Spright Agro Hits Upper Circuit After Dismissing Rumours Related Insider Trading

Spright Agro Limited, formerly known as Tine Agro Limited, has firmly denied recent allegations of speculative trading and insider trading. The company, in an official statement, has condemned these accusations as misleading and damaging to its hard-earned reputation.

Over the past few days, certain individuals and media outlets have circulated unverified reports suggesting Spright Agro’s involvement in improper trading activities. The company asserts that these claims have been made without seeking clarification or verification, causing unwarranted concerns among stakeholders.

The share price of Spright Agro has hit an upper circuit on BSE as of 2:09 PM on February 13, 2025. 

Commitment to Integrity and Long-Term Growth

In response to these rumours, the company has reaffirmed its commitment to ethical business practices, sustainable growth, and long-term wealth creation. Managing Director Akshaykumar N. Patel reassured stakeholders that Spright Agro remains focused on delivering value through its core agricultural business.

“We are not, in any way, involved in speculative or insider trading. These reports are baseless, and we are taking every necessary step to protect our reputation,” stated Patel.

The company also highlighted its recent financial growth, attributing it to strong business fundamentals rather than speculative market activities.

Future Outlook and Strategic Plans

Despite the negative publicity, Spright Agro remains optimistic about its future. The company has several upcoming projects aimed at strengthening its position in the agricultural sector, with further details to be announced in the coming months.

Spright Agro is also taking proactive measures to identify the sources of misinformation and ensure that stakeholders continue to receive transparent and accurate updates.

A Strong Stand Against Misinformation

To safeguard its credibility, Spright Agro is actively addressing the situation and reinforcing its focus on long-term business sustainability. The company has urged stakeholders to rely on verified information from official sources and not be influenced by misleading speculation.

Spright Agro Limited’s firm stance against misinformation and its unwavering commitment to transparency and ethical business conduct highlight its dedication to responsible corporate governance.

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.

Supreme Court Ruling: Only States Can Tax Lotteries, Not Centre

In a significant ruling, the Supreme Court of India has reaffirmed that only state governments—not the Centre—have the authority to impose taxes on lotteries. A bench comprising Justices BV Nagarathna and Satish Chandra Sharma dismissed appeals filed by the central government, which had sought to levy service tax on lottery distributors under the Finance Act. The court ruled that lotteries fall under “betting and gambling” as per Entry 62 of the State List in the Seventh Schedule of the Constitution, placing them under the exclusive domain of state legislatures.

Lotteries as Betting and Gambling

While lottery tickets are categorised as actionable claims, the Supreme Court held that operating a lottery scheme qualifies as betting and gambling. This classification has significant legal implications, as taxation on betting and gambling falls strictly within the legislative competence of states. The ruling effectively nullifies multiple attempts by the Centre to impose a service tax on lottery distribution, reinforcing the constitutional separation of powers.

State-Specific Regulation and the Lotteries Act, 1998

India has a fragmented approach to lottery regulation. While states such as Maharashtra, Sikkim, Kerala, Nagaland, and West Bengal allow lotteries as a revenue-generating mechanism, others, including Uttar Pradesh, Gujarat, and Bihar, have banned them due to concerns about addiction and social consequences. This selective governance is enabled by Entry 34 of the State List, which gives states the discretion to regulate or prohibit lotteries under the Lotteries (Regulation) Act, 1998.

Centre’s Attempts to Levy Service Tax on Lotteries

The central government has long sought to bring lottery-related activities under the service tax net. Through amendments to the Finance Act in 2010, 2012, 2015, and 2016, it aimed to categorise the distribution, promotion, and marketing of lotteries as “business auxiliary services.” However, the Supreme Court ruled that these amendments did not change the fundamental nature of the transaction between states and lottery distributors.

The court clarified that for an activity to be classified as a taxable service, it must meet two conditions:

  1. It must be carried out by one party for another.
  2. It must involve a consideration in exchange for the service.

Since the lottery business operates on a principal-to-principal basis rather than a principal-agent relationship, it does not constitute a service, making it ineligible for service tax.

SC Ruling Upholds Prior High Court Decisions

This ruling aligns with earlier decisions by the Sikkim High Court, which had struck down multiple service tax levies on lottery-related activities between 2012 and 2017. Companies such as Future Gaming & Hotel Services (Private) Limited and Summit Online Trade Solutions Private Limited had challenged the Centre’s imposition of service tax and secured relief from the high court. The Supreme Court has now upheld this stance, reinforcing that lotteries are actionable claims, not goods, and are beyond the scope of service tax.

Implications of the Judgment

This verdict serves as a landmark precedent in India’s taxation and regulatory framework. It not only clarifies that states alone have the power to tax lotteries but also restricts the Centre from categorising them as taxable services. Additionally, the ruling highlights the importance of maintaining federal balance in taxation policies, ensuring that constitutional boundaries are upheld.

With this decision, the ongoing debate over lottery taxation has reached a decisive legal conclusion, preventing further legislative attempts to impose central taxes on lottery-related activities.

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.

Redington Share Price Hits Fresh 52-Week High: Key Factors Behind the Surge

Redington Ltd, a leading distributor and provider of supply chain management solutions for IT and consumer products, saw its share price reach a fresh 52-week high of ₹246.80 on the National Stock Exchange (NSE) on February 13, 2025. At 1:46 PM, the stock was trading up by 4.09% at ₹238.41, marking a 15% gain in February so far.

Strong Financial Performance Fuels Rally

The surge in Redington’s share price follows the company’s highest-ever quarterly revenue and profit. For the latest quarter, Redington reported:

  • Revenue: ₹26,764 crore (14% YoY growth)
  • Net Profit: ₹400 crore (17% YoY growth)
  • PAT Margin: 1.5%

This profit growth outpaced revenue expansion, demonstrating improved operational efficiency. The company’s performance was driven by strong execution across business segments and geographies.

Geographical and Business Segment Highlights

From a regional perspective, the company’s revenue growth was led by:

  • UAE: 26% growth
  • India: 18% growth
  • Saudi Arabia: Showing signs of profitable growth recovery
  • Africa: Continuing its growth momentum over multiple quarters

Among business verticals, Cloud services emerged as the top performer, achieving a remarkable 42% growth. This was fuelled by continued success in the Hyperscaler business and subscription-based software services.

Optimistic Outlook for Q4

Management remains optimistic about Q4, citing multiple factors that could drive further growth:

  • Fiscal year-end budget spending by corporates and the government
  • The backlog of deals carried over from Q3
  • Continued momentum in Cloud and Technology Solutions Group
  • Favourable growth trends in AI and digital transformation

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.

ATDC and SECL Sign MoU to Train 400 Unemployed Youth in Chhattisgarh and MP

A significant step towards skill development and employment generation was taken as the Apparel Training & Design Centre (ATDC), Gurugram, signed a Memorandum of Understanding (MoU) with South Eastern Coalfields Limited (SECL), a subsidiary of Coal India Limited (CIL). The initiative, under the Ministry of Coal’s jurisdiction, aims to empower underprivileged youth from Chhattisgarh and Madhya Pradesh through vocational training.

MoU Signing and Key Attendees

The MoU was formalised in a ceremony held at Shastri Bhawan, New Delhi, in the presence of key dignitaries, including Ms. Rupinder Brar, Additional Secretary, Ministry of Coal, and Ms. Santosh, Deputy Director General, Ministry of Coal. The Additional Secretary commended the SECL CSR team for their proactive efforts in implementing this skill development initiative in collaboration with ATDC.

The event also witnessed the presence of:

  • Shri Biranchi Das, Director (P), SECL
  • Shri Rakesh Vaid, Senior Vice Chairman, ATDC
  • Dr. Vijay Mathur, Director General and CEO, ATDC
  • Shri Alok Kumar, General Manager (Civil/CSR), SECL
  • Officials from both SECL and ATDC

Objective and Financial Allocation

The training programme is a part of SECL’s Corporate Social Responsibility (CSR) initiatives, aimed at equipping 400 candidates with vocational skills to enhance their self-employment prospects. A total of ₹3.12 crore has been allocated to support this initiative.

Training Centres and Programme Details

Under the agreement:

  • 300 candidates will receive training in a non-residential self-employed tailor programme at centres set up across SECL Bishrampur, Sohagpur, and Korba areas.
  • 100 candidates will undergo a fully residential training programme at the ATDC centre in Chhindwara, Madhya Pradesh, with free boarding and lodging facilities.
  • The selection of candidates will be limited to individuals residing within a 25-kilometre radius of SECL’s operational areas.

Impact and Vision

This initiative aligns with the Ministry of Coal’s vision of empowering communities residing in coalfield regions. By providing vocational training, the programme aims to bridge the skill gap, enhance employment prospects, and contribute to the broader goal of Viksit Bharat (Developed India).

The collaboration between SECL and ATDC is expected to create sustainable livelihood opportunities for economically weaker sections, fostering self-reliance and economic growth in the region.

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.

NPCI Introduces New Chargeback Rule for UPI Transactions From February 15

The National Payments Corporation of India (NPCI) has introduced a new chargeback rule for Unified Payments Interface (UPI) transactions, effective from 15 February 2025. The rule aims to streamline dispute resolution by automating chargeback acceptance or rejection based on Transaction Credit Confirmation (TCC) and return requests (RET).

Understanding Chargebacks in UPI Transactions

A chargeback is the reversal of a completed UPI transaction due to fraud, disputes, or technical errors. When a payer’s bank initiates a chargeback request, the amount is refunded if the request is approved. Under the current system, remitting banks can initiate chargebacks from T+0 onwards, often before beneficiary banks have reconciled transactions. This sometimes results in return requests being rejected or chargebacks being automatically accepted, leading to penalties imposed by the Reserve Bank of India (RBI).

To address these inefficiencies, NPCI has revised the dispute resolution framework. The updated system ensures that chargebacks will only be processed based on TCC or RET raised by the beneficiary bank in the subsequent settlement cycle, allowing sufficient time for reconciliation.

Implementation and Impact on Banks

From 15 February, the UPI Dispute Resolution System (URCS) will automatically accept or reject chargebacks based on TCC and RET. This new rule applies exclusively to bulk uploads and the Unified Dispute Resolution Interface (UDIR) but does not affect front-end dispute resolution mechanisms.

NPCI has instructed all UPI member banks to update their internal processes accordingly. The revised system is expected to enhance reconciliation efficiency, minimise penalties, and improve the overall dispute-handling process.

Conclusion

The introduction of an automated chargeback decision-making process in UPI transactions aims to create a more structured and efficient dispute resolution system. By giving beneficiary banks adequate time for reconciliation, NPCI seeks to reduce discrepancies and improve transaction reliability.

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. 

Mahindra Finance Announces ₹3,000 Crore Rights Issue

Mahindra & Mahindra Financial Services Limited (MMFSL) has announced a rights issue to raise ₹3,000 crore. The decision, taken at a board meeting on 13th February 2025, aims to strengthen the company’s financial position and support future growth. This move aligns with its strategy of maintaining capital adequacy while expanding its asset base.

Strategic Importance of the Rights Issue

The rights issue is a key initiative to enhance MMFSL’s Tier 1 capital by over 200 basis points. With a strong balance sheet, the company aims to leverage India’s economic expansion, particularly in the rural and semi-urban financial services sector. The additional capital will enable MMFSL to sustain its asset growth while ensuring financial stability.

The company has consistently maintained asset quality, with Gross Stage 3 (GS3) assets remaining below 4% and credit costs staying under 2%. This capital infusion will further solidify its ability to provide diverse financial products, including vehicle financing, SME loans, and fixed deposits.

Growth Prospects and Market Position

MMFSL, a leading non-banking financial company (NBFC), has shown a compounded annual growth rate (CAGR) of 21% in its secured asset portfolio over the last 21 months. It serves over 10 million customers, with an asset under management (AUM) exceeding USD 13.7 billion. The company operates across 1,375 locations, reaching rural and semi-urban India.

As a AAA-rated NBFC, MMFSL is well-positioned to benefit from India’s growing domestic consumption and infrastructure development. The capital raised through the rights issue will support its long-term strategy of sustainable expansion while maintaining asset quality.

MMFSL Share Performance

As of February 13, 2025, 11:50 AM, the shares of MMFSL are trading at ₹283.10 per share, reflecting an upside of 2.55% from the previous day’s closing price. Over the past month, the stock has registered a gain of 7.56%. The stock has a 52-week high and low of ₹343.00 and ₹246.20 respectively.

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.

RailTel Secures Multiple Orders Across Various Sectors

RailTel Corporation of India Ltd, a Navratna PSU, has recently secured multiple high-value contracts across various sectors, reinforcing its position as a key player in digital infrastructure and connectivity solutions. The company has been awarded contracts from the North Frontier Railway, Bihar Education Project Council, and the Airports Authority of India, among others. As a result, the share price of RailTel has gained 2.13% as of 12:54 PM. 

Enhancing Security Infrastructure for North Frontier Railway

RailTel has secured a contract from the North Frontier Railway to provide a Video Surveillance System at 340 stations under the D and E category. The project, valued at ₹49.67 crore (including tax), aims to bolster security and surveillance at railway stations. The contract is expected to be executed by May 5, 2026.

Supporting Education Initiatives in Bihar

RailTel has also been awarded three contracts by the Bihar Education Project Council (BEPC), collectively amounting to over ₹123.13 crore. These include:

  • Supply of Additional Student Kits for Classes VI to XII, valued at ₹16.97 crore, to be executed by February 28, 2025. 
  • Supply of Additional Teaching Learning Materials for Classes I to V, worth ₹36.95 crore, scheduled for completion by February 28, 2025
  • Supply, Installation, and Training for Operationalisation of ISM Labs for BEPC schools, a project valued at ₹69.21 crore, set for completion by April 4, 2025

These projects reinforce RailTel’s role in supporting digital education infrastructure across Bihar.

Strengthening Airport Surveillance Systems

RailTel has also been entrusted with a contract by the Airports Authority of India (AAI) in Chennai, valued at ₹14.72 crore. The scope of work includes the Supply, Installation, Testing, and Commissioning (SITC) of servers, storage, software, and networking equipment for the SCCTV System at Chennai Airport. The project is scheduled for completion by July 14, 2025, and includes a three-year onsite warranty and comprehensive maintenance contract (CAMC). 

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.

ONGPL Acquires Ayana Renewable Power in a Landmark Clean Energy Deal

In a significant step towards renewable energy expansion, ONGC NTPC Green Private Limited (ONGPL) has entered into a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana). This landmark transaction, valued at ₹195 billion (USD 2.3 billion), was signed on February 12, 2025, with the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.

Strengthening Renewable Energy Commitments

This acquisition marks ONGPL’s first strategic investment since its inception in November 2024, underscoring its commitment to accelerating the renewable energy transition. The deal aligns with the broader vision of its parent companies— ONGC and NTPC—to achieve net-zero targets by 2038 and 2050, respectively. ONGPL will now leverage Ayana’s platform for further expansion and growth. 

Ayana’s Expanding Renewable Portfolio

Ayana is a leading renewable energy platform with approximately 4.1 GW of operational and under-construction assets across India’s resource-rich states. The company’s portfolio is backed by high-credit-rated off-takers, including Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam Limited (GUVNL), and Indian Railways. Since its inception in 2018 by BII, Ayana has secured significant investments, scaling its operations across solar, wind, and round-the-clock (RTC) energy projects while maintaining strong ESG ratings.

ONGC’s Role in Renewable Energy Transition

Oil and Natural Gas Corporation Limited (ONGC) has been actively pursuing clean energy initiatives to align with India’s net-zero targets. As the parent entity of ONGC Green Limited (OGL), ONGC has strategically positioned itself in the renewable sector through investments in solar, wind, and energy storage projects. This acquisition of Ayana Renewable Power reflects ONGC’s long-term vision to diversify beyond hydrocarbons and contribute to India’s sustainable energy landscape.

About the Key Entities

ONGC NTPC Green Private Limited (ONGPL): A joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), dedicated to the development of renewable energy projects.

ONGC Green Limited (OGL): A subsidiary of ONGC, committed to achieving net-zero emissions through investments in solar, wind, and energy storage solutions.

NTPC Green Energy Limited (NGEL): A subsidiary of NTPC Limited, focused on expanding NTPC’s renewable energy portfolio to 60 GW by 2032.

Oil and Natural Gas Corporation Limited (ONGC): India’s largest energy company with a diversified portfolio, including oil, gas, and renewables. ONGC is actively investing in clean energy projects to support India’s long-term sustainability goals.

National Investment and Infrastructure Fund (NIIF): India’s sovereign-linked asset manager, specialising in sustainable infrastructure and private equity investments.

British International Investment (BII): The UK’s development finance institution, supporting sustainable economic growth in emerging markets.

Eversource Capital: A major climate fund manager investing in energy transition, industrial decarbonisation, and urban sustainability.

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.

India’s Beauty Market to Reach ₹2.95 Lakh Crore by 2028, Growing at 10-11%

India’s beauty and personal care industry is witnessing a rapid transformation, fuelled by e-commerce expansion, global brand interest, and the growth of domestic players. The country has emerged as the fastest-growing online beauty market, with e-commerce and quick commerce sales increasing by 39% in value between June and November 2024 compared to the previous year. In contrast, physical store sales saw a modest 3% growth.

This shift towards online shopping signals a fundamental change in consumer behaviour, particularly among younger demographics. In 2024, 17% of Indian consumers purchased beauty products online, up from 13% a year ago. This growing trend is led by platforms such as Amazon, Myntra, Blinkit, Zepto, Nykaa, and Reliance Retail’s Tira, which are enhancing their digital presence to cater to the demand for convenience, variety, and influencer-driven trends.

India’s Beauty Market Set to Reach ₹2.95 Lakh Crore by 2028

India’s beauty and personal care market, currently valued at ₹2,43,236 crore (US$ 28 billion), is projected to grow at an annual rate of 10-11%, reaching ₹2,95,358 crore (US$ 34 billion) by 2028. While online retail is expanding rapidly, the organised offline sector is growing at a slower pace. Retailers like Shoppers Stop are adopting strategic approaches, such as launching exclusive stores for premium brands like MAC and Clinique and securing a distribution deal with Shiseido’s NARS Cosmetics.

Makeup sales have surged by 15.5%, while skincare products have seen a 10.5% increase. This fierce competition among domestic and international brands is shaping the industry landscape, with major players like Reliance, Tata Group, and Hindustan Unilever (HUL) aggressively expanding their presence.

Challenges and Consolidation in the Market

Despite the rapid growth, scaling and profitability remain significant challenges for beauty startups. Established companies are capitalising on the market momentum through acquisitions and strategic investments. A notable example is HUL’s acquisition of Jaipur-based beauty brand Minimalist for ₹2,955 crore (US$ 340.16 million), highlighting the trend of consolidation within the sector.

Additionally, India’s beauty e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 25%, reinforcing the country’s position as a global beauty powerhouse. As more consumers embrace digital-first shopping experiences, the industry is poised for sustained expansion, driven by innovation, product diversification, and evolving consumer preferences.

India’s beauty and personal care industry is on an upward trajectory, with digital channels playing a crucial role in shaping its future. As major players and startups continue to innovate, the market is set to become a key driver of global beauty trends.

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.

Gold Prices Increase by Over ₹300: Check Gold and Silver Prices in Your City

Gold prices have risen on February 13, 2025. In the international market, spot gold has increased by 0.46%, climbing back above the significant psychological mark of $2,900 per ounce as of 12:16 PM on February 13, 2025.

Gold prices have increased both in India and the international markets. In India, gold prices have risen by ₹310 per 10 grams across major cities.

In Mumbai, 24-carat gold is priced at ₹8,579 per gram, while 22-carat gold now costs ₹7,864 per gram. The 24-carat gold price stands at ₹85,790 per 10 grams as of 12:16 PM on 13 February 2025.

In Delhi, the price of 22-carat gold is currently ₹78,513 per 10 grams, while 24-carat gold is trading at ₹85,650 per 10 grams.

Gold Prices Across Major Indian Cities on February 13, 2025

Here is a detailed breakdown of gold prices as of February 13, 2025:

 

City 24 Carat Gold (per 10gm in ₹) 22 Carat Gold (per 10gm in ₹)
Chennai 86,040 78,870
Hyderabad 85,930 78,769
Delhi 85,650 78,513
Mumbai 85,790 78,641
Bangalore 85,860 78,705

 

Silver Prices in India on February 13, 2025

The international silver price has increased by 0.26%, surpassing $32 per ounce as of 12:20 PM on February 13, 2025. In India, silver prices have increased by ₹280 per kg.

Silver Prices Across Major Indian Cities

 

City Silver Rate in ₹/KG 
Mumbai 95,910
Delhi 95,750
Kolkata 95,780
Chennai 96,190

Key Takeaways

Gold Prices: Both 22-carat and 24-carat gold prices have increased across major cities in India. Internationally, gold has surged past $2,900 per ounce.
Silver Prices: Silver prices in India have risen by ₹280 per kg, while international prices have moved above $32 per ounce.

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.