While Paytm (One97 Communications) is not completely past regulatory hurdles, its share price has gained in the last month or two. The Paytm handle migration is complete along with FDI clearance necessary for the Payment Aggregator (PA) license. UPI consumer data indicates stable market share, and expansion in partner networks in financial distribution. All this implies Paytm could be set to meet guidance of turning Adjusted Ebitda breakeven by Q4FY25 (ex of UPI-incentives).
Jefferies, IIFL, and JM Financial - none of which were in the top five last year - have now claimed the top spots in the league tables for equity capital markets (ECM) during the first nine months of calendar year 2023 (CY23), a period characterised by small- and mid-sized transactions. This shift marks a significant change, with these firms outperforming the bulge-bracket investment banks. According to data provided by Refinitiv, Jefferies leads the domestic ECM market, having handled share sales worth $2.3 billion, representing 12.4 per cent of the total volume of $18.4 billion for ECM transactions.
The conversion of interest into equity stake for the government in Vodafone Idea (Vi) will be decided after the telecommunications (telecom) company's stock price stabilises above Rs 10, India's largest mobile tower installation company Indus Towers has said in its second-quarter report. The board of Vi had, in January, approved the conversion of Rs 16,130 crore worth of interest on adjusted gross revenue dues into equity for the government. This will give the government around 33 per cent stake in Vi.
Aditya Birla Telecom Ltd (ABTL), a wholly-owned subsidiary of Idea Cellular, will offload 20 per cent to Providence Equity Partners, a US buyout firm, for Rs 2,560 crore. This takes Providence's total investment in Idea Cellular to $1.04 billion, which is the largest private equity investment in an Indian telecom service provider. The deal values ABTL at Rs 12,800 crore.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
The cash-rich Piramal Healthcare has closed its second deal in the past month to strengthen its pharma research and development business. The company has said it would acquire the US-based Decision Resources Group (DRG) for a consideration of nearly $635 million (Rs 3,400 crore).
The government has asked industry to provide a list of Chinese suppliers that would like to shift some capacity to India provided they are willing to set up JVs with Indian companies.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
The Union Finance Ministry on Friday announced key amendments to foreign exchange (forex) regulations, including mandating government approvals for all investments originating from countries that share land borders with India. The latest amendments also seek to simplify cross-border share swaps and streamline key definitions, such as "control". The updated regulations have aligned the treatment of downstream investments made by overseas citizen of India (OCI)-owned entities with those owned by non-resident Indians (NRIs) on a non-repatriation basis.
Private credit is fast emerging as a major source of finance for projects in India as several entrepreneurs are looking for short-term debt to bridge the funding gap due to difference in pricing for equity dilution, top officials at PwC India said. They said while new private equity (PE) investments during the past two years have declined, several public market exits by PEs were observed during that period. Several companies are likely to approach capital markets in the near future to provide liquidity to PE fund investors.
US-based buyout fund Carlyle, Providence Equity Partners, Warburg Pincus and Blackstone are understood to be exploring a buyout of Temasek's holding in Mumbai-based pure-play business process outsourcing firm Firstsource. The news triggered the company's share price to rise 6.76 per cent on the Bombay Stock Exchange (BSE) to close at Rs 43.45 on Tuesday. Warburg Pincus has a stake in WNS, a BPO company, while Blackstone has a majority stake in Intelenet.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
Certain foreign portfolio investors (FPIs), which operate as pooled investment vehicles (PIVs), may not be exempt from the additional disclosure mandates by the Securities and Exchange Board of India (Sebi) following an update in the standard operating procedures (SOPs) for custodians. An updated version of the SOPs has specified several conditions to be met for PIVs to benefit from the exemptions granted. These include no segregated portfolios, independent investment manager, and investors having pari-passu (equal) rights in the entity.
Mahindra is coming up with the Thar Roxx. MG Motor India announced a third electric vehicle Windsor. Hyundai and Kia are expected to introduce updated versions of the Alcazar and Carnival respectively.
The IPO filing-to-approval lapsing ratio this year is the best in three years, underscoring the improvement in the IPO market's buoyancy.
Bharti Global, the international investment arm of Bharti Enterprises, has decided to buy 24.5 per cent equity in BT Group - a move that will make the Indian conglomerate the biggest shareholder in the UK's second-largest telecom company both in terms of market value and subscriber count. The shares are being purchased from billionaire Patrick Drahi's Altice UK through a combination of cash and debt .
Diversified entity ITC on Thursday said it has received shareholders' approval to demerge ITC Hotels into a separate entity. Shareholders of ITC, in a virtual meeting held on Thursday through video conferencing/other audio-visual means, approved the resolution for the scheme of arrangement between ITC Ltd and ITC Hotels Ltd, the Kolkata-headquartered firm said in a regulatory filing. The proposal "has been approved and passed by the requisite majority of the Members, pursuant to Section 230(6) of the Companies Act, 2013", it added.
The government on Tuesday proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation, a move experts termed as "negative" for sellers.
With Rs 17,087 crore raised so far this calendar year, the total is already 2.4 times that of the full year of 2023, which stood at Rs 7,266 crore.
So far this year, bankers have earned Rs 1,226 crore for handling 45 IPOs, which together mobilised Rs 48,363 crore.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
Three leading domestic voting advisory firms are not on the same page over the proposed demerger and separate listing of ITC's hotel business, ITC Hotels. Institutional Investor Advisory Services (IiAS) has recommended a vote "against" the resolution, while InGovern and Stakeholders Empowerment Services (SES) have advised their clients to vote in favour. Voting on the resolution is currently underway.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Don't solely focus on tax-saving alone.
'The success of one or two IPOs does not dictate whether the upcoming IPOs will be successful or not, but it certainly indicates that the markets and investors are enthusiastic about startup IPOs.'
The froth in the small and midcap (SMID) space is limited to a few pockets, but regulatory scrutiny could lead to sustained volatility, observe India's top-drawer wealth managers. They add that they have been advising clients to reduce their exposure to smallcaps. Anand Rathi Wealth, which manages investor wealth through mutual funds (MFs), reports that its exposure to smallcap stocks, both through MFs and directly, has decreased by nearly 7 percentage points in the past few months, now standing at 23 per cent.
'Wherever the government has provided incentives for the purchase of two-wheelers, three-wheelers, cars, buses, and trucks, it gets a push for most of these alternate fuels. '
Tata Motors on Monday announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. The commercial vehicles business and its related investments would be housed in one entity while the passenger vehicle business, including electric vehicles, Jaguar Land Rover (JLR) and its related investments, would be part of the second entity, the auto major said in a regulatory filing. Tata Motors chairman N Chandrasekaran said that Tata Motors has scripted a strong turnaround in the last few years.
'The Opposition parties will continue to woo Chandrababu Naidu even though he has said he will support the BJP.'
'In FY21, as of October, LIC has booked a profit of Rs 18,800 crore through sale of equities.'
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
In a move towards gender inclusion, Tamil Nadu has partnered Godrej Consumer Products (GCPL) to offer a 5 per cent job reservation for LGBTQAI+ and people with disabilities at GCPL's upcoming fast-moving consumer goods manufacturing unit in Thiruporur in Chengalpattu district. According to industry experts and activists, while companies acknowledge transgender communities, this is the first time the entire spectrum of gender minorities, including lesbian, gay, bisexual, transgender, queer/questioning (one's sexual or gender identity), asexual and intersex, is receiving such a notable share of job participation in the private sector while signing memoranda of understanding with states.
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
In a landmark decision, United States Defence Secretary Leon Panetta Monday announced to extend benefits being accorded to same sex partners serving within the American armed services.
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