M&M Financial To Raise ₹3000 Cr Via Rights Issue

M&M Financial Services To Raise Rs 3,000 Crore Via Rights Issue

Mahindra and Mahindra Financial Services Ltd. has announced its approval to raise up to Rs 3,000 crore via a rights issue, according to an exchange filing on Thursday.

Details of the Rights Issue

• The board approved fundraising by way of offer and issuance of fully paid-up equity shares of face value of Rs 2 apiece.
• The rights issue aims to raise an amount not exceeding Rs 3,000 crore.
• The terms and conditions of the rights issue will be decided by the company's board or the rights issue committee.

Recent Financial Performance

The announcement follows a report of strong financial performance, with:

• A 63% year-on-year rise in net profit for the quarter ended December, reaching Rs 899 crore.
• A significant drop in impairment on financial instruments by 97% on year to Rs 9.14 crore.

Asset Quality

However, there was some deterioration in asset quality:

• Stage 3 assets rose to 3.9% in December end, compared to 3.83% a quarter ago.
• Net stage 3 assets also increased to 2.0% from 1.59% a quarter ago.

Market Reaction

M&M Financial Services' share price responded positively to the news:

• The share price rose as much as 3.93% to Rs 286.9 during the day.
• As of 11:44 a.m., it was trading 1.85% higher at Rs 281.1 apiece.

Analyst Ratings

Analysts' opinions are mixed:

• Seventeen out of 36 analysts maintain a 'buy' rating.
• Thirteen have a 'hold' rating.
• Six suggest a 'sell' rating'.
• The average 12-month consensus price target implies an upside of 6%.

This rights issue is a strategic move by M&M Financial Services to strengthen its financial position and pursue future growth opportunities.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Adani Green Withdraws From Sri Lanka Wind Projects

Adani Green Withdraws From Sri Lanka Wind Power Projects

Adani Green Energy Ltd. has decided to withdraw from building two wind power projects in Sri Lanka following internal deliberations. Despite this decision, the company has reaffirmed its availability for future development opportunities in the South Asian country.

Reason for Withdrawal

The decision to withdraw was influenced by the constitution of another cabinet-appointed negotiations committee and project committee to renegotiate the project proposal, according to a statement by the company.

Discussions and Approvals

Adani Green teams engaged in multiple rounds of discussions with state-appointed committees. After over 14 rounds, an approval was granted on the tariff, fixed for 20 years, for the power purchase agreement. The company also worked on securing all necessary clearances and licenses.

Pre-Development Activities and Expenses

Adani Green had already made significant progress, working on lands for the project and the associated transmission system. The company has spent approximately $5 million on pre-development activities thus far.

Project Details

Adani Green had previously committed to establishing two wind farms in Sri Lanka's Mannar town and Pooneryn village. These projects had a total installed capacity of 484 megawatts and were estimated to require an investment of around Rs 6,177 crore.

Past Agreements

In May 2024, Adani Green Energy and the Sri Lankan government entered a 20-year power-purchase deal to develop the two wind power stations in the country's northern provinces, according to official reports.

Adani Green's Current Portfolio

Adani Green currently operates a renewable energy portfolio of 11.18 GW, with 1.65 GW coming from wind farms spread across Gujarat and Madhya Pradesh. The company aims to achieve a renewable energy capacity of 50 GW by 2030.

Despite this setback in Sri Lanka, Adani Green remains committed to expanding its renewable energy footprint and contributing to a sustainable future.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Bharat Forge Q3 Results: Profit Drops 16%, Dividend Declared

Bharat Forge Q3 Results: Net Profit Falls 16% to Rs 212 Crore

Bharat Forge Ltd, a prominent auto components manufacturer, has reported a 16.38 percent decline in consolidated net profit to Rs 212.78 crore in the third quarter ended December 31, 2024. This decrease was primarily attributed to lower revenue during the period.

Key Financial Results for Q3

• Net Profit: Decreased by 16.38% to Rs 212.78 crore compared to Rs 254.45 crore in the same quarter last fiscal.
• Revenue from Operations: Stood at Rs 3,475.55 crore, down from Rs 3,866.4 crore in the corresponding period last fiscal.

Expense Management

Despite the decline in profit and revenue, Bharat Forge managed to lower its total expenses:

• Total Expenses: Lower at Rs 3,165.37 crore compared to Rs 3,529 crore in the year-ago period.

Interim Dividend

In positive news for shareholders, Bharat Forge's board has declared an interim dividend:

• Interim Dividend: Rs 2.5 per equity share of face value of Rs 2 each, at the rate of 125 percent.

In summary, Bharat Forge's Q3 results reflect the challenges faced in the auto components sector, with lower revenue impacting the bottom line. However, effective expense management and the declaration of an interim dividend provide some relief for investors.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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NATCO Pharma Q3: Profit Down 37% Despite Dividend

NATCO Pharma Q3 Results: Profit Declines 37% to Rs 132 Crore

NATCO Pharma Ltd has reported a 37.75 percent decline in consolidated net profit to Rs 132.4 crore in the December quarter. This decrease was primarily attributed to a drop in formulations exports.

Key Financial Results for Q3

• Net Profit: Decreased by 37.75% to Rs 132.4 crore compared to Rs 212.7 crore in the same quarter last year.
• Revenue from Operations: Stood at Rs 474.8 crore, down from Rs 758.6 crore in the year-ago period.

Detailed Breakdown of Performance

Expenses

Total expenses in the third quarter were lower at Rs 487.4 crore compared to Rs 539.3 crore in the year-ago period.

Formulation Sales

• Formulation Exports: Lower at Rs 285.8 crore compared to Rs 605.6 crore in the same period of the last fiscal year.
• Formulation Sales (Domestic): Stood at Rs 96.1 crore, down from Rs 99.4 crore in the year-ago period.

API Revenue

On a positive note, API (active pharmaceutical ingredient) revenue stood at Rs 66.6 crore, up from Rs 46.3 crore in the corresponding quarter last fiscal year.

Dividend Announcement

Despite the profit decline, the board of directors at their meeting held on Wednesday declared a third interim dividend of Rs 1.50 each per equity share of Rs 2 each for the financial year 2024-25.

Overall, NATCO Pharma's Q3 results reflect the challenges faced due to a decline in formulations exports. However, the company's API revenue showed positive growth, and the declaration of an interim dividend demonstrates a commitment to shareholder value.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Bharat Forge Dividend 2025: Record & Payment Date

Bharat Forge Announces Dividend for 2025: Record Date and Payment Details

Bharat Forge, led by Baba Kalyani, has declared an interim dividend for its shareholders despite reporting a decline in net profit for the third quarter of FY25. The announcement was made following a board meeting on Wednesday, February 12.

Interim Dividend Details

The board has approved an interim dividend of Rs 2.5 per equity share, with a face value of Rs 2 each. This represents a dividend payout of 125%.

Key Dates

• Record Date: February 18, 2025
• Payment Date: On or before March 12, 2025

Understanding the Record Date

The record date is crucial as it determines which shareholders are eligible to receive the declared dividend. Only those shareholders whose names appear in the Company's Register of Members or in the records of the Depositories as beneficial owners of the shares on the record date (February 18, 2025) will be entitled to the dividend.

Bharat Forge Q3 Results (FY25)

While announcing the dividend, Bharat Forge also reported its Q3 financial performance:

• Net Profit: A 16.38% year-on-year decline, at Rs 212.78 crore.
• Revenue from Operations: Fell over 10% YoY to Rs 3,475.55 crore.
• EBITDA: Dropped 5% YoY to Rs 637.8 crore.
• EBITDA Margin: Stood at 18.4%.

Q3 Expenses

The company’s total expenses in the third quarter came in at Rs 3,165.37 crore, compared to Rs 3,529 crore in the year-ago period.

Despite the decline in net profit and revenue, Bharat Forge's decision to declare an interim dividend reflects its commitment to rewarding shareholders. The record date and payment date are key pieces of information for investors looking to benefit from this payout.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Hexaware IPO: 4% Subscribed on Day 2, GMP & Details

Hexaware Technologies IPO Subscribed 4% on Day 2: GMP, Price Band, and Details

The initial public offering (IPO) of Hexaware Technologies, which reopened for public bidding on February 12, has seen an overall subscription of 4% as of 12:00 pm on Thursday, the second day of bidding. The company aims to raise Rs 8,750 crore through the IPO, which closes on February 14.

Subscription Status (Day 2)

• Overall Subscription: 4%
• Retail Portion: Subscribed 5%
• Non-Institutional Investors (NII): Subscribed 2%
• Qualified Institutional Buyers (QIB): Subscribed 4%

Check latest IPO every week updated in our main website

Hexaware Technologies, which was delisted from the exchanges in 2020, is returning to the public markets through this IPO, an offer for sale (OFS) of 12.35 crore shares.

Anchor Investors

Ahead of the issue opening, the company raised Rs 2,598 crore from anchor investors, including:

• SBI MF
• HDFC MF
• AXIS MF
• ICICI Prudential MF
• ADIA
• Goldman Sachs

Hexaware Technologies IPO GMP (Day 2)

The Grey Market Premium (GMP) for Hexaware Technologies IPO is Rs 3 in the unlisted market on Thursday, indicating a premium of just 0.4% over the upper end of the IPO price band of Rs 708.

Proceeds from IPO

Since the IPO is entirely an OFS, all proceeds will go to the selling shareholders. The amount raised by the company will be the biggest by any IT services company in India, even surpassing TCS, which raised Rs 4,700 crore 20 years ago.

Hexaware Technologies IPO Price Band

The company has fixed a price band of Rs 674-708 per share. Investors can bid for 21 shares in one lot and in multiples thereafter.

Hexaware Technologies IPO Review: Should You Subscribe?

Analysts advise investors to subscribe to the IPO from a long-term perspective, citing cheap valuations and strong financial growth leveraging AI, which has immense potential. The company is valued at a CY24E P/E of 37.6x, based on the upper price band on the post-issue capital, which is relatively cheaper than its peers.

About Hexaware Technologies

Hexaware Technologies is a global digital and technology services company centered around artificial intelligence (AI). The company provides innovative solutions for customers' digital transformation journeys and ongoing operations, embedding AI into all aspects of its services.

The company operates in six industry segments:

• Financial Services
• Healthcare and Insurance
• Manufacturing and Consumer
• Hi-Tech and Professional Services
• Banking
• Travel and Transportation

Its offerings include design and build, secure and run, data and AI, optimize, and cloud services. Hexaware serves clients across the Americas, Europe, and the Asia-Pacific region, including India and the Middle East.

Hexaware’s dollar revenue and rupee revenue have grown at a CAGR of 14% and 20%, respectively, over CY21-23 with a stable EBIT margin.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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Voler Car IPO: Subscribed 2x on Day 2, GMP & Details

Voler Car IPO Subscribed Over 2 Times on Day 2: Check GMP, Price Band, and Details

The SME initial public offering (IPO) of Voler Car has garnered significant interest, being fully subscribed 2.54 times by the end of Day 2. The IPO, which opened for public bidding on February 12, aims to raise Rs 27 crore.

Subscription Status

As of 12:50 PM on Thursday, February 13:

• Overall Subscription: 2.54 times
• Retail Portion: Subscribed 2.81 times
• Non-Institutional Investors (NII): Subscribed 60%
• Qualified Institutional Buyers (QIB): Subscribed 3.51 times

Voler Car IPO GMP (Day 2)

Ahead of listing, the company's shares were trading with a Grey Market Premium (GMP) of Rs 11 on Thursday. This indicates a premium of 12.2% over the upper end of the IPO price band of Rs 90.

Allotment and Listing Dates

• Share Allotment: February 17
• Listing Date: February 19 (on the NSE SME platform)

Voler Car IPO Price Band

The IPO is priced in the range of Rs 85-90 per share. Investors can bid for a minimum of 1600 shares in one lot and in multiples thereafter.

About Voler Car

Voler Car is primarily engaged in providing employee transportation services (ETS) to IT/ITeS, large corporates, and MNCs across major cities in India.

Key Features of Voler Car's Services:

• Comprehensive home-to-office-to-home transportation
• 24/7 customer service
• Dedicated location teams
• Fleet of verified vehicles and chauffeur-drivers

The company manages a pooled fleet of over 2,500 vehicles, including cars, sedans, SUVs, electric vehicles, buses, and tempo travelers. In fiscal year 2023-24, it completed 3,23,550 trips, averaging over 884 trips per day.

Asset-Light Model

Voler Car operates largely on an asset-light model, where the majority of vehicles are sourced from vendors rather than owned. This strategy allows the company to maximize revenue by optimizing seat usage and enhancing overall employee mobility.

Financial Performance

For the period ended September 2024, the company reported revenues of Rs 21 crore and a profit after tax of Rs 2.48 crore.

Lead Managers and Registrar

• Book-Running Lead Manager: GYR Capital Advisors
• Registrar: Kfin Technologies

With the IPO closing on February 14, potential investors should consider these details before making a decision.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

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