Trackpad

SEBI Allows Bajaj Finserv to Launch Mutual Fund Business

Apart from Helios Capital, Old Bridge Capital, Zerodha and Angel One, SEBI now allowed Bajaj Finserv to launch a mutual fund business. Read on to find out more. Bajaj Finserv states that to launch asset management operations as Bajaj Finserv Mutual Fund, it has got the final registration from the Securities and Exchange Board of India (SEBI). According to a statement from the core investment company, Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management Ltd (BFAML) as the investment manager, will shortly provide an array of mutual fund products to investors, such as equity, debt, and Hybrid Funds in both active and passive segments. To construct a future-ready asset management business, BFAML is said to develop a tech-driven, multi-channel strategy for serving investors across several locations and regions. High acceptance of mutual funds is being fuelled by a resurgent India, increased investor confidence, and digital access to financial services. 

According to Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, “With Ganesh Mohan at the helm, our mutual fund business will inspire a new approach to invest and sustained, long-term wealth creation.” The venture launches at a time when, despite the turbulence in the financial markets, investors have maintained their trust in mutual funds. According to the most recent Association of Mutual Funds in India (AMFI) statistics, the interest of retail investors in the domestic mutual fund business is growing, with the value of assets owned by them increasing by 9.3 per cent to ₹23.4 lakh crore in January vs ₹21.40 lakh crore in January 2022. A major contributor to the growth of this asset base has been a systematic investing plan (SIP).   
 

NSE Receives Final Approval to Launch Social Stock Exchange (SSE) as a Separate Segment

On February 22, 2023, the Securities and Exchange Board of India (SEBI) granted final approval to the National Stock Exchange of India (NSE) to establish a separate segment called the Social Stock Exchange (SSE). The SSE segment is designed to provide a new financing option for social enterprises to support their social initiatives, increase transparency in fund mobilization and utilization and offer visibility to social enterprises. Non-Profit Organizations (NPOs) and For-Profit Social Enterprises (FPEs) can register/list themselves on the SSE segment if they establish their social intent. 

Eligible NPOs can initiate the fund mobilization process by issuing instruments like Zero Coupon Zero Principal (ZCZP) via a public issue or private placement. The minimum issue size prescribed by the regulations is ₹1 crore and the minimum application size for subscription is ₹2 lakh for ZCZP issuance. The process of issue and listing of securities for FPE is similar to that applicable for issue and listing of securities under the extant processes of the Exchange, based on the eligibility criteria for the Main board, SME Platform or innovators growth platform. 

The MD & CEO of NSE, Shri Ashishkumar Chauhan, expressed his gratitude to SEBI for permitting NSE to launch SSE as a segment and urged social enterprises to connect with the NSE team to learn about the mechanism and benefits of registering and listing on the SSE segment.  
 

Hi-Tech Pipes Records Highest Sales Volumes in Q3FY23
 

Hi-Tech Pipes Limited has recorded the highest sales volumes of 91,232 thousand tonnes in Q3 of the current fiscal. This is 40 per cent rise on Y-oY basis. The figure stood at 65,088 thousand tonnes in Q3FY22. On Q-o-Q basis, the company reported 7 per cent growth in the sales volume. In Q2FY23, the figure stood at 85,500. 

Hi-Tech Pipes, one of the leading steel processing companies in the country, also started commercial production of colour coating line at Sikandrabad in Uttar Pradesh with an installed capacity of 50,000 MTPA. The company operates integrated manufacturing facilities at UP's Sikandrabad, Sanand in Gujarat, Hindupur in Andhra Pradesh and Khopoli in Maharashtra. The company has a direct marketing presence in over 20 states with more than 400+ distributors across the country.   
 

Ashok Buildcon Limited Receives a Project Worth ₹ 264.87 Cr.
 

Ashoka Buildcon Limited informs the exchanges (BSE & NSE) that the company has received notification of Award (NoA) from South Bihar Power Distribution Company Limited (SBPDCL) for the project viz. ‘Development of Distribution Infrastructure at Electric Supply Circle PESU (East) & Electric Supply Circle PESU (West) of Bihar under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme’ (“Project”). The accepted contract value for the project is ₹264.87 crore. 

Recently, Ashoka Buildcon along-with North Haven India Infrastructure Fund, an India focused infrastructure fund managed by Morgan Stanley has entered into a Share Purchase Agreement with Mahanagar Gas to acquire 100 per cent of the share capital of Unison Enviro Pvt Ltd (UEPL), a subsidiary of Ashoka Builcon Ltd for a consideration of ₹531 crore. Ashoka Buildcon Ltd is a construction company. The company builds and operates roads and bridges in India on a build, operate and transfer BOT (Build-Operate-Transfer) basis. The company reported positive numbers in both quarterly and annual financial statements. The shares of this company are trading at a PE of 5.03x whereas sectoral PE is 23.6x and an ROE of 49.7 per cent, all of which point to strong managerial performance. Investors should keep an eye on this stock for the upcoming trading sessions.   
 

IRB Infrastructure to Board to Meet to Consider Stock Split

IRB Infrastructure Developers has remained under the spotlight in the recent time and is again in the headlines over the corporate action. The toll collection player is likely to split its equity shares in the coming weeks, the company indicated via a regulatory filing with the exchanges. The company announced that its board of directors are scheduled to meet to consider the proposal of the subdivision of the equity shares. The civil construction's existing paid-up equity shares capital has a face value of ₹10 each, but alteration in the share capital will increase the number of shares of the company. "This is to inform that a meeting of the board of directors of the company is scheduled to consider, inter-alia, a proposal for alteration in the share capital of the Company by sub-division/split of existing equity shares having face value of ₹10 each, fully paid up," the regulatory filing said. 

The shares of IRB Infrastructure have delivered stellar returns in the last few months. The stock has jumped 80% in the last six months, whereas it has gained more than 50% in the last one year. The shares of this company are trading at a PE of 5.03x whereas sectoral PE is 23.6x and an ROE of 49.7 per cent, all of which point to strong managerial performance. Investors should keep an eye on this stock for the upcoming trading sessions.   
 

Mahalaxmi Rubtech Announced Demerger of Traditional Textiles Processing Division and Wind Power Division
 

Incorporated in 1998, IRB Infrastructure Developers Limited, is an Indian highway construction company with its headquarters in Mumbai, Maharashtra, India. It is part of the IRB Group. Mahalaxmi Rubtech is a textile manufacturing company and a part of the Mahalaxmi Group of Industries. It is engaged in the manufacturing and marketing of products of traditional textile and technical textile. In 2008 it merged Mahalaxmi Fabric Mills Pvt Ltd, started textile manufacturing and is also exporting its products. 

On February 16, 2023, the company announced demerger of traditional textiles processing division and wind power division of the demerged company along with existing investment of the demerged company in its wholly owned subsidiary company namely Mahalaxmi Exports. Also, the scheme of arrangement provides for demerger of trading textiles division of the demerged company and vesting the same into the second resulting company. Post demerger, rubber/ technical textiles division and weaving division shall be remaining business of the demerged company. The company is embarking upon the agenda of rapid growth and development over the coming years with clear focus on its core business in three different verticals i.e. rubber /technical textiles division, traditional textiles processing division and trading textiles division. It is therefore decided to create a simpler group structure wherein emphasis will be on the growth of all three divisions through different verticals. It is felt that such structure will help effectively focusing on core competence of each of these three different divisions.