CORPORATE INVESTMENT ARM
Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback
Goldman Sachs targets $35-50 million in MoEngage via secondary transaction. MoEngage, valued at $700 million in 2022 led by Goldman and B Capital, has clients including Flipkart. IFC invested in Innovaccer; Whatfix by Warburg Pincus; Icertis, SoftBank. Atlan received funds from GIC, Meritech. Noteworthy: Eight Roads Ventures, SaaS valuation multiples, Bessemer Venture Partners.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
Corporate France braces for new era of political turmoil
France's business elite is concerned about political volatility, street protests, and potential bankruptcies as the country heads into a parliamentary election. Executives meeting in Provence fear the far right and left may undo President Macron's pro-business reforms. The rise of inexperienced leaders and uncertain economic outlook are adding to their anxiety.
Suzuki launches Rs 340 crore investment vehicle Next Bharat Ventures for Indian startups
The company will invest in firms through a residency programme, the first of which will begin this October, with applications starting on Thursday. This will be similar to those run by Antler and Y Combinator.
Assam's Namrup to get two nano urea plants: Sarbananda Sonowal
Union Minister Sarbananda Sonowal met with Union Minister JP Nadda to discuss expanding the Brahmaputra Valley Fertiliser Corporation Ltd in Namrup. Sonowal urged Nadda to expedite Nano Urea Plant projects within the BVFCL compound. Nadda assured a Rs 500 crore investment to modernize and develop the fertiliser facility, boosting local industry in Assam.
DEG-IFC-ADB trio eyes renewable energy firm Fourth Partner
A group of German investor DEG, along with the World Bank's International Finance Corporation (IFC) and the Asian Development Bank (ADB), are set to invest $300 million to acquire a controlling interest in Fourth Partner Energy, a renewable energy firm based in Hyderabad.
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Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years
“The funding for the initiative will be structured with a combination of equity, debt and sales. Approximately 20% of the funding will be in equity, while the remainder will be sourced from debt and sales proceeds,” he told ET. “Our approach to debt is highly prudent and disciplined. The company's primary focus lies on commercial and residential projects, which form the bulk of our portfolio.”
More PEs head to India armed with big money to bag deals
Growtheum Capital Partners, a private equity firm headquartered in Singapore, is scheduled to inaugurate its Mumbai office this July, joining the growing list of PE investors in India. At the same time, US-based private equity firm Platinum Equity is evaluating investment opportunities across various sectors such as healthcare, technology, and infrastructure as it prepares to enter the Indian market.
China sanctions defense-related US companies and executives over Russia, Taiwan
China claims the self-governed island as its own territory, to be annexed by force if necessary. It has long opposed any weapon sales by the U.S. to the island. While the U.S. does not recognize Taiwan as a country, Washington is obligated by a federal law to ensure the island's government has the means to defend itself.
Railways stocks: Stay bullish, just hedge a bit to avoid mistake of selling in haste: 7 outperforming railways stocks across different segments
Even the best of the rational brain can make wrong decisions when there is too much noise which gets created due to a narrative. Now for the last few days a narrative has been created that due to polls, FPI are selling. These kinds of narratives tend to hit the sector and stocks which are sitting with big gains and are dependent on government policy push. Railways was among the last sectors to get re-rated due to the policy focus. Whether it was companies which are financing the expansion of railways or private sector companies which are making coaches, all of them have done extremely well. Given the fact the railways is likely to be the focus area, the long term story remains intact. Only thing is that one might end up selling the long term winner early because of the narrative. Rather than getting jittery, it would be better to create a hedge and stay with the stocks where there has been a big change in the fundamental ways things operate and the sector has a long runway.
Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
India's defence capabilities boosted under Modi government, relying on imports only for immediate needs: NITI Aayog member VK Saraswat
India has significantly enhanced its defense capabilities over the past decade, with a focus on indigenous manufacturing and reducing reliance on arms imports. VK Saraswat, a member of NITI Aayog and former chief of the DRDO, highlighted that 60% of India's arms and ammunition are now domestically produced, with major corporations like Adani, Tata, and L&T contributing to radar systems and gun manufacturing. Saraswat also assured that India's power capacity is sufficient to meet its needs, minimizing the risk of significant power cuts. Companies like Hindustan Aeronautics (HAL) and Bharat Electronics are poised to benefit from these trends.
Anime Kingdom: OTTs step up investments to draw youth
Anime content is taking centre stage on over-the-top (OTT) platforms in India as streamers look to ape the traditional TV model of offering diverse content slate that caters to different age groups and demographics, amid the summer vacation for schools and colleges.
Goswami Infra seeks change in debt pact to avert higher interest
The move aims to save high interest outgo on RS 14,300 crore bond due in April 2026, refinance its debt. In mid-2023, Goswami Infratech raised Rs14,300 crore zero coupon bonds maturing in April 2026, offering 18.75% as a redemption premium. These bonds also have a so-called most favoured nation (MFN) clause, which says that if any Shapoorji Pallonji (SP) group affiliate borrows at a higher rate after May 26, 2024, Goswami Infratech will have to offer the same return to its bondholders.
Tata Motors looks to spin off its NBFC arms, merge with IPO-bound Tata Capital
Group holding company Tata Sons will offer shares of Tata Capital to Tata Motors. This will give India's third-largest carmaker by volume a minority stake in Tata Capital.
Bandhan Bank in talks to raise $250-million debt from IFC
The Kolkata-based lender is now targeting to grow home loan business along with other retail loans while reducing the share of micro loans, which has been a major stress point for it since Covid-19. The bank had a stress pool of Rs 7,500 crore, largely from the microfinance portfolio built through the joint liability group-based lending model.
Muthoot Finance's arm Belstar Microfinance submits Rs 1,300 crore IPO prospectus with SEBI
Belstar Microfinance plans a Rs 1,300 crore IPO with fresh equity shares and OFS. MAJ Invest, Danish asset management firm, and Muthoot Finance's stake highlighted. Proceeds for future capital requirements and reported profit in December 2023.
A 6-step guide to assess corporate governance for retail investors
The separation of management and ownership within the company structure gives rise to an agency problem — the conflict of interest between the company's management and its stockholders.
IFC investments in India to zoom to over $4 bn, focus on climate finance
The International Finance Corporation (IFC) plans to increase its investment in India to over $4 billion this financial year, with a focus on climate finance. India's renewable energy targets and plans for a net zero economy by 2070 align with IFC's investment priorities, particularly in areas like batteries and electric vehicles (EVs). IFC also emphasizes financial inclusion, digitalization, infrastructure, and public-private partnerships as crucial for India's growth. However, challenges such as geopolitical developments and high interest rates may impact economic predictions and investment decisions.
Reliance Capital lenders urge Hinduja Group arm to stick to resolution plan deadline
Lenders of Reliance Capital urge IndusInd International Holdings Ltd (IIHL) to accelerate regulatory approvals for the resolution plan, emphasizing the May 27 deadline. IIHL is expected to pay Rs 9,650 crore by then. Delays in IRDAI approval for the transfer of insurance businesses raise concerns over meeting deadlines.
Puravankara arm Provident Housing raises Rs 1,150 crore from HDFC Capital
Provident Housing secures Rs 1,150 crore from HDFC Capital Advisors for expansion. The collaboration aims to add 6.2 million sq ft, with a combined portfolio value of Rs 17,100 crores, focusing on delivering quality homes across various cities.
Hinduja arm asks NCLT to junk BHEL insolvency plea
Hinduja National Power Corporation Ltd (HNPCL) has requested the dismissal of an insolvency petition filed by public sector undertaking Bharat Heavy Electricals Ltd (BHEL) due to the PSU's failure to complete the project as per the contract. The case has been dragging on for over four years, with BHEL claiming HNPCL failed to make a payment of ₹281 crore.
Fairfax arm infuses Rs 500 crore into IIFL Finance: Sources
Fairfax's Odyssey Reinsurance offers Rs 500 crore debt to IIFL Finance for gold loans. Prem Watsa's subsidiary provides secured, rated bonds at 9.5% coupon. ET's comment requests to IIFL Finance and Fairfax go unanswered.
ZEE Media Corporation's arm enters into agreement to invest Rs 8.76 crore in PR firm Newsreach
The investment will be done through subscribing to equity shares and/or convertible equity linked instruments (Optionally Convertible Redeemable Preference Shares) of Newsreach.
Norges Bank of Norway supports ICICI Securities delisting
The move of the Norway-based Norges Bank provided a shot in the arm of ICICI Securities' plan to delist itself as it needs two-thirds of the public shareholders' support to pass the resolution.
Dhunseri Ventures' arm opens new Rs 570-crore polyester film manufacturing plant
Dhunseri Ventures has opened a new polyester film manufacturing plant in eastern India, with a capacity to produce 52,000 tonnes per annum. The plant, which involved an investment of Rs 570 crores, aims to meet the increasing demands of the packaging and industrial sectors.
China is secretly raising a corporate army in 16 major firms to fight home and abroad
Chinese companies are forming volunteer armies called People’s Armed Forces Departments (PAFDs), reflecting Beijing's concerns about social unrest and foreign threats. These units, reminiscent of the Mao Zedong era, act as a reserve force for the military and can be deployed for various missions, including disaster response and maintaining social order.
Hyundai plans to drive to Dalal Street for largest IPO ever: Plans listing of local arm this Diwali
Banker pitch at HQ last week; raise of $3.3-5.6 billion may value HMIL up to $28 billion. At $28 billion, HMIL will be valued at 48 times FY23 earnings, while at the lower end of the band at $22 billion, it would be 38.4 times. Maruti Suzuki trades at 40 times FY23 earnings.
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