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Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> in her Budget speech proposed creation of <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> of about 4.1 crore <keyword id="19916812" type="General" weightage="20" keywordseo="youth" source="keywords">youth</keyword> over the next five years. Towards it, the finance minister has made an allocation of Rs 2 lakh crore. Similarly, for <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced. She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT) The Finance Minister said that the government will launch internship opportunities in 500 companies to one crore youth in five years. Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said. The companies will bear training and 10 per cent of training cost from CSR funds. Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget 2024: ₹2 lakh crore allocated to employ 4.1 crore youth over next 5 years

<ul><li><keyword id="10845529" type="General" weightage="20" keywordseo="Oaks-Asset-Management" source="Orion">Oaks Asset Management</keyword> raised 40% more than what it intended to, for its second fund.</li><li>This is a testament to the resilience of India’s consumer story, says its founder and CEO.</li><li>Its first fund invested in Hero Electric which is on track to raise a large round of capital this quarter.</li><li>All its businesses have weathered the pandemic in the last two years, the PE fund says.</li></ul>A Mumbai based mid-market private equity fund, Oaks Asset Management, had intended to raise ₹700 crore for its second fund. Instead, it ended up raising close to ₹1,000 crore and intends to close it next month. This response even in times of funding winter and <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">chunky outflow of foreign investors</a> away from India – is a testament to the resilience of India’s consumer story, according to the fund’s founder and CEO, Vishal Ootam. “We have always had deep conviction in the Indian consumer story and believe that as a market, India continues to offer multiple yet simple penetration and growth opportunities,” he says. Its first fund has made multiple investments including Hero Electric which is on track to raise a large round of capital this quarter. “This round is expected to close at a meaningful premium to the last round,” the PE fund says. They also invested in a millets-based snacks company called Troo Good, and CredAble, an award-winning AI-powered technology platform – whose value has already swelled 11 times its original investment valuation. The <keyword id="46556" type="General" weightage="20" keywordseo="PE-firm" source="Orion">PE firm</keyword> has also invested in an NBFC, an apparel company and a catering company. All these businesses, it says, have weathered the pandemic in the last two years. Moreso, two of their firms are on track to go for a public offer in the next 18-24 months. Their investment philosophy, the company says, is to stay away from businesses that are into serial fundraising and businesses with ‘Winner takes all’ attitude. “In sharp contrast to the otherwise sombre commentary that one might hear about the investment climate around, we have witnessed some of the most exciting times in our journey over the past 12-18 months. We have always invested in traditional consumer brand stories driven by seasoned entrepreneurs or business families that focus on profitable growth,” says Vivek Anand PS, founder and MD of OAKS Asset Management. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/four-12-hour-days-or-five-10-hour-work-days-difficult-choices-ahead-of-a-4-day-work-week/articleshow/92409609.cms">Four 12-hour days or five 10-hour work days - difficult choices ahead of a 4-day work week</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a>

We stay away from serial fundraisers says this PE firm that just closed its ₹1,000 crore fund

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

EV-as-a-service platform <keyword id="19895200" type="General" weightage="20" keywordseo="zypp-electric" source="keywords" meta.keywordsubtype="org" meta.entityname="zypp electric" meta.hostid="261" meta.entityid="zypp electric">Zypp Electric</keyword> on Monday said it has raised USD 15-million <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> from <keyword id="21822063" type="General" weightage="20" keywordseo="japanese-firm" source="keywords">Japanese firm</keyword> ENEOS. The series C funding comprises USD 15-million in <keyword id="21822065" type="General" weightage="20" keywordseo="equity-closure" source="keywords">equity closure</keyword>, as part of its ongoing USD 50-million round, which comprises USD 40-million in equity and USD 10-million in debt, the company said in a statement. The fresh capital raised under Series C, in which other investors existing investors 9unicorns, IAN fund, venture catalysts, WFC and others also participated, will be utilised to expand Zypp's fleet from 21,000 to 2-lakh electric scooters and extend its services to 15 cities across India by 2026, it added. The fresh investment will help Zypp in the last-mile delivery space with sustainable EV solutions, said Akash Gupta, Co-founder and CEO of Zypp Electric. "We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability," he added. Further, Zypp Electric said it has forayed into the three-wheeler cargo business and claims of soon crossing 1,000 electric L5 loaders in its EV fleet and added that the company is set to cater to a wider range of business needs while maximising revenue streams, among others. According to Zypp Electric, it clocked Rs 325-crore revenue in FY 2023-24 and launched operations in Mumbai and Hyderabad recently. "In India, the last-mile delivery market is skyrocketing especially within urban areas. Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness and this is the reason why we made the decision to invest," ENEOS was quoted as saying in the statement. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank">Poco F6 vs Realme GT 6T – which mid-range smartphone should you buy?</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank">India’s wearable shipments rise by 2.1% in Q1 2024, average price declines</a>

Zypp Electric raises $15 million funding in Series C Round

<ul><li><keyword id="461983" type="General" weightage="80" keywordseo="honor" source="Orion">Honor</keyword>Tech will relaunch the Honor brand in India, with its first smartphone expected to launch next month.</li><li>The company aims to get 4-5% market share by the end of 2024 and will invest INR 1,000 crore in India.</li><li><keyword id="18132448" type="General" weightage="20" keywordseo="HonorTech" source="Orion">HonorTech</keyword> has formed a joint venture with PSAV Global, owned by entrepreneur C P Khandelwal</li></ul>The Honor brand is all set to make a comeback in India. HonorTech will relaunch the Honor brand of smartphones in the country in September with plans to initially invest ₹1,000 crore in the business, a senior company official said. For the relaunch, HonorTech is going to work under a licensing deal with Chinese smart devices company Honor. HonorTech CEO <keyword id="6530659" type="General" weightage="20" keywordseo="Madhav-Sheth" source="Orion">Madhav Sheth</keyword> told PTI that the company will aim to garner 4-5% market share in terms of volume by end of next year, which will translate to a revenue of ₹10,000 crore for the company. "HonorTech is a completely Indian entity. We are going to work under a licensing deal with Honor where they will license us and we will do everything from sales to manufacturing in India. No royalty will go to Honor," Sheth said. Honor brand was launched and owned by Chinese telecom major Huawei which sold it to another Chinese firm Shenzhen Zhixin New Information Technology in November 2020. Sheth recently quit Realme where he was steering their international business including India. He has formed his own joint venture, HonorTech, with PSAV Global owned by entrepreneur C P Khandelwal. "Honor's 70% manufacturing is completely automatic and 40% of their machinery is completely made by them. We need to match similar standards with them in India. Under the deal, Honor will help us with product know-how, entire supply chain management, technology transfers, software transfers at a defined cost," Sheth added. He said that the company will initially get some of the Honor products to test the Indian market and plans to start manufacturing them locally by end of this year. "We will launch Honor smartphones from next month onwards. We are in talks with electronics manufacturing services who are eligible for PLI (production-linked incentive) for manufacturing. We are targeting to start shipping "Made in India" products from November or December," Sheth said. The company plans to raise ₹1,000 crore in debt funding that will be invested by next year. "We are looking at revenue of ₹10,000 crore by end of next year which translates into 4-5 per cent volume market share," Sheth added. With inputs from PTI. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/explained-how-ai-is-being-used-to-for-scams-and-what-you-can-do-to-protect-yourself/articleshow/102937587.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/explained-how-ai-is-being-used-to-for-scams-and-what-you-can-do-to-protect-yourself/articleshow/102937587.cms" target="_blank">Explained: How AI is being used to for scams and what you can do to protect you₹elf</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-find-unclaimed-bank-deposits-using-udgam-portal/articleshow/102830161.cms">Have unclaimed bank deposits? Here’s how to find it using UDGAM portal</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a>

HonorTech to relaunch Honor brand of phones, to invest ₹1,000 crore

Each year, the Indian Union Budget holds the nation's economic pulse. In 2024, the focus was razor-sharp: catalysing the <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> and bridging the ever-widening skill gap, as the <keyword id="19916979" type="General" weightage="20" keywordseo="unemployment" source="keywords">unemployment</keyword> figures kept upward trajectory and dissatisfaction over government’s measures grew among the younger demographic. As a response, <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">budget 2024</keyword> unveiled a meticulously crafted strategy, a multi-pronged attack to empower India's youth. The Union Budget 2024-2025 intends on focussing on youth and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, prompting Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to allocate Rs. 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, employment and <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>. Further, Modi 3.0’S budget includes 5 schemes to provide opportunities to 4.1 crore youth with a central outlay of Rs. 2 lakh crore over a period of the 5 years. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div><h2>Nirmala Sitharaman announces 3 schemes for employment linked incentives:</h2><ul><li>Scheme A (First-timers): This will benefit first-time employees, providing one month’s wages to new entrants in all formal sectors. As per Sitharaman, Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth.</li><li>Scheme B (Job creation in manufacturing): This will provide incentives to both employees and employers for the first 4 years of employment under EPFO guidelines. It is expected to benefit 30 lakh youth and will cover additional employment across all sectors.</li><li>Scheme C (Support to employers): This will support employees with additional employment in all sectors by reimbursing employers up to ₹3,000 per month for two years for each additional employee's EPFO contributions. The scheme aims to incentivise the employment of 50 lakh additional people.</li></ul><h2>Improving participation of women in workforce</h2>As a part of Budget 2024-2025, Nirmala Sithraman announced that Modi 3.0 will focus on improving women participation in the workforce. The Government will focus on increasing women participation in the workforce. Some measures that will be taken include setting up hostels and creating partnerships to organise women-specific skilling programs and women self-help groups. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime" mstype="2" mssubtype="0"></div> <h2>Additional incentives for employment </h2>Sitharaman announced the launch of a scheme where 500 top companies will provide internship opportunities to one crore youth in five years. Internship allowance of Rs. 5000 per month along with one-time assistance of Rs. 6000 to be provided, the Finance Minister also said that the companies will be expected to earn the training cost and 10% of the internship cost from their CSR funds. According to Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, this “significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce. Integrating on-the-job training (OJT) as a mandated component of degrees, in collaboration with industry partners, allows students to gain invaluable practical experience, even if the training is not necessarily on-site.” “This initiative is a welcome move towards formal job creation, bridging the gap between theoretical education and real-world application, making graduates more job-ready.” <h2>Focus on skilling</h2>The Finance Minister said that the model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh. Further, a new scheme focussing on skilling will benefit 20 lakh individuals and ensure the set up of 1,000 training institutes and newly designed courses. <h2>Education loans</h2>The Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year with interest subvention of 3% of loan amount, said FM Sitharaman. Meanwhile, in the Interim Budget detailed in February 2024, Finance Minister Nirmala Sitharaman highlighted a notable increase in higher educational institutes and women enrolling in STEM courses over the past decade, attributing these improvements to the National Education Policy (NEP) 2020. Further, contrary to expectations, funding for the University Grants Commission (UGC) was reduced by 60.99%, dropping to Rs. 2,500 crore from the previous year's revised estimate of Rs. 6,409 crore. Meanwhile, grants for central universities were increased by over Rs 4,000 crore, with a total allocation of Rs 15,928 crore for the financial year 2024-25. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a> <a href="https://www.businessinsider.in/budget/news/govt-to-provide-11-11-lakh-crore-towards-capex-for-2024-25/articleshow/111950700.cms" data-type="tilCustomLink" target="_blank">Govt to provide ₹11.11 lakh crore towards capex for 2024-25</a>

Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!

<ul><li>The stock listed at ₹465 as compared to the issue price of ₹418.</li><li>The grey market had been expecting 8% listing gains from the stock.</li><li>Its market capitalization is at ₹3,201 crore as per Bombay Stock Exchange. </li></ul>Medi Assist Healthcare debuted on the stock exchanges at a 11.2% premium on Tuesday. The grey market was expecting 8% listing gains from the stock. The stock listed at ₹465 as compared to the issue price of ₹418 in the morning. Its market capitalization is at ₹3,201 crore as per Bombay Stock Exchange. It held on to its gains even as the stock market saw a volatile trading session with Sensex shedding over a 1,000 points and Nifty down by 333 points. The ₹1,171 crore issue was subscribed 16 times over the shares on offer. It also raised as much as ₹351 crore from anchor investors ahead of opening the issue to the public. Some of its anchor investors include <keyword id="20199580" type="General" weightage="20" keywordseo="nomura-trust" source="keywords">Nomura Trust</keyword>, <keyword id="20199579" type="General" weightage="20" keywordseo="pinebridge-global-funds" source="keywords">Pinebridge Global Funds</keyword>, <keyword id="20199576" type="General" weightage="20" keywordseo="troo-capital" source="keywords">Troo Capital</keyword>, <keyword id="20199577" type="General" weightage="20" keywordseo="tata-mutual-fund" source="keywords">Tata Mutual Fund</keyword>, <keyword id="20199578" type="General" weightage="20" keywordseo="sundaram-mutual-fund" source="keywords">Sundaram Mutual Fund</keyword> and more. In 2023, many new debutants on the stock exchanges provided positive listing gains. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jyoti CNC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innova Captab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Azad Engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Doms </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162% </td></tr></tbody><tbody></tbody></table> Medi Assist’s issue is a complete offer for sale (OFS) with no fresh issue. It claims to be India’s largest health benefits administrator in terms of revenues as of FY21 to FY23. Its primary clients are insurance companies; but it also serves as an intermediary between general and health insurance companies and the insured members, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes. As of FY22, its total revenues accounted for 24.89% of the Indian health benefits administration industry revenue, as per a Frost &amp; Sullivan report. It’s also the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of 14.83% of the retail health insurance market. The company has no peers listed in the market. In FY23, its restated consolidated net profit went by 18.7% to ₹75.3 crore. Its revenues went up by 26% to ₹518.9 crore.

Medi Assist Healthcare closes debut day with 11% listing gains

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>Two <keyword id="22164915" type="General" weightage="20" keywordseo="mainboard-IPOs" source="keywords">mainboard IPOs</keyword> are scheduled in the last week of June 2024.</li><li>Two companies are looking to raise ₹1,671 crore from the primary market.</li><li>Here’s everything you need to know about the upcoming <keyword id="20020566" type="General" weightage="20" keywordseo="IPOs" source="keywords">IPOs</keyword> this week.</li></ul> Two new companies are set to enter the primary market with their initial public offering (IPO) scheduled this week. Apart from the two mainboard IPOs, eight small and medium enterprises (SME) are also looking to raise funds. <cmsannotation type="cmsannotation" annotationid="IPOs this week" comment="subhead" text="IPOs this week">IPOs this week</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Issue size </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Start date </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">End date </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allied Blenders </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,500 crore </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25 June </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27 June </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vraj Iron and Steel </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹171 crore </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">26 June </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">28 June </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Allied Blenders look to raise ₹1,500 crore" comment="subhead" text="Allied Blenders look to raise ₹1,500 crore"><keyword id="227693" type="General" weightage="20" keywordseo="Allied-Blenders" source="Orion">Allied Blenders</keyword> look to raise ₹1,500 crore</cmsannotation> Out of the two IPOs, Allied Blender is the major IPO. The Mumbai-based Indian-made foreign liquor (IMFL) company is in the market to raise ₹1,500 crore. Out of this, ₹1,000 crore is a fresh issue and ₹500 crore is an offer for sale (OFS) component. The <keyword id="12780703" type="General" weightage="20" keywordseo="Allied-Blenders-ipo" source="Orion">Allied Blenders IPO</keyword> will open on June 25 and end on June 27. The company’s shares are expected to be listed on July 2. <cmsannotation type="cmsannotation" annotationid="Vraj Iron and Steel" comment="subhead" text="Vraj Iron and Steel"><keyword id="22109980" type="General" weightage="20" keywordseo="Vraj-Iron-and-Steel" source="keywords" meta.keywordsubtype="org" meta.entityname="Vraj Iron and Steel" meta.hostid="261" meta.entityid="Vraj Iron and Steel">Vraj Iron and Steel</keyword></cmsannotation> Vraj Iron and Steel, a Raipur-based manufacturer of sponge iron, M.S. billets, and TMT bars is looking to raise ₹171 crore through its IPO. This is a completely fresh issue and there is no OFS component. The <keyword id="20038648" type="General" weightage="20" keywordseo="Vraj-Iron-and-Steel-ipo" source="Orion">Vraj Iron and Steel IPO</keyword> will open on June 26 and end on June 28. The company’s shares are expected to be listed on July 3. <cmsannotation type="cmsannotation" annotationid="SME IPOs this week" comment="subhead" text="SME IPOs this week">SME IPOs this week</cmsannotation> Apart from the two mainboard IPOs, eight SMEs are also planning on raising funds this week. The SMEs include Mason Infratech, Shivalic Power Control, Diensten Tech, Petro Carbon and Chemicals and more. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/india-vs-australia-t20-world-cup-head-to-head-record-key-players-and-more/slidelist/111226804.cms">India vs Australia T20 World Cup – head-to-head record, key players and more</a> <a href="https://www.businessinsider.in/stock-market/news/dee-development-engineers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111221658.cms">DEE Development Engineers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-gets-sebi-approval-for-5500-crore-ipo/articleshow/111141404.cms">Ola Electric gets SEBI approval for ₹5,500 crore IPO</a>

IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore

<ul><li>Equity benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> on Thursday crashed over 1,000 points while the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> dived below the 22,000 level due to across-the-board selloff amid general election uncertainties.</li><li>Persistent foreign fund outflows and heavy selling pressure in <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords">HDFC Bank</keyword>, L&amp;T and <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> weighed on investor sentiment, traders said.</li><li>From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings.</li></ul>Equity benchmark Sensex on Thursday crashed over 1,000 points while the Nifty dived below the 22,000 level due to across-the-board selloff amid general election uncertainties. Besides, persistent foreign fund outflows and heavy selling pressure in HDFC Bank, Larsen &amp; Toubro and Reliance Industries weighed on investor sentiment, traders said. Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. During the day, it tanked 1,132.21 points or 1.54 per cent to 72,334.18. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50. It tumbled 370.1 points or 1.65 per cent to 21,932.40 during the session. "The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week," Vinod Nair, Head of Research, Geojit Financial Services, said. From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings. Asian Paints, JSW Steel, ITC, Bajaj Finance, IndusInd Bank, Tata Steel, NTPC, Bajaj Finserv, HDFC Bank, Reliance Industries and Power Grid were among the laggards. In contrast, Tata Motors, Mahindra &amp; Mahindra, State Bank of India, Infosys and HCL Tech were the gainers. Meanwhile, the country's largest lender SBI reported 18.18 per cent growth in the March quarter consolidated net profit to Rs 21,384.15 crore against Rs 18,093.84 crore in the year-ago period. Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted a 25 per cent fall in its March quarter net profit on lower refining margins and announced one free bonus share for every two shares held. In the broader market, the BSE smallcap gauge declined 2.41 per cent and midcap index dropped 2.01 per cent. Among the indices, oil and gas lost 3.41 per cent, capital goods dropped 3.37 per cent, metal tanked 3.13 per cent, industrials (2.92 per cent), utilities (2.59 per cent) and commodities (2.39 per cent). On the other hand, auto emerged as the major gainer. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,669.10 crore on Wednesday, according to exchange data. "Nifty ended sharply lower led by institutional selling and traders squaring up due to nervousness on election progress. World shares were mostly lower on Thursday ahead of the Bank of England's policy decision and after the US market's pause stretched into a second day and as Chinese stocks rose after China reported better-than-expected trade figures for April," said Deepak Jasani, Head of Retail Research, HDFC Securities. In Asian markets, Shanghai and Hong Kong settled with gains, while Seoul and Tokyo ended lower. European markets were trading on a mixed note. Wall Street closed mixed in overnight trade on Wednesday. Global oil benchmark Brent crude climbed 0.48 per cent to USD 83.89 a barrel. "The market is continuously witnessing pressure ahead of the election outcome. We don't have any global reason for this correction, while some uncertainty ahead of the big event is causing profit-booking in the market. Our market has been largely driven by domestic investors, including both HNIs and institutional investors, for the last few months. "Now, they are sitting on the sidelines for the last couple of days and taking some profit off the table ahead of the big event, while FIIs are continuously selling in our market, which is pushing the market lower. The Volatility index, India VIX, has risen 70 per cent from its lows, which is also creating some uncertainty among traders and investors," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. The 30-share BSE index declined 45.46 points or 0.06 per cent to settle at 73,466.39 on Wednesday. The wider gauge Nifty remained unchanged at 22,302.50. 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Sensex tumbles over 1,000 points, Nifty falls below 22k amid election uncertainties

Realty firm <keyword id="3077082" type="General" weightage="50" keywordseo="hiranandani-communities" source="Orion">Hiranandani Communities</keyword> will invest Rs 1,000 crore to develop a new housing project in Mumbai to tap rising demand. The company has launched a new housing project - 'Golden Willow' - in its mixed-use integrated township '<keyword id="8644858" type="General" weightage="50" keywordseo="hiranandani-fortune-city" source="Orion">Hiranandani Fortune City</keyword>' at Panvel. The company plans to develop 1 million square feet of residential space in this project, comprising around 700 units. The apartment size ranges between 490 sq ft to 1,150 sq ft of carpet area. The company will invest Rs 1,000 crore to tap the growing mid and luxury home demand in the Panvel realty market, <keyword id="221666" type="General" weightage="100" keywordseo="hiranandani" source="Orion">Hiranandani</keyword> Communities said in a statement on Thursday. The project will be funded by construction finance and internal accruals. The ticket size ranges from Rs 70 lakh to over Rs 2 crore. Niranjan Hiranandani- CMD- Hiranandani Communities, said, "the launch of this new residential sector is in alignment with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID." In Hiranandani Fortune City, the company has already delivered 2200+ homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest <keyword id="4065412" type="General" weightage="50" keywordseo="yotta" source="Orion">Yotta</keyword> NM1 data centre. He further said that "The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards." The region is also witnessing the foray of many organised and branded developers to capitalise on the new growth opportunities, Hiranandani said. The Group has developed many mixed-used integrated townships across geographies like Powai, Thane, Panvel and Oragadam (Chennai). The group has strategically forayed into emerging real estate asset classes like industrial and logistics parks, a data centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR (Mumbai Metropolitan Region) markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-flags-pain-in-us-markets-says-banking-sector-crisis-has-led-to-cuts-in-discretionary-spending/articleshow/99458916.cms">TCS flags pain in US markets, says banking sector crisis has led to cuts in discretionary spending</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-incs-revenue-growth-in-q4fy23-to-halve-to-10-12-crisil/articleshow/99459285.cms">India Inc's revenue growth in Q4FY23 to halve to 10-12% : Crisil</a>

Hiranandani Group to invest ₹1,000 crores to develop a new housing project in Mumbai

Crisis-hit <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said. When contacted, a SpiceJet spokesperson said the airline has initiated several measures, including manpower rationalisation, for achieving profitable growth but did not provide any numbers. The airline has around 9,000 employees and is now looking at reducing the strength by 10-15 per cent, the official said, adding that layoffs are necessary to reduce the overall costs and annual savings could be up to Rs 100 crore. A reduction of 15 per cent would mean around 1,350 people will lose their jobs. The second official in the know said that layoffs are expected across departments and the final list is being prepared. People from the management and consultancy are working on chalking out the contours of letting staff leave, and all the departments have been asked to give their inputs, the official added. There was no official comment from SpiceJet on the proposed job cuts. The second official explained that the airline has stopped operations on certain RCS (Regional Connectivity Scheme) routes and at those stations, there is excess manpower, especially staff with lower salaries. Relocating such people will be a challenge, the official noted. Currently, SpiceJet has a fleet of little over 30 aircraft apart from 10 planes that are on wet lease. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalisation, aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. "Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore," the airline spokesperson said in a statement. During a meeting with the airline's senior officials last month, SpiceJet Chairman and Managing Director <keyword id="19916067" type="General" weightage="20" keywordseo="ajay-singh" source="keywords">Ajay Singh</keyword> emphasised the importance of judicious spending and that he will personally oversee all major expenditures. The carrier will prioritise fleet upgrades, enhance on-time performance and cost-cutting measures will be implemented to streamline operations, according to an internal note last month. SpiceJet, which has undergone multiple ownership changes since inception and is currently helmed by Ajay Singh, is in the process of raising funds from various investors. On January 26, the carrier announced that it has received Rs 744 crore as the first tranche of the total Rs 2,250 crore proposed to be raised through the issuance of securities on a preferential basis. There were reports that there has been a delay in raising the requisite funds. The airline has also availed funds worth around Rs 1,000 crore under the government's Emergency <keyword id="20097541" type="General" weightage="20" keywordseo="credit-line-guarantee-scheme" source="keywords">Credit Line Guarantee Scheme</keyword> (ECLGS) and Singh has committed to infuse Rs 500 crore. In recent times, SpiceJet also witnessed lessors taking legal recourse to take back their leased aircraft due to non-payment of dues. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is one of the world's fastest growing civil aviation markets and the domestic air traffic is on an upward trajectory. However, SpiceJet has been struggling for sometime now. In 2023, the carrier flew 83.90 lakh passengers and had a domestic market share of 5.5 per cent. 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