BIZ
JM Financial consolidates wholesale and distressed credit biz
JM Financial Limited (JMFL) is set to consolidate its wholesale debt syndication and distressed credit business under a single platform. The move involves two acquisitions: a 42.99% stake in JM Financial Credit Solutions Limited (JMFCSL) and a 71.79% stake in JM Financial Asset Reconstruction Company Limited (JMFARC). The consolidation aims to transition from an on-balance sheet business model to a diversified originate-to-distribute/syndication model across various asset classes.
Gems and jewellery industry key to Rajasthan's economy, govt working to promote ease of biz: Rajasthan CM
Rajasthan's gems and jewellery sector, with Rs 11,183 crore exports, boosts the economy. Jaipur's global recognition is noted. At JAS-2024, CM Sharma highlighted job creation, government support including Modi's hallmarking policy, and plans for a park creating 1 lakh jobs and artisan training. The 'One District One Product' scheme and technology investment emphasize growth through collaboration and research.
Raymond board approves demerger of realty biz to unlock growth potential
The company anticipates numerous benefits from the proposed restructuring of its real estate business. This is due to the distinct nature of risks, competition, challenges, opportunities, and business methods between the real estate and remaining operations, resulting in varied growth potential. The separation aims to unlock and maximise the unique strengths of each division.
Wary Paytm to avoid regulated biz; Foxconn to make AI servers in India
Happy Friday! Paytm is steering clear of regulated businesses and will instead focus on building a strong distribution network. This and more in today's ETtech Morning Dispatch.
No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
Demerger to secure synergies across biz verticals, says Tata Motors Chairman N Chandrasekaran
Tata Motors is planning to demerge its existing automotive businesses into two listed entities, a move aimed at enhancing synergies across its Passenger Vehicles (PV) and Jaguar Land Rover (JLR) segments. This step is expected to boost collaborations in electric vehicles (EVs) and autonomous vehicles. Tata Motors Chairman N Chandrasekaran made this announcement at the company's 79th Annual General Meeting on Monday.
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Tax sops on accommodation to give leg up to co-living biz
The GST Council's recommendation to exempt GST on accommodation services up to ₹20,000/month benefits the co-living industry, students, and corporate employees. Previously, there was 18% GST on services, clarifying exemptions for hostels and accommodations for professionals.
Govt issues draft guidelines to curb unsolicited biz messages, calls; seeks public comments
Consumer Affairs Ministry seeks public comments on draft guidelines to curb unsolicited and unwanted business communications like promotional calls and text messages until July 21.
Govt needs to adopt granular approach to support biz, promote jobs: PwC Chairman
PwC in India Chairperson Sanjeev Krishan emphasizes the need for a granular and tailored approach to support small businesses, promote job creation, and ensure inclusive economic growth in Modi 3.0 government's agenda.
Toyota Kirloskar Motor looks to expand used car biz across key cities
Toyota Kirloskar Motor aims to expand its used car business in key cities with the inauguration of the first Toyota Used Car Outlet (TUCO) in New Delhi, targeting the growing Indian used car market.
Mankind Pharma scouts for M&A deals to boost local branded biz
Mankind Pharma, the fourth-largest pharmaceutical company in India, led by Rajeev Juneja, is seeking mergers, acquisitions, and in-licensing deals to enhance its branded formulation business.
Demerger of biz to help commercial vehicle business capitalise on opportunities globally: Tata Motors
Tata Motors is planning to demerge its commercial vehicle (CV) and passenger vehicle (PV) segments into two separate listed entities to better capitalize on global growth opportunities. The CV business and related investments will be housed in one entity, while the PV business, including electric vehicles (EVs), Jaguar Land Rover (JLR) and its related investments, will come under a separate listed entity.
HCLTech, Arm collaborate to work on custom silicon chips for AI-led biz
The partnership will enable semiconductor manufacturers, system OEMs (original equipment manufacturers) and cloud services providers to enhance the computing efficiency of their data centre environments, HCLTech said in a statement.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
ITC to seek shareholder approval on June 6 for hotels biz demerger
As part of the demerger, which will unlock value for its 36 lakh shareholders and also improve the capital allocation of the parent company, ITC will own 40% of ITC Hotels. The remaining 60% will be owned by ITC shareholders in proportion to their ownership in the parent entity.
Sterlite Power gets stakeholders' nod to demerge transmission biz
The transmission business can target long-term, patient investors seeking predictable cash flow, while SPTL, focusing on Global Products & Services (GPS) business, can attract capital seeking higher returns typically suited for pre-IPO or capital market investors.
JSW Group's paint biz turns profitable; aims Rs 5,000 cr sales by FY26
JSW Paints, a leading Indian paints company, has crossed Rs 2,000 crore in revenue in FY24 and achieved its first operating profit in five years. The company aims for Rs 5,000 crore revenue in the next two years by expanding its retail presence in the home decorative business and adding more products in the industrial coating business. JSW Paints is aiming to grow faster than the market, with a target of 5 to 10 times the market growth. The company has a network of 6,000 retailers across the country and has invested Rs 900 crore in its decorative and industrial coating business.
Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Rules mandate at least 20% of promoters’ shares to be locked in for a certain period of time post-listing after an IPO. This relaxation will help new-age technology companies as founders’ shareholding comes down usually after an IPO. Non-promoter shareholders excluding individuals holding more than 5% of the post-offer equity share capital can contribute towards the shortfall, Sebi said.
Sebi amends rule to facilitate ease of doing biz for cos planning IPOs
Companies promoted by entrepreneurs often have several rounds of funding prior to listing their equity shares on the stock exchanges. In such situations, the promoters' holding may fall short of the minimum promoter contribution i.e., 20 per cent of the post-offer equity share capital.
JB Pharma expects India business to grow above market growth rate in FY25: CEO Nikhil Chopra
JB Pharma, led by CEO Nikhil Chopra, forecasts 12-14% revenue growth and aims to increase Ebitda margins by 27-28% in FY25. The growth is driven by a focus on chronic portfolio, CDMO business expansion, and upcoming acquisition of an ophthalmology drugs portfolio from Novartis. The company's financial performance in FY24 was strong with revenue reaching Rs 3,484 crore.
Vedanta: How an old-age biz is trying to deliver a new-age baby
The complete acquisition of AvanStrate positions Vedanta in the display panel market, with plans to build its own display glass plant in Gujarat. The company is also eyeing partnerships for a potential chip plant. Vedanta's foray into electronics manufacturing, spearheaded by Agarwal's son-in-law Akarsh K. Hebbar, aligns with its core business of metals and mining.
Siemens board approves demerger of energy biz into a separate listed entity
As per the scheme of arrangement, shareholders will get one share of Siemens Energy for every one share they hold of Siemens.
Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz
Amid top-level changes at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride hailing business after a stint with electric scooter maker Ola Electric. Ankush has also been made chief executive of Ola Financial Services.
BAT unlikely to bat on the board of ITC's hotels biz
ITC's hotel business will not have any board representation from its largest shareholder, BAT, according to a demerger document. BAT will own 15.32% in ITC Hotels as foreign direct investment, making it the largest public shareholder after ITC's promoter holding of 39.93%. BAT's chief executive Tadeu Marroco stated last December that ITC's hotel business was not an area of interest for the British tobacco maker.
Biz, trade caught between cyber cops & banks
Restaurants, retailers, small traders, companies face frozen funds due to cybercrimes. Urging action from finance ministry, LEAs, police. I4C initiative tackles cybercrimes. Banks, LEAs face frozen funds challenges.
Edelweiss fund to back Matrix Lab founder's buyout of Viatris API biz
Kotak is lending $150 million (₹1,250 crore) under a mezzanine debt facility to Prasad at 18-20% and arranging an additional $300 million from other lenders including Edelweiss Domestic Performing Credit Fund, two people close to the development said. The Edelweiss fund is lending the money, a senior debt facility, at 10-11%.
'Unverifiable' is the latest biz buzzword
Selling a 'box of happiness', for instance, shouldn't be too hard if one provides the box with decent wrapping. That the box would be visibly empty will add to its mystique - indeed, value. Or the other way around - making it suitably expensive can be confirmation that it holds something as expensive as happiness. Then there can be 'brain enhancer' in syrupy form.
Air India Express to operate non-stop flights to Kochi, Imphal from Kolkata in April
Air India Express, a subsidiary of Air India, will start non-stop flights from Kolkata to Imphal and Kochi this April, offering new fare products and increased domestic routes. The airline aims to provide a personalized travel experience for its guests.
Air India Express launches new fare family; Here's what these new tickets include
Air India Express introduces its new fare family, offering enhanced features such as increased baggage allowances, comfortable seating, and priority services. The new fare family includes Xpress Lite, Xpress Value, Xpress Flex, and Xpress Biz, catering to different passenger needs. Passengers booking Xpress Biz fares can enjoy business class seating, complimentary meals, and priority services. The airline aims to provide a superior travel experience and is rapidly expanding its fleet to accommodate the new fare family.
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