NLC India signs MoU with Indian Oil Corporation

by Hansraj Agrawal | Jun 23, 2026 | Share Market

Last Updated : Jun 23 2026 | 6:32 PM IST

For incorporation of a renewable energy JV

NLC India has signed a Memorandum of Understanding (MoU) with Indian
Oil Corporation (IOCL) for formation of a Joint Venture (JV) for establishment of Renewable Energy Power Projects in the State of Tamil Nadu.

The MoU was signed on 22 June 2026 for the development of large scale Renewable Energy (RE) projects including Solar, Wind, Hybrid Power with or without Energy Storage such as Battery Storage and Pumped Storage Projects or any combination of the same for supply of renewable power to third party, Commercial and Industrial (C&I) consumers, Discoms, energy exchange, for e-mobility, power to applications such as usage/ production of green synthetic fuels/chemicals, complete value chain for solar module manufacturing etc. and any other opportunity in the renewable energy sector in the State of Tamil Nadu, as mutually agreed and based on techno-commercial feasibility.

While strengthening its conventional power portfolio, NLCIL has also been actively expanding into large-scale renewable and green energy initiatives including solar,wind, pumped hydro storage, Battery Energy Storage Systems (BESS), green hydrogen, low-carbon round-the-clock power and waste-to-energy projects.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Jun 23 2026 | 6:32 PM IST

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Kalshi bars India users after govt crackdown on prediction markets

by Hansraj Agrawal | Jun 23, 2026 | Share Market

Kalshi Inc, a United States-base online prediction platform, has added India to its list of restricted jurisdictions, weeks after the Ministry of Electronics and Information Technology (Meity) warned that such platforms were illegal and took steps to restrict access to such websites. The move also coincides with India’s move last year to ban online money games, including betting games.

According to Kalshi’s user agreement, updated on June 17, the platform is no longer available to users in India. The agreement states that users domiciled in, organised in or located in India are prohibited from trading event contracts on the platform.

Kalshi’s website has been inaccessible in India across multiple internet service providers since the last week of May. The ministry had been preparing to issue an order to block the site, The Print reported last month, citing an unidentified official.

India’s Promotion and Regulation of Online Gaming Act, 2025, aimed at curbing online money gaming, came into effect on May 1, 2026.

The development follows earlier scrutiny of Kalshi and rival Polymarket, both of which had allowed users in India to register and trade despite ministry warnings that users were accessing “illegal and blocked prediction market and online betting platforms”.

In an April letter to virtual private network (VPN) providers, the ministry said VPNs were being used to bypass restrictions and warned that providers could face legal consequences if they enabled access to the platforms.

NDTV, in a report published in April, cited government officials stating that VPNs present a complex regulatory issue because they have several legitimate uses alongside misuse for bypassing geographic restrictions. They described enforcement as a “whack-a-mole” exercise, with new access routes emerging after existing ones are blocked.

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OLAELEC receives BIS certification for its indigenously developed LFP 46100 cell

by Hansraj Agrawal | Jun 23, 2026 | Share Market

Ola Cell Technologies (OCT), a wholly owned subsidiary of Ola Electric, today announced that it has received the Bureau of Indian Standards (BIS) certification under IS 16046 (Part 2):2018 / IEC 62133-2:2017 for its indigenously developed LFP 46100 cylindrical cell.

With this achievement, Ola Electric becomes the first Indian company to receive BIS certification for an indigenously developed cell in the 46100 format, marking another significant milestone in India’s journey towards advanced battery manufacturing and energy independence.

In addition to BIS certification, the LFP 46100 cell has successfully qualified under IS 16893 Parts 2 and 3 and UN 38.3 standards, confirming that the cell has completed the prescribed electrical, mechanical, environmental, reliability, abuse, and transportation-safety evaluations. Developed with significant localization across materials, components, engineering, and manufacturing processes, the LFP 46100 demonstrates Ola Electric’s growing ability to develop, qualify, and industrialize advanced cell technologies within India.

To achieve the BIS certification, Ola Electric’s 46100 LFP Cell underwent a series of stringent safety, performance, and endurance tests at a National Accreditation Board for Testing and Calibration Laboratories (NABL)- accredited laboratory. Overall, the cells underwent multiple qualification tests, including thermal abuse, external short circuit, forced discharge, impact, altitude, abnormal charging, vibration, continuous low-rate charging, crush, free fall, and mechanical shock assessments.

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Turtlemint Fintech Solutions IPO subscribed 1.20 times

by Hansraj Agrawal | Jun 23, 2026 | Share Market

The offer received bids for 3.95 crore shares as against 3.29 crore shares on offer.

The initial public offer of Turtlemint Fintech Solutions received bids for 3,95,47,704 shares as against 3,29,01,878 shares on offer, according to stock exchange data at 17:30 IST on Tuesday (23 June 2026). The issue was subscribed 1.20 times.

The issue opened for bidding on 19 June 2026 and it will close on 23 June 2026. The price band of the IPO is fixed between Rs 144 and 152 per share. An investor can bid for a minimum of 98 equity shares and multiples thereof.

The initial public offer (IPO) consists of fresh issue to raise Rs 660.72 crore through issuance of 4.59 crore equity shares at the lower band of Rs 144 per share (face value Rs 1 per share) and 4.35 crore equity shares at the upper band of Rs 152 per share.

The IPO also comprises of offer for sales (OFS) of 1.46 crore equity shares to raise Rs 210.27-221.95 crore. The promoters, Anand Rohidas Prabhudesai is selling 0.21 crore equity shares and Dhirendra Nalin Mahyavanshi is selling 0.22 crore equity shares through OFS.

The promoter shareholding in the company will decline to 13.21% post- IPO from 17.22% pre-IPO.

Turtlemint proposes to utilize the net proceeds of IPO towards, expenditure towards cloud and server related infrastructure (Rs 25.643 crore), salary expenditure towards the technology and product development teams (Rs 193.036 crore), expenditure towards marketing initiatives (Rs 39.073 crore), expenditure towards lease payments for existing properties (Rs 43.076 crore), Investment in wholly owned Subsidiary, TIB, for funding its working capital requirements (Rs 128.642 crore) and funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.

Ahead of the IPO, Turtlemint Fintech Solutions on Thursday, 18 June 2026, raised Rs 397.20 crore from anchor investors. The board allotted 2.61 crore shares at Rs 152 each to 32 anchor investors.

Turtlemint Fintech Solutions incorporated in 2015 is a tech-enabled insurance distribution platform that connects customers, insurance advisors (digital partners) and insurers. Turtlemint operates the point-of-sale person (PoSP) distribution model with the largest certified PoSP network among the Peer Group as of December 2025.

A proprietary technology platform comprises of six integrated components – Turtlemint Pro app, Turtlemint Academy, Ninja SalesPro app, Insurance Hub and Integration Studio, Turtlefin and Turtlemint Consumer app. Turtlemint Pro, a mobile and web-based application empowering digital partners to sell insurance products was launched in FY2018.

The platform premium has jumped 33.63% from Rs 1969.26 crore in 9MFY2025 to Rs 2631.57 crore in 9MFY2026.

The firm reported a consolidated net loss of Rs 187.39 crore and income from operations of Rs 741.07 crore for the nine months ended on 31 December 2025.

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Dollar index scales above crucial 101 mark

by Hansraj Agrawal | Jun 23, 2026 | Share Market

Last Updated : Jun 23 2026 | 5:51 PM IST

The dollar index scales above 101 mark for the first time in more than a year on Tuesday amid growing indications of a Federal rate hike in the near future. The Federal Reserve’s hawkish tone at its latest meeting is seen bolstering gains the U.S. dollar. However, the yield on the US 10-year Treasury note fell to 4.48% on Tuesday as markets reacted to signs that a USIran deal could move closer to a lasting agreement. The upcoming PCE inflation report, the Feds preferred gauge, will be closely watched this week for further clarity. The dollar index that measures the greenback against a basket of currencies is quoting at 101.09. Among basket currencies, British pound weakened against a firmer US dollar but remained comfortably above $1.32 as investors balanced easing political uncertainty with weaker UK economic data. However, euro slumped to a one-year low. The Swiss franc weakened to near 0.81 per US dollar, falling near its weakest level since November 2025 amid a stronger U.S. dollar and lower oil prices.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Jun 23 2026 | 5:51 PM IST

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Quess Corp announces strategic collaborations to establish robust Indo-Japan GCC corridor

by Hansraj Agrawal | Jun 23, 2026 | Share Market

Quess Corp announced a strategic collaboration through its wholly owned subsidiary Quess International Services with Institution for a Global Society (IGS) and Indo-Pacific Advisory (IPA) to establish a robust Indo-Japan Global Capability Center (GCC) corridor. The initiative will support leading Japanese enterprises in building, scaling, and transforming their India operations across high-growth sectors.

The partnership draws on the deepening Special Strategic and Global Partnership between India and Japan, two Indo-Pacific economies whose interests are increasingly aligned across trade, technology, supply-chain resilience, and innovation. Japan’s commitment to invest 5 trillion yen in India by 2027, reinforced by a renewed 2025 bilateral agreement targeting 10 trillion yen in private investment over a decade, underscores the scale of this ambition. With cooperation advancing under frameworks such as the Japan-India Digital Partnership and the Industrial Competitiveness Partnership, spanning semiconductors, critical minerals, and advanced technologies, the two economies are emerging as natural strategic complements, pairing Japan’s industrial and technological depth with India’s scale, capability base, and digital momentum.

Commenting on the development, Lohit Bhatia, Executive Director & Group CEO, Quess Corp said, India has cemented its position as the world’s foremost destination for GCC growth, backed by an unmatched talent ecosystem, advanced digital capabilities, and a workforce built for innovation. For Japanese enterprises accelerating their transformation agendas, India offers far more than cost efficiency, it is a gateway to high-quality technology talent at scale.

Through this collaboration, we are establishing a structured Indo-Japan GCC corridor that enables Japanese companies to build and scale operations in India, while creating meaningful, high-skilled employment opportunities for Indian professionals. This combines Quess’ workforce and GCC execution expertise with IGS’ deep Japanese market access and IPA’s strategic government and business ecosystem support. Together, the alliance aims to support Japanese companies across the entire GCC lifecycle, from market entry and pilot team deployment to long-term scaling and transformation.

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