Business News: January-November gold imports figure revised to 664 tonnes vs earlier release of 796 tonnes

U.S. initial jobless claims for the week ended January 4 at 2.01 lk vs 2.11 lk in the previous week

The initial public offer of Capital Infra Trust, an infrastructure investment trust (InvIT), received 78 per cent subscription on Wednesday, the second day of bidding.

The issue got bids for 6,85,74,750 units against 8,83,83,750 units on offer, as per data available on the stock exchanges.

Dr Agarwal's Health Care, Casagrand Premier Builder, Highway Infrastructure and Regreen-Excel EPC India have received markets regulator Sebi's clearance to raise funds through initial public offering.

These four firms, which had filed their preliminary papers with the markets watchdog between September and October, obtained observation letters in December last year, an update with the Securities and Exchange Board of India (Sebi) on Wednesday showed.

Standard Glass IPO concluded with 182.57 times subscription on the final day of offer on 8th January.

The initial public offer got bids for 380 crore shares against 2.08 crore shares on offer, according to data available with the NSE. Details here.

Retail sales of JLR in Q3 Down 3% YoY At 1.06 Lk Units

Wholesales Up 3% YoY At 1.04 Lk Units

MOIL gets penalty order of Rs 16.77 crore for excess production at Tirodi Mine during 1993-94 to 1995-96 & 2006-07 to 2008-09

The Rs 290-crore Quadrant Future Tek IPO saw a massive 43.19 times subscription so far on Day 2 (January 8).

The IPO received bids for around 25.04 crore equity shares, as against the offer size of 58 lakh shares, the subscription data on NSE showed.

More here.

BHEL Commissions Two Units Of 6X170 MW Punatsangchhu-II Hydroelectric Project (PHEP-II) in Bhutan

Afcons Infrastructure gets Letter of Intent (#LoI) for project worth Rs 1,084.54 crore from Defence Research and Development Organisation (DRDO)

NSE to expand co-location facility at NSEIL premises

Net Profit At Rs 55 Cr Vs Rs 15.6 Cr (YoY)

Revenue up 51.5% At Rs 559.4 Cr Vs Rs 369.3 Cr (YoY)

EBITDA At Rs 84.8 Cr Vs Rs 35.6 Cr (YoY)

Margin At 15.2% Vs 9.6% (YoY)

India has made an unprecedented revision to its November gold import estimates, cutting them by a massive $5 billion. According to government data released on Wednesday, the country's gold imports in November totaled $9.84 billion, far below the preliminary estimate of $14.8 billion, which was published last month. The revised figures were compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS).

Kalyan Jewellers has expressed confidence in maintaining its current growth trajectory, attributing its strong performance in Q3 to robust festive demand. Speaking to CNBC-TV18, the company stated that it does not foresee any changes in its growth trend going forward.

Looking ahead, Kalyan Jewellers announced ambitious plans to expand its footprint both domestically and internationally. The jewellery retailer aims to open 180 new showrooms across India and overseas markets by the financial year 2026.

Kotak Institutional Equities has initiated coverage on Waaree Energies Ltd with a sell rating and kept a target price of Rs 2550 a share, down 7 percent from its current market price due to elevated valuations.

Kotak’s price target for Waaree Energies reflects a strong growth outlook, with expectations of a 12% CAGR in module capacity, reaching 40 GW/32 GW by 2035. This growth is supported by a 14% volume CAGR in module sales, driven by capacity expansion and 70%+ utilisation rates. Waaree’s EBITDA margins are projected to stabilise at 19.4% by FY2035, with a cost of equity at 13% and WACC at 12.6%. The terminal value is pegged at 2x the FY2035E book value, in line with Chinese peers. Read here

TARC Limited has posted an exceptional operational performance for the third quarter of FY2025, recording presales of Rs 1,165 crore and maintaining its consistent growth trajectory. The company’s strong performance for the quarter builds on a remarkable year, with total presales for the first nine months of FY2025 reaching Rs 2,487 crore, representing an impressive six-fold year-on-year increase.

In addition to strong presales, TARC reported customer collections of Rs 181 crore for Q3 FY2025, bringing the total collections for the first three quarters of the fiscal year to Rs 371 crore.

Route Mobile has partnered with PT MRT Jakarta to introduce an innovative ticketing system that leverages WhatsApp, enabling users to purchase tickets through vending machines and via email.

Among oil marketing companies (OMCs), Jefferies prefers BPCL for its growth potential. However, the brokerage has maintained an underperform call on city gas distribution companies (CGDs), citing less attractive prospects for the sector.

The brokerage has maintained GAIL on its preferred list, noting healthy volume growth and the likelihood of a re-rating following potential tariff hikes, which could further boost the company's prospects.

Jefferies remains bullish on ONGC, citing production growth and pricing reform as key factors driving improved profitability in FY26. The company’s strong performance, coupled with its current cheap valuation, makes it an appealing choice for investors.

Standard Glass Lining’s client base includes 30 companies from the NSE 500 index, highlighting its strong market presence. Over the past decade, the company has supplied more than 11,000 products, cementing its position as the fastest-growing player in its industry.

The book-running lead managers for the IPO are IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited, with KFin Technologies Limited acting as the registrar of the issue.

Standard Glass Lining Technology is a leading player in designing, engineering, manufacturing, and installing solutions for the pharmaceutical and chemical industries. The company specializes in core equipment used in manufacturing processes, including Reaction Systems, Storage, Separation, Drying Systems, and more. According to an F&S Report, Standard Glass Lining ranks among the top three manufacturers of glass-lined, stainless steel, and nickel alloy-based specialized engineering equipment in India as of FY24.

It is also a leading supplier of polytetrafluoroethylene (PTFE) lined pipelines and fittings. The company operates across eight manufacturing facilities in Hyderabad, which is strategically located in India’s pharmaceutical hub, accounting for 40% of the country’s bulk drug production in FY24.

The company plans to utilize the proceeds from the IPO to fund a variety of business needs. Of the total amount raised, Rs 10 crore will be allocated to capital expenditure for machinery and equipment, while Rs 130 crore will go towards repaying outstanding borrowings of both the company and its subsidiary, S2 Engineering Industry Private Limited. The remaining funds will be directed towards strategic investments, acquisitions, and general corporate purposes.

Standard Glass Lining Technology has successfully raised Rs 123 crore from anchor investors as part of its initial public offering (IPO). The company allocated 87,86,809 shares at ₹140 per share to a mix of domestic and foreign institutions, including Amansa Holdings Private Ltd, Clarus Capital I, ICICI Prudential MF, Kotak Mahindra Trustee Co Ltd, Tata MF, Motilal Oswal MF, and Massachusetts Institute of Technology among others.

HSBC has issued a Buy recommendation on Bharti Airtel, setting a target price of Rs 1,940 per share, citing an optimistic outlook for the company’s financials. The brokerage expects dividends to rise by 114% year-on-year, reaching Rs 17 per share in FY25, driven by an improving free cash flow (FCF) outlook.

HSBC also forecasts significant growth in dividends, estimating that dividend per share could quadruple over the next three years, reaching Rs 34 per share by FY27. The estimates for FY25-27 are 28-45% higher than consensus, indicating strong potential for cash returns to shareholders.

The firm highlights that Bharti Airtel’s growth drivers remain intact, with mobile ARPU (average revenue per user) rising, home broadband subscriber base expanding, and FCF continuing to grow. However, HSBC also notes that cash flow requirements at the promoter entity are increasing, which could influence future capital allocation.

Bernstein has upgraded Reliance Industries to an Outperform rating with a target price of Rs 1,520 per share, citing an expected recovery cycle for the company in 2025. The investment firm anticipates a 12% increase in Jio’s ARPU (average revenue per user) without any tariff hikes, alongside a 4-5% growth in subscribers.

Bernstein also expects retail operations to return to double-digit EBITDA growth. The GRM (Gross Refining Margin) is projected to improve after a decline from $9 per barrel in FY24, and earnings growth is expected to be led by telecom and retail, with a rebound in refining margins.

Despite recent challenges, Bernstein notes that Reliance’s valuations are currently at a 3-year low, making the risk-reward outlook increasingly attractive for investors.

Meanwhile, the Rs 290-crore IPO of Quadrant Future Tek also garnered strong interest, especially from retail investors. By the end of Day 1 (January 7), the IPO was subscribed 15.84 times, with 9.18 crore bids received for the 58 lakh shares on offer.

Investor subscription data:

Retail Investors: Subscribed 54.72 times

NIIs: Subscribed 21.49 times

QIBs: Muted response with a 5% subscription

Priced in the range of Rs 275-290 per share, the IPO is open for subscription until January 9. Retail investors can bid for a minimum of 50 shares, requiring an investment of Rs 14,500.

In the grey market, Quadrant Future Tek shares are trading at a premium of Rs 490, representing a 69% gain over the upper price band. The shares are expected to list on exchanges on January 14.

The company earlier raised Rs 123 crore from anchor investors. Priced in the range of Rs 133-140 per share, the IPO will close on January 8.

Market observers tracking the grey market premium (GMP) indicate significant listing gains. The shares are commanding a GMP of Rs 93, reflecting a 66% premium over the issue price.

The IPO consists of a fresh issue of equity shares worth Rs 210 crore and an offer for sale (OFS) of up to 1.42 crore equity shares. Proceeds from the fresh issue will be allocated towards:

Rs 10 crore: Capital expenditure

Rs 130 crore: Repayment of loans for the company and its subsidiary, S2 Engineering Industry

Rs 30 crore: Capex investment in S2 Engineering Industry

Rs 20 crore: Strategic investments or acquisitions

Remaining funds: General corporate purposes

The initial public offering (IPO) of Standard Glass Lining Technology witnessed robust demand, with an overall subscription of 34.82 times by January 7. The IPO received 72.53 crore bids for the 2.08 crore shares on offer, according to stock exchange data.

Here’s how the investor categories performed:

Retail Individual Investors (RIIs): Subscribed 24.36 times

Non-Institutional Investors (NIIs): Subscribed 47.86 times

Qualified Institutional Buyers (QIBs): Subscribed 3.42 times

The company earlier raised Rs 123 crore from anchor investors. Priced in the range of Rs 133-140 per share, the IPO will close on January 8.