MUMBAI: The win-loss ratio in the SME IPO space has been nearly equally distributed in 2025. Of the 254 small and medium enterprises that tapped the primary market and have been listed till Dec 19, this year, 120 stocks were still in the green, while 132 stocks were in the red. And two were at the IPO price level.Among gainers, the biggest one was up five times over its IPO price while among the losers, the worst performer had lost 82% of its value, data from BSE, NSE and Chittorgarh, a primary market analytics site, showed. Of the total 254 SME listings in 2025, BSE had the major share with 144 listings while the rest were on the NSE. Among the SME stocks that were listed on the BSE, returns on 63 stocks were positive while 81 destroyed value, giving a gain-loss percent of 44% and 56%.

Of the 110 listings on the NSE, as many as 57 created wealth for investors while the balance 53 destroyed wealth. This gave NSE a gain-loss percentage of 52% to 48%, a winning ratio that was higher than BSE’s.Among all the SMEs that were listed on the bourses during the year, Tankup Engineers was the biggest wealth creator with a more than five-fold jump in its stock price since its April 2025 IPO at Rs 140 (see graphic). This NSE-listed company’s shares were listed at Rs 184, and on Dec 19 it closed at Rs 722, a gain of 416%.According to its offer document, this five-year old company is engaged in manufacturing vehicle superstructure for complex mobility and storage solutions. Its products include self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment. Among the other top wealth creators of the year in the SME space were Anondita Medicare (stock up 406% since its Sept 1, 2025 listing on NSE), Fabtech Tech (up 296%, BSE), Cryogenic OGS (up 270%, BSE) and Sacheerome (up 265%, NSE), data from Chittorgarh showed.On the other side of the wealth creation spectrum were stocks that destroyed wealth during the year. Topping the list was Velencia India, which listed on BSE’s SME platform in July this year. Compared to its IPO price of Rs 110, on Dec 19 the stock closed at Rs 20, a slide of 82%. The company has presence in real estate, and export-import of food and non-food items globally, it said in the offer document.Other top value destroyers were Studio LSD (down 75%, NSE), Aten Papers (down 72%, BSE), Swasth Foodtech (down 72%, BSE), and Siddhi Cotspin (down 72%, NSE), data from Chittorgarh showed.

The Afghanistan Cricket Board (ACB) on Sunday, December 21, announced the launch of a new franchise T20 tournament, the Afghanistan Premier League. Notably, the upcoming league will feature five city-based teams, bringing together top Afghanistan players along with overseas cricketers and emerging local talent.

The cricket board had annopinced a T20 league back in 2018, but it lasted only one season. That edition attracted several big international stars, including Chris Gayle, Brendon McCullum, and Shahid Afridi. Payment problems and questions over the league’s management and credibility led the board to discontinue.

Afghanistan Cricket Board Announces Launch of New Franchise T20 Tournament

The Afghanistan Cricket Board is preparing to relaunch its franchise-based T20 league with a new start. The first season is expected to take place in October 2026, with the UAE likely to host the tournament.

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The league is also planning to hold its player draft around June or July 2026. This time, the ACB aims to build the competition on a stronger base by combining Afghanistan’s top national players with overseas stars and young local talent.

“The inaugural season will feature five city-based franchises, bringing together Afghanistan’s leading national players alongside prominent overseas professionals and emerging local talent,” the ACB said in a press release.

The league was last played in October 2018, with matches played at the Sharjah Cricket Stadium. Balkh Legends emerged as champions after beating Kabul Zwanan by four wickets in the final. Star spinner Rashid Khan finished as the Player of the Tournament.

Meaningful Step Forward in Our Cricketing Journey – ACB Chairman Mirwais Ashraf

ACB chairman Mirwais Ashraf said that the Afghanistan Premier League would strengthen the country’s cricket future. He stated that the league will give Afghan players more opportunities to grow, inspire young cricketers, and help Afghanistan showcase its talent to a global audience.

“The Afghanistan Premier League represents a meaningful step forward in our cricketing journey,” Mirwais Ashraf said at the launch in Dubai on Saturday.

“It creates new opportunities for our players, inspires the next generation, and allows Afghanistan cricket to be showcased on a global platform. We see the APL as an important contributor to the growth and unity of the game, both domestically and internationally.”

Organisers Will Move Into the Next Phase – ACB

The Afghanistan Cricket Board has teamed up with Cricket Venture to manage and develop the new Afghanistan Premier League. With the partnership in place, the focus will move to setting up franchise identities, securing sponsors, and planning the player draft or auction.

“Following the launch, organisers will move into the next phase, which includes finalising franchise identities, confirming commercial partners, and progressing the player auction or draft process,” the release said.

Alongside this new league, Afghanistan will continue to run its domestic T20 competition, the Shpageeza Cricket League, which takes place every year in the July-August window with five local teams.

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MUMBAI: The amendment to insurance laws is expected to trigger a fresh round of consolidation and deal-making in the sector, alongside new capital inflows following govt’s decision to permit 100% foreign direct investment.Apart from opening the door to higher foreign ownership, the new bill seeks to widen consolidation options by allowing insurance companies to amalgamate with non-insurance companies through a scheme approved by regulator Irdai. This change could create new listing routes for insurers and expand acquisition opportunities beyond insurer-to-insurer mergers.According to Shivangi Sharma Talwar, partner at JSA Advocates and Solicitors, the amendments could materially alter the legal framework governing mergers in the sector. “With the amendments proposed under the new insurance bill, it may become legally permissible for an insurer to amalgamate with a non-insurance entity, provided the scheme results in an insurance company as the surviving or resultant entity,” she said.

She added that the impact will depend on regulations yet to be notified, particularly on the scope of non-insurance activities insurers may be allowed to undertake. Subject to regulatory clarity, unlisted insurers could use this route as a pathway to listing, while insurers may also be able to acquire service providers and insurtech companies, broadening the scope for consolidation in the sector. The framework could also allow insurance companies to acquire other businesses, including service providers and insurtech companies, expanding consolidation beyond traditional insurance-to-insurance mergers.The proposed change flows from clause 33 of the bill, states that no insurance or non-insurance business can be transferred or amalgamated with the insurance business of another insurer except under a scheme approved by the authority, and only if the transferee continues to comply with the Act and related regulations at all times. Present rules, which do not allow merger of a non insurer with an insurer, had scuttled a two-step merger proposal between HDFC Life, holding company Max Finance and Max Life aimed at listing through merger process in 2016. This route will now be open for insurers. In practical terms, this allows a non-insurance company to merge its business with an existing insurer, provided the resultant entity remains an insurance company and the transaction is cleared by Irdai. Industry experts expect the changes to support growth and deepen the market. Shruti Ladwa, partner and insurance leader at EY India, said the amendments would “catalyse the next phase of growth by attracting global capital and advanced underwriting expertise, strengthening domestic reinsurance capacity, and insurance penetration.”