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Dear readers, As we approach yet another weekend, here are some key developments across various sectors. Nvidia has surpassed Apple to become the world’s largest company, driven by the AI boom. Meanwhile, the US Federal Reserve cut interest rates, by 25 basis points to 4.75%, the second such reduction in 2024. In the workplace, Gen Z’s approach to mental health got attention, with one employee taking a week off after a breakup. Additionally, Indian banks are expecting steady growth, despite challenges in unsecured lending. Read on for all the details! <h2>Top stories from the week </h2> Indian banks to have steady growth in earnings over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report Jefferies forecasts steady earnings growth for Indian banks over the next 3–4 years, with a 13% annual loan growth rate. However, a decline in unsecured lending could reduce fee income. While net interest income is expected to grow at 12%, challenges such as rising defaults and a potential dip in rate cuts could affect profitability. Despite this, banks’ return on equity and assets remain promising. <a href="https://www.businessinsider.in/finance/news/indian-banks-to-have-steady-growth-in-earning-over-next-3-4-years-fees-from-unsecured-lending-may-dip-notes-jefferies-report/articleshow/115048179.cms" data-type="tilCustomLink" target="_blank">Read more</a> Nvidia becomes world’s largest company amid AI boom, surpasses Apple in the race Nvidia has surpassed Apple to become the world’s largest company by market capitalization, driven by the AI boom. The company’s strong performance is fueled by surging demand for its chips used in AI technologies. With a market cap hitting $3.43 trillion, Nvidia continues to dominate the AI hardware sector, powering data centres and AI research. The company’s revenue growth of 122% YoY further cements its leadership in the AI space. <a href="https://www.businessinsider.in/business/news/nvidia-becomes-worlds-largest-company-amid-ai-boom-surpasses-apple-in-the-race/articleshow/115003223.cms" data-type="tilCustomLink" target="_blank">Read more</a> ‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts A manager’s tweet about granting a Gen Z employee a week off for a breakup sparked widespread debate. While the manager expressed frustration over project delays, internet users defended the employee’s mental health needs, criticizing the manager’s lack of empathy. Some supported the manager’s view, pointing out generational differences in work culture. The incident went viral, furthering discussions about Gen Z’s unique workplace expectations. <a href="https://www.businessinsider.in/careers/news/he-had-a-breakup-and-took-a-one-week-leave-manager-shares-about-his-gen-z-employee-internet-reacts/articleshow/115041747.cms" data-type="tilCustomLink" target="_blank">Read more</a> US Fed cuts interest rates by 25 bps, Powell notes Trump’s victory to have no impact on policy decisions The US Federal Reserve has cut interest rates by 25 basis points to 4.75%, the second such reduction in 2024. Fed Chairman Jerome Powell emphasized the Fed’s independence despite Trump’s criticism and suggested that the economic outlook remains uncertain, though the Fed is focused on inflation targets. Trump’s policies may lead to higher inflation, adding complexity to the Fed’s efforts to stabilize prices. Experts anticipate that bond yields will stabilize, benefiting emerging markets like India. <a href="https://www.businessinsider.in/finance/news/us-fed-cuts-interest-rates-by-25-bps-powell-notes-trumps-victory-to-have-no-impact-on-policy-decisions/articleshow/115070690.cms" data-type="tilCustomLink" target="_blank">Read more</a> Big Tech’s winners and losers from Donald Trump’s win, according to the market After Donald Trump’s election victory, tech stocks surged, with companies like Tesla seeing significant gains. Tesla’s rise was fueled by Trump’s public support for CEO Elon Musk. Conversely, companies like Apple faced challenges due to fears over potential tariffs on China. While some, like Google, might benefit from lighter regulations, others like Meta could face political challenges. Overall, the election results reshaped market expectations for Big Tech’s future. <a href="https://www.businessinsider.in/tech/news/here-are-big-techs-winners-and-losers-from-donald-trumps-win-according-to-the-market/articleshow/115067798.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories</h2> <a href="https://www.businessinsider.in/entertainment/webstories/donald-trump-on-screen-a-look-at-his-iconic-cameos/slidelist/115045250.cms" data-type="tilCustomLink" target="_blank">Donald Trump on screen: A look at his iconic cameos</a> <a href="https://www.businessinsider.in/india/webstories/8-lifestyle-mistakes-contributing-to-health-problems-in-india/slidelist/115051791.cms" data-type="tilCustomLink" target="_blank">8 lifestyle mistakes contributing to health problems in India</a> <a href="https://www.businessinsider.in/travel/india/webstories/10-magical-indian-experiences-every-traveller-should-try/slidelist/115052527.cms" data-type="tilCustomLink" target="_blank">10 magical Indian experiences every traveller should try</a>

Weekend wrap: Nvidia’s AI-driven surge, Indian banks’ steady growth and more

Successful companies started by senior citizens

<keyword id="15160768" type="General" weightage="20" keywordseo="presvu" source="Orion">PresVu</keyword> eye drops, developed by <keyword id="20007796" type="General" weightage="20" keywordseo="entod-pharmaceuticals" source="keywords">Entod Pharmaceuticals</keyword>, were launched with considerable media attention earlier this month as a novel solution for <keyword id="23035383" type="General" weightage="20" keywordseo="presbyopia" source="keywords">presbyopia</keyword>. Presbyopia is a condition where individuals aged 40 and above experience difficulty focusing on nearby objects, often requiring reading glasses. PresVu claimed to reduce or eliminate the need for these glasses, offering an alternative through its active ingredient, 1.25% Pilocarpine, which temporarily contracts the pupil, improving near vision. Entod Pharmaceuticals earlier announced that the product had approval from the <keyword id="20047866" type="General" weightage="20" keywordseo="drug-controller-general-of-india" source="keywords">Drug Controller General of India</keyword> (<keyword id="20046022" type="General" weightage="20" keywordseo="dcgi" source="keywords">DCGI</keyword>). These announcements created substantial buzz, as the treatment promised a non-invasive solution to a common problem affecting millions of people. <h2>Regulatory backlash</h2>The situation escalated when the Drug Controller General of India suspended the marketing and distribution licence of PresVu eye drops. The suspension was issued due to unauthorised promotional campaigns by Entod, which made unverified claims about the drug's capabilities. The company had reportedly promoted PresVu not as a prescription drug, but as an over-the-counter (OTC) solution that could potentially replace reading glasses — a claim that regulators found highly misleading. The DCGI expressed concerns that such promotions could lead to misuse, with patients potentially self-administering the product without medical guidance, raising significant safety concerns. Furthermore, the regulatory body pointed out that while the product had been approved as a prescription drug, the marketing blitz implied it was a quick-fix solution available to anyone, which it was not. <h2>Entod Pharmaceuticals responds</h2>Entod Pharmaceuticals quickly defended itself against these allegations, maintaining that their marketing campaign was based on the information cleared by the DCGI. According to Entod, the promotion highlighted only the approved uses of the <keyword id="4537914" type="General" weightage="20" keywordseo="eye-drop" source="Orion">eye drop</keyword>, and any misconceptions arose from how the media and public interpreted the information. The company asserted that it would challenge the suspension in court, emphasising that other pharmaceutical companies frequently follow similar marketing practices without facing such scrutiny. In a statement, Entod’s CEO, <keyword id="21011592" type="General" weightage="20" keywordseo="nikkhil-k-masurkar" source="keywords">Nikkhil K Masurkar</keyword>, clarified that the company had conducted phase 3 clinical trials in India to ensure the product’s safety and efficacy. <div type="Article" hostid="261" msid="113251803" title="The next big market for weight-loss drugs: children" mstype="2" mssubtype="0"></div>“Our approval by DCGI was based on a valid controlled clinical trial in 234 patients which was successful in showing efficacy and safety of these eye drops in patients of Presbyopia, who used these drops without eyeglasses and could read additional lines on Snellen's chart which is yardstick of near vision impairment,” Masurkar commented in a statement. He insisted that the product’s promotional activities had followed standard protocols and blamed the viral nature of media reports for blowing the issue out of proportion. Despite these defences, the product remained suspended pending further investigations. "Such eye drops with the same active ingredient and same concentration have been approved by the US <keyword id="19918726" type="General" weightage="20" keywordseo="fda" source="keywords">FDA</keyword> and marketed in the US for the last three years without any serious complications. FDA didn’t take any action on the companies marketing the same in the USA,” Masurkar further elaborated. <h2>Public and expert reactions</h2>The controversy garnered widespread attention, particularly from medical professionals. The Liver Doc, a prominent liver specialist that takes to social media to debunk pseudoscientific claims, criticised the situation on X (former Twitter), warning about the dangers of exaggerated medical claims in advertising. The doctor’s tweet emphasised that blaming Indian media for blowing Entod’s claims out of proportion was “shameless”, noting that the media merely reported exactly what the company had themselves claimed earlier. <div type="twitter" handle="theliverdr" handlename="theliverdr" favoritecount="0" retweetcount="0" id="1833828866210849170"></div>As of September 12, 2024, the suspension of PresVu's marketing approval remains in place. Entod Pharmaceuticals is preparing to contest the decision in court, hoping to reinstate its flagship product in the Indian market. The regulatory investigation continues, with the DCGI seeking clarification on the exact nature of the promotions and whether they indeed violated ethical standards. <div type="Article" hostid="261" msid="113229771" title="China&amp;#39;s drug regulator clears mpox vaccine; to undergo clinical trial" mstype="2" mssubtype="0"></div>Despite Entod’s defence, the controversy has raised important questions about the marketing of prescription drugs in India, with regulators, the media, and the public closely watching how this case will evolve. The outcome could set a precedent for how pharmaceutical companies in India can market innovative treatments, particularly when dealing with sensitive areas like vision correction.

PresVu eye drops: Why has a pharma company fallen in controversy for claiming to cure near-sightedness?

<keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword>'s mammoth Rs 27,870 crore <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>, which will open for subscription between October 15-17, is set to be India's <keyword id="20459351" type="General" weightage="20" keywordseo="largest-IPO" source="keywords">largest IPO</keyword> ever, surpassing LIC's Rs 21,000 crore public offer, which came out in May 2022. This is also the first instance where an international giant (Hyundai Motor Group is based out of South Korea) will be listing its subsidiary (<keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motor India" meta.hostid="261" meta.entityid="Hyundai Motor India">Hyundai Motor India</keyword>) in an overseas market. Additionally, the company is also looking to raise Rs 8,315.28 crore from <keyword id="21330641" type="General" weightage="20" keywordseo="anchor-investors" source="keywords">anchor investors</keyword>, who will begin bidding on October 14th, 2024. Hyundai is the third largest auto original equipment manufacturer (OEM) globally, based on passenger vehicle sales. "We have been in India now for more than 26 years. We have a very high market share. We are at number two position in India in the passenger vehicle space. We have got so much love and affection from the people of India. So we believe this is the right time to take one step forward and even further Indianize our operations," Hyundai Motor India Ltd (HMIL) COO Tarun Garg told PTI in an interaction. Garg further added that the whole aim is to really become the most trusted brand of India. On being asked why they choose India for launching their IPO, he noted that the brand Hyundai has really been accepted very well in India, which is why it is probably the right country to really go for the IPO. Hyundai has set a price band of Rs 1,865-1,960 per share for the IPO, taking the company's valuation to Rs 1.6 lakh crore, or $19 billion. For <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>, the minimum lot size is 7 shares, while the minimum investment amount is Rs 13,720. Out of the total issue, 35% has been reserved for retail investors, which will give them a fair shot at owning HMIL shares. Also, 7,78,400 shares have been allocated for employees, which will be offered at a discount of Rs 186 to the issue price. Most experts are suggesting subscribing to the IPO from a medium to long-term perspective. According to Bajaj Broking's IPO note, "The issue relatively appears fully priced, but the company is poised for bright prospects post completion of its ongoing expansions. The company reported PAT margins of 6.05% (FY22), 7.67% (FY23), 8.50% (FY24), 8.48% (Q1-FY25), and RoCE (return on capital employed)margins of 20.37%, 28.75%, 62.90%, 13.69% for the referred periods, respectively. We recommend to subscribe the IPO with a long-term perspective". Notably, the entire IPO is an <keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword> (offer for sale) meaning that the company will not receive anything from this. All proceeds will go towards the promoters who are offloading their shares. <table class="redcator-table-advance"><tbody><tr><td>Period</td><td>Total Income (In Rs)</td><td>Net Profit (In Rs)</td></tr><tr><td>FY21</td><td>41,404.65 crore </td><td> 1,881.16 crore</td></tr><tr><td>FY22</td><td>47,966.05 crore </td><td>2,901.59 crore</td></tr><tr><td>FY23</td><td>61,436.64 crore </td><td>4,709.25 crore</td></tr><tr><td>FY24</td><td class="se-table-selected-cell">71,302.33 crore </td><td>6,060.04 crore</td></tr><tr><td>Q1FY25 (As of June 30, 2024)</td><td>17,567.98 crore</td><td>1489.65 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: DRHP of <keyword id="20104772" type="General" weightage="20" keywordseo="Hyundai-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motors" meta.hostid="261" meta.entityid="Hyundai Motors">Hyundai Motors</keyword> India HMIL’s current range of passenger vehicles consists of 13 models across key passenger vehicle segments by body type, including sedans (Aura and Verna), hatchbacks (Grand i10 NIOS, i20, and i20 N Line), and SUVs (Exter, Venue, Venue N Line, Creta, Creta N Line, Alcazar, Tucson, and IONIQ 5). Per Anand Rathi Wealth's IPO note, "HMIL follows a premiumization strategy, concentrating on selling higher-end trims with a higher average selling price (ASP) for their respective passenger vehicles. HMIL aims to align their EV strategy with market demands in India by carefully timing the launch of suitable EV models across various price segments. At the upper band company is valuing at 26.2x its FY24 earnings along with being valued at 26.7x if we annualize FY25 earnings. Following the issuance of equity shares, the company's market capitalization stands at Rs 15,92,581 million, with a market cap-to-sales ratio of 2.28 based on its FY24 earnings. We believe that the issue is fully priced and recommend “Subscribe –Long Term” rating to the IPO". <h2>History of large IPOs in India </h2>Back in 2007, DLF came out with the then-largest IPO, which was worth Rs 9,187.50 crores and saw 3.5x overall subscription. This was soon eclipsed by Reliance Power's IPO worth Rs 11,563.20 crore in January 2008. At 70X+subscription, it was massively oversubscribed in retail, QIB and HNI segments. The company managed to garner Rs 7.5 lakh crore as against its issue size of Rs 11,000 crore. Then came government's (GOI) disinvestment in Coal India in 2010, which had a book size of 15,199.44 crores. After a 10-year lull, Paytm's Rs 18,300 crore IPO broke this slumber in 2021. This was short lived because GOI decided to disinvest a small stake in LIC of India with a massive Rs 21,000 crore IPO in 2022, which was oversubscribed 2.95 times.

Upcoming IPO aimed to Indianize operations, says Hyundai Motors

New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

On the second day of offer, the IPO (initial public offer) of <keyword id="21031841" type="General" weightage="20" keywordseo="Shapoorji-Pallonji-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Shapoorji Pallonji Group" meta.hostid="261" meta.entityid="Shapoorji Pallonji Group">Shapoorji Pallonji Group</keyword>'s flagship <keyword id="21118098" type="General" weightage="20" keywordseo="construction-company" source="keywords">construction company</keyword>, <keyword id="23715057" type="General" weightage="20" keywordseo="Afcons-Infrastructure-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Afcons Infrastructure Limited" meta.hostid="261" meta.entityid="Afcons Infrastructure Limited">Afcons Infrastructure Limited</keyword>, was subscribed to around 0.28 times. As of 1 pm today, investors had bid for only 1,71,49,632 shares as against the 6,13,13,722 shares on offer. The Rs 5,430 crore worth of IPO, which includes a fresh issue of Rs 1,250 crore and an OFS (offer for sale) worth Rs 4,180 crore, closes for subscription tomorrow. The company is set to list on BSE and NSE next month, on November 4, 2024. With a price band of Rs 440 to Rs 463 per share, the company's last traded GMP (<keyword id="19905703" type="General" weightage="20" keywordseo="grey-market-premium" source="keywords">grey market premium</keyword>) stood at Rs 23. This means that the investors are expecting the stock to list at around Rs 486 (upper end of price band, i.e., Rs 463+ GMP of Rs 23), which will translate into a potential listing gain of around 4.97% per share. Globally, Afcons has undertaken multiple "first of its kind" <keyword id="19936648" type="General" weightage="20" keywordseo="infrastructure-projects" source="keywords">infrastructure projects</keyword>, like building Zambia's first flyovers and Ghana's largest rail project. Additionally, the company, which was incorporated in 1969, has a legacy of around 60 years. Some of their prominent projects in India include: <ul><li>Chenab Bridge in Jammu and Kashmir, which was completed in 2023. It is the tallest single-arch railway bridge in the world.</li><li>The Atal Tunnel in Himachal Pradesh, the world's longest highway tunnel constructed 3,000 meters above sea level, was completed in 2020.</li><li>Kolkata Metro, a part of which will be underwater, and will also include India's deepest metro station at Howrah.</li><li>Afcons is also working on constructing a 21-kilometer-long tunnel for Mumbai-Ahmedabad High Speed Railway, which will comprise a 7-kilometer-long underseas rail tunnel, a first in India.</li></ul> <h2>Steady Financials</h2> The company has a sturdy order book, standing at Rs 31,747.43 crore as of June 30, 2024. Its revenue from operations also surged from Rs 12,637.38 crore in FY23 to Rs 13,267.50 crore in FY24. On an average, around 30% of its revenues are sourced from exports. The company's PAT (profit after tax) jumped from Rs 418.86 crore in FY23 to Rs 449.74 crore in FY24. For the quarter ended June 30, 2024, the company's revenue from operations stood at Rs 3,154.36 crore, and profit after tax stood at Rs 91.59 crore. As of the second quarter of FY25, the company has 65 ongoing projects across 12 countries. Compared to its peers like Larsen and Toubro, which has a return on net worth (RoNW) of 15.24% and Kalpataru Project International, whose RoNW stands at 10.17%, Afcons has an RoNW of 15.24%. Anand Rathi Research recommends subscribing to this IPO from a long-term perspective, noting that the issue appears fully priced. "At the upper band, the company is valued at 37.9x its FY24 earnings, along with being valued at 46.3x if we annualize FY25 earnings. Following the issuance of equity shares, the company's <keyword id="19930507" type="General" weightage="20" keywordseo="market-capitalization" source="keywords">market capitalization</keyword> stands at Rs 1,70,261.8 million, with a market cap-to-sales ratio of 1.34 based on its FY24 earnings. We believe that the issue is fully priced and recommend "Subscribe-Long-term” rating to the IPO, it adds.

Afcons Infrastructure IPO: Offer subscribed to 0.28x on day 2. Should you invest?

<ul><li><keyword id="22119701" type="General" weightage="20" keywordseo="Emcure-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Emcure Pharma" meta.hostid="261" meta.entityid="Emcure Pharma">Emcure Pharma</keyword> is expected to announce its IPO share allotment status on Monday, July 8.</li><li>The shares of Emcure Pharma were subscribed 67.87 times.</li><li>The Emcure Pharma shares are expected to be listed on the stock exchanges on July 10.</li></ul> Pune-based Emcure Pharma, a pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products is expected to announce the allotment status of its initial public offering (IPO) on Monday, July 8. The <keyword id="22245340" type="General" weightage="20" keywordseo="Emcure-Pharma-IPO" source="keywords">Emcure Pharma IPO</keyword> opened on July 3 and closed on July 5. The price band for the Emcure Pharma IPO was ₹960 to ₹1,008 per share. <h2>Emcure Pharma IPO subscription</h2>On its last day, the Emcure Pharma IPO was subscribed 67.87 times, receiving bids for 93 crore equity shares against 1.37 crore shares on offer. While the qualified institutional buyer (QIB) portion was subscribed 195.83 times, the non-institutional investor's portion was subscribed 48.32 times. The retail portion witnessed subdued participation and was subscribed 7.21 times. The employee portion was subscribed 8.81 times. <h2>Emcure Pharma IPO Grey market premium</h2>The shares of Emcure Pharma are currently commanding a grey market premium (GMP) of ₹360 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. <h2>How to check the Emcure Pharma IPO’s allotment status</h2>You can check the <keyword id="22329764" type="General" weightage="100" keywordseo="Emcure-Pharma-IPO-allotment-status" source="Orion">Emcure Pharma IPO allotment status</keyword> on the registrar’s website. <ul><li>To check the Emcure Pharma IPO allotment status, visit the registrar’s website<a href="https://linkintime.co.in/initial_offer/public-issues.html"> here</a>. </li><li>Click on ‘Select Company’ and then select ‘Emcure Pharma’. </li><li>Now, enter your PAN, application number, DP / Client ID or Account number / IFSC. </li><li>Click on submit. </li></ul>You will be able to see your Emcure Pharma IPO application status. It will display the number of shares that you have applied for and the number of shares that have been allotted to you. You can also check the Emcure Pharma IPO allotment status on the BSE and NSE websites. To check the allotment status on the BSE or NSE website: <ul><li>Go to the BSE<a href="https://www.bseindia.com/investors/appli_check.aspx"> website</a>. </li><li>On the website, click on 'Equity' and then select ‘Emcure Pharma’ from the dropdown menu. </li><li>Now, enter your application number and PAN. </li><li>Click on 'Search'. </li></ul>You will be able to see the number of Emcure Pharma shares allotted to you. You can click<a href="https://www.nseindia.com/products-services/initial-public-offerings-bid-verification"> here</a> and log in to check your Emcure Pharma IPO allotment status on NSE. <h2>Emcure Pharma IPO listing date</h2>The shares of Emcure Pharma will be listed on the stock exchanges on July 10. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bansal-wire-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111567787.cms">Bansal Wire IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-mukesh-ambani-led-telco-might-be-gearing-up-for-indias-biggest-ipo/articleshow/111519009.cms">Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a>

Emcure Pharma IPO allotment – How to check allotment, IPO GMP, listing date and more

Both indices, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> saw a bloodbath on Friday, with Sensex dipping around 885.6 points to close at 80,981.95 points, while NSE dipped 1.17% to close at 24,717.70 points on August 2, 2024. <keyword id="20103302" type="General" weightage="20" keywordseo="Divis-Labs" source="keywords" meta.keywordsubtype="org" meta.entityname="Divis Labs" meta.hostid="261" meta.entityid="Divis Labs">Divis Labs</keyword> (up by 1.74%), <keyword id="6357149" type="General" weightage="20" keywordseo="HDFC-Bank" source="Orion">HDFC Bank</keyword> (up by 1.17%), Dr Reddy (up by 0.84%), <keyword id="44642" type="General" weightage="20" keywordseo="Sun-Pharma" source="Orion">Sun Pharma</keyword> (up by 0.80%) and Britannia (up by 0.63%) were amongst the top gainers during the day, while Eicher Motors (down by 5.15%), Tata Motors (down by 4.32%), <keyword id="6912" type="General" weightage="20" keywordseo="Maruti" source="Orion">Maruti</keyword> (down by 4.06%), <keyword id="45609" type="General" weightage="20" keywordseo="JSW-Steel" source="Orion">JSW Steel</keyword> (down by 3.91%) and Hindalco (down by 3.89%) were amongst the leading laggards during the day. Out of the 2,771 stocks traded during the day, 1,059 saw advances, while 1,630 saw declines, while another 82 remained unchanged. 152 stocks hit their 52-week high price and 32 stocks hit their 52-week low price as well. 108 stocks remained in the upper circuit during the day, while 81 stocks remained in the lower circuit, or hit their minimum permissible trading price during a singular trading session. Amidst broad market indices, Nifty next 50 was down by 1.30%, Nifty 100 was down by 1.10%, Nifty 200 dipped by 1.08%, Nifty 500 was down by 1.05% and midcap 50 was down by 1.43%. With the exception of India VIX, which rose 11.4% during the day, all other indices closed the day in red. As for sectoral indices, IT was down by 2.41%, metal was down by 2.70%, PSU banks were down by 1.72%, <keyword id="20304716" type="General" weightage="20" keywordseo="realty" source="keywords">realty</keyword> was down by 3.53% and oil and gas dipped by 1.24% during the day. Only healthcare and pharma indices closed the day in green. <h2>What are the experts saying?</h2>Ajit Mishra – SVP, Research, Religare Broking Ltd noted that today, the markets traded under pressure and lost over a percent due to weak global cues. After a gap-down start, Nifty fluctuated within a range and eventually closed near the day's low. Most sectors mirrored the benchmark's decline, with realty, auto, and metal being the top losers. The broader indices also fell, each losing over half a percent. "Nifty struggled to surpass the hurdle at 25,100, and Friday's close suggests a potential further dip toward the immediate support zone around the 20-day EMA around 24,500 level. Besides earnings, participants are also taking cues from the global front, particularly the US, which has been experiencing significant volatility recently. Given this scenario, it is advisable to limit overnight leveraged positions and opt for hedged trades", he continued. Amol Athawale, VP-Technical Research, Kotak securities explained that today, our markets followed the trend of world equity markets, which closed with a massive drop in the last few days. They were down due to weak economy-related data as well as disappointing quarterly numbers. However, our markets held up relatively better than world markets, which fell by over 1.50%. Weekly, Nifty fell by 0.40%, while Sensex was down by 300 points. "Realty, auto, and IT fell by over 2% weekly, while the Nifty pharma index was up nominally. We saw particular buying interest in new-age companies after Zomato's Q1 numbers. Technically, the market managed to climb to new highs during the week. Nifty and Sensex achieved major milestones by crossing 25000 on the Nifty and 82000 on the Sensex. However, currently, most stocks and indices are close to important resistance levels, and we may see consolidation for a few days or weeks", said Athawale. "On an immediate basis, the market is finding support between 24,600/80,900 and 24,500/80,600 levels. On the other hand, until the market crosses 25,100/82,200, we may see a range-bound movement in the market. The strategy should be to buy selective stocks between 24,600 and 24,500/80,900 and 80,600 levels. A close below 24,500/80,600 may take the market towards 24,250/79,900 or 24,100/79,500 levels. Any bounce towards 24,900-25,000/81,700-82000 levels will be an opportunity to reduce long positions", he continued.

Stock market closing: Sensex, Nifty close the week in red, Sensex tumbles over 800 points

The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

<keyword id="20555600" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="keywords" meta.keywordsubtype="org" meta.entityname="Dr Reddy's Laboratories" meta.hostid="261" meta.entityid="Dr Reddy's Laboratories">Dr Reddy's Laboratories</keyword> and <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> are recalling products in the US due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (<keyword id="19914245" type="General" weightage="20" keywordseo="USFDA" source="keywords">USFDA</keyword>). According to the report, Dr Reddy's Laboratories is recalling drugs to treat insomnia and gout in the American market. New Jersey-based Dr Reddy's Laboratories, Inc., a unit of Hyderabad-based drug major, is recalling 13,752 bottles of Eszopiclone tablets, the USFDA stated. The affected lot has been produced at Dr Reddy's Bachupally plant in Telangana. As per the USFDA, the drug firm is recalling the affected lot due to "Failed Impurities/Degradation Specifications". The company issued the Class III nationwide recall on June 4 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". Dr Reddy's Laboratories, Inc. is also recalling 20,520 units of Allopurinol tablets in the US market due to the "presence of foreign substance". The company initiated the Class II nationwide (US) recall on June 7, 2024, the US health regulator said. The USFDA said a US-based unit of Sun Pharma is recalling 2,088 vials of Decitabine for Injection (50mg per vial) due to "CGMP Deviations". The affected lot of the chemotherapy medication was produced at Sun Pharma's Gujarat-based manufacturing plant. New Jersey-based Sun Pharmaceutical Industries Inc. initiated the nationwide Class II recall on July 2 this year. As per the USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

<keyword id="22119701" type="General" weightage="20" keywordseo="Emcure-Pharma" source="keywords">Emcure Pharma</keyword>, where <keyword id="20292047" type="General" weightage="20" keywordseo="namita-thapar" source="keywords">Namita Thapar</keyword>, of Shark Tank India fame, serves as a member of the promotor group, opens for subscription today. The company aims to raise Rs 800 crore via fresh issue of 0.79 crore shares and Rs 1,152.03 crore via offer for sale, wherein promotors will offload around 1.14 crore shares in the market. Emcure Pharma's <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> will close for subscription on on 5th July, with allotment to be finalised by 8th June, and listing on BSE and NSE scheduled for 10th July. But should you subscribe to this IPO? What are the experts saying? Lets find out <h2>About Emcure Pharma</h2>With 13 manufacturing and 5 research facilities across the country, Emcure Pharma develops, manufactures and markets a wide range of <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword>, which includes orals, injectables and biotherapeutics. The company, which recorded the highest domestic sales in <keyword id="648555" type="General" weightage="20" keywordseo="gynecology" source="Orion">gynecology</keyword> and <keyword id="185429" type="General" weightage="20" keywordseo="human-immunodeficiency-virus" source="Orion">human immunodeficiency virus</keyword> (HIV) antivirals therapeutic areas in India in FY24, has its target market in about 70 countries. The company's total revenue from operation, as of 31st March 2024, stood at 6,658.251 crore, up sharply from Rs 5,985.811 crore it earned as of 31st March, 2023. As of 31st March, 2024, 48.28% of its revenue stemmed from sales in India, while 51.72% of its revenue came from sales outside India. The company also holds around 220 patents, alongside having 30 pending patent applications in several countries. Emcure Pharma had generated a profit of Rs 527.57 crore in FY24, slightly down from Rs 561.84 crore in FY23. The company intends to utilise the proceedings from IPO for general corporate purposes, and repaying and prepaying some loans. The company reported Profit After Tax margins of 11.81% in FY22, 9.31% in FY23 and 7.86% in FY24. <h2>How much can you invest?</h2>Retail investors can buy a minimum of 1 lot (14 shares) at Rs 14,112, or 14 lots (196 shares) at Rs 1,97,586. 50% of the issue has been allotted for QIBs (qualified institutional buyers), while 15% has been reserved for non-institutional investors, and 35% has been set aside for retail investors. The share's price band has been kept between Rs 960 and Rs 1008. <h2>What are the risks? </h2>Despite the company's strong bottom line performance, it is not without its fair share of risks. For starters, the company operates in the heavily regulated and scrutinised space of pharmaceutical development and manufacturing. Any failure to renew their licenses or permits, either in India or abroad, could have adverse business implications. Some other risks include: <ul><li>The company's heavy reliance on third parties for distribution and marketing of its products. A slight change in that could impact the company's supply and product pricing. </li><li> Emcure has experienced negative cash flows in the past and may continue to do so in the future.</li><li>Any manufacturing, quality control issues, or the inability to timely commercialize their research could dent their reputation and business, while opening them to strict regulatory action. </li><li>The company has significant working capital needs, which is exacerbated by its negative cash flows. </li><li>Emcure has issued show cause notices by the Regional Director, MCA on account of non-compliance with Companies Act. Additionally, they have some civil proceedings pending in the US as well.</li><li>Certain therapeutic areas contribute to a more significant portion of the company’s total revenue in India, and their business may be adversely affected if their products in these therapeutic areas do not perform as expected.</li></ul><h2>What are the experts saying? </h2>As per the IPO note of Master Capital Service Ltd, the IPO is fairly valued relative to its listed peers, and that the IPO should be subscribed to from a long-term perspective. "The company is looking to utilize the fresh proceeds to pare down their long-term debt and bring it to zero. The company has gone from strength to strength historically with a focus on major therapeutic areas such as gynaecology and is looking to double down on its strengths to fuel its future growth and expand its margins", it continued. Swastika Investmart Ltd also recommends subscribing to this IPO from a long-term horizon. "<keyword id="20737581" type="General" weightage="20" keywordseo="Emcure-Pharmaceuticals" source="keywords" meta.keywordsubtype="org" meta.entityname="Emcure Pharmaceuticals" meta.hostid="261" meta.entityid="Emcure Pharmaceuticals">Emcure Pharmaceuticals</keyword> is a prominent player in the domestic and international pharmaceutical markets. The company boasts a large, diversified, and fast-growing product portfolio, coupled with proven brand-building capabilities and strong R&amp;D infrastructure. Emcure has demonstrated consistent top-line growth, although recent profitability has seen a slight decline due to interest expenses and depreciation". "However, some key risks require careful consideration. The pharmaceutical industry is highly regulated, and Emcure faces potential disruptions to its raw material supply chain. Additionally, the company relies on third parties for product marketing and distribution. Considering the company's strengths, growth trajectory, and the potential for debt reduction post-IPO, we view the P/E valuation of 36.6x as reasonable. We recommend applying for this IPO with a long-term view", it continued. As stock analyst Dilip Dawda highlights, Emcure is a R &amp; D driven pharma company that has posted continuous growth. "However, its bottom line posted declining trends with higher provisions for interest and depreciations. Based on FY24 earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards", he advises.

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