Gokhale Constructions has completed the process of purchase of Seth Hirachand Nemchand Smarak Trust’s Seth Hirachand Nemchand Digambar Jain Boarding and plans to undertake the development of 16 Lakh Square Feet ultra premium residential space and some high-end retail at this top-notch location with a revenue potential of Rs. 2500/- Cr. Here, the price of a condominium would start from Rs 7 Cr onwards.

Creation of a hostel spread across 51000 sq ft with all modern facilities and making the existing Jain Temple bigger and better is also an integral part of this proposed development.

Founded by Vishal Gokhale, the first-generation entrepreneur, Gokhale Constructions is currently in the process of developing 2 million sq ft of residential space and about 3 million sq ft of commercial space at some of the most prime locations in Pune. The company has successfully completed over 200 residential projects in Pune and has given homes to more than 5000 families at central locations.

The company is also eying the foray in Mumbai’s real estate market and is in the advanced stages of negotiations for closing the deals of properties at some extremely prime locations in Mumbai.

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In a financial landscape where critical information is scattered across multiple sources, ETMarkets now consolidates essential market data, analytical tools, expert insights, and actionable investment ideas in one intuitive platform. As India’s investor base is projected to more than triple from 30 million to 100 million by FY30, this timely innovation promises to democratize sophisticated investment tools previously available only to financial professionals.

“We’re witnessing a transformation in how Indians approach wealth creation,” says Puneet Kukreja. “Our vision for ETMarkets is to democratize access to institutional-grade market intelligence, giving every retail investor the capabilities that were once reserved for professionals. This isn’t just about providing data—it’s about empowering confident decision-making.“

The enhanced platform introduces six powerful market tools specifically designed to address the everyday challenges that investors face:

• Stock Reports Plus: Powered by Refinitiv, this tool uncovers hidden opportunities through comprehensive company scores and projected returns, enabling investors to identify undervalued stocks with confidence.
• Big Bull Portfolio: Gain strategic insights by tracking where major investors—India’s “Big Bulls”—are placing their bets, providing a window into high-potential stocks that might otherwise go unnoticed.
• Market Mood: Navigate market volatility more effectively with real-time sentiment analysis that helps identify trend reversals and market shifts before they become obvious.
• Stock Analyzer: Make thorough evaluations based on more than 20 key parameters spanning fundamentals, solvency, and growth metrics, ensuring investment decisions are grounded in comprehensive analysis.
• Stock Talk: Connect directly with market experts to get actionable advice, entry-exit strategies, and explanations of complex market conditions in real time.
• Live Stream: Engage with market specialists through interactive sessions, asking questions and receiving immediate feedback to enhance investment understanding.

Additionally, ETMarkets now delivers 5-6 expert investment ideas daily and features a comprehensive Markets Dashboard that serves as a command center for instant market intelligence.

“I’ve witnessed the frustrating journey of investors who hop between countless platforms, only to end up more confused and often with financial losses,” explains Rachna Mittal, Head of User Experience, Research, & Customer Success. “ETMarkets ends that exhausting marathon by providing everything investors need in one place. And this is just the beginning—we’re building a platform that not only informs investment decisions but also educates users on how to invest wisely.”

Backed by The Economic Times’ 70-year legacy of trusted financial reporting, the enhanced ETMarkets represents a significant evolution in how Indians interact with the stock market—making sophisticated investing accessible to everyone from first-time investors to seasoned traders.

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MUMBAI: Marcellus Investment Managers proudly announces that its Global Compounders Portfolio (GCP) has surpassed ₹100 crores in Assets Under Management (AUM) within 2 years. The GCP portfolio has consistently outperformed the S&P 500 across key metrics such as Return on Invested Capital (ROIC), EPS growth, and Free Cash Flow growth. This performance is driven by the portfolio companies’ strong competitive advantages, operational efficiency, and prudent capital allocation.

Recent regulatory reforms have expanded opportunities for Indian investors to access global markets. 1. Accredited investors can now join GCP with a minimum investment of USD 25,000, while non-accredited investors can participate through Separately Managed Accounts (SMAs) in GIFT City, with an entry point of USD 150,000.

2. The reduction of the Long-Term Capital Gains (LTCG) tax on global equities from 20% to 12.5% enhances the appeal for Indian investors.

Marcellus’ disciplined investment philosophy is built on three core pillars: Clean Accounts, Capital Allocation, and Competitive Advantage. By integrating forensic accounting with capital allocation analysis, Marcellus ensures financial transparency and integrity within its investable universe. The firm focuses on companies with a strong track record of generating free cash flow and reinvesting for sustainable growth, ensuring long-term value creation for investors.

The portfolio construction process starts with a forensic and fundamental screen, identifying an investable universe of 80-85 companies. Through detailed bottom-up research and independent third-party checks, Marcellus narrows the selection to 20-30 global compounders with enduring competitive moats.

Performance as on 30th November 2024 (figures in %)

Disclaimer: Performance data is shown gross of taxes and net of fees and expenses charged until the end of last month. Performance fees are charged annually in December. Returns for periods longer than one year are annualized. Marcellus’ GCP USD returns are converted into INR using an exchange rate published by RBI. Source: https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx ‘Since Inception’ performance calculated from 31st Oct 2022. The inception date is 31st October 2022, the next business day after the account got funded on 28th October 2022. S&P 500 net total return is calculated by considering both capital appreciation and dividend payouts. The calculation or presentation of performance results in this publication has NOT been approved or reviewed by the IFSCA or US SEC. Performance is the combined performance of RI and NRI strategies. This circulation is not intended for US clients.

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BondCase includes predefined bond themes such as High-Yielding Bonds, Monthly Income Bonds, Short-Term Bonds, PSU Bonds, and Bank Bonds. Investors can also build their own BondCase and select from over 60-100 bond offers that are live on IndiaBonds at any time.

Vishal Goenka, Co-founder of IndiaBonds.com, said, “Our platform addresses key challenges faced by retail bond investors, including diversification and bond selection complexity. By simplifying the investment process with thematic baskets and one-click payments, we make it easier for investors to align their portfolios with their financial goals. By providing direct access to a diversified range of bonds, BondCase enables investors to make informed decisions and potentially achieve superior outcomes within the fixed-income asset class versus other options available in the market.”

Investors can choose between three and seven unique ISINs (International Securities Identification Numbers) in a single transaction, with investment amounts ranging from a minimum of Rs. 3 lakhs to a maximum of Rs. 1 crore, supporting effective portfolio diversification.

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• High entry barrier portfolio with specialty R&D tech platforms across – Recombinants, Niche Biologics, Novel Delivery and Immunoglobulins
• Only innovator in the world to develop patented recombinant Anti-D
• Brands across Women’s Health Lifecycle in India; Comprehensive Fertility drug portfolio globally
• Ranked #1/#2 in 9 of the top 10 fast-growing brands with limited competition in India
• Acquisition in line with our stated objective to expand our presence in high entry barrier complex portfolios and high potential OTX brands; with accretive EBITDA margins

MUMBAI: Mankind Pharma Limited has entered into a definitive agreement to acquire a 100% stake in Bharat Serums and Vaccines Limited (BSV) from Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, for an enterprise value of approx. INR 13,630 Crores, subject to closing-related adjustments. This strategic move marks a significant leap for Mankind Pharma, positioning it as a market leader in the Indian women’s health and fertility drug market alongside access to other high entry barrier products in critical care with established complex R&D tech platforms.

With over five decades of leadership in biopharmaceuticals, BSV has developed recombinant and niche biologic products in-house, demonstrating its strong R&D capabilities and boasts of a robust branded product portfolio across Women’s Health, Fertility, and Critical Care, with a few of its marque brands enjoying a strong leadership position in their respective therapy areas. BSV’s dedicated in-house R&D center along with a dedicated team of 60+ scientists, a strong product pipeline, coupled with a diverse domestic product portfolio offering huge scalability potential through niche filings across markets.

BSV has a niche portfolio offering in Women’s Health, encompassing the entire lifecycle – from fertility to post-pregnancy. BSV has one of the most comprehensive portfolios in the fertility segment to scale in both Indian and International markets amid increasing IVF penetration. The company remains committed to delivering high-quality, innovative healthcare solutions at affordable prices to meet the evolving needs of patients and healthcare providers worldwide.

Rajeev Juneja, Vice-chairman and Managing Director, Mankind Pharma Ltd. shared “BSV’s acquisition represents a pivotal milestone in Mankind’s journey, establishing us as market leader in Indian women’s health & fertility segment. We believe the women’s health & fertility segment has massive opportunity along with strong growth visibility globally, led by structural tailwinds. BSV’s established Specialty R&D Tech Platforms with complex portfolios across Women’s health, Fertility, critical care, and Immunoglobulin segments perfectly align with Mankind Pharma’s strategic vision to expand its footprint in a high entry barrier portfolio. We are also delighted to welcome BSV’s 2,500+ members to our Mankind family. Together, we look forward to achieving even greater milestones and making a positive impact on women’s health worldwide.”

Sheetal Arora, Chief Executive Officer and Whole-time Director, Mankind Pharma Ltd. shared “Mankind’s strategic acquisition of BSV with branded specialty pharma portfolio across India and Emerging Markets presents immense growth potential and will add to existing growth velocity of Mankind. Moreover, BSV’s business will be highly synergistic with our comprehensive product portfolio, expansive field force and doctor coverage. We are confident this would correspond to the expansion of EBITDA margins and thereby solidify our position as a company known for marketing innovative and specialized offerings.”

Shweta Jalan, Managing Partner and Head of Advent India commented, “Mankind’s investment in BSV is a testament to our approach of identifying and nurturing unique businesses, working with high-quality management teams, and building these businesses into respected industry leaders. With the building blocks in place, we are confident that Mankind Pharma and BSV’s management team will continue the accelerated journey to build one of India’s largest pharma companies.”

Pankaj Patwari, Managing Director, Advent India, said, “We are delighted that BSV has found the right home and is joining forces with Mankind Pharma. BSV’s deep-domain R&D capabilities and unique portfolio of products combined with Mankind’s strong pan-India coverage and growth orientation will provide significant synergies; bringing differential scale, reach, and capabilities. We are excited for BSV to support Mankind’s aspirations of ‘Building a Healthier Bharat’.”

Sanjiv Navangul, CEO & Managing Director, BSV, said, “We are proud to be one of the few Indian companies that have several first-of-its-kind indigenously developed complex treatments that have delivered better patient outcomes.  This acquisition reinforces our commitment to bringing cutting-edge products and expanding our access to millions of patients in India and across the globe.  With a proven and established leadership in women’s health and critical care, our robust R&D pipeline, and best-in-class manufacturing, and above all, a dedicated and high-performing one-BSV team will add immense value to Mankind Pharma as we grow together, synergize our strengths and explore opportunities towards bringing healthcare closer to every home in India and across the world.”

BSV reported revenues of INR 1,723 crore in FY24, delivering robust 20% y-o-y growth with adjusted EBITDA Margins of 28%. The business has grown at ~21% revenue CAGR over the last 3 years.

Moelis & Company acted as exclusive financial advisor and AZB & Partners acted as legal counsel to Mankind Pharma. Advent and BSV were advised by Jefferies LLC and J.P. Morgan as financial advisors and Khaitan & Co. as legal counsel.

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Speaking on the findings of this edition of the MSME Pulse, Sivasubramanian Ramann, Chairman and Managing Director, of SIDBI, said: “Lending to the MSME sector continued in H1:FY2024, despite the conclusion of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, indicating underlying growth momentum of the sector. Technology is aiding in lending to the MSME sector. Facilitating wider adoption of online loan applications, financial management tools, and digital payment platforms along with the utilization of robust analytics, can enhance the lending to the MSMEs and help fortify India’s businesses for sustained growth. SIDBI is working on the above lines and is leveraging technology, utilizing the Digital Public Infrastructure of the Government of India, to augment credit flow to the sector with faster turnaround.”

In the July-September 2023 quarter, the total value of new MSME credit originations was INR 243K Crores, with Small segment enterprises accounting for the largest share at 42%. Sustained credit supply has enabled substantial portfolio growth of 11% amounting to INR 28.2 Lakh Crores across 80 Lakh MSME entities­ in the quarter under review.

During this period, overall balance-level delinquencies, measured as 90 days past due to 720 days past due and those reported as ‘sub-standard’, have improved and stood at 2.3%.

“MSME portfolio performance improved across all borrower segments as delinquency rates declined. In the quarter ending September 2023, we saw the lowest delinquency rate in the last two years. With promising economic growth prospects reflected through strong demand, stable portfolio growth, and improved credit performance, now is a good time for lenders to expand their MSME lending book. The sectoral study covered in this MSME Pulse report showcases the unique nuances of each sector within the MSME segment. The wide spectrum of occupations covered by MSMEs has the potential of catalyzing social development through economic empowerment,” added Rajesh Kumar, Managing Director and CEO, of TransUnion CIBIL.

The MSME portfolio excludes ~ ₹ 2.5 lakh crores of default cases beyond 720 days past due (DPD) /loss /doubtful category. The delinquency rate definition excludes legacy accounts with DPD beyond 720 days or reported as loss/doubtful

By building an online lending journey with analytical and objective credit risk assessment tools like FIT Rank, lenders can achieve improved operational efficiencies and reduce turnaround times significantly.

Rapid credit expansion across semi-urban and rural geographies

In the July-September 2023 quarter, 46% of MSME originations were in semi-urban and rural regions. Almost half (49%) of the Micro2 segment’s originations came from the semi-urban and rural areas, whereas 39% of originations in the Small segment came from these regions.

• Micro Exposure up to INR 1 Cr; Small: Exposure between INR 1 Cr and INR 10 crs; Medium Exposure between INR 10 crs and INR 50 crs
• Medium Risk: CMR 4-6 (Share of Borrowers)
• The risk percentage is based on the origination data where the risk score is available.

One of the key factors contributing to this expansion is the improvement in credit profiles of MSMEs – the share of high-risk MSMEs (CMR 7-10) has reduced to 13% in the July-September 2023 quarter from 15% during the same period the previous year. Medium risk (CMR 4-6) continues to have a high share with 55% of MSMEs in this risk segment. 

Analysis across the states shows that originations from the large states with Maharashtra, Gujarat, Delhi, Tamil Nadu, and Uttar Pradesh continue to be high, accounting for 47.2% of the origination value. There is also a higher growth rate especially in Uttar Pradesh and Tamil Nadu in the quarter ending Sep 2023.

These states also account for approximately 42% of New-to-Credit (NTC) originations in the Micro MSME segment, further driving the credit inclusion initiative. Within the Micro MSME segment, Maharashtra has a high share in the low-ticket-sized Very Small segment and Micro1 segment, while Gujarat has a high share in the Micro 2 segment.

The manufacturing sector accounts for the highest credit originations

As per the latest information released by the Ministry of Statistics and Programme Implementation in December 2023, output in MSME manufacturing accounted for 40.83% of output in all India manufacturing during the year 2021-22. This is also reflected in TransUnion CIBIL Commercial Bureau data where the Manufacturing sector accounts for 37% of value originated and has the largest share, followed by the ‘Trades’ sector with a 28% share. Professional Services and Other Sectors together account for the remaining 35% share (of the data considered for this report).

Textiles is the highest contributing sub-sector within Manufacturing sector originations. The majority of originations within sub-sectors are led by the Medium segment (10 Crores to 50 Crores) and catered for by private banks. The geographical distribution of originations across sub-sectors is concentrated in three top-contributing states: Gujarat, Tamil Nadu, and Maharashtra. While the manufacturing sector accounts for 37% of origination value it has only 25% share of the volumes originated. However, the manufacturing sector experienced an increased share in originations by value within the Micro segment compared to the previous year. The ‘Trade’ sector accounts for the highest share of origination volumes with 39% of loans originating; 36% of these disbursements are from NTC MSMEs.

As the borrower profile and credit behavior of each sector is different, these borrowers’ credit performance is also differently influenced by intrinsic sectoral impact. Leveraging data and analytics to understand borrower behavior is essential to continue sustainable growth across sectors.  The core advantage of sector-wide growth is the vast geographical expanse it covers, spreading through areas where urbanization and multiple employment opportunities and development are essential.

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MUMBAI: One of India’s leading private life insurance firms, Ageas Federal Life Insurance (AFLI) today announced the launch of its latest offering, the Multicap Fund, as part of its ULIP (Unit Linked Insurance Plan) portfolio. This open-ended fund is designed to deliver returns by strategically investing in a diversified portfolio of listed companies spanning various market caps.

“We are excited to present a new addition to our ULIP portfolio, targeting capital appreciation returns via diversified investments across various market caps. Our commitment to providing innovative and value-driven solutions is reinforced with the introduction of the Multicap Fund. This strategic addition to our ULIP portfolio aims to deliver attractive returns for our customers while ensuring diversification and risk management,” said Vighnesh Shahane, MD & CEO of Ageas Federal Life Insurance.

“The launch of the Multicap Fund underscores Ageas Federal Life Insurance’s continuous efforts to enhance its product offerings and meet the evolving financial needs of its customers,” Shahane added.

As of February 5^th, 2024, the Multicap Fund will be incorporated into the following products:

• Platinum Wealth Builder
• Smart Growth Plan
• Wealthsurance SP II

The Multicap Fund is designed to help customers grow their capital by investing in a carefully curated blend of well-established blue-chip companies, emerging blue-chip companies, mid-cap companies, and select small-cap companies. With a focus on the medium to long term, the fund aims to spread risks by investing in stocks across various sectors, providing customers with a diversified and potentially rewarding investment strategy.

Key details of the Multicap Fund include:

• Fund Name: Multicap Fund
• Investment Objective: Capital appreciation through a diversified portfolio across market caps.
• Investment Horizon: Medium to long term.

The launch of the Multicap Fund underscores Ageas Federal Life Insurance’s continuous efforts to enhance its product offerings and meet the evolving financial needs of its customers.

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The “Master Controller Premium” is a central control system that supports various area functions, such as the drive, chassis, or charging. It acts as a functional integration platform for lateral and longitudinal acceleration, thermal and energy management, driving and charging strategy, and supports the highest functional safety level (ASIL-D).

Another highlight of Vitesco Technologies at the CTI Symposium is the “Overmold Power Module” with modern silicon carbide chip technology. This solution example represents a deep system competence through joint optimization of power electronics and thermal management. Thanks to long-term collaborations with various semiconductor manufacturers, the company can offer its customers a particularly high degree of flexibility.

In addition to showcasing its latest innovations, Vitesco Technologies will also present silicon carbide-based drive systems and inverter technologies for e-mobility. These presentations will cover advanced inverter topologies that drive efficient BEV architectures and key performers enabling e-mobility.

Vitesco Technologies is committed to making mobility clean, efficient, and affordable with its intelligent system solutions and components for electric, hybrid, and internal combustion drive systems. The company generated sales of EUR9.07 billion in 2022 and employs a workforce of around 38,000 employees at 50 locations worldwide.

Overall, Vitesco Technologies’ participation in the CTI Symposium in Berlin highlights the company’s dedication to driving innovation and advancing sustainable mobility solutions.

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