<ul><li><keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> today unveiled a new superapp for investments called <keyword id="14095686" type="General" weightage="80" keywordseo="kotak-cherry" source="Orion">Kotak Cherry</keyword>. </li><li>The new service will allow users to manage their investments across different instruments like equity, bonds, mutual funds and even pension schemes. </li><li><keyword id="39409" type="General" weightage="100" keywordseo="kotak" source="Orion">Kotak</keyword> says that eventually, other financial products like insurance, investment advisory service and more will be added to the platform. </li></ul>Kotak Mahindra Bank, one of India’s leading banks, today launched a new product called Kotak <keyword id="62137" type="General" weightage="80" keywordseo="cherry" source="Orion">Cherry</keyword>. Although the name does not give it away, it’s a new investment service from one of India’s leading private banks. Retail investors created millions of new demat accounts every month since the pandemic broke out in 2020, participating in India’s equity markets amid an unprecedented bull run. Now, Kotak wants to bank on its name and capitalise on the interest in stock market investments. “Led by a solid team of credible and experienced professionals, we believe deep domain experience will matter when it comes to investing. It is a one-stop platform that will help people invest like experts,” said Srikanth Subramanian, CEO-designate, Kotak Cherry, in an announcement today. <cmsannotation type="cmsannotation" annotationid="Superapp of investments" comment="subhead" text="Superapp of investments">Superapp of investments</cmsannotation> Unlike other services which have opted for breaking down their target audience based on the type of investment, for instance, equity, mutual funds, or deposits, Kotak says that its service is a one-stop destination for everything related to investments. This means Kotak Cherry users will be able to do everything from deposits to stocks, bonds, mutual funds and even pension schemes. Kotak’s service will also allow its users to manage their investments made on other banking and investment providers. “Cherry will soon have complete open architecture, where the app user will soon be able to maintain their banking and broking relationships with providers of their choice, while still benefiting from the full power of our domain experience and curated services,” added Subramanian. Kotak says that eventually, it will include other financial services like stock baskets a la Smallcase, life, medical and general insurance, and international investing, too. It’s not clear if Kotak will achieve this via an API, or develop a custom solution that hooks into other platforms. <cmsannotation type="cmsannotation" annotationid="Free initially, but will be eventually chargeable, says Kotak" comment="subhead" text="Free initially, but will be eventually chargeable, says Kotak">Free initially, but will be eventually chargeable, says Kotak</cmsannotation> The Kotak Cherry service will remain free while it garners users – the bank has a target of one million users by the end of this year. Eventually Kotak will announce a subscription model later. It refrained from specifying if every service on Kotak Cherry will need a subscription, or if only specific advisory-related services will be chargeable. Kotak Cherry is currently available on Android and iOS, or via the web at <a href="https://www.kotakcherry.com/">Kotakcherry.com</a>. It remains to be seen if users are really interested in putting all their eggs into Kotak’s basket, but a one-stop-shop for investments may prove to be interesting. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/rakesh-jhunjhunwalas-delta-corp-stock-lost-more-than-a-third-of-its-value-in-two-months/articleshow/91957129.cms">Rakesh Jhunjhunwala’s gamble on this stock is proving to be a bust after it slips 20% in a month</a> <a href="https://www.businessinsider.in/tech/news/new-vpn-rules-expressvpn-removes-its-servers-from-india-other-companies-may-pull-out-too/articleshow/91959389.cms">New VPN rules: ExpressVPN removes its servers from India, other companies may pull out too</a> <a href="https://www.businessinsider.in/business/corporates/news/delhivery-is-nothing-like-zomato-or-paytm-credit-suisse-expects-the-stock-to-outperform/articleshow/91957394.cms">Delhivery is nothing like Zomato or PayTM - Credit Suisse expects the stock to outperform</a>

Kotak’s superapp for investments hopes to gain one million users by end of the year

<ul><li>Gland Pharma, which debuted on the share market last year, has doubled its share price in a little over 6 months.</li><li>The IPO priced at ₹1,500 was subscribed twice over and the stock listed at a 20% premium to the issue price.</li><li>In the last three months alone, the company’s shares have surged by over 44%.</li></ul>Investors who stuck with Gland Pharma despite the ₹6,480 crore initial public offer (IPO) receiving a tepid response have reason to celebrate – their initial investment has doubled in a span of a little over 6 months. Shares of the pharma company rallied on May 18, surging by nearly 8%. The <keyword id="10219475" type="UNKNOWN" weightage="20" keywordseo="Gland-Pharma-share-price">Gland Pharma share price</keyword> was hovering around ₹3,011 at 11:00 am, more than ₹200 up from its previous closing price of ₹2,793. <div type="image" title="Gland Pharma 20_11_20 to 18_05_21." msid="82732400" hostid="261" caption="&amp;lt;p&amp;gt;Gland Pharma share price&amp;lt;/p&amp;gt;"></div> Gland Pharma was listed on the stock exchanges on November 20, 2020. Compared to the issue price of ₹1,500, this is a 100% gain till date. Nearly half of the surge in Gland Pharma’s shares has come after the slump on February 1 – since then, the share price has increased by over 44% till date. May alone has contributed to a 14% increase in the share price of the company, in the run up to its March 2021 quarter results. As a result of this rally, Gland Pharma’s total market capitalisation has crossed ₹45,000 crore. And there could be a further rally. “Gland Pharma reported a good set of numbers in Q4FY21, with good revenue growth in export as well as domestic market,” said a report by Angel Broking, adding that the company is capitalising on the demand for COVID-19 related products. A report by Kotak Institutional Equities Research highlighted the positives that outline Gland Pharma’s growth prospects. “Gland Pharma ended FY2021 on a strong note with new launches and expansion into other geographies driving robust revenue growth. A strong pipeline of products, healthy filing rate, entry into new markets, potential for increasing market share in recently launched products along with higher traction in Covid-related products provide solid medium-term growth visibility,” the report said. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3280 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Share Khan </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3040 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr></tbody></table> “Our ability to respond to changing market demands during COVID-19 was visible bearing the registered growth in markets of the U.S, Europe, Canada and Australia and back of new launches and volume growth in existing portfolio, supported by our increased capacity,” said Srinivas Sadu, chief executive at Gland Pharma. However, there are some concerns that could impact the company’s performance, so there could be wisdom in being cautious. “The company’s profitability and growth are very reasonable. It has 45-50% of its revenue coming from a few large clients, and that does present some kind of concentration risk. But just the breadth of the business allows the company to continue to do well,” Chakri Lokapriya, managing director at TCG Asset Management, <a href="https://economictimes.indiatimes.com/markets/expert-view/can-gland-pharma-stock-see-more-upside/articleshow/79338981.cms">told Economic Times</a> after Gland Pharma’s IPO last year. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtels-india-business-is-back-in-the-black-after-a-very-long-time/articleshow/82709100.cms">Airtel's India business is back in the black after a very long time</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambanis-reliance-jio-is-making-less-money-off-its-subscribers-than-it-did-12-months-ago/articleshow/82331233.cms">Reliance Jio is making less money off its subscribers than it did 12 months ago</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a>

A super hit IPO from 2020 has finally doubled investors' money

<ul><li>The <keyword id="17264270" type="General" weightage="20" keywordseo="Amazon-Great-Summer-Sale-2023" source="Orion">Amazon Great Summer Sale 2023</keyword> is now live for all users.</li><li>The e-commerce giant has announced several offers on smart TVs as part of the sale.</li><li>Here are some of the <keyword id="11773065" type="General" weightage="20" keywordseo="best-deals-on-smart-TVs" source="Orion">best deals on smart TVs</keyword> you can grab during the Great Summer Day sale 2023.</li></ul> The<a href="https://www.businessinsider.in/tech/news/amazon-great-summer-sale-2023-best-deals-and-offers/articleshow/99964524.cms"> Amazon Great Summer Sale 2023</a> is now live for all users, offering discounts across a wide range of products, including<a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-summer-sale-2023-best-deals-on-tws-and-neckband-earphones/articleshow/99981436.cms"> smartphones</a>, laptops, home appliances, apparel, and more. In addition to Amazon’s offers, customers can also avail of 10% instant discount using ICICI Bank and Kotak Bank debit and credit cards. If you want to upgrade your TV to a smart TV, now might be a great time to do so. Amazon has announced offers across a variety of televisions from companies like Samsung, Sony, OnePlus, and more. This post shows the best deals on smart TVs on the Amazon Great Summer Sale. <cmsannotation type="cmsannotation" annotationid="Best deals on smart TVs" comment="subhead" text="Best deals on smart TVs">Best deals on smart TVs</cmsannotation> Samsung The Frame Series 4K Smart QLED TV <cmsannotation type="cmsannotation" annotationid="B09Y64NM41" comment="amazoncard" text="B09Y64NM41">B09Y64NM41</cmsannotation> Samsung The Frame Series 4K Smart TV is a piece of art thanks to its beautiful design and display. It has a 65-inch 4K Quantum Dot LED display with a refresh rate of 100Hz for super smooth graphics. The TV can also be used as a frame when not in use. It features a 40W Dolby Atmos speaker with powerful audio and rich bass. It is currently available for ₹1,24,990, down from its original price of ₹2,22,900. Sony Bravia Smart LED Google TV KD-65X74K <cmsannotation type="cmsannotation" annotationid="B09WN3SRC7" comment="amazoncard" text="B09WN3SRC7">B09WN3SRC7</cmsannotation> The Sony Bravia Smart LED Google TV KD-65X74K is a good option if you are in the market for a premium television for your home. It features a huge 65-inch, delivering an immersive viewing experience, vibrant colours, and excellent picture quality. It comes with the company’s X1 4K processor and MotionFlow XR100 technology. It is currently available for ₹70,990, down from its original price of ₹1,39,900. OnePlus Android 4K UHD TV 55Y1S Pro <cmsannotation type="cmsannotation" annotationid="B0BLVQBPCC" comment="amazoncard" text="B0BLVQBPCC">B0BLVQBPCC</cmsannotation> The OnePlus Android 4K UHD TV 55Y1S Pro is another value pick with an immersive design, excellent picture quality, and an amazing sound experience. It is a well-designed and well-built TV with a huge 55-inch panel and supports OTT apps, allowing you to stream from your favourite app. It is available for ₹36,999, down from ₹49,999. Vu 55-inches 4K Smart Google TV 55GloLED <cmsannotation type="cmsannotation" annotationid="B0B9XLX8VR" comment="amazoncard" text="B0B9XLX8VR">B0B9XLX8VR</cmsannotation> The Vu 4K Smart Google TV features a 55-inch 4K UHD display with Dolby Vision and HDR 10+ support that offers a bright panel with accurate white balance. It comes with the company’s dynamic picture adjustment technology that optimises light reflection to produce brighter images. It is currently available for ₹36,990, down from its original price of ₹65,000. Mi TV 5X 4K UHD Android TV <cmsannotation type="cmsannotation" annotationid="B09MJ77786" comment="amazoncard" text="B09MJ77786">B09MJ77786</cmsannotation> If you are in the market for a 43-inch TV, the Mi TV 5X is a good option for you. It features a bright and vibrant 43-inch 4K UHD display and comes with powerful stereo speakers with Dolby Atmos and DTS-HD support. The TV is currently available for ₹29,999, down from its original price of ₹49,999. Samsung Smart LED TV 4K UHD Neo Series <cmsannotation type="cmsannotation" annotationid="B0B15CPR37" comment="amazoncard" text="B0B15CPR37">B0B15CPR37</cmsannotation> The Samsung Smart LED TV 4K UHD Neo Series is a good option if you are looking for a smaller TV for your room. It features a 43-inch panel that is vibrant and features a bezel-less design. The audio quality and the immersive panel offer an excellent experience while watching your favourite movies and shows. The TV is available for ₹28,990, down from its original price of ₹47,900. Redmi Android Smart LED TV X50 <cmsannotation type="cmsannotation" annotationid="B08Y55LPBF" comment="amazoncard" text="B08Y55LPBF">B08Y55LPBF</cmsannotation> The Redmi Android Smart LED TV X50 is a good option if you want a large TV for your home at an affordable price tag. It features a 50-inch panel and runs on Android TV. It features narrow bezels and a powerful sound system, offering an immersive sound experience. It is currently available for ₹29,999, down from its original price of ₹34,999. Disclaimer - When you purchase through links on Business Insider India, we may earn affiliate commission.

Amazon Great Summer Sale 2023 – best deals on smart TVs

<ul><li>The power transmission company’s market capitalisation is nearing ₹4 trillion, which is the highest amongst all <keyword id="4929350" type="General" weightage="20" keywordseo="adani-group-companies" source="Orion">Adani Group companies</keyword>.</li><li>With this, it becomes the 12th most valuable company leaving behind ITC, Maruti Suzuki, L&amp;T, DMart, HCL Technologies, Wipro among others.</li><li>Also, the company has doubled investor wealth in seven months of 2022 and almost tripled it in the last one year.</li></ul>Billionaire Gautam Adani-owned Adani Transmission hit a 52-week high today and has left behind top companies across sectors in market value. The power transmission company is the most valuable company in the group with a ₹3.87 lakh crore market capitalization. Its valuation is higher than that of cigarette-to-hotels conglomerate ITC, India’s largest car maker Maruti Suzuki, construction major L&amp;T, DMart, and tech companies like HCL Technologies and Wipro. Currently, it is the <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-is-now-the-12th-biggest-listed-entity-other-adani-cos-are-not-far-away/slidelist/93317527.cms">twelfth most valuable company </a>in India. The company has doubled in seven months of 2022; and almost tripled it in the last one year. The company has a power transmission line length of close to 14,279 circuit kilometers and distributes power to over 1.2 crore customers. It grew inorganically and acquired two transmission companies in the last two years. Further, it intends to access and supply 30% of Mumbai’s needs with renewable energy by 2023. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nifty 50 stocks below ₹4 trillion m-cap </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Market cap (₹ lakh crore) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3.87 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3.81 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3.66 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3.27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Avenue Supermarts </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.72 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.69 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.59 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.5 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.42 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2.36 </td></tr></tbody><tbody></tbody></table> The spectrum surge Meanwhile, Adani Group company stocks have surged significantly in the last one month despite weak market sentiment because of the 5G spectrum auction. Adani has acquired the right to use 400MHz of spectrum worth ₹212 crore for 20 years in the 5G spectrum auction. It will use the spectrum to create a digital infrastructure portfolio for its group companies. “The newly acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pace and scale of Adani Group’s digitization of its core infrastructure, primary industry and B2C business portfolio,” it said in a statement. Acquiring 400MHz of spectrum is the group’s first step in integrating its digital infrastructure portfolio, which includes data centres, terrestrial fibre and submarine cables, industrial cloud, AI innovation labs, cybersecurity and super apps, as per a press release. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/here-are-the-cities-that-saw-the-most-hiring-in-the-tech-industry-in-fy-2022/slidelist/93320909.cms">Here are the cities that saw the most hiring in the tech industry in FY 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/banks-autos-steal-limelight-in-q1-profit-growth-while-commodity-driven-firms-remain-under-pressure/articleshow/93316352.cms">Banks, autos steal limelight in Q1 profit growth, while commodity driven firms remain under pressure</a>

This Adani group stock has doubled in 12 months and has surpassed market cap of  ITC, Maruti and L&T

<ul><li>Pine Labs has raised another $50 million funding at a valuation of $5 billion.</li><li>London-based private equity company Vitruvian Partners participated in the latest round.</li><li>Pine Labs is a merchants payment solution that enables businesses to accept online and offline digital retail transactions.</li></ul>Digital payments and financial service provider Pine Labs has raised another $50 million funding, at a reported valuation of $5 billion. London-based private equity company Vitruvian Partners, a backer of companies like Byju’s, has participated in the latest round. According to the regulatory documents filed in Singapore, Pine Labs’ latest funding round reportedly includes a $15 million employee stock ownership programme (ESOP) buyback. The development was first<a href="https://economictimes.indiatimes.com/tech/funding/pe-major-vitruvian-partners-invests-50m-in-pine-labs/articleshow/90503591.cms"> reported </a>by The Economic Times. Business Insider has reached out to Pine Labs for a confirmation of the news report. The development comes only a month after the fintech startup raised $150 million from Alpha Wave Global, at the same $5 billion valuation. The funding included a secondary share sale component, giving liquidation opportunities to the existing shareholders of the company. Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant payment solutions firm that enables businesses to accept online and offline digital retail transactions. The company powers over 150,000 merchants, 3.5 lakh points of sales (PoS) terminals across 3,700 cities in India and Malaysia. Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East, including Apple, Starbucks Corp, McDonald's Corp and more. The company is currently headed by Amrish Rau. According to business intelligence platform Crunchbase, <keyword id="3827754" type="General" weightage="20" keywordseo="pinelabs" source="Orion">PineLabs</keyword> has raised over a billion dollars to date. It counts State Bank of India, Kotak Mahindra Bank, IIFL Asset Management, Invesco, Unacademy’s Gaurav Munjal, Swiggy’s Sriharsha Majety and Dream11’s Harsh Jain as its investors. The company is planning on hitting the public market soon, and filed for a confidential initial public offering (IPO) in the US in January this year. The company is reportedly planning to raise half a billion dollars from the public market, at a valuation of $6-7 billion. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/tata-power-icici-bank-aurobindo-pharma-among-stocks-to-watch-out-for-on-march-29/slidelist/90507868.cms">Tata Power, ICICI Bank, Aurobindo Pharma among stocks to watch out for on March 29</a> <a href="https://www.businessinsider.in/personal-finance/news/link-pan-with-aadhaar-before-march-31-to-avoid-any-penalty-or-other-consequences/articleshow/90510078.cms" data-type="tilCustomLink">Three days left to link PAN with Aadhaar to avoid any penalty or other consequences</a> <a href="https://www.businessinsider.in/tech/apps/news/india-might-be-building-a-super-app-for-its-farmers-combining-weather-market-updates-advisories-and-more-in-one-app/articleshow/90509756.cms">India might be building a super app for its farmers, combining weather, market updates, advisories and more in one app</a>

Pine Labs raises another $50 million ahead of its IPO

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<ul><li>The <keyword id="1783182" type="PERSON" weightage="20" keywordseo="NUE">NUE</keyword> licence would enable the entity to hold pan-India control in payments, rivalling the likes of the government backed National Payments Corporation of India.</li><li>Reliance has reportedly signed up with Google and Facebook to set up a ‘new umbrella entity’ (NUE), which will be promoted by RIL and Infibeam Avenues’ So Hum Bharat.</li><li><keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and Paytm too have formed their own consortiums to apply for the licence.</li></ul>When <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> signed up for a $5.7 billion cheque from Mark Zuckerberg in April, 2020, he made a promise to the Facebook founder to help boost their payments innovations in India. While WhatsApp pay is yet to take off, one year later, it seems Ambani is delivering on that promise through another route which can only be bigger. Reliance has <a href="https://economictimes.indiatimes.com/tech/tech-bytes/reliance-partners-google-facebook-in-seeking-nue-licence-from-rbi/articleshow/81237979.cms">reportedly </a>signed up with Google and Facebook to set up a ‘new umbrella entity’ (NUE), which will be promoted by RIL and Infibeam Avenues’ So Hum Bharat. Infibeam Avenues’ currently runs the payments gateway CCAvenue. India’s central bank had floated the bid for NUE licences in August, 2020. The NUE licence would enable the entity to hold pan-India control in payments, rivalling the likes of the government backed National Payments Corporation of India. NPCI is an initiative backed by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) which acts as an umbrella entity that operates retail payments and settlements. The NUE licence would give the companies the opportunity to set up, manage and operate “ATMs, White Label PoS; Aadhaar based payments and remittance services; develop new payment methods, standards and technologies; monitor related issues in the country and internationally; take care of developmental objectives like enhancement of awareness about the payment systems,” according to the RBI guidelines. The RBI, which had initially set a deadline of February 26, 2021 for the application of the licences, recently extended it until March 31, 2021. According to <a href="https://economictimes.indiatimes.com/tech/tech-bytes/reliance-partners-google-facebook-in-seeking-nue-licence-from-rbi/articleshow/81237979.cms?from=mdr">reports</a>, RBI is initially going to give out only two NUE licences. Competition is high A stake in the control over India’s burgeoning digital payments market, which sees over 93 million transactions worth $12 billion daily, as per a report by HDFC Securities from December, 2020, is an opportunity that Reliance isn’t the only one vying for. <div type="image" title="payments transaction." msid="81268420" hostid="261"></div> The 152-year old conglomerate Tata Group, which is looking to build its own Super App spread across retail and payments, has <a href="https://economictimes.indiatimes.com/tech/tech-bytes/tata-group-takes-over-sbi-bid-for-nue-licence-from-rbi/articleshow/81237978.cms">reportedly</a> taken over the bid initially expressed by State Bank of India and Bank of Baroda. The Tatas are bidding through their subsidiary company Ferbine Private Limited, in which HDFC Bank and Kotak Mahindra Bank had already picked up a 9.99% stake each. The deal is also backed by Mastercard, PayU and Reliance’s telecom competitor Bharti Airtel. In an exchange filing declaring its stake in Tata-owned Ferbine, Kotak Mahindra Bank had said, “The main business of the company would be to operating a pan-India umbrella entity for retail payment systems, as would be allowed/licenced by RBI, subject to the approval of the NUE application.” <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>’ e-commerce firm Amazon, which has been bullish about the Indian payments sector and rolled out its own product Amazon Pay, <a href="https://economictimes.indiatimes.com/tech/tech-bytes/amazon-icici-bank-axis-bank-ready-with-nue-plan-to-rival-npci-upi/articleshow/81181363.cms">has partnered</a> with ICICI Bank, Axis Bank and others for the NUE licence. Meanwhile, India’s digital payments poster boy Vijay Shekhar Sharma too isn’t one to miss out on the opportunity. Paytm too has<a href="https://economictimes.indiatimes.com/tech/technology/paytm-ola-and-indusind-bank-team-up-to-apply-for-nue-license/articleshow/81217427.cms"> reportedly</a> partnered with Induslnd Bank, Ola Financial and others to bid for the licence. The partnerships have sprung up as the RBI mandates that ‘no single promoter/promoter group shall have more than 40% investment in the capital of the NUE’. The latest developments in the payments sector with the Tata Group, Reliance and Amazon is just the latest in the rivalry between the three companies, who are already competing in the Indian retail sector. The Tata Group is eyeing a 68% stake in Indian grocery e-retail startup BigBasket. The Indian e-grocery sector is heating up with the world’s richest man Jeff Bezos betting on it with Amazon Pantry, India’s richest man Mukesh Ambani upping the game with JioMart. SEE ALSO: <a href="https://www.businessinsider.in/business/news/elon-musk-and-reliance-industries-mukesh-ambani-compete-in-energy-storage-skytran-and-hyperloop/articleshow/81266903.cms">Elon Musk is facing a challenge from Asia’s richest man Mukesh Ambani in India⁠— both in energy and transportation</a>

EXPLAINED: The NUE licence for payments that Tata, Ambani and Bezos have applied for

<ul><li>Damani and his venture <keyword id="2407038" type="PERSON" weightage="20" keywordseo="DMart">DMart</keyword>’s second-quarter results will show whether the billionaire investor and retail tycoon can continue to depend on his strengths solely. </li><li>Damani has competition clouding him from all sides – from the country’s richest man Mukesh Ambani, the 152-year conglomerate TATA Group and the likes of Amazon and Flipkart.</li><li>The question that remains to be answered is whether, for Damani, DMart’s offline retail outlets are enough for the next phase of growth as experts believe staying away from e-commerce isn’t going to help.</li></ul>India’s second richest man <keyword id="6505089" type="UNKNOWN" weightage="20" keywordseo="Radhakishan-Damani">Radhakishan Damani</keyword> will face the test of times ahead of him. Damani and his venture DMart’s second-quarter results will show whether the stock market expert and retail tycoon can continue to depend on his strengths solely. With coronavirus pandemic taking a toll on offline retail stores, competition rising from Reliance and now, Tata, DMart’s otherwise celebrated stock price too has lost some of its sheen. The stock has fallen by over 22% from its pre-covid highs in February. <div type="image" title="DMART LATEST." msid="78695584" hostid="261"></div> Competition could cloud Damani’s growth Damani has competition clouding him from all sides. Mukesh Ambani, the country’s richest man, has raised over $5 billion for his retail venture – Reliance Retail, while also acquiring one of their biggest competitors Kishore Biyani’s Future Retail. The 152-year conglomerate Tata Group is increasingly betting on a super app with eyes on acquisition or investment in the likes of <a href="https://www.ft.com/content/3019d5d6-5aba-45b8-9f54-4dc659f086e2">BigBasket</a>, while also being in talks with Walmart for a partnership. And all of this while the likes of Amazon, Flipkart are also doubling down on their Kirana store and grocery offerings, while even raining discounts. “DMart does not believe in any conditional discounts or promotions and also does not time its discounts to a festive or holiday season. Also, for FMCG products that enjoy high turns, DMart offers very low prices (and earns minuscule margins in several cases) in a bid to create the perception of best value,” said a report by Jefferies. His biggest competitor will be Reliance, which with its latest offering, JioMart, could eat into Damani’s profits. And analysts expect that within the grocery segment Reliance and Future’s combined sales could be a threat to DMart. <div type="image" title="RR + FR vs DM." msid="78695595" hostid="261"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><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;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Store count </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;">DMart </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;">216 </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;">Future 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;">290 </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;">Reliance Retail (only grocery stores) </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;">797 </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;">Reliance Retail overall store count </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;">11,800 </td></tr></tbody></table> Damani has opportunities but needs to ramp up his e-commerce offerings Analysts at HSBC believe that the big market opportunity in India’s $700 billion retail industry will keep competition alive and also create a space for all players to grow. DMart could also double down on its store count across the country over the next few years. The management has already said that it plans to add 60 more stores by FY22. “We continue to be on the lookout for locations within our clusters and outside, where we can build new stores that can service our target customers,” the company had said. <div type="image" title="Dmart store." msid="78695607" hostid="261"></div> But for Damani and DMart staying away from e-commerce isn't going to help. DMart currently runs 'DMart Ready' – its e-commerce offering in Mumbai alone. While they have always had a loyal customer base walking into its stores, the next phase of growth will need the retail chain to expand its online offerings. DMart has a registered entity called Avenue E-commerce, where the company had invested ₹252.76 crore as of March 31, 2020, however it hasn’t yet created any significant footprint with online retail. "RIL-Future combined gives the new entity a larger footprint for capturing the online grocery pie, especially in the large cities, where consumers equally value convenience and attractive prices. To mitigate this longer-term risk, DMART should deepen and widen the service levels of its DMART ready format, in our view," said analysts at HSBC. Another report by Kotak Institutional Equities too emphasized DMart's need to switch to e-commerce. "DMart needs to bring more cities under its e-commerce network in order to maintain revenue momentum. The competitive intensity would ensure that DMart's margins may not expand significantly, going forward," <a href="https://www.financialexpress.com/industry/dmart-must-ramp-up-e-commerce-network-to-compete-with-jiomart-bigbasket-grofers-others/2088331/">said the report. </a> A weak first quarter DMart, which has 216 stores across India, had taken a severe hit during the first quarter. However, with the festive season upon us, including recently celebrated Rakshabandhan and Ganesh Chaturthi, its second-quarter results could bring in little respite. For the first quarter of the current financial year, DMart’s parent company Avenue Supermart had posted a 88% fall in profits from ₹334.59 crore to a mere ₹48 crore. While most of DMart’s stores are now operational, right after its first-quarter results, the company had said that the future continued to remain uncertain. “Store operations and duration of operation per day continues to remain inconsistent across cities due to strict lockdowns enforced by local authorities from time to time. In addition, in certain cities authorities are once again insisting on selling only essential products. Hence our future revenues continue to remain uncertain,” said the company. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/ambani-vs-damani-indias-635-billion-retail-ring-will-see-the-countrys-two-richest-men-battle-with-different-strategies/articleshow/77846555.cms">Ambani vs Damani ⁠— India’s $635 billion retail ring will see the country’s two richest men⁠ battle with different strategies</a> <a href="https://www.businessinsider.in/business/ecommerce/news/indians-are-ordering-a-lot-more-online-but-for-cheaper-products/articleshow/78675417.cms">Indians are ordering a lot more online but for cheaper products</a>

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