The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
After a brutal selloff since October, foreign portfolio investor (FPI) flows for the year-to-date (YTD) in 2024 have turned negative. In early September, YTD FPI investments peaked at a record Rs 22,000 crore ($2.6 billion). This wave of selling has also pulled down benchmark indices, with the Nifty's YTD returns declining to 11 per cent from their high of 21 per cent in September.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
India's industrial production output decelerated to 4.8 per cent year-on-year in July 2024, mainly due to poor performance of the manufacturing and mining sectors, as per official data released on Thursday. The factory output growth, measured in terms of the Index of Industrial Production (IIP), was revised to 4.7 per cent in June from provisional estimates of 4.2 per cent released last month. The IIP for July 2024 was 4.8 per cent, as per the data.
Buoyed by regulatory overhaul and infrastructure boom, engineering conglomerate Larsen & Toubro (L&T) has identified realty business as one of its growth engines for the next 10 years and plans to acquire land parcels while expanding pre-sales, said a senior company executive. L&T Realty has started looking out to acquire land parcels and grab partnership development opportunities across markets to scale up its business. "We are making some strides in that direction, albeit cautiously.
'Investors should consider small and midcaps only if they can handle volatility and have a longer investment horizon.'
Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready.
Mahindra & Mahindra on Wednesday posted a 20 per cent increase in its consolidated net profit at Rs 3,283 crore for the first quarter ended June 30, 2024. The Mumbai-based company had reported a profit after tax of Rs 2,745 crore in the year-ago period. Revenue rose 10 per cent year-on-year to Rs 37,218 crore as compared to Rs 33,892 crore in the June quarter of last fiscal, the company said.
The cement industry continues to present a puzzle to investors.
You see the Thar is not just a Car.... It is The Thar.
Leasing of retail space in shopping malls and prominent high streets dropped 1 per cent to 1.63 million square feet during July-September across top eight cities, according to Cushman & Wakefield. The leasing stood at 1.63 million square feet in the year-ago period. Real estate consultant Cushman & Wakefield on Thursday released its Q3-2024 'Retail MarketBeat' report, which highlighted a sustained momentum across India's main streets, leading retail growth across the top 8 cities.
India remains the largest growing economy in the world, a senior official from the International Monetary Fund said, observing that the country's macroeconomic fundamentals are good. "India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests.
Fundraising momentum is expected to accelerate further in the New Year, potentially surpassing 2024's record figures
The police have also applied for remand of the five people who were arrested over the case and sent to judicial custody, an official said.
State-owned Life Insurance Corporation (LIC) is not keen on a composite license but it is looking to buy less than 50 per cent stake in a standalone health insurance company to enter the health insurance segment such that they have a say in the management of the company, without having to run the company, sources in the know said. "LIC doesn't need a composite licence. "Even if it is introduced, they will not opt for it.
The cement sector may be looking at better realisations and higher volume offtake going by the trends of the October-December quarter of the 2022-23 financial year (Q3FY23), a recent price hike, and the promise of a continued infrastructure thrust in FY24. In Q3, revenues rose by an aggregate of 17 per cent year-on-year (YoY), but Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne, fell by 14 per cent YoY while profit after tax (PAT) rose by 23 per cent YoY. Expenses were up 30 per cent per tonne YoY - power and fuel costs in particular - and that's no surprise given the rise in fossil fuel prices.
The move would help insurance firms to get much needed capital from overseas partners.
The NCEAR has indicated some improvement in the fourth quarter of the current financial year.
The net credit card additions in the banking sector nearly halved to 2 million in the first quarter of the current financial year (Q1FY25) from the previous quarter due to seasonal and regulatory factors. According to the Reserve Bank of India (RBI) data, the net credit card additions during the April-June quarter of FY25 stood at 2 million, 48 per cent lower than 3.9 million in the December-March quarter of FY24.
The production growth of eight infrastructure sectors slowed down to 4.3 per cent in March due to a decline in the output of coal and crude oil, though for the full 2021-22 fiscal, the core sector recorded a 10.4 per cent expansion, according to official data released on Friday. The eight infrastructure sectors - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - had expanded by 6 per cent in February. During April-March 2021-22, the eight sectors grew by 10.4 per cent compared to a contraction of 6.4 per cent in 2020-21. The output of coal and crude oil contracted by 0.1 per cent and 3.4 per cent in March.
The government on Monday proposed to increase foreign direct investment limit in the insurance sector to 74 per cent, a move aimed at attracting overseas players.
Employment in urban areas in the first quarter of 2024-25 (FY25) improved over the previous one. The unemployment rate in April-June (Q1) declined to 6.6 per cent from a four-quarter high of 6.7 per cent in January-March FY24 owing to the fall in the male unemployment rate, according to the quarterly Periodic Labour Force Survey (PLFS) data, released by the National Statistical Office (NSO) on Friday.
IT and ITeS companies accounted for $28.1 billion of the total investment pie during the first nine months of 2021.
State-owned CIL on Monday said coal supply to the power sector rose 15.6 per cent to 49.7 million tonne last month in the wake of high demand of the dry fuel from electricity generating plants and stressed that it is planning to augment its dispatches further, especially to power plants in the coming months. The statement comes at a time when several parts of the country are grappling with power crisis. "With the intense demand for coal continuing unabated driven by an upward spiral in the electricity generation, CIL (Coal India) pushed up its supplies to power plants of the country to 49.7 million tonnes (MT) in April'22.
Finance Minister Arun Jaitley presented the Budget in the Parliament on Thursday.
The Gross Value Added (GVA) in agriculture and allied activities is projected to clock its best growth in FY23 during the October-to-December quarter, at 3.7 per cent, on the back of a strong kharif harvest, according to the second advance estimates of national income. In the third quarter of FY22, GVA in the sector was 2.3 per cent at constant prices. At current prices, the growth in the third quarter of this financial year is projected at 8.6 per cent, which is almost at the same level in the corresponding quarter of FY22.
'We are in a position to start due diligence and private data room access shortly.'
L&T was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Dr Reddy's, Sun Pharma, NTPC, IndusInd Bank, PowerGrid, ONGC and M&M. NSE Nifty jumped 119.20 points to 14,942.35.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
The Supreme Court on Wednesday rejected the Centre's plea for prospective effect of its July 25 verdict, which upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards.
Many retail investors, who are experiencing their first bear market, are shocked at the erosion in the value of their mutual fund (MF) portfolios. The pain is especially acute for those who had taken excessive exposure to sector/thematic and small-cap funds. Even international diversification has failed to stanch the bleed in this downturn.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
'In India, managers and the leadership almost glorify overworking.'
A leading economic think-tank on Thursday advocated allowing foreign direct investment of upto 49 per cent in the retail sector.
Snapping the two months slide, the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while trade deficit narrowed to $20.78 billion. According to official data released on Wednesday, imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year.
The company has the largest car park in EVs in India, estimated to be around 170,000 units. As a pilot, it has already started work with used online car marketplace Spinny.
The manufacturing sector, which constitute more than 77 per cent of the index, recorded a growth of 5.2 per cent in April, up from 2.9 per cent in the year ago month.
The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
