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EquityPandit

EquityPandit
BUSINESS

Wearables Market Grows 144% in 2020

India’s wearables market grew 144.3 per cent year-on-year in 2020 with shipments of 36.4 million units, according to the worldwide quarterly wearable device tracker report by International Data Corp. (IDC). It is the only country in the top 20 to register a three-digit growth.
Shipments in the December quarter grew at a higher rate of 198 per cent annually with 15.2 million units.
IDC attributed the phenomenal growth to the pandemic-led spike in demand for earwear devices, primarily for remote working and learning. Also, more people upgraded from wristbands to watches during the year.
“Hearables became one of the most sought-after electronic categories in 2020. The newer version of hearables are much better in managing the increased audio usages and the improved aesthetic and design also made them trendsetters,” said Anisha Dumbre, market analyst, IDC India.
Shipment of earwear grew 258 per cent annually in 2020 to 30.4 million units, compared to the previous year, accounting for 83.6 per cent of the overall wearables market. Earwear’s share was 57 per cent a year-ago. The Truly Wireless Stereo (TWS) segment was the most sought after among earwear in 2020, growing 10-fold with shipments of 11.3 million units.
“The TWS category saw the much-needed price correction with several vendors launching devices at more affordable price points leading to the drop in the average selling price of TWS to $45 in 2020 from $110 in 2019,” he said.
Homegrown brand BoAt dominated the earwear market with one-third of the shipments, followed by Samsung with 14.5 per cent market share. Samsung’s audio portfolio includes many sub-brands such as JBL, Harman Kardon, and Infinity. BoAt also led the TWS segment with a 24.6 per cent share.

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BUSINESS

Caplin Point Subsidiary Secures USFDA Approval 

Ali Waghbakriwala

Caplin Point Laboratories Ltd on Wednesday, 23 April, announced that its subsidiary, Caplin Steriles, has secured approval from the United States Food and Drug Administration (USFDA) for its Phytonadione Injectable Emulsion USP, 10 mg/mL, which is used to treat Vitamin K deficiency. 

Caplin Steriles announced in an exchange filing that its latest product is a generic version of Hospira Inc.’s Reference Listed Drug (RLD) Vitamin K1 Injection.

The injectable, known as Phytonadione emulsion, is a synthetic form of naturally occurring vitamin K and is primarily used to address coagulation disorders caused by a deficiency or disruption in vitamin K activity. It plays a crucial role in correcting the impaired synthesis of blood clotting factors II, VII, IX, and X.

As per IQVIA (IMS Health), sales of this product in the U.S. reached around $18.5 million in the 12 months ending February 2025.

This approval from the USFDA marks another step forward in Caplin Steriles’ efforts to expand its presence in the U.S. generics market. To date, the company has submitted 47 Abbreviated New Drug Applications (ANDAs), with 35 already approved.

Caplin Steriles, recognized for its expertise in sterile manufacturing, holds approvals from key global regulators, including the US FDA, EU-GMP, ANVISA (Brazil), and INVIMA (Colombia).

Looking ahead, the company is actively developing a robust pipeline of more than 40 injectable and ophthalmic products, expected to be filed over the next four years.

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BUSINESS

Jupiter Wagons Stops Production at Jabalpur Plant 

Ali Waghbakriwala

Jupiter Wagons Ltd announced on Tuesday, 22 April, that operations at one of its plants in Jabalpur have been halted for the past 15–20 days due to unavoidable circumstances.

The company assured that it is actively working to address the situation and expects to resume normal production in a short span of time.

In a recent development earlier this month, the company shared that its subsidiary, Jupiter Tatravagonka Railwheel Factory Private Ltd (JTRF), has acquired land in Haldiapada, Khordha, Odisha, to establish India’s first private-sector rail wheel and axle forging facility.

The company added, “Jupiter Tatravagonka Railwheel Factory Pvt. Ltd. (JTRF), a subsidiary of Jupiter Wagons Limited, has successfully secured land in Haldiapada, Khordha, Odisha, for its upcoming Railwheel & Axle forging plant.”

Jupiter Tatravagonka has outlined plans to invest R 2,500 crore in phases over the coming years to set up the facility.

Once operational, the plant aims to produce around 1,00,000 forged wheelsets annually, serving both domestic and global markets. Nearly half of the output is intended for export, mainly to Tatravagonka AS, which is a prominent rail infrastructure company based in Slovakia, along with other European clients.

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BUSINESS

NTPC Solar Plant in Gujarat Catches Fire 

Ali Waghbakriwala

A major fire broke out at a warehouse storing equipment for NTPC’s 70 MW under-construction solar power project in Bhatiwada village, Dahod, Gujarat, late Monday night. According to officials, the blaze started around 9:30 pm and continued through the night, prompting an extensive firefighting operation.

Thankfully, there were no casualties. Deputy Superintendent of Police Jagdish Bhandari confirmed that all seven to eight workers and four security personnel present at the site were safely evacuated. However, the warehouse suffered extensive damage, with almost everything inside destroyed by the fire.

Firefighting teams from Dahod, Godhra, Jhalod, and Chhota Udepur responded promptly, but strong winds made the operation challenging. A fire officer noted that they received the emergency call at 9:35 pm, and multiple fire tenders were immediately dispatched.

An NTPC employee shared that they first noticed the fire at 9:15 pm and quickly alerted emergency services. Despite rapid response, the blaze intensified quickly due to high wind speeds. All stored materials meant for the solar plant were reportedly lost, resulting in significant damage.

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BUSINESS

SECL inks Rs 7,040 crore deal with TMC Mineral Resources for coal mining

Dhruva Kulkarni

Coal India’s arm SECL has signed a Rs 7,040 crore agreement with TMC Mineral Resources to start large-scale coal production using paste-filling technology in the Singhali underground mine in Korba.

Paste filling is a modern method where extracted coal voids are filled with a paste made of fly ash, crushed overburden, cement, water, and binding chemicals. This eliminates the need for surface land acquisition, prevents land subsidence, and ensures mine stability.

With this move, SECL becomes the first coal PSU in India to adopt this underground mining technique. The project will run for 25 years and produce about 8.4 million tonnes of coal.

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The Singhali mine, operational since 1993, was originally approved for 0.24 million tonnes of annual output and currently has 8.45 million tonnes of extractable non-coking coal reserves. Due to dense surface infrastructure like villages, power lines, and roads, traditional caving methods aren’t viable here.

By using paste filling, mining can continue safely without affecting the surface, and this model could be applied to similar mines facing land constraints.

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BUSINESSSTARTUPS

BluSmart May Exit Cab Services, Could Join Uber as Fleet Partner: Report

Dhruva Kulkarni

Cash-strapped startup BluSmart is planning to exit its core cab business and transition into a fleet partner for Uber, nearly six years after it entered the ride-hailing space in 2019.

The company’s shareholders have approved a phased transition of its fleet to Uber, starting with 700–800 cars in the coming weeks. The exact timeline is still being finalised.

BluSmart is reportedly burning over Rs 20 crore every month. Its founders, Anmol Singh Jaggi and Puneet Singh Jaggi have been infusing funds with support from external investors. However, with their other venture, Gensol Engineering, facing a major debt crisis, fresh capital for BluSmart has become harder to secure.

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This financial crunch has reportedly caused delays in salary payments and raised concerns among investors.

BluSmart began in 2019 as a fleet operator listing electric vehicles on Uber. Later that year, it launched its ride-hailing platform. In 2022, it placed an order for 10,000 EVs with Tata Motors, followed by a $50 million funding round in 2023. But as the Gensol crisis intensified in 2025, BluSmart started exploring a return to fleet operations.

Gensol Engineering is scrutinised over alleged falsified debt documents and high debt levels. The company has denied any wrongdoing and launched an internal investigation.

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