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Maharashtra's state-owned power distribution firm will be split into two entities under a financial restructuring plan approved by the state cabinet on Tuesday and one of it will be listed on bourses after an IPO is launched within six to nine months of the recast process. View More
Maharashtra's state-owned power distribution firm will be split into two entities under a financial restructuring plan approved by the state cabinet on Tuesday and one of it will be listed on bourses after an IPO is launched within six to nine months of the recast process. The cabinet approved the financial restructuring of Maharashtra State Electricity Distribution Company Ltd (MSEDCL or Mahavitaran ), including its bifurcation and plan to launch an initial public offering (IPO) of non-agricultural business, at its meeting chaired by Chief Minister Devendra Fadnavis. Under the restructuring, Mahavitaran will be split into two entities -- one catering to industrial, commercial, domestic and other non-agricultural consumers, while the second company, MSEB Solar Agro Power Ltd (MSAPL), will be dedicated to supplying electricity to agricultural consumers, the Chief Minister's Office (CMO) said in a statement issued after the cabinet meeting. The cabinet approved listing of the non-agricultural distribution business of Mahavitaran in the capital markets through an IPO within six to nine months after the restructuring. The IPO will include a mix of fresh equity issuance and an offer for sale by the state government, it said. As part of the financial restructuring, the Maharashtra government will issue long-term bonds with a tenure of 15 years to address Mahavitaran's debt liabilities of about Rs 32,679 crore, which carry state guarantees, according to the statement. Live Events The move is expected to reduce the utility's debt burden and improve its financial health. The newly-created firm MSAPL will focus on agricultural power supply and development of solar-based energy systems for farming, aligned with the Mukhyamantri Saur Krishi Vahini Yojana 2.0. The cabinet approved an initial capital support of Rs 2,500 crore for MSAPL. The restructuring aims to ensure energy security, improve service quality and bring sustainability in power distribution. It is also expected to facilitate investments in smart metering, digital distribution systems, grid modernisation and energy transition, according to the CMO. The government said the move will help provide reliable and uninterrupted power supply to all consumer categories, with a particular focus on ensuring availability of daytime electricity to farmers and promoting solarisation in the agriculture sector. .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)
Project Chittoor demonstrates how farmers can generate power while growing crops on the same plot View More
NASA’s first moon flyby since the Apollo era provided valuable science and some celestial sightseeing, marking a key step toward landing near the moon’s south pole in two years View More
Safety Controls and Devices' Rs 48 crore IPO opened with a flat grey market premium, signaling cautious investor sentiment. The company, an EPC player in substations and solar projects, aims to raise funds for working capital and debt repayment. Despite a solid anchor investor base and government-linked projects, execution risks and SME liquidity are key considerations for potential investors. View More
The Rs 48 crore IPO of Safety Controls and Devices opened for subscription on April 6, with grey market premium (GMP) remaining at 0%, indicating muted listing expectations for the SME issue. The IPO, which is entirely a fresh issue of 60 lakh shares, is priced in the band of Rs 75-80 per share and will close on April 8. The company is expected to finalise allotment on April 9, with listing scheduled on the BSE SME platform on April 13. At the upper end of the price band, the IPO values the company at a pre-issue market cap of around Rs 159 crore. The issue size and SME platform positioning, coupled with a flat GMP, suggest cautious investor sentiment despite a reasonable anchor participation. The company raised nearly Rs 13 crore from anchor investors ahead of the issue, with institutional allocation forming a significant portion. Of the net offer, nearly 49% is reserved for qualified institutional buyers, about 15% for non-institutional investors, and around 36% for retail investors. Retail participation requires a minimum investment of Rs 2.56 lakh for 3,200 shares. About the company Safety Controls and Devices operates as an EPC (engineering, procurement and construction) player, focusing on substations, solar projects, firefighting systems, and healthcare infrastructure projects under the Ministry of Ayush. The company primarily caters to government entities and utilities, with operations spanning power infrastructure and renewable energy segments. The company has reported steady profitability, with profit after tax at Rs 8.5 crore for the period ended January 2026, compared with Rs 9 crore in FY25. Revenue, however, saw some moderation to Rs 68 crore from Rs 103 crore in the previous financial year, suggesting some volatility in execution cycles typical of EPC businesses. Live Events Proceeds from the IPO will largely be used to fund working capital requirements at Rs 31.5 crore, along with Rs 6 crore earmarked for debt repayment and the rest towards general corporate purposes. While the company's government-linked order book and diversification into solar and EV infrastructure provide long-term visibility, the flat GMP suggests that investors are likely weighing execution risks, working capital intensity, and SME liquidity factors before committing aggressively. The subscription trend over the next two days will be key in determining listing performance, especially in a market where investor appetite for smaller IPOs remains selective. ( 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)
Primary market activity remains muted, with just two offerings next week, a Rs 48 crore SME IPO by Safety Controls and Devices and PropShare Celestia REIT worth Rs 245 crore. Rising volatility, weak listings, and cautious investor sentiment have slowed IPO momentum, prompting companies to delay launches or trim valuations despite a broader pipeline remaining intact. View More
Primary market activity remains subdued, with only two issues scheduled to open for subscription next week, signalling a continued slowdown in IPO momentum amid volatile market conditions. The upcoming calendar includes one SME IPO and one REIT offering . Apart from these two issues, the Street will also see the listing of Vivid Electromech , whose IPO closed last week with a modest response. Safety Controls and Devices will open its Rs 48 crore SME IPO for subscription from April 6 to April 8. The issue, priced in the range of Rs 75–80 per share, is entirely a fresh issue and will be listed on the BSE SME platform. The company operates in EPC services across substations, solar plants, and infrastructure projects, primarily catering to government entities and power utilities. The offering has already raised Rs 12.67 crore from anchor investors ahead of the issue, indicating some institutional interest despite the muted broader environment. The proceeds will be used for debt repayment and working capital requirements. The GMP for the IPO is currently nil in the unofficial market. The second IPO for the week is Property Share Investment Trust ’s PropShare Celestia REIT, which will open for subscription from April 10 to April 16. The issue size is around Rs 245 crore and is entirely a fresh issue. The REIT is priced in a high-value band of Rs 10 lakh to Rs 10.5 lakh per unit and will be listed on the BSE. The REIT offers exposure to a commercial real estate asset in Ahmedabad, with tenants including corporates and co-working operators, providing a steady rental income profile. This marks another step in the gradual expansion of India’s small and medium REIT segment. Live Events The limited pipeline comes at a time when IPO activity in 2026 has already begun to moderate compared with the strong run seen in previous years. Heightened volatility triggered by global factors, including geopolitical tensions and rising oil prices, has weighed on investor sentiment, particularly in the primary market. Investors have also turned more selective after a series of weak post-listing performances in recent months, dampening retail participation. This has prompted issuers to either delay plans or recalibrate valuations. While the broader pipeline remains intact, the near-term IPO calendar suggests that companies are waiting for more stable market conditions before launching larger offerings. .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)
Iran's escalating attacks on Arab Gulf states, including oil facilities in Kuwait and gas processing in Abu Dhabi, have sent oil prices soaring above $110 a barrel. This surge in energy costs is impacting global markets, with Europe experiencing its steepest inflation jump since 2022 and China facing rising input costs for its factories. View More
(Bloomberg) --Iran targeted more sites in Arab Gulf states overnight and into Friday, hours after US President Donald Trump issued fresh threats against Iranian infrastructure to pressure Tehran to start peace negotiations. Abu Dhabi suspended operations at its largest natural gas processing facility, while a drone attack caused a fire at Kuwait’s Mina Al Ahmadi oil refinery, with a capacity of 346,000 barrels a day. On Thursday, oil rallied above $110 a barrel. Meanwhile, in the US, the monthly jobs report showed employment growth exceeded projections and the unemployment rate fell. The solid 178,000 increase in March payrolls will likely reinforce the Federal Reserve’s focus on inflation risks amid the rapid run-up in energy prices . Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy , markets and geopolitics: World Live Events Bloomberg Oil rallied Thursday after US President Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz. West Texas Intermediate surged 11%, while the global Brent benchmark settled near $109. Europe’s diesel futures benchmark climbed above $200 a barrel for the first time since 2022. And Dated Brent, the world’s most important price for real-world oil barrels, surged to an 18-year high. Bloomberg Iran’s strikes on Persian Gulf aluminum plants are threatening to send a fragile market into crisis, raising the prospect of record prices for the metal used in everything from airplanes to food packaging and solar panels. On the first day of trading after two major producers confirmed attacks by Iranian drones and missiles, futures on the London Metal Exchange surged as much as 6%. US Bloomberg Job growth rebounded in March and the unemployment rate unexpectedly fell, suggesting the labor market was stabilizing as the Iran war began. Payrolls gains were fairly broad and the unemployment rate dipped to 4.3%. Bloomberg Retail sales rebounded by more than forecast in February in a broad advance as consumers stepped up spending after a slow start to the year. The retail figures indicate consumer demand was holding up ahead of the Iran war, helped by wage growth that is outpacing inflation and larger tax refunds. Europe Bloomberg The euro area saw its steepest jump in inflation since 2022 as the Iran war pushed energy costs sharply higher, backing expectations that the European Central Bank will have to raise interest rates. Consumer prices rose 2.5% from a year ago in March – up from 1.9% the previous month and the highest since January 2025. Core inflation unexpectedly slowed. Bloomberg UK house prices unexpectedly surged in March, according to one of the country’s largest mortgage lenders, as demand appeared to hold up at the start of the Iran war. Nationwide said average home values rose 0.9% to £277,186 ($366,000) in March, the strongest increase since December 2024. Asia Bloomberg China’s factories saw a huge run-up in input costs even as their activity expanded for the first time this year, in one of the first tangible signs of spillover from the conflict in the Middle East that’s threatening profits. Chinese companies recorded their fastest surge in raw material costs and output prices in about four years, data published by the National Bureau of Statistics showed. Bloomberg China’s central bank withdrew cash from its financial system for the first time in a year, a cautious signal that keeps its policy options open as higher oil prices filter through the economy. The withdrawal marks an abrupt reversal from months of a buildup in liquidity, when officials steered the world’s second-biggest economy through its steepest slowdown since the reopening from Covid lockdowns in late 2022. Emerging Markets Bloomberg Egypt kept interest rates unchanged, seeking to tame the impact of the US-Israel war on Iran that’s sent energy prices soaring and the pound to a record low. The central bank left its benchmark deposit rate at 19% and the lending rate at 20%. Egypt started trimming rates from a record last year in a bid to spur private investment and trim interest payments on state debt. .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!
EPC solar player Sadbhav Futuretech has filed its draft papers with Sebi for an IPO comprising a fresh issue and an OFS. The company plans to use the proceeds for working capital, while financials show strong revenue and profit growth ahead of the proposed listing by Beeline Capital Advisors. View More
EPC player of solar power projects Sadbhav Futuretech has filed its draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) of shares worth Rs 235 crore by selling shareholders, according to the DRHP filed with Sebi. Promoters Saikat Roy, Bhupender Singh, Bettericon Consultancy, Neelam Jain, and certain other individuals and entities will be selling shares in the OFS. The proceeds from the fresh issue will be utilised towards funding its working capital requirements and for general corporate purposes. Sadbhav Futuretech is engaged in engineering, procurement, and construction (EPC) of solar power projects with a focus on segments relating to solar water pumping systems, rooftop solar systems and ground-mounted solar systems. It has an installed capacity of 171.68 mw including 171.53 MW of solar water pumping systems and 0.15 MW of rooftop solar systems. As of the date of the DRHP, it has one EPC contract and has received two Letters of Intent for the installation of a ground-mounted solar system of 120 MW. Over the years, the company has also diversified its geographical presence across various states, including Maharashtra, Assam, Andhra Pradesh, Madhya Pradesh, Rajasthan, Haryana and Chhattisgarh. Live Events As of February end, Sadbhav Futuretech's order book amounted to Rs 2016 crore, out of which revenue of Rs 585.88 crore had been booked till September 30, 2025. The order book consisted of 19 projects, with execution timelines ranging from 3 to 18 months. The total order book comprises projects awarded by government agencies and private customers, with 65.18% pertaining to government-awarded projects and 34.82% pertaining to private customers. On the financial front, the company’s revenue from operations increased from Rs 73.05 crore in Fiscal 2023 to Rs 302 crore in Fiscal 2025, growing at a CAGR of 103%. Its profit increased from Rs. 0.85 crore in Fiscal 2023 to Rs. 30.80 crore in Fiscal 2025, registering a CAGR of 502.56%. Beeline Capital Advisors is the sole book-running lead manager (BRLM) to the offer. (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)
