City Hyderabad Financial News

Issue Dates: August 28-30 Issue Price: ₹318-334 per share Issue Size: Upto Rs 601 crore <div data-placem

Premier Energies, a manufacturer of solar cells and modules, aims to raise ₹2,830 crore through an initial public offering (IPO) that is set to open on August 27. Of this, ₹1,291 crore will be generated from a fresh issue of shares, which will be used for capacity expansion. The remaining will come from an offer for sale by the promoter and private equity investors. After the proposed IPO, the promoter's stake in the Hyderabad-based company will decrease to 66% from 72%. The company's earnings are expected to benefit from the government's push to increase the share of renewable energy in the installed energy capacity, which is projected to reach 500 GW by 2030 from 172 GW now. A significant contribution is anticipated from solar power. India's installed solar capacity has grown nearly fourfold in the last six years and is expected to reach nearly 200 GW by FY28.

Beverages major Coca-Cola on Friday said Greishma Singh has been appointed as the new market head for India Southwest Asia (INSWA) Operating Unit. Singh will succeed Arnab Roy, who was recently named the Global Category President, Coca-Cola Trademark. Her appointment will be effective September 1, 2024, according to a company statement. Before this, Singh was Vice-President of Customer and Commercial Leadership (C&CL) for the INSWA Operating Unit. She has been with The Coca-Cola Company for over 15 years and held roles of across marketing, strategy and C&CL in Australia and India markets, it added.

Ambuja Cements in a pre-market block deal valued at around Rs 4,200 crore. The cement stock, which is up about 22% so far in the year, jumped 4% to the day's high of Rs 659.70 in the opening session following the large deal.

Air India on Thursday announced that it will temporarily operate additional flights to Kolkata from four Indian cities to meet greater travel demand to the city during the upcoming Durga Puja festivities. Starting 20 September 2024, Air India will operate daily, non-stop flights to Kolkata from Bengaluru and Hyderabad for nearly a month. The airline has also increased frequency to Kolkata from Delhi effective 15 August 2024, and from Mumbai effective 25 September 2024.

Premier Energies has announced a price band of Rs 427-450 for its upcoming Rs 2,830 crore initial public offering (IPO) which will open on August 27. The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an Offer for Sale (OFS) of up to 3.42 crore shares by the selling shareholders, which is equivalent to nearly Rs 1,539 crore based on the upper band price of Rs 450.

Aurobindo Pharma subsidiary Eugia Pharma Specialities, which manufactures sterile injectables, the US Food and Drug Administration (USFDA) has raised "data integrity" issues at the company's Unit-3 facility at Pashamylaram near Hyderabad in Telangana. The letter, issued on August 15, was later made public by the USFDA, which stated that there was failure to ensure the accuracy of data in records for both production and process simulations, i.e. media fills. Media fill is a microbiological test to help prevent contamination during drug production. «Your procedure requires testing of all (b)(4). While you documented testing of all of the (b)(4), your operators did not test all of the (b)(4) used during manufacturing of sterile injectable drug products,» the USFDA stated.

Premier Energies, India's second-largest integrated solar cell and solar module manufacturer, will open for subscription on August 27 and close on August 29. The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an offer for sale (OFS) of up to 3.42 crore shares by the selling shareholders.

R N Agarwal, regarded as the father of Agni missiles in the country, passed away here. He was 84. Agarwal, a recipient of the Padma Bhushan, died on Thursday following mild old-age related ailments, DRDO sources said. He had served as the Agni programme director and also as the director of ASL (Advanced Systems Laboratory) in Hyderabad.

Golconda Fort in Hyderabad, Chhatrapati Shivaji Terminus in Mumbai, Delhi Secretariat, Bhopal’s Kushabhau Thackeray Convention Center, Mumbai International Airport, Calcutta High Court and Raj Bhavan in Kolkata, and the Brihanmumbai Municipal Corporation headquarters in Mumbai are among the prominent structures that now shimmer with national pride. In Hyderabad, the Golconda Fort, renowned for its architectural beauty, has been meticulously illuminated by Bajaj Electricals. The lighting not only enhances the fort's aesthetic appeal but also honors its historical importance. Several dynasties like the Kakatiyas, Bahmanis, Qutb Shahis, and Mughals have left their architectural imprints on the fort. The fort now stands out even more as a symbol of India's rich heritage and its journey to independence. In Mumbai, the historic Chhatrapati Shivaji Terminus glows with vibrant colored lights. This iconic railway station, a UNESCO World Heritage site, stands as a symbol of the city’s pride and heritage. The introduction of tricolor illumination ahead of Independence Day amplifies its grandeur.

Traditionally summer isn't a strong quarter for children's hospitals. Hyderabad-based Rainbow is India's largest pediatric and maternity multi-specialty hospital.

Fresh Bus on Tuesday said it has raised USD 10.5 million (about Rs 87.5 crore) in a Series A funding round led by early-stage transportation-focused VC fund Maniv. The funding round also saw participation from Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings, Fresh Bus said. The latest capital will be deployed for scaling up operations, enhancing technological capabilities, and strengthening the strategic team at the platform to drive growth, besides financing its growing fleet, it added. The company said it has so far raised around Rs 110 crore in three funding rounds, including two seed funding rounds last year.

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Despite introducing significant steps in the last one year to get control over skyrocketing visa wait times, the United States has still not been able to bring it back to normal. Although there has been improvement—which is reflected by the processing of 1.4 million visas for Indians in 2023, an all-time high, and a 75 per cent reduction in visitor visa appointment wait times—the issue persists. Wait times for B1/B2 visa vary significantly across U.S. consulates in India. In Calcutta, the U.S. consulate offers the shortest visa wait time of 24 calendar days. In contrast, the wait time in Hyderabad is 407 calendar days, while in Delhi, it extends to 386 calendar days. The consulate in Bombay has a wait time of 422 calendar days, and in Chennai, applicants face the longest wait, which is 477 calendar days.

Banks will be closed across the country on August 15 in commemoration of the 78th Independence Day. This year, August 15 falls on a Thursday, so there won't be a long weekend that week.

Enforcement Directorate (ED) on the bail plea of the Aam Aadmi Party's former communication in-charge Vijay Nair in a money laundering case related to the alleged Delhi excise policy scam. A bench of Justices Hrishikesh Roy and SVN Bhatti issued notice to the central agency and sought its response within four weeks. «It is submitted that the petitioner is in custody for nearly 2 years since he was arrested by the CBI and has been in continuous custody of the ED...Issue notice,» the bench said.

Hyderabad: Telangana Chief Minister A Revanth Reddy and his team concluded their business tour of the United States on a high note, securing over Rs 31,500 crore investment plans that will bring over 30,750 jobs new jobs in the state. The delegation comprising IT and Industries Minister D Sridhar Babu and officials, during over 50 business meetings and three roundtable conferences in New York, Washington DC, Dallas and California, concluded19 investment deals/ MOUs, totalling an investment of Rs 31,500 crore and 30,750 new jobs for Telangana, an official release said on Sunday. The delegation pitched Hyderabad and Telangana as investment destination to business heads and investors across different sectors and closed new and expansion deals in IT, GCC, Life Sciences, Pharma, Data Centres, AI, among others, it said. The delegation got massive reiteration and support for various major initiatives including creation of a Future City, AI City, rejuvenation of Musi river, the release said.

As per market trackers Counterpoint Research and IDC, four Chinese brands-Xiaomi, Vivo, Realme and Oppo-are ranked in the top five for smartphones. The only one not from that country is South Korea's Samsung. Industry executives estimate this will translate into combined sales of almost Rs 90,000-95,000 crore. China's Xiaomi was examined by Indian government agencies over alleged foreign exchange violations in 2022, which coincided with a large proportion of its top leadership changing. The company ceded its No. 1 spot in the December quarter of 2022 to Samsung, eventually sliding to fourth. But by the June quarter this year, Xiaomi was back at the top on the back of an aggressive expansion in offline retail. Vivo is another Chinese company that has faced investigations over allegations of tax violations and money laundering.

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tech capital of India, Bangalore has topped the list of 20 APAC cities with the largest flexible office stock at 15.5 million square feet, surpassing cities such as Shanghai, Seoul, and Tokyo. Following Bangalore, Delhi NCR ranks second with a total flexible office space stock of 10.7 million square feet as of June 2024, mentioned CBRE. Recent growth in the Asia Pacific flexible office space market has been primarily driven by Indian cities, where the expansion is supported by the demand for managed solutions offered by domestic flexible office operators.

Indian Racing Festival has announced a year-long partnership with FanCode to stream live motorsports events to fans across India. This partnership will feature the Indian Racing League and the FIA Formula 4 Indian Championship, starting with the IRL 2024 season opener at the Madras International Circuit on August 24. The festival, now in its third year, aims to bring high-speed racing action from eight city-based teams to viewers across the nation.The Indian Racing Festival will include teams from Delhi, Hyderabad, Bangalore, Chennai, Goa, Kochi, Ahmedabad, and Kolkata, competing for the championship title. A notable addition to this year’s festival is a groundbreaking night race on a street circuit in Chennai, a first for Indian motorsport. Prominent figures in Indian sports and entertainment, including Sourav Ganguly, Arjun Kapoor, and John Abraham, are also involved in the festival. Sourav Ganguly, who recently became the owner of the Kolkata Royal Tigers Racing team, Arjun Kapoor, who owns the Speed Demons Delhi team, and John Abraham, who owns the Goa Aces by JA Racing, will all participate in the event.