Category: News

Shares of Intellect Design Arena rallied 13% on Monday, December 23, reaching an intraday high of ₹925.55, as investors cheered the company’s newly launched Enterprise AI platform, Purple Fabric. The surge comes on the heels of a detailed presentation on December 19, where the company introduced the platform designed to revolutionize operations in the financial and insurance sectors. Purple Fabric stands out for its ‘Multi-Agent’ AI system, which aims to streamline enterprise processes like claims settlement and tackle the growing data complexity in financial services. Built on Large Language Models (LLMs), the platform promises intuitive data integration and classification, empowering organizations to deliver seamless customer experiences without requiring deep technical expertise. The stock, now 23% shy of its 52-week high of ₹1,198.80 from March 2024, has rebounded impressively, up 33% from its November low of ₹693.05. December alone has seen a sharp 28% climb, marking a turnaround after three consecutive months of losses.

India’s steel sector was buzzing with action as shares of key players saw gains of up to 3.2% on the BSE. The trigger was a government probe into a surge in imports of specific steel flat products following a complaint by the Indian Steel Association (ISA). Meanwhile, Tata Steel and SAIL both saw their stocks rise by 2%, reflecting optimism within the industry. The probe, initiated by the Directorate General of Trade Remedies (DGTR), focuses on Non-Alloy and Alloy Steel Flat Products—a category vital to industries like construction, fabrication, auto, and electricals. The ISA claims a “recent, sudden, sharp, and significant” rise in imports is causing harm to domestic producers, sparking calls for protective measures. The applicant, backed by heavyweights like ArcelorMittal Nippon Steel India, JSW Steel, Jindal Steel & Power, and SAIL, has asked for a 20% safeguard duty on the imports, citing “critical circumstances” and the risk of injury to India’s steel industry.

This year has been a whirlwind for the Competition Commission of India (CCI). From ramping up regulatory tools to taking on Big Tech, the watchdog has had its hands full redefining competition law in the digital age. One standout moment was March’s introduction of two key mechanisms: commitment and settlement—game-changers designed to cut litigation and enable faster market fixes. Alongside, the leniency-plus facility added muscle to cartel detection, further sharpening the CCI’s enforcement toolkit. The regulator didn’t stop there. September saw the debut of a deal value threshold (DVT) for M&A activity exceeding ₹2,000 crore, specifically targeting stealthy start-up acquisitions by tech giants. This shift reflects the CCI’s growing focus on curbing “killer” acquisitions—where Big Tech buys out small, innovative firms before they become market competitors.

Bharat Global Developers Ltd. (BGDL) just became the poster child for what can go wrong when financial shenanigans meet unchecked market euphoria. The scandal comes on the back of an eyebrow-raising run: BGDL’s stock price soared 105 times in a year, climbing from ₹16.14 in late 2023 to a jaw-dropping ₹1,702.95 by November 2024. Such an astronomical rise was bound to draw scrutiny, and it seems the numbers just didn’t add up. A shady preferential allotment of shares, concentrated ownership (99.5% of shares in a few hands), fake partnerships with industry giants like Reliance and Tata, and a Dubai subsidiary that exists only in fantasy. Top this off with insider sell-offs netting over ₹270 crore in profits, and you’ve got a fraud cocktail potent enough to floor any regulator. SEBI’s findings are scathing. BGDL’s meteoric revenue growth had no real contracts or operations to back it up. The management overhaul in 2023 looks more like a smoke screen than a turnaround. Now, trading in BGDL is suspended, and SEBI has barred preferential allottees from any dealings in its securities.

ndia Cements shares skyrocketed 11%, touching ₹376.30 on the BSE, as the Competition Commission of India (CCI) gave the green light to UltraTech Cement’s strategic acquisition and open offer for a 32.72% equity stake in the company. On the flip side, UltraTech Cement shares saw a modest 1.4% climb, hitting ₹11,585.40. UltraTech’s board approved the acquisition of over 10.13 crore shares from promoters and key shareholders in India Cements, marking the “primary acquisition.” On top of that, they made an open offer to public shareholders for another 8.05 crore shares at ₹390 apiece. With CCI’s unconditional nod under Section 31(1) of the Competition Act, 2002, the deal is set to move forward seamlessly. India Cements’ stock has been on a tear, boasting a 47.12% surge in the past year and a 41.77% gain in 2024 alone. Even in the short term, it’s holding strong with a 4% uptick in the last month. With an RSI hovering near 35—firmly in the mid-range—the stock isn’t overbought, leaving room for more action as UltraTech solidifies its stake in the cement giant.

Sterling and Wilson Renewable Energy lit up the market, with shares climbing over 6% after the company bagged a hefty ₹1,200 crore order in Gujarat. The stock hit a high of ₹471 on the BSE before settling slightly lower, marking a 6.81% surge. A 500 MW Solar PV project, with Sterling and Wilson tasked with handling everything from design and engineering to procurement and construction (BOS). And they’re not just walking away after the build—the contract includes three years of comprehensive operations and maintenance (O&M), solidifying their role in the project’s lifecycle. The company’s pedigree backs up the confidence: a whopping 20.7 GWp portfolio in utility-scale solar, floating solar, and hybrid projects, along with a 7.8 GWp O&M portfolio, including projects built by others. By mid-morning, shares were still glowing, trading 3.74% higher at ₹460.15 and pushing the company’s market cap to ₹10,745 crore. It’s a much-needed boost for investors banking on the renewable energy story, as Sterling and Wilson keeps proving it’s a major player in India’s green energy drive.

Shares of life insurance players took a nosedive as the GST Council pumped the brakes on a potential rate cut for insurance premiums.  New India Assurance slid 6.8% to ₹199.60, and Star Health stumbled by 2.7%. The crux of the market unease? The council, under Finance Minister Nirmala Sitharaman’s watch, decided more time was needed to untangle the tax complexities. Initially, the GoM dangled a promising proposal in November—GST exemptions for term life insurance and reduced rates for health policies catering to senior citizens and those with coverage up to ₹5 lakh. But for now, the standard 18% GST remains on high-ticket health policies exceeding ₹5 lakh, leaving middle-class policyholders and insurers in a limbo. With affordability and accessibility on the line, the eventual outcome of these debates could reshape how millions approach insurance. But as it stands, the market isn’t impressed by the pause.

Hyderabad-based Standard Glass Lining Technology Limited, a key player in specialized engineering equipment for the pharmaceutical and chemical industries, just secured ₹40 crore in pre-IPO funding from Singapore-based Amansa Investments. The deal was finalized through a private placement of 28,57,142 equity shares at ₹140 per share, marking a premium of ₹130. The IPO, priced at a face value of ₹10 per equity share, is projected to raise ₹250 crore through new issuance, along with an offer for sale of 18,444,000 equity shares by promoters and other stakeholders. With SEBI’s final observation in October 2024, Standard Glass is ready to enter the public markets.Known for its turnkey solutions, the company’s product portfolio spans services essential for pharmaceutical and chemical production. By June 30, 2024, its client list included 30 of the approximately 80 pharma and chemical companies in the NSE 500.

Piramal Enterprises is set to raise ₹2,000 crore through the issuance of Non-Convertible Debentures (NCDs). The Piramal Group, a global conglomerate with operations in pharmaceuticals, financial services, and real estate, spans over 30 countries and employs more than 10,000 people worldwide. The board of Piramal Enterprises has approved a plan to issue NCDs with a face value of ₹1,000 each, in one or more phases, to raise up to ₹2,000 crore. Piramal Enterprises’ shares closed at ₹1,090.25 on the NSE. Over the past year, the stock has delivered a 23% return, while its 2024 performance stands at 17%, outperforming the Nifty, which has gained 11% over the last 12 months. Year-to-date, the Nifty has risen by 8%. For Q2FY25, Piramal Enterprises reported consolidated revenue of ₹2,302.9 crore, an increase from ₹1,960.6 crore during the same period last year. The company posted a net profit of ₹22.6 crore, significantly higher than the ₹5 crore reported in Q2FY24.

After grappling with a 15% drop in aggregate net profit in FY23, Central Public Sector Enterprises (CPSEs) turned the tide in FY24, posting a remarkable 47% growth in net profit, driven primarily by the petroleum sector’s stellar performance. The 272 operating CPSEs reported a combined net profit of ₹3.22 lakh crore in FY24, a sharp rise from ₹2.18 lakh crore in FY23. Dividend payouts by Central Public Sector Enterprises (CPSEs) increased by 16.3% to ₹1.23 lakh crore in FY24, highlighting their stronger financial performance. However, gross revenue fell by 4.7% to ₹36.08 lakh crore, signaling mixed results in operational performance. The Centre’s capital management approach led to a 121% jump in the market capitalisation of listed CPSEs, which reached ₹37.23 lakh crore by March 31, 2024, up from ₹16.85 lakh crore the previous year. Salary and wages grew by 4% to ₹1.72 lakh crore, the workforce structure underwent a shift. Regular employee numbers dropped by 3.1% to 0.81 million, while contractual workers increased by 8.8% to 0.7 million. Research and Development (R&D) expenditure witnessed a 50% jump to ₹10,813 crore.