Shares of RattanIndia Enterprises Ltd increased by a whopping 885% in one year to ₹ 50.75. Therefore, if an investor would have invested ₹1,00,000 a year ago, his/her investment would be worth ₹9,85,000 today. In the last five days, the share price surged 27% from ₹41.70 to ₹ 50.75.
RattanIndia Enterprises Limited is the flagship company of Rattanindia Group for its new-age growth businesses. It is committed to clean and green commutes and has forayed into Electric Mobility space through Revolt Motors, the market leader in electric motorcycles in India.
The Indian government recently banned the import of drones except for R&D, defence and security purposes with the aim to promote make in India drones. This comes as good news for Rattanindia as it is foraying into this cutting edge technology. It will operate in the segment through its wholly-owned subsidiary NeoSky and expects a commercial rollout of products by Q1 of 2023.
It has also launched its all-digital, financial aggregator platform, BankSe on the popular Android mobile platform and through the web portal. It is a one-stop customised financial solution provider designed to analyse multiple life-stage and financial parameters. This platform has an arrangement with 21 banks and financial firms to offer loan products.
“Plan is to cover all the banks by the end of next financial year. So we will have all the banks offering their products on the platform,” RattanIndia Enterprises’ chairperson Rajiv Rattan told PTI.
“This is something where our capital is not at risk and credit score check and lending to be done by the financial institution. Lending is done by banks or financial institutions as per the RBI guidelines,” he added.
Recently, Cocoblu Retail Limited, a wholly-owned subsidiary of RattanIndia started sales on the Amazon India platform. Cocoblu Retail has invested heavily in technology and has developed cutting-edge retail systems that provide a wide range of high-quality products at a lower price.
The company’s consolidated net losses widened to ₹386.69 crores in the December quarter (Q3FY21). These results include the financials of Sinnar Thermal Power Limited (STPL), which is a subsidiary of RattanIndia Power Ltd. The thermal power units of Sinnar Thermal Power Plant are commissioned, but not operational at present.
A company spokesperson said that the company’s losses widened “due to non-operation of Nashik Thermal Power Plant (Sinnar Thermal Power Ltd). That exposure has no bearing on parent RattanIndia Power Ltd.”
The company’s net profit jumped three-fold to Rs 104.44 crore in the third quarter of this fiscal, from Rs 33.44 crore in the same quarter last year.
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