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Bloomberg Quint
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Corporate Actions This Week: Mazagon Dock Stock Split, NMDC Bonus Issue And More
- Mazagon Dock Shipbuilders has set Friday, Dec. 27, as the record date for its stock split.
- NMDC has announced a 2:1 bonus share issue with Friday, Dec. 27, as the record date.
- Vedanta has declared a fourth interim dividend of Rs 8.50 per share with Tuesday as the ex-date.
- Religare Enterprises and BF Utilities will be hosting their Annual General Meetings this week.
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Economic Times
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Wealthtech platform Univest raises $10 million in Series A round from Bertelsmann India
- Univest, a wealthtech platform, has raised $10m in a Series A funding round led by Bertelsmann India.
- The company plans to introduce an advisory-first brokerage platform under a new entity named Univest Broking.
- It's another subsidiary is Uniresearch, which specialises in research and analysis.
- Founded in 2019 by Arora, Vikash Agrawal and Avneet Dhamija, Univest simplifies investment management for retail investors.
- It offers advisory services catering to short-term, medium-term, and long-term investment strategies.
- Since its inception, the platform has attracted over three million sign-ups.
- Univest offers paid membership plans that grant access to premium stock recommendations and trading strategies.
- In the fiscal year ending March 2024, the company reported a revenue of Rs 10.1 crore, while its net losses stood at Rs 9.8 crore.
- Bertelsmann India is a sector-agnostic venture capital fund focusing on series A to C investments.
- To date, it has backed companies like Shiprocket, Eruditus, Licious, Nat Habit, Lendingkart, and Rupeek.
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Bloomberg Quint
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X Users Will Now Have To Pay 35% Extra For Premium+ Subscription
- Users of Elon Musk's X, formerly Twitter, will have to pay 35% extra for the Premium+ subscription.
- The monthly subscription price has been increased from Rs 1,300 to Rs 1,750.
- The Premium+ plan offers features like an ad-free experience, largest reply prioritization, access to Articles, and an AI assistant called Grok.
- Other subscription options, Basic and Premium plans, are also available at lower prices.
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Bloomberg Quint
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780
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BAT Fails The Damani Test, Nominee Doesn't Get VST Industries' Chair
- Naresh Kumar Sethi's appointment as executive chairman of VST Industries failed to get necessary shareholder approval.
- Radhakishan Damani, the second largest shareholder, likely opposed Sethi's appointment.
- The proposal for Sethi's appointment received only 56% of the vote, falling short of the 75% cutoff needed to pass special resolutions.
- BAT had appointed Sethi on the company's board in 2018.
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Bloomberg Quint
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Indo Farm Equipment Set To Launch IPO On New Year's Eve
- Indo Farm Equipment Ltd. is set to launch its initial public offering (IPO) on December 31. The company has downsized the fresh issue from 1.05 crore shares to 86 lakh shares. The offer-for-sale component includes 35 lakh shares offloaded by promoter Ranbir Singh Khadwalia.
- The proceeds from the fresh issue will be utilized for expanding the manufacturing capacity of pick-and-carry cranes, repayment/pre-payment of borrowings, investment in their NBFC subsidiary for capital base augmentation, and general corporate purposes.
- Indo Farm Equipment is a leading manufacturer of tractors and pick and carry cranes with a strong domestic presence. The company also exports its products to international markets. It operates manufacturing facilities with advanced infrastructure.
- Aryaman Financial Services Ltd. is the book-running lead manager for the IPO, and Mas Services Ltd. is the registrar. The anchor book will be launched on December 30.
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Bloomberg Quint
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308
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Rupee Closes At Record Low Amid Strong Dollar, Rising Oil Prices
- The Indian rupee weakened by 10 paise to close at a record low of 85.12 against the US dollar on Monday.
- Brent crude rose 0.41% to $73.24 per barrel, supported by easing concerns over a US government shutdown and a softer US Personal Consumption Expenditures price index.
- Exporters advised to hold back on selling dollars, while importers are advised to utilize dips in the rupee's value to meet their dollar requirements.
- The dollar-rupee pair is expected to trade within a range of 84.90 to 85.10.
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Bloomberg Quint
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237
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'Not Business As Usual'—Avendus Capital's Andrew Holland Warns Of A Tough Road Ahead In 2025
- Andrew Holland, CEO of Avendus Capital Public Markets Alternate Strategies, warns investors to brace for volatility and expects earnings growth to fall between 5-10% in the next fiscal.
- Holland is cautious about the Union Budget's impact on the economy and suggests holding cash as a strategy going into 2025.
- He sees pockets of opportunity in consumption-driven sectors like premium beverages, travel, and hospitality, as well as in the electronic manufacturing sector.
- Holland recommends a selective and sector-specific investment strategy, emphasizing sector and stock-picking.
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Bloomberg Quint
2d
51
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Waaree Energies To Invest Nearly Rs 3,500 Crore In Electrolyser, Lithium Ion Battery, Invertor Business
- Waaree Energies will invest nearly Rs 3,500 crore in electrolyser, lithium ion battery, and inverter business.
- The company plans to set up a 3.5 GWh lithium ion advanced chemistry storage cell manufacturing plant with an investment of Rs 650 crore.
- They will also establish a 300 megawatt electrolyser manufacturing plant with an investment of Rs 200 crore.
- Additionally, a capex of Rs 130 crore in the inverter business has been approved by the board.
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VIE Stories
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35
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Naxatra Labs Raises Seed Funding Led By Delhivery founder, others
- Naxatra Labs, an electric vehicle motor technology startup, has raised seed funding led by GVFL, Delhivery founder, and others.
- The undisclosed amount raised in the funding round will be used to expand the team in R&D and production.
- Naxatra Labs is receiving increasing international interest in its products and has started the process of certifying them to meet global standards.
- The funding comes as more capital flows into the electric vehicle sector, creating a promising market for companies like Naxatra Labs.
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Bloomberg Quint
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162
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Indian Banks Lobby RBI To Approve New Benchmark For Swaps Market
- A group of Indian lenders has asked the central bank to approve a new benchmark for overnight indexed swaps, according to people familiar with the matter.
- The banks propose switching from the prevailing Mumbai Interbank Outright Rate (MIBOR) to the newly-proposed Secured Overnight Rupee Rate (SORR) to improve price discovery in the interest-rate swap market.
- The move would offer banks two benchmarks for overnight derivatives, giving them the choice of which reference rate to use.
- The SORR is based on repurchase agreements, which have significantly higher volumes compared to uncollateralized transactions used for MIBOR.
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Bloomberg Quint
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Stock Market Highlights: Nifty, Sensex End Higher After Falling Nearly 5% Last Week
- Nifty and Sensex rebounded after a 5% drop last week.
- Globally, sentiment was bolstered as November US PCE data cooled more than expected and eased fears of future rate hikes.
- Shares of HDFC Bank, Reliance Industries, and ITC contributed the most to Nifty's gains.
- Nine out of 11 sectoral indices ended higher, with Nifty Realty leading the gains.
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Bloomberg Quint
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265
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GSP Crop Science IPO: SEBI Filing Reveals Rs 280 Crore Fresh Issue Plan
- GSP Crop Science has filed papers with SEBI for an IPO comprising a fresh issue and offer for sale.
- The IPO will include a fresh issue of up to Rs 280 crore and a sale of 60 lakh shares.
- The company plans to allocate Rs 200 crore from the proceeds to reduce debt.
- Equirus Capital and Motilal Oswal Investment Advisors are the lead managers for the IPO.
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Tech Story
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Zomato joins Sensex, takes JSW Steel’s spot on the list
- Zomato, the meal delivery company, has become the first startup to join the benchmark Sensex index of the Bombay Stock Exchange (BSE), replacing JSW Steel.
- Zomato's inclusion is expected to bring in $513 million in stock inflows while JSW Steel may experience outflows of about $252 million.
- Zomato's impressive financial performance, with a 69% YoY rise in revenue and a fivefold increase in net profit, has contributed to its ascent.
- Zomato's entry into quick commerce (qcom) has been a significant driver of its growth, allowing it to expand revenue sources and outperform in the market.
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Insider
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VC's healthcare predictions for 2025: more M&A, fierce competition in AI, and a health insurance shake-up under Trump
- After a slower-than-anticipated year for healthcare funding, investors expect sunnier skies in 2025.
- 13 VCs from firms like ICONIQ Growth and AlleyCorp share their predictions for digital healthcare next year.
- They expect more M&A, funding for AI agents and clinical decision support, and Medicare shake-ups.
- The healthtech sector will see more private-equity-backed M&A and a fierce battle between AI-scribing startups next year, according to thirteen investors in the healthcare VC market.
- With interest rates expected to come down, private equity buyers should be more active in 2025.
- VCs said they're mostly looking for smaller deals next year, from mergers of equals to asset sales.
- Healthcare startups using AI for administrative tasks were easily the hottest area of healthcare AI investment in 2024.
- Trump could move to boost private health insurers, including Medicare Advantage plans, in his second term.
- Investors expect to see plenty more funding for healthcare AI in 2025.
- While many tools made headlines this year for their ability to automate certain parts of healthcare administration,
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Bloomberg Quint
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336
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Jajoo Rashmi Refractories IPO: Draft Papers Filed For Rs 150-Crore Issue
- Jajoo Rashmi Refractories Ltd. has filed draft papers with the capital markets regulator SEBI for an IPO to raise funds.
- The IPO will consist of a fresh issue of up to Rs 150 crore with no offer-for-sale component.
- The equity shares are proposed to be listed on the NSE and BSE.
- The company plans to use the proceeds to establish new manufacturing facilities and for general corporate purposes.
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