to meet the evolving demands of consumers.

Manorama Industries commenced commercial production from its new fractionation plant, with a capacity of 25,000-tpa. With this new addition, the total fractionation input capacity now stands at 40,000 tpa. The added fractionation capacity strengthens the company’s global proposition in manufacturing of cocoa butter equivalent (CBE), exotic speciality fats and butters. It would enable boosting the top line and profitability for the coming years. The revenue may increase to Rs 675 – Rs 700 crore in FY2025.

Manorama Industries manufactures speciality fats and butters and exotic products. The company has carved a niche in manufacturing Sal CBE & Stearin, Shea CBE & Stearin, Mango CBE & Stearin, and other exotic fats & butter. It offers customized solutions to Fortune 500 companies in chocolate, confectionery and cosmetic industry

India’s largest and only listed wine producer Sula Vineyards recorded its highest ever Q1 net revenue overall as well as for the priority own brands. Net revenue grew 9.7% to 129.6 crore in Q1 FY2025 as against Q1 FY 2024. Own brands sales stood at Rs 104.4 crore, a growth of 2.7%.

On the other hand, the wine tourism business declined 2.5% to Rs 11.3 crore.

Sula Vineyards will begin bottling at one more unit in Maharashtra, the newly acquired N D Wines facility, in July. Given the portfolio exceeding 50 labels across more than 10 brands, it was decided, after thorough analysis, to transition the economy and popular brands to a third-party sales force model in Maharashtra, starting with Mumbai and Pune. The strategy, which has previously yielded strong results in Karnataka and Telangana, will allow Sula’s sales force to focus exclusively on the priority elite and premium brands.

GM Breweries reported 25% rise in net profit to Rs 24.94 crore in Q1 FY2025 from Q1 FY2024. Net revenue from operations increased 4% to Rs 142.40 crore. PBT stood at Rs 33.32 crore, up 25%. The tax outgo was Rs 8.38 crore, up 25%.

Macrotech Developers recorded pre-sales of Rs 4,030 crore in Q1 FY2025, a growth of 20% over Q1 FY 2024. Collections stood at Rs 2,690 crore, up 12% over the year but a 23% decline sequentially. Despite the significant investments in business development, net debt stood at Rs 4,320 crore, well below the ceiling of 0.5x net debt/equity.

Three projects, with Rs 11,100 crore of GDV, were added in MMR and Pune. This is more than 50% of full year guidance of Rs 21,000 crore. The consistent performance, a robust business, and a strong balance sheet enabled credit rating upgrade to ‘AA- ’ by Crisil.

Mahindra Lifespace Developers bagged two deals, totalling Rs 2,050 crore in GDV, in Bengaluru and Mumbai. The real estate developer was chosen as the preferred partner for the redevelopment of seven residential societies in the Borivali West, Mumbai neighborhood. This project offers an estimated GDV of approximately Rs 1800 crore. The project will be developed under the state’s cluster redevelopment policy.

Further, Mahindra Lifespace acquired 2.37 acres of land at Singasandra, South Bengaluru, located next to the existing Mahindra Zen project. The land is estimated to have a developable potential of 0.25 million square feet, with a GDV of around Rs 250 crore.

Brigade Enterprises signed a JDA for a residential project at West Bangalore’s Tumkur Road. Spread across eight acres, the project, with an estimated GDV of about Rs 1,100 crore. will encompass a total development area of about 1.2 million square feet. The project, consisting primarily of two- and three-bedroom apartments, incorporates lush green landscaping and a range of modern amenities.

Puravankara acquired a 7.26-acre land parcel in Hebbagodi, Bengaluru. Hebbagodi is strategically located near Electronics City and is connected to other parts of the city. The saleable area of the project will be around 7.50 lakh square feet, with a potential GDV of 900+ crores.

Puravankara also acquired a 12.75-acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai. The potential total GDV is Rs 5,500 crore over the project lifecycle. The company intends to develop a high-end luxury project of 7.50 lakh square feet. With the acquisition of landowner share of 8,20,661 square feet in Provident Adora De Goa, Provident Botanico, and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of Rs 1,550 crore in addition to the recent acquisitions in Mumbai.

Puravankara gained 2.26% to Rs 480.90 after the company’s customer collections jumped 39% to Rs 965 crore in Q1 FY25 from Rs 696 crore posted in Q1 FY24.

The realtor’s sales value stood at Rs 1,128 crore in Q1 FY25 in sustenance, marginally up from Rs 1,126 crore posted in same quarter last year, while the planned launches were deferred to Q2 FY25, stated the company.

The average price realisation increased by 6% to Rs 8,746 per sft during Q1 FY25 from Rs 8,277/sft in corresponding quarter previous year.

Further, the real estate developer acquired a 12.77-acre land parcel at Ghodbunder Road in Thane, MMR, with a total potential carpet area of 1.82 million square feet, a 7.26 acre land parcel at Electronics City (Hebbagodi) in Bengaluru, with a potential carpet area of 0.60 million square feet along with the landowner share of 0.83 million square feet saleable area in three projects by provident in Goa and Bengaluru.

Puravankara added 3.25 million square feet in Q1 FY 2025. Collections were Rs 965 crores and pre-sales Rs 1,128 crore from sustenance sales.

Sumit Woods was selected as the developer to redevelop the Dattani Trade Center Co-operative Society Premises at Borivali, Mumbai. The project is located at a prime location on Chandavarkar Road. The project has a potential revenue of Rs 450 crore. The value of the project is nearly 1.87 times of Sumit Woods’ market capitalization of Rs 240.09 crore.

Ajmera Realty & Infra’s sales value jumped 36% to Rs 306 crore in Q1 FY2025 over Q1 FYY 2024, driven by robust performance across its key project portfolio. Sales value increased 7% from Rs 287 crore in Q4 FY2024. The surge in sales was on account of recently launched project Ajmera Vihara at Bhandup, with 27% of the inventory sold on launch. Ajmera Greenfinity AB sales momentum continued, with 38% inventory being sold in less than two quarters from the launch period. The surge was seen across the portfolio, indicating strong interest from homebuyers, notably in Ajmera Manhattan and Ajmera Prive.

Carpet area sales stood at 1,30,801 square feet in Q1 FY2025, a de-growth of 3% year on year and an increase of 16% quarter on quarter. Collection was at Rs 165 crore, up 49% year on year and down 16% quarter on quarter.

Looking ahead, Ajmera is optimistic about the pipeline of seven new projects, with estimated GDV of about Rs 4,300 crore. The sector outlook remains positive, supported by new MahaRERA regulations aimed at enhancing transparency and accountability.

Signatureglobal (India)’s pre-sales surged to Rs 3,120 crore in Q1 FY2025, steeply higher than Rs 880 crore in Q1 FY2024 but were down 25% from Rs 4,140 crore in Q4 FY2024. The company entered the premium housing market and launched two group housing projects in Gurugram in the last two quarters

As many as 968 units were sold as of 30 June 2024 as against 894 units in the corresponding period last year, up 8% year on year and down 35% quarter on quarter.

Sales bookings surged to 2.03 million square feet in Q1 FY2025 from 0.91 million square feet in Q1 FY2024 and 2.98 million square feet in Q4 FY2024. Collections stood at Rs 1,210 crore as on 30 June 2024, up 102% year on year and up 20% quarter on quarter.

Sales realization was at 15,369 per square feet and the net debt was at Rs 980 crore. The target is to achieve Rs 100 billion in pre-sales in FY 2025. Already 30% of the target has been achieved in Q1 FY 2025.

Keystone Realtors reported pre-sales of Rs 611 crore in Q1 FY2025, a growth of 22% over Q1 FY 2024. Collections were at Rs 485 crore, down 2%. Sales volume stood at 0.24 million square feet, lower by 16%.

Keystone Realtors launched two projects in Q1 FY2025. The total saleable area is 0.63 million square feet and the estimated GDV Rs 2,017 crore. This is in line with the guidance of launching two project a quarter. The company added another project in Q1 FY2025. The saleable area is 0.35 million square feet and estimated GDV is Rs 984 crore.

Keystone Realtors completed fund-raising of Rs 800 crore through QIP in May 2024.

Keystone Realtors entered a deed of conveyance for acquisition of land admeasuring 88 acres at Kasara, Thane, Maharashtra, for a total consideration of Rs 91 crore. The consideration would be payable in a staggered manner up to February 2026 from the date of execution of the deed of conveyance.

The Kasara project would comprise of around 500 plots of different sizes, totalling 1.5 million square feet. The company has applied for RERA registration and plans to launch the project in Q2 FY2025.

Marathon Nextgen Realty’s pre-sales area declined 45% to 79,239 square feet in Q1 FY2025 from Q1 FY2024 and dipped 21% from Q4 FY2024. Pre-sales value was Rs 214 crore, down 46% year on year and down 10% quarter on quarter. However, collections increased 17% to Rs 272 crore over a year ago and grew 8% over a quarter ago.

Prestige Estates’ sales stood at Rs 3,029.5 crore in Q1 FY2025, a de-growth of 22.61% over Q1 FY 2024. Sales collections rose 6% to Rs 2,916.2 crore. Area sold declined 25.33% to 2.86 million square feet. The company sold 1,364 units in Q1 FY 2025. It launched two residential projects in Bengaluru, covering a total developable area of 1.86 million square feet, with a combined GDV of around Rs 1,400 crore.

The mix of sales from the top geographies include Bengaluru (43%), Hyderabad (32%), and Mumbai (23%). In the upcoming quarters, an extensive pipeline of projects are across diverse geographies, such as Prestige Pallava Gardens in Chennai, Prestige Forest Hills in Mumbai, The Prestige City Indirapuram in NCR, Prestige Biosphere in Goa, and Prestige Southern Star, Prestige Raintree Park, and Prestige Pine Forest in Bengaluru.

Care Ratings downgraded Zee Media Corporation’s long-term rating to ‘BB Negative’ from ‘BB+ Stable’. The change in rating and outlook reflects the moderation in the operating and financial performances of Zee Media Corporation (ZMCL) and continued uncertainty on the ability of the company to generate adequate cash flow from operations relative to the sizeable debt repayment obligations in FY2025.

ZMCL’s consolidated revenue declined nearly 12% to Rs 638 crore in FY2024 owing to lower advertisement revenue following its exit from the rating system of Broadcast Audience Research Council India (Barc).

ZMCL acquired intangible assets, including trademarks under a settlement agreement with Diligent Media Corporation (DMCL), worth Rs 170 crore in FY2024. Coupled with continued Pat losses over the last three years, the net worth substantially eroded, translating into deterioration in the leverage metrics.

Care Ratings noted the auditor’s observations of some instances of delays in payments of undisputed statutory dues and uncertainty about the ability of the company to continue as a going concern. It also noted the continued delay in infusion of funds by the promoters pursuant to the issue of share warrants.

While ZMCL re-entered the Barc rating system since October 2023, translating into some improvement in performance in Q4 FY2024, with PBILDT margin of 21.5% in the quarter, the ability of the company to sustain such performance and generate healthy cash flow from operations remains to be demonstrated.

The rating considered ZMCL’s leveraged capital structure and declining promoter holding to 0.07% as on 31 March 2024 (March 2023: 4.34%).

ZMCL faces intense competition in the news broadcasting space from other linear and digital news platforms coupled. The rating also factored in multiple exits of senior managerial personnel from the company in the recent quarters. This could impact the company’s performance.

The ratings, however, continue to derive strength from the experienced promoters, availability of a wide platform for distribution (both linear and digital), with a bouquet of national and international channels, and the re-entry of ZMCL in the Barc rating system.

Delta Corp’s consolidated net profit tumbled 68.2% to Rs 21.68 crore in Q1 FY2025 as compared with Q1 FY2024. Revenue from operations dropped 30.32% to Rs 180.65 crore. PBT fell 65.09% to Rs 32.12 crore. Ebitda stood at Rs 30.58 crore, a de-growth of 68.09%. The Ebitda margin contracted to 16.93% from 36.96%. Revenue from gaming operations was at Rs 169.42 crore, down 25.31%, and the hospitality business Rs 12.34 crore, down 17.24%. However, revenue from online skill gaming operations stood at Rs 36.55 crore, up 0.22%.

GTPL Hathway’s consolidated net profit declined 60.28% to Rs 14.3 crore in Q1 FY2025 as compared with Q1 FY2024. Revenue from operations increased 8.9% to Rs 843.37 crore. Net profit declined 6.6%, while revenue increased 4.38% from Q4 FY2024. Ebitda stood at Rs 120.5 crore, a de-growth of 4.21% to Rs 125.8 crore. The Ebitda margin contracted to 14.2% as against 16.1% in Q1 FY2024.

Digital cable TV revenue increased 7% to Rs 319.3 crore. Active subscribers were 9.60 million, up 1,00,000 over the quarter and 5,50,000 over the year. Subscription revenue increased 7% to Rs 319.3 crore.

Broadband revenue increased 4% to Rs 134.8 crore over the year. The broadband average revenue per user (ARPU) stood at Rs 460 per month per subscriber. Broadband subscribers increased by 10,000 over the quarter and 70,000 over the year, thus standing at 10,30,000.

Outlook

With the Q1 FY 2025 earnings season in full swing and the Union Budget for 2024-25 looming, more stock-specific action can be expected in the coming days.

The market will monitor the spread of the southwest monsoon to determine the extent of recovery in rural consumption.

US consumer inflation, consumer spending and labour market data will be keenly watched to determine if the Fed will begin the rate cut cycle from September. The weakness is the dollar on expectation of softer interest rates will see more foreign portfolio investment inflows into emerging markets including India. Large caps will be the beneficiaries.

The bet is on Donald Trump being elected president of the US for the second time. Such an event, the market believes, will result in pullback of the US from supporting Ukraine in its war with Russia. The ensuing peace can lift the euro zone economy.

The continuing market rally will attract higher retail inflows into mutual funds. Most of it is likely to be deployed in growth stocks in the mid- and small-cap space.

China, however, remains the weak link. Tanking of its property market has resulted in lower consumer spending. The leadership may have to pump in more fiscal stimulus to promote growth. At the same time, it could face the challenge of a revival in trade war with the US if Trump is settled in the White House in 2025. **