The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
In spite of burgeoning initial public offerings, fund mobilisation by Indian companies through debt and equity issues in the year grew only 14 per cent, against close to 40 per cent in each of the earlier three financial years.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
Future Cap's IPO was subscribed 8 times over on the second day of is issue.
Buoyed by the overwhelming response to the public offer for its stake in Maruti, the government on Thursday decided to sell its remaining shares to public in the five privatised companies.
The $22.8 billion CK Hutchison ports deal intensifies geopolitical tensions between the US and China. Chinese media has already called it 'a betrayal of all Chinese people'. Shyam G Menon explains how the proposed sale will reshapes global trade infrastructure.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The initial public offering of the country's largest insurer LIC will open on May 4 and close on May 9, sources said. The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer. The IPO values LIC at Rs 6 lakh crore.
The government is likely to cut the size of the initial public offering of LIC to 3.5 per cent to raise around Rs 21,000 crore from the issue which would hit the capital markets in the first week of the next month. The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size. At this price, LIC, which is 100 per cent government-owned, is valued at Rs 6 lakh crore.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Equity-focused schemes may perform better in a bull market, while debt-oriented ones may offer greater stability during volatile periods.
Jet Airways (India) termed the allegation made by Nancy Heckerman of US-based aviation outfit that money raised by Jet through public offer was pumped into the market through the 'hawala' route as "baseless".
The government would start receiving from Thursday offers for sale of its 7.2 crore (72 million) shares in its joint venture Maruti Udyog Ltd, as part of its decision to divest 25 per cent stake in the car company through a public offering.\n\n\n\n
Carmaker Maruti Udyog Ltd has fixed June 12 as the date for opening the books for its much-awaited public offering and the offer would close on June 19.\n\n\n\n
Let's take a look at some of the biggest IPOs floated by Internet companies.
According to sources, Reliance Infratel would offer 10 per cent equity to the public valued at Rs 5,000-6,000 crore (Rs 50-60 billion). Reliance Infratel is the telecom infrastructure division of Reliance Communications Ltd.
Facebook is seeking to raise $5 billion.
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
Media and entertainment company UTV Software Communications Ltd has filed a draft prospectus with the Securities and Exchange Board of India for its initial public offer for 59.99 lakh (5.99 million) shares of Rs 10 each.
Kumar also said exit polls create a huge distraction by raising expectations and it was a matter for self-introspection for the media, particularly electronic media.
The Supreme Court on Friday junked a public interest litigation (PIL) seeking a Central Bureau of Investigation (CBI) probe into alleged use of animal fat in making Tirupati laddus under the previous Y S Jagan Mohan Reddy-led regime.
The fresh meat and seafood delivery startup Licious plans to set up 500 stores nationwide within the next five years as part of an omnichannel strategy. The aim is to attract new users in the offline channel and encourage them to transact online as well. The move would also help the company in its efforts to achieve profitability and go for an initial public offering (IPO) in the next 24 months, according to the sources.
The growing decline of MTech applicants in Indian colleges is due to multiple factors, including outdated curricula, poor return on investment and lucrative non-engineering alternatives, say experts.
Let's take a look at world's top stock exchanges by IPO value in 2012.
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.
Air Deccan, which first started operations in March 2003, would float its maiden public offer by the middle of next year, a senior company official said.
As many as 31 mainboard IPOs raised a cumulative Rs 26,272 crore in this period, according to Prime Database. During the April-September 2007 bull run, 48 IPOs totalling Rs 21,243 crore were launched. The number of deals in H1FY24 was 2.2 times that of the same period of the last fiscal year, but the amount raised was 26 per cent lower.
The public issue pipeline is at its driest in two years. According to the website of market regulator Sebi, only 11 companies have filed for initial public offerings between April and June.
The insurer is a venture between banking major ICICI Bank and the UK's Prudential Corporation Holdings. Singapore's Temasek and Premji Invest are also the shareholders.
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.
Indian Airlines' board has decided in-principle to tap the capital market through a public offer.
Strong performance of past IPOs spurred investors' interest, with 87 small and medium enterprises (SMEs) garnering Rs 1,460 crore through initial share-sales in the first nine months of the year. This was way higher than 56 companies that had raised Rs 783 crore through initial public offering (IPO) in the entire 2021, the industry data showed. Further, the remaining part of the year 2022 can see more mature companies accessing the platform.
A senior official from the Department of Disinvestment told Business Standard it was decided in a meeting on Thursday that the fresh date for RINL's IPO would be in the third or fourth week of July.
The government is nudging LIC to tweak its product strategy to maximise profitability in a bid to help the country's largest insurer realise its full growth potential and yield better returns for investors, an official said. Life Insurance Corporation (LIC) has been trading below the issue price of Rs 949 a share ever since it got listed on stock exchanges on May 17. It listed at Rs 872 apiece on NSE. On Tuesday, the scrip settled at Rs 595.50, down 0.72 per cent over the previous close.
