MEESHO STAKE SALE
Life insurers thrive on group cover in Oct as retail APE lags
Life insurance firms in India experienced a noteworthy 26% rise in new business premiums year-over-year for October, thanks mainly to robust group insurance growth. On the other hand, retail annualised premium equivalent only saw a modest uptick of 5.2%, while individual policy sales declined by 3.7%. This scenario points to retail sector hurdles, although the increasing popularity of protection products could signal potential for future expansion.
Kalyan Jewellers gains 16% in two sessions; analysts see 13% upside
In a bold move, Kalyan Jewellers India announced a significant 31% rise in revenue and a notable 64% boost in net profit. Plans include launching 84 new Kalyan stores along with expanding the Candere and Akshaya Thanga Maligai outlets. Analysts have expressed optimism, issuing 'Buy' ratings based on the growth from non-South markets, which climbed by 21%, positioning the company favorably against unorganized competitors amidst fluctuating gold prices.
Sensex, Nifty mark 2-week winning run on FPI inflows
Indian equity benchmarks in Mumbai have seen a two-week winning streak with significant foreign investment. Foreign Portfolio Investors have invested over ₹75,000 crore in November, while domestic institutional investors have sold shares worth around ₹46,835 crore. The BSE Sensex and NSE Nifty both experienced mild increases despite profit booking by domestic investors. Brent crude oil prices have declined, contributing positively to India's macroeconomic outlook.
Stocks in news: Vodafone Idea, M&M, Ola Electric, IRCTC, Oil India and Zee Entertainment
The Nifty ended marginally higher on Thursday, with analysts identifying 25,000–25,150 as the immediate support zone and 25,400–25,500 as resistance. Meanwhile, Vodafone Idea, M&M, Ola Electric, IRCTC, Oil India and Zee Entertainment are among the stocks likely to remain in focus on Friday amid earnings and company-specific developments.
Meesho block deal: SoftBank-backed entity likely to sell 1% stake worth Rs 1,174 crore
SoftBank-backed SVF II Meerkat may sell a 1% stake in Meesho through a Rs 1,174 crore block deal. The development comes as Meesho reports narrowing losses, rising revenue and strong user growth.
Lenskart, Meesho deliver gains of nearly $400 million for SoftBank Vision funds
Lenskart saw returns of $273 million, the highest among the Vision funds' listed investments, while Meesho gained $121 million, according to SoftBank's earnings presentation released on Tuesday. The gains come as SoftBank continues to monetise its Indian investments, having sold shares worth more than Rs 9,300 crore in Lenskart and Meesho since June.
UPI sees Diwali boom; AI cracks Captcha
Diwali spending fuelled a surge in UPI transactions, with both payment volumes and values rising. This and more in today’s ETtech Top 5.
From bikes to billions: Rapido’s gross order value quadruples in two years to $4 billion
The Bengaluru-based company is averaging around 8.3 million orders a day across its services, making it one of India’s largest consumer internet platforms by transaction volumes. Ride-hailing continues to comprise more than 95% of the company’s daily average orders.
Rising tech costs drive EMI sales; Shadowfax Q2 profit soars
Happy Friday! Shoppers are turning to EMIs as electronics prices rise. This and more in today’s ETtech Morning Dispatch.
Stocks in news: Jio Platforms, RIL, Hero MotoCorp, Meesho, TVS Motor, Vedanta Aluminium and Suzlon Energy
Indian equities ended lower on Wednesday, primarily driven by selling in heavyweight stocks. Information technology and oil and gas shares experienced significant declines, falling more than 2%. The Nifty 50 index settled at 22,699, down 51 points, indicating ongoing resistance at 22,800. Several companies, including Jio Platforms and Hero MotoCorp, reported their quarterly earnings that impacted market sentiment.
Menlo Ventures on AI slowdown; Ola Electric CEO pledges stake
Happy Monday! Menlo Ventures, an early Anthropic backer, says the real AI constraint is compute, not a slowdown in frontier models. This and more in today's ETtech Morning Dispatch.
Listed startups unlock Rs 25,000 crore for VC, PE investors
An ET analysis of National Stock Exchange (NSE) and BSE block and bulk deal disclosures across 18 new-age companies shows sales by investors including Japan’s SoftBank group and venture capital firms Peak XV Partners, Elevation Capital and Accel.
Prosus in talks to invest Rs 150 crore in Swiggy Instamart challenger BazaarNow
BazaarNow, founded by former Zepto executives Priyanshu Jain, Arjun Harish and Tarithmay Mandal, sells groceries and daily essentials, focusing on local products and regional brands in Tier 2 and 3 cities. It raised Rs 72 crore from Peak XV Partners and others in June. Instamart also serves smaller markets through its 131-city network.
RPS Ventures sells 0.9% stake in Meesho for Rs 899.7 crore
As of June 30, RPS Ventures held a 1.2% stake in Meesho. Norges Bank, Fidelity, Goldman Sachs, Morgan Stanley and Citigroup were among the buyers of the shares. The shares changed hands at Rs 233 apiece. Meesho’s stock ended 1.6% lower at Rs 236.35 on the BSE.
Rentomojo’s valuation jump; SoftBank’s Meesho windfall
Rentomojo is expected to go public at a valuation nearly five times higher than its previous private market round. This and more in today's ETtech Top 5.
SoftBank sells Meesho shares worth Rs 1,650 crore, clocks 3x return on investment
SoftBank sold 80 million shares at Rs 206.30 apiece through two bulk deals on the National Stock Exchange (NSE) on Thursday, exchange data showed. The shares sold represent about 1.7% of Meesho.
Y Combinator sells Meesho shares worth Rs 970 crore in block deals; Morgan Stanley, Goldman Sachs, Citigroup among buyers
Y Combinator-linked entities sold 4.85 crore Meesho shares worth Rs 970 crore through block deals at Rs 200.01 apiece. Institutional buyers including Nippon India Mutual Fund, HDFC Life, Morgan Stanley, Goldman Sachs and Citigroup acquired significant stakes.
Y Combinator pockets Rs 970 crore from Meesho stake sale
Y Combinator has sold nearly Rs 970 crore worth of Meesho shares through a block deal, adding to its returns from the ecommerce company. The accelerator has now realised around Rs 1,050 crore from Meesho. The sale comes days after it cashed out Rs 1,435 crore from Groww.
Elevation Capital, Peak XV Partners sell 2.3% stake in Meesho for Rs 1,949 crore; stock falls
Following the stake sale, Meesho's shares fell nearly 1 per cent on Wednesday to trade at Rs 190.50 apiece on the National Stock Exchange (NSE).
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