MSMEs lie at the heart of India Inc and play an integral part in our <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword>. In the recent few years, we have seen small businesses stay resilient in the face of a pandemic, thanks to the government’s policy push and initiatives. Over the last two decades, the government has come up with several regulatory measures to make it easier for these enterprises to not just grow but thrive. The <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>D Act of 2006 has been modified suitably in 2020 to take into account the changed market realities and the growing importance of these manufacturing and services companies. But there is no denying that technological progress, innovative financing solutions and the rise of social commerce have altered the MSME landscape. While the policy push has certainly helped the sector and its entities when it comes to innovative financing solutions for these entities, a real game changer has been technology and e-commerce platforms that have helped resolve many of the issues faced by these entities to discover new markets, deal with regulatory compliances and navigate logistics issues such that they can focus only on their business growth. India’s journey towards a five trillion economy is going to be powered by many small, micro and medium enterprises who now have the runway to take flight and big tech partners that are wind beneath their wings. At Business Insider India, we are back with the third edition of <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> – India’s leading MSME summit, powered by our knowledge partners NASSCOM &amp; BSE SME Council. Spread over two days in January (18-19), this summit aims to provide a platform for businesses, regulators, industry leaders, experts to come together and share ideas, explore critical issues and bring to light solutions that will transform the sector for the decades to come. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] Be it a story of a reseller on a social commerce platform or a seller on the world’s largest online retailer who built his export business from nothing, we seek to bring the stories of these small champions and shine the spotlight on all that has been done and needs to be done to achieve the government’s target of achieving $1 trillion in exports through India’s MSMEs. Core pillars that form the crux of this event – policy, finance, technology, social e-commerce and marketing – the fundamental need for any <keyword id="6359222" type="General" weightage="20" keywordseo="small-business" source="Orion">small business</keyword> to foster sustainable growth in the sector. The virtual event will be attended by policy makers, entrepreneurs, MSME champions, investors and business leaders. Speakers include: <ul><li>Rajnish Kumar, Former SBI Chairman</li><li>Ankur Warikoo, Educator &amp; Content Creator; Co-founder &amp; Board member, Nearbuy</li><li>Bharat Sethi, Founder &amp; CEO, Rage Coffee</li><li>T Koshy, CEO, ONDC</li><li>Anil Bhardwaj, Secy General, FISME</li><li>Ajay Thakur, Head - BSE SME &amp; Startups</li><li>Kishor Kharat, Former MD &amp; CEO at Indian Bank and IDBI Bank</li><li>Jinand Shah, MD, Online PSB Loans</li><li>Vipul Sharma, Founder &amp; CEO, Chqbook</li></ul>Register here now to stay updated about the event details: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

Small businesses, big ideas: MSME Exchange is back with its third edition

<ul><li><keyword id="12216872" type="General" weightage="20" keywordseo="Abans-Holdings" source="Orion">Abans Holdings</keyword> is likely to announce its share allotment status on December 20.</li><li>The IPO received decent demand from investors as the IPO was subscribed 1.10 times.</li><li>The shares of the company will be listed on December 23 on the stock exchanges.</li></ul>Mumbai-based financial services company Abans Holdings is likely to announce the allotment status of its initial public offering (IPO) on December 20. The IPO received decent demand from investors as the issue was subscribed 1.10 times. The qualified institutional buyer portion was subscribed the most at 4.10 times followed by non-institutional investors at 1.48 times. The portion reserved for retail was subscribed 0.40 times. One of the many reasons behind tepid subscription for the IPO was that several IPOs opened at the same time, like <a href="https://www.businessinsider.in/stock-market/news/sula-vineyards-to-open-ipo-next-week-from-dec-12-14-gmp-already-at-70-per-share/articleshow/96061238.cms">Sula Vineyards </a>and <a href="https://www.businessinsider.in/stock-market/news/three-ipos-set-to-raise-over-1800-crore-this-week/articleshow/96160133.cms">Landmark Cars </a>and other SME IPOs as well. Currently, shares of Abans Holdings are at a discount in the grey market as against premium of ₹20 per share earlier. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in the unofficial market before they are listed on the stock exchanges. The company has raised ₹345 crore through a fresh issue worth ₹102 crore, and an offer for sale by promoters and shareholders worth ₹243 crore. Abans Holdings intends to use proceeds from fresh issue to augment the capital base of the NBFC subsidiary (Abans Finance) to meet its future capital requirements, besides general corporate purposes. The company’s shares are scheduled to be listed on December 23 on the BSE and NSE. Here is how to check <keyword id="12216871" type="General" weightage="20" keywordseo="Abans-Holdings-IPO" source="Orion">Abans Holdings IPO</keyword> allotment status on the stock exchange websites: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘Abans Holdings’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Bigshare Services) to check your application status. <ul><li>Visit the registrar's website <a href="https://ipo2.bigshareonline.com/IPO_Status.html">here</a>.</li><li>Click on 'Select company' and click on ‘Abans Holdings’.</li><li>Once the company is selected, you will have to enter either your PAN details, the application number, or the client ID.</li><li>Enter the captcha code and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kfin-technologies-ipo-subscribed-55-on-day-1/articleshow/96348001.cms">KFin Technologies IPO subscribed 55% on day 1</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/average-debt-cost-for-top-eight-listed-realty-players-lowest-since-pandemic-says-anarock/articleshow/96345107.cms">Average debt cost for top eight listed realty players lowest since pandemic, says Anarock</a>

Abans Holdings IPO: Here is how to check the allotment status

<ul><li>Tata Technologies, Snapdeal, Fabindia and Navi Technologies are some of the most awaited IPOs of the season. </li><li>Around 13 companies filed their DRHPs between April to June 2023. </li><li>More tech, fintech and direct to consumer companies are expected to go public in the next two years.</li></ul>After a slow start in 2023, the <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> market picked steam after the new financial year started in April. As many as 20 new companies listed on BSE and NSE, raising as much as ₹15,000 crore as of August. An IPO (Initial Public Offer) is the first sale of shares by a privately owned company to institutional and retail investors. Though it’s a far cry from ₹58,346 crore raised in 2022 — a lot of large and small companies alike have filed their draft red herring prospectus (DRHPs) with market regulator SEBI — promising an exciting year ahead. As per an E&amp;Y report, around 13 companies filed their DRHPs in April to June 2023, adding to the pipeline. Most active sectors in recent IPOs include hospitality &amp; construction, automotive &amp; transportation, diversified industrial products, and real estate. Apart from Rishabh Instruments’ ₹490 crore public offer and Ratnaveer Precision Engineering’s ₹165 crore public offers in the coming weeks, the stage has also been set for large companies looking to be listed. Amongst the most anticipated IPOs are Tata Technologies wherein Tata Motors is selling stake. This would be the first Tata company to go public in 19 years as the last company that was listed by the group is industry major TCS. <cmsannotation type="cmsannotation" annotationid="Upcoming IPOs" comment="subhead" text="Upcoming IPOs">Upcoming IPOs</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Instruments Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹490.78 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ratnaveer Precision Engineering Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹165.03 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><cmsannotation type="cmsannotation" annotationid="Companies who have filed their DRHP" comment="subhead" text="Companies who have filed their DRHP">Companies who have filed their DRHP</cmsannotation> Let’s look at some of the companies who have filed their DRHP and may soon announce their IPO - <ul><li>Navi Technologies</li><li>Tata Technologies</li><li>Balaji Speciality Chemicals</li><li>Snapdeal</li><li>Fabindia</li><li>NSDL</li><li>Imagine Marketing (boAt)</li></ul><cmsannotation type="cmsannotation" annotationid="Techs, fintechs &amp; more" comment="subhead" text="Techs, fintechs &amp; more">Techs, fintechs &amp; more</cmsannotation> New-age companies like Snapdeal filed their papers with the regulator and would be very watched due to the mixed reactions that Internet companies are continuing to receive. Moreover, it would be one the first large e-commerce companies to test the markets. Sachin Bansal’s Navi Technologies is another fintech company that will join the likes of Policybazaar, and household brand FabIndia has also refiled its papers. In spite of a lot of investor concern around new-age companies, experts believe that India will see a lot of tech IPOs in the coming years. Mamaearth’s parent Honasa Consumer has also received a nod from SEBI for their IPO, even though it was delayed as of March this year. “By FY25, India is likely to have up to 40 listed/IPO ready new-age companies, which can grow to 90 by FY28. SaaS, B2C Product Companies, and FinTech are amongst the most promising categories to produce IPO-ready companies," Rohan Agarwal, partner at Redseer said in a recent report. These companies, Agarwal believes, have sizable revenues, sustainable growth, a strong EBITDA, and operate on defensible business models, making them strong candidates for IPO. Another Solapur based specialty chemicals company Balaji Specialty Chemicals also hopes to add to the many companies that have provided outsized returns to their investors in the last few years — as the sector is on an upcycle. "India's current IPO market trend showcases its immense potential and has witnessed a remarkable surge in recent years. In the forthcoming months, there is anticipated to be significant momentum in the Indian IPO market, encompassing both the main and SME market segments," said Adarsh Ranka, partner, financial accounting advisory services leader, network firm of EY Global. <cmsannotation type="cmsannotation" annotationid="Fundraising in 2023" comment="subhead" text="Fundraising in 2023">Fundraising in 2023</cmsannotation> <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds raised in 2023 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishnu Prakash R Punglia </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹309 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aeroflex Industries </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹351 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pyramid Technoplast </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹153 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Supply Chain </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹880 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Concord Biotech </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,551 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBFC Finance </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,025 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatharth Hospital </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹686 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Netweb Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹631 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Utkarsh Small Finance Bank </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senco Gold </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyient DLM </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹592 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ideaforge Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹567 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HMA Agro </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹480 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IKIO Lighting </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹606 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divgi TorqTransfer </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹412 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global Surface </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Udayshivkumar Infra </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mankind Pharma </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,326 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalon Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹865 crore </td></tr></tbody></table>

IPOs galore – India’s primary market to remain buzzing in 2023

The rupee recovered from its all-time low level and settled 18 paise higher at 82.82 (provisional) against the US dollar on Wednesday, supported by easing crude oil prices. Forex traders said the weakness of the greenback in the overseas market, strong Asian peers and suspected intervention by the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) also helped the currency. However, sustained foreign fund outflows and a weak trend in domestic equities restricted the appreciation bias to some extent. At the interbank foreign exchange market, the local unit opened at 82.87 and touched an intra-day high of 82.74 and a low of 82.91 against the greenback. It finally settled at 82.82, registering a rise of 18 paise over its previous close. On Tuesday, the rupee had slumped 22 paise to close at its all-time low of 83 against the dollar. "The Indian rupee snapped a two-day fall as the dollar index wiped out most gains of Tuesday and crude oil declined more than 2 per cent to USD 80 a barrel. The stronger Asian currencies and suspected RBI intervention around 83 also supported the local unit," said <keyword id="329584" type="General" weightage="80" keywordseo="dilip-parmar" source="Orion">Dilip Parmar</keyword>, <keyword id="162421" type="General" weightage="80" keywordseo="research-analyst" source="Orion">Research Analyst</keyword> at <keyword id="103838" type="General" weightage="80" keywordseo="hdfc-securities" source="Orion">HDFC Securities</keyword>. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.52 per cent to 103.97. On the domestic equity market front, the 30-share BSE Sensex declined 636.75 points or 1.04 per cent to end at 60,657.45, while the broader NSE Nifty fell 189.60 points or 1.04 per cent to 18,042.95. Global oil benchmark Brent crude futures fell 2.13 per cent to USD 80.35 per barrel. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 628.07 crore, according to exchange data. Meanwhile, the Indian services sector growth touched a six-month high in December, supported by a robust intake of new work and favourable market conditions, a monthly survey said on Wednesday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/adb-indian-govt-sign-220-mn-loan-agreement-to-improve-energy-security/articleshow/96729762.cms">ADB, Indian govt sign $220 mn loan agreement to improve energy security</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-ipo-momentum-will-continue-in-2023-at-least-for-sme-ipos-prime-database/articleshow/96728596.cms">The IPO momentum will continue in 2023 at least for SME IPOs-Prime Database</a>

Rupee gains 18 paise to close at 82.82 against US dollar

While some experts believe survival will remain the top priority for micro, small, and medium-sized businesses in 2023, others believe the year will be better, at least in terms of credit expansion. From what we've seen it has been a bumpy ride for MSMEs. In 2022 we got to see MSME concerns like low demand, shrinking margins, piling up inventories and most of all, rising interest rates. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, the MSME sector is mostly engaged in the service, manufacturing, processing, production and preservation of commodities. Considering that the almost 6 crore-plus MSMEs account for nearly 50% of all exports and nearly 30% of the country's GDP, it is clear that they are the foundation of the Indian economy. In India, MSMEs are mostly located in rural and semi-urban areas and they help in maintaining the regional economic balance and the much-needed employment opportunities. Experts have also expressed that the growth of MSMEs is extremely crucial in fulfilling India’s target of becoming a $5 trillion economy by 2025. MSMEs contribute to the preservation of the regional economic balance and the creation of desperately needed job opportunities. Experts have also stated that in order for India to reach its goal of having a $5 trillion economy by 2025, MSMEs' growth is absolutely essential. The bad news is that access to financing has been and continues to be a major obstacle for SMEs to launch, maintain and expand their operations. To start and run their business initially, about half of formal SMEs rely on internal capital or cash from friends and family rather than formal credit from banking and other financial institutions. According to research, 131 million formal SMEs have unmet financial needs. And creating opportunities for SMEs is necessary to spur <keyword id="47276" type="General" weightage="20" keywordseo="economic-growth" source="Orion">economic growth</keyword> and end poverty in emerging nations. The good news is that <keyword id="2403269" type="General" weightage="80" keywordseo="digital-financial-services" source="Orion">Digital Financial Services</keyword> (DFS), or the supply of financial products and services via digital channels, have become a crucial tool for helping small and medium-sized firms close the financing gap. These technological innovations serve as the foundation for the development of new business models and digital financial products, which include digital loans and other credit products, as well as equity capital. Digitisation has the potential to revolutionise MSME funding. The rising prevalence of mobile phones in developing nations is expanding the digital financial services that are available to MSMEs and advanced data analytics and digital financial products are assisting these largely unorganised businesses in establishing a credit history that will open the door to formal financing. To top it off, informal organisations can now register, operate legally, and meet regulatory requirements for client identity and verification thanks to digital payroll systems and forms of identification. Additionally, internet platforms give business owners access to a variety of finance alternatives that they otherwise wouldn't have had. The digital transformation of MSMEs also lowers transaction costs for the lenders and banks that serve them. The greater their digital footprint, the more MSMEs appeal to technology-focused SME lenders that can use data to decrease the costs related to loan origination and collection, thereby increasing the profitability of serving the MSME market. More traditional lenders like banks can also benefit from advances in analytic and processing capabilities, which fuel data-driven intelligence that can inform their initial decision-making and portfolio management. That being said, the MSME community in India has grown by leaps and bounds and is slowly defining its route to recovery following the pandemic. While there are many factors that can be attributed to the government's policy initiatives and creative financing options, technology and the rise of social commerce have been the real game-changers, assisting them in resolving problems, finding new markets, managing regulatory compliances, and overcoming logistical difficulties to spur real business growth. But there's a lot more to it than just digitisation. For more, ensure to tune into BI India's two-day <keyword id="4106334" type="General" weightage="80" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> on January 18-19. We are back with the third edition of MSME Exchange – India’s leading <keyword id="15705192" type="General" weightage="20" keywordseo="MSME-Summit" source="Orion">MSME summit</keyword>, powered by our knowledge partners NASSCOM &amp; BSE SME Council. You will get to witness leading change-makers, regulators and experts discuss problems and potential solutions that will influence the MSME sector for decades to come. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a> ]

The key to eliminating the MSME finance gap in emerging markets

<ul><li>The IPO of Nashik-based winemaker has been subscribed 0.59 times on the second day of the subscription process. </li><li>Sula Vineyards plans to raise ₹960 crore through a complete offer for sale by promoters and shareholders. The company will not receive any funds from the IPO. </li><li>The price band of the IPO is ₹340-357 per share. </li><li>Shares of the company are commanding a premium of ₹30 in the grey market. </li></ul>The initial public offering of wine producer and seller Sula Vineyards has been subscribed by 0.59 times on the second day of the IPO subscription process. The Nashik-based wine maker’s IPO received decent demand from retail investors as this portion was almost fully subscribed by 0.99 times. However, the institutional investor interest has been tepid since QIB received no subscription at all while that of non-institutional investors did not change much since the first day. NIIs portion was subscribed by 0.45 times. Along with Sula, two IPOs are currently open for subscription. While Landmark Cars which opened its IPO for subscription on Tuesday was subscribed 17% on day 1, DroneAcharya which is an SME IPO saw massive demand and was subscribed almost 23 times on the very first day of its IPO subscription process. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><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;">Category of investors </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;">Subscription status </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;">Qualified institutional buyers </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;">0.00 times </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;">Non institutional investors </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;">0.45 times </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;">Retail </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;">0.99 times </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;">Overall </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;">0.59 times </td></tr></tbody></table> Source: BSE Sula plans to raise ₹960 crore through a complete offer for sale The winemaker plans to raise ₹960 crore through a complete offer for sale by promoters and shareholders. The company will not receive any funds from the IPO. The shares of the company are currently commanding a grey market premium, or GMP, of ₹30 per share, which came down from ₹70 earlier. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in an unofficial market before they are listed on the stock exchanges. Sula Vineyards distributes wines under a bouquet of brands such as Sula, RASA, Dindori, The Source, Satori, Madera and Dia. Currently, it produces 56 different labels of wine at four owned and two leased production facilities located in Maharashtra and Karnataka. Its flagship facility is located in Nashik, Maharashtra. The company said in its draft red herring prospectus (DRHP) that it has consistently gained market share (on the basis of their total revenue from operations) from 33% in FY09 in 100% grapes wine category to 52.6% in FY21 in the Indian market. Its business is classified under two categories -- the production, distribution and import of wines and other from wine tourism venues, including vineyard resorts and tasting rooms. Presently, the majority of wine consumers are from the top urban centres with Mumbai, Bengaluru, Delhi NCR, Pune, and Hyderabad contributing more than 70% of the overall market. “Our strategy is to increase our focus on the under penetrated markets in major metros like Chennai and Kolkata, the tourist markets of Kerala, Rajasthan and Goa, and other tier-1 and 2 cities across India,” said Sula Vineyards in its DRHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-plunge-sharply-in-november-mfs-trim-holdings-in-icici-bank-hcl-tech-kotak-mahindra-bank/articleshow/96200043.cms">Inflows into equity mutual funds plunge sharply in November; MFs trim holdings in ICICI Bank, HCL Tech, Kotak Mahindra Bank</a> <a href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

Sula Vineyards IPO subscribed 59% on day 2: QIB portion receives no bids

The country saw 10 initial public offerings worth USD 1.41 billion in the first three months of this year but the median deal size was just USD 1 million, according to a report. <keyword id="116253" type="COMPANY" weightage="20" keywordseo="SBI-cards">SBI Cards</keyword> and Payments' share sale alone accounted for USD 1.4 billion mop-up. Consultancy <keyword id="267073" type="ORGANIZATION" weightage="20" keywordseo="EY">EY</keyword> on Thursday said consumer products and retail were the most active sectors with three <keyword id="35156" type="COMPANY" weightage="20" keywordseo="ipos">IPOs</keyword> launched on SME markets with an approximate size of USD 1 million each. "India recorded 10 IPOs (USD 1.41 billion proceeds and USD 1 million median deal size) in the first quarter of 2020 with Indian stock exchanges (BSE and NSE including SMEs) ranking eighth globally in terms of number of IPOs," it said. During the first quarter, the IPO (<keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword>) of SBI Cards and Payments was also the biggest in over two years. The issue size was USD 1.4 billion and the issue was subscribed over 22 times. In the main markets -- the NSE and the BSE, there was one IPO in the first quarter versus five each in the first quarter and fourth quarter of 2019, representing a significant drop of 80 per cent, the report said. "In the SME markets, there were nine IPOs in Q1 2020 versus 15 IPOs and 6 IPOs in Q1 2019 and Q4 2019 respectively, representing a significant drop of 40 per cent as compared to Q1 2019 and increase of 50 per cent over Q4 2019, respectively," it noted. Sandip Khetan, partner and national leader (financial accounting advisory services), EY India, said the coronavirus pandemic continues to impact livelihoods and economies worldwide, creating uncertain times. "Indian capital markets have experienced significant erosion of market capitalisation, and companies will take time to recover. While this may present a viable long-term investment opportunity, caution is being observed in the short-term. "Sectors like life sciences, pharmaceuticals and digital are likely to revive sooner in the current economic climate," he said. RAM HRS

Country sees 10 IPOs in Mar quarter; median deal size just USD 1 mn

New Delhi, Jul 5 () India witnessed four initial public offerings worth USD 2.08 million in the three months ended June as the coronavirus pandemic impacted economic activities, according to an EY India report. All the IPOs were in the Small and Medium Enterprises (SMEs) segment and the median deal size was USD 0.38 million. Although there has not been much activity, companies are considering their long-term growth plan, and have started to engage in conversations towards their IPO preparation in this economic slowdown, leading consultancy EY India said on Sunday. About April-June period, also the second quarter of 2020, the report said that consumer products &amp; retail, and diversified industrial products were the active sectors in terms of the number of IPOs. Each sector had two IPOs on the SME market and they were worth around USD 2.08 million. "Indian stock exchanges (BSE and NSE including SMEs) ranked seventh in the world in terms of number of IPOs in Q2 2020. There were no cross-border deals and there were no IPOs in the main markets," the report said. Sandip Khetan, Partner and National Leader of Financial Accounting Advisory Services (FAAS) at EY India, said the experience in the last three months has been unprecedented as COVID-19 has severely impacted both, human lives and the economy. "Similar to global markets, there has been limited to no activity in the Indian IPO market. Investors and analysts are keeping a close watch on the latest updates provided by companies about their performance as valuations become attractive for deal making. "Companies are looking to utilise the current time toward preparing for future fund raising. We expect IPO activity to pick up during the end of 2020 or early 2021," he said. Laxmi Goldorna House Ltd, Nirmitee Robotics India Ltd, Billwin Industries Ltd and DJ Mediapoint &amp; Logistics Ltd came out with their IPOs during the June quarter, the report said. As per the report, in the SME market, there were four IPOs versus 14 and 11 in Q2 2019 and Q1 2020, respectively. Further, EY India said that marquee activities by Jio Platforms pushed Indian PE/VC (Private Equity/ Venture Capital) investment in May/June to more than USD 10 billion. RAM BAL

COVID-19 impact: Indian exchanges see just 4 IPOs in Jun quarter, says report

<ul><li>The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rallied nearly 400 points in opening trade on Monday, led by gains in index-heavyweights HDFC, Infosys and Reliance Industries amid largely positive cues from Asian markets. The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gail </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 12, 9:55 am These are the top stocks in news today. Vedanta locked in 10% lower circuit The shares of Vedanta were locked in a 10% lower circuit after its buyback offer is deemed to have failed as per the terms of the delisting regulations. This comes after its promoter Vedanta Resources did not receive the required number of shares to delist the firm. Wipro trades in green The shares of Wipro were trading barely a percent higher ahead of its earnings today and the buyback announcement due tomorrow. Glenmark Pharma cracked 2% The shares of Glenmark Pharma lost 2% after the company said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. Premier Explosives locked in 5% upper circuit The shares of Premier Explosives were locked in 5% upper circuit for the second time in a row after the company said it had bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. Shilpa Medicare down 7% The shares of Shilpa Medicare were down 7% after its Telangana-based Jadcherla facility received a warning letter from the US drug regulator on October 9. The company said that it will be engaging with the agency and is fully committed to resolving this issue at the earliest. Future Retail shares lost 7% The shares of Kishore Biyani led Future Retail was down 7% after <a href="https://www.businesstoday.in/current/corporate/future-ril-deal-amazons-arbitration-proceedings-against-future-group-may-start-in-nov/story/418465.html">reports </a>surfaced that arbitration proceedings between e-commerce giant Amazon and Future Group are expected to start in November. The <a href="https://www.bloombergquint.com/law-and-policy/reliance-future-group-deal-whys-amazon-objecting-and-is-it-likely-to-succeed">reports </a>also claimed that Amazon might succeed in the arbitration proceedings against Future Group. ITC shares gain 5% The shares of hospitality and cigarette giant ITC were up 5% after CLSA upgraded ITC rating from outperform to ‘Buy’ with a target price of ₹220 per share. CLSA says FMCG is the new value driver and long-term positives are unfolding as revenue diversifies. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

New Delhi, Feb 19 () BSE-listed Infibeam Avenues Ltd on Wednesday said it has forayed into the US, the world's second largest digital payments market by revenue, and will offer its solutions to web and mobile-based small and medium enterprises (SME). Infibeam will offer its vast array of digital payment solutions to web and mobile based SMEs largely operating in the online retail, education, hospitality and travel and tourism industry, apart from other industry verticals under the brand CCAvenue, the company said in a statement. "US market presents a trillion dollar digital payments processing opportunity. As part of our vision to change the way customers trade and transact globally through digitisation of commerce, we are committed to provide the best-in-class online digital payment solutions to merchants and customers in the US," Infibeam MD Vishal Mehta said. He added that to strengthen its position in the region, the company will explore opportunities to partner and collaborate with large financial institutions including selective acquisitions to extend its digital payments solution reach to merchants and customers in the US. "After innovating and dominating the Indian and UAE markets, we are looking forward to launching our advanced real time payment gateway solutions in USA, which is a huge market with over 280 million electronic payment users doing over 450 transactions per capita per year," Infibeam Executive Director Vishwas Patel said. SR SHWSHW

Infibeam Avenues expands digital payments biz to US

New Delhi, Jan 27 () Logistics provider TCI Express on Monday reported a 36.4 per cent surge in its profit after tax at Rs 26 crore for the quarter ended December 31, 2019.
The company had clocked Rs 19 crore PAT (profit after tax) in the October-December quarter of the previous fiscal, it said in a regulatory filing to the BSE.
The company in a statement said it has come out with a "resilient Financial Performance with 2.1 per cent Income and 36.4 per cent PAT (profit after tax) growth in Q3 FY2020".
The company has registered 2 per cent growth in revenue from operations during the quarter under review at Rs 268 crore as against Rs 263 crore in the year-ago quarter, it said.
"I am pleased to report that TCI Express has delivered a resilient performance in the quarter despite a weak macroeconomic environment impacting major sectors of the economy...The Company delivered an EBITDA of Rs 35 crores, growth of 11.2 per cent and margins expanded by 107 bps to 13.1 per cent during the same period...The revenue growth was driven primarily by increase in Small and Medium Enterprises (SME) customers. The margin improvement is a result of operational efficiency initiatives and better working capital management," its MD Chander Agarwal said.
He said the company continued to expand its geographical presence and has opened 10 new branches in the quarter.
"The objective is to increase penetration in metro cities .... During the quarter, we implemented various initiatives to improve operational efficiency which resulted in higher capacity utilisation and operational cost reduction," he said.
The company said construction of its new sorting centre at Gurgaon was on halt due to NGT order but now the construction is back on track and it expects both of its new sorting centres to commence commercial operations from the second quarter of next fiscal year.
The domestic economy in the third quarter of FY2020 continued to face slowdown due to weakening industrial activity across sectors, and tighter credit conditions in the non-banking sector also resulted in the weakening of domestic demand and subdued private consumption, it added.
"Along with economic slowdown, Logistics the sector also saw moderation due to political disturbance and protest in North and Eastern region. We are hopeful that the government in its upcoming budget will introduce a major stimulus package to revive manufacturing, address low consumption demand and support MSME's to improve overall business confidence," Agarwal said.
TCI Express is a delivery provider and with its 800 offices covering more than 40,000 locations. NAM BAL

TCI Express Q3 PAT rises 36% to Rs 26 cr

Mumbai, Apr 17 () The Reserve Bank on Friday announced an asset classification standstill for three months to May 31 but asked banks to set aside additional money as provisions against loan accounts where the 90-day moratorium on repayments has been utilised.On March 27, it had given term-loan borrowers the option of a moratorium on loan repayments for 90 days for the money due in March, April and May with the assurance that it will not affect credit scores.Addressing the media in a video message on Friday, Das said that in accounts where moratoriums or deferments are being utilised, the asset recognition norms, under which an account is classified as a non performing asset (NPA) after 90 days of non-payment, will not apply."It has been decided that in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period, i.e., there would be an asset classification standstill for all such accounts from March 1, 2020 to May 31, 2020," he said.However, for such cases, the RBI asked banks to maintain a higher provision of 10 per cent spread over the March and June quarters with an assurance to adjust the provisions later.Das explained that such a requirement of setting aside more money, which would typically dent profitability or hold up capital, is necessary from a safety perspective.He said the decision has been taken "with the objective of ensuring that banks maintain sufficient buffers and remain adequately provisioned to meet future challenges"."...we are cognizant of the risk build-up in banks' balance sheets on account of firm-level stress and delays in recoveries," the governor added.Das said the 10 per cent provisions can be adjusted later on against the provisioning requirements for actual slippages in such accounts.It can be noted that generally bank set aside a much lower amount as standard asset provisioning which differs as per the type of loan and is generally less than 1 per cent of the outstanding. When an asset is recognised as a NPA, they are required to increase the provisioning to over 15 per cent and keep taking it higher as per the movement in its resolution."Necessary clarity has been given that the moratorium period will not lead to a spurt in NPAs in the system and importantly, will allow the borrowers across retail, SME and corporates availing the moratorium to access additional funding from banks or NBFCs," Suman Chowdhury, the chief analytical officer at Acuite Ratings and Research, said.He added that while this measure effectively means an extension of the NPA period from 90 days to 180 days, banks will have to provide extra through the increased provisioning. Das also said that non bank lenders have flexibility under the prescribed accounting standards to consider such relief to their borrowers. While the additional provisioning can be a dent to banks' performance, there were a host of positive measures for the lenders in the slew of announcements like a relaxation on liquidity coverage ratio.The BSE's sectoral index bankex was up 5.12 per cent at 23,304.63. AA MKJ

In relief to borrowers and banks, RBI exempts accounts with moratorium benefits from asset recognition norms for 90 days

Mumbai, Jan 20 () Kotak Mahindra Bank on Monday posted a 27 per cent jump in its consolidated post-tax net profit at Rs 2,348 crore, but reported a sharp slowdown in credit growth and an uptick in asset quality stress which spooked investors.
On a standalone basis, it reported a 23 per cent increase in profit to Rs 1,595.90 crore.
The bank, whose scrip witnessed a 4.70 per cent correction after the results, will only be able to achieve a credit growth in "mid-teens" which is slower than the initial expectations, its joint managing director Dipak Gupta told reporters here.
The private sector lender reported a 10 per cent growth in advances, which just a notch above the system's growth.
Gupta said the bank wants to "genuine and lendable" borrowers who are few in number, and also pointed to RBI's single group exposure norms as a worry impeding growth.
He said there has been an increase in the "unknown unknowns", wherein an otherwise well performing concern goes suddenly reports troubles and underlined that this aspect is entity-specific and not sectoral.
The bank's stock of gross non-performing assets (NPAs) increased to 2.46 per cent as against 2.07 per cent in the year-ago period. A third of its over Rs 1,000 crore in fresh slippages came from two "unknown-unknowns", where a company was downgraded due to unforseen events.
The "unknown unknowns" are coming up because of a variety of challenges, including governance, accounting issues, regulatory moves and judicial interventions, he said, without elaborating or pointing out to the two cases.
On the loan growth front, the bank did not write much of loans on the corporate side which accounts for over 40 per cent of the book due to slowdown in capex, Gupta said.
Stating that the retail book quality is holding up as the broader economic worries are not playing into jobs as yet, Gupta said it is cautious on the unsecured part where there is a threat of a ponzi behaviour where one borrower borrows from multiple institutions to take care of repayments.
"The companies who you can lend comfortably has shrunk, the choice is how much more can you lend to them. SME loan growth has been slow, loan requirements in that segment are pretty restricted so we have not found opportunities to grow as much as we would want," Gupta said.
He explained writing a loan gives a 2 percentage point spread to a bank as interest income, difficulties in recoveries can lead to 100 per cent wipe-off of the same amount, and added that the shocks typically come to haunt a bank three years later.
Nominal GDP growth has to go up to above 10 per cent from the under 8 per cent in order to get the loan growth back, he said, adding that from a future outlook perspective, things are looking at the most positive in two quarters now. 
The share of advances with unpaid dues for 61-90 days came down in the December quarter to Rs 374 crore, Gupta said.
For the reporting quarter, the bank's net interest income grew 17.22 per cent to Rs 3,430 crore, helped majorly by an expansion in net interest margin to 4.66 per cent from the year-ago's 4.22 per cent.
Its overall provisions came at Rs 444 crore as against a write-back of Rs 32.30 crore in the year-ago period and the quarter ago's Rs 407 crore.
Gupta said its distressed asset fund has closed a deal recently without elaborating on the transaction.
All the subsidiaries reported s surge in profits, including broking arm's Rs 128 crore, life insurance arm's Rs 166 crore and Kotak Mahindra Capital's Rs 40 crore.
The bank scrip closed 4.70 per cent down at Rs 1,618.05 on the BSE, as against a 0.99 per cent correction on the 30-share benchmark. AA MKJ

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