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<ul><li><keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="153" meta.entityid="Ola Electric">Ola Electric</keyword> has announced its plans to expand its sales and service infra to 10,000 outlets.</li><li>The company said it plans on reaching this by the end of 2025 and has initiated a network partner programme.</li><li>The programme is aimed at pushing sales into tier-2 and tier-3 cities.</li></ul>Bhavish Aggarwal-led Ola Electric on Thursday said it will establish 10,000 sales and service outlets by the end of 2025 to expand its reach across smaller cities and towns. The electric two-wheeler maker said it has initiated a network partner programme aimed at taking EV sales further into tier-2 and tier-3 cities, including urban pockets where EV penetration remains low. Under the initiative, the company has reportedly on-boarded 625 partners to expand its sales footprint across India, it said in a statement. The company further plans to have 1,000 partners ahead of the festive season this year, it added. <div type="twitter" handle="bhash" handlename="bhash" favoritecount="0" retweetcount="0" id="1839215479480549447"></div> Ola Electric said it aggressively plans to expand its network by on-boarding 10,000 partners, across sales and service, by the end of 2025. This, the company claims will give it an edge over its competitors. The company currently has around 800 company-owned stores, and with the network partner programme, it will have nearly 1,800 sales and service touch points ahead of the upcoming festive season. "Our D2C model has been extremely successful in driving sustainable business growth. The Network Partner Program will further amplify the benefits of our D2C network as it requires limited capital investment from partners and can be scaled up really fast," Ola Electric Chairman and MD Bhavish Aggarwal stated. While the company-owned stores will be the anchors of sales and service network, this programme will be instrumental in expanding the EV footprint deeper into the urban and rural markets, he added. "We will continue to expand and invest in our front-end network to accelerate EV adoption to #EndICEAge, and by the end of next year, will have 10,000 Network Partners across the country," Aggarwal said. Ola Electric sells electric scooters and bikes priced from ₹74,999 to ₹1,99,999. Ola Electric reported a sale of 27,506 units in August 2024, up from 18,749 vehicles sold in August 2023, reporting a 46.7% year-on-year growth. This is however lower than its July 2024 sales of 41,711 vehicles. The sale of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> has slowed down, amid reduced subsidies, an increase in customer issues with the vehicles and more. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ola Electric plans to expand sales and service infra to 10,000 outlets by 2025-end

<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

<ul><li><keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Limited is set to debut in India's stock market.</li><li>The IPO will open on October 15, making it the first car company in over two decades to go public in India.</li><li>Here’s everything you need to know about the South Korean automaker ahead of its IPO.</li></ul> Hyundai Motor India Limited, the Indian arm of South Korean automaker Hyundai Motor Company is all set to make its stock market debut in India as its initial public offering (IPO) opens on October 15. This will be the first market outside South Kores where the country is listed. Hyundai, which entered the Indian market in 1996 is one of the top automakers in India, moving between the second and third spots. The company emerged as the second biggest automaker in Hyundai. Since it entered the Indian market, the company has sold over 80 lakh cars in the country. Hyundai intends to establish India as a global manufacturing and export hub for the company and this might be an initial step in this direction. KFin Technologies is the registrar for the public issue and advisors for the issue include Kotak Investment Banking, Citi, HSBC, JP Morgan and Morgan Stanley. <h2>India’s biggest IPO</h2>Hyundai India is looking to raise ₹27,870 crore from the IPO, significantly higher than the ₹21,008 crore raised by the state-owned Life Insurance Corporation of India (LIC) in 2022, making it the biggest IPO in India’s history. <div type="Article" hostid="261" msid="111690863" title="The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds" mstype="2" mssubtype="0"></div> <h2>About the IPO</h2>The upcoming IPO from Hyundai is entirely an offer for sale (OFS), with the company looking to offload up to 17.5% of shares, which is 14.22 crore shares with a price band of ₹1865 to ₹1,960 per share. Bids can be made in a lot size of 7 shares or multiples of 7 shares. The IPO opens on October 15 and will close on October 18. While the allotment will be finalised on October 18, the shares will be listed on the stock exchange on October 22. At the upper end of the price band, Hyundai Motor India will be valued at $18 billion (approx. ₹1.6 lakh crore), which is around 40% of its parent company, Hyundai Global’s $45 billion valuation. As it is entirely an OFS, the company won’t receive any funds and all the funds raised will go to Hyundai Global. However, the company has said that part of the funds will be allocated towards research and development, especially in electric vehicles (EVs) and hybrid technologies. The company has reserved 7.78 lakh shares with a value of ₹131 to ₹138 crore for employees. Employees will get these shares at a discount of ₹186 per share. <h2>First carmaker in over two decades to go public</h2>In addition to being the biggest IPO in the country’s history, this will also make the company the first car maker to go public in India in over two decades. The last car maker to go public was Maruti Suzuki, which held its IPO in 2003. <div type="Article" hostid="261" msid="114120828" title="The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?" mstype="2" mssubtype="0"></div> With the IPO, the company will join other car makers such as Maruti Suzuki, Tata Motors and Mahindra &amp; Mahindra to be listed in the Indian stock market. <h2>Hyundai in India</h2>The Indian market contributes to around 15% of the company’s global sales and is the third biggest market for the company after the United States and South Korea. The company has already invested around $5 billion in the country and plans to invest an additional $4 billion over the next few years. Company’s financials <table style="border-width: initial; border-style: none;"></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;">Period ended </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;">Revenue </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;">PAT </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;">Mar-22 </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;">₹47,966.05 </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;">₹2,901.59 </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;">Mar-23 </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;">₹61,436.64 </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;">₹4,709.25 </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;">Mar-24 </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;">₹71,302.33 </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;">₹6,060.04 </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;">June-24 </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;">₹17,567.98 </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;">₹1,489.65 </td></tr></tbody></table> Amount in ₹ crore Hyundai recorded a revenue of ₹71,302.33 crore in FY24, up from ₹61,436.64 crore in FY23 and ₹47,966.05 crore in FY22. During the 3-month period from April to June 2024, the company earned a revenue of ₹17,567.98 crore. The company recorded a profit after tax (PAT) of ₹6,060.04 crore in FY24, up from ₹4,709.25 crore in FY23 and ₹2,901.59 crore in FY22. The company recorded a PAT of ₹1,489.65 crore from April to June 2024. “Hyundai Motor India is seeking a slightly higher premium to Maruti and lower to M&amp;M based on price earnings ratio while Hyundai stands to be expensive in terms of price to book value. Hyundai India justifies its premium ask considering its leadership in SUV sales, world-class brand image followed by better safety ratings, Multi-segment growth visibility largely been driven by its popular SUVs, particularly the Creta, Exter, and Venue models in the Indian market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. <h2>Hyundai paid ₹10,780 crore dividend in FY24</h2>Ahead of the IPO, Hyundai paid a ₹10,780 crore dividend in FY24, up from ₹4,653.42 crore dividend in FY23 and ₹1,493.45 crore dividend in FY22. With this, the company’s cash and bank balance has declined from ₹17,741.15 crore a year ago to ₹9,017.35 crore. <div type="Article" hostid="261" msid="113925972" title="September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors" mstype="2" mssubtype="0"></div> “As a result, our ability to utilise our internal accruals and cash and bank balances has been reduced. Any resultant insufficiency in our internal accruals and cash and bank balance may require us to borrow money to meet our growth requirements and incur borrowing costs, which may adversely impact our profitability, financial ratios and results of operations,” the company said in its Red Herring Prospectus (RHP). <h2>Declining grey market premium</h2>Grey market premium (GMP) is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. In essence, it is the premium above the issue price of a share. The GMP of Hyundai has been on a decline, from ₹570 around two weeks ago to ₹130. <h2>Key risks to remember</h2>Here are some of the key risks that the business faces: <h3>Rising part prices</h3>There has been an increase in prices of key vehicle parts over the years, especially chipsets. A further rise in price may impact the company’s profitability in the coming years. <h3>Production disruptions</h3>The company has said that any disruption to its Chennai plant will adversely impact the production and the company’s finances. <h3>Supplier dependency</h3>Another risk to keep in mind is the company’s dependency on its suppliers. Any disruption in its supply chain will adversely impact its production and profitability. <h3>Competition</h3>Hyundai alternates between the second and third position in the Indian car market. An increase in competition, with the increased sales of Mahindra and Mahindra, the company faces a new competitor. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-september-2024-maruti-suzuki-dominates-with-seven-cars/slidelist/114112295.cms">Top selling cars in India in September 2024 – Maruti Suzuki dominates with seven cars</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms">Samsung leads the first phase of festive sales with a 20% market share</a>

Hyundai IPO review – Everything you need to know about India’s biggest IPO

<ul><li><keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="261" meta.entityid="Ola">Ola</keyword> is reportedly looking to re-enter the <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword> business.</li><li>The company is also planning to offer UPI services to customers.</li><li>The company’s earlier quick commerce service, <keyword id="22710114" type="General" weightage="20" keywordseo="ola-dash" source="keywords">Ola Dash</keyword> was shut in 2022.</li></ul> Ola tried its hand in the quick commerce business with Ola Dash but failed to crack the market and wind up operations in 2022. Amid the rising popularity of quick commerce apps such as <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword>, <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy Instamart" meta.hostid="261" meta.entityid="Swiggy Instamart">Swiggy Instamart</keyword> and Zepto, Ola is now looking to re-enter the business. According to a<a href="https://economictimes.indiatimes.com/tech/technology/ola-drawing-up-a-route-map-to-join-quick-commerce-party/articleshow/112354202.cms"> report</a> by Economic Times, <keyword id="20138354" type="General" weightage="20" keywordseo="ANI-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="ANI Technologies" meta.hostid="261" meta.entityid="ANI Technologies">ANI Technologies</keyword>, the parent company of <keyword id="20138355" type="General" weightage="20" keywordseo="ola-cabs" source="keywords">Ola Cabs</keyword> is planning on setting up <keyword id="21641710" type="General" weightage="20" keywordseo="dark-stores" source="keywords">dark stores</keyword> to ride the quick commerce wave. <h2>What are dark stores?</h2>Dark stores are special warehouses used to fulfil online orders. They are not open to the public and are designed to make packing and shipping items fast and efficient. Dark stores are often used by grocery stores, supermarkets, and other retailers to handle the growing demand for online shopping. The term "dark" refers to the fact that these stores are not open to the public, as they are not intended for in-store shopping. <div type="Article" hostid="261" msid="112288793" title="Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market" mstype="2" mssubtype="0"></div> According to the report, the dark stores will be operated by Ola and the company is planning on deploying robots to minimize human involvement. “It's a dark store as a service where the whole setup will be delivered with significant automation but there will be some people involved,” a source familiar with the matter told ET. <h2>Ola plans to offer UPI services</h2>It’s not just quick commerce, Ola is reportedly planning on offering UPI services to its customers. The company already has the Ola Money app, which has found few takers. The company had converted from a full wallet to a small prepaid instrument (PPI) wallet earlier this year. <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> is expected to talk about the company’s upcoming initiatives at an event on August 15. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-10-selling-cars-in-india-in-july-2024/slidelist/112337262.cms">Top 10 selling cars in India in July 2024 – 6 out of 10 are from Maruti Suzuki</a> <a href="https://www.businessinsider.in/stock-market/news/ola-electric-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112319824.cms">Ola Electric IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart

German carmaker Mercedes-Benz expects <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> to become its third biggest market in its 'Region Overseas' over the next 2-3 years with demand anticipated to remain strong for luxury products, according to a senior company executive. The Region Overseas for <keyword id="20034825" type="General" weightage="20" keywordseo="mercedes-benz" source="keywords">Mercedes Benz</keyword> comprises 118 countries, excluding North America, Europe and China. India is the fifth largest market in the region after Japan, South Korea, Australia and Turkey. The sales gap between India and Turkey is around 8,000 units per year. "Our Region Overseas markets which encompass 118 markets across the world and India happens to be market number five for us. So you can imagine the relevance and importance it serves not only today, but also for the future of the Mercedes Benz brand," Mercedes-Benz AG Head of Region Overseas, <keyword id="20836954" type="General" weightage="20" keywordseo="sagree-sardien" source="keywords">Sagree Sardien</keyword> told reporters here. When asked about the expected timeframe to achieve the target, she stated, "We are convinced that with the way the Indian market is developing, we should see this happening in the next two to three years." Terming India a strategic market for the brand, <keyword id="20836953" type="General" weightage="20" keywordseo="sardien" source="keywords">Sardien</keyword> noted that the company has seen sales of its high-end models grow in double digits for the last couple of years and expects the same to continue this year and beyond. She noted that the company will add 12 new models, including three battery electric vehicles, in the market this year. The company also plans to tap smaller cities as it looks to establish sales outlets in 10 new locations ranging from Jammu to <keyword id="19910725" type="General" weightage="20" keywordseo="kottayam" source="keywords">Kottayam</keyword> to scale operations, Sardien stated. Mercedes-Benz India reported its highest ever sales of 17,408 units in 2023. Sardien said the electrification journey in India is picking up slowly for Mercedes-Benz with 4 per cent of total sales in the country coming from EVs. "I completely believe that we will see a double-digit (growth) in electrification for our product range within this market," she said. "Customers' preferences are obviously at a much slower pace than the demand we expected," she said adding the company would go according to the transformation of customers. Sardien noted that the company will not change its strategic direction. "It is clear that the future is electric for us, but we ensure that we cater for our customers' changing preferences and where market conditions are actually allowing," she said. When asked about the potential of the overall luxury car market in India, Sardien said it can touch 1 lakh unit mark probably by the end of this decade. "But I think there are some fundamental things that need to happen in the market and it is highly dependent on how customers transition here between the combustion engine and the battery electric vehicle architecture," she added. The luxury car market in India is around 47,000 units per annum and remains a miniscule part of the overall passenger vehicle segment which crossed the 41 lakh units mark last year. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms" target="_blank">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a><a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms" target="_blank">BYD Seal electric sedan launched in India starting at ₹41 lakh</a><a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank">Mukka Proteins IPO allotment – How to check allotment, GMP, listing date and more</a>

Expect India to be third largest market among 118 countries: Mercedes-Benz

<ul><li> <keyword id="12217264" type="General" weightage="20" keywordseo="shares-of-paras-defence" source="Orion">Shares of Paras Defence</keyword> &amp; Space Technologies listed on the stock exchanges at ₹475 per share, which is 171% higher than the issue price.</li><li>The company’s initial public offer (IPO) was oversubscribed by over 304 times.</li><li>It intends to use bulk of the IPO proceeds to purchase machinery and equipment, fund incremental working capital requirements and pay some debt.</li></ul>Shares of Paras Defence &amp; Space Technologies debuted at ₹475 per share, which is 171% above its issue price of ₹175. The Mumbai-based defence company floated its ₹170 crore initial public offer (IPO) in September. The IPO was oversubscribed by 304 times, with non-institutional investors leading the fray. The initial public offering (IPO) of the company has witnessed <a href="https://www.businessinsider.in/stock-market/news/paras-defence-and-space-technologies-ipo-allotment-is-tomorrow/articleshow/86546339.cms">overwhelming response </a>from the investors as even most analysts are bullish on the company’s growth prospects. Investors have bid for 217 crore shares against the 71.40 crore shares on offer. The company intends to utilise the net proceeds of the issue to purchase machinery and equipment, funding incremental working capital requirements, pay some debt, and for general corporate purposes. Meanwhile, the grey market premium for the company’s shares continued to demand over <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms">100% premium </a>in the grey market at ₹200. As of 10:00 a.m., Paras Defence &amp; Space Technologies shares were trading at ₹498 per share, which is up by over 185%. The strong premium is attributed to the company’s robust order book and its ability to benefit from the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. It has a strong order book of ₹304 crore as of June 30, 2021. Also, analysts have recommended <a href="http://ies-ipos-grey-market-indicates-100-premium/articleshow/86367708.cms">subscribing </a>to the IPO for the long term on strong growth prospects. The company derives majority of its business from government entities in the defence and space sector. As of FY21, government and private entities generated 50.8% and 32.3% revenue, while the rest was from exports. “We have been strategically working on cutting down raw material dependence on one single country like China. I hope we can pull it down below two digits in the coming years,” said Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">5-year old Ola Electric is now worth over a half of its older sibling Ola</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/from-netflix-and-hotstar-to-airtel-to-jio-bills-brace-for-surprises-as-rbis-guidelines-on-auto-debit-transactions-kick-in-from-october-1/articleshow/86642500.cms">From Netflix and Hotstar to Airtel to Jio bills, brace for surprises as RBI’s guidelines on auto-debit transactions kick-in from October 1</a>

Paras Defence & Space Technologies makes a blockbuster market debut, lists at a premium of 171%

<ul><li>Paras Defence &amp; Space Technologies IPO is getting listed on stock exchanges today.</li><li>The IPO of the Mumbai-based defence company has received huge demand from investors as the IPO was subscribed 304 times.</li><li>Meanwhile, shares of the company have continued to demand over 100% premium in the grey market.</li></ul><keyword id="12217264" type="General" weightage="20" keywordseo="shares-of-paras-defence" source="Orion">Shares of Paras Defence</keyword> &amp; Space Technologies will get listed on stock exchanges today, September 30. The initial public offering (IPO) of the company has witnessed overwhelming response from the investors as even most analysts are bullish on the company’s growth prospects. Investors have bid for 217 crore shares against the 71.40 crore shares on offer. Currently, shares of the company are <a href="https://www.livemint.com/market/ipo/paras-defence-ipo-what-gmp-grey-market-premium-signals-ahead-of-share-listing-11632967258131.html">reportedly at</a> a premium of ₹200 per share in the grey market, up by 114% from the price band of ₹165-170. Although the grey market premium has stuck to ₹200, it is to notice that the premium has come down by ₹20 in the last few days from ₹220. The strong premium is attributed to the company’s robust order book and its ability to benefit from the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. It has a strong order book of ₹304 crore as of June 30, 2021. Also, analysts have recommended <a href="http://ies-ipos-grey-market-indicates-100-premium/articleshow/86367708.cms">subscribing </a>to the IPO for the long term on strong growth prospects. The company derives majority of its business from government entities in the defence and space sector. As of FY21, government and private entities generated 50.8% and 32.3% revenue, while the rest was from exports. The company doesn’t have any peers in the listed space which analysts believe is an add-on. “Considering its niche product profile and technology, dominant market positioning and vast growth potential, we assign a “SUBSCRIBE” rating for the issue,” said a report by Choice Broking. “Company has [a] wide range of products and solutions for both defence and space applications. Company being one of the few players in high precision optics manufacturing for space and defence application in India has strong R&amp;D [research and development] capabilities with focus on innovation and is well positioned to benefit from the government’s “Atmanirbhar Bharat” and “Make in India” initiatives. Also, the company's strong order book gives good revenue visibility going forward,” said analysts at HEM Securities while recommending to subscribe to the IPO for long term. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">5-year old Ola Electric is now worth over a half of its older sibling Ola</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-announces-plans-to-invest-5000-crore-in-its-data-centre-business-rebrands-it-to-nxtra/articleshow/86640966.cms">Airtel announces plans to invest ₹5,000 crore in its data centre business, rebrands it to Nxtra</a>

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