Trackpad

Sunteck Realty launches project in Mumbai 

Mumbai-based premium housing construction player, Sunteck Realty received good response to the first tower of 4th Avenue SunteckCity, where it launched 225 apartments. The luxury flat builders have seen strong response to ready-to-move in flats off late. DLF, the Delhi based premium housing player, had received same kind of response in October when it sold Rs 700 crore worth flats in same day. 

Out of total launched 225 apartments, it has already sold 125 apartments, generating sales worth more than Rs 200 crore in 18 days from the launch day.The company is planning to sell around 85-90 per cent of the apartments, opened for sale and having revenue opportunity worth Rs 300-325 crore, in a short span of time. 

The premium real estate segment had seen negative sentiments due to issues faced by Jaypee infra home buyers. This has shifted the preference towards ready-to-move in flats. The sentiment further improved after the GST cut to just 1 per cent from earlier 8 per cent for such apartments as against 5 per cent under construction schemes.

Quick Heal announces strategic partnership with Big C Mobiles 

Quick Heal Technologies announced a strategic partnership with Big C Mobiles to increase the uptake of mobile security solutions in Andhra Pradesh and Telangana region. 

Big C Mobiles is the largest retail chain for smartphones in the region and this association will enable Quick Heal to tap into their vast retail presence of over 225+ mobile stores in both the states, thus, increasing the adoption of next-generation mobile security solutions. 

peaking on the association, the managing director and chief executive officer of Quick Heal Technologies, Kailash Katkar, stated, "the company's partnership with Big C Mobiles fell in line with its mission of enabling robust digital security for all the netizens and that this association would ensure that smartphone devices of the digital-first population in Andhra Pradesh and Telangana were protected against the rapidly evolving threat vectors." 

Quick Heal Technologies Limited is a provider of security software products and solutions in India. The company is engaged in the sale of Internet security products and software support services. Its anti-virus products are available across all the four segments, namely, retail, small and medium business (SMB), enterprise, and mobile.

Ujjivan Small Finance Bank makes a sparkling debut 

On December 12, 2019, Ujjivan Small Finance Bank made a sparkling debut on both the exchanges BSE and NSE, respectively, as it got listed at 59 per cent premium to issue price delivering bumper gains to investors who got its allocations. The stock made a listing gain of 58.78 per cent as it opened at Rs 58.75 on its debut compared to its issue price of Rs 37. For the primary market, the IPO had recorded the highest number of subscriptions. It witnessed the subscription of more than 165 times last week in its Rs 750 crores IPO. It received bids for 2,053.5 crores shares on the final day of IPO. The IPO was open for subscription during December 2-4, 2019, at a price band of Rs 36-37. Investors believed the IPO to be strong due to attractive valuation and asset quality. The IPO was managed by Kotak Mahindra Capital Company, JM Financial, and IIFL Securities. The proceeds from the issue were planned to be utilised for augmenting the company's capital base to meet any future requirements. Ujjivan Financial Services, which is a microfinance lender is the holding company of Ujjivan Small Finance Bank and, subsequently, its shareholders received a discount of Rs 2 on the IPO price band. This debut IPO has beaten the record of Indian Railway Catering and Tourism Corporation (IRCTC), which was considered as the most subscribed IPO in 2019. The IPO of IRCTC was subscribed 111.91 times in October.

EaseMyTrip files for IPO 

Easy Trip Planners Ltd, which operates one of the largest India travel portals by gross booking revenue, EaseMyTrip, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The size of the IPO is pegged at Rs 510 crore. 

The company offers a range of travel-related products and services, including airline, rail and bus tickets, hotels and holiday packages, travel insurance, visa processing, and tickets for activities and attractions. It claims that it has been profitable since incorporation. 

EaseMyTrip accounted for 3.8 per cent market share of gross bookings in India’s online travel industry. The company provided its client's tickets for more than 400 international and domestic airlines, 1.09 million Indian and overseas hotels, almost all the railway stations in India, and bus tickets to and taxi rentals for major cities in the country. It is affiliated with over 52,752 travel agents across major Indian cities as of September 2019. 

This IPO will make Easy Trip Planners the first Indian travel company to list on Indian bourses and will join a handful of internet companies that have recently gone public. MakeMyTrip, India’s largest online travel company, was listed on the NASDAQ in 2013. 

The company will not directly receive any proceeds from the IPO. The proceeds from the sale of shares will go to the promoter selling shareholders. Axis Capital and JM Financial are the merchant bankers, arranging and managing the IPO. AZB & Partners is the legal counsel to the company. Khaitan & Co. and Squire Patton Boggs (MEA) LLP are India and international legal counsel to the merchant bankers.

ELGI Equipments gets nod to acquire a stake in Michigan Air Solutions 

ELGI Equipments informed the bourses that it has received the approval for the acquisition of 100 per cent shareholding and control of Michigan Air Solutions LLC, a limited liability company, headquartered in Michigan, USA. 

This acquisition will be accomplished through ELGI Compressors USA, Inc., a wholly-owned subsidiary of ELGI Equipment. The Board of Directors of the company has approved it at its meeting held on December 16, 2019. 

ELGI is a distributor and specialist in air compressor sales, maintenance and services. The total consideration for the acquisition is around US$6 million (Rs 42.44 crore). This acquisition will significantly expand ELGI's footprint in Michigan, USA.

Mastek sells its partial stake in Majesco to drive growth strategy 

Mastek announced that it had confirmed the partial sale of its legacy holding in Majesco USA. An initial lot of 20,00,000 shares were sold for USD 15.94 million and the remaining 30,44,875 shares are intended to be sold in future. 

Reacting to the news, Mastek Group CEO, John Owen said that as part of the company's 'Vision 2020 strategy', the company will divest non-core assets and use the proceeds to accelerate the core business plan to deliver improved performance and execute its strategic goals. 

Mastek Limited (Mastek) is an Information Technology (IT) solutions provider. The company and its subsidiaries are providers of vertically focussed enterprise technology solutions. Its portfolio includes business and technology services, which consists of IT consulting, application development, systems integration, application management outsourcing, testing, data warehousing, business intelligence, application security, customer relationship management (CRM) services and legacy modernization.

L&T Construction bags Heavy Civil Infrastructure contract 

L&T Construction has been awarded a contract for its Heavy Civil Infrastructure business from Rail Vikas Nigam Limited (RVNL) to construct the Rishikesh - Karanprayag Tunnel 2 package works, which comprise of tunnels, bridges, and formation works in the state of Uttarakhand. 

The main works in the project consist of the main tunnel along with other parallel escape tunnel and also a ballast-less track that will run inside the main tunnel. This is a type of fast track project, which is intended to be completed within stringent timelines. The size of this project is from Rs. 1,000 crores to Rs. 2,500 crores. 

Larsen & Toubro is a multinational engaged in technology, engineering, construction, manufacturing, and financial services, having around US$21 billion in revenue. It operates in nearly 30 countries worldwide with a strong, customer-focused approach.