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The initial public offering (IPO) of railway engineering and construction firm Ircon International, which opened for subscription on Monday, will close today. Shares of Ircon will be listed on both the NSE and the BSE. The government is selling a 10% stake, or 0.99 crore shares, at a price band of Rs 470-475 per equity share. At the higher end of the price band, the shares are estimated to fetch over Rs 470 crore. As of 11:45 am today, Ircon IPO was subscribed 1.63 times, according to NSE data. The lot size is a minimum 30 shares and in multiples of 30 shares thereafter. Retail investors and eligible employees applying for Ircon shares will be offered a discount of Rs 10 per share. Ircon IPO: Last day to subscribe, key things to know before you invest Investors can apply up to a maximum of Rs 2 lakh in the retail category and above 2 lakh in the HNI category.  At the end of Day 1, the Ircon IPO was subscribed 29%, according to NSE data, with retail segment subscribed 86%. In June this

New Delhi:  With the union cabinet approving the complete electrification of broad-gauge railway tracks by 2022, power demand by Indian Railways is set to double in the next four years. The power requirement for broad gauge will increase from 2,000 megawatts (MW) to 3,400MW, while the two dedicated freight corridors will require another 600MW, according to a railway official, requesting anonymity. Power will be procured by Railway Energy Management Co. Ltd (REMCL), a joint venture of the Indian Railways and RITES Ltd. 100% railway electrification to double power demand by 2022 Set up in 2013, REMCL is primarily responsible for tapping the business potential of the energy sector. It currently caters to 60% of railways’ power needs. “As per our estimates, broad-gauge electrification will increase power demand from present 2,000MW to 3,400MW. The 2,000MW is only for train operations and if we add non-traction consumption like use of electricity at workshops, railway stations, offices, et

Mumbai:  The proposed 4% stake sale in SBI General Insurance Co. has drawn interest from at least three global private equity investors, including KKR, Singapore’s Temasek Holdings Pvt. Ltd and Canada Pension Plan Investment Board (CPPIB), two people directly aware of the development said, requesting anonymity. “All the above funds have expressed initial interest and are expected to submit the binding bids but more bidders are expected to place bids,” said one of the persons cited above. The sale process, which was announced by the State Bank of India (SBI) in August, is being managed by Kotak Investment Banking. SBI General Insurance stake sale attracts KKR, Temasek, CPPIB Emails sent to SBI, Kotak Investment Banking and CPPIB remained unanswered until press time, while spokespeople for Temasek and KKR declined to comment. The 4% stake sale is part of the pre-offer valuation exercise of SBI General Insurance before its planned initial public offering (IPO) by the end of March this ye

With the festive season about to begin, many people will begin scouting the market for good deals on cars. While car manufacturers usually refrain from giving discounts on newly launched models, dealers tend to offer some freebies at their end to attract customers to new as well as old car models. But it’s possible that despite the freebies, the price tag may be holding you back, when it comes to your favourite car or model. In that case, you can take a look at the used car market in the country. The used car market in the country is growing fast, and it is quite likely that you may get your favourite car model—which is not very old—at an attractive price. Click here for enlarge Remember that a lot of people prefer used cars, despite having the money to buy a new one, because car is a depreciating asset. Also, a lot of first-time drivers prefer a used car for initial driving practice. To help make your decision easier, we looked at a list of used cars compiled by OLX India, a class

Through the tumult of the past few decades, one fixture has remained constant on Indian roads—the humble motor scooter. From the elegant Lambrettas of the 1960s that our grandfathers rode, to the spanking new Athers that our children desire, the scooter has remained our favourite mode of transport. With approximately 200 million two-wheelers on road, India is by far the largest market, globally, for motorcycles and scooters. Most middle-class Indians, even those who do not have a scooter, learn how to ride one at an early age. Even car owners prefer to commute by two-wheelers by a factor of 4 to 1. This makes India an ideal market for technology disruption on two-wheelers. Click here for enlarge We have just invested in one such company, Vogo, that uses mobile and internet-of-things (IoT) to let you ride a scooter from anywhere to anywhere. Vogo offers a simple service: Use their app to find a scooter near you, ride it to wherever you want, and leave it there for the next customer