Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
The RBI's macroeconomic report released after the close of markets said upside risks to food inflation remain and that it expects the retail and wholesale price inflation to remain above comfort levels.
The Indian currency resumed lower at 61.50 per dollar as against the last closing level of 61.46 at the Interbank Foreign Exchange Market.
China now world's second largest share market, India is 7th
Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around $500 million (about Rs 4,000 crore), sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet of area valued at around $3 billion. As per the sources, Nexus Select Trust has on Thursday filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of the 2023 calendar year.
We have millions of newbie investors who are clueless about how to handle sudden and severe adverse market reactions, which arrive from time to time, observes Debashis Basu.
Coal India, which is likely to hit the capital markets in October, "will be in the list of Fortune 500 the day it is listed on the stock exchange," the head of a government panel on public sector units said on Monday.
Union Minister Nitin Gadkari on Thursday said the government will approach the capital market this month to raise funds for road projects. Addressing an event, he said toll revenue of the NHAI will soar to Rs 1.40 lakh crore per annum in next three years from Rs 40,000 crore per annum currently. "This month, I will be approaching the capital market to raise funds for road projects...Our toll income is very good and NHAI's rating is AAA...I am 100 per cent sure that we will get a good response from the capital market," the Road Transport and Highways minister said.
The rupee depreciated 7 paise to an all-time low of 80.05 against the US dollar in early trade on Tuesday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80 against the American dollar, then lost ground to quote at 80.05, registering a fall of 7 paise from the last close. In initial trade, the local unit also touched 79.90 against the American currency.
Ola Electric, the SoftBank-backed electric vehicle (EV) maker, is likely to pursue a valuation of approximately $4.5 billion in its upcoming initial public offering (IPO), marking about 18 per cent decrease from its last funding round valuation of around $5.5 billion, according to industry sources. The Bhavish Aggarwal-founded firm aims to file for the IPO by next month, according to people familiar with the matter. "The strategy is to price the IPO attractively for investors, fostering long-term growth and wealth creation," said a source.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
BSE benchmark Sensex plummeted 778 points to close below the 55,500-level on Wednesday following a broad-based selloff in global markets as the Russia-Ukraine crisis escalated. The 30-share BSE index ended 778.38 points or 1.38 per cent lower at 55,468.90. Similarly, the NSE Nifty plunged 187.95 points or 1.12 per cent to 16,605.95.
Softening rural consumption and the likelihood of weak corporate earnings in the March quarter saw investors dump stocks.
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The partially convertible rupee closed at 63.37/38 per dollar compared with 62.83/84 on Monday. The unit dropped 0.85 per cent on the day, its biggest single-day fall in two weeks.
Benchmark Assent Management Company, a Mumbai-based mutual fund house, has listed India's first gold exchange traded fund (EFT) Gold BeES on the National Stock Exchange on Monday.
Indians spent more on foreign investments during the past 12 months than they have since at least 2012.
The stock of India's largest agrochemical player - UPL (formerly United Phosphorus) - fell 2.8 per cent in trade. It was among the top losers in the BSE 100 on Tuesday. Weak 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) performance and muted near-term outlook led to the decline. The company reported lacklustre growth in revenue of 4 per cent on the back of a price reduction of 3 per cent and volume growth of 1 per cent.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
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Sentiments turned buoyant after RBI on Monday cut the marginal standing facility rate, at which it lends emergency funds to banks, by 0.5 per cent to 9 per cent with an aim to improve liquidity and boost economic activities.
Forex dealers will keenly watch, instead, if the central bank indicates more measures to stabilise the currency or gives a timeframe for its current action.
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi. The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over USD 150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.
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The plan being negotiated by US Senate leaders would end a partial government shutdown and raise the debt ceiling by enough to cover the nation's borrowing needs at least through mid-February 2014, a source familiar with the negotiations told Reuters.
Mutual fund bets in their own schemes are nearing the Rs 1 trillion mark. The total value of sponsor and associate investments across all categories of schemes touched Rs 95,058 crore in February, according to a Business Standard analysis of data from industry body the Association of Mutual Funds in India (Amfi). This represents a 28.9 per cent increase over March 2023.
With this, Heineken's stake has risen from 39% to 42.2%.
The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
The BSE Realty index on Monday soared 4.3 per cent-most among the 19-sectoral sub-indices-buoyed by the proposal to formalise fractional ownership of real estate in the country. The Securities and Exchange Board of India (Sebi) on Friday issued a discussion paper proposing to regulate online platforms offering fractional ownership in real estate, a model already popular in countries such as the United States and UAE.
Stay orders keep law out of citizen access even years after CIC rulings on opening market institutions to scrutiny
Even as net flows into smallcap funds in March turned negative, for the first time in 30 months, they remained a big draw for new investors. The smallcap fund category saw a net of 360,000 investment accounts, or folios, getting added last month, the second-most among all active equity categories. Smallcap funds' continued traction could be driven by their strong performance across timeframes, say experts.
Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat. Asked by stock exchanges to comment on a PTI report on Sunday that the group has suspended work on the project, AEL said, "The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration."
For now, the rupee is likely to remain dependant on global factors. The dollar held on to broad gains on Thursday after Fed chairman Bernanke said the central bank still expected to start scaling back its bond purchase programme later this year, but left open the option of altering that plan.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
BSE's, NSE's overnight liquid fund facility can help stock investors maximise returns
Polycab India, Power Finance Corporation, Shriram Finance, and Union Bank of India appear poised to transition from the mid-cap to the large-cap category within the domestic mutual fund industry. Their market capitalisation (m-cap) now ranks among the top 100, which is the threshold for the large-cap universe defined by the Securities and Exchange Board of India.
The S&P BSE Sensex plunged 128 points to end at 25,102.
After creating history with its IPO earlier last month, Reliance Petroleum Ltd is set to join the league of top 15 companies in India in terms of market capitalisation in its debut trade on Thursday.
