BARING ASIA
Taiwan, India threaten China’s top spot in EM equity portfolios
The rise of Taiwan and India is allowing investors to better diversify by betting on artificial intelligence chipmakers and the infrastructure boom coming from Modi’s programs to modernize the country. As the US rate cycle peaks out, having attractive options in emerging markets is fundamental to any pivoting of capital flows.
Coforge acquires 17% stake in Cigniti Technologies for Rs 645 crore
A total of 46.18 lakh shares of Cigniti were sold by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna and Chakkilam at the same price. Shares of Cigniti Technologies fell 1.28 per cent to close at Rs 1,367.20 per piece on the NSE.
Weekly Top mid and smallcap picks: These mid and smallcap stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
Weekly Top Picks: These mid and small cap stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Asian stocks rise on tech rally, Fed rate cut wagers
Asian shares rose to a three-week high driven by tech stock rally as the dollar struggled post soft U.S. retail sales data, hinting at potential Fed rate cuts.
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Old empires could be the key to a new car future
Hydrogen, a vital element in water creation, is gaining traction as a fuel source for fuel-cell electric vehicles.
EQT's growth fund to pursue deals of $50m-250m in India
EQT's $1.6 billion BPEA EQT Mid-Market Growth Partnership (MMG Fund) targets deals of $50 million-250 million in India, focusing on controlled investments in tech services, healthcare, and the financial sector, with a preference for single specialty hospitals, pharma, and diagnostics.
Asia stocks weaken on the patient approach to rate cuts
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.57%. Australia's S&P/ASX 200 index was one of the biggest decliners, slumping 0.8%, also hurt by a pullback in some commodity prices.
PE fund Apax to step up India play with new team
The Apax strategy is more pivoted toward control deals, given its focus on being able to have a seat on the table to drive changes. It is, however, open to partnering with quality founders and management teams in minority settings "where there's a meeting of minds," Haldea said.
A taste of Europe trip at half the cost: How to plan Kazakhstan or Georgia or Azerbaijan or Uzbekistan or Kyrgyzstan trip for Rs. 1 lakh
A clutch of countries in the south of Caucasus and Central Asia provide a whiff of Europe without snapping your budget. Within sniffing distance of Europe and straddling the Eurasian cusp, these are perfect destinations as they combine unsurpassed natural beauty with cultural overdose. Detailed budget and itinerary for Kazakhstan, Georgia, Azerbaijan, Uzbekistan and Kyrgyzstan trips this summer. Happy holidays!
EQT to list Sagility; $3 billion valuation likely
Sagility India IPO: EQT has hired investment bankers - ICICI Securities, IIFL, JP Morgan and Jefferies. This proposed IPO is likely to value Sagility at about $3 billion (Rs25,000 crore ) and EQT may raise about $400-500 million (Rs4000 cr), said sources.
Hexaware acquires Softcrylic; boosts its data and analytics capabilities
While Hexaware didn’t disclose the financials of the deal, the acquisition would boost the mid-tier IT firm’s data and analytics capabilities, said the company in a statement. Global investment bank, Canaccord Genuity, advised Softcrylic on the transaction.
More than 100 Vietnam temperature records tumble as heatwave scorches
In April, over 100 temperature records were broken in Vietnam amid a deadly heatwave engulfing South and Southeast Asia. The extreme heatwave, fueled by human-induced climate change, has caused heatstroke deaths, school closures, and drought conditions, with experts attributing the intensity to the El Nino effect.
India needs to expand universal health coverage for rapidly ageing population, maintain growth: ADB report
A report by the Asian Development Bank (ADB) highlights India's low health insurance coverage for older people, emphasizing the need to expand universal health coverage. While countries like South Korea and Thailand have achieved universal coverage, India lags behind, with only 21% of older people covered. The report acknowledges the positive impact of schemes like Ayushman Bharat but calls for further expansion to improve the well-being of older individuals and enhance their productivity for the economy. It also stresses the importance of extending essential services to optimize older people's physical and functional capacity.
Kedaara Capital closes largest India PE fund at $1.74 billion
Kedaara Capital has closed its $1.73 billion fund, Kedaara IV, the largest fund raised by an India private equity fund in 12 years. The fund, which will be its fourth in 12 years, was raised in just four months beginning last December and would even surpass Chrys Cap’s $1.3 billion Fund IX raised in 2023. Around 85% of Kedaara’s new fund was raised from existing backers, including the three of the largest Canadian pension funds – CPPIB, CDPQ, and Ontario Teachers’ Pension Plan (OTPP).
Yen on intervention watch; Asia shares subdued
Markets were largely rangebound ahead of Friday's much-anticipated U.S. core personal consumption expenditures (PCE) price index data, the Federal Reserve's preferred measure of inflation. Few markets will be open to digest the new reading, however, given the long Easter weekend in many countries.
Rupee ends flat wedged between higher Asia FX, local dollar demand
The Indian rupee closed little changed on Thursday, sidestepping strength in its Asian peers as local dollar demand ate into the currency's early gains that came after the U.S. Federal Reserve kept its policy rates and dot plot for 2024 unchanged.
Cos talk up diversity but boards stay stubbornly male with needle barely moving in 6 yrs: Survey
Data from Deloitte Global Boardroom Program's Women in the Boardroom report, shared exclusively with ET, show that only 5.1% of the CEOs in the 400 listed companies on the MSCI index analysed are women - with the needle hardly moving from 3.4% in 2018. Data shows about 4.1% of board chairs are women compared with 4.5% in 2018.
Baring Private Equity secures threefold returns as it fully exits CMS Info Systems
The shares were offloaded at Rs 370 apiece to various investors, including Nomura, Ward Ferry, and domestic mutual funds, sources disclosed. Sion Investment Holdings, an affiliate of Baring Private Equity Asia, held 4.17 crore shares or 26.67% stake in the company as of December 31, 2023.
Asia stocks stumble, China skips on rate cut
China reports economic growth data for the fourth quarter and a slew of monthly figures on Wednesday, and investors have become used to being underwhelmed by activity as Beijing drip feeds its stimulus.
Asian shares on guard for inflation, earnings tests
There was more promising news from Washington where U.S. congressional leaders agreed on a $1.6 trillion spending deal aimed at averting a partial government shutdown.
Baring PE sells its entire stake in Coforge
According to BSE bulk deals data, Baring PE sold 16.3 million shares at ₹4,722 apiece. Some of the buyers include Aditya Birla Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Morgan Stanley Asia and Societe Generale.
Torrent joins fray for Hamied family stake in Cipla, up against Blackstone and Baring PE
Torrent Pharma is reportedly vying to acquire the Hamied family's stake in Cipla, which could become the largest pharmaceutical deal since 2014. If successful, the deal could create India's second-largest drugmaker by revenue. Other potential buyers include Blackstone and Baring PE Asia-EQT. Torrent Pharma is said to be forming a consortium with private equity funds and has approached multiple lenders for funding.
Baring PE Asia to pick up 60-65% stake in Indira IVF
The deal was signed before other contenders could submit binding offers by this week's deadline, said people directly involved in the matter. The chain has been valued at $1.1 billion (₹9,000 crore), they said. BPEA EQT has paid a premium of about 22 times Indira IVF's ebitda
Baring Asia to acquire India's largest fertility chain Indira IVF
Baring Private Equity Asia (BPEA) EQT has agreed to buy 60% stake in Indira IVF, the largest provider of fertility services in India. Global investors such as Baring PE Asia EQT and Blackstone have submitted non-binding bids to acquire a majority stake in India's largest fertility clinic chain, Indira IVF, valuing the chain at $1-1.2 billion, ET first reported on June 6. The new investor is likely to end up owning about 60% stake, with existing investor TA Associates selling its 47% holding and the promoters diluting additional stakes, ET reported.
Cipla promoters mull stake sale to top PE firms Blackstone, Baring Asia: Report
However, the company has issued a clarification, saying that "the company is not aware of any event that requires disclosure under Listing Regulations. The company will make appropriate disclosure in compliance with the listing regulations as and when any such requirement arises."
Baring EQT set to buy HDFC's education loan arm Credila for up to $1.5 billion
The buyout fund will be buying 90% of the company, with the housing finance company retaining a 10% stake that it may sell over a two-year period. A formal announcement is expected by June end, ahead of the mega merger between HDFC Bank and HDFC to create the world’s fourth-largest bank. Both sides are finalising legal documentation, said the people cited above.
Baring Asia plans to sell minority stake in Sagility
In 2021, BPEA EQT had acquired the healthcare vertical of Hinduja Global Solutions for an enterprise value of ₹7,500 crore ($1 billion), through Baring Asia Private Equity Fund VIII. Hinduja Global is the business process management (BPM) entity of the Hinduja Group. An email sent to a spokesperson of BPEA EQT remained unanswered.
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