Month: July 2024
The leading manufacturer of e-scooters, Ola Electric, is preparing to launch its Rs 5,500 crore first public offering (IPO) in India. August 2 has been selected as the launch date.
On August 1, interested anchor investors will have a day to begin bidding. According to reports, the Bangalore-based firm wants to collect approximately Rs 5,500 crore with its next offering and 95.2 million shares through an offer-for-sale (OFS) component.
All of the IPO’s proceeds, according to reports, will be put toward expanding the company’s cell production facility from 5 GWh to 6.4 GWh. The remaining profit will be put toward the company’s R&D and product development, with a small portion going toward debt repayment.
Ola Electric, meanwhile, announced that its operational revenue for FY24 was Rs 5,009.8 crore. When compared to the revenue declared for FY23, the amount has doubled.
According to Ola Electric, their market share increased by 50% in April. Over 33,934 electric two-wheelers have been sold this month. This occurs at the same time as the company’s total sales of electric two-wheelers for the preceding month suffered a significant decline.
The much-awaited initial public offering (IPO) of Bhavish Aggarwal’s Ola Electric, supported by Japanese financial giant Softbank, might happen as early as the first two weeks of August.
For the domestic car industry, the proposed listing—the first by an Indian EV two-wheeler—would be historic and inspire competitors like Ather Energy to take value-unlocking strategies into consideration.
“The firm is looking to raise around $740 million via a combination of a fresh issue and an offer for sale and is targeting a post-money valuation between $4-4.25 billion,”
According to two government sources, India is expected to loosen limits on Chinese investment in non-sensitive industries like solar panels and battery manufacture, where New Delhi lacks experience and which promotes local manufacturing.
2020: Amidst military concerns along the distant Himalayan frontier, India increased its inspection of investments from Chinese enterprises. According to one of the officials, who wished to remain anonymous, the government intends to remove areas from government oversight that it believes are less sensitive from a security standpoint for Chinese investment.
The plans mark a first step in improving economic ties between the two neighbors, a relationship that worsened after border clashes in 2020. The official said restrictions on Chinese investments in sectors such as electronics and telecom would continue. The prime minister’s office, foreign, finance, home and trade ministries did not respond to requests for comment.
Ahead of Finance Minister Nirmala Sitharaman’s scheduled presentation of the Union Budget 2024 on July 23, fertilizer stocks were soaring in trade, rising as much as 13 percent.
The increase in fertilizer stocks occurred as a result of market speculation on the potential amount of subsidies to be given to the industry in the next budget. Fertilizer subsidy requirements for FY25 were predicted in the interim budget at Rs 1.64 lakh crore, which is less than the Rs 1.89 lakh crore required for FY24.
Though industry participants expect the finance minister to hold onto the previously estimated subsidy allocation, the Street does not expect an increase in the subsidy cost.
Brokerage anticipates that the government will provide more money to explore innovative technologies like nano urea and lessen reliance on fertilizer imports.
The global Microsoft outage is causing widespread disruptions across various sectors, from flights and, the stock market, to banking operations. Social media users also reported long queues at Australian stores such as Woolworths due to payment system failures, as well as difficulties accessing financial institutions like the National Australia Bank. Global airlines affected due to Microsoft outage Microsoft experienced a global outage that had widespread repercussions, including significant disruptions to air travel. Major airlines such as India’s Akasa, IndiGo, Air India, Vistara and SpiceJet faced operational challenges. Additionally US’ low-cost carriers like Frontier Airlines, Allegiant, and SunCountry also reported issues affecting their services.
Defence ministry’s ₹70,000 crore approval for Project 17B warships boosts MDL’s Kalvari class submarines, Project 15B destroyers, and GRSE’s patrol vessels and exports. MDL and GRSE, constructing Nilgiri class under Project 17A, will split the order for quicker delivery. Stealth frigates feature Brahmos missiles, anti-submarine weapons, and indigenous electronic warfare systems
On the most recent trading day, IREDA’s shares finished at ₹289.80, having opened at ₹288.15. ₹288.15 was the day’s high, and ₹270.15 was its low. There are currently 73,174.39 crore shares on the market, with a 52-week high of ₹310 and a low of ₹49.99. The number of shares traded on the BSE for the day was 15,747,091.
IREDA’s trading volume is down 35.28% from yesterday until 10 AM, and the price is currently down 4.92% at ₹258.85. A crucial metric for trend analysis is volume traded in conjunction with price. A positive price trend accompanied by higher volume suggests a long-term upward tendency, while a negative price trend accompanied by higher volume may foreshadow future price reductions.
Domestic financial markets — capital as well as the money markets — will remain closed today for Muharram. Trading in the equity, derivatives, securities lending and borrowing (SLB), and currency derivative segments on stock exchanges BSE and NSE, as well as in the forex market, will resume on Thursday, July 18.