The issue closes on April 25 and the anchor investors' allocation will be done on April 22. Investors can bid for a minimum of 36 shares in one lot and in multiples thereafter. View More

Heating equipment company JNK India has fixed a price band of Rs 395-415 per share for its maiden public offer, which opens for subscription on April 23. The issue closes on April 25 and the anchor investors' allocation will be done on April 22. Investors can bid for a minimum of 36 shares in one lot and in multiples thereafter. The post-issue implied market cap of the company will be around Rs 2,308 crore, at the upper price band The IPO comprises fresh equity of up to Rs 300 crore and an offer for sale (OFS) of up to Rs 84.2 lakh worth of shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi will offload shares. About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors. The net proceeds from the issue will be used towards working capital requirements and other general corporate purposes. JNK India has capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning process-fired heaters, reformers and cracking furnaces. The company is one of the well-recognized heater companies in India, having a market share of approximately 27% in the segment, in terms of new order booking in FY23. Its heating equipment is required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants. The Indian heating equipment market is closely competed among seven companies with JNK India and Thermax being the most prominent and comparable players. Over the years, the company has diversified into flares and incinerator systems and have been developing capabilities in the renewable sector with green hydrogen. For FY23, the company has clocked revenue from operations of Rs 407 crore and a profit of Rs 46.3 crore. IIFL Securities and ICICI Securities are the book-running lead managers to the issue, while Link InTime India is the registrar. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The recent surge in Indian PSU stocks, with returns reaching up to 300 percent in less than a year. Amidst this favorable landscape, let's compare Coal India (CIL) and NTPC to discern which PSU stock offers superior long-term investment prospects. View More

JNK India IPO comprises fresh equity of up to Rs 300 crore and an OFS of up to Rs 84.2 lakh worth of shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi will offload shares. View More

Heating equipment company JNK India announced that its IPO will open for public subscription on April 23 and close on April 25. The anchor investors' allocation will be done on April 22. The issue comprises fresh equity of up to Rs 300 crore and an offer for sale (OFS) of up to Rs 84.2 lakh worth of shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi will offload shares. The price band for the public offer will be announced soon. About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and the rest 15% for non-institutional investors. The net proceeds from the issue will be used towards working capital requirements and other general corporate purposes. Also Read: Ramdevbaba Solvent IPO booked 6.47x on Day 2; Grill Splendour's issue fully subscribed JNK India has capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces. The company is one of the well-recognised heater companies in India, having a market share of approximately 27% in the segment, in terms of new order booking in FY23. Its heating equipment is required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants. The Indian heating equipment market is closely competed among seven companies with JNK India and Thermax being the most prominent and comparable players. Over the years, the company has diversified into flares and incinerator systems and has been developing capabilities in the renewable sector with green hydrogen. For FY23, the company has clocked revenue from operations of Rs 407 crore and a profit of Rs 46.3 crore. IIFL Securities and ICICI Securities are the book-running lead managers to the issue, while Link InTime India is the registrar. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

DGC Cables and Wires IPO listed on NSE SME platform with 10% discount. Manufacturer of copper products for transformers. Oversubscribed 16x. Offers fiber glass-covered copper strips, submersible wires. View More

The shares of DGC Cables and Wires listed on the NSE SME platform with a discount of 10% on Tuesday. The stock debuted at Rs 90 as against an issue price of Rs 100. Ahead of the listing, the company's shares traded with a premium of Rs 15 in the unlisted market. The IPO , which was completely a fresh equity issue of 49.99 lakh shares, received decent response from investors with a subscription of 16 times at close. The net proceeds from the public offer will be used for capital expenditure, long term working capital requirement and general corporate purposes. The company is a manufacturer of copper cables and wires. Its primary focus is on manufacturing of different types of copper cables which finds application in Transformers. The product portfolio consists of copper strips, paper covered copper strips and wires. Also Read: Ramdevbaba Solvent IPO: Check issue size, price band, GMP and other details DGC said it takes pride in offering a wide range of copper products. Our products include bare copper strips, conductors, and wires, ensuring optimal conductivity for various applications. We also provide paper-covered copper conductors in both rectangular and round shapes, as well as multi-paper-covered copper conductors and connection cables designed specifically for transformers. For added durability, the company offers fiber glass-covered copper strips and wires. Additionally, the copper submersible wires and strips are perfect for submersible applications. It also supplies twin and triple bunched paper-covered copper strips and bunch conductors. The company primarily supplies its products to the transformer manufacturing companies in India and our main marketing strategy is to develop and maintain good relationships with our customers. Manufacturing is emerging as an integral pillar in the country’s economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. The Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest growing sectors. For the period ended February 2024, the company clocked revenues of Rs 76.33 crore and net profit of Rs 8.47 crore. Interactive Financial Services acted as the lead manager to the issue and Bigshare Services was the registrar. (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Tesla will lay off more than 10% of its global workforce. Read the memo to employees from CEO Elon Musk. View More

In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO1:4701:47Tesla to cut more than 10% of its global workforceSquawk on the Street Tesla will lay off more than 10% of its global workforce, according to a memo sent to employees by CEO Elon Musk.The company's shares closed down more than 5% on Monday."As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Musk said in the memo obtained by CNBC."As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally," the memo said.The memo was first reported by Electrek.Tesla had 140,473 employees as of December 2023.Tesla shares have taken a bruising in recent months, falling 31% year to date. While electric vehicle sales are still gaining popularity worldwide, their sales growth rate has slowed especially for Tesla. The company now faces more competition than ever.To end 2023, China's BYD temporarily dethroned Tesla as the world's top EV maker. Chinese smartphone company Xiaomi in March said it would sell its first electric car for far less than Tesla's Model 3.Musk has previously recognized that China, home to a large Tesla factory, may also house the company's strongest competition. "There's a lot of people who are out there who think that the top 10 car companies are going to be Tesla followed by nine Chinese car companies. I think they might not be wrong," Musk said in November.Some would-be Tesla customers are now skipping the brand owing to Musk's incendiary rhetoricEarlier this month, Tesla reported its first annual decline in vehicle deliveries since 2020, when the Covid-19 pandemic disrupted production extraneous of demand — first-quarter deliveries fell by 8.5% on the year to 386,810 in the first quarter, with output down 1.7% from a year earlier and 12.5% sequentially despite discounts and incentives offered to customers throughout the quarter.More recently, Tesla trimmed the subscription price of its premium driver assistance system, marketed as its Full Self-Driving or FSD option, for U.S. customers. The move was sharply at odds with Musk's previous pledges that the FSD fee would only bulk up as Tesla added features and functionality to the system. Despite the brand name, the system does not make Tesla vehicles self-driving and requires a driver attentive to the road, ready to steer or brake at any time.But the squeeze on the company's operating margin — which came in at 8.2% in the fourth quarter, down from 16% a year earlier — remains, and Tesla has warned investors to brace that vehicle volume growth this year "may be notably lower" than the rate logged in 2023, saying it is "currently between two major growth waves."Logistical challenges exacerbated Tesla's problems this year. The company's component supply was a casualty of disruptions caused by Yemeni Houthi maritime attacks in the Red Sea, while the automaker's gigafactory near Berlin was forced to briefly suspend production due to suspected arson at a nearby electricity substation.In addition to the layoffs, Tesla executives Drew Baglino and Rohan Patel announced Monday they're leaving the company. Baglino had worked with Tesla since its early years, starting as a firmware and electrical engineer in 2006. Patel joined Tesla in 2016 after working as a senior advisor to former President Barack Obama on climate and other policy matters.Tesla is scheduled to report first-quarter financial results on April 23.Here's the full memo from Musk (transcribed by CNBC):Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity.As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle.I would like to thank everyone who is departing Tesla for their hard work over the years. I'm deeply grateful for your many contributions to our mission and we wish you well in your future opportunities. It is very difficult to say goodbye.For those remaining, I would like to thank you in advance for the difficult job that remains ahead. We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence. As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there.Thanks,ElonCorrection: Tesla's operating margin came in at 8.2% in the fourth quarter, down from 16% a year earlier. An earlier version misstated a time element. Don’t miss these exclusives from CNBC PROFriday's biggest analyst calls: Apple, Amazon, Tesla, Microsoft, Boeing, First Solar, Schwab & moreCiti says this ‘high risk’ but ‘attractive’ global stock has 280% upsideThis AI stock could fall 50% and has an ‘exaggerated artificial intelligence narrative,’ Morningstar saysMorgan Stanley names 3 overlooked global tech stocks, giving one almost 100% upside

Resolution professional sets new EoI date for KSK Mahanadi Power after failed takeover bids. Debts, creditor details, and twists in resolution process highlighted. Concerns over supporting companies' value addressed by NCLT. View More

The resolution professional (RP) for the KSK Mahanadi Power has set April 26 as the date for fresh expressions of interest (EoI) to take over the 1800 MW power plant in a second round of bidding after plans by creditors Power Finance Corp (PFC) and Rural Electrification Corp (REC) to take over the company did not receive government approval. In a regulatory Form G which sets out the timeline for resolution, RP Suresh Binani has set June 18 as the final date for bidders to give a plan. The company owes creditors ₹32,240 crore out of which more than ₹29,000 crore is owed to financial creditors according to the latest list of creditors updated earlier this month. The Chhattisgarh-based power producer is a rare operational plant of its size available for a takeover in the country. As a result a half a dozen asset reconstruction companies (ARCs) have accumulated the debt from banks in the hope of finding good value from buyers. Out of the six units of 600 MW coal-based plant planned, three units of 600 MW are operational totalling 1800 MW. Aditya Birla ARC is the largest creditor with admitted claims of ₹9,800 crore or 33% of the total debt followed by PFC with about ₹4,400 crore or 15%. REC is the third largest creditor with ₹3,538 crore or 12% of the debt. Another ARC Asrec has also accumulated 12% or ₹3,506 crore of the debt. "Most banks have sold their debt to ARCs over the years due to the delays in the resolution of this asset because there has been demand from ARCs to accumulate this asset in hopes of a resolution. There are expectations that large power producers will look at this acquisition favourably," said a person who has tracked this process. The resolution process for KSK Mahanadi has undergone various twists since being admitted for insolvency in 2019. In the initial round of bidding in 2021 the company received EoIs from a dozen bidders including large corporate groups like Vedanta , Adani Power , Naveen Jindal's Jindal Power, Jindal Polymer and also creditors PFC-REC and NTPC . Lenders had petitioned the National Company Law Tribunal ( NCLT ) to consolidate the resolution of two other related companies, KSK Mahanadi Water, which operates a water pipeline to the power plant and raw material-carrying Raigarh Champa Rail after bidders had expressed apprehension that buying the power plant without these supporting companies will be of little value. As a result, the court stayed the standalone resolution process of KSK Mahanadi Power in 2022. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

India's government has ordered all gas-based power generating stations to operationalize their plants from May 1 to June 30 due to a potential prolonged heat wave this summer. The ministry has projected a peak power demand of 260 GW, a record high from September last year. The decision is part of a series of measures to meet summer electricity demand. The order will remain valid for generation and supply from May 1, 2024, to June 30, 2024. View More

The government has directed all gas-based power generating stations to operationalise their plants from May 1 to June 30 in view of rise in electricity demand due to a likely prolonged heat wave this summer. A significant portion of Gas-Based Generating Stations (GBSs) is currently unutilized, primarily due to commercial considerations. The ministry has projected 260 GW peak power demand this summer (April to June 2024). Peak power demand had touched an all-time high of 243 GW in September last year. The decision to operationalise GBSs is part of a series of measures taken by the Centre to ensure that electricity demand in the summer is met. According to a power ministry statement, the order shall remain valid for generation and supply of electricity from May 1, 2024 to June 30, 2024. "To ensure maximum power generation from Gas-Based Generating Stations, the government has issued directions to all Gas-Based Generating Stations under Section 11 of the Electricity Act, 2003, under which the appropriate government may specify that a generating company shall, in extraordinary circumstances operate and maintain any generating station in accordance with the directions of that government," the statement said. The order under Section 11, which is on similar lines as done for imported coal-based power plants, aims to optimise the availability of power from GBSs during the ensuing high demand period. As per the arrangement, GRID-INDIA will inform GBSs in advance, of the number of days for which gas-based power is required. GBSs holding Power Purchase Agreements (PPAs) with distribution licensees shall first offer their power to PPA holders. If the power offered is not utilised by any PPA holder, then it shall be offered in the power market. GBSs not tied to PPAs must offer their generation in the power market. A high-level committee headed by Chairperson, Central Electricity Authority has been constituted to facilitate the implementation of this direction. Other measures taken by the government to meet the summer demand include planned maintenance of power plants to be shifted to monsoon season; new capacity additions to be fast-tracked and partial outages of thermal power plants being brought down. India's electricity demand has been rising rapidly, driven by economic growth, particularly during hot-weather and high-demand periods. The India Meteorological Department (IMD) has predicted above-normal maximum temperatures over most parts of the country during the 2024 summer. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

NTPC share price hits 52-week high after announcing IPO plans worth ?10,000 crore for NTPC Green Energy. Analysts recommend buying on dips strategy. IDBI Capital Markets, HDFC Bank, IIFL Securities, and Nuvama Wealth Management selected to manage the IPO process. View More

Following shares hit their 52 week high today - NTPC, Eicher Motors View More

NTPC Green Energy shortlists banks for a Rs 10,000 crore IPO, including IDBI Capital and HDFC Bank. The IPO aims for March 2025 with plans to add 4-5 GW renewable power capacity and focus on green energy projects. View More

NTPC Green Energy has shortlisted four investment banks for managing its Rs 10,000 crore initial public offering (IPO) according to reports released on Thursday. IDBI Capital Markets and Securities, HDFC Bank , IIFL Securities and Nuvama Wealth Management are likely to have been shortlisted after financial and technical bids, a moneycontrol.com report said. Citing sources this report said that IDBI Capital’s bid emerged as the lowest among ten investment banks which include the likes of Goldman Sachs, Axis Capital, ICICI Securities and DAM Capital. The IPO proceeds will be used to fund ongoing and future projects of the NTPC subsidiary across solar energy, green hydrogen and green ammonia, the report said, quoting people in the know. India's largest power producer NTPC expects its green energy arm to go public in the fiscal year ending March 2025, a senior company executive had earlier said. The state utility also plans to add 4 to 5 gigawatts (GW) of renewable power and 3 GW of coal-fired power capacities during the same period, said the executive who declined to be identified as the information has not been made public yet. NTPC Green is a wholly owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in the pipeline, including 7 GW under implementation. The state-owned power giant NTPC received approval from the Department of Investment and Public Asset Management (DIPAM) in January to list its green energy arm NTPC Green Energy Ltd (NGEL) to raise up to Rs 10,000 crore. The company is planning to utilise the funds towards energy transition and setting up green energy projects, including solar and green hydrogen, a report by PTI earlier had said. In December 2023, NTPC CMD Gurdeep Singh had told PTI that his company is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand for power going forward. The company has a target to add 60GW of renewable energy capacity by 2030, which it expects to achieve even earlier. ( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)