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NCML signs MoU with SBI to provide financing services to farmers

NCML, the collateral services provider has signed an MoU with the State Bank of India to provide financing facility to the farmers against warehouse receipts of their produce.

Sanjay Kaul, the MD & CEO of National Collateral Management Services Ltd (NCML) said that the tie up with SBI will be helping farmers to have maximum reach with the bank to avail short-term finance against the warehouse receipts.

He further said that the arrangement with SBI will provide an extended opportunity to finance against warehouse receipts issued by small-sized godowns of private licensed warehouses built under ‘Gramin Bhandaran Yojana’ of NABARD across the country.

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BUSINESS

RBL Bank Announced its Q3 Earnings

Ali Waghbakriwala

On 18 January, RBL Bank announced an 86% year-on-year decline in net profit to Rs 32.63 crore for the third quarter of FY25, representing an 85% sequential decrease.

Asset Quality Metrics:

  • Gross NPA Ratio: 2.92% as of 31 December 2024 (vs. 2.88% on 30 September 2024 and 3.12% on 31 December 2023).
  • Net NPA Ratio: 0.53% as of 31 December 2024 (vs. 0.79% on 30 September 2024 and 0.80% on 31 December 2023).
  • Gross NPA: Rs 2,701 crore as of 31 December 2024 (vs. Rs 2,581.08 crore on 30 September 2024 and Rs 2,551.05 crore on 31 December 2023).
  • Net NPA: Rs 481.64 crore as of 31 December 2024 (vs. Rs 697.51 crore on 30 September 2024 and Rs 635.64 crore on 31 December 2023).

Deposits and Advances:

  • Total Deposits: Rs 1.07 lakh crore (up 15% YoY); CASA deposits grew 12% YoY to Rs 35,022 crore, with a CASA ratio of 32.8%.
  • Granular Deposits (less than Rs 3 crore): Rs 53,719 crore (up 20% YoY and 3% QoQ), contributing 50.3% of total deposits.
  • Net Advances: Rs 90,412 crore (up 13% YoY).
  • Retail Advances: Rs 55,199 crore (up 19% YoY); Retail-to-wholesale advances ratio stood at 61:39.

Segment-Wise Growth:

  • Housing loans: 33% YoY increase.
  • Rural vehicle finance: 30% YoY increase.
  • Commercial banking: 21% YoY increase.

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BUSINESS

Ashapura Minechem Inks an MoU China Railway

Ali Waghbakriwala

Ashapura Minechem Ltd has announced that its abroad subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, which is a Fortune 500 company for developing a Fako bauxite deposit project in Guinea in West Africa.

In its regulatory filing, the company said, “We wish to inform you that the company’s overseas subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, a global Fortune 500 company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.”

As a part of the deal, the company will be responsible for the sales and marketing department, while China Railway will handle the production of bauxite and provide logistical solutions. 

The company added, “In terms of MOU, China Railway will be responsible for production of Bauxite and provide logistic solutions while Ashapura will be totally responsible for sales and marketing and providing technical support including quality assurance for the project.”

The company is aiming to transform one of Guinea’s most underdeveloped regions by creating job opportunities and increasing production capabilities to drive growth. 

Filing added, “The above mentioned project may be set to transform one of Guinea’s most underdeveloped regions by creating job opportunities. It will also boost the company’s production capacity while driving economic growth and improving the lives of local communities in the Fako region.”

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BUSINESS

GMR Airports Achieved Record Passenger Traffic of 1.08 Crore in December 2024

Ali Waghbakriwala

GMR Airports Ltd announced on Friday, 17 January, that it recorded its highest-ever monthly passenger traffic in December 2024, handling 1.08 crore passengers, marking a 9% increase year-on-year (YoY) and a 6% rise month-on-month.

Aircraft movements also grew, reaching 64,364 for the month, up 7% YoY and 5% month-on-month. For the fiscal year-to-date (FY25), GMR Airports surpassed 88.8 million passengers and 0.55 million aircraft movements, setting all-time records in both categories.

Delhi Airport Highlights:

In December, Delhi Airport handled over 7 million passengers, its highest monthly traffic to date, reflecting a 6.7% year-on-year growth. Domestic passenger traffic rose to 5.1 million (+7.1% YoY), while international passenger numbers reached 1.9 million (+5.5% YoY). Additionally, Delhi Airport managed record cargo volumes of 0.83 million metric tonnes in YTD FY25, a 13.8% increase YoY.

Hyderabad Airport Highlights:

Hyderabad Airport experienced its busiest month ever, handling 2.7 million passengers in December, a 20.1% year-on-year increase. Domestic traffic surged to 2.3 million (+23.2% YoY), while international passenger traffic climbed to 0.43 million (+6.1% YoY). On 22 December, 2024, the airport set a single-day record with 92,000 passengers.

Mopa (Goa) Airport Highlights:

Mopa Airport handled 0.42 million passengers in December and 3.4 million passengers in YTD FY25. International passenger traffic saw an extraordinary 227.5% year-on-year surge, driven by the start of international operations in July 2023.

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BUSINESS

Power Grid Corporation Raises Stake in Cross Border Power Transmission 

Ali Waghbakriwala

Power Grid Corporation of India Ltd, a state-owned entity, announced that it had acquired 77,30,225 equity shares of IL&FS Energy Development Company Ltd (IEDCL) in the joint venture Cross Border Power Transmission Company Ltd (CPTCL) for a total consideration of Rs 14.73 crore. 

This acquisition raises POWERGRID’s shareholding in CPTCL to 42%.

In its regulatory filing, the company said, “This is to inform that Power Grid Corporation of India Limited has acquired 77,30,225 no. equity shares of IL&FS Energy Development Company Limited in the Joint Venture Company viz. Cross Border Power Transmission Company Limited.”

Established in 2006, CPTCL is a collaborative venture involving Power Grid, IEDCL, Satluj Jal Vidyut Nigam Ltd (SJVNL), and Nepal Electricity Authority (NEA). The company oversees the Indian portion of the Muzaffarpur-Dhalkebar 400 kV double-circuit cross-border transmission line, facilitating power connectivity between India and Nepal.

The acquisition is part of IEDCL’s divestment process, undertaken as per the resolution framework mandated by the National Company Law Tribunal (NCLT). The transaction aligns with the Shareholders’ Agreement, granting POWERGRID, along with SJVNL and NEA, the option to purchase shares in proportion to their existing stakes.

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BUSINESS

Zepto Secures NCLT Approval for Reverse Flip 

Ali Waghbakriwala

Kiranakart Technologies Private Limited can now proceed with becoming the holding company of Zepto, a unicorn in quick commerce, in line with the board of directors and shareholders’ resolution, according to an order from the National Company Law Tribunal (NCLT).

Earlier on 9 January, the NCLT order said, “The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and their respective stakeholders including its shareholders, employees, and creditors.”

Before this, Zepto was a subsidiary of Singapore-based Kiranakart Pte. Ltd.

The internal suggestions were approved by the company’s board of directors on 3 October 2024.

The company’s approval to relocate its base back to India comes before its initial public offering (IPO) later this year. Zepto has chosen Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers and intends to generate $400–$500 million through its first public offering (IPO), according to an exclusive disclosure in September 2024.

As originally revealed on 2 January, Zepto also created a new marketplace organisation in an attempt to simplify its operations. In fact, the NCLT order said that the advantages of the Indian entity’s merger will help the corporation’s business structure be optimised.

The NCLT order added, “rationalisation of the group structure by reducing the number of legal entities…to be more aligned with the business objective to achieve more business synergies, assist in faster decision making, ensure significant cost savings, creation of a focused platform for future growth.” 

The regulation states that by streamlining the holding structure, further fundraising from both domestic and foreign investors will be possible.

In the lead-up to its IPO, the company raised over Rs 2,900 crore from domestic investors like Motilal Oswal and others in order to increase local participation. 

In addition to simplifying decision-making and fundraising negotiations, the NCLT order said, “The reverse flip will eliminate administrative functions and multiple record keeping functions, which will help reduce administrative, managerial, and other common expenditures considerably, which will augur well for the firm’s financial health.”

The NCLT further determined that the Indian corporation would not require a no objection certificate (NOC) from the Reserve Bank of India (RBI), in contrast to several previous reverse flips of a similar type.

The development follows two rounds of fundraising in which Zepto raised $1.35 billion to compete in the highly competitive quick commerce industry against larger, publicly traded rivals like Zomato, which also operates Blinkit, and Swiggy, which operates Swiggy Instamart.

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