Foreign investment in bonds issued by Indian corporates touched a 10-year high in May at 20,996 crore, driven by $3.35 billion fundraise by the Shapoorji Pallonji (SP) group, which saw infusion from Deutsche Bank, BlackRock, Morgan Stanley, Davidson Kempner, and Cerberus Capital, among others. The SP group sold three-year bonds, offering 19.75 per cent yield compounded annually and payable at maturity.
With short-term rates firming up due to tight liquidity conditions, Indian corporates are opting to borrow long term to take advantage of the attractive rates by locking them in these uncertain times. The banking system has a liquidity deficit of over Rs 2 trillion. According to market participants, engineering conglomerate Larsen & Toubro (L&T) raised Rs 1,500 crore through 10-year bonds in December 2024.
Karnataka to face Services in men's doubles tennis final
Sanjay Sachdev of Shinsei Bank and Ajay Srinivasan of Prudential Corporation Asia give their views on where the markets are headed.
They were speaking at a function to mark the release of 'Defying the Paradigm,' a coffee table book on Srinivasan's 50-year journey with India Cements.
The 10-member jury was headed by filmmaker Vipul Shah. The awards were announced by jury member Dharam Gulati.
Corporate bond issuances fell by around 22 per cent in August, despite easing yields as issuers delayed raising funds awaiting the US Federal Reserve to start cutting interest rates from this month. Corporates and financial institutions expect yields to fall further and borrowing costs to become cheaper, said market participants. The US Fed is widely expected to cut interest rates by 25 bps in the 17-18 September meeting, marking the start of a downward interest rate cycle.
Birla takes over as chairman after his group increased its stake to 51 per cent in November 2012 from the earlier 50 per cent.
Diversified conglomerate Aditya Birla Nuvo will acquire 56 per cent stake in retail broking firm Apollo Sindhoori Capital Investments for a consideration of Rs 198.8 crore (Rs 1.988 billion), a move that will strengthen the financial services segment of the group.
"When we are building businesses with a long-term view, we are less concerned about short-term impacts. The basic growth in India, the high savings rate and low penetration of financial products suggest there is a huge yet-to-be-tapped opportunity. We believe this is a good time to be building businesses to tap that potential," says Ajay Srinivasan, CEO, Aditya Birla Group's Financial Services.
N Srinivasan refuses to confirm whether he is back in office as president of the Board of Control for Cricket in India.
BCCI President Anurag Thakur will continue as India's representative in the International Cricket Council.
The Supreme Court might have refused to grant him relief but a defiant N Srinivasan is expected to attempt a comeback as BCCI President after being forced to step aside, when the Board officials gather for the final Working Committee meeting before next month's AGM in Kolkata on Sunday.
Foreign portfolio investors' (FPIs') net investment in the domestic debt market in October was the third highest during the current calendar year as foreign investors rushed to lock in higher returns amid global uncertainty and geo-political tensions, market participants said. FPI inflows in debt stood at Rs 6, 322 crore in October against Rs 768 crore in September, according to data on the National Securities Depository Limited (NSDL). Market participants said that the majority of the inflows were channelled through corporate bonds.
Retail investors could be hesitant to invest in floating rate savings bonds, as these specific bonds tend to be profitable only in a rising rate environment, according to market participants. The Reserve Bank of India has allowed subscriptions for floating-rate savings bonds, 2020, via retail direct - an online portal that enables individual investors to purchase government securities.
The Supreme Court verdict accepting the Lodha Committee's recommendations on age-cap of 70 years for office-bearers of the Board of Control for Cricket in India effectively means the end of the road for veteran administrators like Sharad Pawar, Narayanswami Srinivasan and Niranjan Shah, to name a few.
The Supreme Court on Tuesday allowed N Srinivasan to resume charge as president of the Board of Control for Cricket in India while setting up special panel to probe the spot-fixing scandal that rocked the sixth edition of the Indian Premier League.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
Days after JP Morgan announced the inclusion of government bonds in its emerging market (EM) bond index, a host of banks and other financial institutions (FIs) are set to tap the debt market. They plan to raise Rs 18,000 crore by issuing non-convertible debentures (NCDs) and bonds. National Bank for Agriculture and Rural Development (Nabard) plans to raise up to Rs 3,000 crore via five-year social impact bonds on Tuesday, the first of its kind in India.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
'We have great demographics, and are the fastest growing large economy. And we save.' 'All of which is great for financial services,' Aditya Birla Capital CEO Ajay Srinivasan tells Niraj Bhatt.
The government was hoping to roll out the GST regime from April 2016.
The big names in Indian cricket, of late, have opted to stay away when it comes to applying for the national selector's job.
If Cyrus's protestations of having no knowledge of his imminent dismissal are to be taken at face value, he was extraordinarily naive and insulated from the ground reality. There were enough straws in the wind to suggest that his relations with Ratan were fast deteriorating to a point of no return.
The three non-compliant units will not have any voting rights in case there is an election during the BCCI AGM.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
The scandal-ridden BCCI could be forced to bring forward its Emergency Working Committee meeting due to the crisis created by the resignation of two senior Board functionaries, Joint Secretary Anurag Thakur said on Saturday.
Senior bureaucrats Avinash Joshi and Niraj Verma are among the 10 candidates who are in the race to become chairman and managing director of India's largest oil and gas producer, ONGC. Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh are the other prominent names in fray for the top job, according to a candidate shortlist by the Public Enterprise Selection Board (PESB). PESB - the government headhunter - will hold interviews to select the new head of Oil and Natural Gas Corporation (ONGC) this week. Both the bureaucrats are from the 1994 batch of IAS officers belonging to the Assam-Meghalaya cadre.
Secretary Sanjay Jagdale and treasurer Ajay Shirke submitted their resignation in protest against N Srinivasan's refusal to quit as the BCCI president in wake on the IPL spot-fixing scandal.
Sanjay Jagdale and Ajay Shirke welcomed IPL chairman Rajeev Shukla's decision to step down from the post in view of the recent controversies surrounding the T20 league and said it's time the credibility of Indian cricket was restored.
Declining interest rates, a near-normal monsoon leading to higher rural incomes and pay hikes for central government employees are key triggers, says Dev Chatterjee.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
With Supreme Court verdict virtually putting a full stop to their administrative career in BCCI, former presidents N Srinivasan and Anurag Thakur joined forces at an informal meeting in Bangalore on Saturday.
Shashank Manohar is all set to once again become the Board of Control for Cricket in India president with the ruling Anurag Thakur faction as well as Sharad Pawar group projecting him as the consensus candidate for the post left vacant by Jagmohan Dalmiya's demise.
'Jay Shah's tenure as BCCI secretary ended in May.' 'Sourav Ganguly's tenure as BCCI president ended on July 26.' 'Why have they not quit?'
Hectic parleys and backroom manoeuvring continued among Board of Control for Cricket in India bigwigs but there was still no breakthrough in the leadership logjam to find a consensus candidate for the President's post left vacant by the demise of Jagmohan Dalmiya.
Government headhunter PESB on Friday did not find anyone suitable from nine candidates, including two serving IAS officers, to head India's largest oil and gas producer, ONGC. The Public Enterprise Selection Board (PESB) interviewed 9 out of the 10 candidates who had applied for the post of chairman and managing director of Oil and Natural Gas Corporation (ONGC). "Keeping in view the strategic importance and vision for the company and its future, the Board did not recommend any candidate and decided to constitute a Search Committee," PESB said in a notice after interviews. Those interviewed included senior bureaucrats Avinash Joshi and Niraj Verma.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
A day after two of its senior functionaries called it quits, the crisis-hit Board of Control for Cricket in India's Vice President Arun Jaitley said the next 24 hours could bring about a "significant" development in the unfolding drama.
Over the past 25 years the MF industry has come a long way. Geographic reach has increased, many more customers have been added, more channels have been opened up and the product basket is full.
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