PRIVATE TRUSTS
Comeback Trail: After IT, time for large private banks to make a comeback? 6 top private banks with an upside potential of upto 40%
Today, because one private sector bank and some of the PSU banks are under pressure, the bank nifty is trading in the red. Because the bank in question, Kotak Mahindra bank has come under pressure due to one specific development which tends to be eye-catching, the whole narrative shifts to something which is not related to the core business of banking. If one leaves aside what is happening in the banks today and looks at a slightly broader picture, probably there are underlying indications of something else. A probability of a tactical investment opportunity building in the private sector banks taking place. Look at the leaders from that space, HDFC bank which has been at the forefront of getting all negative news is pretty much close to its earlier highs.
NHAI InviT head Suresh Goyal to quit
Prior to joining NHAI InvIT, Goyal was the Head of Macquarie Infrastructure and Real Assets for South East Asia & India region. Under Goyal, Macquarie Group had won the rights to manage 648km of national highways by bidding Rs 9,682 crore in an auction National Highway Authority of India (NHAI) in 2018.
Better clubbing than be a club member
Some in London, like Seth Alexander Thevoz, criticize the incoming British PM for not being a member of prestigious clubs. Keir Starmer may break a tradition dating back to 1763. Rishi Sunak, a member of Carlton Club, contrasts Starmer's stance as a non-club member.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
ET Circle: The private equity playbook with Manish Kejriwal—trust, mentorship, and intellectual honesty as pivotal pillars
In this episode of ET Circle, Manish Kejriwal, Founder of Kedaara Capital, delves into the foundational pillars of trust, mentorship, and integrity within private equity. Kejriwal emphasises trust as essential for enduring relationships and performance. Aspiring fund managers should prioritise credibility and performance while nurturing mentorship and ethical conduct, Kejriwal advocates. From distinguishing venture capital and private equity strategies to fostering cultural integrity within Kedaara, Kejriwal's insights span a wide spectrum He envisions a future where private equity drives innovation and sustainable growth, emphasising responsible investing practices amidst evolving market dynamics.
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Sebi for benefits on zero coupon zero principal bonds
To encourage social sector spending, markets regulator Sebi has suggested that the government should allow tax benefits to companies investing in zero coupon zero principal bonds issued by not-for-profit organisations listed at the social stock exchange.
Super-rich may quit UK over Labour plans for inheritance taxes on trusts
Labour Party's proposed inheritance tax changes may prompt wealthy individuals to leave the UK, affecting private banks and advisers. The party aims to abolish tax protections on offshore wealth, potentially leading to clients moving to lower-tax countries like Spain, Italy, Switzerland, Dubai, or Singapore.
Maharashtra government's slum policy strange as it encourages encroachments; its inspection required, says HC
The court said once slums on a private land are recognised under the Slum Act, strangely the encroachment on a private land gets converted into a legitimate right of a free tenement to the encroacher under the slum policy of the state government, which, in our opinion, is as good as a premium on the illegality of the encroacher in encroaching on either private or public land. The court said government authorities need to be conscious of the ground reality that it is a herculean task to remove encroachers from both private and public land.
Deal activity dips 3 pc to USD 5 bn in May
Deal activity in May dropped by 3% to $5.023 billion. Mergers and acquisitions fell by 58%, but private equity deals rose by 49%. Largest deals include Google's $350 million investment in Flipkart and Manipal Health's majority acquisition of Medica Synergie.
Capital goods, utilities, infra & real estate sectors can see further re-rating: Mihir Vora
I think the more the uncertainty reduces, the higher the markets can go in terms of valuations and that applies to stocks specifically and that applies to the markets in general also.
Tata Sons shares are not freely transferable, say Trusts
SP Group, promoted by the Mistry family, has pledged its entire 18.5% in Tata Sons held through two entities to secure monies from private credit funds such as Ares and Farallon. Additionally, it needs to raise funds for a separate repayment due in three months and refinance existing high-cost borrowings.
Sebi allows privately placed InvITs to issue subordinate units
Capital markets regulator Sebi on Tuesday notified a framework for issuance of subordinate units by privately placed infrastructure investment trusts (InvITs).
360 ONE Prime to raise Rs 500 crore through NCD, effective yields may go up to 9.8%
360 One Prime on Friday opened its second tranche of fund raising of Rs 500 crore through the issue of non-convertible debentures (NCD) which might effectively yield 9.2% to 9.86% p.a. The issue will be closed on June 6.
How will markets react on election result day? Dinshaw Irani answers
Obviously, nobody needs any tinkering around with the capital gains taxes and stuff like that where we hear a lot of soundbites coming out. So, if that is out of the way, I do not see any problems in the space that we are in today. Frankly, I mean, this is the way forward for the government also, if they are looking at growing the economy and keeping the word of 5 trillion plus kind of GDP and stuff like that.
PE Fund Mapletree acquires Bengaluru land for over Rs 1,900 crore
Adarsh Developers, a real estate development company, has recently completed the sale of a 41-acre land parcel in Bengaluru to Mapletree Investments, a private equity fund based in Singapore. The transaction, valued at over Rs 1,900 crore, forms a key aspect of Adarsh Developers' strategy to alleviate debt burdens. With an estimated development potential of approximately 7 million square feet, the land sale represents a significant step forward for both parties involved.
NHAI's infra trust got $217.13 mn in FY24 from Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) announced investments totaling USD 217.13 million in the National Highways Infra Trust and USD 394.78 million in Interise Trust for road concessions acquisition. Additionally, they committed USD 100 million to Kedaara Capital Fund IV and USD 300 million to an India-based asset manager focusing on credit opportunities. The organization manages funds for over 22 million contributors and beneficiaries of the Canada Pension Plan, investing globally in various asset classes.
Investing is an infinite game and you cannot play it with a finite mindset; learn to think long term: Utpal Sheth
Utpal Sheth envisions India's terminal value in 2024 as a continuation of the structural and secular bull market, with a higher probability of success. He emphasizes the long-term perspective and the ongoing evolution of India's market positioning within the global landscape. Sheth also talks about terminal value investing, where they are pursuing a very different value.
Elvis Presley's granddaughter Riley Keough fights auction of rock 'n' roll icon's Memphis estate Graceland
A public auction for the estate had been scheduled for Thursday this week, but a Memphis judge blocked the sale after Riley Keough sought a temporary restraining order and filed a lawsuit, court documents show. Keough, an actor, is Presley's granddaughter and the daughter of Lisa Marie Presley.
CapitaLand Investment appoints Sumit Gera as CEO- India Business Park
Sumit Gera appointed CEO of India Business Park by CapitaLand Investment Limited as part of leadership succession strategy. Gera takes over from Gauri Shankar Nagabhushanam, who becomes CEO of CapitaLand India Trust (CLINT), Asia’s first property trust focused on India. Sanjeev Dasgupta will be succeeded by Nagabhushanam in August 2024.
Don't see sustained FII outflows from India: Mihir Vora
It cannot be risk off because US markets are doing so well so maybe the US market itself is acting as a magnet for global flows. So, it seems to be more of a GEM, global emerging market, outflow out of which India is typically 10%, so when money flows out of global funds you do get redemptions in India and some of the positioning may be because of that.
CEA Nageswaran calls on industry to reciprocate deregulation efforts
Flagging reports of Indian automobiles failing safety standards, and of misleading labelling on food products, Chief economic adviser V Anantha Nageswaran said the industry has to make a compact with society as well.
Brookfield India REIT inks pact to acquire Bharti JV stake, funding through listed units
Brookfield India REIT acquires 50% stake in Bharti Enterprises' real estate joint venture in New Delhi, adding Grade A assets and increasing operating area by 16%. Ankur Gupta, Managing Partner at Brookfield, emphasizes the diverse portfolio.
Does Article 39(b) allow government to take over your property?
The 18th Lok Sabha elections spark a debate on inequality in India as Congress proposes a caste census, countered by BJP's accusations. The Supreme Court is re-evaluating Article 39(b) in a property dispute case, which could impact Parliament's ability to enact laws related to wealth distribution.
CapitaLand India Trust (CLINT) appoints Gauri Shankar Nagabhushanam as Chief Executive Officer-Designate.
Gauri Shankar Nagabhushanam is set to become the Chief Executive Officer of CapitaLand India Trust (CLINT) in August 2024. He brings over 20 years of experience in real estate private equity, fund management, and corporate finance. Previously, he served as CEO of India Business Park at CapitaLand Investment, overseeing the growth of business parks in India. Gauri holds a Master's in Finance from the London Business School and has worked with companies like Ascendas-Firstspace, Deloitte, TAIB Bank, and Samba Financial Group.
Sebi proposes to cut trading lot size of privately placed InvITs to boost investors' participation
Markets regulator Sebi on Thursday proposed to drastically reduce the trading lot size of privately placed infrastructure investment trusts (InvITs) to Rs 25 lakh in a bid to boost investors' participation and increase liquidity of such investment vehicles.
National Highways Infra to debut private bond placement by April, sources say
India's National Highways Infra Trust (NHIT) is set to tap the domestic corporate bond market via a debut private placement of bonds in the next two months, four sources directly aware of the matter said on Friday.
NDR InvIT Trust raises Rs 880 crore via private placement
The issue saw participation from corporates, insurance firms, wealth funds and institutional investors. The issue, launched on February 6, was fully subscribed, and closed on the same day.
Piramal Enterprises to sell full 20% stake in Shriram Investment Holdings for Rs 1,440 crore
“This transaction is aligned with our focus on monetizing non-core assets. The proceeds from the transaction will further strengthen our balance sheet,” Piramal Enterprises informed exchanges in a January 27 filing. The transaction, which will be conducted through a share purchase agreement, is subject to the receipt of requisite regulatory approvals by Shriram Ownership Trust, Piramal Enterprises said.
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