IRCTC CEO quits, JSW Infra QIP, Reliance Jio IPO lead busy close

IRCTC's CMD Sanjay Kumar Jain resigned, leaving a ₹41,484 cr market-cap PSU with a leadership vacuum at a critical time. The company is pivoting from high-margin ticketing to volume-led catering and tourism, with a new 30% EBITDA margin target. A successor is awaited, and execution continuity is now the key question.

JSW Infrastructure launched a QIP and promoter OFS to meet public shareholding norms, with combined dilution exceeding 10%. For a ₹66,140 cr port operator, this is a material equity event. The fresh capital likely funds the recently won 30-year Kolkata port concession, but existing shareholders face meaningful dilution.

Info Edge disclosed that its 135-company startup portfolio has a fair market value of ₹41,300 cr, representing an 8.4x return on ₹4,900 cr deployed. That sum is 65% of Info Edge's own market cap, suggesting prior valuations were conservative. Monetisation events could unlock significant value, but timing remains uncertain.

RailTel bagged a ₹334.52 cr order from Indian Railways for an e-Office upgrade, its largest single contract in recent disclosures. At 7.8% of trailing revenue and with a five-year timeline, it locks in multi-year revenue visibility. The order confirms that Railways digitisation spending remains intact despite broader budget pressures.

Interarch booked ₹375 cr in orders in June alone, worth 11.8% of its market cap, reinforcing strong demand across industrial segments. The company is adding capacity with a new Kheda plant to handle the growing pipeline. For a small-cap with a ₹1,700 cr order book, execution is now the constraint, not demand.

Muthoot Microfin seeks board approval on June 30 for a ₹4,000 cr NCD issuance in FY27, a huge debt raise for a small-cap with a ₹3,427 cr market cap. If executed, it would roughly double the balance sheet and significantly increase debt. The market's reaction will hinge on end-use clarity and the company's ability to deploy capital profitably.

Yash Highvoltage raised ₹151 cr via a preferential issue, upsizing earlier guidance, with marquee investors like Malabar and WhiteOak participating. At 64% of FY26 revenue, this infusion significantly changes the funding landscape for the small-cap. It removes funding uncertainty for its greenfield RIP facility and signals strong institutional conviction.

Hubtown shareholders approved a merger that unlocks the ₹6,000 cr Bandra West project, over seven times FY26 revenue. The 42:1 exchange ratio means heavy dilution, but the revenue potential justifies the bet. With NCLT clearance the next hurdle, the focus shifts to project delivery.

MSP Steel promoters spent ~₹55 cr to lift their stake to 45.12%, absorbing over 2% of market cap in a month. This follows a ₹500 cr capex plan and a return to profit. For a small-cap trading at 72x P/E, this insider buying is a strong vote of conviction in the turnaround.

IP Rings acquired its JV's ₹39 cr exhaust business for Re. 1, adding 25% of its market cap in revenue at no upfront cost. The business was already half-owned, so full control brings cash flow without management change. For a nano-cap, this deal can re-rate margins if the acquired unit's profitability holds.

GTPL Hathway bought ACT's cable TV business for ₹36 cr, adding 600,000 subscribers and ₹164 cr in revenue. At 4.4% of FY26 revenue, the price is modest and diversifies GTPL's geography. For a micro-cap with declining profitability, this is a strategic bolt-on that partly recovers lost scale.

Batliboi acquired Penta Automation for ₹19.8 cr, about 5% of its market cap, expanding into industrial robotics. The deferred payment structure aligns seller interests. For a company with trailing PAT decline, this bolt-on diversifies into a growth vertical and uses Batliboi's existing engineering base.

Credent Global director Mohit Chheda sold 3.1% of the company in four days, worth ₹56 cr — over 30% of market cap. This is a rare and blunt insider sell signal, especially as the company pursues a name change and a preferential warrant issue. The timing raises questions about insider conviction.

7NR Retail's promoter slashed his stake from 8.62% to 3.87% in two sales over three days, exiting nearly 60% of his holding. For a nano-cap with zero quarterly revenue and a 124% PAT decline, this signals extreme loss of confidence. The rapid divestment raises governance concerns and leaves the company without a meaningful promoter anchor.