Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p><strong>Key Highlights </strong></p> <p>Mohan Meakin Limited has announced its financial results for the first quarter of FY2025, showcasing notable growth. The company's total income rose by 6.4% to ₹325.12 crore, compared to ₹305.56 crore in the same quarter of the previous year. Compared to the last quarter (₹603.64 crore for quarter March 31, 2024), there was a 46.2% decrease.</p> <p>The Revenue from Operations reached ₹321.80 crore, reflecting a 5.3% increase from ₹305.56 crore in Q1 FY2024 but a significant 46.2% decrease from ₹599.06 crore in Q4 FY2024. <br /><br />Overall, Total Expenses for the quarter stood at ₹305.65 crore, reflecting a 5.5% increase from ₹289.67 crore in Q1 FY2024, but a 45.8% decrease from ₹564.35 crore in Q4 FY2024.</p> <p>Profit Before Tax (PBT) stood at ₹18.61 crore, an increase of 13.8% from ₹16.35 crore in Q1 FY2024, but a 53.6% decrease from ₹40.17 crore in Q4 FY2024.</p> <p>Profit After Tax (PAT) came in at ₹13.68 crore, marking a 9.7% increase compared to ₹12.48 crore in Q1 FY2024, though it decreased by 54% compared to ₹29.69 crore in the previous quarter.</p> <p>Earning per share stood at Rs. 11.08 as against Rs. 11 in Q1FY24 and Rs. 34.90 in the previous quarter. </p> <p>Despite some quarterly decreases, Mohan Meakin Limited has demonstrated a strong year-on-year growth trajectory, underpinned by increased revenue and efficient cost management. The company continues to exhibit solid financial health and remains well-positioned for sustainable growth.<br /><br /><strong><span class="r-b88u0q">Why they are not able to grow much as compared to competitors?</span></strong> <br /><br /><strong><span class="r-b88u0q r-36ujnk">1. Brand Reliance on Old Monk</span> </strong><span class="r-b88u0q"><strong>Limited Product Diversification:</strong> </span>Mohan Meakin's heavy reliance on Old Monk has restricted its ability to diversify its product portfolio. While Old Monk has a loyal following, the company's failure to innovate and introduce new products that resonate with younger consumers has limited its growth potential. <span class="r-b88u0q">Brand Image: </span>Old Monk, though iconic, is often seen as a nostalgic brand. Competing brands have invested heavily in rebranding and appealing to a younger demographic, something Mohan Meakin has struggled with. <br /><br /><strong><span class="r-b88u0q r-36ujnk">2. Marketing and Distribution</span> <span class="r-b88u0q">Lack of Aggressive Marketing:</span></strong> Unlike competitors like United Spirits (with brands like McDowell’s) or Pernod Ricard (with Royal Stag), Mohan Meakin has not invested aggressively in marketing. This has impacted its visibility, especially among newer generations of consumers. <span class="r-b88u0q">Distribution Challenges:</span> Competitors have developed extensive distribution networks, ensuring their products are widely available across all market segments. Mohan Meakin’s distribution network is comparatively limited, affecting its market penetration. <br /><br /><strong><span class="r-b88u0q">UnlistedZone View</span></strong> <br /><br /><span class="r-36ujnk">While Mohan Meakin enjoys strong brand loyalty and a debt-free balance sheet, its growth has been hindered by a combination of reliance on a single iconic product, insufficient marketing, lack of innovation, and slower adaptability to market and regulatory changes.</span> <span class="r-36ujnk">To catch up with competitors, Mohan Meakin would need to revamp its strategy, focusing on product diversification, aggressive marketing, and aligning itself more closely with current consumer trends.<br /></span><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1723259391.jpeg" alt="" width="100%" /></p>
<p>Sterlite Power has secured orders worth Rs 1,500 crores in its Global Products and Services (GPS) business during Q1 FY25, adding to an existing order book of over Rs 6,560 crores. The new orders, spanning both domestic and international markets, reflect the growing demand for Sterlite's high-performance, green products, and specialized Engineering, Procurement, and Construction (EPC) services.</p> <p>The high-performance conductors and Optical Ground Wire (OPGW) segments are witnessing strong demand. The company secured significant orders for conductors, especially for Tariff Based Competitive Bidding (TBCB) transmission projects, thereby maintaining market leadership in India and becoming the supplier of choice. Additionally, Sterlite Power has secured orders from new export markets, strengthening its export focus. The business also received orders for supplying OPGW to various domestic and international customers.</p> <p>In the power cables sector, Sterlite Power is playing a crucial role in enhancing India’s power infrastructure and disaster preparedness. The company secured major orders worth Rs 250 crores for supplying Medium Voltage (MV) cables under the Government of India’s disaster management scheme, aimed at ensuring uninterrupted power supply in disaster-prone areas. </p> <p><br />Furthermore, Sterlite is contributing to industrial modernization by securing a turnkey project to replace aging overhead power cable systems. These projects highlight the company's expertise in large-scale infrastructure projects and commitment to reliable power distribution solutions, with multiple orders in the EHV, HV, and MV cables categories.</p> <p>Sterlite Power's specialized EPC services have also seen significant growth. The company secured an important order to uprate two 66kV lines for Gujarat Energy Transmission Corporation (GETCO) through line reconductoring using high-performance conductors. This project marks Sterlite Power’s first HTLS reconductoring initiative in the western region, representing a significant milestone for the company.</p> <p>Reshu Madan, CEO of Global Products and Services, emphasized the remarkable expansion of the GPS business, driven by the robust transmission sector and India's economic outlook. The new orders reflect Sterlite Power's strategic business growth goals and the increasing demand for its products both domestically and internationally.<br /><br /><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1723174101.jpeg" alt="" width="100%" /></p>
<p>By acquiring Checkmyguestlster its presence in the European rental market, Softbank-backed Indian hospitality giant OYO has acquired Paris-based rental management company Checkmyguest. This acquisition, slated to be finalized in the latter half of the year, underscores OYO's commitment to expanding its footprint in the short- and mid-term rental space. While the exact financial terms of the deal remain undisclosed, industry sources suggest that Checkmyguest is valued at approximately €100 million. The acquisition also includes housing renovation business HMG (formerly Helpmyguest) and luxury rental apartment management company Studio Prestige.</p> <p><strong>A Major Milestone for Checkmyguest</strong></p> <p>Checkmyguest, co-founded by Joffrey Ichbia, Julien Madar, and Kevin Cohen, has built a strong reputation in the rental property management sector. The co-founders have described the acquisition as an "extraordinary opportunity" that opens up significant development, market, and career opportunities. Writing on LinkedIn, Ichbia stated, “This merger is a major milestone for us and opens up incredible opportunities in terms of development, new markets, and careers.” The co-founders will continue to lead Checkmyguest, ensuring continuity and leveraging their expertise to drive the company’s future growth under OYO’s umbrella.</p> <p><strong>OYO’s Strategic European Expansion</strong></p> <p>This acquisition marks OYO’s third major foray into the European rental market since the launch of OYO Vacation Homes. In 2019, OYO acquired Amsterdam-based vacation rental company @Leisure Group, managing over 50,000 vacation homes across more than 20 European countries. Following this, OYO purchased Croatian vacation rental franchise agency Direct Booker for $5.5 million in May 2022, and Nordic-based holiday home operator Bornholmske Feriehuse three months later. With the addition of Checkmyguest, OYO is set to further solidify its position in the European market.</p> <p><strong>Future Prospects</strong></p> <p>OYO continues to demonstrate its ambition to grow and diversify its offerings in the vacation rental space. Recently, the company announced plans to expand its premium home rental brand, Belvilla, in the UK, and significant growth plans for its OYO Vacation Homes brand, Dancenter. Additionally, in March, Checkmyguest secured funding through a special purpose vehicle (SPV) backed by Swiss Life Banque Privée to convert vacant offices in Paris into short- and mid-term rentals. This strategic expansion and innovation indicate OYO’s unwavering commitment to enhancing its market presence and providing comprehensive rental solutions to its global clientele.</p> <p>By acquiring Checkmyguest, OYO not only strengthens its foothold in the European market but also sets the stage for future growth and innovation in the rental property management industry. This acquisition is a testament to OYO's strategic vision and its relentless pursuit of market leadership in the global hospitality sector.<br /><br /><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1723173812.jpeg" alt="" width="100%" /></p>
<p>The National Stock Exchange (NSE) has reported robust financial results for the first quarter of the fiscal year 2025, showcasing significant growth across various financial metrics.</p> <p><strong> Key Highlights </strong></p> <p><strong> Total Revenue</strong> </p> <p>NSE recorded a total revenue of ₹4,950 crores for Q1FY25, representing a 47% increase from the previous year's ₹3,357 crores. This remarkable growth highlights the exchange's strong performance and its ability to generate substantial revenue even in a dynamic market environment.</p> <p><strong> Operating Revenue </strong></p> <p>The operating revenue for the quarter stood at ₹4,510 crores, a 51% rise compared to ₹2,987 crores in the previous year. This increase underscores NSE's effective operational strategies and its dominant position in the market, with operating revenue accounting for 91% of the total revenue.</p> <p><strong> Expenses </strong></p> <p>Total expenses, excluding the Additional Contribution to Core SGF as advised by SEBI, amounted to ₹943 crores, a 17% increase from the previous year's ₹806 crores. Including the Additional Contribution to Core SGF, total expenses were ₹1,530 crores, a significant 79% rise from ₹856 crores in the previous year. Cash expenses within this total were ₹1,404 crores, up from ₹753 crores. The increase in expenses was mainly driven by:</p> <p>- Additional Contribution to Core SGF: ₹537 crores<br />- Regulatory Fees: ₹83 crores</p> <p><strong> Operating EBITDA </strong></p> <p>NSE's operating EBITDA performance was noteworthy:</p> <p>- Without Additional Contribution to Core SGF: EBITDA margin stood at 82%, with an absolute value of ₹3,693 crores, up from 76% (₹2,285 crores) in the previous year.<br /><br />- With Additional Contribution to Core SGF: EBITDA margin was 69%, totaling ₹3,106 crores, compared to 75% (₹2,234 crores) in the previous year.</p> <p><strong> Share of Profit of Associates </strong></p> <p>NSE's share of profit from associates increased to ₹25 crores from ₹23 crores in the previous year.</p> <p> Effect of Discontinued Operations </p> <p>The net effect of discontinued operations, after tax, was a reduction of ₹28.93 crores.</p> <p><strong> Profit After Tax </strong></p> <p>Profit after tax (PAT) rose by 52% to ₹2,567 crores, compared to ₹1,844 crores in the previous year, demonstrating strong profitability.</p> <p> <strong>Earnings Per Share </strong></p> <p>Earnings per share (EPS) for the quarter stood at ₹51.86, reflecting the company's solid earnings performance.</p> <p><strong> Net Worth and Book Value </strong></p> <p>As of March 31, 2024, NSE's net worth was ₹26,546 crores, up from ₹23,974 crores. The book value per share increased to ₹536, compared to ₹484 in the previous year.</p> <p><strong> Return on Equity </strong></p> <p>Return on equity (ROE) was 41%, an improvement from 37% as of March 31, 2024, indicating enhanced shareholder value.</p> <p><strong> Revenue Drivers </strong></p> <p>The key revenue drivers for the quarter included:</p> <p><strong> Listing Services </strong></p> <p>Revenue from listing services (including listing, book building, and processing fees) was ₹67 crores, up from ₹45 crores in the previous year.</p> <p><strong> Data Centre and Connectivity Charges </strong></p> <p>Revenue from data centre and connectivity charges increased to ₹260 crores from ₹194 crores, with racks contributing ₹32 crores (up from ₹28 crores) and connectivity charges at ₹228 crores (up from ₹166 crores).</p> <p><strong> Treasury Income </strong></p> <p>Treasury income rose to ₹340 crores from ₹303 crores, with operating treasury income contributing ₹20 crores.</p> <p><strong> Transaction Charges </strong></p> <p>Transaction charges experienced a significant increase of 44%, reaching ₹3,623 crores, up from ₹2,525 crores, contributing an additional ₹1,098 crores.</p> <p>NSE's Q1FY25 results reflect its strong market position, operational excellence, and the ability to generate substantial revenue and profitability growth. The exchange continues to demonstrate resilience and adaptability in a competitive and evolving market landscape.<br /><br /><img src="https://unlistedzone.com/storage/knowledge-logo/app_image-1723173283.jpeg" alt="" width="100%" /></p>
<p>Oravel Stays, the parent company of OYO, announced plans on Tuesday to expand its premium offerings by launching 25 new hotels under the 'SUNDAY' brand within the current financial year. This initiative is a collaborative effort between Oravel Stays and the Softbank Group.</p> <p>The expansion will see new SUNDAY Hotels in key travel locations, including Gurgaon, Manesar, and Corbett. According to Oravel Stays, this move is aimed at enhancing their presence in metropolitan areas, starting with Gurgaon.</p> <p>"Launching in metropolitan cities, beginning with Gurgaon, is a strategic step for SUNDAY Hotels as we strive to meet the dynamic demands of our guests. We have selected each location with care to ensure guests have easy access to business hubs, cultural sites, and entertainment centers," stated Aditya Sharma, Business Head of Oravel Stays Private Ltd.</p> <p>Currently, three SUNDAY Hotels are already operating in Jaipur, Vadodara, and Chandigarh.</p>
<p>During a recent vendor association meeting in Bangalore, Waaree Energies Ltd was honored with the Long Association Award by Enerparc Energy Pvt Ltd. This accolade recognizes Waaree's substantial role in Enerparc's achievements. Enerparc, a German company known for its expertise in large-scale solar projects, praised Waaree for its exceptional quality and dependability.</p> <p>Amit Paithankar, the CEO of Waaree Energies, accepted the award with appreciation, highlighting the company's unwavering commitment to upholding high standards and ensuring punctual deliveries. He reiterated Waaree’s dedication to the solar sector and its ongoing collaboration with Enerparc.</p> <p>Enerparc’s CEO, Kalyanram Udathu, along with Nataraj Suryanarayana, the Executive VP of Supply Chain Management and Project, commended Waaree for its stellar performance. They emphasized Waaree's steadfast commitment to quality and reliability.</p> <p>This recognition underscores Waaree Energies’ dedication to advancing clean energy solutions and fostering strong global partnerships, which are vital for driving the renewable energy transition and bolstering economic growth.</p>
<p>Hexaware Technologies, a prominent IT services and solutions company headquartered in Navi Mumbai, India, is expanding its footprint in the Philippines by establishing a second operational hub.</p> <p>According to a recent announcement, the new Manila delivery center, situated in the thriving Bonifacio Global City, will offer a range of services including customer support, IT troubleshooting, and help desk assistance.</p> <p>Gopinath Manian, Senior Vice President of Business Process Services at Hexaware, expressed excitement about the new office opening, stating, “We are thrilled to open our new office. The Philippines' talent pool across a broad range of skills and service-oriented culture aligns with our goal of delivering a quality customer experience.”</p> <p>The launch of the Manila office is a strategic move by Hexaware to bolster its workforce and enhance its presence in the Asia-Pacific market.</p> <p>Hexaware operates 50 offices across 19 countries, assisting enterprises globally in adapting to digital transformation efficiently. The company partners with businesses to develop, transform, manage, and optimize their technology and business processes.</p>
<p>The Enforcement Directorate (ED) has summoned three independent directors of Care Health Insurance, a subsidiary of Religare Enterprises, to appear on August 5 as part of a money laundering investigation.</p> <p>Care Health Insurance's chairperson, Rashmi Saluja, is embroiled in a takeover dispute with the Burman family over Religare Enterprises. Saluja also serves as the executive chairperson of Religare Enterprises.</p> <p>The ED's new case stems from a First Information Report (FIR) by the Mumbai police's Economic Offences Wing (EOW), which necessitates a predicate offense for a money laundering probe. In November last year, the Mumbai police filed a cheating case after a court directive, later transferring it to the EOW.</p> <p>The complaint, by Vaibhav Gawli, a shareholder of Religare Enterprises, names Dabur group chairman Mohit Burman, his family, former Religare promoters Malvinder and Shivinder Singh, and others, totaling 14 accused. JM Financial, the manager of the Burmans' open offer, is also implicated.</p> <p>An insider indicated the investigation is in its preliminary stages, prompting the summons for the independent directors. The ED seeks to verify the allegations and detect any money laundering linked to the open offer.</p> <p>Summoned under section 50 of the Prevention of Money Laundering Act (PMLA), individuals can be represented by legal counsel initially or request a postponement. The directors, SL Mohan, Asha Nair, and Hamid Ahmed, must provide details on all Employee Stock Option Plans (ESOPs) issued since FY19.</p> <p>Last month, the Insurance Regulatory and Development Authority of India (IRDAI) ordered Care Health Insurance to buy back 7.56 million shares allocated to Rashmi Saluja at ₹45.32 per share, citing rule violations.</p>
<p>The National Stock Exchange (NSE) has introduced India’s inaugural website dedicated to passive funds. This platform aims to simplify access to information for retail investors and enhance their understanding of the Indian passive funds market.</p> <p>The new website, accessible at (http://www.indiapassivefunds.com), offers detailed data on the passive funds sector, including aggregate industry statistics and specific fund information. Users can utilize various screening tools to select funds based on criteria such as underlying index, assets under management (AUM), tracking error, tracking difference, trading volume, total expense ratio (TER), and more. The platform enables investors to compare different funds comprehensively, providing a wealth of information on exchange-traded funds (ETFs) and index funds.</p> <p>As reported, as of March 31, 2024, the Nifty indices are the benchmark for 145 ETFs listed in India and 16 listed abroad. The concept of passive funds in India dates back to 1999, but the sector has seen significant growth since August 2015.</p> <p>The website also reveals that the total AUM for passive funds stands at Rs 10.22 lakh crore as of June 2024, with ETFs accounting for Rs 7.79 lakh crore and index funds for Rs 2.43 lakh crore. There are approximately 430 passive mutual funds available, with 1.88 crore folios for ETFs and 75.76 lakh folios for index funds as of March 2024.</p> <p>Over the past eight years, there has been a notable shift in investment preferences towards passive funds, attributed to their cost-efficiency, transparency, and consistent performance in line with market trends.</p>
<p>Kochi's Cochin International Airport Limited (CIAL), the fourth busiest airport in India for international travel, is gearing up for a new phase of growth. As India braces for a surge in domestic air travel, CIAL plans to expand its facilities and enhance connectivity, aiming to position Kochi as a regional hub by 2034.</p> <p>S Suhas, the managing director of CIAL, outlined the airport's strategic plans: "Our goal is to transform Kochi airport into the premier gateway for tourists exploring South India. We intend to capitalize on Kerala's tourism potential and work closely with airlines to expand both domestic and international routes." CIAL's vision includes developing strong partnerships with airlines to enhance connectivity and solidify its position as a regional hub over the next decade.</p> <p>Following a thorough analysis of economic indicators, tourism data, and traffic projections, CIAL has identified key projects for both short and long-term development. After successfully expanding the international terminal, T-3, the focus will shift to enlarging the domestic terminal, T-1. The current 600,000 square foot terminal will be expanded by an additional 180,000 square feet, increasing capacity to accommodate more domestic flights.</p> <p>The anticipated boom in domestic air travel is a key driver behind these expansion plans. With the domestic travel sector growing at a compound annual growth rate (CAGR) of over 16%, CIAL is preparing for a significant shift in the aviation landscape. The current ratio of domestic to international travelers is expected to change from 40:60 to 55:45. With Indian airlines like IndiGo and Air India placing large orders for new aircraft, CIAL is proactively enhancing its infrastructure to meet the rising demand for domestic flights and aircraft parking.</p> <p><br />In the fiscal year 2023-24, Kochi airport handled 70,203 aircraft movements, operated by 25 airlines, and served a record 10.53 million passengers. This milestone marks the highest passenger volume in the airport's history, surpassing the 10 million passenger mark for the first time.</p>
<p>Goa Shipyard Limited (GSL) has successfully launched 'Triput,' the first indigenously-built Talwar class frigate, on July 23. This significant milestone follows reports that Russia is preparing to deliver the first of this class, named 'Tushil,' to the Indian Navy in September 2024. A second frigate, 'Tamal,' is slated for delivery by February 2025.</p> <p>In October 2016, India and Russia inked an agreement for the procurement of four Admiral Grigorovich class stealth frigates, also known as Project 1135.6. Under this arrangement, 'Tushil' and 'Tamal' will be imported from Russia, while the remaining two vessels will be constructed domestically by GSL, utilizing a transfer of technology (ToT) from Russia. 'Triput' represents the first frigate built in India under this partnership.</p> <p>The Indian Navy already has six Talwar class frigates in its fleet: INS Talwar, INS Trishul, INS Tabar, INS Teg, INS Tarkash, and INS Trikand.</p> <p>Powered by Zorya gas-turbine engines from Ukraine, the frigates use a Combined Gas Turbine and Gas Turbine (COGAG) configuration, allowing them to reach speeds of up to 28 knots. They are equipped with the Shtil-1 air-defense system, which can counter a range of aerial threats, including anti-ship missiles, fighter aircraft, and drones.</p> <p>These versatile frigates are designed for a wide array of missions, such as anti-ship, anti-submarine, land-attack, anti-piracy, and search and rescue operations.</p> <p>The delivery of these frigates has been delayed multiple times, first due to the COVID-19 pandemic and subsequently because of the Russia-Ukraine conflict, resulting in a cumulative delay of over two years.</p>
<p>Tata Capital has committed Rs 239 crore in funding to BluPine Energy for the development of a solar power project in Chhattisgarh. Announced on Monday, this financial assistance will support the construction and operation of a 75-megawatt (MW) solar facility.</p> <p>The project, expected to generate approximately 117 million units of electricity annually, is a significant step towards reducing carbon dioxide emissions by over 107,000 tonnes each year. This collaboration highlights Tata Capital's role in promoting sustainable energy initiatives in India.</p> <p>As the flagship financial services company of the Tata Group, Tata Capital operates as a non-banking financial company (NBFC) and plays a critical role in financing infrastructure projects. The Rs 239 crore funding, facilitated by a banking consortium led by Tata Capital, marks the successful financial closure of BluPine Energy's solar project.</p> <p>BluPine Energy's CFO, Sanjeev Bhatia, emphasized the importance of this investment in driving the company's sustainability goals. "Securing debt financing from Tata Capital is a major achievement for our 75 MW solar project and aligns with our commitment to achieving net zero emissions," Bhatia remarked.</p> <p>Rahul Mishra, Head of BluPine Energy’s Commercial and Industrial (C&I) division, acknowledged the pivotal role of Tata Capital and other stakeholders in supporting the project. "With this financial backing, we are well-positioned to expand our capacity beyond the current 550 MW towards our goal of 1000 MW, furthering our mission to deliver clean energy solutions," Mishra stated.</p>
Indicative prices, company research and your enquiries — in your pocket. Get price notes on the names you follow and reach our team from anywhere.
