Excelsoft Technologies Files for ₹700 Crore IPO with SEBI

Excelsoft Technologies Ltd., a vertical SaaS company focused on the learning and assessment market, has filed its draft red herring prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The company plans to raise ₹700 crore, which includes a fresh issue of ₹210 crore and an offer for sale (OFS) of ₹490 crore by its promoters, Pedanta Technologies and Dhananjaya Sudhanva. 

Anand Rathi Advisors is managing the IPO, and the shares are expected to be listed on BSE and NSE.

Use of IPO Proceeds

The proceeds from the fresh issue will be used for:

  • Purchasing land and constructing a new building in Mysore.
  • Upgrading the company’s IT infrastructure, including software, hardware, and network systems.
  • Upgrading the external electrical systems at its existing facility.
  • General corporate purposes.

Pre-IPO Placement Consideration

Excelsoft may explore a pre-IPO placement of up to ₹270 crore. If this takes place, the size of the fresh issue and/or the OFS will be reduced accordingly.

Company Overview

Excelsoft Technologies has been in operation for over 20 years, providing technology-based solutions in the learning and assessment space. As of December 31, 2024, it serves 71 clients across 17 countries, including the USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE, and Canada.

Some of its clients include Pearson Education, Inc., AQA Education, Colleges of Excellence, NxGen Asia PTE LTD, Ascend Learning LLC, and Brigham Young University-IDAHO.

Financial Performance

In FY24, Excelsoft reported revenue from operations of ₹198.3 crore, with a profit after tax (PAT) of ₹12.75 crore. According to its draft papers, there are no listed companies in India with a business model or segment contribution directly comparable to Excelsoft.

Conclusion

Overall, the IPO will help provide Excelsoft Technologies with capital to support its expansion and operational upgrades, while offering existing shareholders an opportunity to divest part of their holdings.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Piramal Enterprises Faces ₹1,502 Crore GST Demand Notice Over Pharma Sale

Piramal Enterprises Ltd (PEL) has received a tax demand of ₹1,502 crore from the Maharashtra GST Department related to the sale of its pharmaceutical business to Piramal Pharma Ltd (PPL) in the financial year 2020-21. The order, issued on February 27, 2025, includes tax, interest, and penalties.

Following the announcement, shares of Piramal Enterprises Ltd fell 2.11% to ₹854.00 as of March 3, 12:04 PM. Over the past month, the stock has declined 15.78%, while it has dropped 11.67% over the past year.

Breakdown of the Tax Demand

The tax demand is based on the department’s contention that the sale was an “itemized sale” rather than a “slump sale.” A slump sale involves transferring a business undertaking without assigning values to individual assets and liabilities, while an itemized sale involves separately valuing different components of the transaction. 

The department has applied an 18% GST on the ₹4,487 crore deal. The penalty imposed amounts to ₹83.71 crore. The demand also includes tax on proceeds from the sale of investments, which are typically outside the scope of GST.

Company’s Response

Piramal Enterprises has stated that it believes the demand is unjustified and that it has strong legal grounds to challenge the order. The company has indicated that it will take the necessary steps to contest the demand and expects the order to be set aside. 

It also stated that the tax demand will have no impact on its profit and loss statement for the year.

Financial Performance

For the quarter ending December 31, 2024, Piramal Enterprises reported a net profit of ₹38.6 crore, compared to a loss of ₹2,378 crore in the same period the previous year. However, this included a gain of ₹376 crore, without which the company would have recorded a loss of ₹337.4 crore.

Revenue for the quarter stood at ₹2,449 crore, a 1.1% decline from ₹2,476 crore in the year-ago period. EBITDA fell 10.8% to ₹1,075 crore, with margins narrowing to 43.9% from 48.7%.

Conclusion

The company plans to pursue legal remedies against the tax demand, and the outcome will determine the final financial impact of the dispute.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

NFO Alert: Unifi Mutual Fund Launches Unifi Dynamic Asset Allocation Fund

Unifi Mutual Fund is launching the Unifi Dynamic Asset Allocation Fund, an open-ended scheme under the hybrid category. The fund will be available for subscription from March 3, 2025, to March 7, 2025. The minimum investment amount is ₹5,000, and there is no lock-in period. The exit load is 1.5% for redemptions beyond 20% of the investment within 12 months. The scheme is available in both Regular and Direct Plans.

Investment Strategy

The fund follows a dynamic asset allocation approach, adjusting its investments across equities, fixed-income securities, and equity derivatives depending on market conditions. The allocation between these asset classes is not fixed and can range from 0% to 100% in each category. The fund may also use derivatives and arbitrage strategies to manage risk.

Fund Manager

The scheme will be managed by Saravanan V N, who has 24 years of experience in financial services. He has previously managed equity and debt alternative investment funds (AIFs) and portfolio management across asset classes.

Risk and Benchmark

The fund carries a high-risk rating due to its exposure to equities and market fluctuations. Its performance will be measured against the CRISIL Hybrid 50+50 Moderate Index, which consists of 50% BSE 200 equities and 50% CRISIL Composite Bond Fund Index.

Features

The New Fund Offer (NFO) details are as follows:

  • Fund House: Unifi Mutual Fund
  • Category: Hybrid – Dynamic Asset Allocation
  • Type: Open-ended
  • Plans Available: Growth 
  • Exit Load: 1.5% for redemption beyond 20% within 12 months
  • Benchmark: CRISIL Hybrid 50+50 Moderate Index
  • Risk: High

Who Can Consider This Fund?

As per the filing, the fund is intended for investors looking for a mix of equity and fixed-income investments without a fixed allocation. The returns are market-dependent, and investors should evaluate their risk tolerance before investing.

This is a new fund offer (NFO), so there is no past performance data available. Investors can check the Unifi Mutual Fund website for further details.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

NFO Alert: Kotak Mutual Fund Launches Nifty Midcap 150 Index Fund

Kotak Mahindra Mutual Fund has introduced the Kotak Nifty Midcap 150 Index Fund, an open-ended index fund that will track the Nifty Midcap 150 Index. This fund aims to replicate the performance of midcap stocks ranked 101-250 based on market capitalization.

Fund Details

The New Fund Offer (NFO) details are as follows:

  • Fund Name: Kotak Nifty Midcap 150 Index Fund
  • Category: Index Fund
  • Benchmark: Nifty Midcap 150 Total Return Index (TRI)
  • Fund Type: Open-ended
  • Risk Level: Very High
  • Fund Managers: Devender Singhal, Satish Dondapati (Equity), Abhishek Bisen (Debt)

NFO Timeline

  • NFO Open Date: March 3, 2025
  • NFO Close Date: March 17, 2025
  • Minimum Investment: ₹100 and any amount thereafter
  • Exit Load: NIL

Investment Objective

The fund’s objective is to generate returns in line with the Nifty Midcap 150 Index, subject to tracking error. The scheme does not guarantee or assure any returns.

  • 95-100% in Equities (stocks forming part of the Nifty Midcap 150 Index)
  • 0-5% in Debt & Money Market Instruments

The fund may use derivatives for short-term adjustments when necessary.

How It Works

This is a passively managed fund, meaning it will not involve stock selection but will instead hold stocks in the same proportion as the index. The portfolio will be rebalanced as per changes in the index.

As per the filing, this fund may be relevant for investors looking for:

  • Long-term exposure to midcap stocks
  • A passive investment option with lower management costs
  • Diversification within the midcap segment

Conclusion

The Kotak Nifty Midcap 150 Index Fund will be available for subscription from March 3 to March 17, 2025. This fund is specifically focused on midcap stocks. Investors should consider the risk factors and market conditions before investing. The fund is available in both Regular and Direct with Growth and IDCW plans.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

NFO Alert: Kotak Mutual Fund Launches Nifty Midcap 150 ETF

Kotak Mahindra Mutual Fund has launched the Kotak Nifty Midcap 150 ETF, an open-ended Exchange-Traded Fund (ETF) tracking the Nifty Midcap 150 Index. The scheme aims to replicate the index’s composition and generate similar returns, subject to tracking errors.

NFO Details

  • Fund House: Kotak Mahindra Mutual Fund
  • Issue Dates: March 3, 2025 – March 17, 2025
  • Type: Open-ended ETF
  • Category: Equity – Mid Cap
  • Minimum Investment: ₹5,000
  • Plans Available: Growth
  • Lock-in Period: None
  • Exit Load: Nil
  • Risk Level: Very High
  • Benchmark: NIFTY Midcap 150 TRI

The fund seeks to provide investment returns in line with the Nifty Midcap 150 Index. This index consists of 150 mid-sized companies across various industries. The fund manager will invest in stocks in the same proportion as the index to maintain alignment with its performance.

Fund Management

The fund will be managed by Devender Singhal, Satish Dondapati, and Abhishek Bisen. The registrar and transfer agent for the scheme is Computer Age Management Services Ltd. (CAMS).

Risk and Suitability

The Riskometer categorizes this ETF as Very High Risk, indicating significant price fluctuations. Midcap stocks tend to be more volatile than large caps, with the potential for higher returns – higher risks over the long term.

Tracking the Nifty Midcap 150 Index

The Nifty Midcap 150 Index represents companies ranked 101-250 in terms of market capitalization. It captures a broad segment of mid-sized firms, showcasing their growth potential. The ETF will replicate the index’s performance as closely as possible, subject to tracking errors.

Conclusion

This ETF follows a passive investment strategy, meaning it will not actively select stocks but will maintain alignment with the index. There is no lock-in period, and investors can enter or exit at market prices.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

360 ONE Mutual Fund Extended NFO Period For Gold ETF

360 ONE Mutual Fund has announced an extension of the New Fund Offer (NFO)  period for its 360 ONE Gold ETF, giving investors additional time to subscribe. Initially set to close on February 28, 2025, the NFO will now remain open until March 4, 2025. This is expected to provide investors with a longer window to participate in the fund, which aims to track the domestic price of gold.

Fund Overview

The 360 ONE Gold ETF is an open-ended Exchange-Traded Fund (ETF) under the commodities-gold category. It aims to provide returns aligned with the domestic price of physical gold, subject to tracking error.

  • Fund House: 360 ONE Mutual Fund
  • Fund Manager: Rahul Khetawat
  • NFO Open Date: February 20, 2025
  • Revised NFO Close Date: March 4, 2025
  • Revised Scheme Reopening Date: March 13, 2025
  • Minimum Investment: ₹500
  • Exit Load: Nil
  • Risk Level: Very High
  • Benchmark: Domestic Price of Gold

Revised Timelines

The extension in the NFO period also affects the scheme’s reopening date. The updated timeline is as follows:

Particulars Previous Date Revised Date
NFO Closing February 28, 2025 March 4, 2025
Scheme Reopening March 10, 2025 March 13, 2025

Investment Structure

The ETF follows a passive investment strategy, aiming to track gold prices in India. Since it is an exchange-traded product, investors can buy and sell units on the stock exchange at market prices.

There is no lock-in period, and the fund does not charge an exit load. Investments start at ₹500, making it accessible to retail investors.

Conclusion

Since this is a gold-linked ETF, its performance depends on fluctuations in domestic gold prices. Additionally, while there are no brokerage charges beyond SEBI’s prescribed limit, investors should consider any applicable transaction fees.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

ICICI Prudential Multi Asset Fund Announces Income Distribution

ICICI Prudential Mutual Fund has declared an income distribution of  ₹0.16 per unit under the IDCW (Income Distribution cum Capital Withdrawal) option for both regular and direct plans of its ICICI Prudential Multi Asset Fund.

The record date for this distribution is March 4, 2025.

Fund Overview

The ICICI Prudential Multi Asset Fund is an open-ended scheme launched on January 1, 2013. It follows a multi-asset investment strategy, allocating funds across equity, debt, commodities, real estate, and cash equivalents. Since its launch, the fund has delivered a return of 16.54%.

As of January 31, 2025, the fund manages ₹52,761 crore in assets. The expense ratio stands at 0.70%, and the fund falls under the high-risk category, based on the riskometer. Fund manager Akhil Kakkar oversees the scheme.

Strategy & Allocation

The scheme aims to generate capital appreciation through equity investments while maintaining income generation by allocating funds across other asset classes. Its current asset allocation is:

  • 49.37% in equities
  • 14.11% in debt instruments
  • 11.07% in commodities
  • 1.38% in real estate
  • 24.07% in cash and cash equivalents

The benchmark indices for the fund include NIFTY 200 TRI (65%), NIFTY Composite Debt Index (25%), Domestic Price of Gold (6%), MCX I-COMDEX Composite Index (3%), and Domestic Prices of Silver (1%).

Investment Details

  • Minimum lump sum investment: ₹5,000
  • Minimum additional investment: ₹1,000
  • Minimum SIP amount: ₹100
  • Minimum withdrawal: ₹1
  • Exit load: 1% on redemption of units exceeding 30% of the investment within 365 days

The last income distribution was also ₹0.16 per unit, recorded on February 6, 2025. Investors opting for the IDCW plan will receive the declared payout on or after March 4, 2025.

Conclusion

ICICI Prudential Multi Asset Fund maintains a diversified approach, balancing growth and income. The ₹0.16 per unit payout aligns with its recent distributions. Investors should assess their risk tolerance and objectives before investing.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

IMF Projects 6.5% GDP Growth for India, Reinforcing Economic Strength

The International Monetary Fund (IMF) has reaffirmed that India will continue to be the fastest-growing major economy, projecting a GDP growth rate of 6.5% for 2025-26. This growth is attributed to strong private investment and macroeconomic stability.

The IMF also emphasised the need for structural reforms to sustain long-term economic progress and achieve the goal of becoming an advanced economy by 2047.

Macroeconomic Stability and Growth Prospects

India’s economic growth remains strong, with the IMF forecasting a 6.5% real GDP expansion in both 2024-25 and 2025-26. This momentum is driven by robust private consumption, supported by sustained macroeconomic and financial stability. 

According to the Indian government’s second advance estimate, the country’s economy is expected to achieve the same 6.5% growth in 2024-25. The IMF noted that inflation is expected to stabilise within the Reserve Bank of India’s tolerance range as food price shocks subside.

Despite some moderation in growth, India’s economic performance has been resilient, with a year-on-year GDP increase of 6% in the first half of 2024-25. The financial sector has remained stable, with non-performing loans at multi-year lows. Fiscal consolidation has progressed, and the current account deficit remains well-contained, supported by strong service export growth.

Structural Reforms and Investment Climate

The IMF highlighted the importance of structural reforms to boost private investment and job creation. Comprehensive policy changes in labour markets, human capital development, and increased female workforce participation are essential for unlocking higher growth potential. 

Additionally, the IMF emphasised the need for governance reforms, improved ease of doing business, and trade integration through tariff and non-tariff reductions to attract foreign direct investment (FDI).

Encouraging private investment and FDI requires a stable policy framework, which is crucial for sustaining long-term economic expansion. While inflation has moderated within the central bank’s target range, food price fluctuations have introduced some volatility. However, India’s financial sector has demonstrated resilience, reinforcing economic stability.

Conclusion

India’s economic trajectory remains strong, with sustained GDP growth driven by private consumption and macroeconomic stability. The IMF underscores the significance of structural reforms in enhancing investment, employment, and long-term growth prospects. With a stable financial sector and controlled inflation, India is positioned to maintain its status as the fastest-growing major economy.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Tesla Secures First India Showroom in Mumbai’s BKC

Tesla, the renowned electric vehicle (EV) manufacturer led by Elon Musk, has taken a significant step towards establishing its presence in India. The company has finalised a deal to open its first showroom in Mumbai’s Bandra Kurla Complex (BKC), one of the city’s most upscale commercial areas. This move comes amid growing interest in EV adoption in India and follows Tesla’s ongoing efforts to expand its global footprint.

Tesla’s First Showroom in India

Tesla’s showroom in Mumbai will be located on the ground floor of a commercial tower in BKC, spanning 4,000 square feet. The company has reportedly agreed to pay ₹900 per square foot in rent, amounting to approximately ₹35 lakh per month.

The company has signed a five-year lease for the space and is simultaneously working on securing another showroom in Delhi’s Aerocity. This expansion follows a recent meeting between Tesla CEO Elon Musk and Prime Minister Narendra Modi during the latter’s visit to the United States. Shortly after the meeting, Tesla posted job listings for 13 positions in India, indicating its increasing focus on the Indian market.

Potential Vehicle Imports and Expansion Plans

Tesla is considering importing vehicles from its Berlin factory for sale in India, according to a report. The company is also planning to introduce an EV priced under $25,000 (approximately ₹21 lakh), which would be one of its most affordable models globally. In the United States, Tesla’s entry-level Model 3 starts at $35,000 (approximately ₹30.4 lakh) at the factory level.

While there has been no official confirmation regarding setting up a manufacturing facility in India, Tesla continues to strengthen its ties with Indian suppliers. The company is already sourcing over $1 billion worth of components from India, a figure expected to increase in the coming months.

Conclusion

Tesla’s move to establish showrooms in Mumbai and Delhi marks a crucial step in its Indian expansion. While its manufacturing plans remain uncertain, the company’s growing investment in local sourcing and high-profile showroom locations highlights its commitment to tapping into the Indian EV market.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

NSE Launches Nifty India Internet & E-Commerce Index

On 28 February, NSE Indices, a subsidiary of the National Stock Exchange (NSE), introduced the Nifty India Internet & E-Commerce Index. This thematic benchmark tracks companies that primarily operate through online platforms. The index comprises 21 constituents from the Nifty Total Market and follows a free-float market capitalisation-based weighting method, with individual stocks capped at 20%.

Composition and Structure of the Index

The base date for the Nifty India Internet & E-Commerce Index is 1 October 2021, with a starting value of 1,000 points. Among its 21 constituents, Zomato holds the highest weight at 20.3%, followed by Info Edge at 18.83% and PB Fintech at 16.72%. Other notable companies include Paytm, Nykaa, and IRCTC, each accounting for 7-8%, while Angel One, Motilal Oswal, Swiggy, and IndiaMART InterMESH have weights below 5%. Sector-wise, Consumer Services make up 65.32% of the index, Financial Services account for 33.48%, and Media, Entertainment & Publication contribute 1.21%.

The index undergoes semi-annual reviews in March and September, considering six-month average data ending in January and July. Quarterly screenings ensure compliance with SEBI’s portfolio concentration norms for ETFs and index funds, with corrective actions taken when necessary. Ad-hoc rebalancing may be initiated in cases of stock suspensions, delistings, or corporate restructuring.

Recent Market Performance and Broader Market Trends

As of 14 February, the NIFTY India Internet and E-Commerce index reported a year-to-date decline of 18.87% but showed a 26.65% gain over the past year. It currently trades at a price-to-earnings ratio of 89.07 and a price-to-book value of 7.13, with a dividend yield of 0.22%. The index provides exposure to India’s rapidly evolving digital and e-commerce sectors.

On 28 February, Indian stock markets witnessed a sharp decline, with the Sensex and Nifty falling nearly 2% due to concerns over a potential global trade war and a slowing U.S. economy. All 13 major sectoral indices registered losses, with the BSE Smallcap and BSE Midcap indices declining by 2.5% and 3%, respectively.

Conclusion

The launch of the Nifty India Internet & E-Commerce Index highlights the growing significance of digital businesses in India. Despite recent volatility, the index reflects the broader shift towards online-driven industries and provides a structured measure of their market performance.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.