DEBT MARKET
Vedanta may raise Rs 6,000 crore via QIP
Earlier in May, the board of the natural resources major had approved fund raising of up to ₹8,500 crore, which then got shareholder approval in June. The company could, however, raise a lower amount of around ₹6,000 crore, the people said. A final decision on the quantum of the share issue has yet to be taken.
Biocon Biologics to raise debt of Rs 4,500 crore for Viatris Payout
Biocon Biologics plans to raise ₹4,500 crore with HSBC and MUFG's aid for a $175 million Aflibercept option. Previous funding by Kotak and Edelweiss and Crisil predicts ₹4,800 crore debt by FY26. Tackling $1.2 billion debt, Biocon's net profit at 7% due to high-interest costs. Revenue at 57% in FY24. Ownership stands at 70%, market improved post-Viatris transition.
SBI may bank on infra bonds to raise Rs 10,000 crore next week
State Bank of India is expected to enter the debt market next week to raise up to Rs 10,000 crore via infrastructure bonds, with Bank of India likely to follow a week later to raise Rs 5,000 crore. These bonds help reduce lenders' overall funding costs as they are exempt from CRR and SLR
Inox Wind shares zoom over 10%, co to turn debt free after Rs 900 crore infusion
Inox Wind shares rose 10.5% to Rs 157.25 on BSE after a Rs 900 crore infusion from its promoter on May 28, 2024, involving marquee investors. Now net debt-free with 284% share growth in a year. CEO Kailash Tarachandani envisions reduced interest expenses, strong order book, and a 2.5 GW capacity from four plants, subsidiary Inox Green Energy.
Proxy debt plays may slow as JPM index inclusion progresses
Analysts predict the Centre will maintain or reduce the fiscal deficit target to 5% of GDP in the upcoming budget, as foreign investment in Indian government bonds surges post JP Morgan index inclusion.
Sebi reduces face value of debt securities to Rs 10,000 to boost retail participation
This, however, would be subject to certain conditions like the issuer should appoint at least one merchant banker, and non-convertible debentures and non-convertible redeemable preference shares be plain vanilla, interest or dividend-bearing instruments.
Tight liquidity forces banks to tap debt markets, shell out more
"To a certain extent, the year-on-year rise in the bank borrowing numbers is a reflection of the merger between HDFC and HDFC Bank. But apart from that, it is clearly a reflection of the tightness in the liquidity and that was, to a certain extent, exacerbated in the month of May because government spending was restricted during the Union election," said Soumyajit Niyogi, director at India Ratings & Research.
FPIs invest Rs 26,565 crore in Indian equities in Jun
After two months of net outflow, foreign investors turned buyers in June, infusing Rs 26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets.
Household debt needs to be kept under watch
"With overall household savings declining to 18.4% of GDP (gross domestic product) in FY23 from an average of 20% of GDP over 2013-2022, and coupled with an increasing trend in financial liabilities, household debt warrants close monitoring from a financial stability perspective," the Reserve Bank of India (RBI) said in its latest Financial Stability Report released on Wednesday.
Sebi streamlines process for public issue of debt securities
Further, the minimum subscription period has been cut from 3 to 2 working days, and the listing timeline has been reduced from T+6 to T+3 working days, which will be initially optional for one year and mandatory thereafter, Sebi chief Madhabi Puri Buch said in a press conference.
Funds circling India debt risk being tripped Up by red tape
China's tax exemptions on bond investments set a precedent for India's sovereign debt market, likely attracting more foreign investors. The hurdles faced by outsiders in accessing the market include lengthy documentation, tax treaty variances impacting returns, and the need for registration via custodian banks for trading in certain bonds.
JM Financial shares fall 5% on SEBI ban from managing debt public issues
Shares of JM Financial declined by 5% to Rs 83 during Friday's intraday trading on the BSE. This drop followed a decision by the markets regulator SEBI on Thursday, confirming interim measures to prohibit the company from serving as a lead manager for public issues of debt securities until March 31, 2025.
Realty sector sees debt sanctions of Rs 9.63 lakh crore during 2018-23
Real estate sector witnessed debt sanctions of ₹9.63 lakh crore during 2018-23, with a potential of ₹14 lakh crore in the next three years, per JLL India and Propstack report.
Sebi issues guidelines for contribution to LPCC's core settlement guarantee fund
LPCC is an entity established to undertake the activity of clearing and settlement of repo transactions. A well-functioning repo market contributes to the development of the debt securities market by way of boosting liquidity.
FPIs pumps Rs 11,730 crore into Indian equities last week on positive market cues
Foreign investors made a strong comeback with a net inflow of Rs 11,730 crore (USD 1.4 billion) in the week ending June 14, driven by positive signals from domestic and global markets.
FPIs take out Rs 14,800cr from equities in Jun on poll results, attractive Chinese stock valuations
Foreign investors withdrew nearly Rs 14,800 crore from domestic stocks in the first week of this month, influenced by India's Lok Sabha election results and attractive valuations of Chinese stocks.
Sebi mulls raising limit for basic service demat account to Rs 10 lakh
Capital markets regulator Sebi on Wednesday proposed to enhance the threshold for the basic service demat account (BSDA) to Rs 10 lakh from the current Rs 2 lakh in a bid to boost the participation of retail investors in the securities market.
Ray Dalio flags US-China ‘Economic Warfare’ among top global risks
Looking back in history, “economic warfare precedes military warfare,” he said. While most likely there will be no imminent form of military conflict, on the issue of Taiwan, the one-China policy “will not go on forever.”
Yield on Goswami Infratech’s Rs. 14,300 Cr NCDs rises from 18.75% to 22%
Goswami Infratech issued rupee-denominated zero-coupon NCDs to investors like Deutsche Bank, backed by group-level monetisation events for debt reduction.
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