Author: Sreelatha M

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Corporate

₹895 crore Sudeep Pharma IPO fully subscribed on Day 1

Sudeep Pharma’s initial public offering opened to a solid start on November 21, with the issue getting fully subscribed on the first day itself. The Vadodara-based ingredient manufacturer is looking to raise ₹895 crore through the offer, which includes a fresh issue of ₹95 crore and an offer-for-sale of around ₹800 crore by existing shareholders.

Retail and non-institutional investors drove most of the early demand, helping the issue cross 100% subscription quickly. Participation from qualified institutional buyers was comparatively slower but is expected to build as the issue progresses until it closes on November 25.

The grey market premium remained steady at ₹110–₹130, indicating that the stock could list 18–20% above the upper price band of ₹593 if current sentiment holds. Market watchers estimate a possible listing range of ₹700–₹715 based on prevailing trends.

Sudeep Pharma manufactures excipients and mineral-based ingredients used across the pharmaceutical, food, nutraceutical and personal care industries. The company plans to use its fresh capital mainly for machinery purchases at its Gujarat facility and for general corporate requirements.

Analyst views remain mixed. Some brokerages highlight the company’s wide product portfolio, established client base and steady financial performance as positives. Others point out that the IPO’s valuation appears elevated compared to peers, making it more favorable for long-term investors rather than those focused on immediate gains.

With a strong Day-1 performance supported by retail enthusiasm and a healthy grey market premium, investors will now be watching how institutional interest shapes up as the issue continues through the remaining subscription period.

Also Read: Groww Q2 profit up 12% despite revenue dip

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Beyond

NHAI opens public investment route for national highways

The National Highways Authority of India (NHAI) has taken a major step to involve ordinary citizens in the country’s road-building story. It has launched a new company called Raajmarg Infra Investment Managers Pvt Ltd (RIIMPL), which will run a fresh public investment platform known as the Raajmarg Infra Investment Trust (RIIT).

This means that for the first time, people who use highways every day can also invest in them,  just like buying units of a mutual fund  and earn returns from toll revenues.

To guide this new initiative, some of India’s biggest financial institutions have joined hands. The list includes State Bank of India, Punjab National Bank, HDFC Bank, ICICI Bank, Axis Bank, IndusInd Bank, Yes Bank, NaBFID, and Bajaj Finserv Ventures. Together, they will help NHAI run this trust professionally and transparently.

NHAI’s Finance Member, NRVVMK Rajendra Kumar, has been appointed as the Managing Director and CEO of RIIMPL, reflecting the agency’s commitment to strong leadership from day one.

NHAI’s chairman, Santosh Kumar Yadav, described this as a natural next step in India’s road monetisation journey. Over the years, NHAI has developed a reputation for successfully converting highway assets into long-term revenue streams. It has already monetised assets worth nearly ₹49,000 crore through the toll-operate-transfer model and raised about ₹43,600 crore through private InvITs.

Now, with RIIT, a similar opportunity is being opened up for the public. NHAI plans to place around 1,500 km of fully built, operational national highways into this trust over the next three to five years. Since these roads are already generating toll income, the InvIT offers a stable investment option for retail buyers.

RIIMPL will run the trust according to strict SEBI InvIT regulations, ensuring transparency, accountability, and investor protection at every step.

If everything goes according to plan, the first public issue of units is expected in February 2026, allowing everyday investors, not just large funds, to buy a piece of India’s highway network.

Also Read: US removes 200+ food tariffs, India, Brazil gain big

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Beyond

US removes 200+ food tariffs, India, Brazil gain big

The US has lifted tariffs on more than 200 food and farm products in a major policy shift aimed at lowering grocery prices and improving food supply. The decision, approved by President Donald Trump and effective from November 13, removes duties on items such as tea, coffee, spices, nuts, fruits, vegetables, and processed foods.

For India, the move is a significant boost. Exporters of tea, coffee, spices, cashews, ready-to-eat foods, and certain fruits and roots are expected to gain the most. Industry estimates suggest that India could see additional export earnings of USD 2.5–3 billion as products that earlier faced higher tariffs now become more competitive in the country’s. market. Officials say the decision restores a fair trade environment after Indian goods were subjected to steep duties in recent years.

However, experts caution that India may not benefit equally across all categories. For example, items such as bananas, tomatoes, and juices, also covered under the tariff rollback, are sectors where India has limited export share. Exporters also point out that gains will depend on logistics, pricing, and the ability to meet strict US. food safety standards.

The tariff changes also offer relief to Brazil. Earlier this year, the US imposed heavy duties, up to 40 percent, on Brazilian beef, coffee, cocoa and tropical fruits. Those penalties have now been partially reversed. The rollback, which is retroactive, may even qualify Brazilian exporters for refunds on earlier shipments. While some tariffs remain on a few items, Brazilian officials have welcomed the decision as a positive step toward stabilizing trade ties with Washington.

For American consumers, the tariff removal is expected to help bring down food inflation, one of the key economic concerns in the US. The administration believes that cheaper imports will reduce pressure on household budgets in the coming months.

Also Read: Reliance halts Russian oil for Jamnagar export refinery

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Corporate

TCS, TPG join hands for $1 billion AI data centre investment

Tata Consultancy Services (TCS) has partnered with global private equity firm TPG, raising $1 billion to expand its AI-focused data centre business, HyperVault. The total investment in the venture could reach ₹18,000 crore over the coming years.

Under the deal, TPG may hold 27.5–49% of HyperVault. The funds will help TCS develop gigawatt-scale AI-ready data centres, equipped for high-performance computing, low-latency networking, and rapid data storage for AI applications.

India’s current data centre capacity is around 1.5 GW, but the demand for AI infrastructure is expected to push this figure to 10 GW by 2030, according to TCS.

HyperVault centres will feature energy-efficient designs, liquid cooling, and high-density racks, making them ideal for AI workloads. TCS Chairman N. Chandrasekaran said the partnership will strengthen the company’s ability to serve “hyperscalers and AI companies.”

TPG Executive Chairman Jim Coulter highlighted the venture as a “climate-positive” opportunity, sitting at the intersection of technology, real estate, and green energy.

This collaboration marks a major step for TCS in its ambition to become a leader in AI infrastructure and services, leveraging next-generation data centres to support emerging technologies.

Also Read: Capillary Technologies lists at ₹560, 3% below IPO price

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Corporate

Capillary Technologies lists at ₹560, 3% below IPO price

Capillary Technologies, a SaaS company in Bengaluru, specialising in customer engagement and loyalty solutions, made its stock market debut on Thursday. The shares opened at ₹560 on the BSE, about 3% lower than the IPO price of ₹577. On the NSE, the stock listed at ₹571.90, slightly below the issue price.

The IPO, which raised around ₹878 crore, was highly oversubscribed, attracting about 53 times more applications than shares on offer. The issue included a fresh share sale of ₹345 crore and an offer-for-sale worth ₹533 crore.

Although the listing started below the IPO price, the stock gained momentum in later trade, reflecting growing investor confidence. Market observers noted that the subdued listing could be due to cautious investor sentiment, despite strong demand during the IPO.

Capillary Technologies plans to use the IPO proceeds to fund growth initiatives, including technology development and expanding its SaaS offerings.

Also Read: Groww Q2 profit up 12% despite revenue dip

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Corporate

Groww Q2 profit up 12% despite revenue dip

Groww  reported a 12% rise in net profit for the quarter ending September 30, 2025,  as Billionbrains Garage Ventures, the parent company behind Groww, posted a net profit of ₹471 crore compared to ₹420 crore in the same period last year. This growth comes despite a 9.5% drop in revenue, which fell to ₹1,018 crore from ₹1,125 crore a year ago.

The investment platform, attributed the profit growth to tighter cost control and operational efficiency. Total expenses fell significantly to  ₹432 crore, with employee benefits at ₹124 crore and other operating costs at ₹291 crore. EBITDA margins improved to 59.3%, up from 53.4% last year.

Groww’s user base continues to expand, with 19 million transacting users, up 27% year-on-year. Total customer assets rose 33% to ₹2.7 lakh crore, with mutual funds accounting for 53% of these assets. The company is also expanding into non-broking services, including wealth management and commodities trading, aiming to diversify revenue sources.

This quarter is particularly significant as it is Groww’s first full report after its public listing earlier this month. While revenue declined, the rising profit, growing user base, and increasing customer assets suggest a healthy underlying business.

Also Read: L&T to make all-terrain BvS10 Sindhu vehicles

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Corporate

Hindustan Unilever announces Kwality Wall’s demerger

Hindustan Unilever Ltd (HUL), India’s leading FMCG company, is separating its ice-cream business into a new, independent company called Kwality Wall’s (India) Limited (KWIL). The move aims to allow the ice-cream unit to focus on growth while giving HUL shareholders a direct stake in the new company.

The company has announced 1 December 2025 as the effective date for the demerger. The record date for eligibility to receive shares in Kwality Wall’s is 5 December 2025. Shareholders holding HUL stock on that day will receive one Kwality Wall’s share for every HUL share they own.

Post-demerger, the Unilever Group will retain 61.9% of the new company, with the rest distributed among HUL shareholders. Kwality Wall’s will inherit HUL’s ice-cream assets, including five manufacturing plants and over 1,200 employees. The company’s total assets are valued at more than ₹900 crore.

HUL says the ice-cream business operates very differently from its other FMCG segments, requiring specialized cold chain logistics and distribution. By creating a separate entity, Kwality Wall’s can make faster decisions, pursue market opportunities, and innovate in line with consumer trends.

HUL’s stock rose following the announcement, reflecting investor optimism. The current share price is approximately ₹2,429.00 on the NSE today. Analysts believe the demerger could unlock additional value for shareholders, as the ice-cream business will now have its own board, management, and market visibility.

Once Kwality Wall’s is listed on the stock exchanges, its market price will be determined independently. HUL management expects the spin-off to strengthen both companies, offering shareholders clearer choices and a focused growth path for the ice-cream business.

Also Read: Adani sells 13% AWL stake to Wilmar for ₹4,646 crore

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Corporate

Adani sells 13% AWL stake to Wilmar for ₹4,646 crore

Adani Enterprises has sold a 13% stake in AWL Agri Business Ltd to Lence Pte Ltd, a fully owned subsidiary of Singapore-based Wilmar International, for ₹4,646 crore. The transaction was completed through an off-market deal at around ₹275 per share.

Before this sale, Adani’s subsidiary, Adani Commodities LLP, held a 20% stake in AWL Agri Business. After selling 13%, the Adani Group’s stake drops to about 7%, while Wilmar’s shareholding rises to nearly 57%, giving it stronger control over the company.

The deal also results in the termination of the long-standing shareholders’ agreement between Adani and Wilmar, which had been in place since 1999. The Competition Commission of India had already approved the stake transfer.

This decision is part of Adani’s broader strategy to fully exit the consumer goods and food products business and refocus on its core areas such as infrastructure, energy, and logistics. In recent months, Adani had outlined plans to divest up to 20% of its holding in AWL Agri Business to Wilmar at the same valuation.

AWL Agri Business which was formerly known as Adani Wilmar, is known for selling everyday food essentials including edible oils, rice, flour, pulses and sugar under well-known brands. With this transaction, Wilmar International becomes the clear majority owner and will now take the lead in driving the company’s future strategy.

Also Read: Adani Enterprises wins Golden Peacock ESG Award

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Corporate

Adani Enterprises wins Golden Peacock ESG Award

Adani Enterprises Limited (AEL) has added an important milestone to its journey by winning the Golden Peacock Award for Excellence in ESG for 2025,  a recognition that reflects not just corporate achievement, but a shift towards more responsible and mindful growth.

The award was presented at the Annual London Global Convention of the Institute of Directors, where organisations from across the world shared their sustainability journeys. Among more than 400 applicants, AEL stood out as the only winner in the Diversified Sector, marking a proud moment in its first year of participation.

When Andhra Pradesh Chief Minister N. Chandrababu Naidu handed over the award, AEL’s Chief Sustainability Officer Vivek Panda received it with a sense of both pride and responsibility. For a company that has grown rapidly across infrastructure, airports, energy and new-age industries, the recognition reinforces that expansion and ethics can go hand in hand.

Company leaders have often described sustainability as a “belief system” rather than a checklist, a philosophy evident in their latest ESG Factbook. Here, AEL outlines clear targets: using 100% green electricity at the Mumbai International Airport, bringing down energy consumption intensity by 30% by 2030, and continuously reducing its carbon footprint through innovative, cleaner technologies.

AEL has also been focusing on how its work touches people, from community programmes around education and health, to inclusive employment practices and safer workplaces. Its teams have invested in cutting emissions, conserving water, managing waste responsibly and finding ways to grow without leaving behind environmental damage.

Over the years, these efforts have caught the attention of global sustainability rating agencies, investors and industry leaders who increasingly see ESG not as a trend, but as the foundation of long-lasting business.

For Adani Enterprises, the Golden Peacock Award is a reminder that growth carries a deeper meaning when it uplifts people and preserves the planet. The company says it remains committed to strengthening this approach as it expands into new sectors, guided by the belief that progress is most powerful when it is responsible, transparent and inclusive.

Also Read: Adani’s new ad film turns airports into caring companions

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Corporate

Adani’s new ad film turns airports into caring companions

The Adani Group has released a heartfelt new film that brings to life the idea that airports are more than terminals, in fact they are companions in every traveler’s journey. Part of the group’s #HumKarkeDikhateHain campaign, the ad tells the story of an elderly couple taking their first international trip.

Excited yet nervous, the couple relies on a handwritten note from their son to navigate the airport. When the note is misplaced, their anxiety grows. That’s when an attentive Adani Airport staff member steps in, offering assistance with mobility, guiding them through shopping and lounges, and personally escorting them to their boarding gate. The story captures small acts of care that make travel smoother and more comforting, emphasizing empathy alongside efficiency.

Gautam Adani shared the campaign’s message on X (formerly Twitter):

“We promise to open new skies, carry your dreams across horizons, and hold your hand while you soar.”

The ad was directed by acclaimed filmmaker Shoojit Sircar and conceptualized by Ogilvy India, reflecting Adani’s vision of human-centric service. It reinforces the idea that Adani Airports are not just about world-class infrastructure, but also about creating experiences where travelers feel supported and valued. The campaign tagline sums up this philosophy perfectly:

“We don’t just run world-class airports… we become companions on your journey. Adani. Hum Karke Dikhate Hain.”

The launch of this film comes ahead of the much-anticipated opening of Navi Mumbai International Airport (NMIA) on December 25. The airport is being developed under a public-private partnership, with Adani Airports holding a 74% stake and CIDCO the remaining 26%.

With this campaign, the Adani Group aims to humanize air travel, showing that even in a busy, bustling airport, travelers can expect empathy, attention, and genuine care. It’s a strategic effort to strengthen the brand’s image while connecting emotionally with passengers, highlighting that every journey, whether first or hundredth, can be supported and memorable.

Also Read: Wedding matchmaker Shaadi.com plans IPO after Lenskart listing