CASH HOLDING
How Budget 2024 can cash in on the PLI scheme to unlock Aatmanirbhar Bharat's manufacturing potential
Budget 2024 Expectations: The PLI scheme promotes manufacturing in 14 sectors, including electronics, textiles, and white goods. Reopened for textiles, white goods, railways, furniture, and toy industries, it aims to reduce imports and modernize production. Launched in 2020, it enhances economic resilience, job creation, and export growth under the Aatmanirbhar Bharat initiative.
Jolt to Biden's re-election campaign as donors hold back USD 90 million pledged earlier
A major setback has hit President Joe Biden's re-election campaign as a group of fundraisers has decided to withhold $90 million in pledged contributions if he remains the Democratic presidential candidate. The New York Times reported on Friday that the frozen funds include multiple eight-figure commitments, as informed by anonymous sources due to the sensitivity of the situation. This decision follows Biden's poor debate performance on June 27 against Donald Trump, which has led to diminished support from key allies.
IIHL plans to borrow Rs 4,300 crore via NCDs for Reliance Cap buy
IIHL seeks ₹ 4,300 crore NCD issue for Reliance Capital acquisition. Managed by RBI's Nageswara Rao Y under IBC, with NCLT approving ₹ 9,650 crore plan. Funds from domestic and global markets. Debentures secured by insurance share sales, Care Ratings assess. Escrow for repayments. Reliance General, Nippon Life stakes to Aasia Enterprise LLP. IIHL must retain 51% shareholding.
Financial wellness platform Cashe acquires Centcart Insurance
Cashe acquired Centcart Insurance, offering life and general insurance. Managed by Aeries Financial Technologies and chairman V Raman Kumar, it broadens Cashe’s range. In 2022, Cashe acquired Sqrrl Fintech for wealth management. Over seven years, Cashe facilitated Rs 10,200-crore digital loans to 3 million users. Centcart holds an IRDAI broking license.
Pepperfry puts IPO plans on hold, to focus on growth revival
Pepperfry, an omnichannel furniture retailer, has pushed its public listing plans, as the company aims to bring growth and profitability into focus in the ongoing fiscal. Founded in 2012 by Ashish Shah, the startup had converted to a public company in 2022 and was looking to raise $250-300 million through its IPO.
Samvardhana Motherson raises $350 million via bonds
The bonds were sold by a subsidiary, SMRC Automotive Holdings Netherlands, and are priced at 140 basis points above the five-year US treasury, currently trading at about 4.30%. After taking into account the costs, the bond was priced at a yield of 5.72%.
Reliance Industries Invests Rs 4,330 cr in Retail Unit in FY24
Reliance Industries invested Rs 4,330 crore into its flagship retail company, Reliance Retail, in the past fiscal year, a shift from previous reliance on debt funding. The investment, made through its subsidiary RRVL, included both equity and debt. Reliance Retail transferred its supply chain assets to RLWH at a valuation of Rs 8,000 crore. This move aims to unlock value from assets and improve cash flow, following recent investments by ADIA and KKR in RLWH.
Quant Mutual Fund had over Rs 9,000 crore cash pile to face redemption pressure after Sebi's investigation
Quant Mutual Fund, in the midst of a front-running investigation, holds substantial cash reserves. Financial Radiance recommends against hasty liquidation, highlighting potential market opportunities for investors.
Top funds houses held low cash levels during run-up to general elections
To a great extent, preparing an investment strategy well before general elections determines how a fund manager outperforms in a volatile phase resulting after the election results are out.
Axis Bank hikes stake in Max Life for Rs 336 cr
Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - were allowed to collectively own about 20 per cent in Max Life Insurance by the Insurance Regulatory and Development Authority of India (IRDAI).
Bet on largecap, index stocks; try and take your portfolio to safer sectors: Dipan Mehta
The larger ones, the large banks, the large IT companies, the large pharma companies, they are still in that ballpark figure of 15 times to 30-35 times trailing 12-month price to earning multiple.
Prosus stake in Byju’s worth zero: HSBC
This comes at the time of Byju's controversial $200 million right issue at 99% discount to its peak valuation of $22 billion, meaning any investor not investing in the rights issue will see its holding wiped off.
Australia, NZ dlrs in demand as rate outlooks diverge
The Australian and New Zealand dollars rose as G7 central banks started easing cycles, contrasting with steady rates at home. The Reserve Bank of New Zealand (RBNZ) is expected to maintain rates at 5.5% until November, while the Reserve Bank of Australia (RBA) is unlikely to ease until April next year.
The lying year
The protagonist struggles with financial mismanagement, leading to strained relationships. Thoughts of calling 911 for cash cross their mind, highlighting their desperate situation.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Wipro's majority public shareholders oppose ex-CEO Delaporte's $4.33 million severance
At least 78.4% of the Azim Premji-led IT major's public shareholders or 10.31% of overall shareholders voted against the cash compensation awarded to Delaporte, showed the voting records published on BSE on Thursday.
Ind-Ra upgrades Adani Green Energy's rating, outlook stable
The ratings also reflect Ind-Ra's expectation of favourable operational to under-construction book ratio, given the operational capacity of nearly 10.9 GW, and an increase in annual capacity addition targets to 5GW.
Nvidia rallies nearly 500% in 18 months. Take a look at 15 Indian MFs that own it
Around 8 MFs had an exposure of less than Rs 100 crore. SBI Mutual Fund, the largest fund house based on assets managed, had a total exposure of Rs 49 crore. Bandhan Mutual Fund had the lowest exposure of Rs 23 crore as of April 2024.
Walmart lifts full-year sales and profit forecast, shares rally
The company now expects adjusted core profit between $250 million and $270 million, compared to its earlier forecast of $180 million to $200 million.
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