Author: Jomy Jos Pullokaran

Go Digit General Insurance raises ₹1,176 crore from anchor investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, on Tuesday (May 14) raised ₹1,176.59 crore from anchor investors. The company informed the bourses that it allocated 4,32,57,009 equity shares at ₹272 per share on May 14 to anchor investors.

Foreign and domestic institutions who participated in the anchor were Fidelity Investment Trust, Bay Pond Partners L.P., Goldman Sachs, Abu Dhabi Investment Authority (ADIA), Schroder International, East Spring Investments India and Custody Bank of Japan.

Also, SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, Mirae Asset Mutual Fund, Ashoka WhiteOak Mutual Fund, Malabar Mutual Fund, Steadview Capital Mauritius Ltd, Optimix Wholesale Global Emerging Markets Share Trust, ACM Global Fund, HDFC Life Insurance and ITPL Invesco India Mutual Fund are among the key investors in this category.

Also Read: Oberoi Realty declares total dividend of ₹4 per share, Q4 net profit zooms 64%

Out of the total allocation of 4,32,57,009 equity shares to the anchor investors, 1,44,96,570 equity shares were allocated to 11 domestic mutual funds through a total of 23 schemes amounting to ₹394.31 crore (approximately) i.e. 33.51% of the total anchor book size.

The ₹2,615-crore initial public offering (IPO) of Go Digit General Insurance will open for public subscription from May 15-17 and the bidding for anchor investors will open for a day on May 14.

Go Digit’s proposed IPO comprises fresh issuance of equity shares worth ₹1,125 crore and an Offer-for-Sale (OFS) of 5.47 crore equity shares by promoter Go Digit Infoworks Services and existing shareholders worth ₹1,490 crore. This takes the total IPO size to ₹2,615 crore at the upper end of the price band.

At present, Go Digit Infoworks Services owns an 83.3% stake in the company. Proceeds from the fresh issuance have been proposed to be utilised for the augmentation of the company’s capital base and maintenance of solvency levels and general corporate purposes.

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Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. They are not selling any shares in the IPO. About 75% of the issue size has been reserved for qualified institutional investors, 15% for non-institutional investors and the remaining 10% for retail investors. Investors can bid for a minimum of 55 equity shares and in multiples of 55 equity shares thereafter.

Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products, to meet the needs of the customers. It is one of the first non-life insurers in India to be fully operated on the cloud and has developed application programming interface (API) integrations with several channel partners.

ICICI Securities, Morgan Stanley India Company, Axis Capital, HDFC Bank, Nuvama Wealth Management and IIFL Securities are book-running lead managers to Go Digit’s IPO.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mahindra Holdings to divest stake in New Delhi Centre for Sight for ₹425.39 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Domestic automobile major Mahindra & Mahindra (M&M) Ltd on Tuesday (May 14) said it’s divesting its entire stake (30.84%) in New Delhi Centre for Sight Ltd (NDCFS) for ₹425.4 crore.

The conglomerate’s wholly-owned subsidiary, Mahindra Holdings Ltd (MHL), has executed a share purchase agreement (SPA) with Space Investments Ltd, Defati Investments Holdings BV and Infinity Partners.

Upon completion of the sale, MHL’s shareholding in NDCFS will be reduced to zero, leading to NDCFS ceasing to be an Associate Company of MHL under the Companies Act, 2013, and a joint venture of MHL and M&M under Indian Accounting Standards (IND AS).

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Mahindra Holdings recorded revenue from operations and total income of ₹395.39 crore and ₹401.22 crore, respectively. Additionally, NDCFS reported a net worth of ₹242.08 crores for the same period.

The 1996-founded CFS is among the top three organised eye care chains in the country with a network of 83 centres across 15 states, it said, adding that in the NCR market alone, it has 15 centres and 13 vision stores.

“The healthcare sector in India is a key area focus for ChrysCapital given the significantly underserved market and the potential for share gain for organised players,” Raghav Ramdev, the managing director of the PE fund said.

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Shares of Mahindra and Mahindra Ltd ended at ₹2,270.55, up by ₹82.30, or 3.76% on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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Edelweiss Financial Services net profit up 13% to ₹169 crore, declares dividend of ₹1.50

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Diversified financial group — Edelweiss Financial Services Ltd (EFSL) — on Tuesday (May 14) reported a 13.3% year-on-year (YoY) increase in net profit at ₹169.1 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Edelweiss Financial Services posted a net profit of ₹149.3 crore, the company said in a regulatory filing. The company’s revenue from operations dropped 1.5% to ₹2,967.3 crore as against ₹3,012.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 13.2% to ₹387 crore in the fourth quarter of this fiscal over ₹317 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 30.7% in the reporting quarter as compared to 26.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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Alternative Asset Management business AUM grew by 18% year-on-year to ₹54,700 crore and profitability was up by 32% year-on-year to ₹210 crore in the year. The Mutual Fund business AUM increased by 21% year-on-year to ₹1,27,000 core and profitability grew by 112% year-on-year to ₹38 crore in the year.

Asset Reconstruction business grew its profitability by 12% year-on-year in the year to ₹355 crore. Gross Written Premium for General Insurance grew by 54% year-on-year in the year to ₹851 crore and Gross Premium for Life Insurance increased by 15% year-on-year in the year to ₹1,926 crore.

In the fourth quarter, the company’s net worth reached ₹6,216 crore. The company also reported a significant reduction in net debt by ₹3,270 crore, marking a reduction of 20% year-on-year. Moreover, Edelweiss Financial Services maintained a healthy liquidity position, with ₹2,880 crore in liquidity, equivalent to 16% of its total debt.

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Across its various business segments, Edelweiss Financial Services demonstrated strong capitalisation, with a capital adequacy ratio of over 39% across its credit entities.

The board has recommended a dividend of ₹1.50 per share on the equity share of the face value of ₹1 each, subject to the declaration by the members at the forthcoming annual general meeting of the company.

The results came after the close of the market hours. Shares of Edelweiss Financial Services Ltd ended at ₹74.61, down by ₹2.20, or 2.86% on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mazagon Dock a precious jewel in crown of India: Defence Secretary Giridhar Aramane

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Defence Secretary Giridhar Aramane on Tuesday (May 14) described Mazagon Dock Shipbuilders Ltd (MDL) as a precious jewel in the crown of India that has contributed immensely to building capacities for naval and commercial purposes.

Aramane also released a commemorative coin marking 250 years of the Mazagon Dock Shipbuilders Ltd, a defence public sector undertaking.

“MDL is a precious jewel in the crown of India and has contributed immensely in building capacities for naval and commercial purposes. MDL is the biggest shipyard in the country contributing most to the assets of the Indian Navy,” he said.

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To mark this occasion of immense significance, MDL also saw the inauguration of adjacent land acquired from MPA (Mumbai Port Authority), the launch of a prototype of the indigenous midget submarine ‘Arowana’, commissioning of a Solar Electric Hybrid boat.

MDL completed the platform design and hull of the midget submarine named ‘Arowana’ which was launched by the defence secretary. MDL has been building submarines since 1984.

The midget submarine is being developed as a proof of concept. The defence secretary also commissioned the solar electric hybrid boat with a top speed of 11 knots designed and co-developed with indigenous technology partners.

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The running cost is almost 1/10th of a diesel boat and also has a very low maintenance cost.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oberoi Realty declares total dividend of ₹4 per share, Q4 net profit zooms 64%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oberoi Realty Ltd on Tuesday (May 14) reported a 64% year-on-year (YoY) jump in net profit at ₹788 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Oberoi Realty posted a net profit of ₹480.3 crore, the company said in a regulatory filing. The company’s revenue from operations increased 36.8% to ₹1,314.8 crore compared to ₹961.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA stood at ₹788.6 crore in the fourth quarter of this fiscal over ₹368 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 60% in the reporting quarter versus 38.3% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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Dividend details

The board has declared a third interim dividend of ₹2 per equity share i.e. 20% of the face value of equity shares of ₹10 each in respect of the fourth quarter of the financial year ended March 31, 2024.

The record date for payment of the interim dividend is May 23, 2024. The dividend will be paid starting from May 29.

Also, the board has recommended a final dividend of ₹2 per equity share i.e. 20% of the face value of equity share of ₹10 each for the financial year ended March 31, 2024.

The final dividend, subject to the approval of the members of the company, will be paid starting from the fifth day following the ensuing AGM. The record date will be intimated later.

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The results came after the close of the market hours. Shares of Oberoi Realty Ltd ended at ₹1,529.15, up by ₹45.35, or 3.06%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Patanjali Foods Q4 Results: Net profit slides 22%, revenue up 4%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Patanjali Foods Ltd, which is mainly into edible oils, on Tuesday (May 14) reported a 21.8% year-on-year (YoY) slide in net profit at ₹206.3 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Patanjali Foods posted a net profit of ₹263.7 crore, the company said in a regulatory filing. The company’s revenue from operations increased 4.4% to ₹8,221.7 crore against ₹7,873 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 18.7% to ₹1,103 crore in the fourth quarter of this fiscal over ₹928.8 crore in the year-ago period.

The EBITDA margin stood at 13.4% in the reporting quarter compared to 11.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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The food and FMCG segment achieved its highest quarterly revenue of ₹2,704.61 crore in Q4 of FY24 against ₹2,498.62 crore in Q3 of FY24, achieving a growth of 8.24%. This segment accounted for 32.57% of total revenue from operations in the current quarter.

In the full year, the company achieved a total revenue of ₹31,721.35 crore from its operations. Within this, sales from the food and FMCG segment accounted for ₹9,643.32 crore. The proportion of revenue contributed by the food and FMCG to the total revenue from operations rose to 30.06% in FY24 from 19.49% in FY23.

In Q4 of FY24, export revenue stood at ₹57.33 crore. The company has added new markets to its export portfolio, now reaching 27 countries, including Australia, Singapore, among others. In FY24, export revenue amounted to ₹323.42 crore. Revenue from the wind turbine power generation segment during Q4 of FY24 stood at ₹10.63 crore whereas for the full fiscal year it was ₹54.56 crore.

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The results came after the close of the market hours. Shares of Patanjali Foods Ltd ended at ₹1,334.45, up by ₹3.25, or 0.24%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Colgate Palmolive declares interim, special dividends as Q4 figures shine

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Leading oral care products maker Colgate Palmolive India Ltd on Friday reported a 20.1% year-on-year (YoY) increase in net profit at ₹379.8 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Colgate Palmolive India posted a net profit of ₹316.2 crore, the company said in a regulatory filing. CNBC-TV18 poll had predicted a profit of ₹365 crore for the quarter under review.

The company’s revenue from operations increased 10.3% to ₹1,490 crore against ₹1,350.6 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted revenue of ₹1,486 crore for the quarter under review.

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At the operating level, EBITDA increased 17.7% to ₹532 crore in the fourth quarter of this fiscal over ₹452 crore in the Q4 of FY23. CNBC-TV18 poll had predicted an EBITDA of ₹515 crore for the quarter under review.

The EBITDA margin stood at 35.7% in the reporting quarter against 33.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. CNBC-TV18 poll had predicted a margin of 34.7% for the quarter under review.

The board has declared a second interim dividend of ₹26 per equity share of ₹1 each for the financial year 2023-24 and a one-time special interim dividend of ₹10 each per equity share of ₹1 each on account of the excellent performance of the company during the financial year 2023-24.

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The dividends will be paid on and from June 7, 2024, to those shareholders whose names appear in the register of members of the company as on the record date i.e. May 23, 2024.

The dividend payout to the shareholders will be ₹979.2 crore and will be paid on or after June 7, 2024, to those shareholders whose names are on the register of members of the company as of May 23, 2024. The total dividend would be ₹58 per share for the year 2023-24.

The net sales increased to ₹1,480.7 crore from ₹1,341.7 crore. Domestic growth was reported at 10.7% for the quarter. The company maintained sequential growth momentum in Q4 FY24 on the back of strong performance in toothpaste. Rural markets continued to exhibit positive signs of demand recovery, growing ahead of Urban.

For the full year ended March 31, 2024, net sales grew by 8.8% to ₹5,644.2 crore from ₹5,187.9 crore, a year ago. Led by double-digit growth in the toothpaste category, the company delivered domestic growth of 9.5%.

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Prabha Narasimhan, managing director and CEO of Colgate-Palmolive (India), said, “In this quarter, our strong results of 10% top-line growth and 20% profit growth have come on the back of continued commitment to strategic priorities.

In the coming year, we are optimistic to see the market recovery, the continued strengthening of our very strong brand and a robust innovation pipeline, starting with a first-of-its-kind tooth whitening booster under the Visible White Range.”

The results came after the close of the market hours. Shares of Colgate Palmolive India Ltd ended at ₹2,809, down by ₹50.65, or 1.77%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DHFL scam: CBI arrests Dheeraj Wadhawan in ₹34,000 crore bank fraud case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The CBI on Tuesday (May 14) arrested former DHFL director Dheeraj Wadhawan in connection with a ₹34,000-crore bank fraud case, officials said.

Wadhawan was taken into custody from Mumbai on Monday evening, they said and added that he was produced before a special court in Delhi on Tuesday that sent him to judicial custody.

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He was already charge-sheeted by the CBI in connection with the case in 2022, they said. Wadhawan was earlier arrested by the agency in connection with the Yes Bank corruption case and was on bail, they said.

The CBI had registered the DHFL case related to the alleged defrauding of a consortium of 17 banks to the tune of ₹34,000 crore, making it the biggest banking loan fraud in the country, they said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US Producer Price Index rose in April by more than projected

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US producer prices rose in April by more than projected, suggesting it will take time for inflationary pressures to abate.

The Producer Price Index for final demand increased 0.5% from a month earlier after a downwardly revised 0.1% drop in March, Bureau of Labor Statistics data showed Tuesday (May 14). Compared with a year ago, the PPI rose 2.2%.

Despite the larger-than-expected advance, the details in the PPI will offer relief for investors and US Federal Reserve officials as key categories that feed into the central bank’s preferred inflation measure were more muted.

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The PPI excluding food and energy also rose 0.5% from a month earlier after a similar decrease in March. The core measure increased by 2.4% versus a year earlier.

Stock-index futures and Treasuries fluctuated as investors parsed the strong headline figure and the more tame details. The wholesale inflation figure is getting particular scrutiny this week because it comes a day before the US Bureau of Labor Statistics issues its widely anticipated April consumer price index data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow