NACDAC Infrastructure's Rs 10 crore IPO received a record-breaking Rs 14,386 crore in bids, achieving a 1,976 times oversubscription. Retail investors and high-net-worth individuals showed particularly strong interest. The Ghaziabad-based construction company secured funding from two anchor investors ahead of the IPO, aiming to utilize the proceeds for working capital and general corporate purposes.
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India's IPO market reached an impressive milestone in 2024, with proceeds doubling to USD 11.2 billion from 2023's USD 5.5 billion, driven by increased retail participation and domestic inflows. The government's focus on infrastructure and capital expenditure further contributed to India's market dynamism.
NACDAC Infrastructure's Rs 10 crore IPO received a record-breaking Rs 14,386 crore in bids, achieving a 1,976 times oversubscription. Retail investors and high-net-worth individuals showed particularly strong interest. The Ghaziabad-based construction company secured funding from two anchor investors ahead of the IPO, aiming to utilize the proceeds for working capital and general corporate purposes.
Boeing plans to increase its sourcing from India, which currently stands at Rs 10,000 crore annually from 320 suppliers. The company expects to deliver two aircraft per month to Indian airlines over the next two years and is investing heavily in pilot training, MROs, and engineering centers in Bangalore and Chennai.
L&T’s HR head Sonica Muraleedharan clarifies Chairman S N Subrahmanyan's remarks about a 90-hour work week, explaining that his comment was misinterpreted and not intended to mandate extreme working hours. Muraleedharan emphasizes Subrahmanyan’s supportive leadership and commitment to employee growth, urging understanding of his true intentions.
Indian stock markets witnessed a significant rally, adding Rs 7.85 lakh crore to investor wealth, after the US suspended additional tariffs on India for 90 days. The BSE Sensex surged by 1.77%, and the NSE Nifty gained 1.92%, driven by broad-based optimism across sectors, particularly commodities, consumer durables, and utilities.
India's gems and jewellery sector is highly dependent on exports, with the US being a major market. In FY 2023-2024, India's total exports of gems and jewellery stood at $32.85 billion, with $9.95 billion directed to the US, accounting for 30.29% of the sector's exports.
The US trade deficit narrowed by 6.1% to $122.7 billion in February before President Trump launched new tariffs. US exports rose while imports remained nearly unchanged. Analysts expect these tariffs to impact businesses' supply chains and costs, potentially affecting imports and exports in the coming months as new tariffs take effect.
Razorpay has extended Rs 1 lakh worth of ESOPs to each of its 3,000+ employees for the first time, reflecting its commitment to an employee-first ethos. Previously, Razorpay’s ESOP buybacks have benefited numerous employees, with the latest $75 million buyback in 2022 impacting 650 employees.
UPI continues to set records, with March seeing 1,830 crore transactions worth Rs 24.8 lakh crore, a 36% rise in volume and 25% increase in value year-on-year. The platform now processes 59 crore transactions daily, averaging Rs 79,910 crore in daily value, showcasing significant growth.
Hon Hai Precision Industry Co. reported a 13% drop in net income due to weak Chinese iPhone sales, impacting its margins. Despite this, the company predicts a significant growth in AI-related revenue this quarter, driven by its role as a key assembler for Nvidia's AI servers.