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PhonePe appoints Manish Sabharwal as independent director ahead of IPO

PhonePe has appointed Manish Sabharwal, founder of TeamLease, as an independent director, succeeding Binny Bansal of Flipkart. Sabharwal will chair the audit committee and focus on enhancing the company's financial reporting integrity and risk management practices as PhonePe prepares for an IPO in the coming years. The fintech firm, which holds nearly 50% of the UPI market share, aims to strengthen its internal controls under his guidance.

Ciel HR Services files for IPO to raise 335 crore in fresh equity

Ciel HR Services has filed for an IPO to raise Rs 335 crore, comprising fresh equity shares and an offer-for-sale by existing shareholders. The company, which provides technology-driven HR solutions, reported a profit of Rs 10.85 crore for fiscal 2024, a significant turnaround from a loss the previous year, with revenues rising 35.8% to Rs 1,085.7 crore. Proceeds from the IPO will be allocated for subsidiary acquisitions, working capital, and general corporate purposes.

quarterly earnings reports reveal mixed results across various sectors

The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.
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