INTERNATIONAL FINANCE CORPORATION
World Bank member IFC invests Rs 650 cr in Mindspace REIT’s sustainability-linked bonds
Global development institution International Finance Corporation (IFC), a member of the World Bank Group, has invested over Rs 650 crore in K Raheja Corp-backed Mindspace Business Parks REIT through an issue of sustainability-linked bonds.
IFC to fund $105 mn for Brookfield’s Bikaner Solar Power Project
IFC has committed $105 million to finance a 550 MW solar power project in Bikaner, Rajasthan by Brookfield Asset Management, using long-term debentures. This marks IFC's first Asia-Pacific investment with a hybrid offtake structure selling power to C&I consumers and the merchant market. This partnership aims to showcase renewable energy viability, support India's green energy corridor, and drive clean energy uptake. Brookfield plans to expand renewable investments in India, in alignment with IFC's goal of increasing market competitiveness and reducing carbon footprint.
Finance Minister on Day 1: Pledges more steps to ensure 'ease of living'; reforms drive to continue
Finance minister Nirmala Sitharaman has expressed optimism for India's economic outlook, stating that reform momentum will continue to spur growth and ensure macro-economic stability. She has emphasized India's "commendable growth story" amid global turmoil and pledged more steps to ensure ease of living. The Indian economy has seen an average of over 8% annual growth since the Covid-induced output contraction in FY21.
Railways stocks tank up to 33% in 2 days following narrow BJP-led NDA's election win
In today's trade, railway stocks fell by up to 17%. Titagarh Rail shares tumbled 33%, while Ircon declined by over 26%. Meanwhile, RailTel and IRCTC also fell by over 19% in the past two sessions. Shares of RITES, IRFC, RVNL, Texmaco Rail Systems, and Jupiter Wagons saw declines of between 18-23%.
Big Daddy LIC manages money nearly double the size of Pakistan's economy
LIC assets have exceeded Rs 50 lakh crore, marking a significant milestone and overshadowing Pakistan's GDP. In FY24, LIC reported a profit of Rs 40,676 crore and total premium income of Rs 4,75,070 crore. The company, with a market share of nearly 59% in the Indian life insurance sector, is now eyeing entry into the health insurance domain. Its market value has surged by nearly 52% in the past six months, making it the seventh-largest stock by market capitalization.
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Shriram Finance raises USD 468-mn multi-currency social loan
Shriram Finance Limited raised USD 468 million in multi-currency for business growth through a social loan structured by leading banks, marking the largest syndicated transaction by a private NBFC.
HAL, REC, 3 more F&O stocks delivered over 25% returns in morose May series
May has seen fear index India VIX hitting 26.20 levels. Nifty in May series declined 82 points or 0.36%. The headline index started the series at 22,570.35 and ended it at 22,488.65.
Technical Breakout Stocks: How to trade JSW Infrastructure, Coromandel International & Power Finance Corporation on Thursday
The S&P BSE Sensex fell over 600 points while the Nifty50 closed at 22,704. Buying was seen in utilities, power, healthcare, and telecom stocks while IT, oil & gas and banks saw some selling. JSW Infrastructure rose over 2%
Q4 results this week: Tata Steel, LIC, IRCTC, Apollo Hospitals Enterprise, and Bharat Dynamics
Several companies, including Tata Steel, LIC, and IRCTC, will release their March quarter report cards this week.
Infrastructural projects helping improve India's relationship with Africa: Indian corporate executive
Indian infrastructure projects in Africa have significantly enhanced ties between the two regions, according to S Kuppuswamy, a senior executive from the Shapoorji Pallonji group. He emphasized the importance of collaboration between Indian and US development finance institutions to ensure the swift execution of such projects and to counter China's influence in the region. Kuppuswamy highlighted the pride African nations take in Indian-built infrastructure, citing examples like Ghana's presidential palace.
How Jaipur-based AU Small Finance Bank plans to plug a $400 billion credit gap
India’s largest small finance bank has recently bulked up and is now looking to utilise its heft to increase its presence in MSME lending. How successful would it be, is the billion-dollar question.
Mahindra & Mahindra Finance secures IRDAI license to offer tailored insurance plans
The corporate agency license would help in broadening Mahindra Finance’s product portfolio by incorporating insurance solutions. It would help customers with their financial and insurance needs being met by a single entity. The process would augment the company’s existing sources of revenue and profits as it deploys its common infrastructure of branch network and feet on street.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Q4 results this week: ITC, ONGC, Sun Pharma, Nykaa, Ircon International and IRFC
ITC, ONGC, IRFC, Ircon International, BHEL, BEL, Sun Pharma, Nykaa, Tata Investment Corporation, Hindalco, Ashok Leyland, and Divi's lab will be releasing their March quarter report cards this week.
HDFC Bank raises USD 500 mn from IFC for on lending to women borrowers
HDFC Bank secured a USD500 million loan from IFC to support underserved women borrowers by providing microloans through self-help and joint liability groups. The initiative aims to promote financial inclusion and socio-economic growth, empowering women and benefiting the economy.
Fusion MicroFinance to raise $25 mn from DFC
Fusion MicroFinance is raising $25 million from the US International Development Finance Corporation (DFC) for growth capital, following a $20 million loan facility. The micro loan lender has already received $20 million from DFC. Fusion, founded in 2010, has assets under management of Rs 11,476 crore.
Hospital chain Artemis Medicare raises Rs 330 crore from IFC
Artemis Medicare Services has raised Rs 330 crore from IFC to increase bed capacity and introduce advanced specialty services. The company plans to set up cardiac care centers, expand in tier 2 and 3 cities, and in the Delhi NCR region through brownfield and greenfield opportunities. Artemis operates 713 beds in the Delhi NCR region and runs seven centres under the Artemis Cardiac Care brand in a joint venture with Philips.
Combating dark patterns; declining VC funds for female founders
Happy Thursday! The government will soon release a tool to help consumers fight manipulative ‘dark patterns’ used by websites. This and more in today’s ETtech Morning Dispatch.
IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24
The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.
IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24
The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year when they kept rates lower than cost.
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.
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.
AdaniConneX sets benchmark with construction financing framework of $1.44 billion
AdaniConneX, a joint venture, raised USD 1.44 billion in India's largest sustainability linked financing. The construction financing pool now stands at USD 1.65 billion, focusing on advanced technologies and environmental solutions, with support from international lenders and industry partners.
SAIL, IRFC among 46 stocks with double digit returns this week. SPARC, 82 others deliver negative returns
Notwithstanding high volatility over the week, the BSE 500 index outperformed the headline BSE S&P Sensex with the latter gaining 0.90% (642 points) on a weekly basis.
Digitisation will be key driver for Mahindra Finance, says MD designate
Senior management at Mahindra Finance is witnessing a paradigm shift as vice chairman Ramesh Iyer passes the reins to Raul Rebello at the end of April. Though developing new business models would take some time, analysts believe the company's strong rural reach and financials would be beneficial.
Up to 6,220% return! 328 stocks turn multibaggers since last Holi
Within largecaps, top gainers include Bharat Heavy Electricals (206%), REC (270%), Power Finance Corporation (191%), Trent (194%), Zomato (217%) and Adani Green Energy (199%).
MFs cut holdings in 14 PSU stocks in February; seven of them see double-digit fall
Some public sector stocks faced corrections in mutual fund holdings, impacting companies like Indian Railway Finance Corporation and SJVN. Analysts caution against herd mentality, emphasizing valuation metrics over sector trends. However, defense and banking sectors show potential for growth.
Railway stocks jump up to 12%; IRFC, Ircon International top gainers
Following declines of up to 20% during Wednesday's trading session, shares of Indian Railway Finance Corporation (IRFC), Rail Vikas Nigam (RVNL), Ircon International, Texmaco Rail, RailTel Corporation of India, and Titagarh Railsystems rebounded with gains of up to 12% in Thursday's trade.
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