DIVESTMENT STRATEGY
Will govt maintain its investment-led growth strategy in the upcoming Budget? Harish Krishnan answers
The approach that we have chosen is different which is that we are buying only from the IPL teams. The IPL teams are the mutual fund equivalents in our case which themselves are scouting across all of these Ranji Trophy players.
Right time to sell a stock: 6 signs indicating it's time to exit a large-cap stock
When to sell a large-cap stock: Knowing when to exit is crucial for equity investors with large-cap stocks. One must carefully assess various factors and indicators before deciding if now is the right time to sell a large-cap stock. Understanding market trends, company performance, industry outlook, and personal financial goals are all essential in making an informed decision about whether to sell or hold onto a large-cap stock.
ETMarkets Fund Manager Talk: Valuation of PSU stocks isn't as attractive, says Franklin Templeton’s Akhil Kalluri
Akhil Kalluri, VP at Franklin Templeton, discusses PSU stocks, retail liquidity impact, and broader market valuation risks. He also comments on tech stocks, consumption names, and industrial sectors' performance in the March quarter. Kalluri points out that the aggregate topline & EBITDA growth for Nifty 50 names in 4QFY24 so far are relatively muted, in high single digits.
TikTok creators file suit to block US divestment or ban law
The suit, which seeks injunctive relief, says the law threatens free speech and "promises to shutter a discrete medium of communication that has become part of American life."
Government gains PSU muscle as stocks climb peaks
The value had touched a high of 22% of total market capitalisation of listed firms in June 2009, dropping to a low of 5.1% in September 2020 before doubling since then, according to data from primeinfobase.com. Re-ratings amid large valuation discounts, high dividend yields, record cash flows and news of possible privatisation triggered a sharp rally in public sector companies over the last three years.
Mop up from divestment, asset sale beats FY24 RE of Rs 30,000 crore
In FY24, government's capital receipts surpassed Rs 30,000 crore from disinvestment and asset monetisation. The budget combined targets under miscellaneous receipts. CPSE dividend collections reached a new peak of Rs 63,749 crore in 2023-24.
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India has cracked the code on drawing foreign capital: Charles Emond, CEO CDPQ
Portfolio stands at $6.7 bn in India since 2016, Canada’s 2nd largest pension fund looks to deploy $4 bn in realty, infra in as many years. India according to the investment veteran must strive to become a lower-cost producer in higher skilled industries. CDPQ CEO Charles Emond is confident that the firm will be able to maintain the investment momentum over the next 5 years, which may put India as the largest investment destination in APAC, growing "pretty fast compared to other destinations."
PTC India gets shareholders' nod to divest 100% stake in energy arm
In October, PTC India announced that the upstream firm ONGC had emerged as the successful bidder for acquiring 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore.
Chinese TikTok sellers complain of under-fire platform tightening US rule enforcement
Chinese-owned TikTok, which faces the threat of having to divest its US operations or be banned, has in recent weeks taken a harder stance toward enforcing its internal rules, according to five Chinese vendors on the site and an industry association that represents 3,000 Chinese stores selling products online.
ETMarkets Smart Talk: Ashish Gupta sees reasonable opportunities in largecap space; exercise caution when investing in SME IPO
Ashish Gupta, CIO of Axis AMC, highlights India's strong GDP growth driven by domestic factors. Cash levels in portfolios vary, but ample opportunities exist in large-cap stocks. For investors in the 30-40 age bracket, goals may include starting a family, providing for children’s education, or purchasing a home. These goals can be achieved by allocating a larger portion of the portfolio to higher-risk assets such as equities or hybrids, with a small allocation to debt to mitigate market volatility.
Divestment not a tool for fiscal consolidation, says Finance Secretary TV Somanathan
The government is confident of meeting the targets in the interim budget presented on Thursday. Finance Secretary TV Somanathan stated that the government capital expenditure continues to be high and expressed confidence in achieving the 5.1% fiscal deficit target in 2024-2025, with estimated revenue growth of 11.5% against GDP growth of 10.5%. The nature of public expenditure is unpredictable, but barring unforeseen events, the aggregate public expenditure is projected to remain unchanged, he added.
Budget 2024: Low divestment target suggests change in govt strategy: NSE MD & CEO
Budget 2024: The Indian government's lower divestment target of Rs 50,000 crore indicates a change in strategy, said NSE CEO Ashish Chauhan. The CEO added that rather than undertaking distressed sales, the government aims to sell companies at the right price. NSE CEO Ashish Chauhan believes that the government's strategy has become more realistic and is aimed at strengthening public sector undertakings.
Budget 2024: Sitharaman cuts FY24 divestment target to Rs 30,000 cr, FY25 target at Rs 50,000 cr
BUDGET ANNOUNCEMENT: Finance Minister Nirmala Sitharaman has revised divestment target for FY24 and set a new one for FY25. Government is likely to miss divestment targets for fifth consecutive year. Privatization plans for BPCL, SCI, and CONCOR delayed due to pandemic. Strategic sale of CPSEs likely to be completed this year.
ETMarkets Budget Talk: Planning to invest Rs 10 lakh? Invest in largecaps over next 2-3 months: Alekh Yadav
“We think investors looking to invest in large caps could deploy it gradually over the next 2-3 months but those looking to invest in mid and smallcap could wait for better entry points,” says Alekh Yadav, Head of Investment Products, Sanctum Wealth.
Budget 2024: Modest divestment targets seen for FY25, medium term
The latest review of the divestment process is spurred by the delay in privatisation bids as the strategic sale process remains time-consuming, and many factors - including market conditions and litigation resorted to by stakeholders - are beyond the government's control, said another official.
ETMarkets Smart Talk: Rs 10 lakh to invest in 2024? Allocate 80% to equity and add some REITs: Srikanth Subramanian
Srikanth Subramanian says: "In 2024, if the much-anticipated rate cuts do happen, one factor of uncertainty would be behind us. So, a majority of the money getting freed up from treasuries or fixed income per se will tend to move to equities. And with Gold having a yearly outlook is quite challenging, largely because gold is a hedging bet."
Broadcom sees revenue below estimates on weak enterprise spending
In fiscal 2024, Broadcom expects revenue of about $50.0 billion including VMware's contribution. Analysts on average were expecting $52.50 billion, according to LSEG data.
PTC India to be debt free post divestment of PTC Energy to ONGC, says CMD
Power trading solution provider PTC India is set to achieve debt-free status after divesting its PTC Energy arm to ONGC for an enterprise value of Rs 2,021 crore. The divestment includes a Rs 925 crore bid from ONGC and over Rs 1,100 crore debt component, which will be transferred to the oil company after the transaction is completed.
Veld Capital successfully divests its Indian portfolio
$100 million in education infrastructure assets spanning western and southern India in collaboration with JV Ventures, an investment firm specialising in social infrastructure assets. The investment strategy was focused on the highly fragmented paid-for K-12 education market in India. K-12 refers to the primary and secondary education market collectively.
Zinc International deal with Vedanta off the table; Indian demand offsets global demand dip: HZL CEO
Arun Misra, CEO of Hindustan Zinc, stated that there is currently no proposal for the board to consider the decision made at the annual general meeting. He also mentioned that while global demand for zinc has been slow, the Indian market remains strong. Misra expects zinc prices to remain range-bound between $2400 and $2600 per ton for the next few months. Despite the concerns, Hindustan Zinc remains profitable and cash-generating with an EBITDA level of 46%. Misra also commented on the government's divestment plans, suggesting that small tranches would be more feasible for the market to absorb.
We are running with two legs but certainly there are some headwinds: Fortis Health MD
“There is no embargo on any further corporate actions. So we are planning what corporate actions need to be taken and have started initiating those. It is in the early stage of planning. I cannot really comment on what specific actions we are going to take but we are at the threshold of starting some of those actions.”
Coca-Cola to divest bottling operations, focus on brands, strategy over time: Global president John Murphy
The beverage maker had first started the divestment process in end-2019, by selling off its bottling units in the north, which accounted for 10% of its bottling operations. But plans to sell the remaining business were paused as Covid-19 struck.
Adani group firm repays Rs 1,500 crore in comeback strategy
"This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said. "This underscores the confidence which the market has placed on the prudent capital and liquidity management plan for the group."
HUL’s sale of 2-decade old brands unlikely to turn D-Street bitter
The FMCG on Friday signed a deal with Singapore-based Reactivate Brands International to divest the two brands in the “atta and salt” categories of the foods business for Rs 60.4 crore
Union Budget 2023-24: Divestment target pegged at Rs 51,000 crore
The Indian government expects to raise Rs 51,000 crore from stake sales in various state-run companies, budget documents released on Wednesday showed. In the current fiscal year, the budgeted disinvestment target is likely to be missed, like in the past four years. It was expected the government would set a realistic target for the next fiscal.
We hope to receive a good number of EOIs for IDBI Bank: Tuhin Kanta Pandey
Many times there is a demand for the stock as well, so you cannot say that the stock will not be available. But as I said that we will always keep in mind the interest of minority shareholders and will advise all the departments as well as the CPSEs to keep on adding value to their company, look at their performance and disinvestment strategy.
Most IT stocks could fall 10-30% as slowdown starts to bite: Sandip Sabharwal
“Overall, given the valuations, the interest rate paradigm next year should be similar to this year, in terms of a single digit return expectation. It will all depend on sector allocations and specific stocks. This year, if you were in the right stocks, you did very well. If you were in the wrong ones, you did quite badly. A similar thing should repeat next year.”
ETMarkets Smart Talk: If you have $100 then invest in India; Mohit Ralhan explains his long-term view
"Indian market will continue to stand out when we compare it to EMs. But, it is very difficult to say whether it will stand out in every week, every month, and every quarter. But, predominantly yes, it will continue to stand out in most of the time frames. India is also likely to continue demanding relatively higher valuations compared to global peers."
Tencent plans to divest $24 billion Meituan stake: sources
Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake
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