02 Jul 2025

Globe Civil Projects Ltd, a civil construction and infrastructure development firm, witnessed a strong stock market debut this week, closing over 33% higher than its IPO issue price of INR 71. The company's INR 119 crore public issue received a solid response from investors, with an overall subscription of 86 times on the final day of bidding. The stock listed at INR 91.10 on the BSE and INR 90 on the NSE, before ending the session at INR 94.72 and INR 94.46 respectively. The proceeds from the IPO are intended to fund working capital needs, machinery purchases, and general corporate purposes.Read more

02 Jul 2025

Pune and Patna municipal bodies have taken contrasting paths in property tax collection this fiscal. Pune extended its discounted payment deadline to July 7 due to bill distribution delays, collecting INR 1,244.5 crore by June 30-about INR 100 crore less than the same period last year. Activists are pushing for further extensions, citing tech glitches and unresolved rate issues in newly merged areas. Meanwhile, Patna collected INR 40 crore in Q1 FY26-28% of its annual target-offering a 5% rebate until June 30 and adding tech-driven solutions like QR-coded notices, chatbot payments, and extended hours. These varied strategies reflect the challenges in maximizing tax revenues to fund urban services.Read more

02 Jul 2025

Navi Mumbai Municipal Corporation (NMMC) has reported a record property tax collection of INR 366.80 crore in Q1 FY26, driven by citizen-focused initiatives and smart planning. Over 1 lakh taxpayers contributed, with 66% of the total collected online. The highest single-day intake, INR 90.84 crore, came on the quarter's last day. Nerul ward led contributions with INR 74.13 crore. Residential and industrial properties each made up 33% of collections. Incentives like a 10% rebate and tech tools such as a WhatsApp chatbot and mobile apps helped boost compliance. A 2% monthly penalty on late payments starts July. Commissioner Dr. Kailash Shinde praised public cooperation in achieving the milestone.Read more

02 Jul 2025

Indian banks are set to report subdued earnings for the first quarter of FY26, impacted by weak loan growth, falling net interest margins (NIMs), and seasonally low fee income. According to IIFL Capital, profits after tax are expected to decline 2% year-on-year and 4% quarter-on-quarter. Loan growth dipped to 9.6% year-on-year, with MSME lending being the only bright spot. Margins are expected to compress further in Q2, before stabilising by Q3. Despite improved liquidity, sluggish business momentum and rising slippages are putting pressure on overall banking performance.Read more

02 Jul 2025

Ranchi Municipal Corporation has celebrated a decade of implementing Pradhan Mantri Awas Yojana-Urban, achieving an impressive 88% completion rate by delivering 11,052 homes out of a target of 12,587. The civic body recently handed over keys and saplings to new homeowners in five wards, embodying a message of sustainable beginnings. With PMAY-Urban 2.0 extended to 2029 offering up to INR 2.5 lakh per eligible beneficiary, Ranchi is strengthening its commitment to "Housing for All". This milestone underscores both past success and future ambition in addressing urban housing needs.Read more

02 Jul 2025

Kalpataru Projects International Limited (KPIL) has announced fresh contracts worth INR 989 crore in the power transmission and distribution (T&D) sector. This development pushes the company's cumulative order intake for FY26 to INR 7,150 crore. The new awards, secured jointly by KPIL and its international subsidiaries, reflect growing global demand for grid infrastructure. KPIL's MD & CEO highlighted the company's end-to-end capabilities in the T&D EPC space, citing its consistent growth and robust global presence as key factors in securing these wins.Read more

02 Jul 2025

The Noida Authority is challenging a state government order that lets Gardenia Aims Developers use auction proceeds from 122 sealed flats to meet its 25% upfront payment for dues on a stalled Sector 46 project. The May 29 directive also allows the restoration of a 150-acre commercial plot without fees. The Authority claims this contradicts its December 2023 policy, which requires builders to deposit dues first for relief eligibility. Gardenia owes INR 692 crore and hasn't paid the demanded INR 140.5 crore. The issue is now in court, with the Authority seeking a policy review to ensure alignment with its stalled project resolution framework.Read more

02 Jul 2025

Wakefit Innovations, a Bengaluru-based home and sleep solutions company, has filed its Draft Red Herring Prospectus with SEBI for an Initial Public Offering (IPO) to raise up to INR 468.22 crore. The IPO comprises a fresh issue and an Offer for Sale by existing shareholders, including promoters. Funds are set aside for retail expansion, machinery, marketing, and debt repayment. The company, founded in 2016, reported INR 971.08 crore revenue and a net loss of INR 8.81 crore in 9M FY25. Operating five manufacturing units, Wakefit aims to boost its omnichannel presence in India's growing home furnishings market, projected to reach INR 5.2-5.9 trillion by 2030.Read more

01 Jul 2025

The Gujarat government has approved an 80% waiver on stamp duty for property transfers conducted through allotment letters or share certificates by housing societies, associations, and non-trading corporations. This relief, sanctioned under Section 9(a) of the Gujarat Stamp Act, 1958, is intended to ease the financial burden on lower- and middle-income families. Only 20% of the original duty, along with any applicable penalties, will now be payable, significantly lowering transaction costs for property buyers using these documentation routes.Read more

01 Jul 2025

The Chandigarh Municipal Corporation has sanctioned INR 10.25 crore for essential infrastructure development on a 7-acre plot in Manimajra's Pocket 6, ahead of a major land auction. This parcel, part of a 7.5-acre area divided into five plots, will be auctioned on a freehold basis, with reserve prices ranging from INR 125 crore to INR 217 crore. The scope of works includes sewerage, water supply, internal roads, horticulture, electrical systems, and a service duct. The collector rate has been pegged near INR 796 crore, and all internal services will be maintained by the successful bidders post-auction.Read more