Author: Abizar Attari
News Editor

Mumbai: Flipkart-backed logistics company Shadowfax Technologies has filed an updated Draft Red Herring Prospectus (DHRP) with SEBI for raising ₹2,000 crore through an IPO. The market regulator had already approved the company’s DHRP on October 7 through the confidential route. Currently, the promoters, including Flipkart, own about 20.26% of the company, while the remaining is held by institutional investors Flipkart, Newquest and Eight Roads Investments are the largest shareholders in the company, with each holding over 14% of the company. The issue is a combination of a fresh issue of shares worth ₹1,000 crores and an equal offer for sale…

Santa Clara, USA: Intel Corporation, the now struggling chipmaker that hasn’t been able to keep pace with the times, is now looking at an acquisition to revive its prospects with a $5 billion acquisition. SambaNova Systems, a US-based AI chip startup, specialises in creating custom digital infrastructure for organizations looking to use popular generative AI models independently.  Founded in 2017, this Palo Alto, California-based company has reportedly struggled to raise funds for its expansion, despite having raised funds from leading investors such as Intel Capital, BlackRock, and SoftBank Vision Fund.  One of the main backers of the company has been…

American payments major Mastercard is reportedly in advanced talks to acquire Zerohash, a Chicago-based crypto infrastructure firm, for about $2 billion.  If the deal closes, this would be a turning point for Mastercard, which has seen its primary source of revenue- transaction fees- fall on account of an increasing preference for alternative payment methods that don’t require plastic cards.  Cryptocurrencies have emerged as a big threat to the highly regulated financial system, where transactions can be processed in mere seconds compared to the days it takes currently using conventional financial intermediaries. Zerohash is one of the leading cryptocurrency infrastructure companies,…

Chennai: American automaker Ford Motor Company has announced its plans to revive its defunct Chennai plant with a fresh investment of ₹3,250 crore investment. Unlike earlier, where it tried (and failed) to make a mark in India’s ultra-competitive automobile segment, Ford is instead looking to repurpose the plant to manufacture next-generation engines and powertrains for exports. The company will begin production later this year, with a capacity to produce 2.35 lakh engines annually by 2029, according to a statement by the company.  The company had ceased production at its Maraimalai Nagar plant in September 2021 following the company’s decision to…

Mumbai: After much anticipation and interest, India’s biggest eyewear brand Lenskat’s public issue opens today. The company aims to raise Rs.7,278 crore, of which just Rs.2,150 crore are fresh equity shares. The rest is an offer for sale (OFS), where Peyush Bansal and other existing promoters are selling their stakes.  After the IPO, the promoters stakes will drop from 20% to 17.5%, even as all kinds of investors- retail, Mutual Funds, Insurance companies, FIIs jump into the fray to grab a pie of one of India’s most successful startups. The fine print Lenskart’s IPO’s price band is set between Rs.382-402…

Mumbai: Pharma major Cipla has reported a 4% year on year rise in consolidated net profit to Rs.1,351 crore in the September quarter from Rs. 1,303 crore last year. Revenues rose correspondingly by 8% to Rs.7,500 crore, mostly on the back of its strong respiratory and branded generics portfolio. The company has risen to become India’s fourth largest drug maker by revenue, and the largest by volume, gaining acclaim for its $1 HIV/AIDS anti-retroviral therapy besides its large portfolio of generics in the respiratory, urology, cardiology and anti-retroviral drugs manufactured from 46 sites worldwide. Cipla has delivered a solid growth,…

Mumbai: After seeing its value rise to almost 55% over the past year, the less valuable cousin of gold is mellowing down, with prices cooling from its all-time high of ₹1,90,000 per kg on October 15. Despite that, the silver rush continues post Dhanteras, with investors preferring this ‘safe haven’ asset over market uncertainties that define equities. Even as prices have corrected about 9% since Dhanteras, profit booking and sustained demand from industrial sources have kept the interest momentum high, even as supply risks on prices will continue. Besides this, analysts are expecting silver prices to rise further, especially as…

Mumbai: Engineering giant Larsen & Toubro (L&T) has posted a consolidated net profit of Rs.3,926 crore for the second quarter, a 16% year-on-year rise from Rs.3,395 crore profit from the corresponding quarter last year. This has corresponded to an increase in revenues from Rs.61,555 crore last year to Rs.67,984 crore this year.  The company has received a total of Rs.1,15,784 crore orders at the group level, a 45% year-on-year growth from across its business verticals. International orders have risen to Rs.75,561 crore, almost 65% of the total order pie. The company’s strong performance has been powered by large contracts it…

Kochi: Federal Bank has reported a 10.85% rise in net profit Quarter on Quarter (QoQ)  Rs.955.26 crore, though this has also meant a 9.6% Year on Year (YoY) decline in net profit from Rs.1,057 crore a year ago.  This is despite revenues rises 6.84% YoY, even as the company’s Gross Non Performing Assets (NPAs) have declined marginally to 1.83% from last quarter. The Kerala-based bank’s market cap has also increased by 11.93% YoY, from Rs.31,108 crore to Rs.34,819 crore. The bank’s income from fees has risen to an all-time high of Rs.886 crore, rising 13% year-on-year, reflecting its continued income…

Mumbai: The dream run, rather ‘silver run’ has reached its peak with prices falling 9% on the eve of Dhanteras. On Saturday, October 18, Silver prices dropped to ₹1,72,000/kg, from an all time high of ₹ 1,90,000/kg on October 15 in the local markets.  The correction comes at a time when economic uncertainty has driven investors towards safe haven assets- with gold, silver seeing an surge in prices from both retail and institutional investo₹ This year has been particularly significant for the ‘cheaper alternative’ to gold, as Silver ETFs in India have seen a record inflow of almost ₹8,603 crore…