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Gainers & losers: Stocks and sectors that moved the most on October 7

Money ControlMoney Control · 1y ago
Gainers & losers: Stocks and sectors that moved the most on October 7
Medial

1. Nifty 50 and Sensex ended in the red for the sixth consecutive session. 2. Natco Pharma's stock rose 3.4% after settling a US patent case over generic Ozempic products. 3. AU Small Finance Bank reported healthy loan and deposit growth, resulting in a 1.7% increase in its stock. 4. NBCC's stock jumped 3% on the ex-bonus trading day, following the announcement of a 1:2 bonus issue. 5. JP Morgan upgraded LTIMindtree to 'overweight', with a 13% upside potential. 6. Mphasis also received an upgrade from JP Morgan, with a target price indicating a 19% upside. 7. Reliance Power's stock continued to decline, hitting the lower circuit for the third consecutive session. 8. Suzlon Energy extended its losses for the eighth straight session following an advisory letter from stock exchanges. 9. Vodafone Idea's shares dropped 6% after the DoT issued a notice for non-payment of bank guarantees. 10. Kalyan Jewellers' stock fell around 1% as investors booked profits after strong Q2 business updates.

Stock Radar: Dr Reddys, Mankind, Adani Total Gas, Aarti Drugs, BHEL, HFCL, Vodafone in focus on Monday

Money ControlMoney Control · 1y ago
Stock Radar: Dr Reddys, Mankind, Adani Total Gas, Aarti Drugs, BHEL, HFCL, Vodafone in focus on Monday
Medial

Here are some stocks to watch in today's trade: 1. HFCL has entered into a strategic partnership with General Atomics Aeronautical Systems, Inc. 2. Dreamfolks Services is addressing temporary disruptions in its services. 3. Sterling and Wilson Renewable Energy's CFO, Bahadur Dastoor, has resigned. 4. Ugro Capital has postponed its board meeting to September 24. 5. Vodafone Idea has concluded a $3.6 billion deal with Nokia, Ericsson, and Samsung. 6. ONGC Videsh has signed a non-associated gas deal in Azerbaijan. 7. Glenmark Pharmaceuticals' manufacturing facility passes USFDA inspection with no observations. 8. Ramco Cements has increased its cement grinding capacity. 9. Dr Reddy's Laboratories' R&D centre passes USFDA inspection with no observations. 10. HDFC Bank's subsidiary, HDB Financial Services, receives board approval for an IPO. 11. Bharat Forge and its subsidiaries enter share subscription agreements with Sunsure Energy. 12. Adani Total Gas secures financing from international lenders. 13. VA Tech Wabag received investment from Vanguard Total International Stock Index Fund. Please note that this is just a summary and does not constitute financial advice.

Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link

EntrackrEntrackr · 11m ago
Gensol’s crisis: stock slump, ICRA downgrade, and BluSmart link
Medial

A downgrade by ratings agency ICRA has sent the Gensol Engineering stock on a tailspin, with the stock falling over 40% in the past four days. Gensol Engineering, an Ahmedabad-based company engaged in solar EPC and EV leasing, had been a well-regarded firm in the sector, known for its solar EPC and O&M business. They have claimed that an electric car it developed and shared a prototype of at the recent Bharat Mobility Expo received over 30,000 pre-bookings. The promoters of Gensol also happen to be founders of BluSmart. Even in its Q3 results, the firm declared that total revenues increased 30% to Rs 345 crore from Rs 266 crore a year ago. However, a drop in profit after tax to Rs 6 crore versus Rs 17 crore a year back led to pressure on the stock price. The turmoil began when ICRA downgraded Gensol’s credit rating from BBB- (Stable) to D (Junk/Default), raising concerns over the company’s debt servicing and corporate governance practices. The rating agency claimed that documents shared by Gensol regarding its debt servicing were falsified, casting doubts on the company’s liquidity position. Additionally, ICRA highlighted a rise in the promoter’s pledge, which increased from 79.8% in September 2024 to 85.5% in February 2025. ICRA also noted BluSmart’s financial struggles, including delayed payments on its Non-Convertible Debentures (NCDs). Gensol’s promoters planned an equity infusion of Rs 244 crore in FY25 through preferential share warrants, of which Rs 140 crore has been invested. The remaining Rs 100 crore funding has been delayed by about a year. In response to the crisis, Gensol announced plans to reduce its debt by Rs 665 crore, comprising Rs 315 crore from the sale of approximately 3,000 EVs and Rs 350 crore from selling US operations of a wholly-owned subsidiary, Scorpius Trackers. The company’s current debt stands at Rs 1,146 crore after repaying approximately Rs 230 crore in the current financial year. Chairman and Managing Director Anmol Singh Jaggi appeared on business news channels after the credit downgrade, reassuring stakeholders of Gensol’s growth plans and expressing confidence in restoring its credit rating within three months. Meanwhile, the company faced leadership changes with CFO Ankit Jain resigning and Jabir Aga being reappointed. The turmoil places recent project wins, such as 520 MW in two separate projects at Khavda and a total of 500 MW of BESS projects from GUVNL, in the spotlight. Failure to resolve financial troubles could lead to project cancellations. With ratings at Default, Gensol currently cannot access financial institutions and must achieve an upgrade to start tapping funding lines.

Funding and acquisitions in Indian startups this week [20-25 May]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startups this week [20-25 May]
Medial

During the week, 24 Indian startups raised around $444 million in funding. These deals include 5 growth-stage deals and 14 early-stage deals. Meanwhile, two early-stage startups did not disclose the amount raised. Last week, about 26 early and growth-stage startups collectively raised around $240 million capital. [Growth-stage deals] Among the growth-stage deals, 5 startups raised $394.21 million in funding this week. Horizontal e-commerce major Flipkart led the list with $350 million infusion by Google. The list followed by financial services platform Navi which scooped $18 million in debt. Managed accommodation provider Stanza Living, rural financial services company Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week. [Early-stage deals] Subsequently, 14 early-stage startups scooped funding worth $49.6 million during the week. SaaS startup UnifyApps spearheaded the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality Single-Walled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies. The list of early-stage startups also includes five startups that kept the funding amount undisclosed: Collective Artists Network, 8chili, Agrilectric, Fix My Curls, and Infinx. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with five deals each followed by healthtech startups. The list further counts Agritech, AI, Biotech and Décor startups among others. [Series-wise deals] During the week, Seed funding deals led the list with 7 deals followed by 6 Series A deals while Debt, Pre-Series A, and Pre-Seed are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding surged 85% to $444 million as compared to around $239.7 million raised during the previous week. The average funding in the last eight weeks stands at around $262 million with 27 deals per week. [Key hirings and departure] Among key hirings, Mathew George has been appointed as CFO by Captain Fresh, CarDekho appointed Neelesh Talathi as CFO, while Anuj Rathi and Pratyusha Aggarwal have been appointed as the CEOs by ClearTrip and Flipkart’s Shopsy, respectively. Meanwhile, Rahul Chaudhary, Investor of Matrix Partners, has resigned from his position to start his own venture. Additionally, Rajnish Kumar and T V Mohan Das Pai are set to leave the advisory council of BYJU’s. [Fund launches] IVY Growth Associates has launched Arigato Capital, a SEBI-registered Category I AIF VC fund, targeting a corpus of Rs 250 crore. Finvolve has closed two maiden angel funds with a total corpus of Rs 100 crore, aiming to back 25-35 startups with an average investment of Rs25 lakh per startup. ThinKuvate has launched ThinKuvate India Fund – I with a total corpus of Rs 100 crore, focusing on tech startups with an initial investment of up to Rs 3 crore per startup. Databricks Ventures has launched Databricks AI Fund, focusing on AI startups. Caret Capital has launched Caret360 Accelerator Programme, offering selected startups up to Rs 3 crore in investment and mentoring. [M&A] CashFlo, a finance automation and payments platform, is set to acquire LogiTax, a tax compliance management solution provider. Meanwhile, Noise, backed by Bose, has acquired SocialBoat to develop AI for wearables. [ESOPs] Urban Company has announced its largest employee stock secondary sale worth Rs 203 crore, with 446 employees participating. The beneficiaries are between 23 and 56 years old, with 28% being women. Dharana Capital, Vy Capital, and Prosus will purchase these shares from former and current staff. This sale allows employees to liquidate their vested stocks, with around 784 employees having participated in five buybacks, liquidating ESOPs worth Rs 306 crore. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Upstox forays into insurance distribution [Financial results this week] MamEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24 Nykaa posts Rs 6,386 Cr revenue and Rs 40 Cr PAT in FY24 Paytm revenue grows 25% and nears Rs 10,000 Cr in FY24 Tracxn posts flat scale in FY24; profit declines 80% [News flash this week] Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans Pine Labs receives Singapore Court nod to shift base to India Go Digit makes entry into public market at 5% premium MamaEarth’s parent Honasa is the top ad violator of FY24 Dunzo’s key investor, Lightbox steps down from the board Paytm to halt postpaid loans, pauses small personal loans biz [Conclusion] The weekly funding surged 85% to $444 million majorly driven by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. The week saw five new fund launches namely IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Paytm has announced a pause on its small personal loans business, including its Postpaid portfolio, due to a decline in asset quality across the industry. Paytm Postpaid, initially a buy-now-pay-later product, was transitioned to personal loans in December 2023. Dunzo’s key investor, Lightbox, has stepped down from its board seat amid ongoing financial struggles. Lightbox was the third-largest shareholder in the company with 11% stake. The move leaves Dunzo without representation from any primary investors. Previous board exits in 2023 included representatives from Reliance Retail, Lightrock, and co-founders Dalvir Suri and Mukund Jha. The current board consists of cofounder and CEO Kabeer Biswas and STIC Investments’ Hongjim Kim. According to the Advertising Standards Council of India’s annual report for FY24, MamaEarth parent Honasa has emerged as the biggest advertising violator with 187 instances. Honasa’s other brands, including Dr. Sheth’s Skin and Hair Clinic, Aqualogica, The Derma Co., and Ayuga, also made the list. Other notable violators include unicorns like 1 MG’s HealthKart, FirstCry, Lenskart, Flipkart, and Myntra, as well as listed companies such as Nykaa, Zomato, Zoomcar, Netflix India, and Apple India. Le Travenues Technology Limited, operator of ixigo, has received SEBI approval for its IPO, aiming to raise Rs 120 crore through fresh issues and offering up to 66.7 million shares for sale. Go Digit received a modest market debut. The insurance tech company’s shares were listed at Rs 286 per share on NSE, a 5.1% premium over the issue price of INR 272. Meanwhile, Oyo withdrew its IPO plans and is now seeking $80-90 million funding at an 80% haircut in valuation. Additionally, Pine Labs has received approval from a Singapore court to move its domicile to India.

Funding and acquisitions in Indian startup this week [08 - 13 July]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [08 - 13 July]
Medial

This week, as many as 22 Indian startups raised around $116.26 million in funding. These deals count 4 growth-stage deals and 16 early-stage deals while 2 early-stage startups kept the transaction details undisclosed. During the previous week, 24 early and growth-stage startups cumulatively raised more than $270 million in funding. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $80 million in funding this week. Wealthtech platform Dezerv spearheaded with its $32 million Series B round. E-commerce roll-up brand Goat Brand Labs, B2B e-commerce firm Infra.Market, and higher education services platform CollegeDekho followed with $21 million, $18 million, and $9 million in funding, respectively. [Early-stage deals] Moreover, 16 early-stage startups secured funding worth $36.26 million during the week. Biotech brand Immuneel Therapeutics led the list followed by semiconductor startup iVP Semi, Marathi OTT platform Planet Marathi OTT, consumer electronics manufacturer Circuit House Technologies, and healthcare-focused fintech startup Care.fi. QSR chain House of Briyan, online real-estate broker Jugyah, and electronics renewal and refurbishment startup QarmaTek also raised funding among others. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with seven deals followed by Mumbai, Delhi-NCR, Ahmedabad, Thane, Chennai, and Ankleshwar among others. Segment-wise, e-commerce startups grabbed the top spot with three deals. Fintech, SaaS, AI, and Automotive tech startups followed this list among others. [Series-wise deals] During the week, Seed funding deals led the list with 10 deals followed by 3 debt and 3 Series A deals. Pre-Seed, pre-Series A, and Series B are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding declined 57% to $116.26 million as compared to around $270.3 million raised during the previous week. The average funding in the last eight weeks stands at around $381.54 million with 28 deals per week. [Fund launches] Anicut Capital announced the close of its maiden late-stage Equity Continuum fund at Rs 300 crore, aimed at supporting high-potential companies preparing for IPOs within the next 2-4 years. Former Premji Invest partner Atul Gupta, along with Rajesh Ramaiah and Pravan Malhotra, launched Trident Growth Partners (India) to invest in startups across various sectors such as consumer, financial services, enterprise software, technology, industrial, manufacturing, and healthcare. Additionally, former defense secretary Ajay Kumar introduced the MountTech Growth Fund, a Rs 250 crore fund targeting early-stage startups in the defense, aerospace, and deeptech sectors, which has secured SEBI approval and Rs 280 crore in subscriptions. Lastly, NABARD (NABVENTURES) launched the ‘Agri-SURE’ fund with an initial corpus of Rs 750 crore to support agritech startups, with contributions from NABARD, the Ministry of Agriculture, and other institutions. [Key hirings and departures] Zepto elevated Devendra Meel to Chief Business Officer, effective July 2024, to lead category management and brand partnerships. Petzzco appointed former cricketer Ravi Shastri as principal advisor and brand ambassador. Grip announced its expansion into fund management and portfolio management distribution services, with Founder Nikhil Agarwal transitioning to Group CEO to co-lead the EV management platform, Electrifi Mobility. Adrenalin eSystems appointed Sanjay Kamath as Senior Vice President and Business Head. In terms of departures, Medikabazaar’s cofounder Vivek Tiwari stepped down as CEO and took a board role, with the company undergoing a management restructuring and audit by PwC. Zoomcar’s global president Adarsh Menon resigned, following the termination of cofounder Greg Moran from the CEO position. [M&A] Google-backed edtech company Adda247 acquired the CA test preparation platform Ekagrata Eduserv. Fintech startup CASHe entered the insurance broking sector by acquiring Centcart Insurance Broking Services. Melooha acquired Bengaluru-based Munitalks to enhance its AI astrological offerings. Edtech platform Schoolnet acquired K-12 focused quiz-based learning app Genius Teacher in an all-stock deal. IT major Accenture acquired Bengaluru-based chip design startup Excelmax Technologies. Construction giant L&T is also acquiring a semiconductor design startup SiliConch Systems in exchange for Rs 183 crore. [Potential deals] Farm-to-fork firm Otipy is set to raise fresh capital in an extended series B round from new and existing investors. Generative AI startup Simplismart is preparing to raise a new round led by Accel. Despite the ‘funding winter’ in edtech, PhysicsWallah (PW) is close to securing a new large round. Goldman Sachs is reportedly looking to invest $30-50 Mn in Bengaluru-based SaaS provider MoEngage via a secondary deal. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Vidyut launches offline platform for pre-owned commercial EV sales and financing Wow Skin Science forays into the cosmetic category with the launch of ‘Color Cupid’ [Financial results this week] Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X Tata 1mg’s revenue nears Rs 2,000 Cr in FY24; losses down by 75% OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr [News flash this week] Blackbuck files DRHP; Accel to divest 24.2% of OFS Paytm received a nod from Govt. to invest Rs 50 Cr in Payment Services Menhood to raise Rs 19.5 Cr via IPO on NSE Emerge Invesco marks down valuations of IPO-bound Swiggy and Pine Labs [Conclusion] The weekly funding shrank nearly 57% to $116.26 million. This week saw four startup-focused fund launches by VC firms: Anicut Capital, Trident Growth Partners, MountTech Growth Fund, and NABVENTURES (Agri-SURE). Jaipur-based D2C men’s grooming brand Menhood is set to go public with an IPO on NSE Emerge, opening on July 16 and closing on July 19. The company, under its parent entity Macobs Technologies Limited, will issue 25,95,200 equity shares with a face value of Rs 10 each, priced between Rs 71-75 per share. At the upper end, Menhood aims to raise Rs 19.5 Cr. The IPO proceeds will fund the expansion of product offerings and enhance operational capabilities. In another significant development, Paytm has received approval from a government panel for its Rs 50 Cr investment in Paytm Payment Services. This clearance brings Paytm closer to obtaining the final approval from Finance Minister Nirmala Sitharaman. Once approved, Paytm will apply for an online payment aggregator license from the Reserve Bank of India. The panel, which includes representatives from the ministries of home, finance, and industries, as well as inputs from the foreign ministry, is responsible for reviewing investment proposals from neighboring countries. Meanwhile, US-based fund manager Invesco marked down the valuations of its portfolio startups, Swiggy and Pine Labs, at the end of April 2024. According to its half-yearly shareholder report filed with the SEC, Invesco valued its 1.77% stake in Swiggy at $219.2 million, translating to a $12.3 billion valuation for the foodtech company. This is a 3% decline from the previous $12.7 billion valuation but still 15% higher than the $10.7 billion valuation during Swiggy’s $700 million funding round in 2022. Meanwhile, Pine Labs was valued at $3.5 billion, down 8.5% from January 2024 and over 27% from December 2023. Online trucking platform Blackbuck has also filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The firm aims to raise Rs 550 crore through a fresh issue of equity shares and an offer for sale (OFS) of up to 2,16,09,022 equity shares. Accel plans to divest 24.2% of the total OFS, equating to 52,32,632 shares, while Quickroutes International, International Finance Corporation, and Tiger Global will offload 3,973,898, 3,973,898, and 1,711,962 shares, respectively. The fresh issue and OFS will have a face value of Re 1, with the price band and minimum lot size to be determined in consultation with the book-running lead managers.

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