Blogs, insights, guides and videos on India's unlisted market — all in one place.
<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>
<p>Thyrocare Technologies has expanded its presence in Northern India by acquiring the pathology business of Polo Labs. The acquisition aims to enhance Thyrocare's diagnostic capabilities in the region, promising faster services and greater convenience for patients.</p> <p>The deal involves integrating Polo Labs' 14 laboratories, spread across Punjab, Haryana, and Himachal Pradesh, into Thyrocare's existing network. This move is expected to increase operational efficiency and broaden the range of diagnostic tests available to patients in these areas.</p> <p>Rahul Guha, Managing Director and CEO of Thyrocare Technologies, highlighted the strategic importance of the acquisition. He said, "The integration of Polo Labs' network into Thyrocare will significantly strengthen our diagnostic services in Northern India. We are committed to a seamless integration process and look forward to leveraging this opportunity for growth and innovation."</p> <p>Thyrocare, known for its extensive and fully automated diagnostic laboratory network, operates a central processing facility in Navi Mumbai. This facility, which covers over 200,000 square feet, processes more than 75,000 samples daily and conducts over 375,000 tests with high accuracy.</p> <p>Polo Labs, based in Punjab, is a well-established pathology diagnostic company with a strong regional presence. The acquisition is expected to enhance healthcare infrastructure and expand diagnostic services in Northern India.</p> <p>Thyrocare’s acquisition of Polo Labs aligns with its broader strategy to expand its capabilities and service areas across India, reaffirming its commitment to providing high-quality and affordable diagnostic services nationwide.</p>
<p>Starting soon, Cochin International Airport (CIAL) will introduce a new self-immigration process for international travelers, aiming to complete the procedure within 20 seconds using advanced biometric e-gates. This innovation, part of the Union Ministry of Home Affairs (MHA) 'Trusted Traveller Programme,' will make CIAL the second airport in India to offer this facility, following Delhi International Airport's implementation in June. The rollout at CIAL is scheduled for August.</p> <p><strong> How to Use the Self-Immigration Service at CIAL </strong></p> <p>To utilize the self-immigration system, travelers, including eligible Indian and foreign nationals with Overseas Citizenship of India (OCI) cards, must first complete a one-time registration on the MHA's portal. The registration process involves:</p> <p>1. Online Registration: Visit the MHA portal to register.<br />2. Document Submission: Upload essential documents such as a recent passport-size photo (not older than six months), a scanned copy of a passport with at least six months' validity, address proof, and a scanned copy of the OCI card.<br />3. Biometric Enrollment: Enroll biometrics at designated international airports, help desks, or the nearest FRRO office.<br />4. Validation: Upon successful validation via a mobile OTP, travelers can use the smart gates. At these gates, they will self-scan their passports and undergo a facial recognition check.</p> <p>CIAL has dedicated eight lanes to these biometric e-gates to expedite the immigration process. An enrollment facility is also available at the FRRO office within the airport premises and at help desks in the immigration area.</p> <p><strong>Upcoming Premium Transit Lounge at CIAL </strong></p> <p>CIAL will soon open a premium transit lounge named "0484 – transit lounge," offering flexible rental options starting from four hours. Located in the arrival area of the old domestic terminal, the lounge features 42 rooms, five conference halls, and four suite rooms, making it an ideal space for business meetings and conferences. Additional amenities include a gym, bar, spa, and restaurant. Professional agencies have been engaged to manage the lounge, which is expected to open by mid-next month. </p> <p><strong> Future Developments and Economic Impact </strong></p> <p>CIAL is also preparing to enhance its non-aeronautical revenue streams with the upcoming launch of the Taj CIAL hotel in November, featuring 112 rooms. Currently, 60% of CIAL's income is derived from aeronautical activities such as aircraft operations and parking fees. The airport anticipates a significant increase in non-aeronautical income by up to 50% with the addition of the transit lounge, hotel, golf resort, and commercial spaces. These developments could potentially lead to lower service charges, such as reduced user fees or landing fees, possibly making air travel more affordable in the future.</p> <p>Last year, over 10 million passengers passed through Cochin International Airport, utilizing both domestic and international transit facilities. The introduction of these new services aims to enhance the overall travel experience and economic viability of the airport.</p>
<p>In a significant ruling, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹1 crore penalty on Care Health Insurance for non-compliance with regulations. This decision marks a stern response from the regulatory body, emphasizing the importance of adherence to established guidelines.</p> <p>Rashim Saluja has been directed to buy back the stock options granted to him. Furthermore, IRDAI has removed Saluja from his position as Non-Executive Chairman of Religare Enterprises, highlighting the seriousness of the violations.</p> <p>A notable aspect of the ruling includes the requirement for Saluja to buy back 75.69 lakh shares that were initially granted to him. The shares must be repurchased at the same price they were issued. Care Health Insurance has been given a 30-day deadline to complete this process, ensuring a swift resolution.</p> <p>Additionally, IRDAI has ordered the cancellation of any unexercised stock options. In a further move to tighten controls, Rashim Saluja has been barred from receiving any new stock options. This measure is part of a broader effort to reinforce governance standards within the company.</p> <p>Future benefits for board members of Care Health Insurance will now require prior approval from IRDAI. This decision underscores the authority's commitment to overseeing corporate governance practices.</p> <p>Lastly, the IRDAI has mandated that any applications for Employee Stock Option Plans (ESOPs) must receive their prior approval. This ruling follows Care Health Insurance's recent request to issue 2.27 crore stock options, which was under scrutiny.</p> <p>This comprehensive set of directives from IRDAI aims to ensure transparency and accountability within Care Health Insurance, setting a precedent for strict regulatory compliance in the industry.</p>
<h3>Introduction</h3> <p>The unlisted market in India has undergone a significant transformation over the past few years. Traditionally dominated by Mainboard shares, the market has seen a burgeoning interest in SME (Small and Medium Enterprises) Pre-IPO shares. This shift has been driven by various factors, including high listing gains and the promising growth potential of SMEs. This article delves into the evolving dynamics of the unlisted market, highlighting the growing interest in SME Pre-IPO shares, the associated risks, and the benefits of investing in this segment.</p> <h3>A) Unlisted Shares in Mainboard and SME Markets</h3> <p>Unlisted shares, those not traded on any formal stock exchange, are available in two primary segments: Mainboard and SME.</p> <h4>Mainboard Pre-IPO Shares</h4> <p>Mainboard shares are generally associated with larger, more established companies. These shares have a lock-in period of six months, meaning investors cannot sell them for six months after the company's IPO. Historically, Mainboard Pre-IPO shares have been more popular due to the perceived stability and lower risk associated with larger companies.</p> <h4>SME Pre-IPO Shares</h4> <p>SME shares, on the other hand, are associated with smaller, often younger companies. These shares have a one-year lock-in period. Until recently, the SME segment saw limited trading activity, primarily due to the lack of available scripts and the higher perceived risk. However, this trend is changing rapidly, with the SME Pre-IPO market gaining significant traction.</p> <h3>B) Shifting Demand Dynamics</h3> <h4>Historical Trends</h4> <p>Up until 2023, Mainboard Pre-IPO shares were the primary focus of the unlisted market. Investors were drawn to these shares due to the lower risk and the steady performance of larger companies. The demand for SME shares was relatively low, with few scripts available for trade and limited interest from investors.</p> <h4>The Rise of SME Pre-IPO Shares</h4> <p>In the past year, however, there has been a noticeable shift in the market dynamics. The SME Pre-IPO market has become increasingly popular, driven by two main types of deals:</p> <ol> <li><strong>Private Placement Deals:</strong> Investors purchase shares directly from the company through private placements.</li> <li><strong>Secondary Market Sales:</strong> Existing investors sell their shares in the market.</li> </ol> <p>This surge in interest can be attributed to the substantial listing gains observed in SME stocks and the robust demand for these shares post-listing.</p> <h3>C) Factors Driving the Popularity of SME Pre-IPO Shares</h3> <h4>High Listing Gains</h4> <p>One of the primary reasons for the growing interest in SME Pre-IPO shares is the potential for high listing gains. SMEs often list at a significant premium to their Pre-IPO price, providing investors with substantial returns on their investment.</p> <h4>Growth Potential</h4> <p>SMEs are generally in the early stages of their growth cycle, offering significant growth potential. Investors are attracted to these companies due to the opportunity for high returns as the companies expand and mature.</p> <h4>Market Demand</h4> <p>Post-listing, SMEs often see strong demand for their shares. This is due to their smaller float and the perception of being under-researched and undervalued by the market, leading to potential price appreciation.</p> <h3>D) Risks in the Unlisted Market</h3> <p>While the unlisted market presents lucrative opportunities, it also comes with inherent risks. The current bull market has attracted numerous players, some of whom may attempt to sell shares of poorly performing SMEs. Therefore, it is crucial for investors to exercise caution and conduct thorough due diligence before making any investment decisions.</p> <h4>a) Evaluating the Company</h4> <p>Investors must carefully assess the financial health and growth prospects of the SME. This includes analyzing the company’s financial statements, understanding its business model, and evaluating its competitive position in the market.</p> <h4>b) Market Trends</h4> <p>Understanding market trends is essential for making informed investment decisions. Investors should analyze the demand for the SME's products or services, industry trends, and overall market conditions.</p> <h4>c) Regulatory Compliance</h4> <p>Ensuring that the company adheres to regulatory standards and corporate governance practices is crucial. Companies that do not comply with regulations pose significant risks to investors.</p> <h3>E) Advantages of Investing in SME Pre-IPO Shares</h3> <p>Despite the risks, investing in SME Pre-IPO shares offers several advantages:</p> <h4>a) High Growth Potential</h4> <p>SMEs often have significant growth potential, providing investors with opportunities for substantial returns. As these companies expand and mature, their valuations can increase significantly, leading to high returns for early investors.</p> <h4>b) Supporting National Development</h4> <p>Investing in genuine SMEs contributes to nation-building by creating jobs, boosting GDP, and fostering corporate growth. By providing capital to these companies, investors play a crucial role in supporting economic development.</p> <h4>c) Alternative to Bank Loans</h4> <p>SMEs typically rely on bank loans for expansion. Pre-IPO investments offer a viable alternative, enabling SMEs to raise capital for growth without incurring debt. This can be particularly beneficial for SMEs, as it allows them to focus on growth rather than servicing debt.</p> <h3>F) The Surge in Trading Volume</h3> <p>The trading volume in the unlisted market has increased significantly over the past year. This surge can be attributed to the growing interest in SME Pre-IPO shares and the robust demand for these shares post-listing. Investors are increasingly recognizing the potential for high returns in the SME segment, leading to higher trading volumes.</p> <h3>G) Cautionary Note</h3> <p>While the opportunities in the unlisted market are enticing, investors must exercise caution. The current bull market has attracted many players, some of whom may attempt to take advantage of the high demand for SME shares by selling shares of poor-performing companies. Therefore, it is essential for investors to:</p> <ul> <li>Conduct thorough due diligence.</li> <li>Evaluate the company’s financial health and growth prospects.</li> <li>Understand market trends and regulatory compliance.</li> </ul> <p>By taking these precautions, investors can mitigate risks and make informed investment decisions.</p> <h3>Conclusion</h3> <p>The unlisted market is undergoing a significant transformation, with the SME Pre-IPO segment emerging as a hotbed of investment opportunities. The potential for high returns, coupled with the growth prospects of SMEs, has attracted a growing number of investors to this segment. However, the inherent risks associated with unlisted shares necessitate a cautious approach. Investors must conduct thorough due diligence and carefully evaluate each opportunity before making investment decisions. By doing so, they can capitalize on the opportunities presented by the evolving unlisted market while mitigating risks.</p>
<p>Waaree Energies Limited has been recognized in the prestigious 2024 RETC PV Module Index Report, which evaluates solar PV module manufacturers globally on crucial performance, quality, and reliability metrics. This inclusion highlights Waaree's strong presence in the solar technology sector and underscores its dedication to superior quality and dependability.</p> <p>The company's recognition spans several critical areas such as Light and Elevated Temperature-Induced Degradation (LETID), Light-Induced Degradation (LID), and Bill of Materials (BOM) Verification. These achievements reflect Waaree's unwavering commitment to excellence in product development and manufacturing processes.</p> <p>According to the most recent Approved List of Models and Manufacturers (ALMM), Waaree Energies Limited boasts the highest enlisted solar module manufacturing capacity. Additionally, the company recently announced the establishment of a new solar module manufacturing facility in the United States, expected to commence operations by September this year. In an interview with Saur Energy, Chairman Hitesh Doshi discussed plans to expand production capacities and enhance backward integration. Waaree also stands out as one of the few Indian solar module manufacturers offering direct online sales to consumers.</p> <p>This recognition by the RETC PV Module Index Report not only reaffirms Waaree's position in the industry but also serves as a valuable resource for stakeholders seeking reliable and high-performing solar PV modules.</p> <p><br />Waaree Energies Limited is one of India's leading solar PV module manufacturers. With a strong focus on innovation and quality, the company provides a comprehensive range of solar energy solutions, including modules, inverters, energy storage systems, and project development services. Waaree is committed to advancing the adoption of clean energy through sustainable and high-performance solar products.</p>
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