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Economic Times
2 days ago
- Business
- Economic Times
NSDL's Rs 4,012 crore IPO opens for subscription; GMP at 16%. Should you apply?
NSDL's IPO, an offer for sale of ₹4,012 crore, opens for subscription with a price band of ₹760-₹800 per share. Synopsis National Securities Depository Ltd (NSDL) launched its IPO on Wednesday, featuring an offer for sale of ₹4,012 crore. The IPO, priced between ₹760 and ₹800 per share, saw a 16% grey market premium ahead of its opening. The IPO of National Securities Depository Ltd (NSDL), India's first and largest depository, opened for subscription on Wednesday. The mainboard issue is entirely an offer for sale (OFS) worth Rs 4,012 crore by existing shareholders, with no fresh capital being raised. ADVERTISEMENT The IPO comprises 5.01 crore equity shares and will close on August 1. Investors can bid for a minimum of 18 equity shares and in multiples thereafter. NSDL will be listed on BSE, with listing likely on August 6. The price band for the IPO is fixed at Rs 760 to Rs 800 per share, and the grey market premium (GMP) stood at 16% ahead of opening. NSDL is a key market infrastructure institution and the first depository to begin operations in India after the Depositories Act, company offers depository services across asset classes, including equities, debt, mutual funds, REITs, InvITs, AIFs, and more. Its network covers over 99% of PIN codes in India, and its client base spans 186 countries. ADVERTISEMENT The depository operates on a robust annuity-like revenue model through annual issuer and transaction-based charges. ADVERTISEMENT In FY25, NSDL posted revenue of Rs 1,420 crore, a 12% rise over the previous year, while profit after tax rose 25% year-on-year to Rs 343 crore. Its EBITDA margin stood at 34.71%, reflecting strong operational company has also diversified its revenue streams through subsidiaries like NSDL Database Management Ltd (NDML) and NSDL Payments Bank Ltd (NPBL), venturing into e-governance, regulatory platforms, and digital banking. ADVERTISEMENT On valuation, NSDL is priced at a P/E of 46.62x and a P/B of 7.98x based on FY25 earnings. While its peer Central Depository Services (India) Ltd (CDSL) trades at a higher P/E of 60.43x and P/B of 18.08x, NSDL commands a larger share of demat assets and broader service have largely recommended a 'Subscribe' rating to the NSDL IPO for long-term investors. Anand Rathi and Canara Bank Securities cite NSDL's near-monopoly scale in the depository ecosystem, healthy financials, wide product coverage, and strategic relevance to India's capital market infrastructure as key positives. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
3 days ago
- Business
- Economic Times
Aditya Infotech IPO opens. Should you apply for the Rs 1,300 crore issue?
Aditya Infotech's Rs 1,300 crore IPO opened on July 29, offering 1.93 crore shares at Rs 640-675 each. Synopsis Aditya Infotech's Rs 1,300 crore IPO opened on July 29, with a price band of ₹640–675 per share, aiming to raise funds for working capital. The company, a leading value-added distributor for security surveillance and enterprise communication systems, has shown strong revenue and PAT growth. However, analysts advise caution due to high valuation and working capital intensity. The Rs 1,300 crore initial public offering (IPO) of Aditya Infotech opened for subscription today, July 29. The company, a technology solutions provider specializing in security surveillance and enterprise communication systems, has set a price band of ₹640–675 per share. The issue is entirely a fresh offer of 1.93 crore shares. It will close on July 31 and be listed on both the BSE and NSE. ADVERTISEMENT The grey market premium (GMP) for the IPO was hovering around Rs 40–45 at the time of opening, indicating mild listing gains. However, the final response will hinge on institutional investor demand and broader market Infotech is a leading value-added distributor (VAD) in India for electronic security equipment. The company partners with global brands like Dahua, Seagate, TP-Link, Panasonic, and others, distributing across 650+ cities with over 15,000 channel partners. Its portfolio includes video surveillance products, access control systems, and networking solutions—catering to government, corporates, and FY22 and FY24, the company's revenue grew at a CAGR of 24%, from Rs 2,090 crore to Rs 3,212 crore. PAT grew from Rs 102 crore in FY22 to Rs 210 crore in margins improved slightly from 9.6% to 10.7% over the same period. However, analysts note that the business remains working capital intensive and exposed to global supply chain risks. ADVERTISEMENT At the upper price band of Rs 675, Aditya Infotech is valued at a P/E of 36.2x on FY24 earnings, which is at a premium to industry peers like Redington and Ingram Micro. The IPO aims to raise funds primarily for working capital needs (Rs 600 crore), with the rest for general corporate purposes. Brokerage firm Bajaj Broking has rated the IPO as 'Subscribe with Caution'. While acknowledging the company's strong brand partnerships, consistent growth, and deep distribution network, the note flags its high valuation and moderate return ratios (RoE 22%, RoCE 20%) as concerns. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
7 days ago
- Business
- Economic Times
Bank of Baroda Q1 Results: PAT grows 2% YoY to Rs 4,541 crore, NII decline 1.4%
Bank of Baroda's Q1 profit rose marginally to ₹4,541 crore as NII dipped, while deposits and advances saw double-digit growth across domestic and international segments. Synopsis Bank of Baroda posted a modest 2% YoY rise in Q1 FY26 profit to ₹4,541 crore. Net interest income dipped 1.4%, impacted by tax refund reclassification. Deposits and advances, both domestic and international, grew strongly year-on-year. State-lender Bank of Baroda (BoB) on Friday reported a 2% growth in its Q1 standalone net profit to Rs 4,541 crore versus Rs 4,458 crore in the year-ago period. The company's net interest income (NII) stood at Rs 11,435 crore which was down 1.4% from Rs 11,600 crore reported in the corresponding quarter of the last financial year. ADVERTISEMENT The NII includes the impact of reclassification of interest on income tax refund, a company filing to the exchanges said. BoB's domestic deposits were reported at Rs 12.04 lakh crore, witnessing an 8% uptick over Rs 11.14 lakh crore in the year ago period. International Deposits were up from Rs 2.01 lakh crore in Q1FY25 to Rs 2.31 lakh crore in Q1FY26, recording a 15% growth. Total deposits stood at Rs 14.35 lakh crore, a 9% YoY uptick. Retail Advances were up 17% from Rs 2.22 lakh crore in Q1FY25 to Rs 2.61 lakh crore in Q1FY26. Domestic Gross Advances grew 12% to Rs 9.91 lakh crore from Rs 8.81 lakh crore in the year ago period. Total advances were 14% up YoY at Rs 2.15 lakh crore in the quarter under review. GNPA Ratio stood at 2.28% in Q1FY26, declining by 60 bps over 2.88% in the year ago period. The NNPA ratio stood at 0.60 in Q1FY26, declining 9 bps on a YoY Adequacy Ratio increased 79 bps YoY from 16.82% in Q1FY25 to Rs 17.61% in Q1FY26. ADVERTISEMENT The PSU bank's operating profit was reported at Rs 8,236 crore, a 15% growth over Rs 7,161 crore reported in the year ago Read: Cipla Q1 Results: Cons PAT rises 10% YoY to Rs 1,298 crore, revenue up 4% (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
7 days ago
- Business
- Economic Times
Ashish Kacholia-backed Shree Refrigerations IPO opens with 64% GMP. Check all details
Shree Refrigerations, a key HVAC and refrigeration systems supplier, is launching its Rs 117.32 crore IPO on Friday, drawing significant investor interest. Synopsis Shree Refrigerations is launching its IPO on Friday. The IPO size is Rs 117.32 crore. Ashish Kacholia and other marquee investors are backing the company. The IPO includes a fresh issue and an offer for sale. The company will use the funds for working capital. Shree Refrigerations specializes in HVAC and refrigeration systems. Shree Refrigerations, a key supplier of mission-critical HVAC and refrigeration systems to the Indian defence and industrial sectors, will open its Rs 117.32 crore IPO on Friday. The IPO, which has generated strong investor buzz with a grey market premium (GMP) of around 64%, is being closely tracked due to the presence of marquee investor Ashish Kacholia. ADVERTISEMENT According to latest shareholding data, Kacholia owns a 4.34% stake in the company. Other notable shareholders include Meru Investment Fund PCC Cell 1 (2.17%) and Maharashtra Defence and Aerospace Venture Fund (17.09%). Promoters currently hold 56.61% of the company. The IPO comprises a fresh issue of 75.61 lakh equity shares and an offer for sale (OFS) of 18.25 lakh shares, taking the total issue size to 93.86 lakh shares. The price band has been fixed at Rs 119 to Rs 125 per share, and investors can bid in lots of 1,000 shares. The allocation includes 26.73 lakh shares for anchor investors, 17.82 lakh for qualified institutional buyers (QIBs), at least 13.39 lakh for non-institutional investors (NIIs), and 31.22 lakh for retail investors. Narnolia Financial Services is the book-running lead manager and MUFG Intime India is the in 2006, Shree Refrigerations is known for building custom HVAC and refrigeration systems for sectors like defence, pharma, food processing, and chemicals. Its state-of-the-art facility in Karad, Maharashtra, is focused on precision manufacturing and in-house design. ADVERTISEMENT In FY25, the company reported revenue of Rs 98.73 crore, EBITDA of Rs 26.94 crore, and a profit after tax (PAT) of Rs 13.55 crore — reflecting strong margins and operational scalability. Management said the IPO proceeds will be used for working capital and general corporate by over four decades of legacy in India's industrial landscape and a marquee shareholder base, Shree Refrigerations' IPO is drawing attention from retail and institutional investors alike. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
25-07-2025
- Business
- Economic Times
RBI to conduct Rs 1.25 lakh-crore VRRR
The two day VRR operation was over-subscribed amid a temporary shortage of funds, which pushed call rates to 5.73% on Wednesday, 23 basis points above the repo rate. Synopsis Reserve Bank of India will conduct a variable rate reverse repo operation on Friday. The aim is to absorb ₹1.25 lakh crore from the market. This follows a recent injection of ₹50,000 crore into the banking system through a two-day variable rate repo. An overnight VRR operation was also conducted on Thursday. RBIVRRRbankingfundsrepo rate Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
