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Trade barriers, energy transitions and shifting demand patterns to continue to challenge the industry: N Chandrasekaran, Chairman, Tata Steel View More

The company says India’s infra and manufacturing build-out could drive domestic steel demand up by more than 80 per cent to over 300 million tonnes View More

EEPC India has urged the government to create a distinct rating system for MSMEs. This new approach would consider their size and operational specifics. Such a system aims to provide fair recognition, enable easier access to affordable loans, and boost their global market standing. View More

New Delhi: The apex engineering exports promotion body, EEPC India , has proposed to the government the development of a separate rating system for MSMEs, taking into account their size and the nature of their operations. The separate rating procedure would give due recognition to Indian MSMEs, enable them to access funds at reasonable rates, and help them compete in the global market. In a letter to the Ministry of MSME, Pankaj Chadha, Chairman, EEPC India, has highlighted the issues faced by MSMEs in securing investment-grade or higher ratings from external rating agencies (ERAs), which hinder their access to funds. "As a consequence of having a sub-investment grade rating, MSMEs find it pretty tough to get loans from banks, as they need to pay much higher collateral than those with an investment grade rating. This is among the most prominent hurdles faced by them in business," he said. Discussions with various rating agencies have revealed that MSMEs across industries are benchmarked against the leading players in their respective industries, as there is no separate process for determining ratings for MSMEs. In the case of the steel sector, for instance, an MSME is benchmarked against steel giants like JSW or Tata Steel, thus making this a very unfair comparison for them. This lack of a proper rating procedure has consistently placed MSMEs in lower or non-investment-grade tiers. Live Events "Now, to ensure a fair competition, it is recommended that the RBI should develop a completely separate system for rating MSMEs only, and these MSME units must be benchmarked against their peers who belong to the same bandwidth. In this regard, RBI may also need to set separate parameters dedicated to MSME by taking into account their size and the peculiar nature of operation arising due to their Unique Status and identity," Chadha noted. The MSME sector forms the backbone of the Indian economy, contributing nearly one-third of manufacturing output and accounting for about 45% of merchandise exports. A separate rating system for the sector would further help MSMEs expand their operations and become more competitive in the global market. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

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CMR Green Technologies IPO opened today with robust investor interest. Non-institutional and retail investors showed strong demand. The grey market premium suggests a potential listing price above the IPO band. The company is India's largest non-ferrous metal recycler. Its business aligns with the global shift towards recycled metals. The IPO closes on June 5. View More

The Rs 631 crore IPO of CMR Green Technologies opened for subscription today and witnessed healthy investor participation, with the issue subscribed 1.87 times as of Day 1 against the 2.30 crore shares on offer. The non-institutional investor (NII) segment led the demand, garnering 3.93 times subscription, while the retail category was subscribed 2.03 times. Market sentiment remains upbeat, reflected in the grey market premium (GMP) of around 33%. Based on the upper end of the price band at Rs 192 per share, the GMP indicates a potential listing price of approximately Rs 255–Rs 256. The IPO will close on June 5. The Rs 630.6 crore issue is entirely an offer-for-sale ( OFS ), meaning the company will not receive any funds from the proceeds. The price band has been fixed at Rs 182–Rs 192 per share, and investors can bid in lots of 78 shares. CMR Green Technologies IPO Subscription Details As of 3:25 PM on Day 1, the CMR Green Technologies IPO had been subscribed 1.87 times overall. The retail investor segment witnessed healthy participation, with Retail Individual Investors (RIIs) subscribing 2.03 times their allotted quota of 1.14 crore shares. Live Events Demand was particularly strong in the Non-Institutional Investor (NII) category, which was subscribed 3.93 times against the 49.07 lakh shares reserved for the segment. In contrast, Qualified Institutional Buyers (QIBs) showed limited participation on Day 1, bidding for 2% of the 65.42 lakh shares allocated to them. About CMR Green Technologies CMR Green Technologies is India’s largest non-ferrous metal recycler by installed capacity and held the highest market share in the domestic secondary aluminium segment in FY25, according to an ICRA report cited in the company’s prospectus. The company operates 13 manufacturing facilities and produces recycled aluminium alloys, aluminium billets, zinc alloy ingots, and other recycled metal products. It also holds an estimated 42%–45% share in the cast alloy segment used by the automotive industry. The business is well positioned to benefit from the global shift toward recycled metals, as industries increasingly focus on low-carbon manufacturing solutions. As per the ICRA report, recycled aluminium emits significantly lower greenhouse gases compared to primary aluminium production and requires much lower capital investment. On the financial front, the company reported operating revenue of Rs 6,666 crore in FY25, reflecting a 12% year-on-year growth. Profit after tax stood at Rs 155 crore, recovering from a loss in FY24, which was primarily due to a one-time goodwill impairment charge. Ahead of the IPO, CMR Green Technologies also raised Rs 188 crore from anchor investors, including participation from domestic mutual funds, insurance companies, and foreign institutional investors. Brokerages Review Analysts have offered mixed views on the issue. Motilal Oswal highlighted CMR Green's leadership position in the aluminium recycling industry, its dominant market share and exposure to long-term sustainability and decarbonisation trends. The brokerage noted that the company is benefiting from growing demand for recycled aluminium and expansion into new segments such as extrusion and rolled alloys. Swastika Investmart has assigned a "Neutral" rating to the IPO. The brokerage said the valuation of around 27 times FY25 earnings appears reasonable relative to peers and acknowledged the company's industry leadership and strong market position. However, it flagged concerns around the issue being a pure OFS, customer concentration risks, dependence on a few key clients and relatively thin operating margins. Swastika said high-risk investors may consider the issue primarily from a listing gains perspective. The IPO comes at a time when investor appetite for manufacturing and sustainability-linked businesses remains healthy, particularly in sectors linked to recycling, resource efficiency and the circular economy. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Several stocks will remain in focus after key corporate developments, including Infosys’ banking partnership expansion, ED searches at Vedanta, Canara Bank’s fundraising plan, UPL’s restructuring approval, REC’s asset transfers, and fresh order wins, investments and stake-sale transactions View More

CMR Green's IPO is generating significant buzz, with a strong grey market premium suggesting robust investor interest. The company, a leader in non-ferrous metal recycling, is poised to benefit from the growing demand for sustainable manufacturing. While analysts note its strong market position, concerns about the offer structure and margins exist. View More

The IPO of CMR Green opened for subscription on Wednesday, with grey market signals indicating strong investor interest ahead of the issue. According to market observers, the IPO is commanding a grey market premium (GMP) of around 33%, implying a potential listing price of about Rs 255-256 per share against the upper issue price of Rs 192. CMR Green IPO dates and price band The IPO will remain open for subscription from June 3 to June 5. The issue is entirely an offer for sale (OFS) of shares worth Rs 630.6 crore, meaning the company will not receive any proceeds from the offering. The company has fixed a price band of Rs 182-192 per share, with investors able to bid for a minimum lot of 78 shares. About CMR Green Technologies CMR Green Technologies is India's largest non-ferrous metal recycler by installed capacity and held the highest market share in the domestic secondary aluminium market in FY25, according to an ICRA report cited in the prospectus. Live Events The company operates 13 manufacturing facilities and supplies recycled aluminium alloys, aluminium billets, zinc alloy ingots and other recycled metal products. It commands an estimated 42%-45% market share in the cast alloy segment serving the automotive industry. The business is positioned to benefit from the growing shift toward recycled metals as industries seek lower-carbon manufacturing solutions. According to the ICRA report, recycled aluminium generates significantly lower emissions compared with primary aluminium production while requiring substantially lower capital investment. Financially, the company reported revenue from operations of Rs 6,666 crore in FY25, up 12% year-on-year, while profit after tax stood at Rs 155 crore, compared with a loss in FY24 that was largely attributable to a one-time goodwill impairment charge. Ahead of the IPO, the company raised Rs 188 crore from anchor investors, with participation from domestic mutual funds, insurance companies and foreign institutional investors. Brokerages Review Analysts have offered mixed views on the issue. Motilal Oswal highlighted CMR Green's leadership position in the aluminium recycling industry, its dominant market share and exposure to long-term sustainability and decarbonisation trends. The brokerage noted that the company is benefiting from growing demand for recycled aluminium and expansion into new segments such as extrusion and rolled alloys. Swastika Investmart has assigned a "Neutral" rating to the IPO. The brokerage said the valuation of around 27 times FY25 earnings appears reasonable relative to peers and acknowledged the company's industry leadership and strong market position. However, it flagged concerns around the issue being a pure OFS, customer concentration risks, dependence on a few key clients and relatively thin operating margins. Swastika said high-risk investors may consider the issue primarily from a listing gains perspective. The IPO comes at a time when investor appetite for manufacturing and sustainability-linked businesses remains healthy, particularly in sectors linked to recycling, resource efficiency and the circular economy. With a GMP of around 33%, market participants will closely watch subscription trends over the next three days to gauge whether the strong grey market sentiment translates into robust demand from institutional and retail investors. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

CMR Green Technologies, a non-ferrous metal recycler, plans to raise ?630 crore via an offer for sale. The company, heavily reliant on recycled aluminium, faces commodity price volatility and customer concentration risks. Despite revenue growth and margin expansion, negative operating cash flow and increased debt warrant caution for investors. View More

ET Intelligence Group: CMR Green Technologies , a non-ferrous metal recycling company, plans to raise ₹630 crore through an offer for sale. The promoter shareholding will decline to 84% after the IPO from 87%. Strong demand for recycled aluminium and other non-ferrous metals provides long-term growth visibility. However, the business remains exposed to concentration risks, with recycled aluminium contributing over 80% of revenue, leaving it vulnerable to commodity price volatility . Moreover, nearly half of its sales are derived from the top 10 customers. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance. Business Incorporated in 2005, the company manufactures aluminium alloy ingots and liquid aluminium, along with zinc alloys and other recycled metals such as copper and stainless steel. The share of aluminium products in revenue increased to 81.9% in nine months to December 2025 from 78% in FY25. The company operates 13 recycling facilities across the country, with an installed capacity of about 6.2 lakh tonnes per annum as of March 31, 2026. It is a key player in the cast alloy segment of the automotive industry, where it held an estimated 42-45% market share by volume in FY25, according to the ICRA report. India's recycled aluminium market is projected to reach $9.2 billion with a volume of 3.7 million tonnes, growing 13.2% in value and 11.2% in volume annually over FY2026-FY2030, according to the report. Agenciesin the works: There are buyers for recycled metals, but customer concentration makes issue better-suited for long-term investors Financials Revenue grew at a compounded annual growth rate (CAGR) of 6.6% to ₹6,666 crore while net profit rose by 22% to ₹155 crore between FY23 and FY25. Operating margin before depreciation and amortisation (EBITDA margin) expanded to 4.6% from 3.5% during the period. In FY24, the company reported a net loss of ₹838 crore due to a one-time goodwill write-off. The debt-to-equity ratio increased to 0.6 in FY25 from 0.2 in FY23, within the peer range of 0.06-0.93. Live Events Operating cash flow (OCF) was negative at ₹387.7 crore as of December 2025 and ₹92 crore in FY25 due to a sharp increase in raw material costs, particularly aluminium, and ramp-up of new manufacturing facilities. OCF was ₹74 crore in FY24 and ₹611 crore in FY23. Trade receivables days increased to 38 days in nine-months to December 2025 from 34 days in FY23, reflecting extended collection cycles. Valuation The company demands a price-earnings (P/E) multiple of 19 on post-IPO basis compared with a P/E of 29 for Pondy Oxides and Chemicals, 31.6 for Gravita India and 36.5 for Jain Resource Recycling. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The Coca-Cola Company is preparing to take its India bottling business, Hindustan Coca-Cola Holdings (HCCH), public in a significant IPO expected to raise over $1 billion. The listing, likely in 2027, aims to value HCCH at over $10 billion, with Coca-Cola retaining significant shareholding. View More

New Delhi: The Coca-Cola Company is preparing to take its India bottling business public in one of the biggest multinational listings in recent years, with the offering expected to raise well over $1 billion. The Atlanta-headquartered beverages maker early on Tuesday (India time) said it is exploring an initial public offering of Hindustan Coca-Cola Holdings (HCCH), parent of Hindustan Coca-Cola Beverages (HCCB), by selling a portion of shareholding likely in 2027, with the company continuing to hold significant share. The IPO is expected to value HCCH at well over $10 billion, people aware of plans said. ET reported in its January 15 edition that Coca-Cola had tapped investment bankers for the proposed IPO to raise $1 billion, at a valuation of $10 billion. Agencies Expanding Offerings ET also reported first in its May 3, 2024, edition that Coca-Cola was planning to list HCCB. The move comes less than a year after Coca-Cola sold a 40% in HCCH to the Jubilant Bhartia Group for nearly Rs 12,500 crore, while retaining 60% control. Live Events The maker of Coke and Sprite sparkling drinks, Dasani water and Georgia coffee said initial preparations are underway for listing on the BSE and NSE. "Following the listing, the bottler will be well-placed to continue to pursue growth," said Sanket Ray, president for India and Southwest Asia and emerging large markets lead at The Coca-Cola Company. "We will focus on growing our portfolio of global and local brands in India." Two senior executives aware of the plans said India's largest soft drinks company had started work on the bottling arm's listing two years ago. "The IPO, which was being planned for this year, is expected to hit the market in 2027, amid delays on account of the West Asia war and an erratic summer," one of them said. While Coca-Cola India sells concentrate to its bottling partners and focuses on strategy, innovation, distribution and brand building, its bottling business is more or less evenly split between HCCB and multiple independent bottlers. Chairman and co-chairman of Jubilant Bhartia Group, Shyam and Hari Bhartia, in a joint statement said the listing is the "next important step in the bottler's journey and (that the company would) will reap the benefits of the public listing to create value for all shareholders." HCCB, which began operations in 1997, had a network of over 2,000 distributors and reached over 1.7 million customers, as on March 31. It employs 5,000 people and operates 14 bottling plants across 10 states. Filings with the Registrar of Companies sourced from business intelligence platform Tofler showed that HCCB reported ₹12,751 crore in revenue for FY25, declining 9% year-on-year. Net profit declined 73% year-on-year to ₹757 crore in the year. The numbers were impacted by sale of manufacturing plants to Coca-Cola's existing independent franchise bottling partners in Rajasthan, Bihar, the North East and parts of West Bengal, such as Moon Beverages, Kandhari Global and SLMG, HCCB had said at the time of filing. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Despite challenging global markets, several major Indian companies are pushing ahead with IPO plans. Oyo's parent, Prism, received regulatory approval for a Rs 6,650 crore offering. Coca-Cola is also exploring a $1 billion listing for its Indian bottling arm, Hindustan Coca-Cola Holdings, in 2027. Other notable firms like Zepto and Manipal Hospitals are also preparing to go public. View More