The week in charts: Ola IPO, Sebi’s derivatives crackdown, UltraTech deal
Mint in the week gone by. Top executives and early investors in Ola Electric Mobility are poised to reap significant gains as the company prepares to be listed on the stock exchanges. Meanwhile, the Securities and Exchange Board of India (Sebi) is concerned about the rapid growth in derivatives trading.
Ola Electric's initial public offering (IPO) today is expected to deliver a bonanza for its top executives and early investors, Mint reported. The company is set to become the first homegrown electric vehicle manufacturer to list on the bourses. The top 10 executives are sitting on a potential cash value of ₹10,260 crore, based on the lower end of the ₹72-76 price band.
Founder Bhavish Aggarwal stands to gain the most, with his stake valued at nearly $1.2 billion. In the Union Budget 2024-25, the government reiterated its aim to make India self-sufficient in the production of pulses. The government had earlier set a target of ending pulses imports by December 2027.
However, it faces several challenges, with the import of pulses having grown in the previous financial year. India imported 7-9% of its annual requirement for pulses from 2014-15 to 2022-23, but this rose to 16% in 2023-24 as weak and uneven rainfall reduced production, an analysis by howindialives.com showed. 32.72%: That's the stake in India Cements that the Aditya Birla Group's UltraTech Cement is set to acquire.
The deal has been approved by the board of directors of UltraTech at ₹3,954 crore or ₹390 a share. This is the second time in the past two months that UltraTech has made a financial investment in India Cements, having acquired 22.77% of the company in June. With the latest investment, UltraTech Cement will become the majority shareholder with a
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