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Inox Clean Energy is set to launch a ?10,000 crore IPO by filing a draft red herring prospectus, potentially marking the largest IPO in the Indian private renewable energy sector to date. This deal will consist of new shares issued as well as a sale of existing shares. The company had earlier withdrawn a DRHP but has since seen significant growth in its renewable energy and solar manufacturing operations. View More
New Delhi: Inox Clean Energy is likely to file a draft red herring prospectus for a ₹10,000 crore initial public offering of shares with the market regulator before the weekend, in what could be the largest IPO from a private Indian renewable energy company to date, people familiar with the matter said. The planned offering will comprise an issue of fresh shares by the INOXGFL Group company and an offer for sale from some of its existing shareholders, the people said. The INOXGFL Group did not respond to ET's queries. Government-backed NTPC Green Energy made a similar-sized IPO in November 2024. Read more: Sebi clears PRIM route for PMS players to invest in mutual funds, SIFs; Rs 25 lakh minimum ticket Inox Clean Energy in last December made a confidential DRHP filing with the Securities and Exchange Board of India, but withdrew it later. The latest plan comes after it raised funds privately from a diverse group of investors that included prominent global and local institutions, and expanded capacity through acquisitions in India and overseas. The company operates two related businesses: renewable energy generation and manufacturing of solar photovoltaic modules and cells. Read more: Snapdeal parent AceVector raises Rs 189 crore from anchors; Negen, Singularity among top investors Live Events It expanded its power generation and manufacturing businesses rapidly over the past year and a half, both organically and through an aggressive M&A strategy. Inox Neo Energies, the company's independent power generation vertical, operates renewable power plants with a total capacity of 5 gigawatts. An additional 11 gigawatts of projects are under development. .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;width: 100%;box-sizing: border-box} .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)
Tier II cities such as Coimbatore, Sri Potti Sriramulu Nellore (Nellore), Visakhapatnam, Kolhapur and Nashik are also catching up View More
?The investment will fund ?expansion into solar ingots, wafers, cells and modules, as well as ?battery energy ?storage systems and renewable power generation. View More
The company said it has started commercial production at the greenfield manufacturing facility and dispatched the first batch of bare copper wire on September 20 View More
Varmora Granito's IPO entered its third day of bidding on September 24, facing limited investor response. The public offer was subscribed 1.58 times, with bids for 5.34 million shares against 3.39 million on offer. Qualified Institutional Buyers led the interest, while retail participation showed nearly complete subscription. The issue price ranges from Rs 140 to Rs 148 per share, with allotment expected on September 25. View More
Varmora Granito’s IPO entered its third and final day of bidding on Thursday, September 24, with investor response remaining subdued. The public offer of Varmora Granito was subscribed 1.58 times, with investors placing bids for 5,34,85,762 shares against 3,39,02,899 shares on offer, according to NSE data. In the grey market, the IPO is currently commanding zero GMP, down sharply from the earlier premium of around 6%, indicating expectations of a flat listing. On Day 2, the issue was subscribed 27% overall, against the 3.39 crore shares on offer. The retail portion was subscribed 40%, with investors bidding for shares against the 1.71 crore shares reserved for the category. The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore. Read more: NSE IPO Tracker: Catch all the highlights here Live Events The issue will remain open for subscription until September 24, with the allotment expected to be finalised on September 25. The company’s shares are proposed to be listed on both the NSE and BSE on September 29. The IPO has a price band of Rs 140-148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,948 for one lot. JM Financial Ltd, Goldman Sachs (India) Securities Pvt. Ltd and SBI Capital Markets Ltd are the book-running lead managers for the issue, while KFin Technologies Ltd is the registrar. Varmora Granito IPO Subscription Status Qualified Institutional Buyers (QIBs) led the demand, with the category subscribed 3.16 times. The institutional portion had 93.65 lakh shares on offer. The Retail Individual Investors (RIIs) category was nearly fully subscribed, receiving bids for 1,70,92,634 shares against 1,71,76,172 shares reserved for the segment. Meanwhile, the Non-Institutional Investors (NIIs) category was subscribed 92%, with 73.61 lakh shares available for subscription. Read more: Adroit Industries IPO Day 2: GMP at 25%, subscription reaches 5.18 times. Should you subscribe? IPO Objects of the Issue Varmora Granito Ltd plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest. The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd and Varmora Sanitarywares Pvt. Ltd, as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary. The company has allocated Rs 245 crore towards debt repayment and general corporate purposes out of the fresh issue proceeds. Should you subscribe? According to Sushil Financial Services’ research report, Varmora Granito has demonstrated improving financial performance, with Total Income growing 1.4% in FY25 and 4.7% in FY26. PAT declined 31.5% in FY25 before rebounding 79.0% in FY26, driving diluted EPS from Rs 1.74 to Rs 3.05 and improving RoNW to 7.79%. EBITDA margin also expanded to 14.18% in FY26 from 13.28% in FY25, supported by a shift toward premium GVT and technical tiles. However, at the upper price band, the issue is valued at around 48.5x FY26 diluted earnings, broadly in line with the disclosed listed-peer average of 47.1x (range: 28.6x-72.0x), leaving limited valuation cushion. Given the broadly fair valuation relative to peers, the competitive and cyclical nature of the tile industry, and the company’s 23-year track record, premiumisation strategy and deleveraging balance sheet, the report recommends subscribing to the issue. Financial Performance Varmora Granito Ltd’s total income increased 5% to Rs 1,563 crore in FY26 from Rs 1,493 crore in FY25. Over the same period, profit after tax (PAT) rose 79% to Rs 55 crore from Rs 31 crore. Read more: Moneyview IPO opens today: GMP signals 32% listing gains — Should you subscribe? About Varmora Granito Ltd Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in Fiscal 2026. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its Fiscal 2026 revenue coming from in-house manufactured products. The company has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI. Varmora has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. The company also has a focus on renewable energy, with 16.22 MW of wind and solar capacity. As of March 2026, Varmora had 1,153 permanent employees. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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The proposed expansion will create manufacturing facilities across the solar value chain, including ingots, wafers, high-efficiency solar cells and battery energy storage systems View More
Varmora Granito’s Rs 708-crore IPO was 11% subscribed on Day 1, with the retail portion at 20%. The issue’s grey market premium has cooled to 2% from 6%, indicating a modest listing premium. The IPO closes on September 24, with allotment expected on September 25 and listing on NSE and BSE on September 29. View More
Varmora Granito ’s IPO entered its second day of bidding on Tuesday, with the three-day issue set to remain open until September 24. In the grey market, the IPO is currently commanding a 2% premium, down from the earlier 6% premium, signalling a positive but relatively flat listing for the stock. On Day 1, the issue was subscribed 11% overall. The retail portion was subscribed 20%, with investors bidding for shares against the 1.71 crore shares reserved for the segment. The overall issue has an offer size of 3.39 crore shares. The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore. The issue will remain open for subscription until September 24, while the allotment is expected to be finalised on September 25. The company’s shares are proposed to be listed on both the NSE and BSE on September 29. The price band has been fixed at Rs 140–148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,948 for one lot. Live Events JM Financial Ltd. , Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book-running lead managers for the issue, while Kfin Technologies Ltd. is the registrar. Varmora Granito IPO Subscription Status On Day 1, Varmora Granito’s IPO was subscribed 11% overall against the total offer of 3.39 crore shares. The Retail Individual Investors (RIIs) category was subscribed 20%, with 1.71 crore shares on offer. The Non-Institutional Investors (NIIs) category was subscribed 5%, against the 73.61 lakh shares reserved for the segment. The Qualified Institutional Buyers (QIBs) category had not received any bids so far, against the 93.65 lakh shares offered. Read more: NSE IPO Tracker: Catch all the highlights here Varmora Granito IPO GMP Today Varmora Granito IPO’s Grey Market Premium (GMP) stands at Rs 9, or around 6%, over the upper price band of Rs 148 per share. Based on the current GMP, the estimated listing price for the Varmora Granito IPO is Rs 157 per share, indicating a potential premium over the issue price. IPO Objects of the Issue Varmora Granito Ltd. plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest. The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd., as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary. The company has allocated Rs 245 crore towards the issue, including the debt repayment component and general corporate purposes. The proceeds allocated to general corporate purposes will be used for the company’s general business requirements. Read more: Hero Motors shares to list today. Check GMP ahead of debut Should you subscribe? According to Sushil Financial Services’ research report, Varmora Granito has demonstrated improving financial performance, with Total Income growing 1.4% in FY2025 and 4.7% in FY2026. PAT declined 31.5% in FY2025 before rebounding 79.0% in FY2026, driving diluted EPS from Rs. 1.74 to Rs. 3.05 and improving RoNW to 7.79%. EBITDA margin also expanded to 14.18% in FY2026 from 13.28% in FY2025, supported by a shift toward premium GVT and technical tiles. However, at the upper price band, the issue is valued at around 48.5x FY2026 diluted earnings, broadly in line with the disclosed listed-peer average of 47.1x (range: 28.6x–72.0x), leaving limited valuation cushion. Given the broadly fair valuation relative to peers, the competitive and cyclical nature of the tile industry, and the company’s 23-year track record, premiumisation strategy and deleveraging balance sheet, the report recommends subscribing to the issue. Financial Performance Varmora Granito Ltd.’s total income increased 5% to Rs 1,563 crore in FY26 from Rs 1,493 crore in FY25. Over the same period, profit after tax (PAT) rose 79% to Rs 55 crore from Rs 31 crore. About Varmora Granito Ltd. Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in Fiscal 2026. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its Fiscal 2026 revenue coming from in-house manufactured products. The company has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI. Varmora has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. The company also has a focus on renewable energy, with 16.22 MW of wind and solar capacity. As of March 2026, Varmora had 1,153 permanent employees. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .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;width: 100%;box-sizing: border-box} .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)
Ceigall India announced that its wholly owned subsidiary (WOS), Ceigall Green Energy MH2, has successfully commissioned another 5 MW solar power plant at Ranjangaon Deshmukh, Taluka Kopargaon, District Ahilyanagar, Maharashtra. View More
The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore. The issue will remain open until September 24, with allotment expected to be finalised on September 25. The shares are proposed to list on both the NSE and BSE on September 29. View More
Varmora Granito IPO received muted demand from investors on the first day of subscription. According to NSE data, the issue received bids for 37,24,375 shares against 3,39,02,899 shares on offer, resulting in an overall subscription of just 11% on the first day. In the grey market, the issue is currently commanding a 6% premium, indicating that the shares are quoted above the upper end of the IPO price band ahead of listing. The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore. The issue will remain open until September 24, with allotment expected to be finalised on September 25. The shares are proposed to list on both the NSE and BSE on September 29. The price band has been fixed at Rs 140–148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,948 for one lot. JM Financial Ltd. , Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book-running lead managers, while Kfin Technologies Ltd. is the registrar to the issue.Varmora Granito IPO GMP Today Live Events Varmora Granito IPO Grey Market Premium (GMP) is 6% or Rs 9, with an upper price band of Rs 148.00, the estimated listing price for Varmora Granito IPO is Rs 157. Read more: NSE IPO Tracker: Catch all the highlights here Subscription status Retail Individual Investors (RIIs) subscribed to 20% of their allocated quota, while the Non-Institutional Investors (NIIs) portion was subscribed to 5%. Qualified Institutional Buyers (QIBs), meanwhile, placed bids for only 1,414 shares against 93,65,510 shares reserved for them. IPO Objects of the Issue Varmora Granito Ltd. plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest. The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd., as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary. The company has allocated Rs 245 crore towards the issue, including the debt repayment component and general corporate purposes. The proceeds allocated to general corporate purposes will be used for the company’s general business requirements. Should you subscribe? According to Sushil Financial Services’ research report, Varmora Granito has demonstrated improving financial performance, with Total Income growing 1.4% in FY2025 and 4.7% in FY2026. PAT declined 31.5% in FY2025 before rebounding 79.0% in FY2026, driving diluted EPS from Rs. 1.74 to Rs. 3.05 and improving RoNW to 7.79%. EBITDA margin also expanded to 14.18% in FY2026 from 13.28% in FY2025, supported by a shift toward premium GVT and technical tiles. However, at the upper price band, the issue is valued at around 48.5x FY2026 diluted earnings, broadly in line with the disclosed listed-peer average of 47.1x (range: 28.6x–72.0x), leaving limited valuation cushion. Given the broadly fair valuation relative to peers, the competitive and cyclical nature of the tile industry, and the company’s 23-year track record, premiumisation strategy and deleveraging balance sheet, the report recommends subscribing to the issue. Read more: A record run! NSE IPO draws Rs 90,000 crore demand, takes subscription crown among India’s 5 largest offerings Financial Performance Varmora Granito Ltd.’s total income increased 5% to Rs 1,563 crore in FY26 from Rs 1,493 crore in FY25. Over the same period, profit after tax (PAT) rose 79% to Rs 55 crore from Rs 31 crore. About Varmora Granito Ltd. Varmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in Fiscal 2026. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its Fiscal 2026 revenue coming from in-house manufactured products. The company has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI. Read more: Two SME IPOs open for subscription today: Anand Seamless and Himalaya Nutravedics — check key details Varmora has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. The company also has a focus on renewable energy, with 16.22 MW of wind and solar capacity. As of March 2026, Varmora had 1,153 permanent employees. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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