ALTERNATES
Piramal Capital eyes up to $400 million via bond issue
The company is looking to raise $300 million initially, potentially increasing to $400 million if demand is strong, adopting a conservative approach to better understand market dynamics.
Tax authorities bowl a GST googly to AIFs
About a dozen such alternative investment funds (AIFs) have recently received notices, with the revenue department questioning why their schemes, housing the fund pools, are not registered under GST. These funds raise huge money every year and bankroll thousands of startups and listed companies.
Goods train derails near Patna
A goods train derailed near Patna on Friday afternoon, disrupting rail traffic on the Fatuha-Islampur section. The incident occurred close to Daniyawan station, approximately 40 km from Patna. According to the East Central Railway, six carriages of the goods train went off track. Fortunately, there were no injuries reported.
Greenko arm cancels dollar bond issue, to tap bank loans
Greenko Mauritius, a subsidiary of Greenko Energy Holdings focused on renewable energy, has decided against proceeding with its planned dollar bond issuance aimed at refinancing a $425-million bank loan. Fitch Ratings has withdrawn the 'BB' rating assigned to the proposed bond, indicating the bond issuance will not move forward as initially intended. Instead, Greenko Mauritius will explore alternative bank borrowing options. Earlier plans for the bond issuance were deferred due to volatility in interest rates. The company has secured a ₹6,200-crore credit line from NaBFID to partially refinance its offshore debt, underscoring its strategic financial planning amid current market conditions.
Echoes of Cold War: US missile plan draws praise, misgivings in Germany
The plan to deploy U.S. long-range missiles in Germany has sparked both support and concern. Announced at a NATO summit, the deployment set for 2026 aims to enhance European defense with SM-6, Tomahawk, and hypersonic weapons. Supporters say it deters Russia, while critics warn it could provoke a new arms race. The move has created tensions within Chancellor Olaf Scholz's coalition and is likely to be a focal point in upcoming elections. Moscow condemned the plan, promising a response, while domestic opposition in Germany remains strong.
Greenko Mauritius halts dollar bond issuance, seeks alternative bank borrowing
Initially, the proposed notes, rated BB by Fitch and Ba2 by Moody's, were expected to price a 3.5-year bond under 7%. However, Earlier this year, Greenko Mauritius deferred the bond due to interest rate volatility. The $425 million bridge loan remains outstanding and is due by September 30, 2024.
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Sadbhav Engineering seeks debt restructuring; interim debt at two SPVs
The company's chief executive officer appeared before the tribunal, stating that a restructuring package had been proposed to all financial creditors and the court asked to convene a meeting of lenders, as reported by ET on July 2.
HNIs looking to diversify warm up to private credit funds
High net-worth individuals are increasingly turning to private credit funds due to the removal of tax benefits for debt mutual funds. This shift reflects a growing interest in fixed-income options among the affluent segment.
Commendable move by UP govt; will lead country faster towards clean energy and transportation: RC Bhargava, Maruti Suzuki
And Maruti has always been saying that the government must encourage all these technologies, adopt alternative routes in addition to electric cars to get to our goals in the area of emission and substitution of imported oil.
Modern alternative fixed income investments: Tracing the evolution of invoice financing across time and economies
Evolving from Mesopotamian credit practices to modern fintech, invoice financing aids businesses by selling unpaid invoices. Italian bankers and altGraaf shaped its development. Products including altWings, altPack, altSmart, altArmour, and altBlu cater to varied investors. With Trade Credit Insurance and high-yield opportunities, it prioritizes diversification and security in investment.
Expect the market to rally more toward Budget date: Andrew Holland
Andrew Holland, CEO of Avendus Capital Public Markets Alternate Strategies, anticipates a pre-Budget rally in IT, banking, FMCG, and power sectors, aided by post-election gains, rural spending, and renewables. Key areas include consumer stocks, affordable housing finance, and power financers like PFC and REC. Power cables and the beverage sector also appear promising with increasing power orders.
Inside the rise and fall of Indian Twitter rival Koo
Koo, the Indian social media platform aiming to rival Twitter, has closed down due to unsuccessful acquisition negotiations. The company struggled with funding challenges and workforce reductions amidst a competitive landscape. Here's a quick recap of the company's journey.
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
Samantha Ruth Prabhu called ‘health illiterate’ by ‘Liver Doc’ for suggesting hydrogen peroxide therapy. ‘Kushi’ star reacts
Samantha Ruth Prabhu has sparked controversy within the medical community on X. The Ye Maaya Chesave actress recently advised her followers to try the hydrogen peroxide inhalation protocol for viral fevers. However, this recommendation faced strong backlash from Dr. Cyriac Abby Philips, a hepatologist known as 'The Liver Doctor' on X, who criticized the Yasoda star and labeled her "health and science illiterate. "
CJI D Y Chandrachud urges citizens to take part in special Lok Adalat in SC for amicable, speedy resolution of cases
In a bid to lessen the pendency of cases in the top court, the special Lok Adalat will be organised in the 75th year of the establishment of the apex court, which came into existence on January 26, 1950 with the coming into force of the Constitution.
IPO Analysis: Emcure has better-listed pharma alternatives
Emcure Pharma, with its strong presence in gynaecology and HIV therapeutic areas, secured significant investments from anchor investors like HDFC Mutual Fund and ICICI Prudential Mutual Fund, showcasing immense market confidence in its upcoming IPO.
FII stake in HDFC Bank falls below 55%, ADRs rally on likely inflows
HDFC Bank's shares surged, attracting billions, with FIIs reducing stakes. Analysts predict a significant increase in the MSCI index weight, potentially doubling inflows. The bank's NSE shares closed higher, reflecting positive investor sentiment.
HDFC’s potential weight gain in MSCI index may bring $4-b inflows
HDFC Bank shines with a 16% rally, surpassing Sensex performance. Market awaits MSCI EM Index rebalancing news on August 13, fueling anticipatory speculation.
BlackRock to buy UK data group Preqin for $3.2 bln
BlackRock has agreed to acquire UK data firm Preqin for £2.55 billion ($3.23 billion) in cash, enhancing its presence in the private markets data sector. The acquisition will integrate Preqin's data and research capabilities with BlackRock's Aladdin portfolio management software. Preqin will remain available as a standalone solution. Expected to generate $240 million in recurring revenue in 2024, Preqin has grown 20% annually over the past three years. Founder Mark O'Hare will join BlackRock as vice chair. Sudhir Nair, BlackRock's Aladdin head, emphasized the goal of making private markets investing more accessible.
Jio Financial and Zomato could join derivatives segment, Nifty50
"If we assume Jio Financial and Zomato make it to the F&O segment before the third week of August, then there is a very high chance of them making it to the Nifty50 in the September review," Nuvama analysts Abhilash Pagaria and Abhishek Shetye wrote in their latest note.
The train from Russia: How a new route can change things for India
A multimodal route that includes a railway, roadway network and seaports, the INSTC spans 7,200km (4,500 miles) from St. Petersburg to the port of Mumbai in India. The corridor is part of Russia’s push to find new transport routes in light of Western sanctions, which have forced it to shift trade flows from Europe to Asia and the Middle East.
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
Centre seeks exemption for sovereign funds from RBI's alternate investment fund rules, sources say
The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign funds from the tightened rules concerning investments in alternate investment funds (AIFs). The RBI has asked banks and non-banking financial companies to raise provisions for AIF investments if they were also lenders to the projects in which the AIFs were investing.
Credit funds, family offices fill void left by banks at AIFs
The central bank came out with a circular in December 2023, requiring mainstream banks and NBFCs to divest their investments in AIFs that have funded any company that has borrowed from the bank or NBFC. The regulator had also raised provisions for banks or NBFCs investing in AIFs that subsequently lend to their borrowing companies.
High yield credit investing due for exponential growth in India
High Yield Credit funds, also called 'Performing Credit' funds, primarily invest in bonds issued by SMEs or structured corporate issuances. These bonds are typically bilateral agreements between issuers and investors, characterized by low liquidity, which translates into higher yields for investors.
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
Golden era for shipping seen ahead as geopolitics boosts pricing
Shipping industry in Athens anticipates higher earnings amidst geopolitical conflicts and supply uncertainties.
It's a party on Dalal Street as India m-cap soars to Rs 426 lakh crore
Indian equities surged to new highs on Monday as investors reacted positively to the likelihood of the Bharatiya Janata Party (BJP) winning with a strong majority based on exit polls. Benchmark indices jumped over 3%, the biggest gain in four years.
American Gladiators set to make a comeback. Here are the details
Amazon is producing this popular show, which has its origins in the 1980s. The new athletes, who are being cast, will compete against each other in a series of complex tasks.
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