📊 Ceigall India climbs 4% on Rs 5,300 crore transmission win
Ceigall India shares rose nearly 4% after REC Power Development and Consultancy issued a Letter of Intent for a Rs 5,300 crore power transmission project in Gujarat, covering a 765/400 kV air-insulated substation (AIS) and roughly 300 km of lines.
Underneath the order size is the structure: 36 months to build, then a 35-year operating period earning annual transmission charges of Rs 608.67 crore, a very different revenue profile from the one-off road construction work Ceigall is known for.
💡 Takeaway: The yearly fee of Rs 608.67 crore keeps coming in for 35 years once the lines are built, so this is steady long-term income rather than a one-time contract. A letter of intent…
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Ceigall India shares rose nearly 4% after REC Power Development and Consultancy issued a Letter of Intent for a Rs 5,300 crore power transmission project in Gujarat, covering a 765/400 kV air-insulated substation (AIS) and roughly 300 km of lines.
Underneath the order size is the structure: 36 months to build, then a 35-year operating period earning annual transmission charges of Rs 608.67 crore, a very different revenue profile from the one-off road construction work Ceigall is known for.
💡 Takeaway: The yearly fee of Rs 608.67 crore keeps coming in for 35 years once the lines are built, so this is steady long-term income rather than a one-time contract. A letter of intent…
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🏦 Odds of a September US rate cut slip under half
Traders now put the chance of a US Federal Reserve rate cut at its September 16 meeting below 50%, based on CME FedWatch pricing, down sharply from earlier expectations.
Remarks from Fed officials including Christopher Waller and Kevin Warsh have added to the doubt over the path ahead, alongside high global bond yields and lingering worries about inflation.
💡 Takeaway: Cheaper money in America usually pulls foreign money into Indian shares. With that cut now a coin toss, the September 16 decision is the date that matters.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Traders now put the chance of a US Federal Reserve rate cut at its September 16 meeting below 50%, based on CME FedWatch pricing, down sharply from earlier expectations.
Remarks from Fed officials including Christopher Waller and Kevin Warsh have added to the doubt over the path ahead, alongside high global bond yields and lingering worries about inflation.
💡 Takeaway: Cheaper money in America usually pulls foreign money into Indian shares. With that cut now a coin toss, the September 16 decision is the date that matters.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
📊 ESDS Software doubles on debut, hits 20% upper circuit
ESDS Software Solution listed at a strong premium and then rose a further 20% to the upper circuit, taking the stock 112% above its initial public offering (IPO) price.
Underneath the move is a supply problem rather than fresh news: at the upper circuit, trading is frozen for the day, so buyers who missed the issue cannot get shares at any price, and brokerages have since put out entry levels and profit-booking views for allottees.
💡 Takeaway: A stock doubling on day one says the issue was priced well below what buyers would pay. The price now rests on demand for a small pool of shares, not on any new earnings figure.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
ESDS Software Solution listed at a strong premium and then rose a further 20% to the upper circuit, taking the stock 112% above its initial public offering (IPO) price.
Underneath the move is a supply problem rather than fresh news: at the upper circuit, trading is frozen for the day, so buyers who missed the issue cannot get shares at any price, and brokerages have since put out entry levels and profit-booking views for allottees.
💡 Takeaway: A stock doubling on day one says the issue was priced well below what buyers would pay. The price now rests on demand for a small pool of shares, not on any new earnings figure.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🏭 Input costs hit largecap margins hardest last quarter
Large-cap companies reported a sharp year-on-year contraction in operating margins, and their net profit growth was modest - the weakest in seven quarters, as rising raw material and other input costs ate into profitability.
Mid- and small-cap companies faced the same cost pressure but saw smaller margin contractions, while also delivering faster revenue and net profit growth; across India Inc, aggregate operating margins still declined.
💡 Takeaway: Costs rose for everyone, but smaller companies protected their profits better. If input prices stay high, the gap in profit growth between big and small firms is the thing to follow.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Large-cap companies reported a sharp year-on-year contraction in operating margins, and their net profit growth was modest - the weakest in seven quarters, as rising raw material and other input costs ate into profitability.
Mid- and small-cap companies faced the same cost pressure but saw smaller margin contractions, while also delivering faster revenue and net profit growth; across India Inc, aggregate operating margins still declined.
💡 Takeaway: Costs rose for everyone, but smaller companies protected their profits better. If input prices stay high, the gap in profit growth between big and small firms is the thing to follow.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🎯 PhysicsWallah initiated with Buy, target Rs 200
Motilal Oswal made the call.
The other side: The brokerage itself lists the catch: heavy competition in coaching, the difficulty of running offline centres well, and artificial intelligence tools undercutting paid courses.
💡 Takeaway: The target assumes sales and operating profit keep growing until March 2028. That only holds if the physical coaching centres fill up and stay profitable as they multiply.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Motilal Oswal made the call.
The other side: The brokerage itself lists the catch: heavy competition in coaching, the difficulty of running offline centres well, and artificial intelligence tools undercutting paid courses.
💡 Takeaway: The target assumes sales and operating profit keep growing until March 2028. That only holds if the physical coaching centres fill up and stay profitable as they multiply.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🏭 Rentomojo sets Rs 384-404 band for Rs 1,256 crore IPO
Rentomojo has fixed its price band at Rs 384-404 per share for a Rs 1,255.57 crore public issue that opens on September 9 and closes on September 11.
Of that total, only Rs 150 crore is a fresh issue of new shares; the remaining Rs 1,105.57 crore is an offer for sale (OFS) by existing shareholders, at a valuation of up to 40 times FY26 earnings.
💡 Takeaway: Under nine rupees in every hundred raised actually reaches the company. The rest goes to current owners cashing out, so the forty-times price tag rests entirely on future profit growth.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Rentomojo has fixed its price band at Rs 384-404 per share for a Rs 1,255.57 crore public issue that opens on September 9 and closes on September 11.
Of that total, only Rs 150 crore is a fresh issue of new shares; the remaining Rs 1,105.57 crore is an offer for sale (OFS) by existing shareholders, at a valuation of up to 40 times FY26 earnings.
💡 Takeaway: Under nine rupees in every hundred raised actually reaches the company. The rest goes to current owners cashing out, so the forty-times price tag rests entirely on future profit growth.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🏦 Two big banks now see another European rate hike in December
J.P. Morgan and BNP Paribas both shifted their calls, now expecting the European Central Bank to raise rates by 25 basis points in December, on top of the September move.
Markets already treat a 25-basis-point increase at the September meeting as close to certain; the banks cite stubborn inflation, high energy prices and growth that has held up.
💡 Takeaway: The question was whether September ends the rate-rising cycle. Two large banks now say it does not, which means borrowing costs in Europe stay higher for longer than assumed.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
J.P. Morgan and BNP Paribas both shifted their calls, now expecting the European Central Bank to raise rates by 25 basis points in December, on top of the September move.
Markets already treat a 25-basis-point increase at the September meeting as close to certain; the banks cite stubborn inflation, high energy prices and growth that has held up.
💡 Takeaway: The question was whether September ends the rate-rising cycle. Two large banks now say it does not, which means borrowing costs in Europe stay higher for longer than assumed.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
📊 Ola Electric gains 4% on first dealer-run stores
Ola Electric shares climbed close to 4% after the electric two-wheeler maker opened its first dealer-led outlets spread across seven states, roughly a month after it threw open its sales and service network to outside partners.
The bigger shift is who pays for growth: the company is targeting more than 500 dealerships over the next couple of quarters, a build-out funded largely by partners rather than by Ola's own store-by-store spending.
💡 Takeaway: Until now Ola paid to open and run its own showrooms. Letting partners put up the money lets it reach more towns without the same cash outgo, but it hands day-to-day service quality to outsiders.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Ola Electric shares climbed close to 4% after the electric two-wheeler maker opened its first dealer-led outlets spread across seven states, roughly a month after it threw open its sales and service network to outside partners.
The bigger shift is who pays for growth: the company is targeting more than 500 dealerships over the next couple of quarters, a build-out funded largely by partners rather than by Ola's own store-by-store spending.
💡 Takeaway: Until now Ola paid to open and run its own showrooms. Letting partners put up the money lets it reach more towns without the same cash outgo, but it hands day-to-day service quality to outsiders.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
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The grey-market premium is a number quoted by unregulated intermediaries, with no exchange, no disclosure and no recourse. It is also the most quoted number in every IPO discussion.
Meanwhile, the one document that legally has to tell you the bad news, the RHP, sits unread.
You do not need to read all 500 pages. You need the Objects of the Offer, the first twenty risk factors, the cash-flow statement, the related-party note and the Basis for Offer Price. Two to three hours. Less than most people spend choosing a phone.
Here is how, with a test you can reuse on the next IPO.
https://mpulseindia.substack.com/p/the-ipo-question-nobody-asks-what?r=919kcb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
Meanwhile, the one document that legally has to tell you the bad news, the RHP, sits unread.
You do not need to read all 500 pages. You need the Objects of the Offer, the first twenty risk factors, the cash-flow statement, the related-party note and the Basis for Offer Price. Two to three hours. Less than most people spend choosing a phone.
Here is how, with a test you can reuse on the next IPO.
https://mpulseindia.substack.com/p/the-ipo-question-nobody-asks-what?r=919kcb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
🔴 BREAKING — Tata Motors opens cash tender offer for Iveco
💡 Takeaway: Tata Motors wants to own all of Iveco and take it off the stock exchange. Exor's support matters most, because the largest owner agreeing makes the rest of the buyout far easier.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
💡 Takeaway: Tata Motors wants to own all of Iveco and take it off the stock exchange. Exor's support matters most, because the largest owner agreeing makes the rest of the buyout far easier.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
🏭 Pranav Constructions IPO opens, grey market quotes Rs 44
The Mumbai-based real estate developer's Rs 351.03 crore issue opened for bidding today, September 7, with an upper price band of Rs 124 a share and a grey market premium (GMP) of Rs 44, a 36% premium.
Ahead of the opening, the company placed Rs 84.24 crore worth of shares with anchor investors, the large institutions allotted stock a day before a public issue begins.
💡 Takeaway: The grey market figure is an unofficial price a few traders quote before listing. It moves daily, binds nobody, and often narrows by the time shares actually list.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
The Mumbai-based real estate developer's Rs 351.03 crore issue opened for bidding today, September 7, with an upper price band of Rs 124 a share and a grey market premium (GMP) of Rs 44, a 36% premium.
Ahead of the opening, the company placed Rs 84.24 crore worth of shares with anchor investors, the large institutions allotted stock a day before a public issue begins.
💡 Takeaway: The grey market figure is an unofficial price a few traders quote before listing. It moves daily, binds nobody, and often narrows by the time shares actually list.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
📊 Tata Motors bids for Iveco at 14.1 euros a share #TATAMOTORS
Tata Motors has opened a voluntary tender offer for every common share of Iveco Group at 14.1 euros in cash, valuing the Italian truck and bus maker at roughly 3.82 billion euros.
Underneath the price is the shareholder register: Exor, Iveco's largest owner, is backing the offer, and if enough shares are tendered Iveco can be removed from the Euronext Milan exchange and folded fully into Tata's commercial vehicle arm.
💡 Takeaway: With the biggest shareholder already on side, the open question is how many others accept. Tata's truck business is largely Indian today, and this is how it buys a European footprint outright.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
Tata Motors has opened a voluntary tender offer for every common share of Iveco Group at 14.1 euros in cash, valuing the Italian truck and bus maker at roughly 3.82 billion euros.
Underneath the price is the shareholder register: Exor, Iveco's largest owner, is backing the offer, and if enough shares are tendered Iveco can be removed from the Euronext Milan exchange and folded fully into Tata's commercial vehicle arm.
💡 Takeaway: With the biggest shareholder already on side, the open question is how many others accept. Tata's truck business is largely Indian today, and this is how it buys a European footprint outright.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
📊 PVR Inox falls 8% on kickback probe reports
PVR Inox shares dropped as much as 8% on Monday after reports that an internal investigation examined alleged kickbacks of up to Rs 200 crore taken from developers who build cinema properties.
The detail that moved the stock is the timing: senior executive Pramod Arora and others were asked to leave in April, but the exits and the reason behind them have only surfaced now.
💡 Takeaway: The money involved matters less than the five-month gap between the exits and the news reaching shareholders. PVR Inox grows by signing screens with property developers, the same group named here.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
PVR Inox shares dropped as much as 8% on Monday after reports that an internal investigation examined alleged kickbacks of up to Rs 200 crore taken from developers who build cinema properties.
The detail that moved the stock is the timing: senior executive Pramod Arora and others were asked to leave in April, but the exits and the reason behind them have only surfaced now.
💡 Takeaway: The money involved matters less than the five-month gap between the exits and the news reaching shareholders. PVR Inox grows by signing screens with property developers, the same group named here.
Source: Economic Times · Not investment advice · auto-drafted, human-checked
The world's biggest derivatives exchange has a 99.8% share in futures and 93% in cash equities. Neither pays the bills.
NSE's IPO raises ₹0 for NSE. It is a pure offer for sale: 23 old shareholders selling 6.02% of the company. What you would be buying is a business where 60% of revenue comes from equity options, the one segment where NSE's share is weakest and where SEBI keeps changing the rules. Revenue fell 3% in FY2026. No debt, ₹34,600 crore of own treasury, 84% payout.
The missing variable is the price. Price ÷ ₹41.62 = trailing P/E. I have read the full DRHP through the OWNERS framework, before the price band, so the business gets judged on its own terms.
Educational, not investment advice.
NSE's IPO raises ₹0 for NSE. It is a pure offer for sale: 23 old shareholders selling 6.02% of the company. What you would be buying is a business where 60% of revenue comes from equity options, the one segment where NSE's share is weakest and where SEBI keeps changing the rules. Revenue fell 3% in FY2026. No debt, ₹34,600 crore of own treasury, 84% payout.
The missing variable is the price. Price ÷ ₹41.62 = trailing P/E. I have read the full DRHP through the OWNERS framework, before the price band, so the business gets judged on its own terms.
Educational, not investment advice.
join whatapp channel for free: https://whatsapp.com/channel/0029VbD53N2DDmFTGpCvyf1n
https://mpulseindia.substack.com/p/hero-motors-ipo-what-the-rhp-really?r=919kcb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
Hero Motors opens today. Over three years its prospectus shows ₹324 crore of operating cash against ₹91 crore of profit — cash conversion of 3.6 times, which reads as excellent.
Then you reach Note 25. Bill discounting and factoring balances went from ₹42 crore to ₹143 crore in FY26. Strip that increase out and operating cash flow for the year falls from ₹144 crore to about ₹48 crore. After capex, the three years consumed ₹53 crore more cash than they produced.
The margin improvement is real — EBITDA margin up from 8.11% to 12.44%. But the missing variable is the price. At ₹84, counting the shares the issue creates, you pay about 88 times last year's earnings for a company growing revenue 5.7% a year.
The full OWNERS read is up.
Educational, not investment advice.
Hero Motors opens today. Over three years its prospectus shows ₹324 crore of operating cash against ₹91 crore of profit — cash conversion of 3.6 times, which reads as excellent.
Then you reach Note 25. Bill discounting and factoring balances went from ₹42 crore to ₹143 crore in FY26. Strip that increase out and operating cash flow for the year falls from ₹144 crore to about ₹48 crore. After capex, the three years consumed ₹53 crore more cash than they produced.
The margin improvement is real — EBITDA margin up from 8.11% to 12.44%. But the missing variable is the price. At ₹84, counting the shares the issue creates, you pay about 88 times last year's earnings for a company growing revenue 5.7% a year.
The full OWNERS read is up.
Educational, not investment advice.
Substack
Hero Motors IPO: What the RHP Really Tells Investors
Beyond the IPO buzz: Hero Motors’ business, financials, valuation, risks and growth plans, examined through OWNERS framework.
*The IPO is just the beginning*
The research effort on an IPO peaks the week before it opens and collapses the
day after listing. Everything that decides the return is on the other side of
that date.
Seven checks, once a quarter, about twenty minutes:
1. Price vs issue price, and volume at lock-in expiry
2. Revenue, EBITDA margin, PAT vs the RHP story
3. Use of IPO proceeds vs what was promised
4. Promoter stake, pledges, FII and DII movement
5. Valuation against listed peers, over time
6. Operating cash flow vs reported profit, receivable days
7. Auditor changes, related-party deals, KMP exits
Where to find each one, what the red flag looks like, and a worked example on a
hypothetical company — all in the piece:
https://mpulseindia.substack.com/p/the-ipo-is-just-the-beginning?r=919kcb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
_Educational, not investment advice._
The research effort on an IPO peaks the week before it opens and collapses the
day after listing. Everything that decides the return is on the other side of
that date.
Seven checks, once a quarter, about twenty minutes:
1. Price vs issue price, and volume at lock-in expiry
2. Revenue, EBITDA margin, PAT vs the RHP story
3. Use of IPO proceeds vs what was promised
4. Promoter stake, pledges, FII and DII movement
5. Valuation against listed peers, over time
6. Operating cash flow vs reported profit, receivable days
7. Auditor changes, related-party deals, KMP exits
Where to find each one, what the red flag looks like, and a worked example on a
hypothetical company — all in the piece:
https://mpulseindia.substack.com/p/the-ipo-is-just-the-beginning?r=919kcb&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
_Educational, not investment advice._
Substack
The IPO Is Just the Beginning
A seven-point routine for the quarters after listing day — price, results, proceeds, shareholding, valuation, cash and governance.
*US-Iran war intensifies near the Strait of Hormuz*
*What happened:* The US and Iran are six months into an active conflict. In the past two weeks the US struck several Iranian oil tankers in the Gulf; Iran retaliated by hitting ships and a US base in Jordan, and has restricted movement near the Strait of Hormuz, through which roughly a fifth of world oil passes.
*Why it matters:* Any real disruption at Hormuz threatens a huge slice of global oil supply — that fear briefly pushed Brent above $100/barrel.
India impact: India imports over 80% of its oil. Volatile, elevated oil prices raise India's import bill, pressure the rupee, and squeeze airlines, paints, tyres and oil marketing companies.
*Watch:* fresh attacks near Hormuz, tanker insurance/freight rates, any Gulf ceasefire moves.
*Takeaway:* Every Hormuz flare-up is a fresh oil shock — expect oil-sensitive Indian stocks to keep swinging with the headlines.
*What happened:* The US and Iran are six months into an active conflict. In the past two weeks the US struck several Iranian oil tankers in the Gulf; Iran retaliated by hitting ships and a US base in Jordan, and has restricted movement near the Strait of Hormuz, through which roughly a fifth of world oil passes.
*Why it matters:* Any real disruption at Hormuz threatens a huge slice of global oil supply — that fear briefly pushed Brent above $100/barrel.
India impact: India imports over 80% of its oil. Volatile, elevated oil prices raise India's import bill, pressure the rupee, and squeeze airlines, paints, tyres and oil marketing companies.
*Watch:* fresh attacks near Hormuz, tanker insurance/freight rates, any Gulf ceasefire moves.
*Takeaway:* Every Hormuz flare-up is a fresh oil shock — expect oil-sensitive Indian stocks to keep swinging with the headlines.
*Crude eases as Saudi Arabia restores pipeline capacity*
*What happened:* Brent slipped for a second session to ~$103-104/barrel after Saudi Arabia said it would restore about half its damaged East-West pipeline's capacity within days.
*Why it matters:* More supply coming back cools the panic-buying that drove prices above $100 during the worst fighting.
*India impact:* Even a modest pullback helps India's import bill, inflation outlook and rupee — but prices remain well above pre-conflict levels.
*Watch:* whether Brent holds below $105; further Saudi supply updates; OMC retail fuel pricing.
*Takeaway:* Oil is easing off crisis highs but Indian markets are still pricing in a Gulf-conflict risk premium.
*What happened:* Brent slipped for a second session to ~$103-104/barrel after Saudi Arabia said it would restore about half its damaged East-West pipeline's capacity within days.
*Why it matters:* More supply coming back cools the panic-buying that drove prices above $100 during the worst fighting.
*India impact:* Even a modest pullback helps India's import bill, inflation outlook and rupee — but prices remain well above pre-conflict levels.
*Watch:* whether Brent holds below $105; further Saudi supply updates; OMC retail fuel pricing.
*Takeaway:* Oil is easing off crisis highs but Indian markets are still pricing in a Gulf-conflict risk premium.
*Bank of Japan hikes to 1.25%, a 31-year high*
*What happened:* BoJ raised rates 25bps in a 7-2 vote, warning of upside inflation risk; the yen weakened slightly on the news.
*Why it matters:* Japan has long been a cheap-funding source for the global "carry trade." Rising Japanese rates make that trade less attractive, which can trigger investors to pull money out of riskier markets, India included, to repay yen loans.
*India impact:* Raises the risk of sudden global "carry-trade unwind" bouts that have previously caused sharp, short equity sell-offs.
Watch: yen volatility, Japanese bond yields, signs of broad global risk-off.
*Takeaway:* Japan's rate path quietly matters to India — faster BoJ hikes raise the odds of sudden global liquidity squeezes.
*What happened:* BoJ raised rates 25bps in a 7-2 vote, warning of upside inflation risk; the yen weakened slightly on the news.
*Why it matters:* Japan has long been a cheap-funding source for the global "carry trade." Rising Japanese rates make that trade less attractive, which can trigger investors to pull money out of riskier markets, India included, to repay yen loans.
*India impact:* Raises the risk of sudden global "carry-trade unwind" bouts that have previously caused sharp, short equity sell-offs.
Watch: yen volatility, Japanese bond yields, signs of broad global risk-off.
*Takeaway:* Japan's rate path quietly matters to India — faster BoJ hikes raise the odds of sudden global liquidity squeezes.