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Posted on Jul 4th

Future Consumer informs about update

Future Consumer has informed that the Company has on 3rd July,2025, received a letter from RBL Bank, whereby it has been intimated regarding...

Future Consumer has informed that the Company has on 3rd July,2025, received a letter from RBL Bank, whereby it has been intimated regarding the assignment of financial debt/outstanding debts of RBL Bank with respect to the debt of Future Consumer in favour of Prudent ARC (‘Prudent ARC’) along with all underlying securities, rights, titles, interests in respect thereof under Section 5 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Further, it has been informed to the Company that Prudent ARC is now entitled to recover all the dues and enforce all rights, powers and benefits under the financial and security documents including guarantee and security documents executed for the purpose of availing financial assistance provided by RBL Bank to the Company. Accordingly, Prudent ARC has called upon the Company to immediately pay the total outstanding dues. 

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Starlog Enterprises informs about outcome of board meeting

Pursuant to Regulation 30 and other applicable regulations of the Listing Regulations, Starlog Enterprises has informed that the Board of Di...

Pursuant to Regulation 30 and other applicable regulations of the Listing Regulations, Starlog Enterprises has informed that the Board of Directors the company, at its meeting held today Friday, July 04, 2025, considered and approved the following matters: 1. Noted the resignation of Gunjan Sanghavi (Membership No.: A74479) from the position of Company Secretary & Compliance Officer (Key Managerial Personnel) of the Company, with effect from July 03, 2025. 2. Approved the appointment of Bhoomi Momaya (Membership No.: A61000), Deputy Company Secretary, as the Company Secretary & Compliance Officer (Key Managerial Personnel) of the Company in accordance with Section 203 of the Companies Act, 2013 and Regulation 6(1) of the Listing Regulations, with effect from July 04, 2025, based on the recommendation of the Nomination and Remuneration Committee. The details in relation to the above point nos. 1 & 2, as required under the Listing Regulations read with the SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, are enclosed as Annexure A, and the resignation letter received for Gunjan Sanghavi is enclosed as Annexure B. 3. Approved the updated list of the Key Managerial Personnel (‘KMP’) of the Company authorised to determine and disseminate the materiality of events as prescribed under Regulation 30(5) of the Listing Regulations. The updated list is enclosed as Annexure C. The meeting of the Board of Directors of the Company commenced today at 01.45 pm (IST) and concluded at 2:01 pm (IST) The above can be accessed on the website of the Company at the link www.starlog.in.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Esab India informs about certificate

Esab India has certified that the securities received for dematerialization have been mutilated and cancelled after due verification and the...

Esab India has certified that the securities received for dematerialization have been mutilated and cancelled after due verification and the name of the depository has been substituted in its records as the registered owner within 15 days of receipt of certificate of security. Further, the certificates of securities which were dematerialized, are listed on Stock Exchanges where earlier issued securities were listed. The letter confirming this from its RTA - Integrated Registry Management Services is enclosed.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Bayer CropScience informs about certificate

Bayer CropScience has certified that the details of securities dematerialized/ rematerialized during the period from April 01, 2025, to June...

Bayer CropScience has certified that the details of securities dematerialized/ rematerialized during the period from April 01, 2025, to June 30, 2025, as required under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, have been furnished to all stock exchanges where the shares of the Company are listed, by MUFG Intime India (formerly Link Intime India), Company’s Registrar and Share Transfer Agent.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Acceleratebs India informs about newspaper advertisement

Pursuant to Regulation 30 and 44 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), 2...

Pursuant to Regulation 30 and 44 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), 2015 (‘Listing Regulations’), Section 91 and Section 108 of the Companies Act, 2013 ('The Act') read with Rule 10 and Rule 20 of the Companies (Management and Administration Rules, 2014) as amended from time to time, and the Secretarial Standards of General Meetings issued by the Institute of Company Secretaries of India, Acceleratebs India has informed that it enclosed the copies of Newspaper Advertisement published in Business Standard (in English) and Pratahkal Marathi (in Marathi) on Friday, July 04, 2025, regarding e-voting and other related information for 3rd Annual General Meeting of the Company. The above Newspaper Publication is also available on the Company’s website at www.acceleratebs.com/investors/corporate-announcement.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Happiest Minds Technologies informs about AGM

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Happiest Minds Technologies has informed that i...

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Happiest Minds Technologies has informed that it enclosed the Notice of the AGM of the members of the Company to be held on Tuesday, the 29th day of July, 2025 at 4.00 pm (IST) through Video Conference / Other Audio Visual Means without the physical presence of the members at a common venue, which is being circulated to ITS members by email. The Notice will also be made available on the website of the Company at https://www.happiestminds.com/investors/agm-and-annual-report/.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Medi-Caps informs about certificate

In accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulation, 2018, Medi-Caps has informed that it enclosed th...

In accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulation, 2018, Medi-Caps has informed that it enclosed the certificate received from the Registrar and Share Transfer Agent of the company Ankit Consultancy for the quarter ended 30th June, 2025. 

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Emcure Pharmaceuticals informs about incorporation of WOS

With reference to its disclosure dated June 21, 2025 (copy attached), pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclos...
With reference to its disclosure dated June 21, 2025 (copy attached), pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), related to proposed incorporation of a wholly-owned subsidiary (WoS) by the name ‘Emcure Wellness’ in Pune, Maharashtra, India, Emcure Pharmaceuticals has informed that as per the approval of Registrar of Companies, a WoS named ‘Emcure Wellness’ is incorporated on July, 03, 2025. All the particulars mentioned in the disclosure dated June 21, 2025, remains the same.
The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Modern Steels informs about certificate

Modern Steels has submitted a copy of the certificate as issued by MCS Share Transfer Agent, Registrars and Share Transfer Agent (RTA) of th...

Modern Steels has submitted a copy of the certificate as issued by MCS Share Transfer Agent, Registrars and Share Transfer Agent (RTA) of the Company confirming the compliance of Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th June, 2025.

The above information is a part of company’s filings submitted to BSE.

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Posted on Jul 4th

Nifty July 2025 futures close at a premium of 91.00 points over spot closing

Nifty July 2025 futures closed at 25552.00 (LTP) on Friday, at a premium of 91.00 points over spot closing of 25461.00, while Nifty August 2...

Nifty July 2025 futures closed at 25552.00 (LTP) on Friday, at a premium of 91.00 points over spot closing of 25461.00, while Nifty August 2025 futures ended at 25659.00 (LTP), at a premium of 198.00 points over spot closing. Nifty July futures saw a contraction of 472 units, taking the total open interest (Contracts) to 1,82,215 units. The near month derivatives contract will expire on July 31, 2025. (Provisional)

From the most active contracts, Trent July 2025 futures traded at a premium of 17.00 points at 5504.00 (LTP) compared with spot closing of 5487.00. The numbers of contracts traded were 69,507. (Provisional)

BSE July 2025 futures traded at a premium of 1.00 points at 2640.00 (LTP) compared with spot closing of 2639.00. The numbers of contracts traded were 32,051. (Provisional)

Bajaj Finance July 2025 futures traded at a premium of 5.00 points at 931.00 (LTP) compared with spot closing of 926.00. The numbers of contracts traded were 20,712. (Provisional)

Hindustan Aeronautics July 2025 futures traded at a premium of 27.40 points at 5019.40 (LTP) compared with spot closing of 4992.00. The numbers of contracts traded were 17,410. (Provisional)

Infosys July 2025 futures traded at a premium of 3.30 points at 1643.00 (LTP) compared with spot closing of 1639.70. The numbers of contracts traded were 15,549. (Provisional)

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Posted on Jul 4th

Smarten Power Systems coming with IPO to raise Rs 50 crore

Smarten Power Systems Smarten Power Systems is coming out with an initial public offering (IPO) of 50,00,400 equity shares of face value of ...

Smarten Power Systems

  • Smarten Power Systems is coming out with an initial public offering (IPO) of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
  • The issue will open on July 7, 2025 and will close on July 9, 2025.
  • The shares will be listed on SME Platform of NSE.
  • The share is priced at 10 times higher to its face value of Rs 10.
  • Book running lead manager to the issue is Arihant Capital Markets.
  • Compliance Officer for the issue is Rajbir Sharma.

Profile of the company

Smarten Power Systems is engaged into designing and assembling of power back-up and advanced solar power products such as Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers. It is also engaged in the trading of solar panels and batteries. It sells its products through its distributors within India. It also exports its products except solar panels outside India. It generates approximately 76.41% of its revenue through domestic sales and 23.59% of its revenue through exports. Currently, the company is operating in 23 states and 2 union territories within India and has also established global footprint in over 18 countries which includes Middle East, Africa, and South Asia region.

Currently, the company’s infrastructure enables the production of Home UPS systems, solar inverters, solar power conditioning units (PCUs) and solar charge controllers around 600 units per day, with the capacity to increase 1,200 units per day once the proposed facility at MET becomes operational. Its manufacturing setup is designed to handle low, medium, and high-capacity units, offering the flexibility to meet a wide range of customer needs and market demands. 

The company carries out its assembling and trading business of its products under its brand and the patent registered in the name of the company. Its products cater to a wide variety of customer segments, from individual households to large-scale commercial solar projects, providing flexibility and adaptability to evolving market needs.

Proceed is being used for:

  • Purchase of movable assets of the production line of battery manufacturing unit
  • Meeting the working capital requirements
  • Repayment in full or in part, of its outstanding borrowings
  • Funding capital expenditure requirements
  • General corporate purposes

Industry Overview

The home UPS market in India was valued at $317.8 million in 2023 and is expected to grow to $493.0 million by 2032, with a compound annual growth rate (CAGR) of 5%. The home Uninterruptible Power Supply (UPS) market in India is a dynamic and rapidly evolving sector. Its growth is fueled by the increasing need for reliable power in the face of frequent outages, as well as the nation's surge in digitalisation and offsite work opportunities. India's home Uninterruptible Power Supply (UPS) market is fundamentally driven by the need for resilience against power instability. Despite rapid urbanization and economic growth, the country continues to experience frequent power supply inconsistencies, with outages being particularly prevalent in rural and remote regions where infrastructure development remains limited. This has elevated the home UPS from a convenience to an essential utility, addressing critical power needs across residential and professional spheres.

Meanwhile, Government initiatives such as the Smart City project, the development of solar parks and the solar energy subsidy scheme would further accelerate the adoption of solar installations across residential and commercial segments. Grid connected solar inverters dominate the market in 2023 owing to huge adoption across residential and commercial applications, whereas off-grid solar inverters are majorly limited to rural electrification applications. The Solar Inverters are further categorized based on - system type, technology, rated output power and its application. In terms of system type, the solar inverter is categorized into Grid Connected, Off-Grid and Hybrid Solar Inverters. Based on technology, the grid connected solar inverter is further categorized into micro, string and central inverters. Based on a comprehensive preliminary market assessment of 450 models from 25 manufacturers it was revealed that nearly 63% market share is of the models with rated output power capacity ranging from 1 kW to 10 kW. There is also a significant market share of solar inverters above 10 kW rated capacity.

India added a record 10 GW of solar capacity in Q1 2024, a nearly 400% year-over-year increase, driven by the commissioning of delayed projects as module prices fell and the Approved List of Models and Manufacturers (ALMM) order was suspended, as well as improved grid connectivity to projects previously stalled. Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. India added a record 18.48 GW of renewable energy capacity in 2023-24, a 21% increase over the previous year, but industry experts say at least 50 GW of annual additions are needed to meet the 500 GW target by 2030. 

Pros and strengths

Innovative product range and technological advancements: The company has built a portfolio of over 372 SKUs, offering products across five distinct categories including home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, solar panels, and batteries. Its products cater to a wide variety of customer segments, from individual households to largescale commercial solar projects, providing flexibility and adaptability to evolving market needs. The company’s sine-wave technology gives it a distinct edge over conventional square-wave inverters. Sine-wave inverters are quieter, safer for sensitive electronics, and more efficient in managing power surges and fluctuations.

Strong research and development capabilities: The company’s success is its focus on research and development. Its R&D team consists of seven members who plays a critical role in maintaining its competitive advantage by continuously improving product quality, efficiency, and innovation. Its commitment to R&D has enabled the company to consistently deliver new product innovations and stay ahead of industry trends. Its R&D team comprises experts in power electronics, with relevant background in power conversion, inverter design, and energy storage systems and have over a decade of experience in developing efficient and reliable power systems, showcasing their technical depth and industry knowledge.

Extensive distribution and after-sales service network: The company has established a distribution network across India and internationally, ensuring its products are widely accessible in key markets. The company’s reach spans across 23 states and 2 union territories within India, supported by an extensive network that includes 380 distributors and 52 service centres catering to after sales service to resolve the complaints of the customers. It also has a reach outside India comprising of 31 distributors. Its network is its core strength, enabling the company to remain competitive with both organized and unorganized players in the power backup market.

Risks and concerns

Significant revenue comes from limited customers: The company relies on its top ten customers from whom it derives a significant portion of its revenue, contributing around 33.40%, 42.29% and 37.74% of its revenues from sale of products based on the Restated Consolidated Financial Statements for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. Its reliance on such customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Geographical constrain: The company generates a significant portion of its revenue from the states of Haryana and Uttar Pradesh, making its business vulnerable to regional economic fluctuations and regulatory changes. Any adverse developments in these states such as economic downturns, changes in local laws, or increased competition could lead to a substantial loss of revenue. Additionally, natural disasters or unforeseen events in these regions may further disrupt its operations and impact its financial performance. This geographical concentration poses a risk to its overall business stability, and any significant loss of revenue from these key areas could have a material adverse effect on its financial condition and results of operations.

Exports is dependent on Nigeria and West Africa: The company derives a significant portion of its export revenue from Nigeria and West Africa. Any changes in foreign policies and import-export regulations can significantly impact the company’s ability to conduct international trade, affecting its export operations. Shifts in trade agreements, tariffs, quotas, and diplomatic relations between countries can lead to disruptions in supply chains, increased costs, or limited market access for exported goods. Additionally, increased trade barriers, such as higher tariffs or stricter import/export regulations, can reduce competitiveness in foreign markets, leading to lower demand for products or services. Similarly, changes in foreign policies that affect diplomatic or economic relations could create challenges in maintaining stable trade routes, payment processes, or overall business operations which could have a material adverse effect on its business, financial condition, results of operations and cash flows of the company.

Outlook

Smarten Power Systems Limited designs and assembles power backup and solar products, including Home UPS systems, solar inverters, power conditioning units, and charge controllers, and trades solar panels and batteries. The company has extensive distribution and after-sales service network. It also has vendor relationships and supply chain efficiency. On the concern side, the company’s top ten customers contribute significant revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, a significant portion of the company’s revenue is derived from the states of Haryana and Uttar Pradesh, and any adverse developments in these states could adversely affect its business.

The company is coming out with an IPO of 50,00,400 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 50 crore. On performance front, the company’s revenue from operation has increased by 3.36% from Rs 19,519.57 lakh in the fiscal year ended March 31, 2024 to Rs 20,174.85 lakh in the fiscal year ended March 31, 2025. Moreover, Net Profit has increased by 13.11% from Rs 1,129.00 lakh in the fiscal year ended March 31, 2024 to profit of Rs 1,277.04 lakh in the fiscal year ended March 31, 2025.

The company derives a significant portion of its revenues from sales of lead-acid batteries, which form a crucial component of the power backup systems installed by its customers. Currently, the company assembles Home UPS/Inverters in-house, while lead-acid batteries are sourced from external vendors. This dependency on suppliers poses challenges in terms of ensuring consistent quality, timely delivery, and cost predictability. In order to overcome this dependency and as part of its strategic growth initiatives, the company intends to enter into manufacturing of lead-acid batteries, in addition to its current operations in which it primarily procures and supplies inverter batteries.

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Posted on Jul 4th

Travel Food Services coming with IPO to raise upto Rs 2106 crore

Travel Food Services Travel Food Services is coming out with a 100% book building; initial public offering (IPO) of 1,91,42,985 shares of Rs...

Travel Food Services

  • Travel Food Services is coming out with a 100% book building; initial public offering (IPO) of 1,91,42,985 shares of Rs 1 each in a price band Rs 1045-1100 per equity share.
  • Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
  • The issue will open for subscription on July 7, 2025 and will close on July 9, 2025.
  • The shares will be listed on BSE as well as NSE.
  • The face value of the share is Rs 1 and is priced 1045 times of its face value on the lower side and 1100 times on the higher side.
  • Book running lead managers to the issue are Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), ICICI Securities and Batlivala & Karani Securities India.
  • Compliance Officer for the issue is Neeta Arvind Singh.

Profile of the company

Travel Food Services is the leading player in the fast-growing Indian airport travel quick service restaurant (Travel QSR) and lounge (Lounge) sectors based on revenue in Fiscal 2025, with a market share based on revenue (including Associates and Joint Ventures) of around 26% in the Indian airport travel QSR sector and approximately 45% in the Indian Airport Lounge sector in Fiscal 2025. The company’s Travel QSR business comprises a range of curated food and beverage (F&B) concepts across cuisines, brands and formats, which have been adapted to cater to customers’ demands for speed and convenience within travel environments.

It offers quick service formats adapted for the travel environment, such as fast food, cafes, bakeries, food courts, and bars, mainly within airports as well as at select highway sites in order to serve travellers’ demands for speed and convenience. It works closely with its regional Indian and international brand partners to adapt their F&B concepts for the travel environment. It achieves this by adjusting store layouts, streamlining menus, adapting merchandising and store designs, and developing travel friendly takeaway packaging, among other strategies. In addition, it has developed a portfolio of in-house brands through close collaborations between its experienced culinary, marketing and operations teams and based on its understanding of the unique needs of travellers and the travel environment.

Its F&B brand portfolio and presence across key airports in India position it well to benefit from the expected growth in the Travel QSR sector in airports in India. Such growth is supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income and extended dwell times during airport travel, as well as growing number of low-cost carriers (LCCs). The Indian Airport Travel QSR sector is expected to grow a CAGR of 17-19% from Fiscal 2025 to 2034, to reach a size of Rs 170-180 billion.

Proceed is being used for:

  • Achieving the benefits of listing the Equity Shares on the Stock Exchanges
  • Carrying out the Offer for Sale of Equity Shares by the Promoter Selling Shareholders

Industry Overview

Airport lounges offer a range of services that are designed to provide comfort and convenience to travellers. Lounges focus on providing wide range of high-quality food options along with a comfortable seating arrangement for the customer. Lounges can be broadly bundled into food and beverage, space to relax or work, and ancillary facilities such as shower, wellness services, entertainment, etc. These services can vary based on airport, airline or class of service. Lounges in India have grown significantly over the past five years, driven by the development of new operational airports, which increased to 138 as of September 2024 from 77 in FY16. Other factors such as partnerships with credit card companies and loyalty programmes have contributed to the growth as well.

Meanwhile, F&B revenue, which is the revenue earned by airports through concession agreements for operating F&B outlets, is one of the key components of the non-aeronautical revenue for airport operators. It has been growing at a healthy pace for key domestic airports. For Delhi International Airport and GMR Hyderabad International Airport, F&B revenue, which forms 8-10% of their total non-aeronautical revenue, logged a significant 15% CAGR between FY19 and FY25. The growth is attributed to increased passengers’ propensity to spend on F&B. This also shows that passengers are spending on non-travel-related activities such as eating at the airports. F&B operators at the airports have also customised their offerings as per the customer needs, in turn, enhancing passengers’ experience.

Further, Airport travel QSR and lounges are the key and fast-growing sectors in airport retail in India which together account for 35.00% (Rs 64 billion) of the total airport retail market in India as of FY25. Looking ahead, the airport travel QSR industry is expected to sustain the strong growth momentum, supported by the rising propensity to spend on F&B, driven by increasing air travel, higher disposable income, extended dwell times during airport travel, as well key supply-side factors such as customised product offerings, and improved airport infrastructure. In the long term, the industry is expected to sustain the growth momentum and register a CAGR of 17-19% from FY25 to FY34 to reach a size of Rs 170-180 billion by the end of FY34. 

Pros and strengths

Leading player in the Travel QSR and Lounge sectors in Indian airports: The company was the leading player in the Travel QSR and Lounge sectors in airports in India based on its revenue in Fiscal 2025. It operated the largest network of Travel QSRs in India, as of March 31, 2025, with 384 of its 413 operational outlets being situated in airports, and the remaining in highway sites. Also, it had a market share of around 26% based on revenue (including Associates and Joint Ventures) in the travel QSR sector in Indian airports in Fiscal 2025.

Strong expertise in handling the distinct challenges of F&B in the operationally complex and highly secure airport environment: Since the opening of its first Travel QSR outlet in 2009, it has cultivated a deep set of capabilities and processes that enable it to efficiently execute in and address the various operational challenges posed by the operationally complex and highly secure airport environment. These capabilities have been developed and honed through its 16 years of experience in the travel industry and enhance its value proposition for airport operators and the competitiveness of its bids for airport concessions. 

Diversified portfolio of partner F&B brands: Within its Travel QSR business, it represents and operates a wide range of popular international, regional Indian and in-house F&B brands. It had 90 F&B brands licensed from international and regional Indian brand partners, in addition to 37 in-house brands, as of March 31, 2025. This includes international brands such as KFC, Pizza Hut, Wagamama, The Coffee Bean & Tea Leaf, Subway and Krispy Kreme, regional Indian brands such as Bikanervala and Third Wave Coffee, and in-house brands such as Cafeccino, Curry Kitchen, Idli.com and Dilli Streat. Through its in-house brands, it customise its menu options to offer its customers additional options that appeal to local and international palates, while taking into account the requirements of airport operators. 

Deep understanding of traveller preferences: The company has introduced a number of innovative solutions within its Travel QSR and Lounge businesses that seek to address travellers’ demands for speed and convenience, while also elevating the overall travel experience for its customers and maintaining operational efficiencies. Its technological innovations have been part of its approach in addressing various pain points faced by travelers and enhancing its operational efficiency. Within select Travel QSRs located in airports, it has introduced self-ordering kiosks, online order and in-airport delivery options and contactless payment systems to accelerate customer servicing time and make ordering more convenient at select locations. Also, it installed grab-and-go fridges to provide travellers with quick pick up options at select outlets.

Risks and concerns

Maximum revenue comes from Travel QSRs and Lounges at the top 5 airports: The Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. The average remaining term of its concession agreements at its top five airports for Fiscals 2025, 2024 and 2023, is 3.47 years, as of March 31, 2025. Such concession agreements may be renewed through the tender and bidding process or through negotiations among the relevant parties. There is no assurance that it will be successful in renewing these key concessions when they expire or that they will not be subject to early termination, whether due to changes in contracting entities or otherwise. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue.

Depend on its relationship with its brand partners to franchise their brands: The company depend on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Its brand partners may terminate their franchise agreements with it or request to amend key terms of the relevant agreements, such as increasing franchising fees or royalty fees, subject to the terms of such agreements, or opt not to renew their franchise agreements with it upon their expiry for various reasons that may be outside its control.

Derive significant revenue from Lounge services: The success of the company’s Lounge business is dependent on its long-term relationship with its Lounge Partners, comprising domestic and international airlines, card issuers and networks, loyalty partner programmes, Lounge access programmes and financial institutions. Revenue from Lounge services amounted to 44.93%, 44.65% and 46.14% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Its business may be negatively impacted if it is unable to retain its existing Lounge Partners or attract new ones.

Higher employee attrition rates: The company had employee attrition rates of 58.65%, 61.73% and 66.33% in Fiscals 2025, 2024 and 2023, respectively. It must continue to attract, motivate and retain qualified managers with the qualifications to succeed in the sectors in which it operates as well as adequate frontline staff and skilled labour to operate its outlets. Competition for qualified employees is significant, and there is a risk that it will not effectively manage employee turnover. Any organisational changes, including changes in salaries and wages and other employee benefits that are, or are perceived to be negative, could result in an increased attrition rate. The failure to effectively manage employee turnover rates could negatively impact its sales performance, increase its wage costs, and negatively affect its business, results of operations, financial condition and prospects.

Outlook

Travel Food Services is an Indian airport travel quick service restaurant (Travel QSR) and lounge. The company’s F&B brand portfolio, comprising 117 partner and in-house brands, is in the operation of 397 Travel QSRs across India and Malaysia, as of June 30, 2024. It is leading player in the Travel QSR and Lounge sectors in Indian airports. It has a deep understanding of traveller preferences with a focus on delivering a quality customer experience. On the concern side, the Travel QSRs and Lounges at the top 5 airports contributed 85.94%, 88.36% and 90.29% of its revenue from operations for Fiscals 2025, 2024 and 2023, respectively. Termination of its concession agreements in relation to or a decrease in passenger traffic in such airports could have a significant impact on its revenue. Moreover, the company depends on its relationship with its brand partners to franchise their brands, with revenue from brand partners accounting for 54.37%, 54.44% and 54.06% of its revenue from Travel QSR for Fiscals 2025, 2024 and 2023, respectively. Failure to attract new brand partners or maintain or develop existing ones could adversely affect its business, results of operations, financial condition and prospects.

The issue has been offering 1,91,42,985 shares in a price band of Rs 1045-1100 per equity share. The aggregate size of the offer is around Rs 2000.40 crore to Rs 2105.73 crore based on lower and upper price band respectively. Minimum application is to be made for 13 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 20.87% to Rs 16,877.39 million in Fiscal 2025 from Rs 13,963.22 million in Fiscal 2024. Moreover, the company’s restated profit for the year increased by 27.35% to Rs 3,796.59 million in Fiscal 2025 from Rs 2,981.20 million in Fiscal 2024.

The company generates the majority of its revenue from airports in India and plan to leverage its leadership position in the Travel QSR and Lounges sectors and its strong relationships with airport operators to expand its Lounge and Travel QSR businesses within existing airport terminals and new terminals in airports in which it is present, in addition to expanding into new airports and geographies. It strives to expand its business while delivering operational efficiency, driving earnings and generating operating cash flow. Going forward, the company plans to continue monitoring market trends and customer preferences in India, including at the regional level, and create or franchise new brands for its airport concession agreements and future bids.

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Posted on Jul 3rd

Chemkart India coming with IPO to raise Rs 80 crore

Chemkart India Chemkart India is coming out with an initial public offering (IPO) of 32,29,200 equity shares in a price band Rs 236-248 per ...

Chemkart India

  • Chemkart India is coming out with an initial public offering (IPO) of 32,29,200 equity shares in a price band Rs 236-248 per equity share.
  • The issue will open on July 7, 2025 and will close on July 9, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The face value of the share is Rs 10 and is priced 23.60 times of its face value on the lower side and 24.80 times on the higher side.
  • Book running lead manager to the issue is Smart Horizon Capital Advisors.
  • Compliance Officer for the issue is Ramdulari Saini.

Profile of the company

Chemkart India is a one stop destination for various nutritional, Health and sports supplement products, which are largely biased towards the food products providing health benefits in addition to their nutritional values, reflecting its ability in catering to nutritional as well as health needs of the end customers. The company is based in Mumbai, offering diverse range of captivated nutritional supplements and components. It offers products across mainly seven product categories, i.e. Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, and Vitamin. Thus, positioning it favorably to adapt to the growing awareness with respect to the needs of nutrition in the food products.

It targets the Business to Business (B-to-B) platform which uses its products into manufacturing of finished supplements which includes sports supplements, health supplements, vitamins, protein products etc. Its product assortment and customer-centric approach aims to fulfil the daily and aspirational requirements of the end customers with a focus on variety, affordability, quality and convenience. Since the commencement of its operations, it has developed good standing relationships with its customers. It also engages actively with its suppliers to improve its supply chain processes.

Proceed is being used for:

  • Financing the capital expenditure towards setting up of the Manufacturing Facility through investment in its Wholly Owned Subsidiary (WOS) Company, Easy Raw Materials Private Limited
  • Repayment/prepayment of all or certain of its borrowings availed of by the company
  • General corporate purposes 

Industry Overview

The global nutraceutical market is currently estimated at around $400 billion, blending the fields of food, pharmaceuticals, and biotechnology. India stands out as a key player, supported by its rich heritage of traditional knowledge, especially in Ayurveda, and a unique ecosystem that fosters growth in this sector. However, India's share remains under 2% globally, primarily due to a lack of defined industry classification within Indian ministries, limiting targeted sector support.

Recognizing the sector’s immense potential, the Council of Scientific and Industrial Research (CSIR) constituted a Nutraceutical Sector Task Force (TF) in November 2021 under the chairmanship of the Principal Scientific Adviser to the Government of India. This Task Force includes representatives from various ministries, including the Department of Commerce, the Department of Pharmaceuticals, the Food Safety and Standards Authority of India (FSSAI), the Ministry of AYUSH, and the Ministry of Food Processing. The TF also includes significant industry representation, ensuring that industry concerns and challenges are directly addressed. The Task Force’s mandate includes proposing policy measures to address challenges and drive initiatives toward the “Harmonized System of Nomenclature” and other international standards.

India has also prioritized infrastructure support, with nutraceutical incubation hubs and centers of excellence. NIFTEM-Kundli, Centurion University, and AIC-CSIR-CCMB have developed hubs fostering innovation, while the Kerala government inaugurated the first government-backed Nutraceutical Centre of Excellence in 2024. Through the Department of Commerce, India has showcased its nutraceutical strengths at global trade fairs, enhancing visibility and forging connections with international stakeholders. The collaboration between the Task Force and the Central Board of Indirect Taxes and Customs (CBIC) is working toward a unique HSN code to streamline exports and simplify customs procedures. With these strategic initiatives, India’s nutraceutical sector is set for unprecedented growth. India aims to position itself as a global leader in nutraceuticals, combining traditional knowledge with modern science to attract global partnerships and investments.  

Pros and strengths

Diversified product portfolio: The company’s understanding of the customer’s requirements, its product understanding capabilities, has allowed it to develop a comprehensive portfolio of a variety of nutraceutical products. It offers products mainly across seven product categories, i.e. Amino Acids, Health Supplement, Herbal Extract, Nucleotide, Protein, Sports Nutrition, Vitamin and many more under other health products category in different packaging sizes. Its diversified product portfolio enables it to cater to a wide range of customer preferences.

In house processing and warehousing capabilities: It also provides grinding and blending facility for few of the nutraceutical products at its processing unit. Blended ingredients are the mixture of various ingredients that is required to make a final product in its most authentic form. It is equipped with warehouse which enables blending, grinding and packaging of ingredients all in a hygienic way. The company has trained and experienced staff in terms of blending grinding and hygienic storages/ warehousing facilities. It also uses contract labourers for grinding and packaging in large bulk quantities who are specialised in this field.

Value proposition for customers: The company is catering to B2B segment which give it the advantage of wide spread customer network. It seeks to build on existing relationships and also focuses on bringing into its portfolio more customers. A long-term customer relationship with large customers reaps fruitful returns. Long-term relations are built on trust and continuous meeting with the requirements of the customers which creates value proposition for its existing as well as future customers and top end advantage is received in nutraceutical sector.

Risks and concerns

Significant revenue comes from limited customers: The company is dependent on certain customers for a significant portion of its revenues. The company has garnered 45.91%, 40.64% and 54.61% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Since the company’s revenues depend on a select number of customers, any adverse developments in its relationships with them or any disputes with them may adversely affect its business and revenues. The loss of one or more of its significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business and results of operations.

Limited operational history in trading nutraceutical products and health supplements: As the company was incorporated in the year 2020, it may not have established a consistent performance history, making it difficult to predict future success. The nutraceutical sector is heavily regulated and have limited operating history which may mean that the company has less experience in navigating complex regulatory environments, potentially leading to compliance issues. With limited experience, the company may encounter challenges in the research, development and processing of effective nutraceutical products, which could impact their viability in the market. Further, the company may have less established relationships with suppliers, leading to potential disruptions, higher costs, or variability in product quality.

Geographical constrain: Currently majority of the company’s sales is derived from the state of Maharashtra, Gujarat and New Delhi. For the financial years ended March 31, 2025, 2024 and 2023 on the basis of Audited Standalone Financial Statements, its sales were Rs 11,579.56 lakh, Rs 8,786.82 lakh and Rs 10,209.32 lakh which constitutes 56.97%, 66.55% and 77.71% respectively of the Revenue from operations from Maharashtra, Gujarat and New Delhi. Any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operation.

Outlook

Chemkart India is a distributor specializing in high-quality food and health ingredients. The company bridges the gap between global ingredient manufacturers and businesses across various sectors. The company has diversified product portfolio. It also has in house processing and warehousing capabilities. On the concern side, the company’s business operations rely significantly on the continuous and timely supply of products from top 5 and top 10 suppliers. Also, it does not have continuing and exclusive supply agreement with them. Any interruptions or discontinuation of same will adversely impact its overall performance and profitability. Moreover, it sources its majority of the products from international market i.e. China. Any adverse developments affecting its procurement in this region could have an adverse impact on its revenue and results of operations.

The company is coming out with a maiden IPO of 32,29,200 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 236-248 per equity share. The aggregate size of the offer is around Rs 76.21 crore to Rs 80.08 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 53.97%, from Rs 13,202.69 lakh in fiscal year 2024 to Rs 20,327.85 lakh in fiscal year 2025. Moreover, for Fiscal 2025, the company reported a net profit of Rs 2,427.10 lakh, a significant increase compared to Rs 1,451.82 lakh in Fiscal 2024.

The company’s product management and supply chain team can identify global trends early and bring novel products to the Indian market faster than competition. This gives a first-mover advantage to the company. The company has a large opportunity in health and nutraceutical ingredients for the export market. With an increasing focus on wellness, customers are more inclined towards preventive healthcare rather than treatment of illnesses. This has led to a rise in the demand for dietary supplements, functional foods and beverages that promote overall health. With a rise of fitness culture, there is an increasing demand for sports nutrition products, such as protein powders, amino acids and energy supplements.

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Posted on Jul 3rd

Meta Infotech coming with IPO to raise Rs 80 crore

Meta Infotech Meta Infotech is coming out with an initial public offering (IPO) of 49,80,000 equity shares in a price band Rs 153-161 per eq...

Meta Infotech

  • Meta Infotech is coming out with an initial public offering (IPO) of 49,80,000 equity shares in a price band Rs 153-161 per equity share.
  • The issue will open on July 4, 2025 and will close on July 8, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The face value of the share is Rs 10 and is priced 15.30 times of its face value on the lower side and 16.10 times on the higher side.
  • Book running lead manager to the issue is HEM Securities.
  • Compliance Officer for the issue is Komal Toshniwal.

Profile of the company

Meta Infotech is involved in the business of providing cybersecurity solutions to various organizations across India. Founded in 1998 and transitioned into the cybersecurity domain in 2010. The company delivers comprehensive cybersecurity solutions and services for protection and maintaining integrity of information and systems. The company works for safeguarding the digital infrastructures of companies belonging to diversified industries such as Banking, Capital Market, NBFC, IT/ITES, Cybersecurity, Automobile, Insurance, Pharmaceutical, FMCG, Real Estate, Hospitality, Manufacturing and Other conglomerates etc. Leveraging its domain expertise, it provides end-to-end cybersecurity solutions designed to address the challenges faced by these sectors. By optimizing and securing network resources it enables organizations to manage their digital infrastructure effectively, ensuring reliable and scalable connectivity to support their evolving network needs.

It procures the cybersecurity products from various international OEMs who develop solutions to ensure secure access, defense for web applications, cloud workload protection etc. It has entered into agreements as authorized resellers with a various OEMs for distribution of cybersecurity products, softwares along with its licenses and subscriptions etc. It offers a holistic suite of services ranging from consulting to implementation, along with annual maintenance and sustenance, catering exclusively to the cybersecurity needs of its clients. Moreover, it also provides on-site resources along with training services to the organizations.

It operates from its offices situated at Andheri and Thane in Mumbai and at Hyderabad. Its experience over the years has helped it evolve its in-house training centre with a focus on creating fresh talent and internal talent augmentation for continuous improvement and growth. Its in-house training initiative helps it in on-boarding fresh talent along with tailored learning, skill development, retention and engagement, consistency and cost efficiency. With strategic locations in Mumbai and Hyderabad It is well-positioned to provide its clients with timely and efficient cybersecurity services, ensuring their operations are secured and resilient against evolving cyber threats.

Proceed is being used for:

  • Repayment in full or in part, of certain of its outstanding borrowings
  • Funding capital expenditure towards establishment of new office premises at Unit no 911, 9th Floor, MINT Sahar, Andheri - kurla Road, Andheri east, Mumbai
  • Setup of an interactive experience centre at its registered office situated at Unit no 118 and 119, 1st Floor, Ackruti Star, MIDC, Andheri East, Mumbai 
  • General Corporate Purpose 

Industry Overview

The IT & BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country’s GDP and public welfare. The IT industry accounted for 7.5% of India’s GDP, as of FY23 and is projected to hit 10% by FY25. As innovative digital applications permeate sector after sector, India is now prepared for the next phase of growth in its IT revolution. India is viewed by the rest of the world as having one of the largest Internet user bases and the cheapest Internet rates, with 76 crore citizens now having access to the Internet. The Indian IT industry’s revenue touched $227 billion in FY22, a 15.5% YoY growth and was estimated to have touched $245 billion in FY23. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. By 2025, the Indian software product industry is projected to hit Rs 8,68,700 crore ($100 billion) as companies seek to expand globally.

Meanwhile, Research and Development (R&D) in Cyber Security focusses on promotion of applied research in addition to futuristic and blue-sky research in the thrust areas of IoT, Hardware Security, End point security, Network and System Security, Cryptography, Cyber Forensics, Threat Intelligence etc. Grant-In-Aid support is extended to research and academic institutions to promote creation of R&D infrastructure, capacity building and enhancement of skills and expertise. Specific efforts are made to nurture institutions and capacity enhancement in the entire country. This has helped in establishing an ecosystem for cyber security startups & industry which resulted in production of indigenous state-of-the-art tools for forensics, device and end-point security, IoT Security, Threat Intelligence tools. Ongoing projects are reviewed periodically and follow up actions are taken. Efforts in the projects have resulted in the development of certain indigenous security solutions and technologies which are deployed/being deployed at various user organisations.

India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new gamut of opportunities for top IT firms in India. The IT spending in India is estimated to record a double-digit growth of 11.1% in 2024, totalling $138.6 billion up from $124.7 billion last year. India’s public cloud services market grew to $3.8 billion in the first half of 2023, expected to reach $17.8 billion by 2027. By 2026, widespread cloud utilisation can provide employment opportunities to 14 million people and add $380 billion to India's GDP.  

Pros and strengths

One Stop Shop for safeguarding the digital assets and infrastructure: With a focus on its customers’ needs, it offers end to end services right from advising clients on the appropriate product for serving their cyber security requirements to implementing and training employees of the organization. Its diversified solutions include Endpoint Security, Email Security, Data Security, Database Security, Network & Perimeter Security, Application Security, API Security, Cloud Security, Identity Security, Secure Access Service Edge (SASE), Security Information and Event Management (SIEM). Its range of solutions are bundled with service offerings like: implementation services, annual maintenance services, sustenance services, professional services, managed security services, training etc.

Catering to wide range of end use industries: Over the years the company has built expertise to provide products and solutions for cybersecurity for diverse range of end user customers finding applications across multiple industry such as Banking, Capital Market, NBFC, IT/ITES, Cybersecurity, Automobile, Insurance, Pharmaceutical, FMCG, Real Estate, Hospitality, Manufacturing and Other conglomerates etc. Its diversification of revenue across multiple industry verticals allows it to prevent any possible industry concentration in any of its product categories.

Long standing relationships with various Cybersecurity OEM Developers: The company has entered into agreements as authorized resellers with a various OEMs for distribution of cybersecurity products along with its licenses and subscriptions etc. These OEMs develop solutions to ensure secure access, defence for web applications, Network security, End point security, cloud workload protection, high performance event streaming and integration ensuring real time visibility, in-memory data structure solutions etc. Its established relationship with these OEMs has enabled it to develop a holistic product portfolio addressing diverse cyber security solutions across various industries. Its agreements with its technology partners heighten its ability to provide products and services catering to specific customer requirements.

Risks and concerns

Significant revenue comes from single client: The company derives a significant portion of its revenue from operations from a few customers, with its single largest customer contributing more than 50%, of its revenue from operations during the last three financial years. The company has garnered 62.76%, 58.51% and 63.50% of its total revenue from single customer in FY25, FY24 and FY23 respectively. Its reliance on a single or limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its key customers, a failure to negotiate favorable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Heavily reliant on few OEM vendors/suppliers for purchase of software licenses: The company’s business model entails the purchase of significant quantities of cybersecurity products. It is heavily reliant on few OEM vendors/suppliers for purchase of software licenses in order to cater the needs of its customers and provide its cybersecurity solutions to various industries. Its single largest supplier contributing to more than 50% of its purchases during the last three financial years. Moreover, it has not entered into long-term contracts or arrangements with these OEM vendors. Any loss of such vendors/suppliers may disrupt its operations and will have a material adverse impact on its business and its revenue.

Intense competition in the market for cybersecurity product: The company operates in a competitive industry that experiences rapid technological developments, and changes in customer requirements. Its competitors include the big Global System Integrators, mid-sized, and several smaller local competitors in the various geographic markets in which it operates. It may face competition from companies that grow in size or scope as the result of strategic mergers or acquisitions, which may result in larger competitors with significant resources that benefit from economies of scale and scope. Such events could have a variety of negative effects on its competitive position and its financial results, including reducing its revenue, increasing its costs, and lowering its gross margin percentage. If its competitors develop and implement methodologies that yield greater efficiency and productivity, they may be able to issue services similar to it at lower prices without adversely affecting their profit margins.

Outlook

Meta Infotech is engaged in the business of cybersecurity solutions for various industries, including banking, IT, and manufacturing. The company offers services such as consulting, implementation, and sustenance, focusing on protecting and maintaining the integrity of information and systems. It is One Stop Shop for safeguarding the digital assets and infrastructure. On the concern side, the company derives a significant portion of its revenue from operations from a few customers, with its single largest customer contributing more than 50%, of its revenue from operations during the last three financial years. Loss of any of these customers or a reduction in business with any of them could adversely affect its business, results of operations and financial condition. Moreover, it is dependent on few Industries for majority of its revenue from operations with banking industry contributing to more than 50% of its revenue from operations during the last three financial years. Downtrend or change in regulatory framework in these Industries may result in an adverse effect on its business, revenue from operations and financial conditions.

The company is coming out with a maiden IPO of 49,80,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 153-161 per equity share. The aggregate size of the offer is around Rs 76.19 crore to Rs 80.18 crore based on lower and upper price band respectively. On performance front, the net revenue from operations of the company increased significantly by 43.84%, rising from Rs 15,213.32 lakh in FY 2023-24 to Rs 21,882.35 lakh in FY 2024-25. Moreover, net profit after tax for the financial year 2024-25 increased to Rs 1,450.14 lakh as compared to profit of Rs 1050.78 lakh in the financial year 2023-24. The increase of 38.01% was due to factors increase in PAT margin.

The company consistently focus to increase its technological capabilities and expand its domain expertise. Most recently, it has added 2 new capabilities including 1) Micro segmentation and 2) Patch management. 1) Micro segmentation: enhances cybersecurity defense by dividing the network into smaller, isolated segments. This granular approach limits the movement of potential threats within the network, thereby containing breaches and reducing the impact of security incidents. 2) Patch management: Ensures that all applications, operating systems, middleware and network devices are consistently patched against known vulnerabilities, mitigating risks associated with security breaches and system failures. Going forward, it intends to continue growing its existing technological capabilities and expanding its domain expertise by identifying vulnerable sectors with growth potential to add value to its portfolio of offerings and help it gaining credibility in the market and expand its business verticals.

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Posted on Jul 2nd

Cryogenic OGS coming with IPO to raise Rs 17.77 crore

Cryogenic OGS Cryogenic OGS is coming out with an initial public offering (IPO) of 37,80,000 equity shares in a price band Rs 44-47 per equi...

Cryogenic OGS

  • Cryogenic OGS is coming out with an initial public offering (IPO) of 37,80,000 equity shares in a price band Rs 44-47 per equity share.
  • The issue will open on July 3, 2025 and will close on July 7, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The face value of the share is Rs 10 and is priced 4.40 times of its face value on the lower side and 4.70 times on the higher side.
  • Book running lead manager to the issue is Beeline Capital Advisors.
  • Compliance Officer for the issue is Rashmi Kamlesh otavani.

Profile of the company

Cryogenic OGS provides high-quality measurement and filtration equipment and systems by fabrication and assembling for various sectors like oil, gas, chemicals and allied fluid industry. Focused on innovative and tailored services, for oil, gas, chemicals and allied fluid industry, it provides customized solutions to meet the specific needs of its customers. Its team of experts works closely with clients to understand their unique requirements, developing tailored strategies that maximize efficiency and minimize costs.

Its in-house engineering and design capabilities helps it to offer diversified products and solutions to its customers in each of the segments in which it operates. Its comprehensive solutions include design, process engineering and manufacturing including fabrication, assembly and testing facilities. It uses Auto-CAD ELD software along with other pairing software for preparing designs of its products.

Spanning in over 8300 Square meters located at Vadodara, Gujarat, the company’s production facilities are equipped with all the required machineries and equipment required for its production processes. It also has a well-equipped quality checking department with highly skilled manpower to carry out the required testing of all kinds relating to the machines and equipment being prepared by it for e.g. Chemical testing, Mechanical testing, non-destructive testing, Hydro test of Equipment, Pneumatic leak test with air etc. It also has its administration block built up in the same premises to facilitate and ease out the overall working of the business.

Proceed is being used for:

  • Meeting working capital requirements
  • General corporate purposes 

Industry Overview

India’s Capital Goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, Infrastructure and Consumer goods, amongst others. The engineering sector is the largest of the industrial sectors in India. It accounts for 27% of the total factories in the industrial sector and represents 63% of the overall foreign collaborations. Demand for engineering sector services is being driven by capacity expansion in industries like infrastructure, electricity, mining, oil and gas, refinery, steel, automobiles, and consumer durables. India has a competitive advantage in terms of manufacturing costs, market knowledge, technology, and innovation in various engineering sub-sectors. India’s engineering sector has witnessed remarkable growth over the last few years, driven by increased investment in infrastructure and industrial production. The engineering sector, being closely associated with the manufacturing and infrastructure sectors, is of huge strategic importance to India’s economy.

The development of the engineering sector of the economy is also significantly aided by the policies and initiatives of the Indian government. The engineering industry has been de-licensed and allows 100% foreign direct investment (FDI). Additionally, it has grown to be the biggest contributor to the nation's overall merchandise exports. India became a permanent member of the Washington Accord (WA) in June 2014. it is now part of an exclusive group of 17 countries that are permanent signatories of the WA, an elite international agreement on engineering studies and the mobility of engineers. Engineering Trade Analysis for April 2024 After registering a marginal increase in 2023-24, Indian engineering exports started the new fiscal 2024-25 with a decline of 3.2% year-on-year in April 2024. Share of engineering however was above 25 percent during the month. The decline in engineering exports was mainly due to 36.4 percent drop in exports of Iron and Steel. Lower shipment of steel was mainly witnessed in Italy, Nepal, UAE, Netherland, USA, China and Korea among others.

The oil and gas sector in India holds a pivotal position as one of the eight core industries, exerting a significant influence on the country's economic landscape. With India's economic growth intricately tied to its energy demand, the sector's importance is set to surge, fostering a conducive environment for investment. As of 2023, India remains the third-largest consumer of oil globally, underscoring the sector's significance. To meet the escalating demand, the government has implemented various policies, including permitting 100% foreign direct investment (FDI) in key segments such as natural gas and petroleum products. India's rapid economic expansion is propelling significant shifts in its energy landscape, particularly in the oil and gas sector. With burgeoning outputs and escalating demands for production and transportation, the consumption of crude oil is forecasted to surge, registering a remarkable CAGR of 4.59% to reach 500 million tonnes by FY40, soaring from 223 million tonnes in FY23.  

Pros and strengths

Strong and unique product technology: By leveraging its core technologies and unique ideas, it continues to provide new value to industry. It offers a wide range of products that are designed to meet the specific needs of its clients. The company’s products are made from the finest materials and are built to last, ensuring that they provide reliable performance year after year.  

Consistency in quality and service standards: It has been accredited with ISO 45001, ISO 14001, ISO 9001, confirming that it adheres to the highest standards in occupational health environmental management and quality control. ISO 45001 reflects its commitment in ensuring a safe and healthy workplace, ISO 14001 underscores its dedication to environmental sustainability, and ISO 9001 attests to its unwavering focus on quality management. These certificates are more than badges; they represent its pledge to excellence in every facet of its operations.

Established relationships with suppliers: The company has a strong relationship with its suppliers and due to its relationships with its suppliers, it gets quality and timely supplies of materials. This enables it to manage its inventories and supply quality products on timely basis to its customers.

Risks and concerns

Maximum revenue comes from limited customers: The company derived a significant portion of its revenues from limited number of clients. The company has garnered 70.27%, 73.21% and 68.78% of its total revenue from top 5 customers in FY25, FY24 and FY23 respectively. While, the company has maintained good and long-term relationships with its customers, but there can be no assurance that it will continue to have such long-term relationship with them. It cannot assure that it shall generate the same quantum of business, or any business at all, from these customers, and loss of business from one or more of them may adversely affect its revenues and profitability.

Majority of revenue from operation comes from Gujarat and Maharashtra: The company derives 46.72% and 34.95% of its revenue from State of Gujarat and Maharashtra respectively for the year ended March 31, 2025. Such geographical concentration of its business in this region heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in this region which may adversely affect its business prospects, financial conditions and results of operations. It may not be able to leverage its experience in these regions to expand its operations in other parts of India.

Required services of third party manufacturers and suppliers: The company’s business generally requires the services of third party manufacturers and suppliers of machine parts, capital items and materials. The timing and quality of the machinery parts it installs, depends on the availability and skill of those third parties, as well as contingencies affecting them, including labour and material shortages and industrial action, such as strikes and lockouts. Though these third party manufacturers are approved manufacturers by it which it approves considering the timelines in which they can execute the contracts given by it to avoid any delays in execution of its principal contract, it cannot assure that skilled third parties will continue to be available at reasonable rates and in the areas in which it needs to execute its projects. As a result, it may be required to make additional investments or provide additional services to ensure the adequate performance and delivery of contracted services, and any delay in project execution could adversely affect its profitability.

Outlook

Cryogenic OGS manufactures and assembles high-quality measurement and filtration equipment for industries such as oil, gas, chemicals, and related fluid sectors. The company has strong and unique product technology. The company has Established Relationships with suppliers coupled with stable customer base. On the concern side, the company’s top five customers contribute majority of its revenues from operations and any loss of business from one or more of them may adversely affect its revenues and profitability. Moreover, majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Maharashtra and any adverse development affecting its operations in this region could have an adverse impact on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 37,80,000 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 44-47 per equity share. The aggregate size of the offer is around Rs 16.63 crore to Rs 17.77 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operation has increased from Rs 2,425.41 lakh in FY24 to Rs 3,290.46 lakh in FY25 showing an increase of 35.67% from previous year i.e. FY24. Moreover, the company recorded increase in its profit after tax from Rs 534.50 lakh in the FY24 to Rs 612.26 lakh in the FY25.

The company has a sales and marketing team focusing on customer development and maintaining customer relationship. This team is also responsible for the marketing of its products, negotiating prices, procuring repeat orders and ensuring timely dispatch and deliveries. Its sales team has built long-term relationships with a number of its customers. As a B2B manufacturer, its channels of marketing are such that it needs to reach and target its clients of various sectors to offer its diversified products. Meanwhile, the company operates in a highly competitive market, with participants in the organised and unorganised sector. There are no entry barriers in the industry which puts it to threat of competition from new entrants as well. It faces competition from other manufacturers of oil and gas, petrochemical, chemicals and liquor equipment. The company’s cost effective and integrated offerings, its focus on customer satisfaction and its reliability combined with quality consciousness, provide it with a competitive advantage in its business.

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Posted on Jul 1st

Happy Square Outsourcing coming with IPO to raise Rs 24.25 crore

Happy Square Outsourcing Services Happy Square Outsourcing Services is coming out with an initial public offering (IPO) of 31,90,400 equity ...

Happy Square Outsourcing Services

  • Happy Square Outsourcing Services is coming out with an initial public offering (IPO) of 31,90,400 equity shares in a price band Rs 72-76 per equity share.
  • The issue will open on July 3, 2025 and will close on July 7, 2025.
  • The shares will be listed on SME Platform of NSE.
  • The face value of the share is Rs 10 and is priced 7.20 times of its face value on the lower side and 7.60 times on the higher side.
  • Book running lead manager to the issue is Corpwis Advisors.
  • Compliance Officer for the issue is Angha Ambalkar.

Profile of the company

Happy Square is a technology-based consulting firm, involved in Tech based human resource outsourcing business which focuses on end-to-end solution. Promoters of the company, Shraddha Rajpal and Nalini Rajpal have a combined experience of 10 plus years in the staffing industry. Driven by the passion for building an integrated staffing company, backed by their experience, its Promoters are the pillars of the company's growth and have built a strong value system for the company. With their enriching experience and progressive thinking, it aims to continue to grow in the human resource outsourcing business.

The company offers a wide array of services such as Recruitment, Payroll, Onboarding and flexible staffing. Its comprehensive network, structured processes, professionalism and strong work ethics ensure that it remain at the top on the domestic scale. It satisfies firms’ staffing, and recruitment needs in India through this specialised rich knowledge.

Its substantial talent pool and deep understanding of the hiring industry has helped it to achieve significant strides in the HR market. It is also an ISO 9001:2015 certified company. A proper staffing process allows it to identify the current and future requirements of the clients. Further, it helps it to create and execute a plan as per the derived requirements to hire the most suitable candidates.

Proceed is being used for:

  • Funding of working capital requirements of the company
  • General corporate purposes

Industry Overview

India has witnessed significant employment growth over the years. With the employment increased by nearly 36%, adding around 170 million jobs during 2016-17 and 2022-23, India's economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world. Recent data and economic analysis challenge the notion of 'jobless growth' in India, a concept that suggests GDP growth occurs without corresponding increases in employment.

The India Staffing and Recruiting market is valued at $18.5 Billion, based on a five-year historical analysis. This growth is driven by the increasing demand for flexible staffing solutions across various industries, including IT, manufacturing, and BFSI. The market's expansion is supported by the rise in digital recruitment technologies and a growing preference for temporary staffing due to evolving business needs and project-based requirements, making it a pivotal component of India’s workforce management ecosystem. Indian Staffing Federation (ISF) is the apex body of organized staffing companies representing over 1.66 million contract workforce employed through 121 member companies. ISF is formed to provide a platform for organized employment, work choice, compensation, social security and health benefits for the temporary workforce.

The rise of AI and automation can lead to fewer jobs, or a shift in the types of roles that need filling. This could reduce the demand for certain types of staffing services, especially in fields susceptible to automation. The staffing industry is highly competitive. New entrants, online job platforms, or global staffing agencies can reduce market share and put pressure on pricing. Nevertheless, the yearly net payroll additions to the EPFO have more than doubled from 61.1 lakh in FY19 to 131.5 lakh in FY24, driven by new job creation and greater formalization of employment. India’s gig economy is expanding rapidly, with the workforce in this sector expected to grow to 2.35 crore by 2029-30. 

Pros and strengths

Scalable business model: The company’s business model is technology driven and comprises of optimum utilization of its ability to put together a successful hiring and manpower recruitment team and achieving consequent economies of scale. The company approach has proven profitable and scalable over the past few financial years. It can expand by acquiring new client, entering new sectors as well as growing its existing client businesses. Business growth is mostly driven by expanding into new markets and maintaining continuous timely. This business model has proved successful and scalable for it since its incorporation. It can scale upward as per the requirement generated by the company.

Catering to diversified industrial verticals: The company thrives on a diverse revenue stream sourced from multiple regions industries across India. As a provider of manpower and human resource outsourcing services company, its extensive presence across India not only enables it to broaden its client portfolio but also ensures that it remains at the forefront of client requirements.

Customer Satisfaction and long-standing relationships with its customers: The company has worked with large number of marque clients which includes Cars24 Services Private Limited and Octopolis Technologies Private Limited to name a few. It has long-standing ties with its customers. This is attributable to the importance that its services hold. It builds long-term relationship with its customers to enable in-depth involvement with various departments and divisions of their organizations and enable it to understand their staffing requirements. Its service offerings enable it to cross-sell to current clients as well as attract new ones. It also conducts regular senior management reviews with its important clients to get feedback and discuss future potential.

Risks and concerns

Maximum revenue comes from limited customers: The company has garnered 65.56%, 61.43% and 70.44% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Significant dependence on certain clients, particularly in its relatively newer service offerings, may increase the potential volatility of its results of operations, if it does not achieve its expected margins or suffer losses on such contracts. The loss of, or a significant decrease in revenues from its key customers or key geographies due to any economic or other factors beyond its control may adversely affect its revenues, results of operation and profitability. 

Geographical constrain: The company operates in limited geographies for a significant portion of its revenue. The company’s operations are based out of limited region like Delhi, Uttar Pradesh, Kerala, Gujarat, Telangana, Haryana, Punjab, Maharashtra, Rajasthan, West Bengal, Assam, Madhya Pradesh, Chhattisgarh, Karnataka, Tamil Nadu and Andhra Pradesh. Exposure to projects in new geographies may not be as profitable as its current geographies. The company’s geographic concentration may have a have a material adverse effect on its business, results of operations and financial condition.

Management has limited experience in handling the business operations of the company: The company’s Managing Director, Poonam Rajpal and its Whole-time Director, Deepika Ondela hold an experience of over four years in corporate governance, and five years in human resource management, respectively, and therefore have a limited experience in handling the business operations of the company. Due to her limited experience, they may not be able to evaluate its business, future prospects and viability. Further, they may not have sufficient experience to address the risks relating to managing its operations. Additionally, they may not be able identify risks involved in its operations and therefore could fail to achieve timely fulfilment of business commitments and the quality requirements of its services.

Outlook

Happy Square Outsourcing Services specializes in HR outsourcing, focusing on recruitment, payroll, onboarding, and flexible staffing. The company is involved in a tech-based human resource outsourcing business focusing on end-to-end solutions. The company is catering to diversified industrial verticals. It has strong financial position and good track record of financial performance. On the concern side, the company’s revenue is dependent on limited customers and the loss of, or a significant decrease in revenues from, one or more of its key clients or primary markets may adversely affect its revenues, results of operations and financial performance. Moreover, the company operates in limited geographies for a significant portion of its revenue and also depends on limited number of customers for its revenue from operations. Projects in new geographies may not be as profitable as in existing geographies.

The company is coming out with a maiden IPO of 31,90,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 72-76 per equity share. The aggregate size of the offer is around Rs 22.97 crore to Rs 24.25 crore based on lower and upper price band respectively. On performance front, In FY25, the company’s revenue from operations has increased by 40.59% to Rs 9,741.46 lakh from Rs 6,928.87 lakh in FY2024 due to the addition of new customers in customer portfolio and additional services from the existing clientele. Moreover, net profit increased by 34.38% to Rs 590.34 lakh in FY25 from Rs 439.32 lakh in FY24 was primarily due to higher revenue growth, improved cost management, and better overall operational performance.

The company is focused on continuing to expand its relationships with existing customers by helping them in getting replacement as well as new manpower requirements and become more engaging, responsive and efficient. It has a demonstrated track record of expanding its work with customers after an initial engagement. As the company has done previously, it aims to sustain the annual revenue contribution of a customer in subsequent years after the year of customer acquisition. Expansion of its relationships with existing active customers will remain a key strategy going forward as it continues to leverage its staffing solution expertise and knowledge of emerging requirements in order to drive incremental growth for its business.

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Posted on Jun 30th

Crizac coming with IPO to raise upto Rs 904 crore

Crizac Crizac is coming out with a 100% book building; initial public offering (IPO) of 3,69,09,871 shares of Rs 2 each in a price band Rs 2...

Crizac

  • Crizac is coming out with a 100% book building; initial public offering (IPO) of 3,69,09,871 shares of Rs 2 each in a price band Rs 233-245 per equity share.
  • Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
  • The issue will open for subscription on July 2, 2025 and will close on July 4, 2025.
  • The shares will be listed on BSE as well as NSE.
  • The face value of the share is Rs 2 and is priced 116.50 times of its face value on the lower side and 122.50 times on the higher side.
  • Book running lead managers to the issue are Equirus Capital and Anand Rathi Advisors.
  • Compliance Officer for the issue is Kashish Arora.

Profile of the company

Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). Student recruitment solutions from India into the United Kingdom is its strength as a result of its strong relationships built over time with global institutions of higher education in the United Kingdom. For the Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, the company sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform.

The company also works in close collaboration with global institutions of higher education, which has helped it in developing expertise and understanding of their recruitment preferences and develop bespoke strategies that reflect and highlight their unique goals and strengths. This has enabled it to scale its business, and it has grown at a CAGR of 100.18% in terms of increase in its revenue from operations in Fiscal 2015 to its revenue from operations, based on Proforma Consolidated Financial Information, for Fiscal 2025.

It is based in India with co-primary operations in London, United Kingdom. In addition to extensive operations and employees in India, it has consultants in multiple countries including Cameroon, China, Ghana, and Kenya. As on March 31, 2025, it had a team of 368 employees and 12 consultants with extensive experience of the international educational landscape. As of March 31, 2025. The company has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents.

Proceed is being used for:

  • Achieving the benefits of listing the Equity Shares on the Stock Exchanges
  • Carrying out the Offer for Sale of Equity Shares by the Selling Shareholders

Industry Overview

The overseas education market has experienced significant growth in recent years, driven by several factors. Increasing globalization, coupled with the pursuit of quality education and international exposure, has led to a surge in demand for studying abroad. Students and parents are increasingly recognizing the value of acquiring a global perspective, accessing world-class educational institutions, and experiencing diverse cultures. The global education market, valued at approximately $6 trillion in 2024, is projected to expand to around $7.4 trillion by 2030. This includes the segments of Pre-K, K-12 and Higher education. Higher education (post K-12 education at universities, colleges etc.) stands as one of the largest segment within this education market, presenting substantial growth prospects. The segment is expected to reach a spending level of $2.4 trillion by 2030, increasing from $1.9 trillion in 2024.

A substantial portion of the global education economy is made up of the money spent on studying abroad. The cost of studying abroad has been steadily increasing over the years, driven by factors such as inflation, currency fluctuations, rising tuition fees at foreign institutions, and increasing living expenses in popular study destinations. The growth in international tertiary education enrolment has been phenomenal. From close to 2 million students travelling each year to study overseas to about 6.7 million in 2023, the growth has been unprecedented. There has been a corresponding increase in direct annual expenditure as well by these students going abroad for higher studies. While the total spend by students abroad was estimated to $200 billion by 2019, the same is estimated to grow to $262 billion by 2023 and $420 billion by 2030 growing at a CAGR of 7% (2023-2030).

While the internationally mobile students have increased by 20% over the last five years (2018 - 2023), yet only 2.56% of the student population in 2022 pursued higher education abroad. The total number of international students pursuing tertiary education abroad is expected to reach 8 million by 2030, which is a 2X over the 2012 value of 4.1 million. In 2019, there were more than 6 million tertiary international mobile students around the world, which is almost 3% of the total number of tertiary students globally. In 2024, there were more than 6.9 million tertiary international mobile students around the world. Total number of international students pursuing higher education abroad is expected to increase to 2X by 2030 (over 2012). 

Pros and strengths

One of the providers of international recruitment solutions: The company is a B2B education platform offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). For Fiscals March 31, 2025, March 31, 2024 and March 31, 2023, its sourced applications for enrolment into global institutions of higher education from over 75 countries through its agents globally who are registered on its proprietary technology platform. Since commencement of its operations in Fiscal 2011, it has built significant experience in the recruitment solutions for global institutions of higher education, which has enabled it to develop a deep expertise and understanding of the markets and cultures in which it operates, which is demonstrated by it processing over 7.11 lakh student applications while working with over 173 global institutions of higher education during Fiscals 2025, 2024 and 2023.

Well entrenched relationship with global network of institutions of higher education: The company has over the years established long standing relationship with a global network of institutions of higher learning and for Fiscals ended March 31, 2025, March 31, 2024 and March 31, 2023 it worked with over 173 global institutions of higher education predominantly across United Kingdom, Republic of Ireland, Canada and USA. Out of its top 30 global institutions of higher learning, based on its revenue from operations, Fiscal 2025, Fiscal 2024 and Fiscal 2023, it had longstanding relationship of over 5 years with more than 20 global institutions of higher learning.

Wide ranging network of educational agents for sourcing students for recruitment: As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform. It has developed an internal system to meticulously identify prospective agents, establishing connections and nurturing the relationship with agents. It seeks to identify and work with agents whose objectives align with its and foster a collaborative and symbiotic partnership. During Fiscal 2025, it had 3,948 Active Agents in over 39 countries overseas including United Kingdom, Nigeria, Pakistan, Bangladesh, Nepal, Sri Lanka, Cameroon, Ghana, Kenya, Vietnam, Canada and Egypt.

Scalable proprietary technology platform: One of the key features of its service offerings is its strong focus on technology. Its proprietary technology platform facilitates streamlined communication between its around 10,362 Registered Agents globally, who are registered on its proprietary technology platform as on March 31, 2025 the company, and its global institutions of higher education, and provides a comprehensive ‘one-stop’ window for a seamless experience, which enhances efficiency and accessibility. Its proprietary technology platform can be accessed by its agents who are the point of contact with the students.

Risks and concerns

Dependent on few global institutions of higher education for its revenue: The company is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ). While revenue from any particular institution of higher education may vary between financial reporting periods depending on the nature and term of on-going contracts, historically, it has been dependent on a limited set of global institutions of higher education for a majority of its revenue from operations.

Revenue is concentrated to certain geographical locations: The company’s source of revenue is concentrated to certain geographical locations. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, it derived 95.12%, 96.13%, and 96.42% of its revenue from operations, based on its Proforma Consolidated Financial Information, from the global institutions of higher educations located in The United Kingdom. Its inability to operate and grow its business in such countries may have an adverse effect on its business, financial condition, result of operation, cash flow and future business prospects.

Heavily dependent on the service of its agents: The company’s business model requires it to establish and maintain a wide network of agents in India and in global markets. As of March 31, 2025, it has around 10,362 Registered Agents globally who are registered on its proprietary technology platform and during Fiscal 2025 Fiscal 2024 and Fiscal 2023 it had 3,948, 2,532, and 1,819, active agents respectively (i.e., agents from whom it received applications during the relevant periods (Active Agents) in over 39 countries overseas. It cannot assure that it will be able to maintain a similar proportion of its Active Agents to its Registered Agents. If the proportion of non-Active Agents increases then it may adversely impact its business, results of operations and financial conditions.

Business operations are seasonal in nature: The company operates in the educational consultancy services industry and as a service, it assists in enrolling students to global institutions of higher education. Enrolment into global educational institution is seasonal in nature and typically, enrolments are undertaken during specified intakes. Key intakes which are currently relevant to it occur during the months of January/ February, April/ May and September/ October. As its revenue is generated solely from its educational consultancy service, its revenue during the enrolment season is significantly higher than the rest of the year.

Outlook

Crizac is a B2B education platform for agents and global institutions of higher education offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand (ANZ). The company has consultants in multiple countries, including Cameroon, China, Ghana, and Kenya. As of September 30, 2024, the company had a team of 329 employees and 10 consultants with extensive experience in the international educational landscape. On the concern side, the company is heavily dependent on few global institutions of higher education for its revenue and any loss of such global institutions of higher education may have an adverse impact on its business, results of operations and financial conditions. Also, the company is heavily dependent on the service of its agents and loss of any or all such agents may have an adverse impact on its business, results of operations and financial conditions.

The issue has been offering 3,69,09,871 shares in a price band of Rs 233-245 per equity share. The aggregate size of the offer is around Rs 860.00 crore to Rs 904.29 crore based on lower and upper price band respectively. Minimum application is to be made for 61 shares and in multiples thereon, thereafter. On performance front, the company’s revenue from operations increased by 60.27% from Rs 5,300.52 million in Fiscal 2024 to Rs 8,494.91 million in Fiscal 2025, due to an increase in the revenue from its education consultancy services. Moreover, the company’s profit for the year increased by 29.69% from Rs 1,179.21 million in Fiscal 2024 to Rs 1,529.33 million in Fiscal 2025.

The company will continuously seek to deepen its ties with existing agents and increasing the number of agents who avail of its services. Further, it proposes to augment its network of agents in China. India and China are the top two sources of students going abroad for education and accounting for close to 40% of the total international higher education expenditure. While these countries have the maximum students outbound for studies abroad every year, they also have the maximum students (more than a million) studying abroad across various undergraduate and post graduate courses. Going forward, the company anticipates that augmenting its network in China will lead to greater applications from Chinese students being routed through it, which will in turn have a positive impact on its business and results of operation.

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Posted on Jun 27th

Vandan Foods coming with IPO to raise Rs 30.36 crore

Vandan Foods Vandan Foods is coming out with an initial public offering (IPO) of 26,40,000 equity shares of face value of Rs 10 each for cas...

Vandan Foods

  • Vandan Foods is coming out with an initial public offering (IPO) of 26,40,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 115 per equity share.
  • The issue will open on June 30, 2025 and will close on July 02, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The share is priced at 11.50 times higher to its face value of Rs 10.
  • Book running lead manager to the issue is Nirbhay Capital Services.
  • Compliance Officer for the issue is Aayushi Naresh Bhatia.

Profile of the company

Vandan Foods was engaged in the catering business prior to financial year 2018. However, from financial year 2018 till financial year 2023, the company was engaged in the trading of agro commodities. Thereafter, from the financial year 2024 its current promoters have been actively managing the business of manufacturing of Castor Oil and its derivatives. It is currently operating on a B2B business model primarily focusing on Refined F.S.G. Castor Oil, Castor De Oil Cake.

Castor Oil, nonvolatile fatty oil obtained from the seeds of the castor bean, Ricinus Communis, of the spurge family (Euphorbiacee). It is used in the production of synthetic resins, plastics, fibres, paints, varnishes and various chemicals including drying oils and plasticizers. Castor Oil is viscous, has a clear and colourless to amber or greenish appearance, a faint characteristic odour and a bland but slightly acrid taste, with a usually nauseating aftertaste. Castor Oil is obtained from castor beans either by pressing or by solvent extraction. In addition to the uses mentioned above, castor oil and its derivatives are used in cosmetics, hair oils, fungistatic (fungus-growth-inhibiting) compounds, embalming fluid, printing inks, soap, lubricants, greases and hydraulic fluids, dyeing aids and textile finishing materials.

Being an ISO Certified company, the company endeavour to satisfy customers by continuous improvement through process innovation and quality maintenance. It focuses on producing quality product to increase customer satisfaction and develop a positive brand image in the industry. It ensures that the castor seeds are sourced from reputable suppliers. Regular testing for containments and quality metrics is essential. Its management and team have enabled it to maintain continuing customer relations, by continuously improving the product quality and consistency, ensuring enhanced customer satisfaction and retention. It has outsourced testing of quality of raw material and finished products to laboratories and manufacturing the same strictly as per quality norms so as to provide the quality output to its customers at competitive prices.

Proceed is being used for:

  • Meeting working capital requirements
  • Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
  • Funding the capital expenditure requirement for expansion of its Dhinoj Facility 
  • General corporate purpose
  • Meeting public issue expenses

Industry Overview

The global castor oil market was valued at $1.4 billion in 2022, growing at a CAGR of 5.1% from 2023 to 2032. The market is expected to reach $2.3 billion by 2032. Throughout the forecast period, castor oil is expected to see high demand from the pharmaceutical and cosmetics sectors. Rising healthcare costs and public awareness of preventive care and self-management drive demand for cosmetics and pharmaceutical products. The product’s increasing use in creating skincare, cosmetic, and soap goods is also expected to increase its demand. India is one of the largest importers of edible oil, despite having the title of the world’s fourth largest producer of oilseeds. This trend is attributed to the rising demand for edible oils in the private and industrial sectors. The India castor oil market reached a volume of 102.5 Kilo Tons in 2023.

Increase in demand for sebacic acid and rise in use of bio based products in cosmetics, lubricant and pharmaceutical industries are propelling the castor oil market value. Castor Oil is widely employed in various skin care products used against inflammation, acne and dry skin. Rise in demand for nutritionally balanced cattle feed is also augmenting demand for castor oil in the agriculture sector. Manufacturers in the industry are adopting advanced technologies and automating the oil extraction processes to increase their production capabilities. Availability of advanced oil extraction machinery is offering lucrative castor oil business opportunities for leading companies in the market.

Castor oil is widely employed in various industries including food & beverage, cosmetics, chemicals and pharmaceuticals. Castor Oil is also termed as Ricinus oil as it is extracted from the seeds of Ricinus Communis. It helps moisturize skin, induce labor, relieve constipation and clean dentures. Castor Oil extensively used in skin care as it holds several benefits, including reducing inflammation, managing acne, increasing hair growth and getting rid of dead skin cells. Rising utilization of the product to reduce the symptoms of constipation, lower the feelings of incomplete bowel movements, and ensure less strain during defecation is anticipated to drive the industry’s growth. The growth of the pharmaceutical sector in various economies of North America, Europe, and Asia Pacific is projected to fuel the demand for the product. 

Pros and strengths

Quality control and quality assurance: The company has received ISO 9001:2015 certificate, certifying that its quality management system is in accordance with the requirements of ISO 9001:2015 with regard to manufacture of castor oil and castor de oiled cake. Quality is an ongoing process of building and sustaining relationships. The company has the practice of testing the products for quality before they are dispatched to the customers and has outsourced testing of quality of its products to laboratories which have fully equipped quality control department with experienced and qualified staff that looks after the quality, strength and durability of its products in order to facilitate a smooth manufacturing process.

Diversified business model and customer base: In this dynamic and extremely competitive environment, the company has developed a diversified business model with its offerings ranging from castor doc and seeds to castor oil. Its revenue mix also signifies that it has been able to maintain a market for its products. Such a diversified business model reduces its dependency on a particular industry and ensures the flow of revenues throughout the year. Further, a diversified business model gives it a competitive edge over its peers. Also, it serves a diverse mix of end markets across the industry. Its differentiated product offerings have enabled it to build a sustainable business model which is reflected in its growth in revenue.

Scalable business model: The company’s business model is scalable. Its business model is customer-centric, and order-driven, and requires optimum utilization of its existing resources, assuring quality supply and achieving consequent economies of scale. The business scale generation is basically due to the development of new markets both domestic and international by exploring customer needs and by maintaining the consistent quality output.

Risks and concerns

Significant revenue comes from limited customers: The company is dependent on a limited number of customers for a certain portion of its revenues. The company has garnered 42.12%, 75.69% and 100.00% of its total revenue from top 10 customers in FY24, FY23 and FY22 respectively. The loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows.

Business is subject to seasonal volatility: The major raw material used in its manufacturing operations is Castor Seeds. Due to the seasonal availability of these castor seeds, its business is seasonal in nature. The period during which its business may experience higher revenues varies from season to season depending upon the availability and thereafter harvesting of this raw material. During the crop season, it is able to procure these raw materials at reasonable terms and in substantial quantities, whereas during the off-season their availability is less and also there are price variations. Accordingly, its revenue in one quarter may not accurately reflect the revenue trend for the whole Financial Year. The seasonality of Castor Seeds and its impacts may cause fluctuations in its result of operations and financial conditions.

Geographical constrain: The company derives its revenue from various domestic regions. However, it derives a large portion of its revenue from state of Gujarat. The State of Gujarat contributed 92.62%, 87.63%, 93.53% and 80.70% of its total revenue for the period ended December 31, 2024 and for the financial year ended on March 31, 2024, March 2023 and March 2022, respectively. If the economic conditions of State of Gujarat become volatile or uncertain or the conditions in the financial market deteriorate, or if there are any changes in laws applicable to its industry or if any restrictive conditions are imposed on it or its business, there will be a severe impact on the financial condition of its business. Further, the ultimate customers located in this geography may reduce or postpone their spending significantly which would adversely affect its operations and financial conditions.

Outlook

Vandan Foods is engaged in the manufacturing of Refined F.S.G. Castor Oil and Castor Oiled Cake. The company operates as both B2B and B2C models; the company emphasizes quality control, inventory management, and business development to ensure customer satisfaction. The company has diversified business model and customer base coupled with scalable business model. On the concern side, a certain amount of the company’s revenue is generated from certain key customers, and the loss of one or more such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Moreover, its revenues are highly dependent on its operations in the geographical region of state of Gujarat. Any adverse development affecting its operations in this region could have an adverse impact on its business, financial condition and result of operations.

The company is coming out with an IPO of 26,40,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 115 per equity share to mobilize Rs 30.36 crore. On performance front, the total revenue from operations for the year ended on FY24 was Rs 4873.04 lakh as compared to Rs 1159.35 lakh during the FY23. Moreover, profit after tax increased to Rs 264.43 lakh in FY24 from Rs 64.28 lakh in the FY23.

The company intends to focus on adhering to the quality standards of the products. Quality of the product is very important for the company from both customer and end user point of view. Maintaining strict quality control measures throughout the manufacturing process to ensure consistency and durability of its product and timely corrective measures in case of quality diversion are keys for maintaining quality standards of the products. Providing the desired and good quality products help it in enhancing customer trust and maintaining long term relationships with them.

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Posted on Jun 27th

Marc Loire Fashions coming with IPO to raise Rs 21 crore

Marc Loire Fashions Marc Loire Fashions is coming out with an initial public offering (IPO) of 21,00,000 equity shares of face value of Rs 1...

Marc Loire Fashions

  • Marc Loire Fashions is coming out with an initial public offering (IPO) of 21,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share.
  • The issue will open on June 30, 2025 and will close on July 02, 2025.
  • The shares will be listed on SME Platform of BSE.
  • The share is priced at 10 times higher to its face value of Rs 10.
  • Book running lead manager to the issue is Finshore Management Services.
  • Compliance Officer for the issue is Vasant Kuber Soni.

Profile of the company

Marc Loire Fashions is engaged in Women’s Footwear Products, boasting an impressive catalogue of over 800 unique styles that cater to a broad spectrum of tastes and occasions. Its collection includes party heels, ethnic flats, wedges, winter boots, mules, formal heels, loafers, cork sandals, arc-supported flats, athleisure and activewear footwear, sneakers and other styles that blend comfort with fashion. This diversity allows it to cater to every need, from everyday wear to special occasions, providing its customers with wide range of options to express their style.

The company operates through a dual business model encompassing both Direct-to-Consumer (D2C) and Business-to-Business (B2B) strategies. Its D2C model allows it to connect directly with its end customers via various online platforms, ensuring a seamless and personalized shopping experience. Simultaneously, its B2B operations strengthen its reach through offline retail relationships with wholesalers, Shop-in-Shop Stores, enabling widespread market penetration. It manages its operations, leveraging a network of more than 40 trusted vendors for raw materials and finished goods. This vendor network includes two promoter group entities, allowing it to ensure quality control and maintain seamless production flows.

The company is dedicated to creating footwear that not only enhances style but also delivers unparalleled comfort and durability. By continually innovating and expanding its product offerings, it aims to become the preferred choice for women’s footwear in domestic markets. As it moves forward, its commitment remains steadfast to redefine fashion in women’s footwear and set new benchmarks in the industry.

Proceed is being used for:

  • Funding capital expenditure for expansion of its retail network by launching 15 new Exclusive Brand Outlets (EBOs)
  • Funding capital expenditure for purchase of multi-purpose racks
  • Meeting working capital requirements
  • Meeting issue expenses
  • General corporate purposes

Industry Overview

India’s footwear market has been steadily growing at 15% per annum in revenue terms over the past few years. Accounting for 9% of the annual global production of 22 billion pairs, India is the top footwear manufacturer in the world after China. According to market research and advisory firm Mordor Intelligence, this market is forecast to grow at 12.83% annually between 2021 to 2028. While that offers an attractive opportunity for investors, the post-pandemic world seems to be strengthening the prospects of the footwear industry. A recovery in economies across the world after prolonged lock-downs, change in lifestyles and higher awareness about health have given a fillip to footwear demand. The footwear industry in India, being a labour-intensive sector that employs more than 4 million people in India, is a driving force for the growth in the Indian manufacturing sector. Out of 16 billion pairs of footwear, which are produced in the world on an annual basis, India produces 2065 million pairs of different categories. But, India exports only 115 million which is quite low as per the criteria of the Self-reliant vision.

The beaming light of hope in this new normal after night of this pandemic has given a new direction and boost to the footwear industry. The efforts together can progressively make the Indian footwear industry to the top among the global industries, and self-reliant in true terms. India consumed 2.56 billion pairs of footwear in financial year 20, an annual growth of 4.5% over FY 2015. FY 2021 saw a 35 % fall in sales. A CAGR of 8-10% is expected in FY 22- FY 25, with consumption touching 2.9 billion pairs by FY 2025. 

Now it can be said that India has state-of -art footwear manufacturing plants. This sector has matured from manual manufacturing to automated systems. In 2018, Indian government permitted 100% FDI through the automatic route for the footwear sector. Growth in India’s footwear industry will continue to be market-driven. It is highly competitive business, with the unorganized sector dominating the market and a clutch of global brands fighting for a higher market share. With technology and quality of footwear improving year after year, the Indian footwear industry is stamping its class and expertise in the global market. And it’s marching ahead. 

Pros and strengths

Strong brand recognition: The company has developed well established market presence and solid brand recognition in certain parts of India, built over a decade of consistent business operations. This brand has established itself as a trusted name, evident from repeat purchases by its customers. This repeat purchase reflects the brand's ability to consistently meet customer expectations and maintain a high level of satisfaction, driving customer loyalty. The brand’s success is likely attributed to quality, reliability, and a focus on customer-centric values, which have resonated well with its customer base. Marc Loire’s established reputation gives it a competitive advantage, distinguishing it from other brands and fostering a loyal consumer community that trusts its products.

Strong supply chain: The company has established a resilient supply chain network that is integral to its operational success and market agility. This network is anchored by a robust domestic vendor ecosystem, which emphasizes supporting local manufacturing and reducing reliance on imported components. By sourcing materials and components primarily within India, the company not only strengthens its commitment to indigenous production but also reduces its exposure to international supply chain disruptions, ensuring a more stable and predictable production process. Its vendor relationships are key to its ability to respond swiftly to changing market trends. Regular and proactive engagement with vendors allows it to efficiently translate emerging consumer preferences into market-ready products. Vendors play a strategic role in the company’s innovation pipeline, helping the brand to experiment with new designs, materials, and production techniques while maintaining high quality standards.

Strong online presence: the company’s fast-growing online presence is a vital component of its sales, allowing it to reach customers widely and boost brand visibility. By strategically positioning its products on major B2C platforms like Amazon, Flipkart, and Myntra, Marc Loire is able to cater directly to consumers who prefer the convenience and accessibility of online shopping. These platforms give the company access to thousands of potential customers, enabling the brand to grow its footprint, transcending the limitations of physical stores. The company’s strong online presence enables it to stay responsive to digital trends and customer behaviors, which are increasingly shifting toward e-commerce.

Risks and concerns

Generate majority portion of sales from its operations in certain geographical regions: The company generates majority portion of its revenues are made in certain regions. Its top 10 states i.e. Delhi, Haryana, Maharashtra, Karnataka, Uttar Pradesh, Telangana, Tamil Nadu, West Bengal, Kerala and Gujarat cumulatively constitutes 85.83%, 84.56% and 87.96% for the Fiscal 2025, 2024 and 2023 respectively. Such geographical concentration of its business in any of these regions heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which may adversely affect its business prospects, financial conditions and results of operations.

Warehouses are located in Delhi: The company’s warehouses are located in Delhi. Any materially adverse social, political or economic development, natural calamities, civil disruptions, or changes in the policies of the state or local governments in this region could adversely affect operations at its warehouses. Natural disasters such as earthquakes, extreme climatic or weather conditions such as floods or droughts, or diseases heightened or particular to the region, may adversely impact the supply of products and local transportation. Any such adverse development affecting continuing operations at its warehouses could result in significant loss from inability to meet inventory schedules and stock appropriately, which could materially affect its business reputation within the industry.

Business is subject to seasonal and other fluctuations: The company is impacted by seasonal variations in sales volumes, which may cause its revenues to vary significantly between different quarters in a Fiscal. Typically, it sees an increase in its business before Festive Seasons and during end of season sales. As a result, its revenue and profits may vary significantly during different financial periods and certain periods may not be indicative of its financial position for a full financial year and may be significantly below the expectations of the market, analysts and investors. Therefore, its results of operations and cash flows across quarters in a Fiscal may not be comparable and any such comparisons may not be meaningful, or may not be indicative of its annual financial results or its results in any future quarters or periods.

Outlook

Marc Loire Fashions is engaged in high-end fashion brand specializing in stylish and comfortable women's footwear. The company offers a diverse range of designs to cater to various preferences. Their collection includes products like open-toe block heel metallic fashion sandals and lightweight athleisure knitted activewear slip-on sneakers. The company has strong integrated system. It also has strong online presence. On the concern side, the company generates majority portion of sales from its operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on its revenue and results of operations. Moreover, its warehouses are located in Delhi, and any adverse development affecting such region may have an adverse effect on its business, prospects, financial condition and results of operations.

The company is coming out with an IPO of 21,00,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 100 per equity share to mobilize Rs 21 crore. On performance front, the revenue from operations has increased to Rs 4,225.74 lakh (99.51% of the total revenue) in FY 2024-25 from Rs 4,020.30 lakh (99.51% of the total revenue) in FY 2023-24 i.e. revenue from operation increased by Rs 205.44 lakh (5.11% for the said period). Moreover, the restated Profit after Tax for FY 2024-25 increased to Rs 470.54 lakh (11.08% of the total income) as against Rs 407.56 lakh (10.09% of the total income) in the FY 2023-24.

The company places high importance on delivering quality in every product, which is essential for building trust and loyalty. By ensuring that materials, design, and expertise meet rigorous standards, the company has built a reputation for durability and comfort. This quality-first approach not only attracts new customers but also fosters repeat purchases, solidifying its position in the market as a reliable and respected brand. Going forward, expansion is at the core of the company’s growth strategy. The brand is actively pursuing new markets and increasing its presence across India. This includes venturing into both metropolitan cities and rural areas, ensuring access to a broader customer base. By establishing a strong offline and online presence, the company aims to reach more consumers and strengthen its market position.

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Posted on Jun 26th

Silky Overseas coming with IPO to raise Rs 30.68 crore

Silky Overseas Silky Overseas is coming out with an initial public offering (IPO) of 19,05,600 equity shares in a price band Rs 153-161 per ...

Silky Overseas

  • Silky Overseas is coming out with an initial public offering (IPO) of 19,05,600 equity shares in a price band Rs 153-161 per equity share.
  • The issue will open on June 30, 2025 and will close on July 02, 2025.
  • The shares will be listed on SME Platform of NSE.
  • The face value of the share is Rs 10 and is priced 15.30 times of its face value on the lower side and 16.10 times on the higher side.
  • Book running lead manager to the issue is Gretex Corporate Services.
  • Compliance Officer for the issue is Sakshi Sareen.

Profile of the company

Silky Overseas is manufacturers and suppliers of bedding products, including blankets, bed sheets, comforters, and related items. Its manufacturing process is integrated and includes knitting, dyeing, processing, printing, and packaging, all conducted within a single facility. This approach allows for the efficient production of large quantities while ensuring that products maintain a consistent standard of comfort and durability. Its product range includes blankets, baby blankets, comforters, bedsheets, and curtains, all designed by a team of professionals and produced using appropriate machinery and techniques. The company holds ISO 9001:2015 certification, demonstrating adherence to quality standards as recognized by the United Registrar of Systems certification body.

It manufactures products based on the order specifications received from its customers to meet their requirements. Maintaining a range of products in its business provides it with an opportunity to cater to the diverse needs of different customer segments. Further, it has experience resources, and a network that can be customized and leveraged to cater to a wider range of bulk packaging containers as per the requirements of the customers. The company is enhancing its product range as well as its client base so the dependency on a few customers for sale can be avoided.

Its sales strategy is fundamentally organic, facilitated by customer-initiated interactions on its website. This approach highlights its dedication to delivering a seamless, user-friendly online shopping experience, meticulously designed to cater to the diverse needs of its clientele. The company’s sales are organic, driven by customer visits to its website where they place orders for its range of products. This approach highlights the focus on creating an efficient and user-friendly online shopping platform designed to meet the varied needs of customers. A screenshot of one of the best seller’s products which got more than 21000 reviews is attached beside.

Proceed is being used for:

  • Setting up of additional storage facility
  • Repayment/pre-payment of certain debt facilities
  • Working capital requirements
  • General corporate purposes 

Industry Overview

India’s textiles sector is one of the oldest industries in the Indian economy, dating back to several centuries. The industry is extremely varied, with hand-spun and hand-woven textiles sectors at one end of the spectrum, with the capital-intensive sophisticated mills sector at the other end. The market for Indian textiles and apparel is projected to grow at a 10% CAGR to reach US$ 350 billion by 2030. Moreover, India is the world's 3rd largest exporter of Textiles and Apparel. India ranks among the top five global exporters in several textile categories, with exports expected to reach $100 billion. The textiles and apparel industry contributes 2.3% to the country’s GDP, 13% to industrial production and 12% to exports. The textile industry in India is predicted to double its contribution to the GDP, rising from 2.3% to approximately 5% by the end of this decade.

India’s home textile industry is expected to expand at a CAGR of 8.9% during 2023-32 and reached $23.32 billion in 2032 from 410.78 billion in 2023. The Indian Technical Textile market has a huge potential of a 10% growth rate, increased penetration level of 9-10% and is the 5th largest technical textiles market in the world. India’s sportech industry is estimated around $1.17 million in 2022-23. The Indian Medical Textiles market for drapes and gowns is around $9.71 million in 2022 and is expected to grow at 15% to reach $22.45 million by 2027. The Indian composites market is expected to reach an estimated value of $1.9 billion by 2026 with a CAGR of 16.3% from 2021 to 2026 and the Indian consumption of composite materials will touch 7,68,200 tonnes in 2027.

The future of the Indian textiles industry looks promising, buoyed by strong domestic consumption as well as export demand. India is working on various major initiatives to boost its technical textile industry. Owing to the pandemic, the demand for technical textiles in the form of PPE suits and equipment is on the rise. The government is supporting the sector through funding and machinery sponsoring. Top players in the sector are achieving sustainability in their products by manufacturing textiles that use natural recyclable materials. The technical textiles market for automotive textiles is projected to increase to $3.7 billion by 2027, from $2.4 billion in 2020. Similarly, the industrial textiles market is likely to increase at an 8% CAGR from $2 billion in 2020 to $3.3 billion in 2027. The overall Indian textiles market is expected to be worth more than $209 billion by 2029.  

Pros and strengths

Purchase of higher quality thread count fabric at a lower price: Fine lines begin with higher thread count, to get higher thread count one requires high-quality of cotton that depends on the length of the individual fibers. High thread count bedding is used in all Western countries as it is the status symbol for the riches, as the higher the count the better the fabric. By procuring surplus or slightly imperfect fabric in bulk from its suppliers, it benefits from advantageous pricing, allowing it to acquire these materials at a reduced cost. This strategic sourcing enables it to offer modified and customized products to its customers at discounted prices. Its ability to obtain these fabrics at a lower expense translates into significant cost savings, which it passes on to its customers, ensuring that they can enjoy high-quality, tailor-made products at affordable rates.

Infrastructure and integrated capabilities to deliver quality products: To cater to the growing demand from its existing customers and to meet the requirements of new customers, it intends to invest the embroidery machines, which will help to improve the efficiency and the quality of work. The company provides quality products to its customers. It is devoted to quality assurance. Its quality products have earned it goodwill from its customers, which has resulted in customer retention and order repetition and also a new addition to the customer base. It provides products with competitive rates.

Good storage for inventory management: It has a storage area for surplus or slightly imperfect fabric and finished goods. It stores the fabrics as per the different grades and quality in order to optimize the inventory. There is a daily stock report of both surplus or slightly imperfect fabric and finished goods that indicates the inventory levels and any deviation from minimum stock levels is flagged for action. Care is taken to strictly follow the inventory levels and balance them with market trends and customer requirements.

Risks and concerns

Maximum revenue comes from few customers: The company is dependent on a few customers for a major part of its revenues. The company has garnered 67.26%, 71.95% and 61.25% of its total revenue from top 10 customers in FY24, FY23 and FY22 respectively. The company presently does not have any long-term or exclusive arrangements with any of its customers and it cannot assure that it will be able to sell the quantities it has historically supplied to such customers. Further, its customers could change their business practices or seek to modify the terms that it has customarily followed with them, including in relation to their payment terms.

Geographical constrain: The company’s production unit is located in the state of Haryana, India. Its processing operations and consequently its business is dependent upon its ability to manage this unit, which is subject to operating risks, including those beyond its control. In the event of any disruptions at its unit, due to natural or man-made disasters, workforce disruptions, delay in regulatory approvals, fire, failure of machinery, lack of continued access to assured supply of electrical power and water at reasonable costs, changes in the policies of the states or local government or authorities or any significant social, political or economic disturbances or civil disruptions in and around Panipat, Haryana its ability to produce its products may be adversely affected.

Business is subject to significant seasonal fluctuations: The company’s major sales come from the sale of blankets, i.e. 64.63% of total sales as on financial year ended on March 31, 2024. The sale of blankets is higher in winters, in India the winters starts from late October and continues till early march. The company realizes major sales in these months. These seasonal fluctuations can be influenced by various factors, including Weather conditions, Industry-specific events which often vary throughout the year, with increased spending during certain seasons or holidays. If the company is unable to effectively manage these seasonal fluctuations, its revenue and profitability may experience significant volatility. This could negatively impact on its ability to generate cash flow, invest in its business, and meet its financial obligations.

Outlook

Silky Overseas manufactures bedding essentials, specialising in blankets, bed sheets, and comforters. The company's manufacturing process encompasses knitting, dyeing, processing, printing, and packaging all under one roof. The company sell its products under the brand name Rian Decor. The company has strong infrastructure and integrated capabilities to deliver quality products. On the concern side, the company is dependent on a few customers for a major part of its revenues. Further, it does not enter into long-term arrangements with its customers could adversely affect its business and the results of operations. Moreover, its business is subject to significant seasonal fluctuations, which could materially impact its financial results.

The company is coming out with a maiden IPO of 19,05,600 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 153-161 per equity share. The aggregate size of the offer is around Rs 29.16 crore to Rs 30.68 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased from Rs 6830.76 lakh for the financial year ended March 31, 2023, to Rs 6970.49 lakhs for the financial year ended March 31, 2024, representing a growth of 2.05%. Moreover, the company’s profit after tax increased by Rs 455.26 lakhs from Rs 98.22 lakh in FY 2022-23 to Rs 553.48 lakh in FY 2023-24, which is driven by several strategic improvements.

The company’s strategy is focused on introducing new product to cater to the requirements of its customers as well as garnering the attention of more customers. The company started its business with only one Product that is Blanket Manufacturing and trading & gradually it added multiple products like bedsheet, curtains, comforters etc. in its product portfolio. Adding new product not only helps in strengthening the relationship with the existing customer network through a wide range of products but also onboarding new customers from untapped geographies. Identifying and developing new products is a continuous exercise that its management team engages into as that there is an immense demand in the global markets for unique designs, good quality and competitively priced products.

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Posted on Jul 4th

Currency futures for July expiry trade weaker with 1.32% increase in OI

The partially convertible rupee is currently trading at 85.4025, stronger compared to its Thursday’s close at 85.55. The rupee opened at 85....
The partially convertible rupee is currently trading at 85.4025, stronger compared to its Thursday’s close at 85.55. The rupee opened at 85.44 and touched day’s high of 85.50 and low of 85.3050.
The July currency futures were trading at 85.4650 with a spread of 0.0125 and a volume of 69,959. The contract opened at 85.48 weaker from its previous closing of 85.4225. The open interest (OI) stood at 10,69,510 up by 1.32% compared to its previous close of 10,55,560.

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Posted on Jul 3rd

Currency futures for July expiry trade stronger with 0.69% decrease in OI

The partially convertible rupee is currently trading at 85.56, stronger compared to its Wednesday’s close at 85.62. The rupee opened at 85.6...
The partially convertible rupee is currently trading at 85.56, stronger compared to its Wednesday’s close at 85.62. The rupee opened at 85.69 and touched day’s high of 85.70 and low of 85.55.
The July currency futures were trading at 85.63 with a spread of 0.0200 and a volume of 53,880. The contract opened at 85.7775 weaker from its previous closing of 85.7375. The open interest (OI) stood at 10,28,308 down by 0.69% compared to its previous close of 10,35,404.

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Posted on Jul 2nd

Currency futures for July expiry trade weaker with 1.43% increase in OI

The partially convertible rupee is currently trading at 85.6775, weaker compared to its Tuesday’s close at 85.59. The rupee opened at 85.59 ...
The partially convertible rupee is currently trading at 85.6775, weaker compared to its Tuesday’s close at 85.59. The rupee opened at 85.59 and touched day’s high of 85.7150 and low of 85.5775.
The July currency futures were trading at 85.7550 with a spread of 0.0125 and a volume of 48,628. The contract opened at 85.61 stronger from its previous closing of 85.6275. The open interest (OI) stood at 10,32,842 up by 1.43% compared to its previous close of 10,18,318.

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Posted on Jul 1st

Currency futures for July expiry trade stronger with 1.36% increase in OI

The partially convertible rupee is currently trading at 85.5850, stronger compared to its Monday’s close at 85.76. The rupee opened at 85.66...
The partially convertible rupee is currently trading at 85.5850, stronger compared to its Monday’s close at 85.76. The rupee opened at 85.66 and touched day’s high of 85.66 and low of 85.3450.
The July currency futures were trading at 85.7050 with a spread of 0.0100 and a volume of 47,742. The contract opened at 85.75 stronger from its previous closing of 85.8725. The open interest (OI) stood at 10,33,952 up by 1.36% compared to its previous close of 10,20,091.

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Posted on Jun 30th

Currency futures for July expiry trade tad stronger with 2.56% increase in OI

The partially convertible rupee is currently trading at 85.52, weaker compared to its Friday’s close at 85.5050. The rupee opened at 85.4875...
The partially convertible rupee is currently trading at 85.52, weaker compared to its Friday’s close at 85.5050. The rupee opened at 85.4875 and touched day’s high of 85.5325 and low of 85.44.
The July currency futures were trading at 85.6125 with a spread of 0.0025 and a volume of 66,505. The contract opened at 85.60 stronger from its previous closing of 85.6175. The open interest (OI) stood at 10,15,704 up by 2.56% compared to its previous close of 9,90,353.

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Posted on Jun 27th

Currency futures for July expiry trade stronger with 3.68% increase in OI

The partially convertible rupee is currently trading at 85.5950, stronger compared to its Thursday’s close at 85.72. The rupee opened at 85....
The partially convertible rupee is currently trading at 85.5950, stronger compared to its Thursday’s close at 85.72. The rupee opened at 85.50 and touched day’s high of 85.6550 and low of 85.46.
The July currency futures were trading at 85.7150 with a spread of 0.0125 and a volume of 85,897. The contract opened at 85.75 stronger from its previous closing of 85.8575. The open interest (OI) stood at 9,78,637 up by 3.68% compared to its previous close of 9,43,945.

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Posted on Jun 26th

Currency futures for July expiry trade stronger with 19.61% increase in OI

The partially convertible rupee is currently trading at 85.8050, stronger compared to its Wednesday’s close at 86.0850. The rupee opened at ...
The partially convertible rupee is currently trading at 85.8050, stronger compared to its Wednesday’s close at 86.0850. The rupee opened at 85.91 and touched day’s high of 85.9350 and low of 85.7450.
The July currency futures were trading at 85.94 with a spread of 0.0075 and a volume of 1,90,423. The contract opened at 85.85 stronger from its previous closing of 86.2275. The open interest (OI) stood at 8,57,599 up by 19.61% compared to its previous close of 7,17,010.

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Posted on Jun 25th

Currency futures for June expiry trade stronger with 6.06% decrease in OI

The partially convertible rupee is currently trading at 85.8550, stronger compared to its Tuesday’s close at 86.05. The rupee opened at 86.0...
The partially convertible rupee is currently trading at 85.8550, stronger compared to its Tuesday’s close at 86.05. The rupee opened at 86.0025 and touched day’s high of 86.01 and low of 85.79.
The June currency futures were trading at 85.8775 with a spread of 0.0125 and a volume of 2,03,694. The contract opened flat at its previous closing of 86.0725. The open interest (OI) stood at 6,15,200 down by 6.06% compared to its previous close of 6,54,913.

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Posted on Jun 24th

Currency futures for June expiry trade stronger with 6.01% decrease in OI

The partially convertible rupee is currently trading at 86.2250, stronger compared to its Monday’s close at 86.7850. The rupee opened at 86....
The partially convertible rupee is currently trading at 86.2250, stronger compared to its Monday’s close at 86.7850. The rupee opened at 86.07 and touched day’s high of 86.2725 and low of 86.07.
The June currency futures were trading at 86.22 with a spread of 0.0175 and a volume of 1,48,665. The contract opened at 86.5650 stronger from its previous closing of 86.7925. The open interest (OI) stood at 8,57,728 down by 6.01% compared to its previous close of 9,12,537.

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Posted on Jun 23rd

Currency futures for June expiry trade weaker with 2.13% decrease in OI

The partially convertible rupee is currently trading at 86.85, weaker compared to its Friday’s close at 86.5550. The rupee opened at 86.75 a...
The partially convertible rupee is currently trading at 86.85, weaker compared to its Friday’s close at 86.5550. The rupee opened at 86.75 and touched day’s high of 86.8575 and low of 86.67.
The June currency futures were trading at 86.8650 with a spread of 0.0050 and a volume of 87,327. The contract opened at 86.75 weaker from its previous closing of 86.6675. The open interest (OI) stood at 9,72,926 down by 2.13% compared to its previous close of 9,94,117.

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Posted on Jul 4th

TVK names Vijay as CM candidate for 2026 elections

Tamilaga Vettri Kazhagam (TVK) has announced that Actor and party’s founder Joseph Vijay Chandrasekhar, fondly known as Thalapathy Vijay, wi...

Tamilaga Vettri Kazhagam (TVK) has announced that Actor and party’s founder Joseph Vijay Chandrasekhar, fondly known as Thalapathy Vijay, will be the chief ministerial face of the TVK for the 2026 Tamil Nadu Assembly election. 

The TVK passed a special resolution adopted in the party’s executive committee meeting in this regard. While, Vijay also announced that TVK will go solo for the elections and that there would be no alliance with BJP and DMK. He said, ‘We are not like the DMK or the AIADMK to form an alliance with the BJP for political gains because we are TVK’.

The party has also proposed to hold a state conference on a large-scale next month and also decided to hold public meetings in villages to disseminate the party’s ideology.

Actor Vijay launched the TVK in February 2024, marking his political plunge after months of deliberations. However, the TVK did not contest the 2024 Lok Sabha elections and has been working to increase its base in Tamil Nadu ahead of assembly polls.

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Posted on Jul 4th

India’s economy likely to grow 6.4-6.7% in FY26 on strong domestic demand: CII President

Expressing optimism over India’s growth prospects, the newly appointed Confederation of Indian Industry (CII) President Rajiv Memani has sai...

Expressing optimism over India’s growth prospects, the newly appointed Confederation of Indian Industry (CII) President Rajiv Memani has said that the country’s economy is likely to grow 6.4-6.7 per cent during the current financial year (FY26) driven by strong domestic demand, even as geopolitical uncertainty poses downside risks. He made a strong case for simple three-tiered GST rate structure, with essential items attracting 5 per cent, luxury and sin goods at 28 per cent, and the remaining items in the 12-18 per cent bracket. Currently, goods and services tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab.

On India's Gross Domestic Product (GDP) growth, he said factors, including a good monsoon forecast, and enhanced liquidity emanating from the Reserve Bank's cash reserve ratio (CRR) cut, and interest rate reduction will support the country's economic growth. Observing that there are some obvious risks, he said ‘A lot of these relate to external trade risk. I think a lot of them have been factored in, and also there are some upside. So hopefully they should get balanced out... From a CII standpoint, we're looking at 6.4-6.7 per cent growth’. He said risks to growth are evenly balanced, and ‘geopolitical uncertainty’ poses downside risks whereas ‘strong domestic demand’ is an upside.

Regarding the goods and services tax (GST), he emphasised on the need for rate rationalisation. Under GST 2.0, he said ‘we have called for rate rationalisation, especially on products that are consumed by lower income segments. Several products taxed at 28 per cent, including cement, should also be reduced... we believe this will boost economic activity’. He also batted for procedural simplification of GST framework and advocated for the need to build a national consensus on inclusion petroleum, electricity, real estate and potable alcohol in GST.

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Posted on Jul 3rd

Jaishankar holds talks with American counterparts focusing on boosting ties in critical sectors

External Affairs Minister S Jaishankar and his American counterpart Marco Rubio have hold talks focused on ways to deepen the India-US colla...

External Affairs Minister S Jaishankar and his American counterpart Marco Rubio have hold talks focused on ways to deepen the India-US collaboration in key sectors such as trade, defence, energy, mobility and critical technologies. It was the first in-person meeting between Jaishankar and Rubio after the four-day military conflict between India and Pakistan in May. The two sides also took stock of the ongoing negotiations for a trade deal between India and the US.

New Delhi and Washington are holding negotiations to seal a bilateral trade agreement (BTA) as agreed during Prime Minister Narendra Modi's talks with US President Donald Trump in Washington DC in February. The US State Department said the implementation of US-India COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology) figured in the Rubio-Jaishankar talks. The COMPACT initiative, aimed at driving transformative change across key pillars of cooperation, was launched following talks between Modi and Trump in February.

He held separate bilateral talks with US Defence Secretary Pete Hegseth and Energy Secretary Chris Wright. He noted that they had a productive conversation on advancing the India-US defence partnership, building on growing convergences of interests, capabilities and responsibilities. He also met US Energy Secretary Chris Wright and discussed opportunities for a deeper bilateral energy partnership. He said they spoke about the energy transformation underway in India. And also discussed opportunities for deeper India-US energy partnership.

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Posted on Jul 2nd

Siddaramaiah says he will be Karnataka Chief Minister for 5 years

Karnataka Chief Minister Siddaramaiah asserted that he will be in office for a full five-year term. In response to a question by reporters w...

Karnataka Chief Minister Siddaramaiah asserted that he will be in office for a full five-year term. In response to a question by reporters whether he will be the CM for five years, Siddaramaiah said, ‘Yes, I will be. Why do you have the doubt’. The remarks came amid rumours that Siddaramaiah may be replaced by Congress state president D.K. Shivakumar later this year as per a power-sharing formula agreed by the two leaders. 

While, Shivakumar on Tuesday said he would fully support Siddaramaiah and abide by any decision the high command takes. Earlier, speaking to reporters in Bengaluru, Shivakumar asserted that there is no disgruntlement within the ruling Congress and when Siddaramaiah is there as the CM, there is no need for any discord on the leadership issue. He had denied any discussion in the party on leadership change and stressed on strengthening the hands of CM Siddaramaiah and the state government.

There was stiff competition between the two leaders for the CM post after the assembly elections in 2023, though the party high command later managed to convince Shivakumar and made him the deputy CM. There were reports that both Siddaramaiah and Shivakumar had agreed to a ‘rotational chief minister formula’ as per which Shivakumar would become the CM after two and a half years, but they have not been officially confirmed by the party.

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Posted on Jul 2nd

Jaishankar holds talks with Japanese counterpart focusing on bilateral cooperation

Focusing on bilateral cooperation in diverse sectors such as infrastructure, investment and mobility, External Affairs Minister S Jaishankar...

Focusing on bilateral cooperation in diverse sectors such as infrastructure, investment and mobility, External Affairs Minister S Jaishankar has hold talks with his Japanese counterpart Takeshi Iwaya. The Jaishankar-Iwaya talks took place ahead of a crucial foreign ministerial meeting of the four-nation grouping Quad.

He and Iwaya also discussed ways to deepen engagement under the framework of Quad for a free and open Indo-Pacific. He added ‘Our Special, Strategic and Global Partnership continues to deepen and diversify’.

The Quad, comprising India, the US, Australia and Japan, has emerged as a key grouping largely focusing on peace, security and stability in the Indo-Pacific region. The Quad foreign ministerial meeting is expected to prepare ground for the grouping's annual summit in New Delhi later this year.

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Posted on Jul 1st

PM running away from Manipur situation, Trump's claims: Congress jabs Modi ahead of tour

Ahead of Prime Minister Narendra Modi's five-nation visit, Congress MP Jairam Ramesh took a jibe at him saying he was ‘running away’ from ke...

Ahead of Prime Minister Narendra Modi's five-nation visit, Congress MP Jairam Ramesh took a jibe at him saying he was ‘running away’ from key issues troubling his own country.

Congress general secretary in-charge communications Jairam Ramesh said, ‘When the going gets tough, the self-styled toughs get going. The Super Premium Frequent Flier PM is off on a 5-nation, 8-day jaunt. He is running away from at least 4 issues that are agitating the nation’. Ramesh alleged that the PM is running away from Manipur, ‘which he has not visited ever since the double engine in the state got derailed and ever since normal life in the state has got totally destroyed’. 

Jairam Ramesh claimed that the PM is running away from the continued claims by President Trump that he effected a ceasefire between India and Pakistan using the trade deal as a carrot and stick. He also alleged that the prime minister is running away from the ‘revelations by defence officials that India suffered reverses in the first two days of Operation Sindoor because of the PM's decisions. Ramesh also targeted the Prime Minister for not bringing the perpetrators of the Pahalgam attack to justice.

Earlier, Congress MP Rahul Gandhi launched an attack against the BJP-led government over his allegations of mediation by the United States in Operation Sindoor, alleging that Prime Minister Narendra Modi ‘followed’ Donald Trump following a call by the US leader.

While, Prime Minister Modi will embark on a five-nation tour beginning July 2 to participate in the BRICS Summit in Brazil and expand India's ties with several key nations of the Global South. 

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Posted on Jul 1st

Private capital crucial for sustainable development: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has underlined the crucial role of private capital in driving sustainable development, and said that it ...

Finance Minister Nirmala Sitharaman has underlined the crucial role of private capital in driving sustainable development, and said that it is both an urgent necessity and a significant opportunity. She said that private investment is a catalytic force, unlocking capital, boosting productivity, fostering innovation, and introducing technological rigour - all essential for inclusive, sustainable economic growth, according to an official statement. In an era of volatile FDI flows and mounting global uncertainty, she said private capital has emerged as an increasingly important source of development finance.

She said ‘In recent years, we have witnessed encouraging growth in private investment, supported by the rise of innovative financial instruments alongside traditional sources. However, private capital mobilization remains significantly below what is required, with low- and middle-income countries receiving a disproportionately small share’. This underscores the urgent need for targeted efforts to overcome investment barriers and better align financial flows with development priorities. She said ‘Mobilizing private capital is not merely a financing strategy - it is a development imperative. With coordinated action, thoughtful regulation, and shared ambition as reflected in Compromiso de Sevilla, we can ensure that private investment becomes a force for inclusive, sustainable, and resilient growth’.

Talking about key challenges for emerging economies, she said these include the high cost of capital, a shortage of bankable projects, regulatory and institutional constraints, limited local capacity, and high perceptions of risk – both country-specific and currency-related. Effective mobilization of private capital demands a multi-pronged strategy, combining robust domestic reform with strengthened international cooperation. Pointing out seven strategic areas where transformation is both necessary and achievable, she said, strong domestic financial markets, addressing perceived risks through institutional reforms, creating scale in investment opportunities and scaling up of blended finance.

Besides, she said Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs) must assume a stronger enabling role for mobilization of private capital. Stressing that international credit rating methodologies must evolve to better reflect the structural strengths and long-term resilience of EMDEs, she said current sovereign ratings often understate key fundamentals. She added reforming rating methodologies would not only enhance fairness but also reduce financing costs and unlock far greater volumes of private investment. Finally, she said, unlocking capital at the grassroots level requires support for MSMEs.

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Posted on Jun 30th

Attempts to impose Hindi over Marathi won't be tolerated: Raj Thackeray

Maharashtra Navnirman Sena (MNS) Chief Raj Thackeray said while Hindi may be spoken widely, it is not a national language to be imposed on o...

Maharashtra Navnirman Sena (MNS) Chief Raj Thackeray said while Hindi may be spoken widely, it is not a national language to be imposed on other states, and attempts to place it above Marathi, which is an older language, will not be tolerated.

Amid growing protests against the introduction of Hindi language from Class 1 to Class 5 in Maharashtra schools, the state government on Sunday revoked the government order on 'three-language' policy. Chief Minister Devendra Fadnavis said the government order has been withdrawn and also announced the formation of a committee headed by educationist Narendra Jadhav to implement the language policy and suggest the way forward.

Speaking to reporters, MNS Chief said, ‘Hindi is not the rashtra bhasha (national language) to be imposed on other states. This kind of coercion is not right’. He said, ‘People are trying to make the 150 to 200-year-old Hindi language appear superior to Marathi, which has a history of over 3,000 years. This is unacceptable, and I will not allow it’. He also questioned the legitimacy of branding Hindi as a national language in a country with such linguistic diversity.

The MNS and the Uddhav Thackeray-led Shiv Sena (UBT) have been at the forefront of opposing the ‘imposition of Hindi’ as a third language for primary classes in schools.

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Posted on Jun 30th

India posts current account surplus of $13.5 billion in Q4FY25: RBI

The Reserve Bank of India (RBI) in its latest report ‘India’s Balance of Payments during the Fourth Quarter (January-March) of 2024-25’ has ...

The Reserve Bank of India (RBI) in its latest report ‘India’s Balance of Payments during the Fourth Quarter (January-March) of 2024-25’ has said that the country posted a current account surplus of $13.5 billion or 1.3 per cent of GDP in March quarter 2024-25 (Q4FY25) as compared with $4.6 billion in the year-ago period mainly on account of surge in services exports and higher remittances. While, it was a deficit of $11.3 billion (1.1 per cent of GDP) in Q3:2024-25. However, on annual basis, the current account was in deficit at $23.3 billion (0.6 per cent of GDP) during 2024-25. 

It said merchandise trade deficit at $59.5 billion in Q4:2024-25 was higher than $52 billion in Q4:2023-24. However, it moderated from $79.3 billion in Q3:2024-25. Net services receipts increased to $53.3 billion in Q4:2024-25 from $42.7 billion a year ago. Services exports have risen on a y-o-y basis in major categories such as business services and computer services. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $33.9 billion in Q4:2024-25 from $31.3 billion in Q4:2023-24. It further said the net outgo on the primary income account, primarily reflecting payments of investment income, moderated to $11.9 billion in Q4:2024-25 from $14.8 billion in Q4:2023-24.

In the financial account, foreign direct investment (FDI) recorded a net inflow of $400 million in Q4:2024-25 as compared to an inflow of $2.3 billion in the corresponding period of 2023-24. Foreign portfolio investment (FPI) recorded a net outflow of $5.9 billion in Q4:2024-25 as against a net inflow of $11.4 billion in Q4:2023-24. There was an accretion of $8.8 billion to the foreign exchange reserves (on a BoP basis) in Q4:2024-25 as compared to an accretion of $30.8 billion in Q4:2023-24.

On Balance of Payments (BoP) during 2024-25, RBI said India’s current account deficit at $23.3 billion (0.6 per cent of GDP) during 2024-25 was lower than $26 billion (0.7 per cent of GDP) during 2023-24, primarily due to higher net invisibles receipts. Net inflow under FDI at $1 billion during 2024-25 was lower than $10.2 billion during 2023-24. During 2024-25, FPI recorded a net inflow of $3.6 billion, lower than $44.1 billion a year ago. Balance of Payments is an indicator of the country’s external payment scenario.

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Posted on Jun 27th

BJP appoints 'state election officers' to oversee organisational polls in 3 states

The BJP has appointed Kiren Rijiju, Harsh Malhotra, and Ravi Shankar Prasad as state election officers for overseeing its organisational ele...

The BJP has appointed Kiren Rijiju, Harsh Malhotra, and Ravi Shankar Prasad as state election officers for overseeing its organisational elections in Maharashtra, Uttarakhand, and West Bengal respectively.

K Laxman, the national returning officer for organisational elections, said that the three MPs will be the central leaders in charge of the elections of presidents and national council members from these states. These appointments mark a renewed push by the BJP to complete its internal electoral process, which is a constitutional prerequisite before electing the new national president.

According to the BJP's constitution, the election for the national president can only proceed once elections in more than half of the party’s 37 state and Union Territory units are completed. Currently, 14 state units have elected new presidents, but several politically crucial states like Uttar Pradesh, Gujarat, Madhya Pradesh, Karnataka, and Telangana are yet to undergo leadership changes.

Current BJP national president JP Nadda has been serving on an extended term since June 2024, and his term has been extended to facilitate a smooth transition.

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Posted on Jul 3rd

India’s coal production from captive and commercial mines rises 16% in Q1FY26

India’s Coal production from captive and commercial mines stood at 46.01 million tonnes (MT) in first quarter of the financial year 2025-26 ...

India’s Coal production from captive and commercial mines stood at 46.01 million tonnes (MT) in first quarter of the financial year 2025-26 (Q1FY26) as compared to 39.53 MT in same period last year, i.e. up by 16.39%. Coal dispatches increased 13.02% to 51.63 MT in Q1FY26 as compared to 45.68 MT in Q1FY25. This reflects improved efficiency and better utilization of mining capacity. 

Coal production from captive and commercial mines for the month of June has been recorded at 15.57 MT, and dispatches at 17.31 MT. Key developments in June 2025 includes Mine Opening Permission was granted for Utkal A Mine, having a Peak Rated Capacity of 25 MT, and vesting orders were issued for three coal blocks, raising the total number of coal blocks allocated by the Ministry of Coal to more than 200.

This increase ensures a reliable supply of coal to key industries such as power generation, steel manufacturing, and cement production, thereby reinforcing the backbone of India’s industrial infrastructure. These milestones underscore the Ministry’s focused efforts to enhance domestic coal production, contributing significantly to the vision of a resilient and self-sustaining India.

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Posted on Jul 2nd

India’s iron ore production rises marginally in April-May period of FY26

India’s iron ore production rose marginally by 0.6% to 53 million metric tonnes (MMT) in the April-May period of the ongoing financial year ...

India’s iron ore production rose marginally by 0.6% to 53 million metric tonnes (MMT) in the April-May period of the ongoing financial year (FY26) as compared to 52.7 MMT in the same period of the previous fiscal. The production of manganese ore, bauxite, zinc concentrate and limestone rose in the April-May period of the ongoing fiscal. 

In the non-ferrous metal sector, primary aluminium production in April-May grew by 1.3% to 7.07 lakh tonnes (LT) from 6.98 LT in the year-ago period. During the same period, refined copper production has grown by 43.5% from 0.69 LT to 0.99 LT in the April-May period of the ongoing financial. India is the second largest aluminium producer, among top ten producers in refined copper, and third largest iron ore producer in the world. Continued growth in production of iron ore in the current financial year reflects the robust demand conditions in the user industry viz. steel.

Coupled with growth in aluminium and copper, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.

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Posted on Jul 1st

Government extends MIP of Rs 20,108 per ton on soda ash imports up to December 31

The government has extended Minimum import price (MIP) of Rs 20,108 per ton on import of soda ash up to December 31, 2025. Soda ash is used ...

The government has extended Minimum import price (MIP) of Rs 20,108 per ton on import of soda ash up to December 31, 2025. Soda ash is used in various industries, including glass manufacturing, detergents, and chemicals. 

Further, the country-wise quantitative restrictions on import of low ash metallurgical coke, which was valid up to June 30, 2025 have been extended for a further six months that is from July 1, 2025 to December 31, 2025. The countries in the list include Australia, China, Indonesia, Colombia, Japan, Poland, Qatar, Russia, Singapore, Switzerland, and UK.

The government allows a total of 14,27,166 ton of imports from these countries during July-December period. Metallurgical coke, particularly the low-ash variant, is an important raw material which is used in steel manufacturing and other industrial processes.

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Posted on Jun 30th

India bans imports of certain jute, other items from Bangladesh through land routes

India has banned imports of certain jute products and woven fabrics from Bangladesh through all land routes amid strained relations between ...

India has banned imports of certain jute products and woven fabrics from Bangladesh through all land routes amid strained relations between the two countries. However, imports are allowed only through Nhava Sheva seaport in Maharashtra. The goods under these curbs include jute products, flax tow and waste, jute and other bast fibres, jute, single flax yarn, single yarn of jute, multiple folded, woven fabrics or flex, and unbleached woven fabrics of jute. 

Such port restrictions will not apply to Bangladeshi goods transiting through India to Nepal and Bhutan. Re-exports of these products from Bangladesh to India through Nepal and Bhutan will not be allowed. Earlier in April and May, India announced similar curbs on imports from Bangladesh. On May 17, India imposed port restrictions on the import of certain goods like readymade garments and processed food items, from the neighbouring country. On April 9, India withdrew the transhipment facility it had granted to Bangladesh for exporting various items to the Middle East, Europe and various other countries except Nepal and Bhutan. These measures were announced against the backdrop of the controversial statements made by the head of Bangladesh’s interim government Muhammad Yunus in China.

Bangladesh is a big competitor of India in the textile sector. The India-Bangladesh trade stood at $12.9 billion in 2023-24. In 2024-25, India’s exports stood at $11.46 billion, while imports were $2 billion.

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Posted on Jun 26th

Centre approves establishment of South Asia unit of International Potato Centre at Agra

The government has approved the proposal of establishment of International Potato Centre (CIP)’s South Asia Regional Centre at Singna, Agra,...

The government has approved the proposal of establishment of International Potato Centre (CIP)’s South Asia Regional Centre at Singna, Agra, Uttar Pradesh. The major objective of this investment is to increase food and nutrition security, farmers income, and job creation by improving potato and sweetpotato productivity, post-harvest management and value-addition.

The potato sector in India has the potential to generate significant employment opportunities in production sector, processing sector, packaging, transportation, marketing, value chain, etc. 

Hence, in order to untap and explore the huge potential in this sector, International Potato Centre’s south Asia regional Centre is being established at Singna, Agra, Uttar Pradesh. High yielding, nutrient and climate resilient varieties of potato and sweetpotato developed by CSARC will significantly accelerate the sustainable development of the potato and sweetpotato sectors not only in India but in the South Asia region also through world-class science and innovation.

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Posted on Jun 26th

India’s horticulture crop production increases 4% in 2024-25

India’s horticulture crop production is estimated to have increased 3.66 per cent in 2024-25 to 3,677.24 lakh tonnes on higher output of fru...

India’s horticulture crop production is estimated to have increased 3.66 per cent in 2024-25 to 3,677.24 lakh tonnes on higher output of fruits and vegetables. In 2023-24, the horticulture crops production stood at 3,547.44 lakh tonnes. The area under coverage increased to 292.67 lakh hectares in 2024-25 from 290.86 lakh hectares in the preceding year.

The increase in production is because of efforts from farmers and agri scientists as well as initiatives taken by the government. As per government data, the production of fruits is estimated to have risen 1.36 per cent to 1,145.10 lakh tonnes in 2024-25, while the output of vegetables is projected to have increased 6 per cent to 2,196.74 lakh tonnes.

Spice production is estimated at 123.70 lakh tonnes in 2024-25 against 124.84 lakh tonnes in the preceding year. In the vegetable categories, onion output is estimated to have risen to 307.73 lakh tonnes from 242.67 lakh tonnes. Potatoes output rose to 601.75 lakh tonnes in 2024-25, an increase of 31.21 lakh tonnes from the preceding year. However, the production of tomatoes has fallen to 207.52 lakh tonnes from 213.23 lakh tonnes. 

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Posted on Jun 23rd

India’s coffee exports jump 125% to $1.8 billion in last 11 years

India’s coffee exports have jumped about 125% to $1.8 billion in 2024-25 in the last 11 years on account of a series of measures taken by th...

India’s coffee exports have jumped about 125% to $1.8 billion in 2024-25 in the last 11 years on account of a series of measures taken by the Coffee Board of India. The exports stood at over $800 million in 2014-15. It was $1.28 billion in 2023-24 and $1.14 billion in 2022-23. Europe remains the top destination for the country's coffee exports. The major countries which import the commodity from India include Italy, Germany, Belgium, Middle East nations, Korea, and Japan. 

The major initiatives taken by the Coffee Board of India to push the exports include online issuance with digital signature of registration-cum-membership certificate (RCMC), export permit, certificate of origin, regular interaction with the exporters to discuss bottlenecks and addressing those issues, and providing regular global market information and market intelligence. The other export promotion steps included transit/freight assistance to maximise export earnings by enhancing the market share of value-added coffee. The government provides Rs 3 per kg for export of value-added products; Rs 2 for shipments of high value green coffees to far-off high value markets such as the US, Canada, Japan, Australia, New Zealand, South Korea, and Finland, Norway, and Denmark.

To support the business community for value addition, the board supports individuals, self-help groups, and growers. It provides 40 per cent cost of machinery with a ceiling of Rs 15 lakh for installation of roasting, grinding and packaging machinery. The main coffee producing states are Karnataka, Kerala, and Tamil Nadu. India is the seventh largest producer of the world with 3.5 per cent share and fifth largest exporter with 5 per cent share. India produces about 3.6 lakh tonnes of coffee per year.

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Posted on Jun 20th

Government imposes import restriction on certain precious metal alloys containing gold

Government has imposed restriction on import alloys of Palladium, Rhodium, and Iridium containing more than 1% gold by weight. This measure ...

Government has imposed restriction on import alloys of Palladium, Rhodium, and Iridium containing more than 1% gold by weight. This measure expands upon the existing restriction on the import of Platinum to now include the entire Customs Tariff Heading (CTH) 7110 at the 4-digit level, thereby ensuring uniformity in the import policy governing precious metals and their alloys.

At the same time, the policy facilitates trade by allowing free import of alloys containing less than 1% gold, thereby ensuring continued availability of inputs for industrial and manufacturing sectors, including electronics, auto components, and specialised chemical industries, without disruption. This calibrated approach balances trade facilitation with the need for regulatory oversight.

Further, the government has also imposed restriction to import of colloidal metals and compounds covered under CTH 2843. This was necessitated to regulate import of gold in the garb of chemical compounds.

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Posted on Jun 19th

India's exports of castor oil decline 23% in May 2025

Solvent Extractors' Association of India (SEA) has said that India's export of castor oil declined by 23.17% to 68,982 metric tonnes (MT) (P...

Solvent Extractors' Association of India (SEA) has said that India's export of castor oil declined by 23.17% to 68,982 metric tonnes (MT) (Provisional) in the month of May 2025 as compared to 89,786 MT (Provisional) in the same month last year. In the value terms, India exported castor oil worth Rs 882.46 crore in May 2025 as against Rs 1006.24 crore in May 2024, i.e. down by 12.30%. 

According to SEA data, India's export of castor oil stood at 308,699 MT in (January -May 2025) as compared to 346,624 MT in the same period of the last year. In the month of April 2025, castor oil export stood at 63,373 MT, while its value stood at Rs 830.47 crore. 

India is the largest producer of castor seed in the world and Gujarat is the largest in India. Castor oil is an important ingredient for the global specialty chemical industry as it is the only commercial source of hydroxylate fatty acid. Castor oil is used for a number of industrial applications including paints, varnish, resins and plasticisers.

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Posted on Jun 18th

Government permits export of up to 25,000 tonnes of pharma-grade sugar per financial year

The government has allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. The per...

The government has allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. The permission will be given only to bona fide pharmaceutical exporters. 

The exporters mandatorily submit a valid drug manufacturing licence issued by the concerned state licensing authority. They will also need to submit requisite test reports and certificates from NABL-accredited labs confirming compliance with pharma grade sugar specifications at the time of actual exports. 

Pharma-grade sugar is a high-quality product manufactured by following specific standards. Pharma Grade Sugar serves as a key excipient in various pharmaceutical applications. It is commonly used in the preparation of oral suspensions, syrups, and chewable tablets, where its high purity ensures optimal drug stability and effectiveness. The sugar's uniform granule size allows for consistent dosing and homogenous blending, facilitating accurate and reproducible formulations.

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Posted on Jul 4th

Bond yields trade higher on Friday

Bond yields traded higher on Friday as the newly appointed Confederation of Indian Industry (CII) President Rajiv Memani has said that the c...

Bond yields traded higher on Friday as the newly appointed Confederation of Indian Industry (CII) President Rajiv Memani has said that the country’s economy is likely to grow 6.4-6.7 per cent during the current financial year (FY26) driven by strong domestic demand, even as geopolitical uncertainty poses downside risks.

In the global market, the 10-year U.S. Treasury yield advanced on Thursday after June’s nonfarm payroll report came in hotter than anticipated. Furthermore, oil prices fell slightly on Thursday as the possibility of U.S. tariffs being reinstated raised questions about demand ahead of an expected supply boost by major producers.

Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.30% from its previous close of 6.29% on Thursday. 

The benchmark five-year interest rates were trading 1 basis point higher at 6.08% from its previous close of 6.07% on Thursday.

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Posted on Jul 4th

OTC trade data of government securities as on July 04

As per the OTC data as on July 04, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 729 number of trades and total vol...
As per the OTC data as on July 04, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 729 number of trades and total volume Rs 8,245 crore, at last traded price of Rs 102.9700 and last traded YTM of 6.3584%. Followed by 06.33 GS 2035 maturing on 05-May-2035 with 464 number of trades and total volume Rs 4,250 crore, at last traded price of Rs 100.1650 and last traded YTM of 6.3057%.

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Posted on Jul 4th

NSE Corporate Bonds Trading report

As per the NSE data HDFC BANK LIMITED SR Y002 5.78 NCD 25NV25 FVRS10LAC, currently trading at Rs 99.6752 with YTM Annualized 6.4000% was in ...
As per the NSE data HDFC BANK LIMITED SR Y002 5.78 NCD 25NV25 FVRS10LAC, currently trading at Rs 99.6752 with YTM Annualized 6.4000% was in maximum demand followed by CAN FIN HOMES LIMITED SR 04 7.24 NCD 29MY28 FVRS1LAC currently trading at Rs 99.8087 with YTM Annualized of 7.3000%, RARE EQUITY PRIVATE LIMITED TR-B NCD 07AG25 FVRS10LAC currently trading at Rs 134.6785 with YTM Annualized 7.5288%, STATE BANK OF INDIA SR 2 7.33 BD 20SP39 FVRS1CR currently trading at Rs 100.6100 with YTM Annualized of 7.2504%.

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Posted on Jul 3rd

NSE Corporate Bonds Trading report

As per the NSE data TATA CAPITAL HOUSING FINANCE LIMITED SR E 7.685 NCD 24JL28 FVRS1LAC, currently trading at Rs 101.6474 with YTM Annualize...
As per the NSE data TATA CAPITAL HOUSING FINANCE LIMITED SR E 7.685 NCD 24JL28 FVRS1LAC, currently trading at Rs 101.6474 with YTM Annualized 7.0600% was in maximum demand followed by BAJAJ HOUSING FINANCE LIMITED 7.02 NCD 26MY28 FVRS1LAC currently trading at Rs 99.8862 with YTM Annualized of 7.0497%, NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT SR 22D 5.70 LOA 31JL25 FVRS10LAC currently trading at Rs 99.9771 with YTM Annualized 5.7000%, SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA SR VII 7.42 BD 12MR29 FVRS1LAC currently trading at Rs 102.2199 with YTM Annualized of 6.7000%.

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Posted on Jul 3rd

OTC trade data of government securities as on July 03

As per the OTC data as on July 03, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1473 number of trades and total vo...
As per the OTC data as on July 03, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1473 number of trades and total volume Rs 15,555 crore, at last traded price of Rs 103.0300 and last traded YTM of 6.3502%. Followed by 06.33 GS 2035 maturing on 05-May-2035 with 574 number of trades and total volume Rs 5,495 crore, at last traded price of Rs 100.2450 and last traded YTM of 6.2947%.

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Posted on Jul 3rd

Bond yields trade higher on Thursday

Bond yields traded higher on Thursday as the seasonally adjusted HSBC India Services PMI Business Activity Index grew to 60.4 in June from 5...

Bond yields traded higher on Thursday as the seasonally adjusted HSBC India Services PMI Business Activity Index grew to 60.4 in June from 58.8 in May. The HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also surged to 61.0 in June as against 59.3 in May.

In the global market, the 10-year U.S. Treasury yield rose on Wednesday as investors digested weak data for the jobs market and weighed the impact of President Donald Trump’s tax-and-spending package, which narrowly passed the Senate on Tuesday. Furthermore, oil futures rose on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog but a surprise build in U.S. crude supplies limited gains.

Back home, the yields on new 10 year Government Stock were trading 1 basis point higher at 6.29% from its previous close of 6.28% on Wednesday. 

The benchmark five-year interest rates were trading 1basis points higher at 6.08% from its previous close of 6.07% on Wednesday.

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Posted on Jul 2nd

OTC trade data of government securities as on July 02

As per the OTC data as on July 02, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1485 number of trades and total vo...
As per the OTC data as on July 02, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1485 number of trades and total volume Rs 16,935 crore, at last traded price of Rs 103.0700 and last traded YTM of 6.3446%. Followed by 06.33 GS 2035 maturing on 05-May-2035 with 850 number of trades and total volume Rs 9,200 crore, at last traded price of Rs 100.2850 and last traded YTM of 6.2892%.

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Posted on Jul 2nd

NSE Corporate Bonds Trading report

As per the NSE data, LIC HOUSING FINANCE LTD TR 456 6.90 NCD 17SP27 FVRS1LAC, currently trading at Rs 100.2319 with YTM Annualized 6.8000% w...
As per the NSE data, LIC HOUSING FINANCE LTD TR 456 6.90 NCD 17SP27 FVRS1LAC, currently trading at Rs 100.2319 with YTM Annualized 6.8000% was in maximum demand followed by REC LIMITED SR 250A 6.60 BD 30JU27 FVRS1LAC currently trading at Rs 100.1742 with YTM Annualized of 6.5000%, INDIAN RAILWAY FINANCE CORPORATION LIMITED SR 161 6.92 BD 31AG31 FVRS10LAC currently trading at Rs 100.2250 with YTM Annualized 6.8700%, NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT SR F24 7.68 BD 30AP29 FVRS1LAC currently trading at Rs 102.8932 with YTM Annualized of 6.7800%.

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Posted on Jul 2nd

Bond yields trade lower on Wednesday

Bond yields traded lower on Wednesday despite India’s gross Goods and Services Tax (GST) collection for the month of June stood at Rs 1.85 l...

Bond yields traded lower on Wednesday despite India’s gross Goods and Services Tax (GST) collection for the month of June stood at Rs 1.85 lakh crore, marking a 6.2% increase compared to the same month last year.

In the global market, 10-year Treasury yield rose Tuesday after Senate Republicans passed their version of the White House’s gigantic tax-and-spending legislation, threatening to add at least $3 trillion to the federal deficit over the next decade. 

Back home, the yields on new 10 year Government Stock were trading 1 basis point lower at 6.28% from its previous close of 6.29% on Tuesday. 

The benchmark five-year interest rates were trading 2 basis points lower at 6.08% from its previous close of 6.10% on Tuesday.

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Posted on Jul 1st

OTC trade data of government securities as on July 01

As per the OTC data as on July 01, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1516 number of trades and total vo...
As per the OTC data as on July 01, 06.79 GS 2034 maturing on 07-September-2034 was in maximum demand with 1516 number of trades and total volume Rs 19,480 crore, at last traded price of Rs 102.9575 and last traded YTM of 6.3607%. Followed by 06.33 GS 2035 maturing on 05-May-2035 with 907 number of trades and total volume Rs 10,320 crore, at last traded price of Rs 100.1900 and last traded YTM of 6.3023%.

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Posted on Jul 1st

Eastern Silk Inds - Quaterly Results

The sales surged to Rs. 47.49 millions, up 48.55% for the March 2025 quarter as against Rs. 31.97 millions during the corresponding quarter ... The sales surged to Rs. 47.49 millions, up 48.55% for the March 2025 quarter as against Rs. 31.97 millions during the corresponding quarter previous year.The Total Profit for the quarter ended March 2025 of Rs. 35.43 millions grew from Rs.-18.66 millions Operating profit Margin for the quarter ended March 2025 improved to 6.78% as compared to -5.17% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 47.49 31.97 48.55 215.79 188.75 14.33 215.79 188.75 14.33
Other Income 18.19 2.28 697.81 39.11 14.64 167.14 39.11 14.64 167.14
PBIDT 6.78 -5.17 -231.14 25.92 -88.50 -129.29 25.92 -88.50 -129.29
Interest 0.17 0.47 -63.83 0.17 0.47 -63.83 0.17 0.47 -63.83
PBDT 6.61 -5.64 -217.20 25.75 -88.97 -128.94 25.75 -88.97 -128.94
Depreciation 2.88 8.62 -66.59 20.48 29.66 -30.95 20.48 29.66 -30.95
PBT 3.73 -14.26 -126.16 5.27 -118.63 -104.44 5.27 -118.63 -104.44
TAX -31.70 4.40 -820.45 -34.38 4.40 -881.36 -34.38 4.40 -881.36
Deferred Tax -31.70 0.00 0.00 -31.70 0.00 0.00 -31.70 0.00 0.00
PAT 35.43 -18.66 -289.87 39.65 -123.03 -132.23 39.65 -123.03 -132.23
Equity 157.90 157.90 0.00 157.90 157.90 0.00 157.90 157.90 0.00
PBIDTM(%) 14.28 -16.17 -188.28 12.01 -46.89 -125.62 12.01 -46.89 -125.62

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Posted on Jul 1st

Eastern Silk Inds - Quaterly Results

The sales surged to Rs. 47.49 millions, up 48.55% for the March 2025 quarter as against Rs. 31.97 millions during the corresponding quarter ... The sales surged to Rs. 47.49 millions, up 48.55% for the March 2025 quarter as against Rs. 31.97 millions during the corresponding quarter previous year.The Total Profit for the quarter ended March 2025 of Rs. 35.43 millions grew from Rs.-18.66 millions Operating profit Margin for the quarter ended March 2025 improved to 6.78% as compared to -5.17% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 47.49 31.97 48.55 215.79 188.75 14.33 215.79 188.75 14.33
Other Income 18.19 2.28 697.81 39.11 14.64 167.14 39.11 14.64 167.14
PBIDT 6.78 -5.17 -231.14 25.92 -88.50 -129.29 25.92 -88.50 -129.29
Interest 0.17 0.47 -63.83 0.17 0.47 -63.83 0.17 0.47 -63.83
PBDT 6.61 -5.64 -217.20 25.75 -88.97 -128.94 25.75 -88.97 -128.94
Depreciation 2.88 8.62 -66.59 20.48 29.66 -30.95 20.48 29.66 -30.95
PBT 3.73 -14.26 -126.16 5.27 -118.63 -104.44 5.27 -118.63 -104.44
TAX -31.70 4.40 -820.45 -34.38 4.40 -881.36 -34.38 4.40 -881.36
Deferred Tax -31.70 0.00 0.00 -31.70 0.00 0.00 -31.70 0.00 0.00
PAT 35.43 -18.66 -289.87 39.65 -123.03 -132.23 39.65 -123.03 -132.23
Equity 157.90 157.90 0.00 157.90 157.90 0.00 157.90 157.90 0.00
PBIDTM(%) 14.28 -16.17 -188.28 12.01 -46.89 -125.62 12.01 -46.89 -125.62

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Posted on Jul 1st

Eastern Silk Inds - Quaterly Results

The sales moved up 48.55% to Rs. 47.49 millions for the March 2025 quarter as compared to Rs. 31.97 millions during the year-ago period.The ... The sales moved up 48.55% to Rs. 47.49 millions for the March 2025 quarter as compared to Rs. 31.97 millions during the year-ago period.The Total Profit for the quarter ended March 2025 of Rs. 35.43 millions grew from Rs.-18.66 millions Operating profit Margin for the quarter ended March 2025 improved to 6.78% as compared to -5.17% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 47.49 31.97 48.55 215.79 188.75 14.33 215.79 188.75 14.33
Other Income 18.19 2.28 697.81 39.11 14.64 167.14 39.11 14.64 167.14
PBIDT 6.78 -5.17 -231.14 25.92 -88.50 -129.29 25.92 -88.50 -129.29
Interest 0.17 0.47 -63.83 0.17 0.47 -63.83 0.17 0.47 -63.83
PBDT 6.61 -5.64 -217.20 25.75 -88.97 -128.94 25.75 -88.97 -128.94
Depreciation 2.88 8.62 -66.59 20.48 29.66 -30.95 20.48 29.66 -30.95
PBT 3.73 -14.26 -126.16 5.27 -118.63 -104.44 5.27 -118.63 -104.44
TAX -31.70 4.40 -820.45 -34.38 4.40 -881.36 -34.38 4.40 -881.36
Deferred Tax -31.70 0.00 0.00 -31.70 0.00 0.00 -31.70 0.00 0.00
PAT 35.43 -18.66 -289.87 39.65 -123.03 -132.23 39.65 -123.03 -132.23
Equity 157.90 157.90 0.00 157.90 157.90 0.00 157.90 157.90 0.00
PBIDTM(%) 14.28 -16.17 -188.28 12.01 -46.89 -125.62 12.01 -46.89 -125.62

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Posted on Jun 30th

JP Associate - Quaterly Results

The sales is pegged at Rs. 6957.20 millions for the March 2025 quarter. The mentioned figure indicates a decline of about -41.26% as against... The sales is pegged at Rs. 6957.20 millions for the March 2025 quarter. The mentioned figure indicates a decline of about -41.26% as against Rs. 11844.50 millions during the year-ago period.The Net Loss for the quarter ended March 2025 is Rs. -28594.00 millions as compared to Net Loss of Rs. -6744.20 millions of corresponding quarter ended March 2024The Operating Profit of the company witnessed a decrease to 207.80 millions from 767.90 millions.
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 6957.20 11844.50 -41.26 31172.90 41842.40 -25.50 31172.90 41842.40 -25.50
Other Income 771.30 -72.10 -1169.76 2896.00 1690.80 71.28 2896.00 1690.80 71.28
PBIDT 207.80 767.90 -72.94 2792.60 3025.40 -7.69 2792.60 3025.40 -7.69
Interest 1918.70 2466.40 -22.21 9727.30 9129.10 6.55 9727.30 9129.10 6.55
PBDT -27833.70 -6111.90 355.40 -44804.80 -12793.50 250.22 -44804.80 -12793.50 250.22
Depreciation 758.20 581.70 30.34 4492.50 2365.80 89.89 4492.50 2365.80 89.89
PBT -28591.90 -6693.60 327.15 -49297.30 -15159.30 225.20 -49297.30 -15159.30 225.20
TAX 2.10 50.60 -95.85 36.30 203.30 -82.14 36.30 203.30 -82.14
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -28594.00 -6744.20 323.98 -49333.60 -15362.60 221.13 -49333.60 -15362.60 221.13
Equity 4909.20 4909.20 0.00 4909.20 4909.20 0.00 4909.20 4909.20 0.00
PBIDTM(%) 2.99 6.48 -53.93 8.96 7.23 23.90 8.96 7.23 23.90

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Posted on Jun 30th

JP Associate - Quaterly Results

The sales slipped to Rs. 6957.20 millions, down -41.26% for the March 2025 quarter as against Rs. 11844.50 millions during the year-ago peri... The sales slipped to Rs. 6957.20 millions, down -41.26% for the March 2025 quarter as against Rs. 11844.50 millions during the year-ago period.The Net Loss for the quarter ended March 2025 is Rs. -28594.00 millions as compared to Net Loss of Rs. -6744.20 millions of corresponding quarter ended March 2024Operating Profit reported a sharp decline to 207.80 millions from 767.90 millions in the corresponding previous quarter.
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 6957.20 11844.50 -41.26 31172.90 41842.40 -25.50 31172.90 41842.40 -25.50
Other Income 771.30 -72.10 -1169.76 2896.00 1690.80 71.28 2896.00 1690.80 71.28
PBIDT 207.80 767.90 -72.94 2792.60 3025.40 -7.69 2792.60 3025.40 -7.69
Interest 1918.70 2466.40 -22.21 9727.30 9129.10 6.55 9727.30 9129.10 6.55
PBDT -27833.70 -6111.90 355.40 -44804.80 -12793.50 250.22 -44804.80 -12793.50 250.22
Depreciation 758.20 581.70 30.34 4492.50 2365.80 89.89 4492.50 2365.80 89.89
PBT -28591.90 -6693.60 327.15 -49297.30 -15159.30 225.20 -49297.30 -15159.30 225.20
TAX 2.10 50.60 -95.85 36.30 203.30 -82.14 36.30 203.30 -82.14
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -28594.00 -6744.20 323.98 -49333.60 -15362.60 221.13 -49333.60 -15362.60 221.13
Equity 4909.20 4909.20 0.00 4909.20 4909.20 0.00 4909.20 4909.20 0.00
PBIDTM(%) 2.99 6.48 -53.93 8.96 7.23 23.90 8.96 7.23 23.90

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Posted on Jun 30th

Siti Networks - Quaterly Results

The Sales for the quarter ended March 2025 of Rs. 818.25 million declined by -30.94% from Rs. 1184.80 millions.The Net Loss for the quarter ... The Sales for the quarter ended March 2025 of Rs. 818.25 million declined by -30.94% from Rs. 1184.80 millions.The Net Loss for the quarter ended March 2025 is Rs. -530.17 millions as compared to Net Profit of Rs. 653.21 millions of corresponding quarter ended March 2024Operating profit Margin for the quarter ended March 2025 slipped to -207.96% as compared to 237.50% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 818.25 1184.80 -30.94 3563.42 4332.24 -17.75 3563.42 4332.24 -17.75
Other Income 97.56 118.54 -17.70 140.02 142.55 -1.77 140.02 142.55 -1.77
PBIDT -207.96 237.50 -187.56 -635.90 -119.20 433.47 -635.90 -119.20 433.47
Interest 217.75 50.68 329.66 882.05 742.29 18.83 882.05 742.29 18.83
PBDT -425.71 864.69 -149.23 -1517.95 -236.82 540.97 -1517.95 -236.82 540.97
Depreciation 104.46 211.48 -50.61 436.11 1268.55 -65.62 436.11 1268.55 -65.62
PBT -530.17 653.21 -181.16 -1954.06 -1505.37 29.81 -1954.06 -1505.37 29.81
TAX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -530.17 653.21 -181.16 -1954.06 -1505.37 29.81 -1954.06 -1505.37 29.81
Equity 872.05 872.05 0.00 872.05 872.05 0.00 872.05 872.05 0.00
PBIDTM(%) -25.42 20.05 -226.79 -17.85 -2.75 548.56 -17.85 -2.75 548.56

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Posted on Jun 30th

Siti Networks - Quaterly Results

The sales is pegged at Rs. 818.25 millions for the March 2025 quarter. The mentioned figure indicates a decline of about -30.94% as against ... The sales is pegged at Rs. 818.25 millions for the March 2025 quarter. The mentioned figure indicates a decline of about -30.94% as against Rs. 1184.80 millions during the year-ago period.The Net Loss for the quarter ended March 2025 is Rs. -530.17 millions as compared to Net Profit of Rs. 653.21 millions of corresponding quarter ended March 2024Operating profit Margin for the quarter ended March 2025 slipped to -207.96% as compared to 237.50% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 818.25 1184.80 -30.94 3563.42 4332.24 -17.75 3563.42 4332.24 -17.75
Other Income 97.56 118.54 -17.70 140.02 142.55 -1.77 140.02 142.55 -1.77
PBIDT -207.96 237.50 -187.56 -635.90 -119.20 433.47 -635.90 -119.20 433.47
Interest 217.75 50.68 329.66 882.05 742.29 18.83 882.05 742.29 18.83
PBDT -425.71 864.69 -149.23 -1517.95 -236.82 540.97 -1517.95 -236.82 540.97
Depreciation 104.46 211.48 -50.61 436.11 1268.55 -65.62 436.11 1268.55 -65.62
PBT -530.17 653.21 -181.16 -1954.06 -1505.37 29.81 -1954.06 -1505.37 29.81
TAX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -530.17 653.21 -181.16 -1954.06 -1505.37 29.81 -1954.06 -1505.37 29.81
Equity 872.05 872.05 0.00 872.05 872.05 0.00 872.05 872.05 0.00
PBIDTM(%) -25.42 20.05 -226.79 -17.85 -2.75 548.56 -17.85 -2.75 548.56

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Posted on Jun 30th

VXL Instruments - Quaterly Results

A minor change in the total revenue was seen in the March 2025 quarter. The total revenue for the quarter stood at Rs. 0.00 millions against... A minor change in the total revenue was seen in the March 2025 quarter. The total revenue for the quarter stood at Rs. 0.00 millions against Rs. 9.78 millions during year ago period.The Net Loss for the quarter ended March 2025 is Rs. -51.52 millions as compared to Net Loss of Rs. -4.99 millions of corresponding quarter ended March 2024 Operating profit Margin for the quarter ended March 2025 improved to 5.79% as compared to -3.36% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 0.00 9.78 0.00 6.64 77.12 -91.39 6.64 77.12 -91.39
Other Income 0.82 -0.03 -2833.33 1.57 0.87 80.46 1.57 0.87 80.46
PBIDT 5.79 -3.36 -272.32 -4.24 -19.69 -78.47 -4.24 -19.69 -78.47
Interest 1.76 0.70 151.43 2.56 2.26 13.27 2.56 2.26 13.27
PBDT -51.44 -4.06 1167.00 -62.27 -21.95 183.69 -62.27 -21.95 183.69
Depreciation 0.08 0.93 -91.40 2.98 3.85 -22.60 2.98 3.85 -22.60
PBT -51.52 -4.99 932.46 -65.25 -25.80 152.91 -65.25 -25.80 152.91
TAX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -51.52 -4.99 932.46 -65.25 -25.80 152.91 -65.25 -25.80 152.91
Equity 133.25 133.25 0.00 133.25 133.25 0.00 133.25 133.25 0.00
PBIDTM(%) 0.00 -34.36 0.00 -63.86 -25.53 150.10 -63.86 -25.53 150.10

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Posted on Jun 30th

VXL Instruments - Quaterly Results

Revenue showed a marginal decline at Rs. 0.00 millions. For the quarter ended March 2025, as compared to corresponding quarter of last year.... Revenue showed a marginal decline at Rs. 0.00 millions. For the quarter ended March 2025, as compared to corresponding quarter of last year.The Net Loss for the quarter ended March 2025 is Rs. -51.52 millions as compared to Net Loss of Rs. -4.99 millions of corresponding quarter ended March 2024 Operating profit Margin for the quarter ended March 2025 improved to 5.79% as compared to -3.36% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 0.00 9.78 0.00 6.64 77.12 -91.39 6.64 77.12 -91.39
Other Income 0.82 -0.03 -2833.33 1.57 0.87 80.46 1.57 0.87 80.46
PBIDT 5.79 -3.36 -272.32 -4.24 -19.69 -78.47 -4.24 -19.69 -78.47
Interest 1.76 0.70 151.43 2.56 2.26 13.27 2.56 2.26 13.27
PBDT -51.44 -4.06 1167.00 -62.27 -21.95 183.69 -62.27 -21.95 183.69
Depreciation 0.08 0.93 -91.40 2.98 3.85 -22.60 2.98 3.85 -22.60
PBT -51.52 -4.99 932.46 -65.25 -25.80 152.91 -65.25 -25.80 152.91
TAX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PAT -51.52 -4.99 932.46 -65.25 -25.80 152.91 -65.25 -25.80 152.91
Equity 133.25 133.25 0.00 133.25 133.25 0.00 133.25 133.25 0.00
PBIDTM(%) 0.00 -34.36 0.00 -63.86 -25.53 150.10 -63.86 -25.53 150.10

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Posted on Jun 30th

Longview Tea - Quaterly Results

The revenue for the March 2025 quarter is pegged at Rs. 0.00 millions against Rs. 0.00 millions recorded during the year-ago period.The Net ... The revenue for the March 2025 quarter is pegged at Rs. 0.00 millions against Rs. 0.00 millions recorded during the year-ago period.The Net Loss for the quarter ended March 2025 is Rs. -6.70 millions as compared to Net Profit of Rs. 2.09 millions of corresponding quarter ended March 2024Operating profit Margin for the quarter ended March 2025 slipped to -8.15% as compared to 2.98% of corresponding quarter ended March 2024
(Rs. in Million)
  Quarter ended Year to Date Year ended
  202503 202403 % Var 202503 202403 % Var 202503 202403 % Var
Sales 0.00 0.00 0.00 18.34 11.67 57.16 18.34 11.67 57.16
Other Income -4.08 4.28 -195.33 11.04 22.56 -51.06 11.04 22.56 -51.06
PBIDT -8.15 2.98 -373.49 5.13 18.75 -72.64 5.13 18.75 -72.64
Interest 0.00 0.01 0.00 0.00 0.04 0.00 0.00 0.04 0.00
PBDT -8.15 2.97 -374.41 5.13 18.71 -72.58 5.13 18.71 -72.58
Depreciation 0.10 0.10 0.00 0.40 0.41 -2.44 0.40 0.41 -2.44
PBT -8.25 2.87 -387.46 4.73 18.30 -74.15 4.73 18.30 -74.15
TAX -1.55 0.78 -298.72 1.54 3.08 -50.00 1.54 3.08 -50.00
Deferred Tax -1.10 0.20 -650.00 -0.47 1.55 -130.32 -0.47 1.55 -130.32
PAT -6.70 2.09 -420.57 3.19 15.22 -79.04 3.19 15.22 -79.04
Equity 30.01 30.01 0.00 30.01 30.01 0.00 30.01 30.01 0.00
PBIDTM(%) 0.00 0.00 0.00 27.97 160.67 -82.59 27.97 160.67 -82.59

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