CORPORATE REVIVAL
Fresh capital raised via IPOs surges to a 9-year high, hints at private capex revival
Of the ₹33,610 crore raised by 37 companies so far in 2024, about 45%, or ₹15,190 crore, were through new shares, the highest proportion since 2015, when India Inc. raised nearly 48% fresh capital, according to data from primedatabase.com. The funds raised as fresh issues in 2024 were to either finance capital assets or retire existing debt obtained to build capacities, according to IPO documents.
It's going to be good after it gets quieter
Companies no longer have the pricing power they had in the immediate aftermath of the pandemic when consumption demand was roaring. That has now played out in manufacturing and services. The growth from here on should be more sedate, building on the economy's post-Covid revival. The markets are yet to price in this moderation, and some froth may be removed once the volatility around the election results settles.
IBC helps personal guarantors resolve financial stress: MCA
The Insolvency and Bankruptcy Code (IBC) provides opportunities for defaulting firms and personal guarantors to restructure debts. The Ministry of Corporate Affairs (MCA) emphasized the importance of trust in financial transactions and highlighted the benefits of the IBC for resolving financial difficulties. Data from the Insolvency and Bankruptcy Board of India (IBBI) shows a high number of applications for the insolvency resolution process of personal guarantors to corporate debtors.
Amaravati's revival: N Chandrababu Naidu's return sparks new hope for Andhra Pradesh's capital
Real estate agent Mehboob Khan in Amaravati is overwhelmed with messages as land prices surge due to the return of N Chandrababu Naidu and the TDP, with the slogan 'Boss is Back,' indicating a revival in the city.
Game's Bond, Electoral Bond: Two reforms that India's new government should undertake
All political funding should be routed transparently through electronic means, via UPI, IMPS, Neft or RTGS. Let parties crowdfund themselves. In a democracy, money should move from the people to their parties, not from politicians to voters.
Home loan borrowers may have to wait longer for lower EMIs but a rate cut likely this year; how to make the most of it
Home Loan Interest Rates: The Reserve Bank of India (RBI) in its recent Monetary Policy Committee meeting decided to maintain the repo rate at 6.5%, prolonging the wait for home loan borrowers seeking relief from high interest rates and increased EMIs. Despite the current pause in repo rate the possibility of a rate reduction this year is still there.
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From Street darlings to sell-off targets, PSUs feel the heat
PSUs tanked in trading post BJP's election setback. Concerns arise over govt's focus on reviving state-owned companies. Stocks plunge, eroding market cap by ₹10.62 lakh crore.
Reality behind the 8.2% FY24 GDP growth is not as robust
The 8.2% FY24 GDP growth reflects a modest deceleration from 3QFY24 at 8.6%. Real gross value added growth slowed considerably in 4QFY24 to 6.3% from 8.3% in 1QFY24.
Power stocks: Both PSUs and pvt ones got re-rated. Ready for another round in Modi 3.0? 6 stocks with upside potential of up to 37%
The summer heat leads to high power consumption is a well known fact. What has been the difference in the headlines this year and last two or three years? The news about massive power cuts and the possibility of power plants running out of coal is missing. The news which is dominating is that power demand is high and is being met. This change is the result of many things, right from optimism at one point of time to absolute despair at another. Finally policy push and discipline and integrated approach toward solving the issue of the sector, whether it for thermal, solar, wind or hydro. This led to a certain level of re-rating in Modi 2.0 which is likely to get pace in Modi 3.0. One thing which goes unnoticed is the fact that the power sector moving out of the trouble not only means good news for power companies but also the banks, because after metal, power companies topped the list of NPA of the banks.
IBC rescued 3,171 distressed companies in eight years: Sitharaman
Finance minister Nirmala Sitharaman on Thursday said the Insolvency and Bankruptcy Code (IBC) has rescued 3,171 distressed companies and assisted in the shutdown of unviable firms since its introduction eight years ago. This is a marked improvement from the resolution of stress in less than 3,500 firms under the erstwhile Board of Industrial and Financial Reconstruction (BIFR) regime in 30 years, she said, pitching the IBC as a landmark piece of legislation.
The emerging fiscal constrictor knot & tightening logjam for market
Strengthening private capex and boosting employment gains are crucial for escaping the fiscal constrictor knot. Improving global demand and household incomes can provide a potential escape route.
Post-COVID, China is back in Africa and doubling down on minerals
Chinese overseas investment, with a focus on minerals extraction in Africa, is rebounding post-pandemic. However, the relationship remains extractive, not fully aligned with the Belt and Road Initiative's goals outlined by President Xi Jinping.
Unsold housing inventory dips by 57% in NCR in five years
Residential real estate upcycle aids NCR, slashing unsold stock by 57% in 5 years, topping nationwide improvement. Southern cities saw moderate declines. Controlled supply boosts NCR's success, buoyed by renewed buyer confidence and regulatory reforms. Gurgaon and Greater Noida lead reductions. Luxury segment drives demand, signaling further project surge.
Want a commercial space in Delhi-Meerut RRTS stations? NCRTC is asking for bids
The NCRTC has invited bids for leasing commercial space at three stations along the Delhi-Meerut RRTS corridor to boost non-fare revenue. Funding from international banks supports the project, set to transform real estate markets in Ghaziabad, Meerut, and surrounding areas. By 2031, the stations are expected to cater to 100,000 passengers daily, enhancing investment prospects.
Defunct iron factory linked to Dalai Lama sees renewed hope of resurrection every election season
Once a major avenue for employment in the region, the factory has been shut for the better part of four decades now. Despite this, the people of the region hold out hope that it will be returned to its former glory. These hopes are fuelled every election cycle, with promises forgotten every results day while administrative apathy pushes the people of Koderma out of the region.
LIC granted 3-year time to achieve 10% public shareholding
LIC gets 3-year extension from Sebi to comply with minimum public shareholding norms, delaying government's possible offer for sale. Investors relieved as stock jumps 3%. Sebi rules mandate 25% public float, with new companies given 3 years to comply. PSU insurer's majority stake owned by Indian government. Finance Ministry grants PSU insurer exemption from 25% MPS norms till 2032.
Bengaluru's civic body BBMP invites proposals from corporates for reviving 185 lakes over next four years
BBMP plans to rejuvenate 185 lakes in Bengaluru within 4 years, facing challenges like encroachment and sewage inflow. The comprehensive plan involves BCIC and awaits High Court approval for the Community Involvement Lake Conservation Policy 2024.
ETMarkets Smart Talk: Why QSR and IT could turn out to be Dark Horse in FY25, Sameer Kaul explains
Sameer Kaul from TrustPlutus Wealth highlights Quick Service Restaurants (QSR) as a dark horse sector, emphasizing the IT sector's challenging outlook. He discusses various market factors, including corporate earnings, FII flows, and Gen Z investing advice. Kaul says that given the surging monthly GST collections, we believe the earnings season will end on a positive note with no major hiccups.
Will profit pool lie with PSU banks rather than private banks going ahead? Mahantesh Sabarad answers
Mahantesh Sabarad discusses the strong outlook for corporate banks, the impact of high crude oil prices on OMCs, challenges faced by private banks with asset quality, and the favorable position of public sector banks in the corporate lending theme.
Q4 results preview: 29 companies likely to report doubling of profit
29 companies expected to double profits in Q4FY24 across various sectors like BFSI, Auto, Healthcare. Notable companies include Adani Ports, KEC International, Birla Corporation, JK Cements, United Breweries, Gland Pharma, Quess Corp Ltd, Signature Global, NMDC.
Govt's focus on infra development to nurture sustained revival in investment cycle: RBI report
According to the RBI's Monetary Policy Report- April 2024, domestic economic activity, backed by strong fundamentals, remained robust in the first half of 2023-24, weathering challenges from muted global demand.
Meet the style disruptors at The ET Awards for Corporate Excellence 2023
Details of the fashion-forward at the awards – from the ‘250 hours’ of intricate embroidery for Leena Nair’s Chanel dress to the ties that Ajay Piramal and Shom Hinduja sported.
SWAMIH Fund to invest Rs 160 cr to revive stalled slum rehab project in Mumbai’s Chembur
The government-backed SWAMIH I fund will invest Rs 160 crore in Stans Buildtech Homes' Sky Annex project in Mumbai's Chembur suburb. SBICAP Ventures provides the financing, and Colliers India assists in securing funding. The project aims to be completed with the support of SWAMIH I's corpus of over Rs 15,530 crore, with investors including SBI, LIC, and HDFC.
NCLT approves Hinduja Group’s revival plan for Anil Ambani-promoted Reliance Capital
The bankruptcy court in Mumbai approved the acquisition of Reliance Capital by IndusInd International Holdings Ltd. A monitoring committee will be formed to monitor the plan implementation. The Supreme Court is involved in a dispute between Torrent Investments and Hinduja Group bids.
Revival of bankrupt Go First airline will 'Spice' up India's aviation
Go First receives bid from Ajay Singh and Busy Bee Airways, blaming Pratt & Whitney for revenue losses. SpiceJet plans to partner with Go First, despite its own financial struggles. Market share consolidation in the aviation sector raises concerns about competition and service quality.
No meaningful changes in private sector capex before elections: Sameer Bhise
"Risk weight changes have been talked about for some time now. Finally, they have been put into place. Expect moderation on the unsecured side, more so with respect to some of the fintech-led originations, we expect some bit of a moderation on that side. At the same time, over the next 6 to 12 months as these changes play out, it would allow some of the well-capitalised companies to emerge stronger. "
Rolta India lenders invite fresh revival bids
The exchange filing stated that the plan proposed by the sole resolution applicant was rejected by the CoC with 87.41% dissent and now it is in the process of considering fresh steps to be taken as per the IBC framework. The lenders have also approached the National Company Law Tribunal (NCLT) to seek an extension of time.
LIC insurance policy revival campaign: How to revive lapsed LIC policy
LIC celebrated its 67th anniversary on August 31, 2023 and announced the launch of a special campaign drive which will be effective from September 1, 2023.
LIC revival campaign for lapsed policies
Over the years, LIC has taken various initiatives and digital initiatives to improve pricing and create operational efficiencies, LIC said in a release on occasion of its 67th anniversary. It services customers through its 8 zonal offices, 113 divisional offices, 74 customer zones, 2,048 branch offices, 1,580 satellite offices, and 13.47 lakh agents, it said.
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