IndianMarkets Archives - Equity Right

Business, IPO research, Markets - September 10, 2025

Urban Company IPO 2025: Subscription Buzz and Profit Milestone

Urban Company IPO 2025: Subscription Buzz and Profit Milestone

Urban Company opens its ₹1,900 crore IPO for subscription on September 10, riding high on investor enthusiasm and a turnaround to profitability in FY2025. Strong brand recognition, sector growth, and grey market premium fuel demand, though risks remain from high OFS and market competition.

IPO Overview: Subscription Timeline and Structure
Urban Company, India’s leading tech-enabled marketplace for home and beauty services, is set to launch its ₹1,900 crore initial public offering (IPO) from September 10 to September 12, 2025. The company’s shares will list on BSE and NSE on September 17, making it one of the most keenly watched tech IPOs of the year.
The issue comprises ₹472 crore through fresh equity and ₹1,428 crore through an offer for sale. Key existing investors, including Accel, Elevation Capital, and Bessemer India Capital, will partially exit via the OFS. The IPO price band is set at ₹98–103 per share, valuing the company at ₹14,790 crore at the upper end. Investors can bid for a lot size of 145 shares—with minimum retail investment at about ₹14,935.

Business Snapshot: Tech-Driven Home Services Platform
Founded in Gurugram in 2014, Urban Company has built a strong reputation for connecting trained professionals with urban consumers for cleaning, plumbing, appliance repair, beauty, wellness, and more. Its tech-enabled platform operates in over 59 cities in India and select overseas markets including the UAE, Singapore, and Saudi Arabia.
The company has serviced more than 97 million orders in India, with professionals on its platform reportedly earning higher than peers in food delivery and quick commerce sectors. Urban Company also markets products under the ‘Native’ brand and has a substantial presence in the high-potential, fragmented home-services industry.

Financial Turnaround: From Losses to Profits
Urban Company’s financials have sharply improved in FY2025, marking its first profitable year after sustained losses.
• FY2023: firm recorded ₹726 crore in revenue but ended with a ₹312 crore net loss.
• FY2024: Revenue ₹928 crore, Net Loss ₹93 crore
• FY2025: Revenue ₹1,260 crore, Net Profit ₹240 crore
The turnaround was fueled by surging revenues and a deferred tax credit; even without the one-time benefit, the company posted a modest operating profit. This profitability, absent in many recent Indian tech IPOs, is a major factor attracting long-term and institutional investors.

Use of IPO Proceeds: Focus on Growth
Funds raised through the fresh issue will support technology and cloud infrastructure (₹190 crore), marketing efforts (₹90 crore), lease expenses (₹75 crore), along with general corporate purposes (₹117.1 crore). This positions Urban Company for scaling its network, improving user experience, and expanding into new geographies.

Risks to Watch: OFS, Competition, Gig Economy
Despite its promise, analysts flag several risks for prospective investors:
• Nearly 75% of the issue proceeds are OFS, meaning most capital raised won’t go directly into growth.
• Profitability, while a landmark, remains new after years of losses—even “one bad year” could pressure valuations.
• The company’s business is heavily urban-centric, with metro areas accounting for 90%+ of revenues.
• Competition from local service providers and other aggregators is robust, and sector regulations (labour, consumer rights, data protection) remain fluid.

Investor Sentiment: GMP and Listing Buzz
Market enthusiasm is evident in the grey market, where Urban Company shares trade at a premium of ₹28–30 above the upper IPO band, signaling anticipated listing gains of nearly 30%.
• The GMP (Grey Market Premium) has doubled since announcement, reflecting strong demand, but remains speculative and should not be the sole basis for investment.
• Leading brokerages describe the IPO as best suited for aggressive, risk-tolerant investors seeking long-term growth or potential short-term gains.
Conclusion: Balancing Growth and Risk
Urban Company’s IPO stands out in India’s startup landscape for its recognizable brand and newly-achieved profitability—attributes missing from many earlier tech listings. With strong market positioning and sector tailwinds, investors see opportunities both for listing upside and long-term growth. However, with a high OFS, metro concentration, and changing industry dynamics, investors need to weigh their risk tolerance. Short-term gains may appeal to retail participants, but sustained growth and broader market reach will ultimately define value post-listing.

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Porter Extends Series F: New $110 Million Boost Powers Indian Logistics

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Equities, Markets - September 10, 2025

Prakash Industries Announces ₹1.5 Dividend; Multibagger Stock Confirms Record Date

Prakash Industries Announces ₹1.5 Dividend; Multibagger Stock Confirms Record Date

Prakash Industries, a multibagger in the steel sector, has set September 17, 2025, as the record date for its ₹1.5 per share dividend. Shareholders who hold the stock as of this date will be eligible, capping a five-year run of outstanding gains and consistent payouts.

Dividend Bonanza for Prakash Industries Investors
Prakash Industries Limited, a prominent company in the Indian iron and steel sector, has once again put shareholder rewards at the center of its capital allocation strategy. On September 9, 2025, the company notified the stock exchanges that it has set the record date for its latest final dividend at ₹1.5 per share, with eligibility determined as of September 17, 2025. This move affirms Prakash Industries’ continued focus on sharing profits with investors while reinforcing market confidence in the company’s balance sheet strength.

What is a Record Date and Why Does It Matter?
The record date is a key checkpoint in the dividend payout process. Shareholders holding Prakash Industries shares as of the market close on September 17, 2025, will be eligible to receive the ₹1.5 dividend for FY 2024–25. The payment will be subject to approval at the Annual General Meeting (AGM) scheduled for September 30, 2025. This compliance aligns with SEBI’s Listing Obligations and Disclosure Requirements (LODR), reflecting the firm’s transparency and regular investor communication.

Multibagger Returns: Five-Year Outperformance
While dividend payments are closely watched by income-oriented investors, Prakash Industries’ equity story extends well beyond payouts. Over the last five years, the company’s shares have surged more than 264%, far outpacing the broader market and rewarding patient, long-term investors. This makes the iron and steel manufacturer a notable smallcap success, even with some recent price consolidation.
• Over the past five years, the return was positive 264.6%.
• Over the past one year, the return was negative 26.7%.
• Over the past six months, the return was positive 7.2%.
The five-year journey captures Prakash Industries’ ability to create wealth, despite the cyclical and competitive nature of India’s steel sector.

Dividend Track Record: A Pattern of Consistent Payouts
Dividend consistency is a hallmark for Prakash Industries. Recent years have seen the following final dividend trends:
In 2025, the dividend declared was ₹1.50.
In 2024, the dividend stood at ₹1.20.
In 2019, the dividend was ₹1.20.
In 2014, the dividend amounted to ₹1.00.
In 2013, the dividend was ₹1.00.
The uptick to ₹1.5 per share signals both improved earnings visibility and a management philosophy favoring cash returns for shareholders. For investors seeking both yield and growth, such a pattern is significant.

Regulatory Compliance and Market Disclosure
Prakash Industries’ announcement highlights strict adherence to regulatory best practices. By setting the record date in line with SEBI regulations and notifying both BSE and NSE, the company upholds operational transparency.
With its registered office in Hissar and a long track record of capital discipline, the company appeals to both seasoned investors using dividend-grower strategies and those with a focus on Indian industry fundamentals.

Recent Business Performance and Market Sentiment
While the stock has given negative returns over the past year, the long-term compounding effect is evident. The announcement comes on the back of Prakash Industries reporting solid Q1 FY26 revenue and profit figures, demonstrating the company’s operational resilience while providing comfort to both retail and institutional shareholders.
The dividend record date announcement alongside financial stability and historical outperformance has sparked renewed interest in the company, with market commentators and business media taking note of its multibagger credentials.

Conclusion: Shareholder Value and the Road Ahead
Prakash Industries’ announcement of a ₹1.5 per share dividend along with a defined record date underscores its commitment to consistent performance and sound market discipline.
For shareholders, it is a tangible reward on the back of a remarkable five-year rally. As the AGM approaches, the market will look for further signals of growth, capital returns, and prudent management from this steel sector veteran.

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How GST Cuts Are Fueling India’s Stock Rally

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business update, IPO research, Markets - September 9, 2025

Urban Company IPO 2025: Subscription Buzz and Profit Milestone

Urban Company IPO 2025: Subscription Buzz and Profit Milestone

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Vedanta’s Game-Changing Win: Outbidding Adani for Jaiprakash Associates

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business update, IPO research, Markets - August 30, 2025

Jio’s Giant Leap: Reliance Confirms IPO in Early 2026

Jio’s Giant Leap: Reliance Confirms IPO in Early 2026

Reliance Jio, India’s telecom giant, is set for its largest-ever IPO by mid-2026, as announced by Mukesh Ambani at the 48th AGM—marking a new chapter in the nation’s digital and investment landscape.

A Landmark Announcement by Mukesh Ambani
Reliance Industries, under the leadership of Mukesh Ambani, has set the stage for a historic moment in India’s corporate history: the public listing of its telecom and digital powerhouse, Jio, by the first half of 2026. Unveiled at the company’s recent Annual General Meeting, the decision comes after years of anticipation, with Ambani confirming that all necessary arrangements for the IPO filing are underway.
For investors, analysts, and market watchers, the development underscores Jio’s undeniable growth path and its ambition to drive the next wave of digital transformation in India and globally.

Unprecedented Scale: India’s Biggest Public Offering
Market analysts predict that Jio’s IPO will surpass all previous Indian share sales in both size and excitement. Recent estimates indicate that Reliance Jio may target valuations above ₹10 lakh crore, potentially raising more capital than Hyundai Motor India’s landmark ₹27,870 crore IPO in 2024.
If successful, Jio’s listing could set new benchmarks—making it not just a telecom IPO, but a milestone in Asian capital markets.
Reliance is reportedly considering an initial sale of a modest 5-10% stake, which could still yield record-breaking fundraising—and give early global investors like Meta and Google avenues for profitable exits.

The Growth Engine: What Drives Jio’s IPO
• Universal Connectivity: Every Indian home and business is a target for broadband connectivity, with Jio setting new records through its rapid 5G rollout and a base of over 200 million 5G subscribers
• Digital Services Expansion: The IPO will finance the growth of Jio Smart Home, JioTV+, and targeted digital solutions for enterprises, all aiming to elevate the quality of life and business productivity across India.
• AI Revolution: Ambani envisions Jio as a catalyst for mass adoption of artificial intelligence in India, promising “AI Everywhere for Everyone.” Jio’s technological edge is set to drive innovations in energy, retail, and entertainment.
• Global Outreach: Moving beyond India, Jio intends to leverage proprietary technologies to expand its footprint internationally.
• Financial Fundamentals: Jio’s robust 17% revenue growth and 25% rise in quarterly profit underscore its healthy operational performance and investor appeal. ARPU has risen to ₹208.8, reflecting robust monetization.
This confluence of broadband leadership, digital innovation, and strong financials together positions Reliance Jio as not merely a telecom operator, but a multidimensional technology company.

Investor Insights: Value Creation and Potential Risks
The Jio IPO isn’t just about unlocking value for Reliance shareholders—it’s about reshaping investor access to India’s digital future. Early and institutional investors, such as Meta and Google, are expected to realize substantial returns on their initial bets in Jio. Meanwhile, the new listing is set to open direct ownership opportunities for millions of retail investors, offering them a stake in India’s largest and most influential digital ecosystem.
Potential regulatory changes may also influence the offering: SEBI’s recently proposed amendments could allow mega-sized IPOs to float a smaller percentage of equity, helping markets absorb such massive listings more efficiently.
However, some market experts caution that Reliance’s decision to opt for an IPO rather than a demerger might lead to a “holding company discount” for Reliance Industries shareholders—meaning the full value of Jio may not immediately reflect in the parent company’s market capitalization.

The Road Ahead
With arrangements already in motion and leadership expressing confidence at the AGM, the months ahead are expected to see feverish activity in regulatory filings, roadshows, and market speculation.
If all goes as planned, Jio’s IPO will mark a transformative leap for India’s telecom and digital sectors, with ripple effects across global investment, innovation, and consumer access.

Conclusion
Reliance Jio’s forthcoming IPO marks a landmark moment in Indian corporate history. With strong financials, clear strategic direction, and ambitions spanning both national and global growth, Mukesh Ambani has set the stage for a transformative market shift. All eyes—investors, partners, and consumers alike—will be on India’s digital future as it takes center stage globally.

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SMBC Strengthens Stake with ₹16,000 Crore Investment in Yes Bank

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Equities, Markets - August 27, 2025

Vodafone Idea Share Price Plummets 10% as Government Denies Additional AGR Relief

Vodafone Idea Share Price Plummets 10% as Government Denies Additional AGR Relief

Shockwaves Hit Indian Telecom Markets Amid Funding Uncertainty and Mounting Losses

Introduction
The Indian telecom sector faced a major jolt on August 26, 2025, as shares of Vodafone Idea (Vi) nosedived nearly 10% in early trading. The crash followed a categorical clarification from the government that no new relief for the embattled telco’s AGR dues is presently under consideration. This unexpected blow has deepened the turmoil for Vodafone Idea, casting fresh doubts on its survival, triggering widespread selloffs, and shaking investor confidence in one of India’s most watched corporate sagas.

Government Closes the AGR Relief Door
For months, rumors swirled that the Department of Telecommunications (DoT) was exploring new relief options—including a two-year moratorium and waivers on penalties—for Vodafone Idea’s mounting Adjusted Gross Revenue (AGR) dues. Minister of State for Communications, Pemmasani Chandra Sekhar, dismissed such expectations, stating in an exclusive comment: “There are no plans to provide any additional relief beyond what has already been granted. The government has extended all the support we deemed possible.”
Any major policy shift, Sekhar added, would require full Union Cabinet approval, involving officials from the PMO, Finance Ministry, and Ministry of Communications. For now, no such discussions are on the table.

Investor Panic: Share Price and Market Reaction
After a week of optimism—sparked by false hopes of fresh government intervention—the market reacted sharply to the government’s stand. Vodafone Idea’s share price crashed by as much as 10%, wiping out gains from the previous rally. The price fell to ₹6.76 from ₹7.40, touching levels close to its 52-week low of ₹6.12.
This marks another episode in a brutal year: the stock has fallen over 57% in the last twelve months and remains deeply entrenched in the red, ranking among the year’s worst performers in the telecom sector.

Mounting Financial Woes: Debt, Losses, and Funding Crisis
Vodafone Idea’s precarious financials add to the gloom. The company posted a net loss of ₹6,608 crore in the June 2025 quarter, marking its fourth straight quarterly setback.
Interest expenses consumed 56% of operating revenues in the year ending March 2025, further squeezing margins.
• The PE ratio stands at -2.65, and the company has a negative book value per share.
• Debt-to-equity ratio remains unsustainably high, reflecting excessive liabilities against a negative equity base.
Funding remains a pressing concern. The company’s CEO, Akshaya Moondra, stated that while banks are engaged for capital infusion, they await clarity on the AGR situation before moving forward. Thus, any uncertainty around government relief directly impacts Vodafone Idea’s access to much-needed funding.

Leadership and Strategy: Navigating Survival
Despite the pressure, Vodafone Idea management maintains that any fresh capital raised will be directed exclusively towards network expansion and operational improvements—not reducing the government’s stake. “The focus will be in using any funding and cash generation for investments which will give the best returns for the business,” said Moondra, reflecting a shift towards core business operations over shareholding adjustments.
Vodafone Idea previously appealed to the DoT to treat the principal on AGR dues as final and waive all penalties and interest—requests the government has now, at least temporarily, declined.

Telecom Sector Impact: A Chain Reaction
The fallout has not been limited to Vodafone Idea alone. Indus Towers, a key telecom infrastructure player heavily reliant on Vodafone Idea, witnessed its shares fall 3.5% in tandem. The government’s resolute position underscores a stricter stance on bailouts and intensifies the push toward industry consolidation.
Peer performance highlights the gap: leading competitors like Bharti Airtel have registered profit and revenue growth, while Vodafone Idea’s shrinking market cap sets it further adrift from sector averages.

Analyst Sentiment and What Lies Ahead
Analyst recommendations remain grim: of 20 leading analysts, seven recommend “Sell,” three “Strong Sell,” and only four suggest “Buy” or “Strong Buy.” Near-term price targets hover around current levels, indicating there is limited optimism for a strong rebound unless fresh external support materializes.
Vodafone Idea’s fate now hinges both on its ability to secure emergency funding and the remote prospect of government policy reversal under mounting sectoral stress. For investors, the latest developments underscore the inherent risks in the Indian telecom market, where regulatory and policy actions can deeply alter business fortunes in an instant.

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Shreeji Shipping Global Slips 4% on Market Debut

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Market Share Tussle in Paints Enters Next Level

Equities, Market News, Markets, Result Updates - August 12, 2025

Shalimar Paints Q1 FY26: Losses Reduce as Revenue Climbs

Shalimar Paints Q1 FY26: Losses Reduce as Revenue Climbs

Fresh strategies help Shalimar Paints limit losses while driving double-digit revenue growth in the June 2025 quarter

Performance Snapshot: Q1 FY26
Shalimar Paints, one of India’s oldest and best-known paint manufacturers, delivered a promising set of financials for the first quarter of FY2025-26. The company reported a revenue jump to approximately ₹153-177 crore—a YoY increase of nearly 20%. The results highlight the company’s renewed push for market share and cost optimization, as well as strong demand in both decorative and industrial paint categories.
The June 2025 quarter saw Shalimar Paints cut its consolidated net loss to around ₹16.7 crore, compared to a much steeper ₹27 crore loss posted a year earlier. This represents an improvement in the company’s operational efficiency and points to successful cost-control initiatives rolled out in the past twelve months.

Revenue Grows on Back of Market Expansion
Buoyed by enhanced dealer penetration, aggressive marketing efforts, and a wider product portfolio, Shalimar Paints’ sales climbed steadily through the quarter. The decorative paints segment benefited from robust demand in the housing and renovation sector, while the industrial paints division also saw healthy offtake as infrastructure and manufacturing activities nationwide picked up pace.
Revenue for the quarter increased by approximately 19-23% YoY, depending on the reporting source. This outpaced industry averages and signaled the effectiveness of the management’s tactical shift towards volume-led growth and premiumization of offerings.

Cost Discipline Drives Operating Results
Management focus on cost rationalization and operational efficiencies started to pay off during Q1 FY26. The company reported significant improvements in operating profit, with some reports showing operating profit more than doubling when compared to the previous year.
While the bottom line is still in red, the operating margin improved as efforts such as better raw material sourcing, supply chain enhancements, and prudent expense control bore fruit. These measures helped protect margins in the face of fluctuating raw material prices and high competitive intensity from larger rivals.

High Debt Remains a Hurdle
Despite noticeable progress, Shalimar Paints continues to grapple with high finance costs and rising borrowing levels. Interest expenses rose, further undermining net profit and prolonging the company’s struggle to return to profitability. The negative operating margin, although reduced from prior levels, still reflects the heavy debt burden the company must overcome to deliver shareholder value.

Investor Sentiment: Cautious Optimism
Analysts and investors responded positively to signs of recovery. The reduced losses suggest that Shalimar Paints’ restructuring and revival strategies are starting to deliver results. However, skepticism remains due to ongoing losses and the challenges posed by large debt and competitive pressures in the paints sector.

Conclusion: Signs of a Turnaround, but Road Ahead Is Long
Shalimar Paints made noticeable progress in the first quarter of FY2025-26. A sharp revenue increase and significant reduction in net loss echo the management’s determination to revive the brand and restore financial stability. Nonetheless, persistent net losses highlight the urgent need for continued improvement in cost structure and debt management.
If Shalimar Paints succeeds in boosting profitability and further trimming losses in the upcoming quarters, it could solidify a full-fledged turnaround. For now, the Q1 FY26 results offer hope—but warrant cautious optimism until sustained profits emerge.

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Alpex Solar Q1 FY26: Stellar Growth Pushes Company to New Peaks

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Banking, Market News - July 10, 2025

ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO

ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO

ICICI Prudential Asset Management Company’s IPO filing triggers market reaction, as parent ICICI Bank eyes stake increase and Prudential plans a significant divestment in one of India’s largest asset management listings.

Introduction
The Indian financial sector is witnessing a major development as ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential plc, prepares for a high-profile public debut. The asset manager’s IPO, expected to be among the largest in the sector, is set against a backdrop of robust financial performance and a rapidly growing investor base. However, the announcement has also impacted ICICI Bank’s stock, which saw a decline as investors digested the implications of the listing and the associated changes in shareholding.

The IPO Filing: Structure and Details
On July 8, 2025, ICICI Prudential AMC submitted its DRHP to SEBI, BSE, and NSE, marking the formal initiation of its initial public offering process. The IPO is structured solely as an offer for sale (OFS), through which Prudential Corporation Holdings plans to offload up to 10% of its stake in the AMC. This translates to approximately 1.76 crore shares on offer, with no fresh equity issue—meaning the entire proceeds will go to the selling shareholder, Prudential.
ICICI Bank, which presently owns a 51% stake, has revealed its intention to purchase an additional 2% from Prudential ahead of the IPO, pending regulatory approvals and final agreement on terms. This inter-se agreement is likely intended to strengthen ICICI Bank’s control over the asset management company (AMC) in preparation for its market debut.

Financial Performance and Market Position
ICICI Prudential AMC has shown robust financial performance in the run-up to its IPO. For the fiscal year ending March 31, 2025, the company reported a 32.4% jump in revenue from operations, reaching ₹4,977.3 crore, and a net profit of ₹2,650.66 crore. The AMC manages assets worth over ₹9.5 lakh crore and boasts a customer base of 14.6 million, making it the largest AMC in India by active mutual fund quarterly average assets under management.

Strategic Context: ICICI Bank and Prudential’s Moves
This IPO represents the ICICI Group’s fifth significant market debut, following earlier listings of ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and the previously listed ICICI Securities. With this move, ICICI Prudential AMC will also become the fifth asset management firm to list on Indian stock exchanges, joining peers such as HDFC AMC, UTI AMC, etc,.
Prudential’s decision to divest a 10% stake is seen as a strategic move to unlock value from its long-standing joint venture. The sale could yield a substantial return for the UK-based insurer, given its original acquisition cost for the stake was just ₹10 crore. For ICICI Bank, the planned 2% stake increase signals confidence in the AMC’s future prospects and a desire to strengthen its position as the controlling partner.

Market Reaction: ICICI Bank Shares Under Pressure
The announcement of the IPO and associated stake sale has led to a decline in ICICI Bank’s share price. Investors are assessing the near-term implications of the ownership reshuffle and the lack of new capital infusion into the AMC, given that the entire IPO proceeds will be directed to Prudential. Market participants are also assessing the broader implications for ICICI Bank’s consolidated earnings and strategic direction.

Industry Impact and Outlook
The public offering of ICICI Prudential AMC is anticipated to be a landmark event for India’s asset management sector. The listing will provide investors with another avenue to participate in the country’s growing mutual fund sector, which has seen rapid expansion in both assets and investor participation. The IPO is also likely to set benchmarks for future valuations in the industry.

Conclusion
ICICI Prudential AMC’s IPO filing represents a significant milestone for both the company and the broader financial sector. While the move has introduced some short-term volatility in ICICI Bank’s share price, it underscores the growing maturity and depth of India’s capital markets. As the IPO process unfolds, all eyes will be on the pricing, investor response, and the future trajectory of both ICICI Prudential AMC and its parent, ICICI Bank.

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MRF Shares Soar Above ₹1.5 Lakh, Reaching a 52-Week Peak!

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Equities, IPO research, Market News - July 10, 2025

Investor Frenzy: Chemkart, Smarten IPOs 5x Oversubscribed!

Investor Frenzy: Chemkart, Smarten IPOs 5x Oversubscribed!

High demand in the SME sector drives the Chemkart and Smarten Power IPOs, with allotments anticipated by July 10 and listings scheduled for July 14.

Summary:
The initial public offerings (IPOs) of Chemkart India and Smarten Power Systems have seen robust investor participation, each getting subscribed over five times their offer size. Allotment for both issues will be finalised by July 10, with shares set to debut on the BSE SME and NSE Emerge platforms on July 14.

IPO Boom in SME Space: Chemkart India and Smarten Power Systems Shine
The small and medium enterprise (SME) IPO space in India continues to witness strong traction as two recent public issues—Chemkart India and Smarten Power Systems—have both recorded over 5x subscription, signalling elevated investor enthusiasm for promising growth stories in niche sectors.
The subscription window for both IPOs closed recently, and investors are now eagerly awaiting the allotment status, which will be finalised by July 10, 2025. Chemkart India Ltd’s shares are set to be listed on the BSE SME platform, while Smarten Power Systems Ltd will make its debut on the NSE Emerge platform on July 14, 2025.

Chemkart India IPO: Interest Generated by Speciality Chemicals and API Focus
Company Overview:
Chemkart India is a rapidly growing chemical distribution company catering to the Active Pharmaceutical Ingredients (API) and speciality chemicals segment. With a wide customer base and strong supplier partnerships, the company provides critical raw materials for industries ranging from pharmaceuticals to agrochemicals and paints.
IPO Details:
Issue Size: ₹27.04 crore
Price Band: ₹99–₹105 per share
Lot Size: 1,200 shares
Use of Proceeds: Working capital requirements, general corporate purposes, and expansion of warehousing infrastructure.
Investor Response:
The Chemkart IPO was subscribed more than 5.3 times, driven largely by retail investors and HNIs, who accounted for the lion’s share of the bids. The company’s scalable business model, strong financials, and projected revenue growth made it attractive for investors betting on India’s booming chemical and pharmaceutical sectors.

Smarten Power Systems IPO: Riding the Clean Energy Wave
Company Overview:
Smarten Power Systems is a manufacturer of renewable energy products such as solar inverters, batteries, and power backup solutions. The company has witnessed rapid growth amid rising demand for energy-efficient and eco-friendly power solutions, particularly in rural and semi-urban India.
IPO Details:
Issue Size: ₹38.5 crore
Price Band: ₹96–₹102 per share
Lot Size: 1,200 shares
Use of Proceeds: Capital expenditure, R&D, marketing initiatives, and working capital.
Investor Response:
Smarten Power’s IPO was subscribed over 5.7 times, with significant traction from institutional investors betting on the green energy transition. The company’s strong product portfolio, growing distribution network, and alignment with government solar initiatives contributed to the robust response.

What Happens Next: Allotment & Listing Timeline
For both Chemkart and Smarten Power IPOs, the share allotment status is scheduled to be finalised by July 10, 2025. Refunds for shares that were not allotted will be processed by July 11, and the credit for allotted shares in the demat account is anticipated by July 13.
Listing Date for Both IPOs: July 14, 2025
Chemkart India: To be listed on BSE SME
Smarten Power Systems: To be listed on NSE Emerge
Investors should verify the allotment status on the official registrar websites or stock exchange portals.

Market Outlook: Why SME IPOs Are Gaining Traction
The SME IPO sector in India has experienced a revival in investor interest over the last two years. This is fueled by:
Improved financial disclosure norms
High-growth potential of niche companies
Reduced entry barriers for retail investors
Attractive valuations compared to mainboard IPOs
Chemkart and Smarten Power’s oversubscription reaffirms the sentiment that quality SMEs with solid fundamentals and strong growth narratives are capable of delivering multibagger returns post-listing.

Analyst Take:
Market analysts are optimistic about the listing performance of both companies. Given the high demand and investor interest, a robust opening is expected.
“Both companies operate in sectors aligned with structural growth trends—pharma for Chemkart and clean energy for Smarten Power. Post-listing performance will depend on their earnings trajectory and execution capabilities,” said Radhika Seth, a senior equity strategist at an investment firm.

Risks to Watch:
While investor interest is high, experts caution that SME stocks are generally less liquid and more volatile than mainboard stocks. Hence, long-term fundamentals and governance should remain the key drivers of investment decisions.

Conclusion:
The enthusiastic response to Chemkart India and Smarten Power Systems’ IPOs marks yet another successful chapter in India’s growing SME capital market story. With strong fundamentals, favourable sector outlooks, and investor optimism, these companies are poised to attract attention post-listing. However, investors should temper short-term listing expectations with long-term business performance and scalability.

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Rupee Plummets Amid FII Outflows, Trade Concerns

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Equities, Market News, Result Updates - July 9, 2025

Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips

Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips

Strong Revenue Growth Fails to Lift Sentiment as Gold Price Volatility and Market Caution Weigh on Kalyan Jewellers’ Stock

Introduction
Kalyan Jewellers, one of India’s leading jewellery retailers, delivered an impressive financial performance in the first quarter of FY26. The company’s consolidated revenue surged by 31% year-on-year, reflecting strong consumer demand and continued expansion across India and international markets. However, this positive momentum in business was not mirrored by the stock market, as the share price fell by 2.5% following the Q1 business update. This article explores the key drivers behind the company’s growth, the reasons for the market’s cautious reaction, and what lies ahead for Kalyan Jewellers.

Revenue Growth Defies Market Headwinds
Impressive Top-Line Performance
Kalyan Jewellers reported a consolidated net revenue of ₹5,557.63 crore for Q1 FY26, up 31% from the same period last year. This growth was achieved despite facing intermittent demand disruptions caused by gold price fluctuations and persistent geopolitical tensions, both of which have been influencing consumer sentiment in the jewellery sector.
India and International Operations
• India: The domestic market remained a key growth engine, with revenues rising 31% year-on-year. Festive occasions such as Akshaya Tritiya and the ongoing wedding season played a pivotal role in boosting sales.
• International: Overseas operations mirrored the domestic trend, also posting 31% revenue growth. Notably, the Middle East market saw a 26% increase, primarily driven by strong same-store sales.
Digital Platform Acceleration
Kalyan’s digital-first brand, Candere, stood out with a remarkable 67% revenue growth in Q1 FY26. The success was attributed to a new brand campaign launched in May 2025, which significantly increased both physical showroom footfalls and online engagement.

Aggressive Expansion Strategy
Showroom Network Growth
During the quarter, Kalyan Jewellers expanded its footprint by opening 10 new showrooms under its flagship brand and eight Candere showrooms in India, along with one new outlet in the United States. As of June 30, 2025, the company operated 406 showrooms across its various brands.
Ambitious Plans for FY26
Looking ahead, Kalyan Jewellers has outlined plans to launch 170 new showrooms under both the Kalyan and Candere formats in India and abroad during the current fiscal year. This includes a focus on expanding in non-south Indian markets and strengthening its international presence.

Share Price Reaction: Market Caution Prevails
Stock Movement Post-Q1 Update
Despite the stellar revenue growth, Kalyan Jewellers’ share price fell by 2.5% immediately after the Q1 business update, with the stock hitting an intraday low of ₹563.05 on the BSE. The decline extended to nearly 4% at one point as investors appeared to book profits and react to broader market volatility.
Factors Behind the Decline
• Gold Price Volatility: Persistent fluctuations in gold prices have created uncertainty for both consumers and investors, impacting demand patterns and sentiment.
• Geopolitical Uncertainties: Ongoing global tensions have added another layer of unpredictability to the luxury retail sector.
• Profit Booking: After a period of strong performance, some investors may have chosen to lock in gains, leading to short-term selling pressure.
Digital and Brand Investments Paying Off
Candere’s robust performance highlights the growing importance of digital channels in the jewellery business. The brand’s 67% revenue jump, following a targeted campaign, signals that Kalyan Jewellers’ investments in omnichannel retail and digital marketing are resonating with younger, tech-savvy consumers.

Conclusion
Kalyan Jewellers’ Q1 FY26 results underscore the company’s resilience and adaptability in a challenging market environment. While the 31% revenue growth across both domestic and international operations demonstrates strong underlying demand, the recent share price dip reflects broader market caution and the impact of external uncertainties. As the company continues its aggressive expansion and digital transformation, its ability to navigate volatility and sustain growth will be closely watched by both investors and industry peers.

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Equities, Market News - July 9, 2025

Mangalam Cement Skyrockets: Promoter Buys 4.7 Lakh Shares!

Mangalam Cement Skyrockets: Promoter Buys 4.7 Lakh Shares!

With a new mining lease in hand, promoter activity on the rise, and decades-long wealth creation, Mangalam Cement Ltd is solidifying its growth trajectory.

Summary:
Shares of Mangalam Cement Ltd rose nearly 2% on July 8, 2025, after the company was declared the Preferred Bidder for a limestone mining lease in Kota, Rajasthan. The forward e-auction, conducted by the Rajasthan Government, boosts the company’s raw material security. In parallel, the promoter purchased 470,200 shares recently, showcasing strong confidence in the company’s future. With a history of delivering over 20,000% return in two decades, Mangalam Cement continues to attract investor interest.

Mining Lease Boosts Stock Performance
Mangalam Cement Ltd., a respected name in India’s cement manufacturing sector, saw its stock price jump on Tuesday, July 8, 2025, after it was declared the Preferred Bidder for a key mining lease in Rajasthan. This lease pertains to the Nimana-Duniya Extension Block in Kota district, which is a significant source of limestone, a critical raw material in cement production.
The forward e-auction for the block was conducted on July 4, 2025, via MSTC’s digital auction portal, under the auspices of the Government of Rajasthan. Following the news, the company’s shares climbed by 1.91% to trade at ₹762.20 by 10:54 a.m. IST. The stock opened the day at ₹747.10 and touched an intraday high of ₹772.75, while the low hovered around ₹745.30. The Volume-Weighted Average Price (VWAP) stood at ₹762.15.

What This Means for Mangalam Cement
Being awarded the status of Preferred Bidder gives Mangalam Cement a significant edge in terms of long-term raw material security and production cost optimisation. Access to a dedicated limestone source like the Nimana-Duniya Extension Block not only ensures steady input supply but also enhances the company’s production scalability.
This is especially important at a time when cement demand in India is witnessing steady growth, driven by infrastructure projects, housing, and rural development under various government initiatives like PM Awas Yojana and National Infrastructure Pipeline (NIP).

Promoter Activity Signals Confidence
Interestingly, alongside this strategic win, Mangalam Cement has also seen significant promoter activity. A key promoter entity purchased 470,200 shares of the company, signalling confidence in the company’s future trajectory. Promoter buying is often interpreted as a strong signal that the insiders believe the stock is undervalued or poised for upward movement.
This aligns with the long-term bullish sentiment around the company, which has shown consistent efforts to expand operational capacity, increase efficiency, and enhance shareholder value.

Long-Term Wealth Creator: 20,000%+ Return in 2 Decades
One of the most remarkable aspects of Mangalam Cement’s journey is its long-term performance. Over the past two decades, the company has delivered a staggering 20,000%+ return, making it one of the silent wealth creators in the Indian equity market.
For example, a ₹1 lakh investment made in the company 20 years ago would now be worth more than ₹2 crore. This stellar growth has been supported by the company’s disciplined capital allocation, consistent operational expansion, and a strategic focus on integrating its supply chain.

Stock Snapshot: As of July 8, 2025
Metric Value
Current Price- ₹762.20
Opening Price- ₹747.10
Intraday High- ₹772.75
Intraday Low- ₹745.30
52-Week High- ₹1,095.65
52-Week Low- ₹640.00
VWAP- ₹762.15
Despite a volatile 52-week range, the recent lease acquisition may help the stock build renewed investor momentum in the coming quarters.

Company Overview: Mangalam Cement Ltd
Mangalam Cement Ltd is a part of the B.K. Birla Group is one of India’s oldest and most trusted business conglomerates. The company operates an integrated cement manufacturing plant in Rajasthan, with state-of-the-art production technology. Its product range includes OPC and PPC cement under the Birla Uttam brand, catering to both individual home builders and institutional buyers.
Over the years, Mangalam Cement has focused on sustainable operations, cost efficiencies, and reducing environmental impact. The company has also invested in alternative fuels, waste heat recovery systems, and the digitisation of its manufacturing processes.

What Lies Ahead
The latest mining lease win could act as a catalyst for future production expansion and operating margin improvement. With increasing infrastructure activity and housing demand, Mangalam Cement is strategically positioned to capitalise on India’s cement consumption growth story.
Moreover, as input costs stabilise and demand from both rural and urban areas increases, companies with secure raw material access and efficient cost structures—like Mangalam Cement—could outperform peers.
The recent promoter share acquisition reinforces investor confidence, and the company’s long-term stock performance suggests it is no stranger to wealth creation.

Conclusion
Mangalam Cement’s emergence as the Preferred Bidder for the Nimana-Duniya Extension Block mining lease is a key milestone in its growth story. With increased promoter interest and a robust history of returns, the company is clearly positioning itself for long-term success. Investors would do well to keep a close watch on its developments as it looks to strengthen its footprint in the Indian cement sector.

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