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Mahanagar Gas expects to spend Rs 950 crore in FY25: MD Ashu Shinghal

Money ControlMoney Control · 1y ago
Mahanagar Gas expects to spend Rs 950 crore in FY25: MD Ashu Shinghal
Medial

Mahanagar Gas Limited (MGL) plans to spend approximately Rs 950 crore in FY25 to enhance its infrastructure, including the construction of around 50 CNG pumps. The company aims to expand its geographical reach in Maharashtra and Karnataka after acquiring Unison Enviro Private Limited. MGL is also focusing on clean energy initiatives and is involved in partnerships for compressed biogas, liquefied natural gas stations, and electric vehicles. The FY25 capex will be funded through internal accruals. Despite scrutiny from the Petroleum and Natural Gas Regulatory Board, MGL has surpassed the targets for domestic PNG connections. The company is currently seeking an extension of its infrastructure exclusivity in Mumbai.

New-Age Tech Stocks Rally This Week, Nykaa Emerges As The Biggest Winner

Inc42Inc42 · 1y ago
New-Age Tech Stocks Rally This Week, Nykaa Emerges As The Biggest Winner
Medial

Nifty50 and Sensex both experienced modest gains, closing at 22,096.75 and 72,831.94 respectively. Thirteen out of nineteen new-age tech stocks covered by Inc42 saw gains, with Nykaa being the top performer. Paytm also saw a strong uptrend, gaining 8.5% on the BSE. Zomato, Yatra, PB Fintech, Delhivery, Nazara, and DroneAcharya were among other gainers. Zaggle was the biggest loser. The market rallied in the last two trading sessions due to no change in interest rates by the US and UK central banks. Siddhartha Khemka of Motilal Oswal expects volatility next week and Vinod Nair of Geojit Financial Services noted concern regarding inflated valuations of mid and small-cap stocks. Zomato's stock rallied amidst the launch of its "Pure Veg Fleet," although the decision to introduce a new delivery fleet designated for vegetarian orders was reversed following backlash. Jefferies included Zomato as one of its "top picks" for the next five years, projecting a 2.5x upside in the company's share price by 2029. PB Fintech announced plans to enter the payment aggregation business through a wholly-owned subsidiary. Nykaa's stock rallied almost 9% after a recent period of muted market performance. HSBC considers Nykaa shares attractive after a 12% drop this year and retains its price target of INR 240 on the stock, implying a 47% upside.

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas

EntrackrEntrackr · 6d ago
3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas
Medial

3ev Industries raises Rs 120 Cr in Series A led by Mahanagar Gas Electric vehicle (EV) OEM company 3ev Industries has raised Rs 120 crore in Series A funding round led by Mahanagar Gas. The round also witnessed participation from Equentis Angel Fund and Thackersey Group. MGL committed Rs 96 crore as the lead investor, while other participants included the Thackersey Group with Rs 10.46 crore and Equentis with Rs 8.15 crore. Additional contributions came from a group of HNIs, UHNIs, and family offices amounting to Rs 4.82 crore. The proceeds will be utilized to expand its manufacturing capabilities, powering the launch of its pioneering 3C division (charging, care & conversions), and accelerate advancements in supply chain integration and research across regenerative braking systems, advanced materials, and solar-enabled cold chain EV technologies, 3ev Industries said in a press release. Co-founded in 2019 by Peter Hartmut and CG Krishna Bhupathi, 3ev Industries is a Bengaluru-based electric vehicle OEM focused on delivering affordable, reliable, and scalable mobility solutions for India’s growing last-mile and urban transport needs. Alongside its Battery-as-a-Service (BaaS) platform, it integrates manufacturing, financing, and aftermarket support to make EV adoption seamless for customers. As per market research, the urban mobility segment is projected to grow at a 19.5% CAGR, reaching $18.7 billion by 2035 and achieving over 60% penetration in total three-wheeler sales. "This investment initiated in FY25 marked a defining milestone for 3ev Industries. With this funding, we have strengthened our build quality, after-market capability and tailored financing solutions that make EV adoption seamless for our customers. Our mission has always been to transform last-mile connectivity with sustainable mobility through an Ecosystem approach, and this partnership gave us the resources and strategic support to target that,” said Peter Voelkner, MD, 3ev. 3ev has demonstrated traction through the receipt of this funding, nearly doubling vehicle sales from 438 in FY24 to a projected 834 in FY25, with revenues rising from Rs 17.8 crore in FY24 to Rs 54.7 crore in FY25. By FY26, the company targets a revenue of Rs 65 crore with a positive EBITDA margin.

Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday

Money ControlMoney Control · 1y ago
Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday
Medial

- Welspun Enterprises declared L1 bidder for a project worth Rs 1,989.9 crore by BMC. - IDFC First Bank approves merger with IDFC, appoints V Vaidyanathan as MD & CEO. - Dr Reddy’s Laboratories invests $620 million in its Swiss subsidiary. - Zomato's Chief People Officer, Akriti Chopra, resigns. - Punjab National Bank raises Rs 5,000 crore via QIP. - ICICI Prudential Life Insurance receives order demanding tax of Rs 361.23 crore. - BSE revises transaction charges for Sensex and Bankex Options. - Apollo Hospitals approves allotment of CCPS shares to Advent affiliate. - Bharat Electronics receives approval for joint venture with Israel Aerospace Industries. - Tata Chemicals appoints Subodh Srivastav as Chief Marketing Officer. - Adani Enterprises acquires 74% stake in Cococart Ventures. - Adani Energy Solutions carves out Adani Dahanu Thermal Power Station. - LTIMindtree partners with Currys for re-platforming and implementation of Salesforce solutions. - IndusInd Bank re-appoints Sumant Kathpalia as Managing Director & CEO. - Mangalore Chemicals and Fertilizers resumes production at ammonia and urea plants. - Mahanagar Gas sees reduction in stake by LIC. - Asian Energy Services receives contract worth Rs 82 crore from Oil India. - Piramal Pharma receives Establishment Inspection Report for its Ahmedabad facility. - Jubilant Pharmova receives OAI classification for its Canadian facility. - Biocon receives four observations for its API facility in Bengaluru. - Lupin receives observations for its Pithampur Unit-1 facility. - MPS appoints Prarthana Agarwal as Chief Financial Officer. - Tata Motors holds groundbreaking ceremony for new manufacturing facility in Tamil Nadu. - Reliance Infrastructure wins arbitration award against Damodar Valley Corporation. - Sterling and Wilson Renewable Energy witnesses stake sale by promoters and acquisition by institutional investors. - Shivalik Bimetal Controls sees stake sale by promoters and acquisition by mutual funds. - Nuvama Wealth Management witnesses stake sale by investors and acquisition by global investors. - Entero Healthcare Solutions sees stake sale by Prasid Uno Family Trust and acquisition by stichting depositary. - Amrutanjan Health Care witnesses stake sale by promoter Nageswaramma Private Trust. - Results today: Northern Arc Capital. - Mainboard listing today: Manba Finance. - Ex-dividend: ADS Diagnostic.

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