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📈 Top Performer Among 400+ Equity Strategies
VentureX led all PMS & AIF strategies tracked by PMS Bazaar in April, posting an impressive 15.8% monthly return — more than 2x the benchmark.

🏆 Outshining the AIF Universe
While top AIF performers delivered 5–9% returns, VentureX surged ahead with market-leading alpha, thanks to its focused SME investment strategy.

🚀 What Drove the Performance?
✅ Focus on high-growth, scalable SMEs
✅ Early-stage access to pre-IPO & newly listed companies
✅ Thesis-driven selection framework
✅ Strong fundamentals & governance

💼 About VentureX
Launched in Jan 2025 | ₹125 Cr+ committed capital
An SME-focused AIF targeting long-term value creation through disciplined investing.

📌 Key Takeaway
VentureX is setting a new benchmark in India’s AIF landscape — combining agility, focus, and execution to deliver real differentiation and results.

​National Securities Depository Ltd. (NSDL) has revised its upcoming Initial Public Offering (IPO), reducing the offer size from 57.26 million to 50.15 million shares. This adjustment is detailed in an addendum to its draft red herring prospectus.

Offer Size Comparison (Old vs New):

Why the Cut?

• The downsizing is primarily to comply with SEBI’s 15% ownership cap on entities in market infrastructure institutions. IDBI Bank and NSE needed to reduce their holdings to meet this limit.

What's Next?

• SEBI has extended the IPO listing deadline to July 31, 2025.
• ICICI Securities, Axis Capital, HSBC Securities, IDBI Capital, Motilal Oswal, and SBI Capital Markets are managing the issue as lead managers.
• NSDL is now aligning the offer to meet both regulatory and market expectations.

• Financial Highlights: Tata Capital reported a strong 31% year-on-year surge in its consolidated profit after tax (PAT) to Rs 1,000 crore for Q4 FY25. The company logged a profit after tax of Rs 765 crore in the year-ago period. Total revenues from operations rose nearly 50 per cent to Rs 7,478 crore in the January-March period of FY 25 from Rs 4,998 crore in the year-ago period, Tata Capital said in a regulatory filing. For FY25, Tata Group's financial services firm reported a PAT of Rs 3,655 crore as compared to Rs 3,327 crore in FY24, and revenues surged to Rs 28,313 crore from Rs 18,175 crore. The Board has approved a final dividend of ₹0.42 per equity share (₹10 face value), signaling confidence in earnings stability.
• Operation Highlights: A key operational highlight is the approval of issuing 18.39 crore fully paid-up equity shares to TMF Holdings Ltd. as part of a Scheme of Arrangement with Tata Motors Finance Ltd., which became effective on May 8, 2025. This move reflects strategic restructuring aimed at consolidating financial services under a unified platform. The merger will likely improve operational synergies and balance sheet strength going forward.
• Future Outlook: Looking ahead, the merger with Tata Motors Finance positions the company for enhanced growth in the retail and vehicle finance segments. Tata Capital’s diversified financial services model, supported by Tata Group’s strong brand and capital backing, is expected to capitalize on India’s credit expansion, digital finance opportunities, and policy tailwinds. The consolidation strengthens its competitive position among leading NBFCs, potentially enabling scale efficiencies, expanded client reach, and deeper integration across lending verticals. With a healthy capital base and prudent risk controls, the future outlook remains positive.
  

The buzz around Shark Tank India may have quieted down since its debut, but the significance of its early seasons in shaping India’s startup investment landscape cannot be understated.

• Season 1 marked the beginning of a new era where seven influential sharks including Ashneer Grover, Peyush Bansal, Anupam Mittal, Aman Gupta, Ghazal Alagh, Vineeta Singh, and Namita Thapar committed to investing a total of ₹40 crore across 65 promising startups. 

• This foundational season introduced millions of viewers to the power of startup investing and entrepreneurship, setting a strong precedent for future seasons and inspiring a generation to dream big and seek strategic backing.

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Shark Tank India Season 3 was a spectacular showcase of entrepreneurial ambition and investor confidence that took funding to the next level. With a fresh influx of new sharks joining the panel to complement seasoned investors, the season witnessed a record ₹78 crore invested across 89 deals. 

• Season 3 of Shark Tank India marked a significant evolution in the show's format by expanding its panel to include 12 distinguished investors or sharks -  Aman Gupta, Ritesh Agarwal, vineeta Singh, Namita Thapar, Anupam Mittal, Peyush Bansal, Amit Jain,  Azhar Iqubal, Radhika Gupta, Ronnie Screwvala, Varun Dua, Deepinder Goyal.

• While Namita Thapar has been winning the last two seasons with the maximum promised investments, boAt lifestyle founder Aman Gupta grabbed the maximum number of deals with the highest promised investment in this season.

• This season 3, coupled with smarter pitches and a focus on sectors like tech, health, and sustainability, helped startups gain not just capital but strategic mentorship. Season 3 clearly marked a turning point where investments became larger, more targeted, and emblematic of the evolving startup ecosystem in India.
  

Building on the momentum of Season 1, Shark Tank India’s second season saw an increased enthusiasm from investors and entrepreneurs alike. The panel of sharks, now slightly reshuffled, doubled down on their commitment.  

• Shark tank India Season 2 saw the sharks significantly increase their investments, committing ₹81.16 crore to various startups .Namita Thapar emerged as the top investor with ₹19.04 crore, followed by Aman Gupta at ₹17.84 crore .

• The season featured innovative pitches like Flatheads and Paradyes, reflecting a growing confidence in India's startup ecosystem. 
  

In 1983, Studds Accessories began its journey in a modest garage, crafting its first helmet. Over the years, it has transformed into the world's largest manufacturer of two-wheeler helmets, boasting a presence in over 50-70 countries. With a production capacity of 14 million helmets annually, Studds has become a household name in India, synonymous with safety and innovation in motorcycle accessories.

• The company later diversified its product portfolio with a dual-brand strategy—Studds catering to mass and mid-market segments, and SMK addressing premium needs. According to the FY24 Annual Report and CARE report, Studds became the largest two-wheeler helmet manufacturer by revenue in India (FY23) and the largest globally by volume in the calendar year 2024. Studds holds a market share of 25.66% and sold 7 million helmets in FY24.

• In 2025, Studds is poised to make a significant move by re-entering the public markets with an Initial Public Offering (IPO). This IPO, comprising an offer for sale of up to 77.9 lakh shares, marks a pivotal moment in the company's growth trajectory. The funds raised are expected to fuel further expansion and innovation, solidifying Studds' position in the global market.

Motilal Oswal Financial Services (MOFSL) is looking to sell its housing finance unit, Motilal Oswal Home Finance Ltd (MOHFL). MOFSL holds a 97.49% stake in MOHFL, which includes shares held directly and through its fully owned subsidiaries. The investment bank Avendus Capital will help find potential buyers, according to a report by Mint.

This move comes amid heightened transaction activity in the affordable housing finance space, where both private equity funds and capital markets have shown increased interest. The sector has witnessed renewed investor appetite, driven by structural growth drivers, government push for affordable housing, and relatively stable long-term asset quality in well-managed portfolios.

From a valuation standpoint, MOHFL may fetch a price benchmarked to its listed peers, such as Aadhar Housing Finance, Aavas Financiers, Aptus Value Housing Finance, and Home First Finance, which are currently trading at 2.8x–3.9x trailing book value. With MOHFL reporting a standalone net worth of ₹1,290 crore as of March 31, 2024 (Annual report), peer-based valuation suggests a potential transaction range of ₹3,612 crore to ₹5,031 crore, implying a P/B multiple of 3.0x – 4.1x at a per share price of ₹6 - 8.3.

However, it is noteworthy that in the unlisted market, the company has been reportedly trading at a significantly higher P/B of 7.5x with a market capitalisation of ~₹9,000 crore and share price trading between ₹14 to ₹15, a premium that appears difficult to justify given its historical performance and current risk profile. This supports the cautious view previously expressed by Planify regarding elevated valuation expectations.

MOHFL, which commenced operations in 2014 as Aspire Home Finance and rebranded in 2019, had a loan book of ₹4,098 crore as of June 30, 2024, marginally up from ₹4,048 crore in March 2024. The business had earlier faced asset quality stress, with gross NPA’s peaking at 9.2% in FY19. Since then, the company has implemented turnaround initiatives, including capital infusion, improved governance, and operational tightening. The gross NPA’s have come down to 0.9% with net NPA’s of 0.4% by FY24.

Given the divergence between peer-based valuation and current unlisted market pricing, investors should adopt a prudent stance and closely track deal contours and implied valuation multiples.

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Note*: However, Motilal Oswal Home Finance had denied reports of a potential sale, states the Mint report. A company spokesperson, cited in the report, has noted that there was no development regarding the sale of the business.

Note**: Planify could not independently verify the report.
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​Hero FinCorp, the NBFC  promoted by Hero MotoCorp, has successfully raised ₹310 cr. through a pre-IPO placement — a significant step as it waits for regulatory clearance for its ₹3,668 cr. IPO.

Hero Fincorp Pre-IPO Deal Snapshot

• Total Funds Raised: ₹310 cr.
• Mode: Pre-IPO preferential allotment
• No. of Shares Issued: 22,14,277 equity shares
• Issue Price: ₹1,400 per share (₹10 face value + ₹1,390 premium)
• Post-money Valuation: ~ ₹18,482 cr.

Despite facing rising NPAs, declining profitability, and pending regulatory approvals, Hero FinCorp attracted solid interest from reputed investors — a clear vote of confidence in its long-term story.

Key Investors & Their Contribution

Shareholding Pattern (As on 12 May, 2025):

Why Does This Fundraising Matter?

This capital infusion aims at strengthening Hero FinCorp’s Tier-I capital base and supporting its future lending operations. It also gives the company breathing room while it awaits SEBI’s green light for the IPO, i.e, targeting a INR 3,668 cr. IPO which includes a INR 2,100 cr. primary issue 

Looking Beyond Equity: USD 200 Mn Offshore Loan

To further shore up liquidity, the company is also raising USD 200 million (~₹1,694 cr.) through a syndicated loan led by DBS Bank. A recent roadshow in Taipei targeted international investors, following a trend seen among Indian NBFCs like Piramal Finance.

Bottom Line

The pre-IPO placement gives Hero FinCorp a short-term cushion and long-term credibility. But the path to IPO remains uncertain. Investors should track regulatory updates, asset quality trends, and offshore borrowing impact closely before making any moves.

The Securities and Exchange Board of India (SEBI) has proposed some important changes to the way equity derivatives (F&O) contracts are traded in India. While these changes are aimed at improving market discipline, they may create serious challenges for smaller stock exchanges like the Metropolitan Stock Exchange of India (MSEI).

Let’s take a look at what’s happening and why it matters.

What is SEBI proposing?

SEBI wants to bring more structure to the F&O market. Two main proposals have been made:

1.     All F&O contracts must expire only on either Tuesday or Thursday.

2.     Each stock exchange can allow weekly expiry contracts for only one of its benchmark indices.

This move is meant to reduce excessive trading and speculation, especially among retail investors.

Why is this a problem for MSEI?

MSEI has been trying to revive its business by offering something different. One of its key strategies was to offer F&O contracts with expiry dates that don’t match those of NSE or BSE.

This would have given traders more flexibility, and could have helped MSEI build a small but active segment of market participants looking for alternative expiry days.

However, under the new proposal:

• MSEI would be forced to stick to Tuesday or Thursday, just like NSE and BSE.
• It can offer weekly contracts for only one index – but NSE already has Nifty, and BSE has Sensex. MSEI’s index, SX40, is still not well known.

As a result, MSEI’s plan to grow by doing things differently could be blocked.

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What does SEBI aim to achieve?

SEBI’s goal is to:

•  Reduce risky short-term trading, especially among small investors.
• Avoid confusion in the market by limiting expiry days.
• Bring uniformity across all exchanges.

From a regulator’s point of view, this helps maintain market stability. But it also means less room for smaller exchanges to experiment and grow.

What does this mean for the market?

• For MSEI: A major setback. The exchange now has fewer options to attract traders and build volume.
• For NSE & BSE: Business as usual. They already follow the Tuesday/Thursday expiry system.
• For Traders: Fewer expiry choices could reduce some short-term trading opportunities, but may also help limit risks.
• For the Market: A move towards more structured and possibly safer trading.

Conclusion:

SEBI intends to make the market safer and more efficient. But in doing so, it might unintentionally limit the chances of smaller exchanges like MSEI to grow and compete. If MSEI is unable to offer a unique expiry day, it may face challenges in competing with established exchanges and negatively impact the ability to to attract investors and build its reputation as a viable alternative to larger exchanges

This proposal is currently open for public feedback, so there may still be changes. But for now, it looks like MSEI’s efforts to stand out with a unique offering might be cut short.

Infomerics Ratings Update: 10-March-2025​

Financial Highlights

• Ratings Upgradation: CRISIL rating upgraded from BBB– to BBB, mirrored by Infomerics, bolstering financial flexibility.
  

Operational Highlights

• Heavy Structure Mill Expansion (March 2024): Successfully commissioned production at their new Heavy Structure Mill, focused on large-size structural steel sections. Increasing the total premise to 4 acres, with Unit 1 having been operational since 2018 on 2 acres.
• Enhanced Product Capacity: Added manufacturing capability for large steel sections—100–200 mm angles, channels, flats, rounds.

• Solar Captive Power Plant (April 2025): Secured land for a 3 MW solar installation, EPC work is in progress, with commissioning slated for September 2025 to reduce energy costs, boost uptime, and meet ESG objectives.

Future Outlook

• Order Book: ₹200 Cr+ confirmed, ensuring strong revenue visibility for FY26 and beyond.

• Engineering Integration: Actively progressing on Full merger of the engineering arm into core structural steel operations to unlock operational synergies and enhance efficiencies.

• Galvanising Unit: Preparing to launch a Galvanising Unit as part of their post-integration strategy. This will position them to offer end-to-end structural steel solutions and support margin improvement.

• Solar Commissioning: September 2025 target for captive power to stabilise energy costs.

Warren Buffett, after six decades as CEO, will step down from his role at Berkshire Hathaway by the end of 2025 but will continue to serve as chairman. The board of directors has officially approved Greg Abel, the current Vice Chairman overseeing non-insurance operations, as Buffett's successor in the CEO role.

Warren Buffett has been the guiding force behind Berkshire Hathaway, transforming it from a struggling textile company into a sprawling multinational holding company with interests spanning insurance, energy, railroads, and consumer goods. 

Buffett turned a failing textile mill into an $860 billion empire, with iconic stakes in Apple, Coca-Cola, and American Express.

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55 years at the helm - the longest-serving CEO in S&P 500 history.

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• Over his 60-year tenure at Berkshire Hathaway, Warren Buffett, now at age of 94, has achieved a remarkable total return of 5,502,284% from 1964 through the end of 2024, averaging an annual return of 19.9%. ​

• Berkshire Hathaway's Class A shares have risen approximately 19% year-to-date, trading near all-time highs at $809,000.
  
  
• His astute investment strategies, grounded in value investing principles and a long-term perspective, have not only delivered exceptional returns for shareholders but have also shaped the very landscape of modern finance.​

• Buffett's folksy wisdom, delivered through his annual letters and public appearances, has garnered him a cult-like following and cemented his status as one of the most respected figures in the world.​

• Buffett’s recent shareholder remarks reaffirmed his optimism about the U.S. economy and criticized tariffs as disruptive, emphasizing that trade should foster shared prosperity, not conflict. Warren Buffett has openly criticized tariff policies, calling trade "not a weapon" and emphasizing that balanced global trade benefits everyone.

BSE, founded in 1875, held the crown as Asia’s oldest exchange, rich in legacy and deeply trusted by generations of investors. For over a century, it ruled the Indian markets, setting benchmarks and shaping the contours of Indian finance.

But the winds began to shift in the early 2000s. NSE, born in 1992 with a technology-first approach, saw an opportunity to redefine the game. It introduced electronic trading, real-time price dissemination, and lower transaction costs, capturing the imagination of retail and institutional investors alike.

Over the last 2 years, this transformation has become starkly visible. NSE's equity and derivatives trading dominance became nearly absolute, with a 99.8% share in equity derivatives and over 94% share in the cash market. It was leading and setting global standards, ranking as the world’s largest derivatives exchange by contracts. An investment in NSE, through unlisted shares or proxies like exchange-traded products, would have yielded exceptional returns, driven by a 47% jump in FY25 PAT, a stellar ROE of 45%, and a consistent EBITDA margin of 74%, showcasing capital efficiency rarely seen in Indian financials.

However, some reasons why investors need to be cautious:

• ​IPO timeline has been pushed further as the SEBI highlighted certain gaps in the latest letter filed by the NSE for the issuance of NOC.
  
• The shareholding pattern as of 31st March 2025 shows an overall increase in the Public holdings by 7.8% major increase in holdings by AIFs(5.11%), and Resident Individuals(5.87%), and a sell-off by Non-public FDIs and FPIs worth 6% and 5% respectively, which indicates a shift towards increased public holdings.
  
• NSE's Q4 FY25 results show a sequential decline compared to Q3 FY25 in key trading metrics and associated revenue. Average Daily Volumes (ADVs) in the Cash Market declined by 8% Q-o-Q, Equity Futures ADTV declined by 6% Q-o-Q, and Equity Options (Premium Value) ADTV declined by 17% Q-o-Q in Q4 FY25. This led to a sequential decline in Transaction Charges (down 15% Q-o-Q) compared to BSE’s, transaction charges up by ~20% Q-o-Q.
  

1. Increase in Inter-Corporate Investment Limit

• The company seeks shareholder approval to increase its investment limit in other companies up to ₹1,000 crore under Section 186 of the Companies Act, 2013.

• Purpose: To support future strategic investments and business growth.

• This replaces earlier resolutions and authorizes the Board (or committee) to execute this as required.

2. Raising Funds via Convertible Unsecured Loan

• Approval is sought to raise up to ₹500 crore as unsecured loans from directors (Mr. Eswara Rao Nandam and Mrs. Uma Nandam).

• These loans come with an option for conversion into equity shares, subject to certain conditions:

  • Conversion at lender’s discretion (especially in case of repayment default)

  • Shares to be allotted at a price decided at the time of conversion, complying with legal provisions

  • Converted equity shares will rank pari-passu with existing shares

🗓️ Meeting Details

• Date: Friday, 30th May 2025

• Time: 3:00 PM IST

• Mode: Video Conferencing (VC) / Other Audio-Visual Means (OAVM)

• E-voting: Available from 27th May (9:00 AM) to 29th May 2025 (5:00 PM)

Despite market volatility in early 2025, certain industries within India's SME sector have demonstrated remarkable resilience and growth. Notably, the engineering-construction, consumer food, and IT-software sectors have consistently outperformed, attracting significant investor interest. 

For instance, Desco Infratech Limited, operating in the engineering-construction domain, listed on April 1, 2025, and witnessed a strong listing day performance. Similarly, Shri Ahimsa Naturals Limited, a player in the consumer food industry, also debuted on April 1, 2025, with positive market reception. 

• TAC Infosec gained 993%, Identixweb Limited, representing the IT-software sector, listed on April 3, 2025, and showcased promising results, underscoring the sector's robust potential.
  
  
• Reflecting on 2024, the SME IPO landscape was equally vibrant. Companies like Refractory Shapes Ltd. achieved a staggering listing gain of 351.29%, while Divine Power Energy Ltd. offered gains of 226.63%.
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• HOAC Foods India Ltd. also made a notable entry, listing at ₹156, marking a 225% gain. These performances highlight the dynamic nature of the SME sector, with specific industries consistently delivering substantial returns. Investors and stakeholders should closely monitor these trends to capitalize on emerging opportunities within the SME space.