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<p>Reports indicate that Oyo Hotel & Homes, founded by Ritesh Agarwal, is currently in the process of withdrawing its initial public offering (IPO) draft application from the Securities and Exchange Board of India (Sebi). </p> <p>Sources cited in The Economic Times suggest that discussions regarding the withdrawal of the application have been ongoing, with stakeholders being informed, and the action is believed to be imminent. However, Oyo is reportedly planning to raise fresh capital from private market investors within the next six to eight months.</p> <p>Despite these reports, Oyo has denied the claims, stating that the information is inaccurate and has not been officially confirmed.</p> <p>Following the return of Oyo's first public offer filing by Sebi in January 2023, the company was required to revise and update the draft red herring prospectus (DRHP). Sebi asked for updates to various sections of the DRHP, including risk factors, key performance indicators (KPIs), outstanding litigations, and basis for valuation. Subsequently, Oyo made a confidential pre-filing with Sebi for a smaller-sized IPO, with potential plans for a listing closer to Diwali last year.</p> <p>It's noteworthy that Founder Ritesh Agarwal holds a 33 percent stake in the company, while Japanese multinational investment holding company SoftBank owns 46 percent.</p>
<p>n a regulatory showdown, the Securities and Exchange Board of India (Sebi) has dealt a significant blow to the National Stock Exchange (NSE) by rejecting its settlement application concerning alleged irregularities in its co-location (colo) facility. This development marks another chapter in the protracted saga of the co-location controversy, highlighting the persistent legal battles and regulatory scrutiny engulfing India's premier stock exchange.</p> <p>The roots of the dispute trace back to 2015 when a whistleblower's letter prompted Sebi to probe allegations of unfair access granted to select high-frequency traders and brokers within NSE's co-location infrastructure. Subsequent investigations unveiled a web of suspicions surrounding preferential treatment, particularly concerning OPG Securities, a Delhi-based brokerage.</p> <p>The recent rejection of NSE's settlement plea by Sebi underscores the gravity of the accusations and the regulator's unwavering stance on accountability. Despite the exchange's efforts to resolve the matter through the consent mechanism, Sebi's decision signals a determination to pursue disciplinary action, potentially culminating in a regulatory order.</p> <p>Central to the controversy is the allegation of collusion between NSE officials and OPG Securities, implicating the exchange's integrity and regulatory compliance. The question of connivance hangs in the balance, with Sebi asserting the presence of sufficient evidence to establish a nexus, while the exchange contends the absence of conclusive proof.</p> <p>The legal battle has witnessed twists and turns, with the Securities Appellate Tribunal (SAT) playing a pivotal role in adjudicating disputed orders. While SAT set aside Sebi's disgorgement order of Rs 625 crore against NSE in January 2023, it allowed further inquiry into allegations of collusion with OPG Securities, setting the stage for continued legal wrangling.</p> <p>In December 2023, SAT's ruling quashing Sebi's penalties against NSE and former executives in the 'dark fibre' case provided a glimmer of hope for the embattled exchange. However, pending litigations, including governance issues and conflicts of interest, loom large, presenting hurdles to NSE's much-anticipated initial public offering (IPO).</p>
<p>OYO, the renowned hospitality and travel technology giant, has embarked on a strategic journey aimed at expediting its Initial Public Offering (IPO) approval process. Recently, senior executives of the company engaged in discussions with representatives of the Securities and Exchange Board of India (SEBI), highlighting OYO's remarkable strides in both financial performance and debt management.</p> <p>Reports from credible sources such as The Economic Times and Bloomberg shed light on OYO's proactive approach, revealing that company officials briefed SEBI on pivotal developments, including a significant partial prepayment of $200 million towards its outstanding Term Loan B (TLB). This proactive measure, coupled with OYO's unwavering commitment to promptly address SEBI's inquiries, underscores the company's steadfast determination to surmount regulatory challenges and position itself favorably in the capital markets.</p> <p>Founder and CEO Ritesh Agarwal shared promising financial updates during a recent town hall, revealing that OYO achieved a noteworthy net profit of approximately ₹30 crore in the third quarter of FY24, marking a substantial upswing from the preceding quarter. Agarwal attributed this positive trajectory to bolstered patron confidence, enhanced customer experience initiatives, and diligent cost optimization measures, resulting in a commendable 15% reduction in operating costs compared to the same period last year.</p> <p>OYO's proactive stance on debt reduction has garnered commendation from esteemed global credit rating agencies such as Moody's and Fitch, who lauded the company's decision to repurchase its outstanding debt as a prudent move. Notably, OYO had previously prepaid a substantial ₹1,620 crore of debt through a meticulous buyback process, showcasing its proactive debt management strategy.</p> <p>Looking ahead, OYO remains bullish on its prospects, with Agarwal projecting a sustained uptick in Profit After Tax (PAT) in the forthcoming quarters. The company sets its sights on achieving an adjusted EBITDA of ₹1,000 crore in FY24, surpassing initial projections of ₹800 crore. Moody's upward revision of OYO's adjusted EBITDA estimate underscores confidence in the company's robust financial outlook.</p> <p>Beyond financial milestones, OYO's ambitious expansion endeavors have attracted considerable investor interest. Reports hint at discussions with Malaysian sovereign wealth fund Khazanah Nasional Berhad, potentially leading a $400 million funding round. Supported by Softbank Group Corp, OYO seeks to bolster its expansion efforts and expedite debt reduction initiatives, with Avendus Capital Pvt. steering the fundraising endeavors.</p> <p>As OYO charts its course through regulatory channels and fortifies its financial standing, the company remains poised for sustained growth and market expansion within the dynamic hospitality and travel technology sector. With a steadfast commitment to innovation, customer-centricity, and prudent financial stewardship, OYO is primed to seize emerging opportunities and deliver enduring value to its stakeholders in the foreseeable future.</p>
<p>In a recent town hall meeting, OYO's Founder & CEO, Ritesh Agarwal, shared positive updates regarding the company's financial performance. He revealed that OYO achieved a twofold sequential growth in Profit After Tax (PAT) to ₹30 crore in Q3 FY24, indicating a promising trend for future profitability. Agarwal attributed this growth to various factors, including increased patron confidence, improved customer experience, and favorable market conditions conducive to sustained expansion.</p> <p>Agarwal also highlighted OYO's strong financial achievements, such as reaching an adjusted EBITDA of ₹750 crore in FY23. He further announced the company's ambitious target to surpass ₹1,000 crore in adjusted EBITDA for FY24, surpassing the earlier projection of ₹800 crore. Additionally, OYO successfully prepaid ₹1,620 crore in debt through a buyback process, signaling its commitment to financial stability and prudent management of its obligations.</p> <p>Moreover, Agarwal emphasized OYO's operational profitability in FY23, underscoring the company's ability to generate sustainable earnings. He also mentioned strategic initiatives aimed at optimizing operating costs, reflecting OYO's focus on efficiency and profitability enhancement. Furthermore, Agarwal highlighted the company's efforts to expand its hotel network, with a notable 27% increase in the number of hotels on its platform over the past year.</p> <p>Overall, Agarwal's updates during the town hall meeting paint a picture of OYO as a resilient and growth-oriented company, with a clear strategy for achieving continued success in the hospitality and travel-tech industry.</p>
<p>The National Stock Exchange (NSE) has released its financial results for Q3FY24 and the nine months ended December 2023. In Q3FY24, NSE recorded a net consolidated profit of Rs.1,975 crore, marking an 8% year-on-year increase. The total consolidated operating revenue also saw a significant rise of 25% year-on-year, reaching Rs.3,517 crore.</p> <p>Total expenses for the period amounted to Rs.1,369 crores, marking a substantial year-on-year increase of 98% compared to Rs.693 crores in the previous year. Cash expenses constituted the majority, totaling Rs.1,256 crores, showing a significant rise from Rs.599 crores in the previous year. This surge in expenses was primarily attributed to additional contributions to the core SGF as desired by SEBI, amounting to Rs.556 crores, along with regulatory fees amounting to Rs.127 crores.</p> <p>The operating EBITDA, excluding the additional contribution to the core SGF as desired by SEBI, stood at 80%, totaling Rs.2,817 crores, compared to 79% at Rs.2,225 crores in the previous year. However, with the additional contribution, the operating EBITDA decreased to 64%, amounting to Rs.2,261 crores.</p> <p>Other notable financial metrics include a share of profit from associates amounting to Rs.30 crores, profit on the sale of investments totaling Rs.81 crores, and an effect of discontinued operations of Rs.(37) crores. Despite the increase in expenses, the profit after tax for the period stood at 51%, totaling Rs.1,975 crores, compared to 59% at Rs.1,826 crores in the previous year. Additionally, the earnings per share were reported at Rs.39.90.</p> <p><strong>NSE Unlisted Shares 9MFY24 Consolidated Results </strong></p> <p>The total revenue for the period amounted to Rs.11,272 crores, showing a notable year-on-year increase of 25% compared to Rs.8,992 crores in the previous year.</p> <p>Operating revenue reached Rs.10,155 crores, marking a 21% year-on-year increase from Rs.8,403 crores in the previous year. Operating revenue accounted for 90% of the total revenue.<br />Total expenses surged to Rs.3,645 crores, reflecting a substantial year-on-year increase of 101% compared to Rs.1,815 crores in the previous year. Among these expenses, cash expenses stood at Rs.3,322 crores, compared to Rs.1,533 crores in the previous year.</p> <p>The significant increase in total expenses was primarily attributed to additional contributions to the Core SGF as desired by SEBI, amounting to Rs.1,167 crores, along with regulatory fees totaling Rs.367 crores.</p> <p>Operating EBITDA, excluding the additional contribution to the Core SGF as desired by SEBI, stood at 79%, totaling Rs.8,001 crores, compared to 82% at Rs.6,870 crores in the previous year. However, including the additional contribution, the operating EBITDA decreased to 67%, amounting to Rs.6,834 crores.</p> <p>Other notable financial metrics include a share of profit from associates amounting to Rs.78 crores, profit on the sale of investments totaling Rs.81 crores, and an effect of discontinued operations of Rs.(88) crores. Despite the increase in expenses, the profit after tax for the period stood at 52%, totaling Rs.5,818 crores, compared to 59% at Rs.5,289 crores in the previous year. Additionally, the earnings per share were reported at Rs.117.54.</p>
<p>Tata Capital has recently collaborated with UnoGreen Smart Business Card to introduce over 200 custom-designed Metal Business Cards into their corporate ecosystem. This partnership underscores Tata Capital's commitment to embracing innovative and environmentally friendly solutions, while also positioning UnoGreen Smart Business Cards as a leader in the digital networking tools sector.</p> <p>The UnoGreen Metal Smart Business Card transcends its traditional role as a mere card; it symbolizes both sustainability and technological progress. These meticulously crafted cards address the requirements of contemporary professionals by reducing paper waste and facilitating a seamless networking experience. Through a simple tap, these smart cards enable instant sharing of contact information, social profiles, and more, heralding a new era of connectivity.</p> <p>The innovation and environmental consciousness of UnoGreen Smart Business Cards have garnered recognition, including accolades at the International Achievers Award, affirming its dedication to redefining business networking while prioritizing ecological responsibility.</p> <p>"We are thrilled to welcome industry leaders such as Tata Capital on board as we strive to revolutionize business networking," stated Ms. Richa Shetty, CEO at UnoGreen. "This partnership signifies not only advanced business solutions but also a significant step towards sustainability and innovation. Our acknowledgment at the International Achievers Award serves as further motivation to continue pushing the boundaries of eco-conscious professional networking."</p> <p>UnoGreen Smart Business Card stands at the forefront of the digital networking revolution, seamlessly integrating sustainability with technology. Since its inception, UnoGreen has been committed to providing professionals with cutting-edge, sustainable, and user-friendly networking solutions. Our array of smart business cards, particularly the Metal Smart Business Card, epitomizes this vision by offering durability, convenience, and minimizing ecological impact. With notable partnerships and accolades, UnoGreen is not only developing products but also shaping a future where technology and sustainability coexist seamlessly.</p>
<p>Thyrocare, a diagnostics platform owned by PharmEasy, is set to acquire Think Health Diagnostics, based in Chennai to expand its services. The acquisition, facilitated through a share swap agreement, aims to bolster Thyrocare's offerings, particularly in providing ECG services at home and accessing the insurance segment. </p> <p>With Think Health Diagnostics operating in 10 cities nationwide, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kanpur, and Mumbai, Thyrocare anticipates a significant boost to its phlebotomy network. This consolidation will see over 100 trained phlebotomists joining Thyrocare's existing network of 900+ blood-collection phlebotomists.</p> <p>Karkavel, CEO and director of Think Health Diagnostics, expressed optimism about the acquisition, emphasizing the combined entity's commitment to enhancing healthcare services and reaching a broader patient base.</p> <p>Thyrocare boasts a long-standing reputation as one of India's oldest diagnostic laboratories, having secured prestigious quality accreditations such as ISO 9001:2015, NABL, and CAP. Operating across 2,000+ cities nationally and internationally, Thyrocare's test profile menu is widely utilized by numerous laboratories and hospital brands.</p> <p>Thyrocare's acquisition of Think Health Diagnostics is expected to positively influence PharmEasy unlisted share price in unlisted markets. The move signifies a strategic expansion of PharmEasy's healthcare offerings, aligning with its long-term growth objectives. By integrating Think Health Diagnostics' services, including ECG services at home, PharmEasy aims to diversify its portfolio and enhance its value proposition to customers. This strategic alignment could foster increased investor confidence in PharmEasy's growth trajectory, potentially reflecting in a higher share price.</p> <p>Furthermore, the acquisition is likely to bolster PharmEasy's market perception among investors. Seen as a forward-thinking move, the acquisition demonstrates PharmEasy's commitment to strengthening its presence in the diagnostics segment. Investors may interpret this strategic maneuver as indicative of PharmEasy's proactive approach to capturing emerging opportunities in the healthcare market. Consequently, the positive market sentiment generated by the acquisition could contribute to an upward trajectory in PharmEasy's share price in unlisted markets.</p> <p>Overall, the acquisition of Think Health Diagnostics by Thyrocare represents a strategic move by PharmEasy to expand its foothold in the healthcare market. Against the backdrop of a rapidly evolving industry landscape, characterized by growing demand for digital health solutions, PharmEasy's strategic initiatives position it well for future growth and value creation. Investors may perceive these developments favorably, resulting in a positive impact on PharmEasy's share price in unlisted markets.</p>
<p>The largest floating solar power plant in Kerala has been successfully commissioned by Power Minister M M Mani on the Banasura Sagar reservoir at Padinjarethara in Wayanad, in what can be considered as a "significant" development.</p> <p>The Kerala State Electricity Board (KSEB) reveals that the floating solar power plant, which costed approximately Rs 9.25 crore, actually consists of 1,938 solar panels that have been installed on 18 ferro cement floaters with hollow insides only. These floaters are currently floating onto 6,000 square meters of the reservoir's water surface, making the solar plant possess a capacity of 500 kWp (kilowatt peak). Moreover, the comprehensive system includes a staggering 17 inverters, a supervisory control and data acquisition (SCADA) system, as well as an anchoringbsystem.</p> <p>The Thiruvananthapuram-based Adtech Systems Limited implemented the project, providing the additional benefit of two years "free" maintenance, which could significantly impact the overall cost of the project. The plant is expected to transmit an astonishing 7.5 lakh units of power to the KSEB's Padinjarathara substation.</p> <p>During the inauguration, Minister Mani emphasized the importance of exploring renewable energy sources such as this, placing emphasis on the state's insufficient current production of only 30 percent of its power requirements while necessitating the reduction of dependence on other states for a total of 70 percent of energy. Surprisingly, despite this immense downside, the government remains shockingly optimistic about avoiding power cuts in the upcoming summer season.</p> <p>The successful commissioning of Kerala's largest floating solar power plant represents a noteworthy stride in the state's pursuit of sustainable energy solutions. With a capacity of 500 kWp and an investment of Rs 9.25 crore, this initiative underscores the commitment to harnessing renewable resources.</p> <p>The deployment of 1,938 solar panels on 18 specially designed ferro cement floaters demonstrates a pragmatic approach to utilizing water bodies for solar energy generation. The unique design not only maximizes solar exposure but also showcases innovative engineering in the form of hollow-inside floaters.</p>
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