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Highlights from the spectacular listing of Quadrant FutureTek:

• Planify's exclusive investment, Quadrant FutureTek, hit the 20% upper circuit today, closing at ₹532/share following a strong debut at ₹370/share. The stock has surged 83% from its IPO price band of ₹290/share. The IPO received overwhelming investor interest, being oversubscribed 196 times with total applications worth ₹31,256 crore for a ₹290 crore issue.
  
  
• Quadrant FutureTek specializes in the technology and implementation of Kavach and boasts a robust order book of ~ ₹920 crore from Indian Railways (RDSO).
  
  
• Notable investors such as Ashish Kacholia, Capri Global Holdings, and Planify, along with its investors, participated in a ₹48 crore funding round on October 26, 2024.
  
  
• The stock shows strong potential for further gains and is recommended for holding.

• Financial Performance (Q3 FY25 vs Q3 FY24): The company delivered a strong financial performance in Q3 FY25, with total revenue increasing by 30.4% year-on-year (YoY) to ₹244.2 Cr from ₹187.3 Cr in Q3 FY24. This growth underscores robust business momentum and higher operational efficiencies. Profit Before Tax (PBT) registered a 33.6% YoY growth, rising to ₹104.2 Cr compared to ₹78.0 Cr in the same period last year. Similarly, Profit After Tax (PAT) grew by 34.0% to ₹77.3 Cr from ₹58.0 Cr, reflecting the company’s consistent profitability. Earnings Per Share (EPS) also saw a 33.8% YoY rise, reaching ₹18.6 compared to ₹13.9 in Q3 FY24. The company’s Assets Under Management (AUM) witnessed a remarkable 38.8% growth, reaching ₹76,402 Cr as of December 2024, compared to ₹55,057 Cr in December 2023.
  
  
• Operational Metrics (Q3 FY25 vs Q3 FY24): The company’s operational performance reflected strong growth across key metrics. Net inflows recorded a 18.5% YoY growth, amounting to ₹3,445 Cr in Q3 FY25, driven by increased client activity and asset allocation. Equity Mutual Fund net inflows rose by 39.4% YoY, totaling ₹2,715 Cr. Active client families increased by 18.5%, reaching 11,426 families as of December 2024, compared to 9,641 families in the previous year. The number of Relationship Managers (RMs) grew by 18.9%, totaling 383 in Q3 FY25 from 322 in Q3 FY24. Additionally, the share of equity mutual funds in AUM rose to 55%, up from 52% a year ago, reflecting a favorable asset mix shift.
  
  
• Strategic Developments: The Board of Directors announced a 1:1 bonus share allotment, reflecting the company’s commitment to rewarding shareholders. Over the past year, the company onboarded 1,785 new client families, demonstrating its ability to attract and retain high-net-worth clients. The client attrition rate remained exceptionally low at 0.28% for FY25. Subsidiaries contributed significantly, with Digital Wealth achieving an 18% YoY revenue growth to ₹22 Cr, and Omni Financial Advisors’ revenue increasing by 15% YoY to ₹5.7 Cr. These developments, coupled with a client-centric approach and market-focused strategy, position the company well for sustained long-term growth.
  

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• ​Proxgy-Everywhere as a Service Private Limited has released an official notice of an Extraordinary General Meeting (EGM), scheduled for Monday, January 13, 2025.
  
  
• The primary agenda is to approve the conversion of 9,441 Compulsorily Convertible Preference Shares (CCPS) into Equity Shares. The conversion responds to investor demand and involves premium pricing of ₹13,220 per share, highlighting valuation confidence.
  
  
• The board has sought member approval to execute the conversion before the standard six-month maturity, a move that aligns with the company's strategic investor engagement. The resolution ensures these new equity shares will be fully paid up and rank equally with existing shares regarding dividends and voting rights.
  
  
• Additionally, the document outlines procedural details, including proxy and attendance guidelines, voting mechanisms, and corporate governance assurances for transparency.

Tata Capital, the flagship financial services arm of the Tata Group, is preparing for a significant milestone with its upcoming Initial Public Offering (IPO) slated for 2025. The IPO aims to raise approximately ₹15,000 crore (around $2 billion), positioning it as the largest public offering in the Tata Group's history.  This strategic move aligns with the Reserve Bank of India's (RBI) mandate requiring 'upper layer' Non-Banking Financial Companies (NBFCs) to list within three years of notification, with a deadline set for September 2025.

• Tata Capital has demonstrated robust financial performance leading up to this IPO. In the first half of FY25, the company's loan book expanded by 37% year-over-year, reaching ₹1,76,536 crore. Net Interest Margin (NIM) and other revenues for the same period stood at ₹5,386 crore, reflecting a strong growth trajectory.  The Tata Capital IPO is providing investors with an opportunity to participate in Tata Capital's diversified financial services portfolio, which includes commercial finance, consumer loans, and wealth management.

• Tata Capital serves individuals and businesses alike, ensuring financial inclusivity. Known for leveraging technology to offer seamless solutions, the company has consistently focused on innovation, customer-centricity, and sustainable growth, contributing significantly to the Tata Group's legacy of excellence.

Madhur Iron & Steel (India) Limited (formerly known as Madhur Iron & Steel (India) Private Limited) has announced the scheduling of an Extraordinary General Meeting (EGM) to deliberate on key strategic and operational matters.

Details of the Meeting:

• Date: Saturday, January 18, 2025
• Time: 2:00 PM
• Location: Registered Office at 21/A, Light Industrial Area, Durg, Bhilai, Chhattisgarh - 490026

Agenda Highlights:

1. Equity Issuance: Consideration of a proposal to issue equity shares worth ₹36 Cr at a pre-money valuation of ₹132Cr on a private placement basis at ₹200 per share (inclusive of a ₹190 premium).
   
   
2. Borrowing Authorization: Approval to increase borrowing limits up to ₹500 crore, exceeding the company’s paid-up capital and free reserves.
   
   
3. Security Creation: Authorization for creating charges or mortgages on company properties to secure loans and borrowings.
   
   
4. Director Appointments: Regularization of Ms. Shikha Jain as an Independent Director and Mr. Gopal Krishna Agrawal as a Non-Executive Director.

The proposed resolutions reflect the company’s commitment to strengthening its financial framework and governance. Investors are encouraged to review the agenda and participate in the meeting to support these strategic initiatives.

For further details, please refer to the official notice issued by the company.

Quadrant Future Tek Ltd, a leader in railway signaling and train control systems, has successfully implemented over 500 KAVACH Automatic Train Protection (ATP) systems across India's rail network, significantly enhancing safety and efficiency. 

With an impressive track record of reducing train collisions by 90%, the company is now poised to raise ₹290 crore through its upcoming IPO. This IPO will support the development of advanced interlocking systems, boost working capital, and aid in debt repayment.

Quadrant Future Tek commitment to modernizing railway infrastructure positions it as a key player in the rapidly growing rail safety sector, making this IPO an exciting opportunity for investors to be part of a transformative journey.

MobiKwik recorded impressive Year-over-Year (y-o-y) growth in Q2FY25, with revenue from operations increasing by 42%, rising from INR 207 Cr in Q2FY24 to INR 294 Cr. The company experienced a remarkable surge in payments Gross Merchandise Value (GMV), which soared by 267.3%(y-o-y), driven by a robust expansion in both user and merchant bases. Despite these positive numbers, profitability faced challenges, highlighted by a Contribution Margin improvement to 40.2% and a loss in Profit After Tax (PAT) of INR 36 Cr, largely due to ongoing investments for future growth.

In the Quarter-over-Quarter (q-o-q) analysis, MobiKwik's revenue from operations decreased by 15.1%, dropping from INR 342 Cr in Q1FY25 to INR 291 Cr in Q2FY25. This decline has been attributed to strategic adjustments in credit product offerings and changes in commercial agreements. Despite the revenue drop, there were positive cost efficiency indicators; the Gross Margin for Payment Services improved to 19.2%, while EBITDA saw a significant (q-o-q) increase of 205%, from INR 2 Cr in Q1FY25 to INR 7 Cr in Q2FY25.

Key Performance Indicators (KPIs) in the payments business reflect strong user and merchant growth, with registered users increasing to 167 million and the merchant base expanding to 4.4 million. Payments GMV reached INR 283 billion, showing both (y-o-y) and (q-o-q) growth. However, the take rate slightly declined to 0.66% from 0.68%. In the Financial Services segment, the Digital Credit GMV fell to INR 16.3 billion, indicating a more cautious disbursement strategy, even as the gross margin improved to 48%.

Strategic initiatives included scaling back the "ZIP" credit product to address macroeconomic challenges and introducing new financial products such as FD-backed RuPay credit cards. Operational milestones also included achieving industry-leading payment gross margins and successfully listing on the NSE and BSE on December 18, 2024, following the MobiKwik IPO. Overall, while MobiKwik navigates some quarter-over-quarter challenges, its long-term growth strategies and user base expansion position it favorably for future growth.

​Anchor investors have set the stage for a promising journey ahead, showcasing their confidence and commitment to the growth story of Quadrant Future Tek.

• Key Date: The process was finalized on January 6, 2025, marking an essential milestone in the offering timeline.
  
  
• ​Strategic Allocation: The document provides the following details:
  
  
  • No. of Shares allocated to Anchor Investors: 45,00,000 Equity Shares
    
    
  • Price Per Share: ₹290 per Equity Share (₹10 Face Value)
    
    
  • Further, Quadrant has also provided details of key anchor investors who have been allocated the shares mentioned above. These details underline the strategy behind securing prominent investors to build momentum ahead of the public offering.
    
    
• Strong Market Sentiment: The participation of anchor investors signifies a positive outlook on the company’s potential. It showcases the company’s ability to attract leading institutional investors, which can strongly indicate confidence.
  

Furthermore, the Quadrant Future Tek IPO is expected to open for Retail Investors, on 7th January 2025 onwards up till 9th January 2025.

Investment into unlisted shares can be very lucrative, particularly when these firms provide consistent reliable dividends. Companies such as HDFC Securities, GKN Driveline, and BVG India have shown solid financial stability by consistently issuing significant dividends throughout the years.

For example, HDFC Securities has distributed dividends reaching ₹440 per share, whereas GKN Driveline has provided dividends of up to ₹64 per share. Other prominent firms like Axles India and Cochin Airport have consistently delivered regular dividend payments, with Axles India distributing ₹14 per share and Cochin Airport providing ₹4.5 per share. 

These dividends offer a steady income stream for investors and also indicate the companies' profitability and stability. As we approach 2025, these firms are anticipated to maintain their dividend distributions, making them appealing choices for investors in order to seek phenomenal returns from unlisted shares.

​Manjushree Technopack Limited is holding a postal ballot for its members to vote on a few key resolutions. The e-voting has commenced on December 16, 2024, at 9:00 a.m. (IST) and end on January 14, 2025, at 5:00 p.m. (IST). Here's a summary of the resolutions:

• Amendment to the Manjushree Technopack Limited Employee Stock Option Plan – 2019 (“Plan” / “ESOP 2019”): This resolution proposes to change the ESOP 2019 from an equity-settled plan to a cash-settled plan. This means that employees will receive cash payments upon vesting of their options, rather than shares of the company. This amendment is being proposed as the company's plans for an initial public offering (IPO) are currently being reevaluated.
• Approval of Remuneration for Mr. Thimmaiah NP, Managing Director and Chief Executive Officer: The resolution seeks approval for Mr. Thimmaiah NP’s remuneration, which may exceed limits prescribed under Section 197 of the Companies Act, 2013, due to the vesting of options granted to him under the ESOP 2019.
• Revision of Remuneration Terms for Independent Directors: The resolution proposes a revision in the terms of remuneration for independent directors. Each independent director would receive INR 25,00,000 per financial year and a sitting fee of INR 50,000 per board meeting.

The company is encouraging all members to register their email address to receive all communications electronically. Details on the e-voting process, including how to register and cast your vote, can be found in the full notice available on the company's website at www.manjushreeindia.com and on the website of KFin Technologies Limited at https://evoting.kfintech.com.

1. Strong Revenue Growth:
   Sterlite achieved an impressive 50% year-on-year (YoY) revenue growth, driven by robust performance across its key segments. The Global Products & Services (GPS) business saw a 47% YoY surge, while the Conductor & Cable segment posted a 42% YoY increase, fueled by strong demand for solar and EHV cables. The EPC segment, which was recently demerged, recorded an exceptional 80% YoY growth, reflecting the growing momentum in transmission projects.

2. Profitability Challenges:
   Despite strong topline growth, profitability faced pressure. Net margins contracted by 340 basis points to -4.4%, impacted by raw material cost inflation and underperformance in the Brazil infrastructure segment. The GPS business reported an EBITDA margin of 10.7 achieved a positive bottom line of ₹295 crore, down 8% YoY, primarily due to volatile copper and aluminum prices impacting gross margins.

3. Strategic Restructuring:
   Sterlite has taken bold steps to streamline its operations and unlock value. The demerger of infrastructure assets into Sterlite Grid S Limited (SGLS) aims to enhance focus on high-margin GPS and Convergence businesses. This move aligns with the company’s strategy to optimize its structure and drive sustainable growth.

4. Capital Raise for Growth:
   The company successfully raised ₹725 crore at a valuation of ₹27,000 crore, with contributions from key investors like GEF Capital and Enam Holdings. These funds will be used to reduce financing costs, refinance debt, and support future growth initiatives, reflecting strong investor confidence in Sterlite’s long-term potential.

5. Future Outlook:
   Sterlite is well-positioned to capitalize on market opportunities with plans to expand conductor capacity by 45% and strengthen its presence in solar and EHV cable segments. The standalone business continues to showcase strong return potential with high ROA and ROE, supported by operational efficiencies and a favorable market environment.

Notice is hereby given that the Extra-Ordinary General Meeting (“EGM”) of Shareholders of Metropolitan Stock Exchange of India Limited (“MSE”) will be held on Saturday, January 18, 2025 at 10:30 a.m. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”) to transact the following businesses:

Special Business:

1. Issue and offer of Equity Shares of the Company to Billionbrains Garage Ventures Private Limited, Rainmatter Investments, Securocorp Securities India Private Limited, and Share India Securities Limited on a Private Placement basis:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

• Resolved that, pursuant to Section 42 of the Companies Act, 2013, read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, and other applicable provisions, including any statutory modifications or re-enactments thereof, along with the Articles of Association of the Company and relevant government regulations, consent of the members be and is hereby accorded to offer, issue, and allot 119 crore equity shares of ₹1 face value each, at a premium of ₹1, aggregating to ₹238 crore, on a private placement basis to the identified persons as specified in the offer letter.
  
  
• Resolved further that the share subscription amount paid by the identified persons in consideration of allotment of 119,00,00,000 (One Hundred Nineteen Crores) equity shares on a private placement basis shall be collected in the Company's designated bank account.
  
  
• Resolved further that Ms. Latika S. Kundu (MD & CEO), Mr. Saket Bhansali (CFO), and Mr. Durgesh Kadam (Head – Legal & Company Secretary) be severally authorized to sign and circulate the Letter of Offer in Form PAS-4, along with the application form, to M/s. Billionbrains Garage Ventures Pvt. Ltd., M/s. Rainmatter Investments, M/s. Securocorp Securities India Pvt. Ltd., and M/s. Share India Securities Ltd., as recorded in Form PAS-5 (Record of Private Placement Offer).
  
  
• Resolved further that the above-mentioned officials be severally authorized to file Form PAS-4 and PAS-5 in e-forms GNL-2, MGT-14, and other required filings with the Registrar of Companies and SEBI, as applicable, and to undertake all necessary actions, including updating statutory registers such as the Register of Members, to complete the issuance and allotment of equity shares.”

2. To consider and circulate the Private Placement Memorandum and Application Form:

• Resolved that the Private Placement Memorandum and Application Form for the issuance of equity shares, as outlined in Agenda Item No. 1, be approved for circulation to the identified offerees in compliance with the provisions of the Companies Act, 2013 and applicable rules thereunder.
  

Instructions at glance:

​HDFC Securities Ltd. has declared an interim dividend of ₹133 per share (face value ₹10), credited on December 31, 2024. The current share price stands at ₹11,025.

The unlisted sector has emerged as an exciting segment of the financial markets, providing investors with opportunities to be part of the growth firms prior to their public listings. In recent years, this sector has experienced considerable activity, propelled by an increase in private equity investments, venture capital funding, and strategic buyouts.

The Primex 40 Index, which tracks the performance of the top 40 unlisted companies across different sectors, attained an impressive 49% return in 2024, significantly exceeding the 20% growth noted by the Nifty 500 Multicap 50:25:25 index.

Investors have progressively shifted their attention to the unlisted segment, acknowledging its potential for delivering exceptional returns relative to conventional investment options.

• Companies like Inox Leasing and Finance gained significant market recognition, realizing an impressive 17X return, whereas companies such as Goa Shipyard and Hindustan Engineering demonstrated noteworthy growth with returns of 9X and 5.5X, respectively.
  
  
• The unlisted market in 2024 saw substantial growth, as companies delivered outstanding returns, greatly exceeding those of the listed equity market. Prominent players consist of Axles India, which jumped by 220%, Orbis Financial Services (211%), Manjushree Technopack (210%), and Utkarsh CoreInvest (114%).
  

Unlisted investments have emerged as a route for astute investors to engage in early-stage or niche growth opportunities. As companies prioritize expanding operations, diversifying revenue sources, and enhancing profitability, the unlisted market is rapidly being acknowledged as a high-yield, high-potential investment category. As we conclude 2024, these success narratives emphasize the vital importance of unlisted shares in influencing the future of India’s investment landscape.  

​Studds Accessories Limited, in its Board Meeting held on December 24, 2024, has approved the eligibility and terms for the issuance of bonus shares. The details are as follows:

1. Record Date:
   The record date for determining eligibility for the bonus shares is set for Friday, January 10, 2025.
   
   

2. Bonus Ratio:
   Shareholders will receive bonus shares in the ratio of 1:1, i.e., one new bonus share for every one existing fully paid-up equity share of ₹5/- each.
   
   

3. Mode of Credit:

   • Shareholders holding shares in dematerialized form will have the bonus shares credited directly to their demat accounts.
   • Shareholders holding shares in physical form will have their bonus shares credited to a separate escrow account.
     
     

4. Rights of Bonus Shares:
   The bonus shares will carry the same rights and privileges as the existing fully paid equity shares.

This notice is issued under the authority of the Board and is signed by:

Asha Mittal
Company Secretary
For and on behalf of the Board
Studds Accessories Limited