Ola Electric Receives Approval for ₹5,500 Crore IPO and More Top Business News on June 20 – HeadlineFly.com

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On June 20, a series of events unfolded across various sectors in India, from politics to business. Ola Electric, led by Bhavish Aggarwal, is expecting a formal approval for its ₹5,500 crore initial public offering (IPO) from India’s markets regulator by the end of the week. This milestone sets the stage for the first IPO by a pure-play electric two-wheeler maker in the country. The IPO, comprising a fresh issue of equity shares and an offer for sale, aims to raise significant funds for capacity expansion of Ola Electric’s cell manufacturing plant and research and development activities. This development comes as Ola Electric and Emcure Pharmaceuticals have received approval from Sebi to raise funds through IPOs, marking a significant step in their growth journeys.

In other news, Goldman Sachs has initiated coverage on CE Info Systems Ltd, the owner of MapmyIndia, with a ‘buy’ rating and a price target of ₹2,800. This endorsement has resulted in a 20 percent surge in the company’s stock price during Thursday’s trading session. Additionally, IT giant Accenture reported financial results for the third quarter of fiscal 2024, reflecting a slight decrease in revenues in U.S. dollars but a positive growth trend in local currency. Consulting revenues and managed services revenues contributed significantly to the company’s performance during this period.

On the sports front, India is gearing up to face Afghanistan in their first Super 8 match of the T20 World Cup 2024 in Bridgetown, Barbados. Despite weather challenges in the US, reports indicate that the match is set to proceed as scheduled, promising an exciting clash between the two teams. Furthermore, Reserve Bank Governor Shaktikanta Das emphasized the importance of maintaining vigilance in the banking sector during a speech at a global conference on financial resilience in Mumbai, underscoring the need for constant monitoring and oversight in the industry.

Overall, the business landscape in India on June 20 was marked by diverse developments spanning IPO approvals, market performances, sporting events, and regulatory insights. Stay tuned to HeadlineFly.com for more updates on the latest news and trends shaping the business ecosystem in India.