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EquityPandit

EquityPandit
BUSINESS

PM Postponed NSE IFSC-SGX Connect Launch Due to Gujarat’s Flood

The National Stock Exchange (NSE) International Financial Service Centre (IFSC) and Singapore Exchange (SGX) Connect launch has been postponed, with both NSE and SGX informing trading members and vendors.

“Members may note that the operationalisation of the NSEIFSC-SGX Connect is deferred. The revised date for operationalisation of the Connect shall be informed shortly through a separate circular,” NSE IFSC said in a circular on Wednesday.

On Friday, PM Modi has to bring SGXNifty trading Gift City IFSC to get operationalised. However, after Gujarat’s flood, Modi decided to cancel all his programmes at Gift City.

Now, these trades will be routed through NSE IFSC, which will give a fillip to Gift City during the SGX connect launch. The proposed model of SGX connect is on the lines of Shanghai-Hong Kong Stock Connect.

Several parts of Ahmedabad were inundated, with the city receiving a record 115 mm rainfall in three hours.

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BUSINESS

Godrej Properties Sold Homes Worth Rs 1,000 Crore 

Ali Waghbakriwala

Godrej Properties Ltd. announced on Tuesday, 25 March, that it has sold homes in its Godrej Madison Avenue project in Kokapet, Hyderabad, which occupied over 0.84 million square feet and brought in over Rs 1,000 crore. The corporation began the project in January 2025.

The Golden Mile Road project offers access to shopping, schools, hospitals, and other lifestyle amenities. It also provides access to key areas such as the Financial District, Gachibowli, HITEC City, and the Outer Ring Road.

“We are thrilled with the response to our first project in Hyderabad,” said Gaurav Pandey, MD & CEO of Godrej Properties. “This success reiterates the huge growth opportunity available to Godrej Properties in Hyderabad and the strong demand for premium residential developments in Kokapet. This strengthens our commitment to expanding in Hyderabad where we will be launching a second project shortly.”

Additionally, the real estate firm revealed last week that it has acquired roughly 10 acres of land in the Yelahanka suburb of Bengaluru, which could generate Rs 2,500 crore in revenue.

The project’s estimated 1.5 million square feet of developable potential is mostly made up of high-end residential flats and high-street shops.

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BUSINESS

Larsen and Toubro Signs MoU with Cockerill Energy

Ali Waghbakriwala

Larsen and Toubro said on Monday, 24 March that L&T Energy Green Tech Ltd, its wholly-owned subsidiary, has entered into a Memorandum of Understanding (MoU) with John Cockerill Energy to investigate solutions in thermal energy storage and concentrated solar power.

The company’s exchange filing states that the MoU seeks to find and create strategic partnership prospects in production, component supply, and technology solutions.

L&T Energy Green Tech offers integrated green energy solutions through collaborations, advanced technology, and research and development on a development, production, and EPC basis. John Cockerill, who has over 200 years of experience in both industry and energy, has been developing technological solutions to help with the energy transition.

Subramanian Sarma, the whole-time director and president (energy), L&T, said, “Ensuring round-the-clock availability of renewable power is crucial for driving the global energy transition. Our collaboration with John Cockerill marks a significant step in this direction, combining L&T’s end-to-end expertise in manufacturing, EPC and services with John Cockerill’s global leadership in energy.”

“With our expertise and references, including five solar thermal receivers for concentrating solar power plants in the UAE, China, Chile and South Africa, we are confident this partnership will enable us to deliver these offerings to companies in India that are actively pursuing low carbon energy solutions,” John Cockerill Energy’s CEO Thomas Bohner said.

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BUSINESS

Adani Enterprises Completes Full Acquisition of Parserlabs India

Ali Waghbakriwala

Adani Enterprises announced that Sirius Digitech Limited, a joint venture of Adani Global Limited, Mauritius, has acquired the remaining 22.5% stake in Parserlabs India Private Limited (PIPL). 

The transaction, finalized on 19 March 2025, strengthens the Adani Group’s expansion in data centres and cloud services.

This follows Sirius Digitech’s initial 77.5% stake purchase in PIPL, announced on 16 July 2024. With the latest Rs 45 crore investment, PIPL is now a wholly-owned subsidiary of Sirius Digitech.

Founded on 25 March 2019, PIPL fully owns Coredge.io India Private Limited (CIPL), a deep-tech startup specializing in sovereign AI and cloud platforms. CIPL serves cloud providers, government agencies, and telecom firms, contributing to strong financial growth. 

PIPL reported a turnover of Rs 45.63 crore in FY 2023-24, up from Rs 28.94 crore in FY 2022-23 and Rs 12.09 crore in FY 2021-22.

The 22,500 equity shares (Rs 1 face value each) were acquired at Rs 20,000 per share through a cash transaction. Adani Enterprises emphasized that this acquisition enhances its expertise in cloud computing and data centre infrastructure.

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BUSINESS

Bharat Forge Subsidiary and Compal Electronics Partner to Boost India’s Server Manufacturing

Ali Waghbakriwala

Bharat Forge Ltd on Thursday, 6 March, announced that its wholly-owned subsidiary Kalyani Powertrain has announced signing a technology licensing agreement with Compal Electronics for manufacturing X86 platform servers in India. 

Kalyani Powertrain and Compal Electronics have signed a Memorandum of Understanding (MoU) to develop the server business in India, aligning with the Make in India initiative. Under this partnership, Compal Electronics will provide technological expertise to Kalyani Powertrain, overseeing local production, assembly, testing, and server sales.

Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, highlighted that this partnership with Compal, a global leader in technological products, will significantly enhance India’s manufacturing competitiveness and strengthen its position in the industry.

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Tony Bonadero, CEO of Compal Electronics, emphasized that this collaboration aligns with Compal’s strategy to expand its server business through strategic partnerships. He noted that Kalyani Powertrain’s deep expertise in the Indian market would create strong synergies, paving the way for further ICT-related opportunities and long-term value creation.

Additionally, Kalyani Powertrain’s electronics division has announced the launch of Made-in-India servers from its state-of-the-art manufacturing facility in Pune, Maharashtra, in February 2025. The company expects the facility to play a crucial role in boosting local businesses, attracting investments, and contributing to the region’s expanding manufacturing ecosystem.

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BUSINESS

Ola Electric Layoff 1,000 Jobs Amid Internal Restructuring 

Ali Waghbakriwala

Ola Electric, the electric two-wheeler startup led by Bhavish Aggarwal, has laid off around 1,000 workers in the marketing, sales, and distribution divisions as a result of a significant internal restructuring effort.

The company is figuring out what needs to be reorganized. According to people acquainted with the matter, a number of workers were let go, and a number of distribution networks on the ground were shut down.

Ola Electric acknowledged that restructuring had taken place, although it did not specify the number of jobs that were impacted.

Ola Electric spokesperson said, “We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity.”

This move comes after a similar downsizing that affected at least 500 employees in November 2024.

The latest restructuring coincides with several high-level departures. In December 2024, both chief technology officer Suvonil Chatterjee and chief marketing officer Anshul Khandelwal resigned.

Ola Electric has undergone multiple phases of reorganization in recent years. In September 2022, the company streamlined operations and hired a number of new employees in anticipation of its first public offering. However, recent layoffs suggest a shift in approach as the business struggles in the competitive EV sector.

Industry sources speculate that the purpose of these layoffs may be to improve financial efficiency as Ola Electric is ready to expand in the future despite changing market conditions.

Ola Electric revealed its December quarter results on February 7, indicating that its losses had grown compared to the same time last year.

The company’s net loss this quarter was Rs 564 crore, as opposed to Rs 376 crore in the same quarter the previous year. The December quarter’s revenue was Rs 1,045 crore, a 19.4% drop from the year before.

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