The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
The Rupee is 3.7 per cent undervalued on trade related basis.
The Maggi controversy is likely to be a stepping stone in the evolution of country's packaged and processed food industry.
The improving earnings and economic outlook has titled the scales back in favour of Indian equities this year, reports Pavan Burugula.
Wall Street brokerage Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world's worst outbreak of COVID-19 cases, with deaths crossing 2.22 lakh and new cases above 3.5 lakh daily. This has led to demand for imposition of nationwide strict lockdowns to stem the spread of the virus - a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy.
Rebuilding the country will push the prices of commodities and also result in a pull-back of capital.
Reliance Jio's decision to acquire 700 MHz in combination with the possible use of an advanced standalone (SA) 5G network could give it an edge over its rivals, according to most analysts. The dissenters argue that the stiff price tag touching Rs 40,000 crore to grab 10 MHz of spectrum in 700 to provide coverage for its SA 5G network which offers ultra-low latency (unlike non-standalone or NSA), has a long way to go in India in terms of finding use cases that can be monetised. Globally, 700 MHz is a pivotal band which provides huge coverage, indoor penetration (especially useful in India where walls are thick) and is already considered by the European Union to be the 'pioneer band' for 5G, with 3.5 GHz and 26 GHz, both of which were auctioned in India recently.
Indian economy is set for a 'goldilocks' period -- used to describe a timeframe of high growth and low inflation -- while it can become Asia's fastest growing economy in 2016, Japanese financial major Nomura said.
According to Japanese financial services major Nomura, despite slowing external demand, the domestic growth cycle is improving.
Changes in global oil and gas rates matter more to India's economy than other major economies because the country imports around 87 per cent of its oil, half of its gas in the form of LNG, and over 60 per cent of its LPG.
There are multiple near-term worries for the stock of India's largest listed consumer company, Hindustan Unilever (HUL). While inflationary pressures will weigh on its profitability, demand pressures - especially in the rural market - are expected to hit the firm's revenues. This is why brokerages have cut the earnings estimates for financial year 2022-23 (FY23) by 7-10 per cent.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
India will witness good growth under the present government.
With banks staying out of the bond market, and foreign investors exhausting their investment limit, the question is: Who will buy the Rs 4.6 trillion bonds that will be issued from April.
India's manufacturing PMI rose to 54.5 in December, 2014, while in the corresponding period a year ago it stood at 50.7, just above the crucial 50 mark which separates growth from contraction.
Goldman says the downgrade reflects the more difficult external funding conditions for Asia as markets increasingly anticipate Fed tapering and eventual exit from unconventional monetary policies.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
The Reserve Bank is likely to maintain status quo on interest rates in its forthcoming monetary policy review but may change the stance in view of retail inflation piercing its upper tolerance limit, global uncertainties created by the ongoing Russia-Ukraine war, and the urgency to protect and boost growth, feel experts. The RBI governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- will be holding its first meeting of the 2022-23 fiscal from April 6 to 8. The outcome will be announced on April 8.
The Rs 702-crore IPO received bids for 2,93,41,84,140 shares against the total issue size of 2,32,59,550 shares, according to data available till 3.30 pm on Wednesday.
Work is underway in identifying global companies in sectors ranging from electronics, auto components and medical equipment to shift part of their existing or incremental manufacturing to India.
In 2015, India was originally placed at 142nd position.
Industrialists affirm their belief that the adverse effects of demonetisation and the goods and services tax are finally over.
India's appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel - but the volatility in commodity rates will slow global economic growth and use of fuels. Demand for all oil products may grow at only 2-3 per cent in FY23, slower than the current fiscal and nearly half the 5.5 per cent growth estimated by the petroleum ministry, according to industry officials.
In the manufacturing sector, output is expected to decline by about 70 per cent as only food-processing, and drugs and pharma industries are allowed to operate while other segments, such as engineering and metals, have shut operations.
The government will announce the FY13 GDP numbers on May 30, where it expects the readings to be around 5.2 per cent.
Historically, such large years are not followed by another huge year. So, strictly going by that, we should be less enthusiastic, says Pankaj Vaish, MD, Nomura Financial Advisory.
India's macro finances are getting into good shape.
India imported 967 tonnes of gold in 2014-15.
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
LIC owns 3.69 per cent of the total listed universe based on available disclosures, the lowest since at least June 2009.
Bajaj Auto and TVS Motor are the largest exporters in the listed space with export revenues of Rs 12,000 crore and Rs 5,000 crore.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
The brokerage said that the reform measures announced by the government will help growth only over the medium term and are not expected to have any benefit in the near-term.
Around 250 financial market players will participate in a closed door meeting with Narendra Modi on February 27.
As yields rise, bond prices fall. Higher yields not only translate into losses for investors, it also pushes up borrowing cost for companies as well as government
Inflows from Europe, falling crude oil to come to the rescue if rupee cracks against the dollar.
Election results on Friday will determine the strength of the ruling coalition party Congress which will also determine market direction.
Retail sales of cars are back to January 2018 levels in August 2021. Two-wheeler retail sales are 22 per cent lower, nearly four years down the line.
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