On September 10, 2025, Urban Company, India’s leading tech-enabled home-services marketplace, opened its much-awaited ₹1,900 crore IPO. The offering comprises a fresh issue worth ₹472 crore and an Offer for Sale (OFS) of ₹1,428 crore by existing shareholders. With a price band of ₹98–₹103 per share, this IPO is one of the most talked-about listings of the year, especially with the Grey Market Premium (GMP) being around 35%.

So, what’s driving the hype, and should investors subscribe or skip this issue?

Grey Market Buzz: A Promising Start

Even before the IPO opened, Urban Company’s shares were commanding a strong premium in the unlisted market. The GMP rose steadily to about ₹35–₹36 per share, implying a listing price close to ₹139–₹140. For investors, this suggests a potential 30–35% gain right out of the gate.

While GMP is not always a reliable predictor of actual listing performance, it does reflect strong early demand and market optimism.

Subscription Trend: Investors Rush In

The IPO got off to a flying start, being fully subscribed within the first hour of bidding. The retail portion was oversubscribed more than three times, while the non-institutional segment also saw strong interest. Even Qualified Institutional Buyers (QIBs), who often move later in the bidding cycle, showed healthy participation.

Such strong demand across categories highlights Urban Company’s appeal as a consumer-tech story with both retail excitement and institutional backing.

Strong Anchor Investor Participation

Ahead of the IPO, Urban Company raised ₹854 crore from anchor investors at the upper end of the price band. Big names such as sovereign wealth funds, global asset managers, and pension funds participated—underscoring institutional confidence in the business model and its long-term growth potential.

This anchor book allocation not only boosts credibility but also signals that large investors are willing to back Urban Company despite premium valuations.

Company Overview: A Platform for Everyday Needs

Founded in 2014, Urban Company has revolutionized the way people access home services—be it plumbing, cleaning, beauty, appliance repair, or grooming. The company connects customers with trained professionals through its digital platform, bringing transparency, convenience, and reliability to a traditionally unorganized market.

Urban Company has also expanded internationally, with operations in markets like the UAE, Singapore, and Saudi Arabia. This global footprint gives it additional revenue streams and growth avenues.

Financial Snapshot: First Year of Profitability

For years, Urban Company invested heavily in expansion, training, and customer acquisition, often reporting losses. However, in FY25 the company turned profitable for the first time, posting a net profit of around ₹240 crore (including deferred tax credits) and a pre-tax profit of about ₹28 crore.

Revenue grew sharply, climbing 38% year-on-year to over ₹1,140 crore. With improving margins and operating leverage, the company appears to be on a path toward sustainable profitability—a key differentiator from other new-age tech listings in recent years.

Valuations: On the Higher Side

At the upper price band of ₹103, Urban Company’s implied valuation stands at nearly ₹15,000 crore. This translates into a Price-to-Earnings (P/E) multiple of ~65x and a Price-to-Sales (P/S) multiple of ~13x based on FY25 financials.

These multiples are significantly higher than traditional service companies, but investors are willing to pay a premium for Urban Company’s growth trajectory, brand recognition, and asset-light business model.

Strengths vs. Weaknesses:

Strengths:

• Market leader in India’s fragmented home-services space.
  
• First year of profitability with strong revenue growth.
  
• Large, underpenetrated market with rising demand for organized players.
  
• Strong brand recall and repeat customer base.
  
• High-profile anchor investors backing the IPO.
  

Weakness:

• Valuations appear stretched, leaving limited margin for error.
  
• Competition from smaller players and global entrants could erode market share.
  
• Heavy reliance on continued demand growth in urban centers.
  
• OFS component is large, meaning most proceeds go to selling shareholders rather than business expansion.
  

Should You Apply?

The Urban Company IPO offers both short-term listing gain potential and long-term growth prospects.

• If your goal is quick returns, the strong GMP and oversubscription trends make this IPO attractive. Listing gains of 30% or more look achievable.
  
• For long-term investors, the company presents a compelling growth story, but premium valuations demand patience. Any execution challenges or slower-than-expected growth could impact stock performance post-listing.
  

Final Verdict

Urban Company’s IPO stands out as a landmark issue in India’s consumer-tech space. With profitability achieved, strong anchor support, and a growing demand base, the fundamentals are promising. However, the high valuation calls for caution.

Aggressive investors with a higher risk appetite may consider subscribing for both listing gains and long-term exposure. Conservative investors, on the other hand, may prefer to wait for post-listing price stability before entering.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

In today’s markets, the drama was hard to miss — from stocks tumbling to regulatory announcements making headlines. Shares of BSE Ltd, Angel One, and Motilal Oswal Financial Services fell nearly 7%, after SEBI Chairperson hinted at extending the tenure of equity derivative contracts — a move that could impact F&O trading volumes and revenues for major players. At the same time, SEBI cracked down on finfluencers and floated the idea of a regulated platform for pre-IPO trading, signaling a stronger push toward making investing safer and more structured.

Meanwhile, IDBI Bank saw its stock slide over 2% after updates on the government and LIC’s proposed stake sale, a move aimed at improving management efficiency and reducing the fiscal burden.

SEBI’s Push to Rein in Speculation

India’s Futures & Options (F&O) market has seen explosive growth, now dominating capital markets. To put this in perspective:

• On NSE, the share of options trading has jumped from 72% to 99% in the past decade.
  
• Retail participation is at record highs, with demat accounts quadrupling to 192 million by March 2025.
  
• Discount brokers, product innovations like weekly options, and financialization of household savings have fueled this boom.
  

But here’s the flip side — reports show 90%+ retail traders lose money in F&O. To curb excessive speculation, SEBI is considering extending derivatives contract tenure, making it harder for short-term speculative traders to dominate the market.

Recent measures already in place include:

• Limiting weekly expiries to one benchmark index.
  
• Doubling or tripling lot sizes to raise entry barriers for small traders.
  
• Shifting expiry days to avoid overlaps.
  
• Tightening intraday risk checks and margin requirements.
  

The goal is clear: derivatives should return to their true purpose — hedging and risk management, not reckless speculation.

Impact on Major Market Players

Angel One

With ~45% of its Q1FY26 gross income coming from F&O, Angel One is directly exposed to SEBI’s reforms. Higher margins and larger lot sizes may reduce retail trading frequency, impacting revenue growth. However, diversification into mutual funds, insurance, and wealth products provides some cushion.

BSE Ltd

BSE re-entered the derivatives segment in 2023 and rapidly captured nearly 19% share by Q4FY25. Derivatives have been driving its profitability, but stricter SEBI rules — especially restrictions on weekly expiries — could slow its momentum. The long-term challenge will be attracting and retaining traders under a more regulated setup.

Motilal Oswal Financial Services (MOFSL)

MOFSL has ~8% market share in derivatives premium turnover. Like others, it faces potential volume decline. However, its diversified model — spanning wealth management, asset management, and investment banking — makes it better positioned to absorb the impact.

SEBI vs Finfluencers & Pre-IPO Trading

SEBI is also cracking down on finfluencers — with raids at Avadhut Sathe’s Karjat Academy highlighting its vigilance. During the pandemic, finfluencers rose in popularity, often pushing aggressive F&O strategies. With most retail traders losing in derivatives, SEBI’s move aims to protect investors from unsolicited and misleading advice.

Another landmark development: SEBI is considering a regulated pre-IPO trading platform. Currently, unlisted shares trade in opaque, unregulated markets. A monitored exchange-like system would bring transparency, fairness, and investor protection.

IDBI Bank: Privatization in Motion

On the banking front, IDBI Bank’s shares slipped 2%+ after DIPAM Secretary confirmed that qualified bidders are completing due diligence for its strategic stake sale.

Key details:

• The government and LIC together hold 94%+ equity, planning to offload 60.72% combined stake (30.48% by Govt, 30.24% by LIC).
  
• The deal includes transfer of management control.
  
• Privatization is part of the ₹47,000 crore FY26 divestment target, aimed at reducing fiscal pressure and boosting efficiency.
  

Despite short-term stock weakness, IDBI Bank’s fundamentals are improving:

• Net Profit up 17% YoY to ₹2,007 crore.
  
• Gross NPA down to 2.93% and Net NPA at just 0.21%.
  
• ROA at 2.01%, supported by a healthy CASA ratio of 44.65%.
  

Privatization could bring in new promoters, global best practices, and stronger asset quality, unlocking long-term value for investors.

Final Take

SEBI’s actions highlight a regulatory shift toward stability, transparency, and investor protection. While brokers and exchanges heavily reliant on F&O may face near-term headwinds, the market overall could benefit from a safer and more balanced ecosystem.

For investors, the message is clear: the era of high-leverage, low-cost F&O speculation may be fading. The future belongs to structured investing, delivery-based trades, and trusted financial advice.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Bemco Hydraulics, a small-cap company in the hydraulics equipment sector, has become the talk of the market after delivering extraordinary returns of 1672% in just one year. Now, the company is once again in focus as it has announced two major corporate actions – a 1:1 bonus issue and a 10:1 stock split. The record date to determine eligible shareholders has been fixed for Friday, August 22, which means investors must buy shares before the market closes today to qualify.

Source: Economic Times

These moves are expected to reward existing shareholders, increase liquidity in the stock, and make the shares more affordable for retail investors.

Bemco Hydraulics’ Stellar Performance

Bemco Hydraulics is an engineering company that designs and manufactures hydraulic presses, machines, and systems for industrial applications. Based in India, it has established a niche presence in the hydraulics sector. 

Over the past year, Bemco Hydraulics has surprised investors with its incredible rally. The company’s stock has delivered 1672% returns in just 12 months, turning into a true multibagger. For instance, an investment of ₹1 lakh a year ago would now be worth over ₹17 lakh. Such steep growth has placed the company in the spotlight and raised interest among both institutional and retail investors.

Source: BSE

Details of the Bonus Issue

The company has announced a 1:1 bonus issue, which means shareholders will receive one additional share for every share they currently hold. For example:

• If an investor holds 50 shares, they will receive 50 extra shares after the bonus issue.
• Their total holding will therefore increase to 100 shares.

A bonus issue does not change the overall value of an investor’s portfolio immediately, but it increases the number of shares, making trading easier and boosting liquidity in the market.

Stock Split in the Ratio of 10:1

Along with the bonus, Bemco Hydraulics has also approved a stock split in the ratio of 10:1. This means the face value of each share will be reduced from ₹10 to ₹1, and the number of shares will increase tenfold.

For instance:

• Before the split, if an investor holds 100 shares of face value ₹10 each, the total face value is ₹1,000.
• After the split, they will hold 1,000 shares of face value ₹1 each, keeping the total value unchanged.

This makes the stock more accessible to small investors, as the price per share will be lower post-split.

Source: Economic Times

Combined Impact of Bonus and Stock Split

When both the bonus issue and stock split are applied together, the increase in the number of shares is even more significant. Let us take an example for better clarity:

• Suppose an investor holds 50 shares of Bemco Hydraulics (face value ₹10 each).
• After the 1:1 bonus issue, the holding will become 100 shares.
• Following the 10:1 stock split, the number of shares will further increase to 1,000 shares of face value ₹1 each.

This shows how both actions together multiply the number of shares held, even though the overall value of the investment remains the same initially.

Let’s look at the financials of the company. 

BEMCO Hydraulics

Source: Screener

Why Do Companies Announce Bonus Issues and Stock Splits?

Corporate actions like bonus issues and stock splits are not just cosmetic moves. They serve several purposes:

1. Rewarding Shareholders – Companies issue bonus shares to acknowledge investor support and reward them without any additional cost.
2. Increasing Liquidity – With more shares in circulation, trading volumes rise, which can reduce volatility.
3. Improving Accessibility – A stock split lowers the price per share, making it easier for retail investors to participate.
4. Boosting Investor Confidence – Such announcements often indicate that the company is confident about its financial strength and growth prospects.

What Should Investors Do?

With August 22 as the record date, investors who want to benefit from these corporate actions must ensure they own shares before today’s market closing. Only shareholders on record will be eligible for the bonus and split.

However, investors should also understand that:

• The immediate value of their investment will not change after the adjustments.
• The real benefit lies in better liquidity, easier trading, and possibly higher demand from retail investors in the future.
• The company’s long-term performance and fundamentals remain the key factors to watch.

Market Expectations

Given the huge returns already delivered by Bemco Hydraulics, analysts expect significant interest in the stock around the record date. Retail investors may find it more attractive once the stock becomes more affordable post-split. However, experts also advise caution as stocks that rally too sharply in a short time can be volatile.

Conclusion

Bemco Hydraulics has rewarded its shareholders with 1672% returns in just one year, and now, through a 1:1 bonus issue and a 10:1 stock split, the company is further enhancing shareholder value. For existing investors, this move is a welcome reward, while for new investors, it opens the door to participate at lower entry prices.

While these corporate actions make the stock more liquid and accessible, investors must remember that long-term gains will ultimately depend on the company’s business performance and industry outlook.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

India is once again in the spotlight of global trade talks. As tensions rise, Prime Minister Narendra Modi has firmly pushed back against mounting pressure from U.S. President Donald Trump over India’s ongoing oil imports from Russia.

Over the weekend, Modi highlighted the importance of protecting India’s economic interests amid global uncertainty. His comments followed the Trump administration’s move to slap a 25% tariff on Indian exports to the U.S. The White House has also warned of more steps if India continues to buy Russian oil.

Modi’s strong stand comes at a time of rising trade and energy tensions worldwide, with growing tariffs and shifting alliances. While many countries are cutting ties with Russian oil, India has stayed the course, putting national interest and energy security first. 

Source: Economic Times

India’s Growing Energy Needs

India is the world’s third-largest oil importer, and its energy demand continues to grow rapidly. With over 1.4 billion people and a fast-expanding economy, India needs a stable and affordable supply of oil. After the Russia-Ukraine war began in 2022, many Western countries placed heavy sanctions on Russian oil. However, India chose to continue buying Russian crude, often at discounted prices, helping it control domestic inflation and manage its import bills.

Trump’s Renewed Pressure on India

Donald Trump, known for his “America First” approach, has stepped up his criticism of India’s oil imports from Russia. He accused India of weakening global efforts to isolate Russia and hinted at possible trade penalties, including a review of tariffs on Indian products.

Trump also took aim at India’s participation in the BRICS group, claiming that countries aligned with Russia are pulling their economies down together. He argued that any nation supporting Russia’s economy during this time is going against global security interests.

Urging India to shift its energy partnerships, Trump suggested that countries like India should buy oil from democratic allies instead. This was widely seen as a push to reduce India’s dependence on Russian oil and rely more on supplies from the U.S. and the Middle East.

Source: Economic Times

Indian Government’s Defiant Stand

Prime Minister Modi has made it clear that India will make decisions based on national interest. Responding to Trump’s remarks, Modi emphasized that India cannot compromise on energy security, especially when global oil prices remain volatile.

At a recent event in New Delhi, Modi emphasized that India would prioritize sourcing oil based on the most competitive pricing, keeping in mind the country’s status as a developing nation and the need to ensure affordable energy for its people.

Modi’s statement is in line with India’s long-standing foreign policy approach—non-alignment and strategic autonomy. India does not want to be seen as choosing sides in global conflicts, especially when it affects domestic welfare.

Source: Bloomberg

Government Pushes for Economic Self-Reliance

In parallel with defending oil purchases from Russia, Modi has also renewed his call for Indians to support local products and reduce dependence on imports.

Modi urged Indian citizens to embrace the “Vocal for Local” campaign more aggressively. The move is aimed at preparing the Indian economy to withstand any trade restrictions or tariffs that may arise from Western nations.

This dual approach, defending energy imports while promoting local production, is part of a broader push towards “Atmanirbhar Bharat” or “Self-Reliant India.” It highlights the government’s long-term vision of reducing economic vulnerability in a rapidly changing world order.

Source: Bloomberg

Why Russia Matters to India

Here are some key reasons why India continues to purchase oil from Russia:

1. Discounted Prices: Russia offers crude oil at prices lower than global benchmarks, helping India manage inflation.
   
2. Long-Term Contracts: India and Russia have agreements in place that ensure stable supplies.
   
3. Strategic Diversification: Buying oil from multiple sources reduces India’s over-reliance on any one country.
   
4. Geopolitical Balance: Maintaining relations with Russia keeps India’s foreign policy flexible and multi-polar.
   
5. Refinery Compatibility: Many Indian refineries are equipped to handle Russian grades of crude.
   

Global Implications

India’s defiance is not just a bilateral issue between India and the U.S. It could shape future global alliances. As India deepens its trade with Russia, China, and the Middle East, it could form new economic groups outside the influence of the West.

Meanwhile, the United States and European countries may respond with stricter tariffs or restrictions. Trump’s past record shows that he is willing to impose heavy duties on imports from countries that don’t align with U.S. interests.

Domestic Reactions in India

Within India, Modi’s stance has found wide support. Many economists and energy experts agree that India cannot afford to disrupt its oil imports, especially when prices remain unpredictable.

Some opposition parties have warned about potential diplomatic fallouts but have largely backed the government’s stand on energy security.

Indian industries, especially in the manufacturing and transport sectors, also support the move, as affordable oil directly affects production costs and inflation.

Challenges Ahead for India

While Modi’s defiance showcases strong leadership, it does not come without risks. India may face:

• Tariff Barriers: The U.S. may impose higher duties on Indian goods like textiles, pharmaceuticals, and steel.
  
• Investment Slowdown: U.S. and EU investors may take a cautious approach towards India.
  
• Diplomatic Strain: India may find itself isolated in global forums where the West dominates.
  

To manage these risks, India needs to build stronger trade partnerships with Southeast Asia, Africa, and Latin America. At the same time, it must boost domestic industries to make up for any external shocks.

Conclusion

Prime Minister Modi’s response to Donald Trump’s pressure over Russian oil imports reflects a larger message, India will prioritize its national interests without bowing to external demands. Whether it’s about oil, trade, or diplomacy, India is asserting itself as a sovereign power in a multipolar world.

While tensions with the U.S. may increase in the short term, Modi’s push for local manufacturing and economic self-reliance could make India more resilient in the long run. The path won’t be easy, but it marks a bold shift in how India engages with global powers.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Shares of PNB Housing Finance cracked more than 15% today, following the resignation of its MD and CEO Girish Kousgi before the completion of his term.

PNB Housing Finance Share Price

About PNB Housing Finance

PNB Housing Finance offers retail customers housing and non-housing loans, including individual home loans, loans against property, and non-resident property loans, among other services.

As of FY25, 72% of its loan book comes from individual housing loans and the remaining from the non-housing loan segment.

PNB Housing Finance (FY25 Loan Book Rs 75,756 Cr)

Source: Investor Presentation

It’s promoted by the Punjab National Bank (PNB), which holds 28.1% stake as of June 2025.

PNB Housing Shareholding Breakup – June 2025

Source: BSE

PNB Housing CEO’s Sudden Resignation

In a press release, the company said Kousgi has resigned and will step down from his role effective October 28, 2025. He joined the organisation in October 2022 for four years.

Source: Press Release

The kneejerk reaction in its stock price after the resignation comes as Kousgi has played a key role in transforming PNB Housing, scaling new businesses and improving asset quality.

PNB Housing Finance emerged as the third-largest housing finance company in India during Girish Kousgi’s tenure.

Since 2022 when he took over, the company’s topline has grown while bottomline has more than doubled.

PNB Housing Financial Snapshot

Source: Company

Even shares of PNB Housing Finance have surged over 200% since he joined. 

Outlook

Following the CEO and MD’s exit, PNB Housing Finance assured investors today and said the strategic priorities, business focus and growth trajectory will remain ‘firmly intact’, building on the foundation by Kousgi. 

Source: Press Release

Last week when the company declared its Q1 results, Kousgi had said that PNB Housing Finance is confident to achieve a higher NIM guidance of 3.7% as against the previously stated range of 3.6–3.65%, with affordable and emerging segments driving the margins.

Affordable Segment Loan Assets on the Rise

Source: Investor Presentation

Emerging Market Segment Loan Assets on the Rise

Source: Investor Presentation

As part of its future plans, the company has expanded with 40 new branches in FY25 and is focusing on expanding in South, North, and West regions.

Source: Investor Presentation

All being said, the housing finance industry is one of the most competitive segments of the Indian economy, with the banking sector having a significant presence. Banks have an edge over housing finance companies due to access to relatively low-cost funds raised through deposits. 

Nevertheless, with the rise of both affordable and premium housing, housing finance business is on an upward trajectory, due to growing economy, increased urbanization, government incentives, acceptability of credit in society and rise in nuclear families.

Conclusion

The housing finance sector is riding a strong growth wave — thanks to India’s expanding economy, rising urbanisation, government support, growing credit awareness, and the shift towards nuclear families.

Naturally, this has pulled in a crowd. With more players entering the space, competition has intensified, making it harder to protect market share and margins.

Banks still hold a key advantage — they can raise cheaper funds through deposits. So, whenever interest rates dip, banks can act faster. Housing finance companies, on the other hand, have no choice but to follow — or risk losing ground.

That said, industry tailwinds remain strong. And in this race, it’s the market leaders who are best positioned to win first — the others will follow, if they can keep up.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.