Month: January 2025

Shares of hiring solutions provider EMA Partners India made a decent D-Street debut on Friday, January 24, 2025, following the completion of its initial public offering (IPO). EMA Partners India shares listed at Rs 156.50 per share on NSE SME, reflecting a premium of Rs 32.50 or 26.20 per cent over the issue price of Rs 124 apiece. 

EMA Partners India IPO listing fell short of grey market estimates. Ahead of the listing, EMA Partners India shares were trading at Rs 188 apiece, reflecting a grey market premium (GMP) of Rs 64, or 51.61 per cent over the issue price, according to sources tracking grey market activities.

EMA Partners India IPO details

EMA Partners India IPO is a book-built issue of Rs 76.01 crore, comprising a fresh issue of 53,34,000 equity shares and an offer for sale (OFS) of 7,96,000 equity shares. The public offering, which was available at a price band of Rs 117–124 apiece and a lot size of 1,000 shares, ended up getting oversubscribed by 221.13 times by Tuesday, January 21, 2025. 

The basis of allotment of EMA Partners India IPO shares was finalised on Wednesday, January 22, 2025. The company has fixed Rs 124 as the allotment price, which is also the upper end of the IPO price band.

Bigshare Services serves as the registrar for the issue, while Indorient Financial Services is the book-running lead manager. 

EMA Partners India, in its Red Herring Prospectus, stated that it will not receive any proceeds from the OFS. “The selling shareholders will be entitled to their portion of the proceeds from the OFS after deducting proportionate offer-related expenses and relevant taxes thereon,” said EMA Partners India. 

The company, however, proposes to use the proceeds of the fresh issue for itself and its subsidiaries. EMA Partners India intends to invest in its subsidiaries through equity, debt, or a combination of both, enabling them to meet their objectives. The company plans to raise funds for augmenting the leadership team, upgrading the existing IT infrastructure, repaying or prepaying borrowings related to office premises, and general corporate purposes, including unidentified inorganic acquisitions.

About EMA Partners India

EMA Partners India is an executive search firm delivering customized leadership hiring solutions to a wide range of clients across diverse sectors. As per the RHP, the company has recruited several business and functional leaders for domestic and international clients. EMA Partners India houses leadership overseeing the overall business of the company and its subsidiaries in India, Singapore, and Dubai. EMA Partners Executive Search manages the executive search business in India and invests in other related businesses, including the technology-based recruitment platform company Reccloud Technologies.

Eqwires Research Analyst

Top-notch SEBI registered research analyst

Best SEBI registered Intraday tips provider

info@eqwires.com

Telegram | Facebook | Instagram

Call: +91 9624421555 / +91 9624461555

www.eqwires.com

The National Company Law Appellate Tribunal on Thursday temporarily suspended a five-year data sharing ban between WhatsApp and owner Meta Platforms. The ruling comes as a major relief for the US tech giant which had warned its advertising business will be affected.

The ban, announced in November 2023, had been imposed by the Competition Commission of India (CCI) after a series of complaints and concerns regarding WhatsApp’s privacy policy updates, particularly its data-sharing practices with Meta entities.

The CCI found that WhatsApp’s policy changes in 2021 coerced users into accepting the new terms, threatening to limit their access to the app if they did not. Meta has maintained that these changes were merely intended to explain the functioning of optional business messaging features and did not expand its data collection or sharing practices.

Meta, which owns both Facebook and WhatsApp, had challenged the ban warning it may have to roll back some features. Meta also criticized the CCI for not having the “technical expertise” to understand the ramifications of its order.

On Thursday, the National Company Law Appellate Tribunal ordered a suspension of the data sharing ban while it continues to hear Meta’s challenge to the antitrust ruling.

The ban “may lead to a collapse” of WhatsApp’s business model, the tribunal noted.

“We welcome the NCLAT’s ruling and will evaluate next steps,” a Meta spokesperson stated following the decision. The CCI, however, has not yet responded publicly to the tribunal’s ruling. Should the watchdog choose to challenge the decision, it has the option to take the matter to the Supreme Court.

How WhatsApp came under CCI scanner

India is the biggest market for Meta where it has more than 350 million Facebook users and over 500 million people using WhatsApp.

The case first gained traction in 2021 amid scrutiny over WhatsApp’s controversial privacy policy update. The CCI had found that WhatsApp’s policy changes did not provide adequate transparency and forced users into accepting terms, which it deemed to be a violation of competition law. Under the CCI’s November ruling, WhatsApp was required to give users the option to decide whether they wanted their data to be shared with Meta entities, rather than having it automatically enabled.

Meta has argued the changes were only to provide information about how optional business messaging features work and did not expand its data collection and sharing ability.

The watchdog however ordered in November that WhatsApp must allow users to decide whether they want the messaging service to share data with Meta or not.

Eqwires Research Analyst

Top-notch SEBI registered research analyst

Best SEBI registered Intraday tips provider

info@eqwires.com

Telegram | Facebook | Instagram

Call: +91 9624421555 / +91 9624461555

www.eqwires.com

Ultratech Cement Q3 Results 2025 Highlights: Ultratech Cement announced its Q3 results today. The Aditya Birla Group cement maker reported a 17% year-on-year (YoY) decline in its net profit in the December quarter. Ultratech Cement’s revenue in Q3FY25 increased 2.71% YoY, while volume growth was recorded at 10% YoY. Operational performance weakened as EBITDA decreased 11% and EBITDA margin contracted by 240 bps. The company expects to generate a sustainable volume growth of 7% – 8% going forward and achieve milestone of more than 200 mtpa cement capacity by the end of FY27. Ultratech Cement share price jumped 7% after the announcement of Q3 results today. Stay tuned to our Ultratech Cement Q3 Results 2025 Live Blog for the latest updates.

Ultratech Cement Q3 Results Live: Ultratech Cement share price ended 6.66% higher at ₹11,406.55 apiece on the BSE after the announcement of Q3 results on Thursday. The market capitalisation of Ultratech Cement surged to more than ₹3,29,307 crore. On NSE, Ultratech Cement shares closed the session 6.67% higher at ₹11,406.95 apiece. 

Ultratech Cement Q3 Results Live: Ultratech Cement share price jumped over 8% after the announcement of Q3 results today. Ultratech Cement stock rallied as much as 8.13% to ₹11,563.55 apiece on the BSE.

Ultratech Cement Q3 Results Live: The government’s focus on infrastructure and housing projects together with increased rural and urban demand, is expected to generate a sustainable volume growth of 7% – 8%, going forward.

Ultratech Cement Q3 Results Live: As part of its ongoing capacity expansion program, UltraTech commissioned an additional 1.8 mtpa capacity. With the acquisition of The India Cements Limited, UltraTech’s cement capacity has increased to 171.11 mtpa, on a consolidated basis. Upon completion of the ongoing expansion projects and the acquisition of Kesoram Cement (10.75 MTPA), UltraTech will achieve the unique milestone of more than 200 mtpa cement capacity in the country by the end of FY27, the company said.

Ultratech Cement Q3 Results Live: Realisation declined 9.6% YoY and improved 1.4% QoQ

Ultratech Cement Q3 Results Live: Ultratech Cement reported domestic operating EBITDA per tonne of ₹964, higher by ₹232 per Mt QoQ.

Ultratech Cement Q3 Results Live: Ultratech Cement share price jumped nearly 6% after the announcement of Q3 results today. Ultratech Cement shares spiked as much as 5.9% to a high of ₹11,325.00 apiece on the BSE.

Eqwires Research Analyst

Top-notch SEBI registered research analyst

Best SEBI registered Intraday tips provider

info@eqwires.com

Telegram | Facebook | Instagram

Call: +91 9624421555 / +91 9624461555

www.eqwires.com

Shares of Adani group companies Adani Green Energy Ltd and Adani Energy Solutions Ltd rose up to 2 per cent in Thursday’s trade, ahead of their December quarter results. Data available with corporate database AceEquity suggests FPIs had cut exposure to Adani Green Energy Ltd by 148 basis points to 13.68 per cent in Q3 from 15.16 per cent in Q2. In Adani Energy Solutions, they reduced stake by 132 basis points to 17.34 per cent from 18.66 per cent. Mutual fund holdings in Adani Energy Solutions Ltd (up 57 bps to 1.91 per cent) and Adani Green Energy Ltd (up 28 bps to 0.37 per cent), on the other hand, were up marginally for the quarter.

On Thursday, Adani Green Energy shares rose 1.63 per cent to hit a high of Rs 1,047. Adani Energy Solutions advanced 0.70 per cent to hit a high of Rs 801.15. Both the stocks were trading flat later in the trading session.

Adani Energy Solutions recently came out with the December quarter business update. In the transmission business, Adani Energy maintained system availability of 99.7 per cent in Q3FY25. The company said it added 225 ckm in network during Q3FY25, with total transmission network at 26,485 ckm.

During the quarter, Adani Energy won two new projects – Khavda Phase IV Part-D with a project cost of Rs 3,455 crore and Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC) with a preliminary project cost of Rs 25,000 crore.
It received LOI for Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC transmission line). This is the company’s largest order win till date, Adani Energy said.

“The new project wins in FY25 have bolstered the under-construction project pipeline to Rs 54,700 crore from Rs 17,000 crore at the start of the year,” it said.

Adani Green Energy, on the other hand, offered operational update for the nine months ended December 31. The Adani firm said its operational capacity for the first three quarters of FY25 rose 37 per cent to 11,609 MW with greenfield addition of 3,131 MW. It operationalised 2,693 MW Solar power plants and saw greenfield addition of 2,113 MW in Khavda, Gujarat. Besides, Adani Green Energy saw greenfield addition of 580 MW in Rajasthan. Adani Green Energy operationalised 438 MW wind power plants.

The sale of energy for the first three quarters rose 23 per cent to 20,108 million units backed by robust capacity addition, Adani Green Energy said recently.

Eqwires Research Analyst

Top-notch SEBI registered research analyst

Best SEBI registered Intraday tips provider

info@eqwires.com

Telegram | Facebook | Instagram

Call: +91 9624421555 / +91 9624461555

www.eqwires.com

Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer, has been served with a tax demand totaling Rs 6.72 crore by the GST authorities. The demand, which includes recovery of tax, interest, and penalties, relates to the company’s IGST liabilities for specific months in 2017, the company said in an exchange filing. 

The tax authorities issued the order under Section 74(9) of the Central Goods and Services Tax (CGST) Act, 2017, citing discrepancies in ONGC’s IGST payments for July, October, and November of 2017. The total demand comprises: 

1. IGST Recovery: The primary component of the demand is Rs 2.54 crore, which the authorities claim ONGC owes for the three-month period under review. This amount was demanded under Section 74(1) of the CGST Act, indicating serious compliance issues.

2. Interest Charges: In addition to the tax recovery, ONGC has been asked to pay Rs 1.64 crore in interest. This charge, under Section 50(1) of the CGST Act, reflects the delay in payment of the IGST amount. 

3. Penalty imposition: A penalty equal to the amount of tax demanded, Rs 2.54 crore, has also been levied under Section 122(2)(b) of the CGST Act, read with Section 74(1). This penalty underscores the severity of the alleged non-compliance.

 The company in its filing said that the GST payment was made on time. However, the delay in appropriation occurred due to technical issues related to the Offshore GST Registration (Other Territory), which was not initially mapped on the GST portal by the concerned authorities. The company further emphasised that the delay had no significant impact, considering the size and scale of its operations.

Eqwires Research Analyst

Top-notch SEBI registered research analyst

Best SEBI registered Intraday tips provider

info@eqwires.com

Telegram | Facebook | Instagram

Call: +91 9624421555 / +91 9624461555

www.eqwires.com