Category: Corporate

Vikram Solar, named among one of India’s leading solar panel manufacturers, is set to make its stock market debut next week. The company’s initial public offering (IPO) will open for public subscription on August 19 and close on August 21, with shares expected to list on the bourses by August 26. The company had filed draft papers for its IPO with Sebi in September 2024, which was approved by the market regulator in May this year.

The IPO comprises a fresh issue of equity shares worth ₹1,500 crore and an offer-for-sale (OFS) of 1.7 crore shares by the company’s promoters. According to the red herring prospectus filed on August 12, the IPO allotment will be finalised by August 22.

Despite planning a ₹300 crore pre-IPO placement, Vikram Solar confirmed that it did not go through with it. “No such pre-IPO placement has been undertaken by our company,” it stated in the filing.

A Step Towards Major Expansion

The fresh capital will largely fund the company’s ambitious expansion plans. ₹769.7 crore will be used to set up a fully integrated 3,000 MW solar cell and 3,000 MW module manufacturing facility in Tirunelveli, Tamil Nadu, via its subsidiary VSL Green Power. An additional ₹595.2 crore will go toward the facility’s second phase, doubling its module output.

Currently operating with 4.5 GW capacity across plants in Kolkata and Chennai, Vikram Solar aims to scale up to 15.5 GW by FY26 and 20.5 GW by FY27. This includes backward integration into the solar value chain, with two new solar cell units planned in Gangaikondan, Tamil Nadu.

Strong Financials Give Promising Outlook

Vikram Solar’s performance has seen a significant upswing. In FY25, it posted a profit of ₹139.8 crore, a 75% jump from the previous year. Revenue also rose by over 36% to ₹3,423.5 crore.

Promoters currently hold a 77.64% stake, while the remaining 22.36% is held by public investors, including Plutus Wealth’s Arpit Khandelwal.

It is said that the IPO will be managed by JM Financial, Nuvama Wealth, UBS Securities, Equirus Capital, and PhillipCapital.

Perplexity Bids $34.5 Billion to Acquire Google’s Chrome Amid Antitrust Pressure

AI startup Perplexity has made an unsolicited $34.5 billion offer to acquire Google’s Chrome browser, anticipating that U.S. antitrust rulings could force the search giant to divest the popular software. The bid was formally sent to Alphabet’s Google on Tuesday morning, according to a Perplexity spokesperson.

The move follows a federal judge’s ruling last year that Google holds an illegal monopoly in internet search. U.S. District Judge Amit Mehta is expected to announce remedies soon, which could include forcing Google to sell Chrome and license its search data to competitors. The Department of Justice has argued that such steps are necessary to prevent Google from dominating the online search market.

Perplexity’s bid comes shortly after AI rival OpenAI also expressed interest in acquiring Chrome. Together with its open-source counterpart Chromium, Chrome is the most widely used browser for desktop web access worldwide.

Founded in San Francisco, Perplexity has positioned itself as an AI-powered alternative to Google search. Earlier this year, the company raised $100 million in funding at an $18 billion valuation, Bloomberg reported. Questions over its ability to finance the massive acquisition were addressed by Perplexity Chief Business Officer Dmitry Shevelenko, who said that “multiple large investment funds have agreed to finance the transaction in full.”

This is not the company’s first bold move. Earlier in 2025, Perplexity offered to merge with the U.S. operations of TikTok parent ByteDance, seeking to create a new domestic entity ahead of a possible ban on the app.

The bid reflects growing competition among AI companies to control browser platforms. Web browsers are seen as crucial entry points for AI agents that can perform tasks like online shopping and content curation. Perplexity is also preparing to launch its own AI-powered browser, Comet.

If successful, Perplexity has pledged to invest $3 billion in Chrome and Chromium over the next two years, extend offers to a large share of Chrome’s current workforce, and maintain the browser’s stability. The company said it would avoid making “stealth modifications” to Chrome to ensure continuity for users and advertisers.

The offer does not include any equity in Perplexity, a move aimed at sidestepping additional antitrust scrutiny. Whether Google will consider the proposal remains uncertain, but the bid underscores how the outcome of the antitrust case could reshape the browser and search landscape.

Shares of NMDC Steel soared 17% to ₹41 on August 13 after the company reported its first-ever quarterly profit. This marked its sharpest single-day rise since January 2024.

For the June quarter (Q1 FY26), the steelmaker posted a net profit of ₹26 crore. This was a sharp turnaround from a net loss of ₹547 crore in the same quarter last year.

Revenue from operations rose 66% year-on-year to ₹3,365 crore. EBITDA came in at ₹408 crore, reversing from a loss of ₹401 crore in Q1 FY25. The EBITDA margin stood at 12%.

The strong performance was supported by higher steel prices, improved production capacity, and stronger operating leverage. Analysts noted that the ramp-up in output was crucial to the earnings turnaround.

A key operational milestone during the quarter was the commissioning of NMDC Steel’s 3 million tonnes per annum integrated steel plant at Nagarnar, Chhattisgarh. The plant is now fully operational, marking a significant step in the company’s expansion strategy.

The Nagarnar plant is expected to be a major growth driver for the company in the coming years, enabling higher volumes and better cost efficiencies.

On the policy front, reports last month suggested that the government is unlikely to proceed with the disinvestment of NMDC Steel in the current financial year.

The process has reportedly run into multiple roadblocks. Officials indicated that the stake sale will not be pushed aggressively in the near term.

Sources familiar with the matter said pending operational and financial issues need resolution before the sale process can resume. Once these are addressed, the disinvestment plan is expected to be fast-tracked.

NMDC Steel was carved out of NMDC Limited to manage the Nagarnar plant and pursue independent growth. The turnaround in Q1 FY26 is being viewed as a major credibility boost for the company ahead of any future stake sale.

Market watchers believe the first quarterly profit will improve investor sentiment. However, they also caution that sustaining profitability will depend on global steel prices, domestic demand, and the smooth functioning of the Nagarnar plant.

With capacity ramping up and pricing trends favourable, NMDC Steel appears poised for stronger operational performance in the near term. But the timeline for disinvestment remains uncertain.

New Delhi: After months of facing uncertainty and regulatory hurdles, Paytm has finally received the Reserve Bank of India’s (RBI) in-principle approval to operate as a payment aggregator. This is a crucial step for the digital payments firm, aiming to rebuild its core business.

The approval, granted to Paytm Payments Services Limited (PPSL), implies that the company can now officially facilitate online transactions between merchants and customers under the regulatory oversight of the RBI.

A Long Road to Recovery

This milestone didn’t come easy. Just last year, the RBI rejected Paytm’s initial application due to concerns related to foreign direct investment (FDI) rules. At the time, the company was under scrutiny for failing to meet certain compliance norms, particularly around its payments bank operations.

Paytm, being a wholly-owned subsidiary of One 97 Communications, had resubmitted its application for a payment aggregator licence in September 2024. The approval comes after a nine-month wait, during which several peers—such as PayU, Zaakpay (MobiKwik), and PBFintech’s lending unit—secured their licences.

The payment aggregator licence allows fintech companies to process and settle payments on behalf of merchants, streamlining and securing digital transactions for businesses.

However, Paytm took several corrective steps, most importantly, securing FDI clearance from the Finance Ministry and restructuring its ownership.

Freedom from Chinese Stake

A major turning point came last week, when China’s Ant Financial, once a key backer, exited Paytm by selling its entire 5.84% stake for approximately ₹3,803 crore. The complete exit of Chinese ownership is widely believed to have cleared a major regulatory roadblock, easing the RBI’s concerns around foreign influence in India’s financial ecosystem.

A Shift from Pause to Progress

Earlier in 2024, the RBI had also barred Paytm Payments Bank from onboarding new customers over ongoing compliance concerns. But this new approval indicates a shift in the regulator’s stance, as Paytm moves to distance itself from past missteps and reposition itself as a compliant, India-focused fintech player.

With the RBI’s green light, Paytm can now re-engage its merchant partners and focus on scaling its digital payment services, without the burden of regulatory uncertainty or foreign ownership complications.

The Next Move

While this is only an in-principle approval, it marks a fresh chapter for one of India’s most prominent fintech companies. A full license will still depend on Paytm meeting the RBI’s final conditions, but for now, the path to revival seems clearer than it has in months.

Mumbai: Early growth-stage investor Atomic Capital has announced the final close of its maiden venture capital fund at ₹400 crore. The fund will back Indian startups focused on consumer-driven sectors, with a clear emphasis on sustainable and capital-efficient growth.

Targeting high-potential, homegrown brands across consumer, consumer-tech, and consumer-enabler segments, the fund will look to invest in categories such as food and beverages, nutraceuticals, personal care and beauty, jewellery, pet care, electronics accessories, and home furnishings.

“We're looking to partner with startups that have found product–market fit and are now gearing up for the next stage of growth,” said the company in a statement. The fund plans to write initial cheques of ₹10–30 crore, building a portfolio of 10–12 companies. A portion of the corpus is earmarked for follow-on rounds.

Atomic Capital reached its first close at ₹155 crore in early 2024 and has already invested close to ₹50 crore in four startups: beauty brand ConsciousChemist, dairy and food startup Doodhvale Farms, beverage maker Rio Beverages, and fashion label Anny.

Founder and Managing Partner Apoorv Gautam emphasized that Atomic Capital’s value goes beyond money: “Our commitment lies in supporting entrepreneurs with strategic guidance and deep involvement. We're backing businesses that are capital-efficient and poised to scale in large, growing markets.”

He added, “Strong founder relationships, visible revenue momentum, and financial discipline are non-negotiables for us. We're in it to help build brands that not only endure but also create meaningful impact.”

Over the next three years, Atomic Capital aims to fully deploy the fund’s capital while maintaining reserves for follow-ons, aligned with its eight-year investment horizon. “We’re currently evaluating over 20 startups and have already issued a term sheet for our next investment,” the firm added.

The Union Cabinet has cleared four new semiconductor projects worth ₹4,594 crore, Union Minister Ashwini Vaishnaw announced in New Delhi on Tuesday, August 12, 2025.

Calling semiconductors a “foundational, strategic industry,” Vaishnaw said no country could consider itself developed without a strong chip manufacturing ecosystem. The approved projects include two in Odisha, one in Punjab, and one in Andhra Pradesh.

According to the minister, India’s six previously sanctioned semiconductor projects have a combined annual capacity of producing 24 billion chips. The new projects will add to this capability, with a focus on advanced technologies, strategic materials, and specialised components.

Advanced Silicon Carbide Plant in Bhubaneswar

A key highlight is a silicon carbide manufacturing plant in Bhubaneswar. Describing it as a “strategic need for the country,” Vaishnaw said the facility would also serve as an advanced research hub, leveraging the expertise of IIT Bhubaneswar.

The minister explained that producing silicon carbide involves vaporising powder at 2,400 degrees and accreting it onto a crystal to form wafers—a process requiring high precision. Silicon carbide is critical for high-performance electronics used in sectors such as electric vehicles, defence, and aerospace.

3D Glass Manufacturing Unit in Odisha

Odisha will also host a 3D glass factory, with Intel as an investor. Vaishnaw said global firms like Lockheed Martin, along with private equity and venture capital players, are expected to participate.

The 3D glass technology—likened to a “multi-storey building” due to its layered structure—will be applied in aerospace, defence, radar systems, wireless communication, and high-power computing. This three-dimensional packaging method is designed to enhance performance and reduce space requirements in electronic systems.

Specialised Device Production in Punjab

In Punjab, Continental Device India Pvt Ltd (CDIL) will collaborate with a Korean partner to manufacture specific devices, including metal–oxide–semiconductor field-effect transistors (MOSFETs). These components are essential in modern electronics, from consumer gadgets to industrial equipment.

Advanced Packaging Facility in Andhra Pradesh

The fourth project will be established in Andhra Pradesh by Advanced System in Package Technologies Pvt Ltd (ASIP). The unit will focus on high-density packaging solutions that integrate multiple semiconductor components into compact, high-performance modules.

Vaishnaw emphasised that these projects, along with those already approved, represent a significant step toward self-reliance in semiconductor manufacturing. “This is precision work, and India is now building the capacity to do it at scale,” he said.

The investments are expected to strengthen India’s position in the global semiconductor supply chain and open opportunities for advanced research, skilled jobs, and foreign investment in high-tech manufacturing.

New Delhi: It was a rough start at the onset of the financial year for Bata India, as it reported a sharp 70% plunge in net profit to ₹52 crore for the April–June 2025 quarter, down from ₹174 crore a year ago. The steep fall shows how weak spending, bad weather, and economic uncertainty could build up pressure on even India’s top brands.

While revenues held steady at ₹941.85 crore, which barely changed from last year, the pressure on profitability was obvious. The company's results point to the broader strain in India’s retail landscape, where shoppers are becoming more selective with discretionary spending.

Investors responded swiftly: Bata’s stock slid 3% on Tuesday to ₹1,146.65, just above its 52-week low, as the company continued to underperform the market. So far this year, the stock has lost 18%, in contrast to the BSE Sensex’s 2.6% gain.

Yet, amid the gloom, there are signs of resilience. Bata’s premium lines, namely Hush Puppies, Comfit, and Floatz showed strength, bucking the overall slowdown. Operational performance also improved, with EBITDA rising 7% to ₹200 crore and margins widening to 21.1%, up by 150 basis points.

"We continued to push ahead with our affordability initiatives across categories to drive volume-led growth," management said in a statement, pointing to efforts aimed at keeping products within reach for value-conscious shoppers.

In a bid to broaden its reach, Bata added 20 new franchise stores during the quarter, targeting smaller towns and semi-urban markets where demand potential remains untapped. The company remains cautiously optimistic about a demand recovery in the second half of the fiscal year.

Bata’s leadership is juggling short-term pressures with long-term bets, focusing on same-store growth, portfolio evolution, and streamlined inventory management as its key strategic levers.

Analysts are holding off on fresh projections until the company’s earnings call on August 14, but some remain upbeat about Bata’s longer-term prospects, citing its iconic brand, strong distribution network, and solid balance sheet as enduring strengths. For now, though, Bata’s Q1 results serve as a cautionary tale of the challenges facing consumer brands in today’s unpredictable market, where staying relevant, affordable, and agile is more important than ever.

Shares of Stallion India Fluorochemicals Ltd. (SIFL) surged on Tuesday after the company signed a Memorandum of Understanding (MoU) with the Rajasthan Government to set up an innovative R-32 refrigerant gas manufacturing plant in Bhilwara district.

The stock jumped as much as 11.17% intraday to Rs. 127.35, before trading 7.25% higher at Rs. 122.85 on the BSE and Rs. 124.10 on the NSE Sensex today, August 12. The broader Sensex was largely flat.

According to the exchange filing, the upcoming facility will not only produce R-32, a next-gen, environment-friendly refrigerant gas, but will also manufacture a suite of advanced refrigerants, including R-410A, R-404A, and R-454B. The ₹120 crore investment is expected to generate around 30 direct jobs, with operations targeted to begin in 2026. Land acquisition is already underway.

The project will receive infrastructure and regulatory support from the Rajasthan State Industrial Development and Investment Corporation (RIICO) to help fast-track execution.

Shazad Sheriar Rustomji, MD & CEO of Stallion India Fluorochemicals Limited, stressed, “This project marks a significant milestone in our capacity expansion strategy and underscores our commitment to serving the growing demand for environment-friendly and energy-efficient refrigerants in India. The Bhilwara facility will strengthen our domestic manufacturing footprint, reduce import dependency, and position us to cater to both domestic and export markets.” He also extended his sincere gratitude to the Rajasthan government for their support in bringing this vision to life.

SIFL, which specializes in refrigerant and industrial gases, posted a 23% rise in net profit to ₹10.36 crore and a 51% jump in revenue to ₹110.47 crore in Q1 FY26, compared to the same quarter last year.

With existing facilities in Maharashtra, Haryana, and Rajasthan, SIFL’s new Bhilwara plant aims to help reduce the country’s dependency on refrigerant imports and position the company to serve both domestic and international markets.

Hyderabad: Rainbow Children’s Medicare Limited (RCML), the country’s leading pediatric and perinatal hospital network, has now made a prominent mark in the northeast. The Hyderabad-headquartered healthcare chain has acquired a 76% stake in Guwahati’s Pratiksha Hospital, marking its official entry into the region.

The deal, finalised at an enterprise valuation of ₹171 crore, will see Pratiksha Hospital, which is a respected name in IVF and minimally invasive gynecology, now become part of Rainbow’s expanding national footprint. This  150-bed facility will soon be rebranded as Pratiksha Rainbow Children’s Hospital, integrating into RCML’s growing network that now spans 2,185 beds across 21 hospitals in eight cities.

Pratiksha Hospital was founded in 1995 by Dr. Pramod Kumar Sharma, and over the past decades, it has become a trusted name in the Northeast for its advanced reproductive and women’s health services. Further, sources report that Dr. Sharma and his family will retain a 24% stake in the hospital, continuing their legacy as part-owners as it enters a new phase under the Rainbow banner.

“This acquisition is more than an expansion; it is a commitment to bringing world-class pediatric and maternal care to underserved regions. “We see tremendous potential in the Northeast, and Guwahati is the perfect gateway,” said a senior RCML executive.

RCML will fund the acquisition through internal cash reserves, reflecting strong financial health and confidence in its growth strategy.

This newly acquired hospital will be digitally and operationally connected to Rainbow’s hubs in Hyderabad, New Delhi, Bengaluru, and Chennai, enabling patients in the Northeast to access specialized care and referral pathways that were previously out of reach.

As the need for high-quality pediatric and maternal healthcare is always the top priority across healthcare facilities across India, RCML’s latest move reflects a strategic blend of geographic expansion, service enhancement, and patient-centric care.

Sterlite Electric Ltd on Tuesday announced that it has bagged fresh orders worth ₹1,500 crore during the April–June quarter of the current financial year, with a significant push coming from green energy infrastructure projects and robust export demand.

In a statement, the company — formerly known as Sterlite Power Transmission Ltd and recognized globally as a leader in the cable and conductor industry — said the strong Q1 performance highlights growing market demand for its advanced conductors, power cables, and Optical Ground Wire (OPGW) products across domestic and international markets.

Diverse Order Portfolio

The orders span several critical infrastructure segments. Domestically, Sterlite Electric will supply high-performance conductors to support India’s green energy corridors — an initiative aimed at integrating renewable energy into the national grid. It has also secured contracts for advanced medium and high-voltage power cables, Medium Voltage Covered Conductors (MVCC), and OPGW systems designed for digital-ready grids.

The company said it has received reconductoring and uprating orders from leading state utilities to upgrade and enhance the efficiency of existing transmission networks. Such projects are expected to help reduce transmission losses and improve reliability, a key requirement as India pushes towards its renewable energy and electrification goals.

Expanding Global Footprint

Sterlite Electric continues to cement its position in global markets, with steady exports to regions including Latin America (LATAM), South Asian Association for Regional Cooperation (SAARC) nations, North America, Europe, the Middle East, and Africa.

The company noted that demand for its high-performance conductors and cables is being driven not just by emerging markets but also by mature economies undertaking grid modernization and renewable energy integration.

Commitment to Energy Transition

“ With an increasing focus on green energy, we are proud to be part of the critical infrastructure that supports India’s energy transition and global decarbonization goals,” said Reshu Madan, CEO of Sterlite Electric Ltd. “The export momentum continues to grow, and we remain committed to being a reliable partner for utilities and industries across multiple regions.”

Industry experts note that India’s green energy corridors and ongoing transmission system upgrades are creating significant opportunities for companies like Sterlite Electric. The demand for MVCC and OPGW products, in particular, is rising as utilities seek solutions that not only improve transmission performance but also prepare their grids for future digitalization.

About Sterlite Electric

Sterlite Electric Ltd is a leading global manufacturer and supplier of high-performance power conductors, extra-high voltage, high voltage, and medium voltage cables, as well as optical ground wire solutions. The company specializes in delivering technology-driven products that enable more efficient, reliable, and sustainable power transmission systems.

With its strong presence across continents and an order book that continues to expand, Sterlite Electric is positioning itself as a key enabler of the energy sector’s shift toward greener and more resilient infrastructure — both in India and globally.