NTPC Green Energy to Launch Rs 10,000-Crore IPO in Early November, Plans Global Roadshows

NTPC Green Energy, a wholly-owned subsidiary of NTPC Ltd., is set to launch its much-anticipated Rs 10,000-crore initial public offering (IPO) in early November 2024. This IPO is poised to be one of the largest public issues of the year, attracting substantial attention from investors. As a part of the pre-IPO process, the company has planned roadshows in various major financial hubs, both domestically and internationally, to generate interest and secure investments. These roadshows are expected to take place in Mumbai, London, the United States, Singapore, and other prominent financial centers.

IPO Structure
The NTPC Green Energy IPO will consist entirely of a fresh equity issue. This means that there will be no offer-for-sale component from existing shareholders or promoters, ensuring that all proceeds from the IPO will go directly to the company. The raised funds will be utilized to finance NTPC Green Energy's ongoing and upcoming projects, including investments in solar energy, green hydrogen, and green ammonia.

Shareholder Quotas
Investors who are already shareholders of NTPC Ltd. at the time of the red herring prospectus (RHP) will be eligible for a reserved quota in the upcoming IPO. This quota is capped at 10 percent of the total issue size, offering an opportunity for existing investors to further benefit from NTPC's expanding renewable energy portfolio.

Renewable Energy Ambitions
NTPC Green Energy's IPO is an integral part of NTPC Ltd.'s broader strategy to significantly ramp up its renewable energy capacity. The company aims to achieve 60 gigawatts (GW) of renewable energy capacity by FY32. Currently, NTPC Green Energy has 24 GW of renewable energy projects in its pipeline, with a focus on solar energy and emerging green technologies such as green hydrogen and green ammonia. These projects are expected to play a crucial role in India's transition toward cleaner energy sources, in line with global sustainability goals.

Impact on NTPC Ltd.
The launch of NTPC Green Energy's IPO has already generated optimism in the stock market, with many analysts predicting a positive impact on the stock of its parent company, NTPC Ltd. The renewable energy business, which is growing at a rapid pace, is seen as a key driver of NTPC's future growth. Brokerage firms like Jefferies have maintained a 'buy' rating on NTPC Ltd., setting a target price of Rs 485 per share. Jefferies has cited NTPC's aggressive participation in renewable energy bids, which reached 37-39 GW in FY24, as a significant growth catalyst.

Investor Sentiment and Global Interest
The strong focus on renewable energy, combined with the scale of NTPC Green Energy's planned projects, has piqued investor interest both in India and internationally. Analysts believe that the listing of NTPC Green Energy could unlock substantial value for NTPC Ltd., potentially leading to a re-rating of NTPC's stock. The company's presence in the renewable energy sector aligns with the increasing global focus on sustainability and clean energy investments, making it a highly attractive proposition for investors.

Roadshows to Build Momentum
In the lead-up to the IPO, NTPC Green Energy will conduct roadshows to attract potential investors. These roadshows, scheduled in cities like Mumbai, London, and New York, will provide insights into the company's future projects and financials, aiming to secure interest from both domestic and international institutional investors. Given the company's strategic importance in India's renewable energy landscape, the IPO is expected to draw significant attention from global funds focused on environmental, social, and governance (ESG) investing.

Conclusion
NTPC Green Energy's Rs 10,000-crore IPO represents a major milestone in India's renewable energy journey. With ambitious expansion plans and strong backing from its parent company NTPC Ltd., the IPO is expected to be a key event for both retail and institutional investors. As the company continues to invest in cutting-edge green technologies, the success of this public issue could set the stage for further growth in India's renewable energy sector.

Key Takeaways

• NTPC Green Energy's Rs 10,000-crore IPO is scheduled for early November 2024.
• The IPO consists entirely of a fresh equity issue, with no offer for sale by existing shareholders.
• Proceeds will fund solar, green hydrogen, and green ammonia projects.
• NTPC Ltd. aims to achieve 60 GW of renewable energy capacity by FY32, with 24 GW currently in the pipeline.
• Roadshows are planned in key cities such as Mumbai, London, and New York to attract investors.
• Analysts expect the IPO to unlock value for NTPC Ltd., with a potential re-rating of its stock.

This IPO is poised to be a landmark event in India's renewable energy landscape, drawing significant interest from both domestic and international markets.

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Jyothy Labs Expands with Strategic Quiclo Acquisition: Shares Surge 2%

Jyothy Labs saw its stock rise 2% to ₹556 in early trading on September 20, 2024, following the acquisition of the Hyderabad-based laundry service brand Quiclo, owned by Smartwash Solutions Private Limited. The deal, valued at ₹70 lakh plus taxes, is expected to bolster Jyothy Labs' footprint in the laundry and dry-cleaning services sector, particularly in Hyderabad.

Strengthening Presence in Laundry Services
This strategic acquisition includes Quiclo's software and customer database, allowing Jyothy Labs to expand its customer base and enhance its operations in the laundry services space. The company's laundry and dry-cleaning unit in Hyderabad has already commenced commercial operations, adding to its growing portfolio of services.

Growth and Profitability
Jyothy Labs recently reported a 5.7% rise in net profit for the first quarter of FY25, posting ₹101.7 crore compared to ₹96.3 crore in the same period last year. The company remains optimistic about the growth prospects, particularly with the expected uptick in rural demand, driven by a favorable monsoon season.

Focus on Rural Distribution and E-commerce
The management is sharpening its focus on rural markets, improving distribution channels, and introducing new product categories to meet diverse consumer needs. There is also a concentrated effort on increasing Jyothy Labs' presence across e-commerce platforms, boosting both visibility and sales.

Investor Sentiment
At 11:16 AM on September 20, shares of Jyothy Labs were trading at ₹550 on the NSE, reflecting a 25% rally over the past three months. Investors are optimistic about the company's future growth, thanks to its recent strategic moves and strong operating performance.

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DIIs and FIIs Boost Market Momentum: Key Trends and Insights

DIIs Net Buy ₹874 Crore, FIIs Add ₹483 Crore in Market Surge

On September 17, 2024, Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) injected fresh capital into the stock market, leading to significant market activity. DIIs made net purchases of ₹874 crore, while FIIs added ₹483 crore worth of shares, as per provisional data from the NSE.

Key Market Movements:

• DIIs bought shares worth ₹10,960 crore and sold equities worth ₹10,086 crore.
• FIIs purchased stocks valued at ₹13,095 crore, while selling ₹12,613 crore during the same trading session.

Year-to-Date Overview:

• FIIs have been net sellers this year, offloading stocks worth ₹1.33 lakh crore.
• In contrast, DIIs have been consistent buyers, accumulating shares worth ₹3.30 lakh crore so far in 2024.

Market Performance: The trading day saw a slight uptick, with the Sensex closing 80 points higher at 83,068, a 0.1% increase, and the Nifty adding 34 points, settling at 25,418.50. Despite this, the overall market sentiment remained mixed, as 1,616 stocks advanced while 2,176 stocks declined.

Sectoral Gains and Losses: Sectors such as Nifty Realty, Consumer Durables, and Auto led the gains, while Media, PSU, and Metal sectors posted losses, reflecting the uneven market sentiment.

Expert View: Vikram Kasat, Head of Advisory at PL Capital, highlighted the cautious market outlook, citing global macroeconomic pressures and a weakened rupee as contributing factors. He emphasized that while some sectors showed strength, upcoming policy announcements are keeping investors on edge.

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PNB Housing Finance Plans to Raise Up to ₹2,500 Crore Through NCDs

PNB Housing Finance is preparing to raise up to ₹2,500 crore through the issuance of Non-Convertible Debentures (NCDs). The company's board of directors will convene on September 9 to review and approve this proposal. The NCDs will be issued on a private placement basis in multiple tranches over the next six months.

In recent months, PNB Housing Finance has experienced significant changes in its shareholder structure, with notable stake sales by major investors like The Carlyle Group, General Atlantic Singapore, and Asia Opportunities V (Mauritius). This upheaval in shareholding is expected to impact the company's ownership dynamics.

The company reported a 25% increase in net profit for the fiscal first quarter, reaching ₹433 crore, driven by robust growth in home loans. Its gross non-performing assets (GNPA) fell by 241 basis points to 1.35%, and net NPA declined to 0.92%.

On September 4, PNB Housing Finance's shares closed at ₹1052.90 on the BSE, up by ₹50 or 4.99% from the previous day.

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Mazagon Dock, GRSE Surge on Anticipation of New Naval Warship Orders

Shipping stocks, including Mazagon Dock and GRSE, experienced a significant rally on September 3, following reports that the Defence Acquisitions Council (DAC), chaired by the Defence Minister, is likely to approve defense deals worth Rs 1.3 lakh crore. This includes a substantial order for seven new naval warships, estimated to be around Rs 70,000 crore.

 

This expected approval has sparked optimism in defense-related stocks, signaling increased government spending and strategic investments that are anticipated to benefit key players in the shipbuilding sector. Shares of Mazagon Dock soared by 7%, while Garden Reach Shipbuilders & Engineers (GRSE) rose 6%, and Cochin Shipyard gained 3.84%, trading at Rs 1,922.40 on the NSE.

 

The broader interest in defense stocks has been further fueled by Hindustan Aeronautics (HAL) securing a Rs 26,000 crore order. Additionally, the Indian Navy is expected to receive a significant boost in the coming months, with the approval of indigenous construction for three more Kalvari-class submarines by the end of the year.

 

As the Indian Navy seeks to enhance its capabilities amid a deteriorating strategic environment in the Indo-Pacific, the DAC may soon be approached to build advanced Project 15-class destroyers, equipped with anti-ballistic missile systems and drone launch capabilities.

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