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New Delhi, <keyword id="45432" type="General" weightage="20" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword>' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an estimated saleable area of 3.7 million square feet and expected booking value of Rs 6,450 crore between April-July period of this fiscal. Replying to a query whether the debt will increase further, Gordrej Properties Executive Chairman Pirojsha Godrej said, "I think you will see some increase...given the business development over the next couple of quarters." "But we think thereafter next year, we think the calendar 2024 is when there's a lot of these project launches happening...we expect very strong positive operating cash flows," he added. Earlier this month, Pirojsha had said the company's sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal. Godrej Properties' sale bookings fell 11 per cent year-on-year during the first quarter of 2023-24 to Rs 2,254 crore. "In terms of sale bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet," he had said in an interview. He exuded confidence that the company will achieve "healthy growth" in sale bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. Godrej Properties launched very few residential projects during the first quarter of 2023-24 and the bulk of bookings came from the ongoing projects. The pipeline of new launches is "very strong", he had said. On the financial performance front, the company recently reported a nearly three-fold jump in consolidated net profit to Rs 124.94 crore for the first quarter as against Rs 45.55 crore in the year-ago period. Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year.

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

New Delhi, Feb 23 () Realty firm Godrej Properties sold properties worth Rs 3,532 crore during the April-December 2019 period, up 12 per cent as compared with a year-ago period. According to an investors' presentation, the company's sales bookings stood at Rs 3,155 crore during April-December 2018. In terms of volume, Mumbai-based Godrej Properties sold nearly 52 lakh sq ft area, an increase of 3 per cent from the corresponding period of the previous year. Out of the total sales bookings of Rs 3,532 crore achieved during the first nine months of this financial year, the housing segment contributed Rs 3,471 crore. Sales of commercial properties stood at Rs 61 crore. As per the presentation, the company's net debt stood at Rs 1,089 crore. Godrej Properties has posted a 9 per cent increase in its consolidated net profit at Rs 45.46 crore for the quarter ended December as against Rs 41.63 crore a year ago. Total income rose to Rs 517.47 crore in the third quarter of this financial year as compared to Rs 430.7 crore in the corresponding period of the previous year. Earlier this month, Godrej Properties announced an acquisition of nearly 27 acre land parcel at Ashok Vihar in the national capital for Rs 1,359 crore to develop a luxury housing project. MJH HRS

Godrej Properties sells properties worth Rs 3,532 cr during Apr-Dec of FY20

New Delhi, Jul 12 () Leading realty firm Godrej Properties is well placed to maintain its growth momentum this fiscal despite headwinds due to the COVID-19 pandemic, and will look to increase market share as well as add projects available at a distressed valuation, a top company official said. In his message to the company's shareholders in the annual report, Godrej Properties Executive Chairman Pirojsha Godrej said the housing demand will certainly be impacted due to the economic slowdown caused by the pandemic. However, he said the demand from prospective homebuyers will further consolidate towards large organised developers with better track record in execution. Moreover, Godrej said the affordability has increased due to low interest rates and stable prices over the past seven years. Home ownership would also gain currency due to lockdown. Godrej Properties achieved a sales booking of Rs 5,915 crore during the last fiscal, the highest by any listed real estate developer. "While we are pleased with the year gone by, it is clear that the current year will bring new challenges and opportunities. Resilience and agility will be critical to ensure that we emerge stronger from this crisis," said Pirojsha. The economic growth is likely to be in negative during the current financial year and the COVID-19 crisis is leading to significant amounts of job cuts and salary reduction, he said adding that this would certainly impact demand for high-value purchases such as housing. "Despite these headwinds, we believe we are well placed to maintain our growth momentum in the current financial year... We are prepared to withstand a possible downturn in the sector -- however bad it gets," said Pirojsha. The Godrej Properties chairman said the company would focus on capturing opportunities that might arise as a result of this crisis. "The most important opportunity will be to gain market share. Our strong business development over the past few years has ensured that our launch pipeline is the best it has ever been. We will be agile and ready to launch these projects and thereby gain share while most of our peers are focused on liquidating their current inventory," he said. The new launches of projects would drive cash flows and earnings growth over the medium term. "We will be open to the opportunity to further strengthen our portfolio if projects become available at distressed valuations," said Pirojsha. He said the company remains committed to medium-term goals -- to consistently be among the leading developers by value of residential real estate sales in core markets, and to consistently deliver a return on equity (ROE) in excess of 20 per cent. "Despite continued disruptions the real estate sector has faced including the current pandemic, we believe we are on track to achieve these goals," Pirojsha said. The company's sales bookings in 2019-20 grew 11 per cent to Rs 5,915 crore, and resulted from the sale of 7,415 homes with a total area of 8.8 million sq ft. This averages to over 20 homes per day. "We sold more than 1.1 million sq ft with a booking value of over Rs 1,000 crore in each of our four focus markets of MMR (Mumbai Metropolitan Region), Pune, NCR and Bengaluru," Pirojsha said. On execution of projects, he said the company's strategy to shift from labour-intensive forms of construction to precast construction would help reduce project-completion timelines. This will also reduce the gap between operating results and reported accounts, enhance project returns, and enable faster turnaround of capital. "Our balance sheet is strong with net debt to equity at the end of Q4 FY20 standing at 0.24 to 1. Our equity raise of Rs 2,100 crore in Q1 FY20 has ensured that we have a significant surplus liquidity to withstand any temporary liquidity and demand shocks that may arise," Pirojsha said. Godrej Properties, the real estate arm of the Godrej group, posted a net profit of Rs 267.21 crore over a total revenue of Rs 2,914.59 crore during the last financial year. MJH HRS

Godrej looks to gain mkt share, add distressed projects amid COVID-19 pandemic

More and more companies in India, be it multinational corporations or domestic startups, are <a href="http://www.businessinsider.in/cheap-employee-training-will-cost-you/articleshow/56599339.cms">training </a>their staff with techniques to prevent crime and combat terror. 
 
This is the new trend in <a href="http://www.businessinsider.in/india-inc-spent-more-on-csr-in-2016-exceeds-the-threshold/articleshow/57142735.cms">India Inc</a>, going by which several companies have started to arrange special training for prevention of crime and techniques to deal with terror. 
 
Also read: <a href="http://www.businessinsider.in/latest/bjps-landslidevictory-will-push-for-better-reform-believes-india-inc/articleshow/57603622.cms">BJP’s landslide victory will push for better reform, believes India Inc</a> 
 "We have trained at least 100 firms, including the likes of Flipkart and Reliance Securities on crime prevention and our specialised course, Certified Anti <keyword id="6358165" type="COMPANY" weightage="100" keywordseo="terrorism">Terrorism</keyword> Specialist (CATS), has picked up pace with even institutions like RBI having opted for it," Sanjay Kaushik, MD, <keyword id="4400685" type="UNKNOWN" weightage="100" keywordseo="netrika">Netrika</keyword> Consulting, told TNN. 
 These companies are choosing customised courses with focus on specialised areas like <keyword id="2519337" type="ORGANIZATION" weightage="100" keywordseo="criminal-investigations">criminal investigations</keyword>, <keyword id="4400683" type="UNKNOWN" weightage="100" keywordseo="suspicious-behaviour-assessment">suspicious behaviour assessment</keyword>, <keyword id="4400684" type="UNKNOWN" weightage="100" keywordseo="criminal-profiling">criminal profiling</keyword>, terrorism, and <keyword id="6401088" type="UNKNOWN" weightage="100" keywordseo="Political-violence">political violence</keyword>, for which they get theoretical and practical classes. 
 
Also read: <a href="http://www.businessinsider.in/markets/economy/make-india-incs-foreign-debt-cheaper-rbi-suggests-government/articleshow/56494907.cms">Make India Inc's foreign debt cheaper, RBI suggests government</a> 
 
Netrika’s clientele now includes Oracle, Capgemini, CA Technologies, IBM, Hero MotorCorp, <a href="http://www.businessinsider.in/paypals-recharge-programme-wants-women-technologists-on-a-break-to-get-back-to-work/articleshow/57512575.cms">PayPal</a>, Godrej, Vodafone, Bosch, MYLAN and Bajaj Automobiles. 
 
(Image source Inman News)

India Inc teaching employees techniques to prevent crime and combat terror

New Delhi, <keyword id="1065178" type="COMPANY" weightage="20" keywordseo="Oaktree">Oaktree</keyword> has told the <keyword id="4911816" type="COMPANY" weightage="20" keywordseo="Committee-of-Creditors">Committee of Creditors</keyword> (CoC) of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Ltd (<keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>) that there has been a "persistent campaign to discredit and misrepresent its <keyword id="5004374" type="PERSON" weightage="20" keywordseo="resolution-plan">resolution plan</keyword>". In a letter to the CoC, the India Opportunities Fund, Singapore, which has put in the bid noted that this campaign is introducing bias into the decision making process. Oaktree said the CoC is not considering ₹2,700 crore provided under its resolution plan. It added that Oaktree is offering a much higher fair market value by more than ₹4,503 crore compared to the second highest bidder. Noting that its bid offered a clean structure for the shareholders without any conditions, it said that the bid by the second highest bidder is conditional. Oaktree has demanded the CoC reject the proposal by the other bidder "dressed as implementation steps". Oaktree has committed to infuse equity and debt and turn around the operations of DHFL entity on a standalone, going concern basis. In contrast, the other bidder seeks to merge the entity into its housing finance business. "The contagion risk of the indebtedness to the financial instruments held by the financial creditors is significant," it said. It said that the other bid is "a bad deal for creditors as cash flows generated by DHFL entity will be used to service external and unrelated debt of the wholesale business after the merger". "The financial creditors emerging from one resolution process then be exposed to another indebted company and ultimately the risk of a second resolution process will be a failure of <keyword id="192838" type="COMPANY" weightage="20" keywordseo="IBC">IBC</keyword> and CIRP," Oaktree said. Oaktree said its intention was never to address the second highest bidder's plan. However, it said the CoC did not provide clarifications to it on subordinated debt, and its proposal to offer another ₹1,700 crore in additional interest income was ignored while the other bidder was given the opportunity. Its ₹1,000 crore value prescribed to Pramerica is not being considered, Oaktree said. Oaktree said the burden of responsibility is placed on CoC as a guardian of public money and its duty to vote for the highest bidder is unambiguous. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tcs-ril-maruti-airtel-godrej-properties-oberoi-realty-sobha-and-others/articleshow/80145182.cms">Top stocks to watch — TCS, RIL, Maruti, Airtel, Godrej Properties, Oberoi Realty, Sobha, and others</a> <a href="https://www.businessinsider.in/business/auto/news/ducati-is-launching-12-new-bikes-in-india-in-2021-check-the-launch-dates-here/articleshow/80146997.cms">From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here</a> <a href="https://www.businessinsider.in/india/news/petrol-has-reached-an-all-time-high-in-delhi-after-a-hike-of-23-paise/articleshow/80146505.cms">Petrol price is now past ₹84 in Delhi, over 62% of it is taxes</a>

DHFL resolution: Oaktree cries foul, says persistent campaign to discredit its bid

A total of 13 states have so far decided on their borrowing options to meet their <keyword id="9933255" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-shortfall">GST compensation shortfall</keyword> and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed through issue of debt under a special window coordinated by the Finance Ministry. The first option is to ensure steady flow of resources similar to the flow under <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> on a bi-monthly basis. Under this option, the Centre will endeavour to keep the cost at or close to the G-secs yield, and in the event of the cost being higher, will bear the margin between G-secs and average of State Development Loan yields up to 0.5 per cent through a subsidy. The states which have preferred to opt for this option are Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha. Only Manipur has so far opted for the second borrowing option under which states can borrow the entire compensation shortfall of Rs 2.35 lakh crore, including the Covid-impact portion, through issue of market debt. Six more states -- Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh -- will be giving their choice in a day or two, said people in the know. A few states have submitted their views to the Chairperson of the GST Council but are yet to decide on the options, according to sources. In the 41st GST Council meeting last month, the Centre had proposed both options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/india/news/delhi-police-arrests-umar-khalid-connection-with-northeast-delhi-riots/articleshow/78097740.cms">Delhi Police arrests Umar Khalid in connection with Northeast Delhi riots</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

<ul><li>This is the third time the developer is proposing to take the company public after two failed attempts in 2009 and 2018 in the backdrop of unfavourable market conditions.</li><li>The reports indicated that the company took the decision to go public after a recent spurt in residential sales and improved investor sentiments.</li><li>The company is known for its prominent luxury offerings such as the Trump Towers in Mumbai and Grosvenor Square in London.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>One of India's largest real estate players Macrotech Developers — formerly known as <keyword id="6473062" type="UNKNOWN" weightage="20" keywordseo="Lodha-Developers">Lodha Developers</keyword> — has filed a draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) to raise around ₹2,500 crore through an initial public offering, according to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/lodha-developers-plans-to-raise-rs-2500-crore-with-10-dilution-through-ipo/articleshow/81030219.cms">news reports</a>. The Mumbai-based company is known for its prominent luxury offerings such as the Trump Towers in Mumbai and Grosvenor Square in London. For the proposed share sale, the company is looking to dilute at least a 10% stake. In 2019, the Lodha Developers changed its name to Macrotech Developers. However, the company said it will continue using the brand name ‘Lodha’ for selling and or leasing its property. The news reports indicated that the company took the decision to go public after a recent spurt in residential sales and improved investor sentiments. This is the third time the developer is proposing to take the company public after two failed attempts in 2009 and 2018 in the backdrop of unfavourable market conditions. The proposed amount of ₹2,500 crore is more than half of what the company had planned to raise earlier. In April 2018, Lodha Group had approached SEBI to raise around ₹5,500 crore through an initial public offering (IPO) and had received the regulator's nod to launch the IPO, but the company backed off citing challenging times for the realty sector. The company first attempted to list its shares on the bourses in 2009 to raise about ₹2,800 crore. The company also received SEBI's nod in early 2010, but later dropped the plan due to unfavourable market conditions caused by the global financial crisis of 2008. The reports indicated that the company has roped in investment banking firms such as Axis Capital, ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities, Bank of Baroda Capital, and JP Morgan as advisors for its IPO. “The <keyword id="6474120" type="UNKNOWN" weightage="20" keywordseo="Lodha-IPO">Lodha IPO</keyword> is majorly a primary issue of shares and the proceeds are likely to be used for debt reduction, land acquisition and new projects,” according to a Moneycontrol <a href="https://www.moneycontrol.com/news/business/lodha-developers-files-papers-with-sebi-for-rs-2500-crore-ipo-as-realty-makes-comeback-6529871.html">report</a>. The stars are aligning perfectly for Lodha Group The company is coming up with IPO plans just days after the Finance Minister Nirmala Sitharaman at the annual budget added thrust for affordable housing. Sitharaman extended the exemption for affordable housing until March 2022, making the section of the real estate sector quite attractive. The recent Economic Survey by Krishnamurthy Venkata Subramanian, India’s chief economic advisor, showed that the COVID-19 pandemic had hit the residential property market during the first quarter. However, the sales have now improved dramatically in the affordable homes segment since July. <div type="image" title="PR31122020_CH1" msid="81038248" hostid="261"></div> According to the RBI data, the year-on-year growth in the all-India House Price Index (HPI) continued to be moderate. It stood at 1.1% in the second quarter. The stocks of its listed peers such as DLF, Godrej Properties, and others have seen a favourable investors interest in the past three months. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change since Sept 30 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DLF </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">108.52% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Properties </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Lifespace </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">106% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sobha Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">105% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brigade Enterprises </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">74% </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-hotel-companies-have-shown-resilience-during-the-pandemic-and-now-the-markets-are-celebrating-them/articleshow/81032369.cms" data-type="tilCustomLink">Indian hotel companies have shown resilience during the pandemic and now the markets are celebrating them</a> <a href="https://www.businessinsider.in/science/news/its-round-its-two-sided-and-it-could-be-the-most-accurate-world-map-created-till-date/articleshow/81033263.cms" data-type="tilCustomLink">It’s round, it’s two-sided and it could be the most accurate world map created till date</a>

Lodha Developers files papers for ₹2,500 crore IPO — will it be a third time charm?

<ul><li>Macrotech Developers, formerly known as Lodha Developers, is ready to go public after over a decade, even as uncertainty looms over the realty sector.</li><li>The biggest risk factor with the company is its high debt.</li><li>It is uncertain how the COVID-19 pandemic will play out and if the company will be able to raise funding in a capital intensive industry that’s witnessing a slowdown.</li></ul>It has taken one of the largest real estate players in India, Macrotech Developers — formerly known as Lodha Developers — over a decade to get to this point, but the company is finally going public. The company’s core business is focused on building residential developments, which is good news since home loan interest rates in the country have been falling for the last five years. As of 2:00 pm on April 7, the Macro Developers' IPO was subscribed to 0.24 times. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO subscription </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIB </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.58 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NII </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.09 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RII </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.10 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.01 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.24 times </td></tr></tbody></table> “Home loan interest rates in India have been the lowest in the past couple of years and this has led to a significant recovery in transactions in all classes of housing — affordable, mid segment and luxury,” said Rohit Poddar, managing director of Poddar Housing and Development — a listed competitor to Macrotech. However, the realty sector is one of the worst hit by the pandemic. And, according to analysts, the industry is facing its worst slowdown in the last five years. This risk is compounded by the fact that Macrotech Developers also has high indebtedness, which will partially be financed by the funds it raises from its ₹2,500 crore initial public offering (IPO). Considering that most of the company's projects are based out of the Mumbai Metro Region (MMR), its debt may be a cause for concern. The capital intensive and high indebtedness should be a hurdle when looking for further financing. “The high leverage ratio limits the scope of the company to absorb any shocks of unforeseen events,” said <keyword id="6357264" type="COMPANY" weightage="20" keywordseo="capital-market">Capital Market</keyword> in its review. Others, like <keyword id="197560" type="COMPANY" weightage="20" keywordseo="Reliance-Securities">Reliance Securities</keyword>, believe that while there are risk factors involved, the IPO seems to be reasonably priced as compared to its competitors, like Godrej Properties and DLF, at a price band of ₹482 to ₹486. It opines that despite the debt and the market outlook, Macrotech Developers has some big projects in the pipeline. “Moreover, its return ratio looks to be superior compared to peers,” said the review. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avoid </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SMC Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="The ₹2,500 crore initial public offering (IPO) has been a long time coming" comment="subhead" text="The ₹2,500 crore initial public offering (IPO) has been a long time coming">The ₹2,500 crore initial public offering (IPO) has been a long time coming</cmsannotation> The company got the green light from the Securities and Exchange Board of India (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>) in 2009 and again in 2018, but shelved its plans for an IPO citing that the market was not ideal for the launch. Over ten years later, even with the threat of COVID 19 looming over markets and the realty sector surrounded in uncertainty, the Marcotech management believes that its IPO can persevere. This is slated to be the first IPO of the financial year 2021-22. <cmsannotation type="cmsannotation" annotationid="Macrotech Developers’ high debt" comment="subhead" text="Macrotech Developers’ high debt">Macrotech Developers’ high debt</cmsannotation> The money that the realty firm raises from its IPO will partially be used to repay the company’s borrowings. The rest shall be used for land acquisition or land development rights as well as general corporate expenditures. The draft red herring prospectus (DRHP) shows that Macrotech Developers’ aggregate debt stood at ₹18,662.19 crore as of 31 December 2020. “Macrotech Developers’ plan to reduce net debt to ₹12,700 crore in the coming quarters negates concerns over high levering. Further, strong project portfolio and monetisation of huge land banks offer comfort,” said Reliance Securities in its report. The company currently has 91 completed projects under its belt with another 36 in the works. This includes plans to develop a logistics and industrial park of over 800 acres in Mumbai, near Palava. “If the company does not have access to funds required on favourable terms, it may be required to delay or abandon some or all planned projects or reduce the scale of operations,” noted Capital Markets. And the larger issue of how the COVID-19 pandemic is going to play out brings in a lot of uncertainty. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/rbi-has-increased-mobile-wallets-limit-with-2-lakh-and-need-full-kyc-also-for-mobile-wallets/articleshow/81946037.cms">You need to do full KYC for mobile wallets too – but you can store twice the amount of money</a> <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">RBI forecast shows that Narendra Modi administration is facing its worst inflation period so far</a>

Macrotech Developers’ IPO has low home loan interest rate playing in its favour — but high debt and COVID-19 pandemic cloud its prospects

<keyword id="436047" type="UNKNOWN" weightage="60" keywordseo="Ecommerce">eCommerce</keyword> in India has witnessed an unprecedented rise since last 2 years. Buying apparels to gadgets via ecommerce having become an everyday affair, thanks to Indianised payment processes and quick delivery, eCommerce companies were in lookout for more offering to their categorized clientele.

	News Agency PTI has reported that online shopping giant, <keyword id="541988" type="COMPANY" weightage="80" keywordseo="SnapDeal">Snapdeal</keyword> has recently tied up with reality major <keyword id="6362997" type="CITY" weightage="60" keywordseo="DLF">DLF</keyword>. With realty developers like Tata Value Homes, Godrej Properties and <keyword id="215249" type="COMPANY" weightage="60" keywordseo="Kolte-Patil">Kolte Patil</keyword> already in the kitty, Snapdeal would sell DLF’s apartments online and also offer 1 % discount to the buyers.

	Buyers can choose from about 50 flats in eight housing projects of DLF in a price range of Rs 34 lakh to Rs 3 crore. The available locations include New Chandigarh, Panchkula, Lucknow, Bangalore, Chennai, Kochi and Kolkata where potential buyers can book a flat by paying just Rs 30,000 as the booking amount.

	Though this is the first time, DLF and Snapdeal have partnered, marriage of eCommerce and real estate is nothing new. Tata Housing had already tied up with Google, Snapdeal, and Housing.com, while Puravankara had tied up with Google and realty portal 99 acres.com.

	"Digital marketing is fast emerging as the most cost efficient option to reach out to potential customers. Over a period of time, our customer segment is getting younger and younger. They belong to the digital era. Therefore, from a distribution point of view, digital platforms are one of the important outlets," DLF universal executive director - sales &amp; marketing Ananta Singh Raghuvanshi has told PTI.

	No wonder, this collaboration will help DLF to reach out to wider market across the globe, including NRIs willing to invest in real estate in India.

	PTI has further reported that properties worth about Rs 15,000 crore may be monetised by DLF under various projects to catalyse its cash flow and decrease debt. 
	 
	Snapdeal had launched its real estate category in August last year and as per Snapdeal, this category has shown much momentum amongst its buyers. 
	 
	(Image: Reuters)

Your dream home is now just a click away!

<ul><li>Marcotech Developers is now live on the exchanges listing at a share price of ₹436.</li><li>This is a 10.3% dip from the subscription price of ₹486 per share.</li><li>Prior to listing, the ₹2,500 IPO saw lukewarm response from investors, only being subscribed to 1.36 times. </li></ul><keyword id="7940335" type="UNKNOWN" weightage="20" keywordseo="Macrotech-Developers">Macrotech Developers</keyword>, formerly known as <keyword id="6473062" type="UNKNOWN" weightage="20" keywordseo="Lodha-Developers">Lodha Developers</keyword>, saw its initial public offering (IPO) list at a 10.3% discount on the National Stock Exchange (NSE). Its share price at 10:00 am, the time of listing, was ₹436 versus the subscription price of ₹486. Within the first 10 minutes, the price was able to reach a high of ₹472.95 before dipping back down to ₹458 at 10:10 am. The company’s ₹2,500 crore initial public offering (IPO) received a lukewarm response from investors after only seeing a subscription rate of 1.36 times. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.05 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.44 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.40 times </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.36 times </td></tr></tbody></table> According to analysts, the company is a good bet if you were willing to hold on to the stock for the long run — not for its listing premium. So, if you have the shares and are concerned that there’s been a loss on premium, keep the stock if you have the patient. Why are investors wary of Macrotech Developers? One of the reasons for investors to be wary was the company’s high level of debt. Around ₹1,500 crore of funds from the IPO will go towards repaying lenders to ease its balance sheets. But that doesn’t mean that it won’t need more money, which brings us two the second reason investors were vary about putting their money into the offer. Marcotech Developers is operating in a capital intensive sector, the real estate industry, during a pandemic. Any delays due to a lockdown, curfew or the implementation of restrictions like Section 144, could add to its costs — especially since the majority of its projects are in India’s financial capital, Mumbai. The city has been one of the worst hit in all of India during the second wave of the pandemic. “If the company does not have access to funds required on favourable terms, it may be required to delay or abandon some or all planned projects or reduce the scale of operations,” noted Capital Markets in its preview. The brokerage pointed out that the company has earlier difficulties in serving its debt. It was among the companies that availed the moratorium offered by the Reserve Bank of India (RBI) for six months during the pandemic, from March to August 2020. The size of Macrotech Developers has its own loopholes The problem with Macrotech Developers possibly having to reduce its scale of operations due to the uncertainty propagated by the pandemic is that it’s one thing it has playing in its favour. Macrotech Developers is one of the largest players in the Indian real estate market going up against behemoths like Godrej Properties, Sunteck Realty, and Oberoi Realty. And so far, it has consistently outperformed all its peers when it comes to sales, as per Hem Securities. It has a strong distribution network, not just in India, but in foreign markets like the UK, the US, Singapore and the Gulf Cooperation Council (GCC). But even that comes with its own loopholes. “Large construction projects in all parts of the world provide opportunities for corruption, fraud or improper conduct, including bribery, deliberate poor workmanship, theft or embezzlement by employees, contractors or customers or the deliberate supply of low-quality materials, which may delay development of projects,” said Capital Market’s report. Yes, it's one of the biggest players in the residential real estate market, but being so big at a time when the real estate market is witnessing its biggest slump in five years can be dangerous — even with home loans rates on the downtrend. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/razorpay-raises-160-million-at-3-billion-valuation-plans-for-more-acquisitions/articleshow/82137901.cms">Razorpay raises $160 million at $3 billion valuation, plans for more acquisitions</a> <a href="https://www.businessinsider.in/stock-market/news/hdfc-bank-macrotech-developers-adani-ports-and-other-stocks-to-watch-out-for-on-april-19/slidelist/82137367.cms">HDFC Bank, Macrotech Developers, Adani Ports and other stocks to watch out for on April 19</a>

Macrotech Developers IPO lists at 10% discount — analysts recommend that shareholders should wait it out

<ul><li>The 30-share BSE index was trading 0.88% higher, while the Nifty50 rose 89.15 points.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex jumped over 300 points in early trade on Monday tracking cues from Asian peers and fresh foreign fund inflow. The 30-share BSE index was trading 0.88% higher, while the Nifty50 rose 89.15 points. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr></tbody></table>*as of September 14, 9:50 am These are the top stocks that are buzzing in trade today: HCL Technologies gains 6% HCL Tech advanced 6% post-mid-quarter<a href="https://archives.nseindia.com/corporate/HCLTECH_14092020081946_HCLTechMidquarterUpdate.pdf"> update to stock-exchanges</a>. The company said it expects the revenue and the operating margin for the current quarter to be meaningfully better than the top end of the guidance it had provided in July 2020. TCS’ market cap touches ₹9 trillion-mark The shares of TCS gained 2% on September 14, making the company’s market cap exceed ₹9 trillion-mark for the first time in the stock history. The rally was led by the gains in the IT stocks. Wipro up over 2% The shares of Wipro Limited were trading 2% higher during the early trade hours on Monday after <a href="https://archives.nseindia.com/corporate/WIPRO_14092020080043_Press_release14092020.pdf">it announced its partnership with ProcessMaker, a US-based software company</a>. The company said, “this collaboration will leverage Wipro’s proprietary technology platform iCaaS (Intelligent Content as a Service) along with ProcessMaker’s Workflow automation platform to deliver Cognitive Content Automation solutions to customers.” RIL shares surge 2% amid news reports of stake sale Mukesh Ambani owned RIL shares gained 2% on the back of n<a href="https://www.livemint.com/companies/news/carlyle-may-pick-up-2-billion-stake-in-ril-s-retail-arm-11600042534910.html">ews reports</a> that Carlyle Group is looking to invest $1.5-2 billion to buy a stake in its retail arm, Reliance Retail. IRCTC lost 1% soon after the market opened IRCTC shares lost nearly 1% during the early hours of trading. The company that runs the operations for Indian Railways reported a net loss of ₹24.6 crore for the quarter ended June 30. The company’s overall revenue was down 71.4% to ₹ 131.3 crores compared to the same period last year. Yes Bank advances 4% The shares of Yes Bank gained 4% after the credit rating agency ICRA upgraded its ratings assigned to various debt instruments of the private lender on Friday. Adani Green locked in 5% upper circuit Adani Green shares gained 5% after the CEO told investors in a concall that Adani Green’s deal to buy Essel’s Solar assets is in its final stages, and the company is seeking $1.8 billion to build projects. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms" data-type="tilCustomLink">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms" data-type="tilCustomLink">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

You Searched For "Godrej debt" and got 11 results

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

PTI

Godrej Properties sells properties worth Rs 3,532 cr during Apr-Dec of FY20

PTI

Godrej looks to gain mkt share, add distressed projects amid COVID-19 pandemic

PTI

India Inc teaching employees techniques to prevent crime and combat terror

BI India Bureau

DHFL resolution: Oaktree cries foul, says persistent campaign to discredit its bid

IANS

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

IANS

Lodha Developers files papers for ₹2,500 crore IPO — will it be a third time charm?

Navdeep Yadav

Macrotech Developers’ IPO has low home loan interest rate playing in its favour — but high debt and COVID-19 pandemic cloud its prospects

Prabhjote Gill

Your dream home is now just a click away!

BI India Bureau

Macrotech Developers IPO lists at 10% discount — analysts recommend that shareholders should wait it out

Prabhjote Gill

Top stock movers — HCL, Wipro, TCS, Tech Mahindra, RIL, IRCTC, Yes Bank, Adani Green and more

Navdeep Yadav

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