Bonfiglioli Transmissions IPO Subscribed 47% on Day One

Bonfiglioli Transmissions Ltd's initial public offering (IPO) was 47% subscribed on its first day of bidding. The company received bids for 14,260,775 shares against 30,282,330 shares offered. The IPO is scheduled to close for public subscription on October 19, with a price band set between ₹558 and ₹586 per share.

The non-institutional investors' category saw a 76% subscription, while retail investors subscribed to 57% of their allocated quota. Qualified Institutional Buyers' (QIB) portion was 8% subscribed. Prior to the public offering, Bonfiglioli Transmissions Ltd secured ₹759.26 crore from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Abu Dhabi Investment Authority.

The IPO is structured as an offer for sale (OFS) of up to 43.2 million equity shares by the promoter, Bonfiglioli S.p.A. This means the company will not receive any proceeds from the offering, as the entire amount will go to the selling shareholder. Bonfiglioli Transmissions, an Indian subsidiary of Italy-based Bonfiglioli S.p.A., produces mechanical and electro-mechanical power transmission products and industrial drive solutions, such as gearboxes, gear motors, and drive systems. These products are used in industrial and automation, off-highway mobility, and wind applications. The equity shares are expected to be listed on the BSE and NSE on October 23.

Gujarat Energy Limited and GSPL Transmission Limited Pay Record Dividend to Gujarat Government

Gujarat Energy Limited (GEL) and GSPL Transmission Limited (GTL), both state government undertakings, have remitted a record dividend of ₹384.67 crore to the Gujarat government for the financial year 2025-26. This marks the highest dividend payment received by the state from any state-owned enterprise in a single financial year.

The dividend follows the implementation of a Scheme of Arrangement on May 1, 2026. Under this scheme, Gujarat Gas Limited was renamed Gujarat Energy Limited after the integration of Gujarat State Petroleum Corporation. Additionally, the gas transmission business of Gujarat State Petronet Limited (GSPL) is now operated by GSPL Transmission Limited (GTL).

This corporate restructuring increased the Gujarat government's direct shareholding in both GEL and GTL to approximately 38%. Previously, the state held about 6% in Gujarat Gas Limited and no direct shareholding in GSPL Transmission Limited. The increased shareholding contributed to the higher dividend payout, with GEL paying ₹324 crore and GTL contributing ₹60.67 crore.

Non-Lithium Batteries to Reduce India's Storage Imports by 2035

Non-lithium energy storage technologies, including sodium-ion, vanadium redox flow, zinc-based, and iron-based batteries, are projected to decrease India's reliance on imported battery storage. A survey by the NetZero Energy Transition Association (Netra) suggests that rapid adoption and indigenous manufacturing of these technologies could cut import dependence to 50-52% by 2035.

Currently, 89-91% of battery storage systems and lithium-ion batteries in India are sourced from abroad. This exposes the country to global supply chain disruptions and price fluctuations, with lithium battery prices experiencing over 25% volatility in the past year.

The survey, which included industry leaders, utilities, battery manufacturers, and researchers, found that 61% of respondents believe domestic innovation and manufacturing of these alternative battery types can significantly reduce import reliance. Over half of the respondents anticipate that with commercial deployment and investment, India's storage import share could drop to 50-52% by 2032.

Indian research institutions like ARCI, IMMT, NCL, and IIT Bombay are developing indigenous sodium-ion cell technology. Companies such as Rechargion, HPCL, Oden Energy, Macsen Energy, and Uneverse are creating cell and pack solutions for grid and industrial applications. Globally, sodium-ion cell manufacturing capacity has surpassed 10 GWh this year. Companies like VFT and Delectrik Systems are installing vanadium redox flow battery systems for long-duration storage and grid flexibility both in India and internationally.