India's largest online travel agency, MakeMyTrip said that it is premature to assess the impact of Omicron variant on overseas tour bookings. Others in the travel sector however are worried about cancellations in the coming days as countries tighten travel restrictions. "It is too early to assess the impact of the new Covid-19 variant on outbound travel. "Additional protocols are already set in any case from several countries which will help contain the variant coming to India.
Star Health and Allied Insurance's Rs 7,250-crore initial public offering (IPO), the third largest this year and eighth largest ever, just about managed to make it despite a poor response from investors, garnering just 79 per cent subscription, forcing the investment bankers to prune offer for sale (OFS) component. This is the second large offering after digital payments major Paytm this year to receive a lukewarm response from investors, a sign that despite the IPO frenzy investors are discerning when it comes to pricing. As Star Health didn't meet the profitability criteria, its IPO required a mandatory 75 per cent subscription from qualified institutional buyers (QIB).
'Any normalisation exercise will bring its share of volatility.'
Under the new norms, passengers coming from 12 'at risk' countries/regions undergo an RT-PCR test and wait for result at the airport before leaving or taking a connecting flight
'I can tell shareholders we're going to be very responsible with our capital, we're going to be absolutely execution focused.'
The BSE's arm Asia Index has announced Wipro will replace Bajaj Auto in the 30-share Sensex. The move is part of a semi-annual rebalancing exercise and will take effect when the market opens for trading on December 20. On account of the rejig, Wipro will see buying by passive funds to the tune of Rs1,300 crore, while Bajaj Auto will see selling of Rs 636 crore, estimate analysts.
Sebi also plans to examine if any comments made by company officials or the bankers could have misled investors.
The civil aviation ministry has mandated airlines and ground-handling companies to phase out airport equipment older than 12 years and switch to electric or fuel-efficient variants by May 2022. While companies have welcomed the ministry's green initiative, they said that the deadline for implementation is tight. This is especially in the wake of financial challenges faced by the aviation sector during the pandemic.
Initial public offerings (IPOs) by start-ups are bringing cheer to investors and investment bankers alike. After food delivery company Zomato, Nykaa has issued the fattest pay cheque to the managers of its share sale -- Rs 148 crore, or 2.8 per cent of its issue proceeds of Rs 5,300 crore. In absolute terms, this is the second-highest amount paid to investment bankers for handling an IPO, while in percentage terms, it is the highest for large IPOs (>$300 million) in the last one year, shows an analysis of the data provided by Prime Database, a primary market tracker.
Domestic airlines are preparing to offer lower fares for passengers without check-in bags in a move to improve seat occupancy and market share. IndiGo chief executive officer Ronojoy Dutta indicated the airline's interest to offer zero bag fares in an interaction with Bloomberg. Regulatory caps on fares and capacity related to Covid-19 have prevented IndiGo from taking a decision and the airline is discussing the issue with the government, he said.
'Today, there is no easy money to be made after the run-up in equities.'
Listed companies' net profit as a percentage of gross domestic product (GDP) has hit a decadal high and is expected to edge even higher over the next two financial years. According to an analysis by ICICI Securities, India's Inc net profit stood at Rs 8.4 trillion, or 4 per cent of GDP of Rs 210 trillion for the trailing 12-month period ending September. This is the highest since financial year 2011-12 (FY12), when it was at 4.6 per cent.
Reliance-Google's new smartphone has got mixed reviews from analysts and brokerages. The phone pricing is seen unattractive for low-end customers and bundled offers are being viewed as non-disruptive. While this could slow the pace of adoption, it could set the stage for tariff hikes in the industry, feel analysts.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
'We expect the bull run to continue until economic growth continues.'
Morgan Stanley on Thursday became the latest brokerage to question the valuations of Indian equities and downgraded them from 'overweight' (OW) to 'equalweight' (EW) and recommended taking some money off the table. "We move tactically EW on India equities after strong relative gains - we expect a structural multi-year earnings recovery, but at 24 times forward price-to-earnings (P/E) we look for some consolidation ahead of US Fed tapering, an RBI hike in February and higher energy costs," Morgan Stanley equity strategists, led by Daniel Blake and Jonathan Garner, said in a note on Asia Pacific markets. The brokerage has upgraded Indonesia to OW, while maintaining an EW stance on China and UW on Taiwan.
The acquisition will give the Tatas a firm footing on international routes and generate economies of scale.
'Slower-than-anticipated recovery can be a bigger risk this time than a liquidity-driven event -- at least for India.'
'Indian macro conditions have never been better, and many businesses will safely compound earnings over the next five years.'
Travel companies are expecting a heavy rush to the US following the withdrawal of curbs on fully vaccinated travellers from select countries, including India, on November 8. The move will benefit those holding long-term tourist, business, and work visas. Also, new and extra flights by Air India and American Airlines are expected to provide better travel options.
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