Backed Financial News

By Kanishka Singh

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Small-cap stock at ₹50: Salasar Techno shares have been in uptrend after ushering in the new financial year 2023-24. The small-cap stock priced around ₹50 has risen from near ₹36.55 to ₹52 apiece levels on NSE, logging to the tune of over 40 per cent in the financial year 2023-24. The small-cap stock has risen from ₹29.60 to ₹52 apiece levels, logging more than 70 pe cent in last one year.

The GCP Infra board said the proposed merger will bring multiple benefits to both existing and new shareholders.

Domestique – the corporate communications firm founded and run by Lauren Thompson, Jim Kelly and Ross Thornton – is in the crosshairs of private equity-backed shareholder engagement and governance advisory firm Morrow Sodali.

New Delhi: The Circle: Founders Club (FC), a business accelerator backed by Hunch Ventures,has collaborated with the Embassy of Israel in India to launch a program to empower early-stage startups in water tech and foster innovations that solve water-related problems in India. The program “The Water Challenge" marks a critical milestone in India-Israel bilateral relations, fostering cooperation in the crucial domain of water technology.

Mindspace Business Parks REIT has rejigged its senior management to ensure stability and continuity of leadership to drive the next phase of growth. The K Raheja Corp-backed listed entity has appointed Ramesh Nair as Chief Executive Officer, with effect from September 1 while elevating Vinod Rohira to Board Member of the REIT.

PayPal on Monday launched a stablecoin digital currency backed by US dollars to be used for transactions at its global online payments platform. PayPal USD is issued by Paxos Trust Company and backed by dollar deposits and similar cash holdings, the online payments giant said in a release. It comes as the cryptocurrency industry is suffering hard times after the spectacular collapse of FTX and various legal cases against the sector's biggest players. As the biggest cryptocurrencies are famously volatile, entrepreneurs invented a theoretically more reliable alternative known as stablecoins.

Penny stocks are often treated like 'kachra' stocks by matured investors who happily ignore all get-rich-quick schemes. However, one can't help but take notice when foreign institutional investors or FIIs are also investing in such penny stocks. An analysis of institutional ownership in penny stocks, as defined by those with market capitalisation below Rs 1,000 crore and share price below Rs 25, shows that FIIs hold over 10% stake in a dozen such counters.

PayPal said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. While stablecoins — crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility — have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.

₹96,000 crore to asset reconstruction companies (ARCs). The loans involve various borrowers, including well-known groups such as Videocon, Jaypee and companies promoted by Anil Ambani, The Economic Times reported. The bank has circulated a list of 331 accounts, totaling ₹96,278 crore in loans, to ARCs, seeking preliminary interest in acquiring these stressed assets.

Several digital tokens that Sam Bankman-Fried’s trading firm Alameda Research had ties to pumped in price after they were listed on now-bankrupt crypto exchange FTX, according to a report from Network Contagion Research Institute (NCRI).

Concord Biotech IPO: Rare Enterprises-backed Concord Biotech said in an exchange filing that it has raised ₹465 crore from anchor investors, a day ahead of its initial public offer (IPO) opening for bidding. Concord Biotech IPO will open for subscription on Friday, August 4 and close on Tuesday, August 8. The company had fixed the price band at ₹705 to ₹741 per equity share for the proposed initial public offer.

ASX-listed lithium, copper and gold explorer Mont Royal Resources was in front of fund managers on Thursday, seeking to raise $2 million.

Aeroflex Industries has received approval from the market regulator for its Rs 350 crore Initial Public Offering (IPO). The company has secured a final observation from the Securities and Exchange Board of India (Sebi), which equates to approval. Aeroflex filed its preliminary IPO papers with the regulator in March of this year.

An Australian medtech start-up with plans to launch its surgical products in the United States has come across fund managers’ radars.

EV startup, Exponent Energy has showcased its proprietary energy stack — battery pack, charging station and charging connector — that together claims to offer 15-minute rapid charge. Exponent claimed that EVs powered by its stack are 30% more affordable due to optimised battery capacity which are 30% smaller, and 5 year financing (powered by 3000 cycle life warranty). Additionally, the company claimed, 15-minute rapid charging reduces EV charging cost by 33%. “At Exponent, we’re building the future of energy that combines cutting-edge engineering with real world economics, and our off-board thermal management system is a testament to that belief. For everyone to go electric, consumers need EVs that charge faster, last longer, and cost lesser. Our unique twosided approach to 15-minute rapid charging makes EVs last 3 times longer and cost 30% less than conventional EVs," said Arun Vinayak, CEO and Co-founder, Exponent Energy.

Small-cap stock below ₹20: Orient Green Power Company shares have been in uptrend after ushering in new financial year 2023-24. The small-cap stock remained in base building mode in January to March 2023 quarter, but after bottoming out at the end of March, this LIC-backed stock has been rising to a new 52-week on a regular basis. The small-cap stock below ₹20 opened with an upside gap on Monday and went on to hit a new 52-week high of ₹14.25 apiece on NSE, logging around 10 per cent rise from its Friday close of ₹12.95 apiece on NSE.

Private equity behemoth PAG Asia Capital is making another major foray into Australia’s consumer sector, in what’s expected to be its biggest swing so far in the region.

Palau first began working with Ripple on the stablecoin in 2021, hoping to have the project up and running in the first half of 2022.It is now ready for the first phase of a pilot programme, involving around 200 government employees and local merchants.The US-backed Palau Stablecoin will be issued on Ripple's carbon neutral blockchain, XRP Ledger.Palau will also tap the Ripple CBDC platform, enabling the island to holistically manage and customise the entire lifecycle of the stablecoin, including distribution and transactions.

Beyond Snack has raised $3.5 million in a funding round led by agriculture and food focussed early stage fund Nabventures to accelerate its expansion. Nabventures is backed by the National Bank for Agriculture and Rural Development (NABARD). In a statement, Beyond Snack said it would utilise the fresh funds to expand and enhance its distribution network, supply chain and fund research and development projects.