IndiGo and Infibeam file for IPOs

Marking a big day for IPOs, two companies -no frills carrier IndiGo and e-retailer Infibeam - filed papers with Sebi to raise nearly Rs.3,000 crore in all. In a sign that the IPO market is revving up after months of subdued activity , staffing firm TeamLease also initiated the process of filing papers for raising around Rs.450 crore.
In addition, Biocon arm Syngene, Prabhat Dairy , Navkar and Catholic Syrian Bank, which have already got a nod from regulator Sebi, plan to hit the capital market in the next two-three months with IPO offers totalling nearly Rs.2,000 crore.
InterGlobe Aviation, which runs the country's biggest airline by market share under `IndiGo' brand, plans to raise up to Rs.2,500 crore. Becoming the first e-commerce player to tap the IPO route, Infibeam plans to mop-up around Rs.450 crore.
Started in 2007, Infibeam runs several e-commerce services such as Infibeam.com, Indent, BuildaBazaar, Incept and Picsquare. Last year, Sony Music had bought a 26% stake in Indent. TeamLease Services' MD & co-founder Ashok Reddy said the company was exploring multiple options to facilitate the aggressive growth that it plans for the future.

Airtel World's No. 3

Sunil Mittal-led Bharti Airtel has become the world's third largest mobile operator with 303 million subscribers. With operations in 20 countries, Bharti Airtel is present in India, Bangladesh, Sri Lanka and Africa. Quoting latest data published by the World Cellular Information Service (WCIS), the company said Airtel has moved up one position in the global rankings.
China Mobile, according to WCIS, is the top mobile operator in the world with more than 626 million subscribers. Vodafone Group of UK ranks second with 403 million subscribers. China Unicom is ranked fourth with 299 million subscribers, followed by America Movil with 274 million users.
“Airtel began operations in November 1995 in New Delhi (India) and in less than two decades it has emerged as one of the top brands in the emerging markets with an unmatched scale and diversity of operations,“ the statement said.
The company said it has pioneered the low-cost business model based on outsourcing that has allowed it to expand its services rapidly.Mittal, chairman of Bharti Airtel, said, “This underlines the strength of our business model and our brand.“

Core sector grows 4.4% in May

Core sector growth revived in May , clocking fastest pace in six months, led by a turnaround in electricity, oil refining, steel and cement sectors, bringing some cheer for policymakers who have been battling a sluggish industrial sector.
Government data showed the core sector, which spans electricity , coal, steel, cement, refinery production, natural gas, crude oil and fertilizers, rose an annual 4.4% compared to a contraction of 0.4% in April.
The sector accounts for 38% of the index of industrial production and should augur well for the industrial output data due later in the month. The industrial sector has been facing headwinds for the past several months due to a string of factors.
The government has unveiled several measures to revive stalled projects and got them off the ground and analysts say the impact of the policy measures would be visible in the months ahead.
But economists say the trend has to sustain to signal a firm recovery .

Somewhere in West Bengal....

Mumbai Monorail II snippets

About 85% work of the monorail phase II is completed and the launch could be held early next year.
Said an official: “The MMRDA has been expediting the phase-II corridor work of the monorail from Wadala to Sant Gadge Maharaj Chowk corridor. The authority on Sunday launched three crucial spans over the Harbour line from Mumbai Port Trust Yard and Wadala. The task took four-and-a-half hours.“ All the three spans--measuring 34.74 m, 41.74 m and 40.24 min length--are 9.6 metres wide and the cumulative weight of the three spans is about 700 tonnes.
Said MMRDA joint project director (PR) Dilip Kawathkar: “This was indeed an arduous task considering the length and weight of the spans. However, the same was carried out with finesse. With most permissions and clearances in hand, we can expect the completion of the project sooner than later.“
Phase-I of the monorail corridor from Chembur to Wadala was launched in February 2014.

Somewhere in Maharashtra....

Sugar Industry stalemate continues