 "NSE")
NSE launches EV index
Index provider NSE Indices on Thursday launched a new thematic index called Nifty EV & New Age Automotive index.
The 33-stock index will track the performance of companies which form a part of the electric vehicle (EV) ecosystem or are involved in the development of new age automotive vehicles or related technology.
Bajaj Auto, Tata Motors, Mahindra & Mahindra and Maruti Suzuki are top four components of the index. The base date for the index is April 02, 2018, and the base value is 1,000.
Hero FinCorp eyes Rs 4,000-crore fund raise via IPOHero FinCorp, the financial services arm of two-wheeler maker Hero MotoCorp, is planning a maiden share sale. The initial public offering (IPO) will comprise Rs 4,000 crore fresh fund raise and also an offer for sale.
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Hero MotoCorp owns close to 40 per cent stake in Hero FinCorp, promoter Munjal family holds another 35-40 per cent, while private equity investors Apollo Global and ChrysCapital also hold equity stakes.
Hero FinCorp mainly offers two-wheeler financing, leveraging 2,000 retail touchpoints of Hero MotoCorp. It also has a presence in affordable housing, education loan, and small and medium enterprise (SME) segments.
Awfis Space gains 9% on debut
Awfis Space Solutions, a flexible workspace solutions company, saw its shares gain 9 per cent over its issue price during their trading debut on Thursday.
Its shares rose as much as 18 per cent before giving up half of the gains amid a sell-off in the market. The stock closed at Rs 416, up Rs 33, or 8.6 per cent, over its issue price of Rs 383 on the NSE, where Rs 602 crore worth of shares changed hands.
Awfis’ Rs 471-crore IPO had seen nearly 100x subscription. At the last close, Awfis was valued at Rs 2,888 crore. As of December 31, 2023, the company had 169 centres across 16 cities, with 105,258 seats and a chargeable area of 5.33 million square feet.
TPG sells 5% stake in RR Kabel
Private equity firm TPG Asia on Thursday offloaded its entire 5 per cent stake in RR Kabel, a manufacturer of electric cables and wires. TPG sold 5.63 million shares at Rs 1,701.1 apiece to mop up Rs 958 crore. Among the buyers were Mirae Asset Mutual Fund, HDFC Life Insurance, Edelweiss MF and Jupiter India Fund. Shares of RR Kabel last closed at Rs 1,717.
Emami stock zooms 17%, hits 6-yr high
Shares of the personal care products company, Emami hit over a six-year high at Rs 611.8, zooming 17.28 per cent on the BSE in Thursday's trade in an otherwise weak market. This was led by management expectations that core brands would deliver a healthy all-round growth going forward, aided by recovery in rural segment, a strong summer and forecast of a good monsoon. In Q4FY24, Emami demonstrated resilience and achieved volume led profit growth. The company reported 7 per cent year-on-year (Y-o-Y) sales growth at Rs 819.20 crore. Domestic business grew 8 per cent, led by volume growth of 6 per cent. Reported profit increased 4 per cent Y-o-Y to Rs 146.8 crore. Major brands such as BoroPlus, the pain management range, the healthcare range, 7 Oils in One, The Man Company, and Brillare registered strong performance during the quarter.Gross margin expanded 270 basis points Y-o-Y to 65.8 per cent. However, earnings before interest, tax, depreciation, and amortisation (ebitda) margin contracted 20 basis points Y-o-Y to 23.7 per cent on higher ad spends (up 39 per cent Y-o-Y).
