Results for: Business

JNK India’s initial public offering (IPO), which opened for subscription on Tuesday, April 23, received a 49% subscription on the first day. Qualified institutional buyers (QIBs) led the subscription, with their portion being fully booked at 67%. The retail portion (48%) and non-institutional investors (25%) also saw decent subscriptions.

Prior to the IPO, the company garnered 194.84 crore from anchor investors. Notable participants included Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, and LIC Mutual Fund.

According to the Red Herring Prospectus (RHP), JNK India is a leading manufacturer of heating equipment, including reformers, cracking furnaces, and process fired heaters, which are essential for industries such as fertilizer, petrochemicals, and oil and gas refineries. The company provides comprehensive services from engineering and development to installation and commissioning for both domestic and international markets.

The JNK India IPO consists of a fresh issue of 300 crore and an offer-for-sale (OFS) of up to 8,421,052 equity shares by promoter selling shareholders and an individual selling shareholder.

Technology advisory firm Opkalla has acquired Microsoft Cloud services provider Cloudaeris. This acquisition will enhance day-to-day support for Opkalla clients’ Microsoft technology stack and provide Cloudaeris clients with access to Opkalla’s broader technology portfolio. Opkalla’s high standard as a top-level Direct Partner with Microsoft and their commitment to providing exceptional customer experiences align with Cloudaeris’ values. Existing Cloudaeris clients will continue to receive services and support, now under the Opkalla name. The acquisition comes amidst Opkalla’s rapid growth, ranking #52 on the Inc. 5000 with three-year revenue growth of 7,931%. In his new role as Opkalla’s Microsoft Practice Director, Aurandt will focus on Microsoft 365 and Microsoft Azure, unlocking the full value of the Microsoft Cloud for clients. Opkalla helps clients navigate the technology marketplace and choose the right solutions, while Cloudaeris specializes in Microsoft Infrastructure, Cloud, Networking, and Cybersecurity.

Despite concerns about an air pocket in AI infrastructure development, JPMorgan analysts believe it’s premature to rotate out of artificial intelligence stocks. The recent decline in tech stock prices has led to a sell-off in AI-leveraged companies, but JPMorgan believes the long-term drivers of AI spending remain intact. The bank cautions against rotating into non-AI sectors based on hopes of a recovery, as current data and earnings reports do not yet support such a move.

Newegg Commerce, Inc. (NEGG), an industry leader in e-commerce for computers and consumer electronics, has introduced Newegg+, a complimentary customer membership program brimming with enticing benefits. Newegg+ elevates the shopping experience for its members, offering exceptional privileges such as complimentary shipping on an extensive selection of products, exclusive access to new product launches, and the opportunity to take advantage of select members-only deals.

The United Arab Emirates (UAE) and Oman have signed $35 billion worth of investment partnerships in renewable energy, green metals, railways, digital infrastructure, and technology. The agreements aim to deepen cooperation between the two countries and drive economic development. The largest investment agreement is for an industrial and energy megaproject valued at $31 billion, which includes renewable energy initiatives and green metals production facilities. Both the UAE and Oman have intensified efforts to boost renewable energy and decarbonization projects in recent years, with Oman aiming to become a green hydrogen hub and the UAE planning to generate most of its electrical energy from solar power by 2050.

Magna International Inc. (NYSE: MGA), an auto parts manufacturer, experienced a surge in options activity on Monday, with total options volume reaching 119,018 contracts, a significant increase compared to its one-month average. This activity suggests increased interest in MGA stock, potentially due to speculation about a resurgence in demand for auto parts.

Renewable energy stocks in India have witnessed a significant surge in the past year, with some companies reporting gains of over 450%. Government support, a shift towards clean energy, and strong power demand are driving the growth in this sector.

Zoned Properties (OTCQB:ZDPY), a real estate development firm, has announced plans to implement a stock repurchase program worth up to $1 million. The program has been approved by the company’s board and allows for the repurchase of shares in the open market, private transactions, or other means at prevailing market prices. Zoned Properties intends to utilize its existing cash on hand and projected future free cash flow to fund the repurchases.

Sasol (SSL) shares plunged 11.7% pre-market after the company reported a 9% decline in production volumes in its Secunda operations during the March quarter due to operational challenges. As a result, Sasol revised its production estimates for FY 2024 to 6.9M-7.1M metric tons, down from its previous guidance of 7M-7.3M tons. Despite the production setback, Sasol noted a 4% rise in overall sales volumes but a 20% drop in chemical prices, leading to a 17% revenue decline in its chemicals business. The company anticipates ongoing macroeconomic uncertainty and geopolitical risks to impact its performance in the current quarter.

Tesla announced plans to cut 400 jobs at its German gigafactory near Berlin. The company cited a weakened electric car sales market and intends to implement the cuts through a voluntary program. Tesla’s Gruenheide site currently employs over 12,000 staff, and the carmaker had previously parted ways with around 300 temporary workers as part of plans for global cuts of around 10%. The move comes ahead of Tesla’s first-quarter results announcement later on Tuesday, with investors anticipating the group’s lowest gross profit margin in more than six years due to declining demand for electric vehicles.