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Mint
4 minutes ago
- Business
- Mint
Sri Lotus Developers IPO Day 1: Check GMP, issue details, review. Apply or not?
Sri Lotus Developers IPO: The initial public offering of Sri Lotus Developers, a real estate firm backed by Bollywood celebrities and prominent investor Ashish Kacholia, will open for subscription on Wednesday, July 30, and will close on Friday, August 1. The Sri Lotus Developers IPO price band has been established at ₹ 140-150 per share. On Tuesday, July 29, the company secured ₹ 237 crore from institutional investors in advance of its IPO opening for subscriptions. Among those who received shares in the anchor round are Tata Mutual Fund (MF), Mahindra Manulife MF, Nippon India MF, Nuvama Asset Management, HSBC MF, SBI MF, Citigroup Global Markets Mauritius, Nomura Singapore Ltd, and Future Generali India Life Insurance Co. Ltd, as stated in a circular posted on BSE's website. According to the circular, the real estate company has issued 1.58 equity shares to 16 funds at ₹ 150 each, bringing the total fundraising to ₹ 237 crore. The company, promoted by Anand Kamalnayan Pandit, specializes in real estate development, focusing on the construction of both residential and commercial properties in Mumbai, Maharashtra, particularly in ultra-luxury and luxury redevelopment projects in the western suburbs. As of June 30, 2025, the company has finished several projects, with 5 ongoing and 11 planned for the future. Subscription for the public issue will open at 10:00 IST during Wednesday's deals. Rajan Shinde, Research Analyst of Mehta Equities Ltd stated that Sri Lotus Developers and Realty IPO offers investors an opportunity to invest in a Mumbai-based real estate developer focused on the high-growth ultra-luxury and luxury housing segment, with a strong presence in redevelopment projects. According to Shinde, operating within a fragmented and fiercely competitive market, the company distinguishes itself as a specialized ultra-luxury developer with significant profit margins, even as it enters at a premium valuation. The involvement of prominent investors and Bollywood figures in the pre-IPO placement increases visibility while raising expectations. 'Taking all aspects into account, we advise long-term investors looking for selective exposure to Mumbai's high-end real estate sector to 'SUBSCRIBE' to the Sri Lotus Developers and Realty Ltd IPO,' said Rajan Shinde. As per SBICAP Securities, the firm intends to increase its footprint in various micro-markets in the southern and central parts of Mumbai, including Nepean Sea Road, Prabhadevi, and the eastern suburbs like Ghatkopar. The company operates on an asset-light model, which contributes to a robust balance sheet and a net debt-free position. Among its competitors, SLDRL achieves the highest EBITDA and PAT margins for FY25. The brokerage advises investors to SUBSCRIBE to the IPO at the specified cut-off price. Sri Lotus Developers IPO consists entirely of a new issuance of shares valued at ₹ 792 crore, with no component for Offer For Sale (OFS). The funds raised from this new issuance will be allocated towards investments in its subsidiaries—Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Tryksha Real Estate Pvt Ltd—to partially finance the development and construction expenses of its ongoing projects, namely Amalfi, The Arcadian, and Varun. Additionally, a portion of the funds will be reserved for general corporate purposes. Monarch Networth Capital and Motilal Oswal Investment Advisors are serving as the lead managers for this public offering. Sri Lotus Developers IPO GMP today or grey market premium is +44. This indicates Sri Lotus Developers share price were trading at a premium of ₹ 44 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sri Lotus Developers share price was indicated at ₹ 194 apiece, which is 29.33% higher than the IPO price of ₹ 150. 'Grey market premium' indicates investors' readiness to pay more than the issue price. In December, Sri Lotus Developers secured over ₹ 407 crore by issuing 2.66 crore shares through private placement. Among the investors, Bollywood legend Amitabh Bachchan bought approximately 6.7 lakh shares for ₹ 10 crore, while the Shah Rukh Khan Family Trust obtained around 6.75 lakh shares for ₹ 10.1 crore. Ashish Kacholia acquired 33.33 lakh shares for ₹ 50 crore. Among the other prominent investors are Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor, and Jeetendra, also known as Ravi Amarnath Kapoor. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Business Recorder
4 days ago
- Automotive
- Business Recorder
Millat Group of Companies -A Role Model of Success
Introduction Millat Group is Pakistan's leading engineeringconcern in the automobile sector, with a historyspanning over half a century. It comprises fivekey entities: Millat Tractors Limited (MTL),Precision Engineering (MTL – Unit -2), MillatIndustrial Products Limited, Bolan CastingsLimited, and the trading arms TIPEG Intertradeand JLT. Today, the group manufactures internationallyreputed tractors, reliable Diesel Engines,efficient Diesel Generating Sets, and powerfulPrime Movers. Under license from Anhui Heli China, they also produce Forklift portfolio includes Agricultural Implements,precision Gears, durable Batteries and Cells, andessential Automotive Castings. Millat Group alsocustomizes products to meet specific customerrequirements. MillatGrouphasplayedapivotalroleintransferringtechnologyandtransformingPakistan's light engineering sector into a robust,quality-conscious auto vending industry. Theirimpact is clear: Millat Tractors holds over 50 market share, with its flagship MF-240 tractorsachieving over 90% indigenization. This achievementover six decades showcases Millat Group'scommitment to self-reliance. History The history of Millat Group begins with MillatTractors Limited (MTL). Established in 1964 asRana Tractors and Equipment, its initial goal wasto market Massey Ferguson (MF) tractors inPakistan through CBU imports from the UK. Anassembly plant set up in Karachi in 1964 assembledSKD imported tractors. In 1967, this plant wasrelocated to Lahore. Nationalization and New Beginnings In 1972, the company was nationalized underEconomic Reforms Orders and renamed 'MillatTractors Limited.' MTL then assembled andmarketed tractors for the Pakistan TractorCorporation (PTC), a government entity importingCKD tractors. Indigenization: A Milestone forPakistan's Auto Sector A major turning point came in 1980 when thegovernment decided to indigenize tractormanufacturing, entrusting this task to PTC. In1981, PTC transferred this vital role to 1982, MTL took a giant step towards self-relianceby setting up Pakistan's first engine assemblyplant. The company brought high-investment,high-precision manufacturing facilities in-housethat weren't available locally. In 1984, sophisticatedmanufacturing facilities for machiningintricate components were established, a firstfor Pakistan. Today, critical components likeengine blocks, sumps, cylinder heads, transmissioncases, axle housings, hydraulic lift covers,front axle supports, and central housings aresuccessfully machined in-house at MTL fromlocally sourced castings. Privatization: A Unique EmployeeBuyout In 1992, the company was privatized. In a uniquemove for Pakistan, employees joined forces andsuccessfully took over its management by winningan open bid. This employee buyout proved remarkablysuccessful, driven by their strong commitment. Copyright Business Recorder, 2025
Time of India
4 days ago
- Business
- Time of India
MF assets in Gujarat cross Rs 5L cr in June, biggest monthly rise on record
Ahmedabad: Mutual fund assets under management (AUM) in Gujarat crossed the Rs 5 lakh crore mark in June, with the state recording its highest-ever monthly increase in AUM. According to data by the Association of Mutual Funds in India (AMFI), overall, AUM in Gujarat rose to Rs 5.27 lakh crore — up by Rs 29,884 crore from Rs 4.97 lakh crore in May. This is the sharpest ever growth in MF AUMs in a month, according to AMFI. It was led by equity-oriented schemes, which accounted for Rs 3.36 lakh crore of the total. Debt funds contributed Rs 81,182 crore, while liquid funds stood at Rs 63,886 crore. Gold exchange-traded funds (ETFs) also comprised Rs 931 crore in the overall corpus. Experts attribute the rise in MF assets to improved investor sentiment, strong stock market performance, and a favourable near-term outlook. "While SIPs continue to bring in steady contributions, many investors are also booking profits in the direct equity market and reallocating to mutual funds for better diversification," said Jayesh Vithalani, an Ahmedabad-based financial consultant. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad According to industry players, the MF industry also saw broad-based growth in June across investor accounts, SIP contributions, new folios, and product offerings. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eine zielgerichtete Strategie für Ihre finanzielle Zukunft eToro Click Here Undo "Nationally, the sector added several new investors and opened lakhs of fresh folios, an indication of rising financial awareness and trust in mutual fund products across urban and semi-urban markets," said a source privy to the development. NFO activity picked up momentum in June, indicating healthy demand for new themes and strategies. Sector-specific and passive investment products continued to draw interest, as did hybrid and multi-asset funds. With Gujarat among the top contributors to mutual fund growth, market participants expect the trend to remain strong in the coming quarters — supported by sustained retail participation, SIP inflows, and the ongoing shift towards financial assets. Overall inflows in Q1 in Gujarat | Month | MF AUM (Rs Lakh Cr) | Difference (Rs Cr) | |-------|---------------------|--------------------| | June | 5.27 | 29,884.27 | | May | 4.97 | 17,208.30 | | April | 4.80 | 16,605.97 | Source: AMFI
Time of India
6 days ago
- Business
- Time of India
The great Adani bet: Mutual funds & LIC are buying what GQG, FIIs are selling
Mutual funds are signaling growing acceptance of Adani stocks, emerging as net buyers in seven out of 10 Adani counters during the June quarter even as foreign institutional investors ( FIIs ) staged a broad-based retreat from the conglomerate's shares. On the other hand, India's largest domestic institutional investor LIC added 2 Adani stocks while US-based GQG Partners sold 3 of them. The contrasting moves by domestic and foreign money managers reflect how domestic investors are increasingly willing to bet on the recovery story while overseas investors remain cautious. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Relive the Bollywood 2025 moments that went viral Learn More Undo Mutual funds demonstrated their renewed confidence by raising stakes across multiple Adani entities. The most dramatic increase came in Adani Energy Solutions, where MF holding surged by 74 basis points to 3.19% in the June quarter from 2.45% in March. The buying spree extended to other key group companies. MFs increased their stake in Adani Green Energy by 50 basis points to 1.51%, while Adani Ports saw a 40 basis point jump to 5.42%. Adani Enterprises witnessed an 18 basis point increase to 2.67%, and Adani Power gained 12 basis points to reach 1.76%. Even cement majors under the Adani umbrella attracted MF interest, with Ambuja Cements seeing a 10 basis points increase to 7.91%. The only notable reduction came in ACC, where MF holding dropped by 222 basis points to 12.07%. Live Events LIC selectively adds cement assets Life Insurance Corporation of India (LIC) took a more selective approach, focusing primarily on the group's cement assets. LIC significantly boosted its stake in ACC by 142 basis points to 9.11% and raised its position in Ambuja Cements by 125 basis points to 6.80%. However, the state-owned insurer trimmed its holding in Adani Green Energy marginally by 4 basis points to 1.32%, while maintaining unchanged positions in other group companies. GQG stages strategic exit In contrast to domestic buying, Rajiv Jain-led GQG Partners did a strategic reduction in Adani exposure. The US-based investment firm sold stakes in Adani Green Energy, reducing its holding by 13 basis points to 4.36%, and pared its position in Adani Power by 4 basis points to 5.06%. Most notably, GQG's name disappeared entirely from Ambuja Cements' shareholder list, where it previously held a 1.42% stake in March. The firm either sold its complete holding or saw its stake fall below the 1% disclosure threshold required for regulatory filings. GQG maintained static positions in Adani Energy Solutions at 5.23% and Adani Enterprises at 3.84%, while marginally increasing its Adani Ports holding by 3 basis points to 3.96%. Also Read | Jefferies unleashes value hunt: 11 buy stocks including 3 Adani bets as India market hits stretched valuations FII exodus continues Foreign institutional investors maintained their bearish stance, reducing holdings in eight out of 10 Adani stocks. The heaviest selling was witnessed in Adani Energy Solutions, where FII stake dropped by 173 basis points to 15.85%, followed by Ambuja Cements with a 117 basis point decline to 7.43%. Adani Green Energy saw FII holding fall by 87 basis points to 11.58%, while other group companies including Adani Total Gas, ACC, and Adani Enterprises witnessed more modest reductions. The only bright spots for FII interest were Adani Ports, where holdings increased by 10 basis points to 13.53%, and Adani Power with a similar 10 basis point gain to 12.46%. The analysis excludes AWL Agri Business, formerly known as Adani Wilmar, as the Adani Group has exited the Fortune Oil maker, removing it from the conglomerate's portfolio of listed entities. What should investors do? The foreign selling spree may reflect broader market dynamics rather than company-specific concerns. GQG and other FIIs' stake reduction could stem from profit booking amid geopolitical uncertainty, valuation discomfort, and a sluggish earnings recovery across Indian markets. Adding credibility to the domestic buying thesis, Jefferies recently included two Adani stocks—Adani Energy Solutions and Adani Ports—in its list of 11 value picks. "Adani Energy Solutions is growing 3x+ faster than Power Grid (PGCIL) with 34% EBITDA CAGR in FY25-27E vs 9% for PGCIL. The stock is at a 79% discount to its Jan. 2023 peak 1-yr forward EV/EBITDA and valuation premium to PGCIL has reduced to 50% vs 991% in Jan. 2023," Jefferies noted, setting a price target of Rs 1,150 based on 15x EV/EBITDA FY27E. On Adani Ports, the brokerage estimates "16% FY25-28E EBITDA CAGR led by 14% FY25-28E CAGR in volumes with commissioning/stabilization of operations at new ports." The stock trades at 16.6x FY26E EV/EBITDA, similar to its long-term average and at a 38% discount to JSW Infrastructure . The conglomerate's financial muscle is evident in its aggressive fundraising drive. The apple-to-airport empire has already mobilized over $3.2 billion in the first six months of 2025, positioning itself to complete a massive $5 billion fundraising blitz by FY26. An additional $2 billion is planned for FY26 across Adani Green and Adani Enterprises. This capital raising frenzy supports Chairman Gautam Adani's most ambitious expansion blueprint. "The Adani Group plans to invest a record USD 15-20 billion across businesses over the next five years to chart out the next phase of growth," Adani declared at last month's AGM, highlighting the conglomerate's "strong balance sheet and robust business to shrug off relentless scrutiny it faces." The group's financial metrics support this confidence. In FY25, the conglomerate's combined profit after tax surged to an all-time high of Rs 40,565 crore, while EBITDA scaled to Rs 89,806 crore, up 8.2% year-on-year. High profit growth has driven leverage reduction, with portfolio-level net debt to EBITDA falling from 3.8x in FY19 to 2.6x currently. Also Read | Adani Group to invest $15-20 bn across businesses over next 5 yrs: Gautam Adani (Data: Ritesh Presswala) ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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Business Standard
6 days ago
- Business
- Business Standard
Brigade Hotel Ventures IPO opens today; GMP up 9%; should you subscribe?
Brigade Hotel Ventures IPO opens for public subscritpion: Hotels chain operator Brigade Hotel Ventures is set to launch its initial public offering (IPO) today, July 24, 2025. At the upper end, the company seeks to raise ₹759.60 crore from the public issue, which comprises an entirely fresh issue of 84.4 million equity shares. Brigade Hotel Ventures has announced that it has already raised ₹324.72 crore from the anchor investors on the bidding concluded on July 23. The anchor book saw participation from investors, including SBI Mutual Fund (MF), 360 One MF, Axis MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Nuvama MF. The brokerages remain optimistic on the public offering of Brigade Hotel Ventures for the long-term investment outlook, citing the company's expansion and improving financial performance. Here are the key details of Brigade Hotel Ventures IPO: Brigade Hotel Ventures IPO price band, lot size Brigade Hotel Ventures IPO is being offered at a price band of ₹85–90 per share, and a lot size of 166 shares. Thus, the investors can bid for a minimum of 166 shares and in multiples thereof. A retail investor would require ₹14,940 to bid for one lot or 166 shares of Brigade Hotel Ventures IPO. A retail investor can, however, bid for a maximum of 13 lots or 2,158 shares of Brigade Hotel Ventures IPO with an investment of ₹1,94,220. Brigade Hotel Ventures IPO grey market premium (GMP) The unlisted shares of Brigade Hotel Ventures were commanding a decent premium in the grey markets ahead of the opening of their public issue on Thursday. Sources tracking unofficial market activity revealed that Brigade Hotel Ventures shares were trading at ₹98 apiece, reflecting a grey market premium (GMP) of ₹8 or 8.89 per cent over the upper price band of ₹90. Brigade Hotel Ventures IPO timelines The three-day subscription window to bid for the Brigade Hotel Ventures IPO is likely to close on Monday, July 28, 2025. Following that, the basis of allotment of Brigade Hotel Ventures IPO shares is expected to be finalised on Tuesday, July 29, 2025, and shares will be credited to successful allottees' demat accounts on Wednesday, July 30, 2025. Shares of Brigade Hotel Ventures are set to make their D-Street debut tentatively on Thursday, July 31, 2025. Brigade Hotel Ventures IPO registrar, lead manager Kfin Technologies serves as the registrar for the Brigade Hotel Ventures IPO, while JM Financial is the sole book-running lead manager for the issue. Brigade Hotel Ventures IPO objectives The company proposes to utilise the proceeds from the public issue for the repayment or prepayment, either in full or in part, of certain outstanding borrowings availed by the company and its material subsidiary, SRP Prosperita Hotel Ventures Limited. A portion of the proceeds will also be used for the payment of consideration towards the purchase of an undivided share of land from the Promoter, BEL. Additionally, the funds will support the company's inorganic growth plans through potential unidentified acquisitions and other strategic initiatives. The remaining proceeds will be allocated towards general corporate purposes. Should you subscribe to Brigade Hotel Ventures IPO? Canara Bank Securities – Subscribe for long-term Analysts at Canara Bank Securities have recommended that investors bid for the Brigade Hotel Ventures IPO with a long-term outlook. "Its high occupancy, strategic alliances with global hotel chains, strong brand equity, and premium location focus enhance its long-term prospects." Brigade Hotel Ventures IPO is valued at a steep P/E of 125x and P/B of 32.26x (FY25), which the analysts said is well above the industry averages of 92.53x and 4.95x respectively. "We recommend a Subscribe rating only for well-informed investors with a long-term outlook, given the company's aggressive expansion, improving financial performance, and strategic advantage in high-growth hospitality corridors," wrote the analysts in their report. SBI Securities – Subscribe for long term Brokerage firm SBI Securities has also recommended investors to subscribe to the issue at the cut-off price for the long term. The brokerage, in its report, highlighted that the company has demonstrated strong financial growth, with a CAGR of 15.6 per cent in revenue, 30 per cent in Ebitda, and 73.2 per cent in PAT over FY23–FY25. However, it also noted that the company has a negative Reserves & Surplus of ₹196 crore as of March 2025, owing to accumulated losses in the past. "Out of the total IPO proceeds of ₹760 crore, BHVL will utilise approximately ₹468 crore towards debt repayment, which will lead to a reduction in the debt-to-equity ratio to below 1.0x from the current 7.1x, and an improvement in profitability as interest cost savings of ₹45 crore will flow through the P&L. Going forward, trends in occupancy levels and average room rates (ARR) of the company will be key monitorables," said the brokerage in its report. "At the upper price band of ₹90, BHVL is valued at a FY25 EV/Ebitda of 19.8x. We recommend subscribing at the cut-off price for the long term." About Brigade Hotel Ventures Brigade Hotel Ventures Limited is an owner and developer of hotels in key Indian cities, with a primary focus on South India. The company is the second-largest owner of chain-affiliated hotels and hotel rooms in South India—including the states of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, and the Union Territories of Lakshadweep, Andaman and Nicobar Islands, and Puducherry—among major private hotel asset owners (defined as investors owning at least 500 rooms across India).
