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Does foreign citizenship affect inheritance rights in India? Are NRIs allowed to inherit agricultural land legally? Check out. View More
Rajnath Singh called on MSMEs to move beyond the domestic market and compete globally. View More
Union Defence Minister Rajnath Singh on Tuesday said micro, small and medium enterprises ( MSMEs ) will be a critical pillar of India’s economic growth and self-reliance, asserting that the country cannot depend solely on large corporate houses to achieve rapid and inclusive development. “Earlier today I reviewed the performance of all 16 DPSUsin New Delhi. Nearly, 16,000 MSMEs are connected with India’s Defence Public Sector Undertakings (DPSUs), underlining the growing role of smaller enterprises in defence manufacturing , technology and innovation," said Singh while addressing the 35th Central Annual General Meeting (AGM) of the Indian Industries Association (IIA) in Greater Noida. Notably, India’s defence public sector undertakings (DPSUs) recorded a 151.2% surge in exports in FY26, while their combined turnover rose 15.4% to Rs 1.29 lakh crore, according to the Defence Ministry. The DPSUs posted a combined profit after tax of Rs 23,136 crore in FY26, marking a 15.6% increase over the previous year. "We aspire for an India that is globally competitive in technology, manufacturing and innovation, creates employment opportunities for its youth and is strategically self-reliant,” Singh said. He said the role of MSMEs in building Viksit Bharat is “extremely important”, pointing to initiatives such as iDEX and ADITI, which have enabled startups and smaller enterprises to participate in defence, artificial intelligence and advanced technology. Live Events “Our goal is clear — Make in India , Make for India and Make for the World,” Singh said, urging Indian MSMEs to establish a global identity based on quality, reliability and innovation. Singh called on MSMEs to move beyond the domestic market and compete globally. He said enterprises must adopt zero-defect manufacturing while simultaneously improving productivity, innovation and cost competitiveness. “With zero-defect manufacturing, we have to move beyond domestic market leadership and become global players, because the progress of MSMEs is the progress of India,” he said. The Defence Minister also highlighted the importance of intellectual property creation. MSMEs adopting modern technologies and participating in defence manufacturing, he said, are increasingly moving beyond manufacturing products to creating intellectual property that can strengthen both national security and the wider economy. He said India’s free trade agreements (FTAs) would provide MSMEs with greater access to international markets, but cautioned that market access alone would not be enough. “In today’s world, it is not enough to produce high-quality products. We need to produce products of globally competitive quality, at low cost, with high levels of innovation,” Singh said. “These FTA networks open up a vast ocean of opportunities for global trade and exports for MSMEs and industries. They must fully leverage these international partnerships and trade agreements through government schemes such as Credit Guarantee Expansion and GST Rationalisation, and take Indian products to every corner of the globe. Our manufacturing vision must be guided by the principle of ‘Make in India, Make for India, and Make for the World,” he said. Singh urged MSMEs to focus on scaling up, technology adoption , market access and workforce skilling, particularly as artificial intelligence and advanced manufacturing reshape global industry. He stressed that technology and innovation can improve productivity and competitiveness, but enterprises also need access to larger domestic and international markets if they are to scale sustainably. Industry associations, he said, have an important role to play in bridging the gap between government and MSMEs by helping enterprises understand and leverage emerging opportunities. “MSMEs will become even more important in the coming years. If India has to develop rapidly, we cannot depend only on large corporate houses. MSMEs have to be an equally important pillar of our growth,” Singh said. Meanwhile, IIA National President Dinesh Goyal welcomed the guests and participating entrepreneurs and reiterated the association’s commitment to advancing the interests of the MSME sector. Greater Noida Chapter Chairman Sarbjit Singh emphasised the importance of active member participation in strengthening the organisation and enabling it to effectively raise issues concerning MSMEs. .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!
Villa Aurora, a historic mansion in Pacific Palisades, has reopened after restoration work following the January 2025 Palisades Fire. The house was bought in 1943 for $9,000 by German Jewish writer Lion Feuchtwanger and his wife Marta, who had fled Nazi persecution. It later became a gathering place for artists and intellectuals and an international artist residency. View More
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Sugar prices have surged notably, straining household budgets throughout India. This dramatic increase is attributed to lower domestic production coupled with heightened festive demand. Although government actions, such as permitting duty-free imports and implementing stock limits, have helped reduce mill gate prices, retail prices still soar as adjustments trickle through the supply chain. Looking ahead, improving future crushing seasons and imports should enhance sugar availability. View More
A chartered accountant advises buyers to clarify the exact nature of the ownership arrangement before finalizing a purchase to avoid future legal and tax complications. View More
Purple Style Labs IPO enters its second bidding day with subdued demand and a GMP of around 1%, down from 5%. The Rs 680-crore issue has seen limited subscription, while ongoing losses and high valuation concerns weigh on sentiment despite strong revenue growth, celebrity backing and expansion of Pernia’s Pop-Up Shop. View More
Purple Style Labs IPO has entered its second day of bidding, but investor interest remains relatively subdued so far. In the grey market, the IPO is currently commanding a premium of around 1%, down sharply from the earlier 5% premium, pointing to expectations of a modest listing gain over the issue price. On the first day of bidding, the issue received a muted response, with the overall IPO subscribed 8% against the 68.49 lakh shares on offer. The retail portion saw relatively stronger interest, getting subscribed 39% of the 12.45 lakh shares reserved for retail investors. Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop , has set the IPO price band at Rs 546–575 per equity share. The Rs 680-crore IPO comprises entirely a fresh issue of 1.18 crore equity shares. The IPO offers investors an opportunity to participate in Purple Style Labs’ next phase of growth as the company looks to expand its footprint in India’s fast-growing luxury fashion and premium retail segment. The issue has also attracted considerable interest from celebrities. Bollywood stars Shah Rukh Khan and Madhuri Dixit, along with cricket legend Sachin Tendulkar, are among the prominent investors in Purple Style Labs. Other publicly disclosed celebrity investors include Salman Khan and his family, as well as actor Mahesh Babu. Live Events According to the company’s restated consolidated financial statements, Purple Style Labs reported a loss in FY2026. Consequently, its basic and diluted earnings per share (EPS) were negative, making the price-to-earnings (P/E) ratio inapplicable. The company’s weighted average return on net worth (RoNW) for the last three financial years stood at a negative 147.14%. This suggests that investors may need to assess the IPO on factors beyond conventional earnings-based valuation metrics. At the upper and lower ends of the price band, the cap and floor prices represent 57.5 times and 54.6 times the face value of the equity shares, respectively. The minimum bid quantity is 26 equity shares, with subsequent bids required to be placed in multiples of 26 shares. Axis Capital Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar to the IPO. Anchor Investors: Purple Style Labs has raised Rs 306 crore from anchor investors ahead of its IPO. The company allotted 53.21 lakh shares to 10 anchor investors at Rs 575 per share. Purple Style Labs IPO Subscription Status The Purple Style Labs IPO witnessed a subdued response from investors on the first day of bidding, with the overall issue subscribed 8% of the shares on offer. The issue has 68.49 lakh shares available for subscription. The Retail Individual Investors (RIIs) category received relatively stronger interest, with the portion subscribed 39% against 12.45 lakh shares on offer. The Non-Institutional Investors (NIIs) category was subscribed 4%, with bids received for the portion comprising 18.68 lakh shares. Meanwhile, the Qualified Institutional Buyers (QIBs) category was yet to receive any bids against the 37.36 lakh shares reserved for the segment. Purple Style Labs IPO GMP Today The Purple Style Labs IPO GMP ( Grey Market Premium ) currently stands at around Rs 7, representing a premium of approximately 1% over the upper price band of Rs 575 per share. Based on the latest GMP, the estimated listing price of the Purple Style Labs IPO is around Rs 582 per share. GMP Note The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and should not be considered a guarantee of the IPO’s actual listing price. GMP can fluctuate significantly before listing, depending on market conditions, investor demand and overall sentiment. IPO Proceeds Purple Style Labs plans to deploy the net proceeds from the IPO across several key areas. The largest allocation of Rs 371.13 crore will be invested in its wholly owned subsidiary, PSL Retail, to meet expenditure related to lease liabilities for Experience Centers and back-end offices across India. Another Rs 138.90 crore has been earmarked for sales and marketing expenses, which will support the company’s expansion, customer acquisition and brand-building initiatives. The balance of the proceeds will be used for general corporate purposes. Overall, the issue is expected to generate net proceeds of Rs 510.03 crore. About Purple Style Labs and Pernia’s Pop-Up Studio Purple Style Labs is the parent company of Pernia’s Pop-Up Shop, a multi-brand luxury fashion omni-channel platform. The company acquired Pernia’s Pop-Up Shop in February 2018, when the business was largely focused on online sales. Since then, the platform has expanded its physical presence significantly. According to its DRHP, the company had 14 Experience Centers across India and London, with additional locations planned in Mumbai and New York. Its revenue stood at Rs 508 crore in FY24. The company is increasingly benefiting from its offline expansion. In its DRHP, Purple Style Labs said India’s wedding and occasion-wear market is undergoing a pronounced shift towards premiumisation, with consumers moving towards higher-priced segments between FY25 and FY30. The company attributed this trend to rising disposable incomes, changing consumer aspirations and increasing willingness to spend on milestone celebrations. It also noted that the growing preference for premium, experience-led weddings is driving demand for luxury and high-quality fashion. India’s wedding industry has crossed Rs 10 lakh crore, while the wedding-wear market is projected to reach Rs 3.4 lakh crore by FY30. The country’s personal luxury market is also expected to reach Rs 2.31 lakh crore. Celebrity and Institutional Backing Purple Style Labs was founded and is promoted by Abhishek Agarwal, who owns a 27.10% stake in the company. The business has attracted backing from institutional investors, family offices, and private investors. Among its publicly disclosed celebrity investors are Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu. Madhuri Dixit Nene was among the earliest celebrity investors, participating through convertible preference shares. The Gauri Khan Family Trust invested through a rights issue in November 2024, while Sachin Tendulkar participated in a preferential allotment in March 2025. Both investments were made at the price paid by institutional investors in the company’s last private funding round, which closed at a post-money valuation of Rs 3,662 crore. Revenue Growth Purple Style Labs has recorded substantial revenue growth over the past few years. Revenue increased more than 11-fold from Rs 45 crore in FY20 to Rs 508 crore in FY24, representing an approximately 83% compound annual growth rate. Pernia’s Pop-Up Shop currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 Experience Centers. The platform recorded a gross merchandise value (GMV) of more than Rs 588 crore in FY25, while its average order value stood at Rs 56,106. With its growing physical retail footprint, expanding luxury fashion offering and exposure to India’s rapidly premiumising wedding and occasion-wear market, Purple Style Labs is positioning the IPO as a key source of capital for its next phase of growth. Should You Subscribe? According to a research report by SBI Securities, Purple Style Labs (PSL), which operates Pernia’s Pop-Up Shop, has established itself as a multi-brand luxury omnichannel fashion platform with a strong focus on Indian wedding and occasion wear. The company has several positives, including an established luxury fashion platform, a diversified portfolio of designers, an omnichannel presence and improving customer retention. However, its financial performance remains a key concern. PSL recorded a modest 5.2% revenue CAGR between FY24 and FY26, while EBITDA declined and net losses widened during the same period. Profit margins also contracted in FY26, primarily due to a higher proportion of liquidation inventory and the increase in GST on apparel priced above Rs 2,500 per piece, from 12% to 18%. Going forward, a meaningful improvement in profitability will depend largely on the ability of its experience centres to mature and absorb the company’s higher fixed-cost base. At the upper price band of Rs 575 per share, PSL is valued at a post-issue FY26 EV/Sales multiple of 7.7x. While the IPO proceeds are expected to help fund lease payments and marketing expenditure, SBI Securities believes that visibility on sustainable profitability remains limited at present. Given the elevated valuation and the company’s continued losses, SBI Securities has assigned a ‘Neutral’ rating to the IPO. The brokerage recommends tracking PSL’s performance for a few quarters after listing before taking a more constructive view on the stock. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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