INDIAS CAPITALISM
Need to brand India as 'responsible capitalist country': FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman urged a reimagining of economic systems, advocating for India as a responsible capitalist nation. She emphasized India's distinct approach, contrasting it with nations that engage in exploitation for economic gain. Sitharaman highlighted India's commitment to sustainability and proposed a 'Bharat FDA' for pharmaceuticals to ensure high-quality products.
Bank of America's three India bankers leave amid probe on stock offerings
Three Bank of America Corp. dealmakers in India, including Debasish Purohit and Subhrajit Roy, have resigned amidst an internal investigation into alleged misconduct related to stock offerings. Indian regulators are also investigating the matter, which involves transactions like Aditya Birla Capital and Sun Life India AMC Investments¡¯ share sale in Aditya Birla Sun Life Asset Management.
Insurtech startup Zopper bags $25 million in round led by Elevation Capital, Dharana Capital
The round also saw participation from existing investor Blume Ventures. The company has raised $96 million in funding till now from the likes of Creaegis, Bessemer Venture Partners, and ICICI Venture.
Domestic solar installations surge 167 pc to 16.4 GW in Jan-Sep: Mercom
India installed 16.4 GW of solar power capacity between January and September 2024. This represents a 167% increase compared to the same period in 2023. The growth was driven by the completion of previously delayed projects. As of September 2024, India's total solar capacity reached 89.1 GW. Rajasthan, Gujarat, and Karnataka lead in large-scale solar installations.
Brigade REAP invests in Settlin, India¡¯s first gig-based real estate resale startup
Brigade REAP invested in Settlin, a gig-based residential resale broker. Settlin secured $500,000 in funding. The startup uses data and gig workers for resale transactions. They have sold nearly 1000 homes, totaling Rs 900 crore in value. Brigade REAP, a prominent proptech accelerator, supports innovative real estate solutions. This partnership will help Settlin expand its reach in India.
Mutual help: AssetPlus and ZFunds receive venture capital support
According to two people in the know, ZFunds is in talks with Elevation Capital to lead a Rs 25 crore equity funding round, which will be its first institutional funding round. AssetPlus, which had previously raised equity funding from Rainmatter and InCred, has secured Rs 50 crore in another institutional funding round led by Eight Roads Ventures, a global investment firm backed by Fidelity.
DPIIT approves RCap's acquisition by IndusInd International Holdings
The Department for Promotion of Industry and Internal Trade (DPIIT) has given the green light to the ?10,000-crore acquisition of Reliance Capital by IndusInd International Holdings (IIHL). This approval clears the final regulatory hurdle for the deal.
About 18% of deaths in 2019 attributable to air pollution: ICMR study
A report by India's leading health research body found that air pollution caused 1.7 million deaths in 2019. This represents 18% of all deaths in the country that year. The primary cause of death was chronic obstructive pulmonary disease (COPD). The study identified industrial emissions, vehicular exhaust, and the burning of solid fuels as major contributors to air pollution.
Reflections on a transformative year as Ficci president
The Federation of Indian Chambers of Commerce & Industry (FICCI) under the leadership of its outgoing president, collaborated with the Government of India on initiatives like 'Make in India', 'women-led development', 'farm prosperity', and 'sustainability' to achieve the 'Viksit Bharat' goal by 2027.
Growth likely to have slowed in Q2 but no significant downside risk to FY25 projections: DEA
India's economic growth may have slowed down recently. However, the economy is still projected to grow between 6.5% to 7% this fiscal year. Data on e-way bills and e-invoices support this projection. Food prices have been a concern, but inflation is not a major challenge. Government capital expenditure may be slightly lower than initially projected.
India's Q2 economic growth likely took a hit from heavy rains and corporate struggles: ICRA
India's economic growth is expected to moderate to 6.5% in the second quarter. This is due to heavy monsoon rains and weaker corporate margins. However, government capital expenditure and kharif sowing have shown positive growth. The industrial sector is likely to see the biggest slowdown. Services and agriculture sectors are expected to remain resilient.
1st Indian PE Gaja Capital plans IPO; may file draft papers in Dec
Gaja Capital, a mid-market Indian private equity firm, is preparing for an initial public offering (IPO). The firm, known for its investments in companies like RBL Bank and Teamlease, aims to create a pool of permanent capital for new ventures. If successful, Gaja Capital would become the first standalone domestic private equity firm in India to go public.
Patels Airtemp (India) settle disclosure violation case with Sebi
Patels Airtemp (India) on Tuesday settled a case with capital markets regulator Sebi related to an alleged violation of disclosure rules by paying a settlement amount of Rs 28.53 lakh. Heavy machinery company Patels Airtemp (India) is a BSE-listed entity.
Cochin Shipyard, ONGC, Info Edge among others to trade ex-dividend tomorrow. Do you own?
Several companies, including Cochin Shipyard, ONGC, and Info Edge, are approaching their dividend ex-date on November 19th. This means investors have until the end of today to purchase shares and be eligible for upcoming dividend payouts.
Joining RCEP to hit India as investment destination, overwhelm MSMEs, capital flight: GTRI
Joining RCEP could hinder India's goal of becoming a top investment destination. Experts warn that it could lead to domestic capital flight and harm small businesses. India already has trade agreements with most RCEP members. The World Bank suggests focusing on internal reforms instead. India's exports to China have not grown significantly despite existing agreements.
India least exposed to Trump's trade policies, CLSA raises India's overweight to 20 pc over China
A new report by CLSA suggests India is emerging as one of the least affected markets by former U.S. President Donald Trump's trade policies. This resilience is attributed to India's low trade exposure to the U.S., manageable corporate leverage, and declining levels of foreign equity ownership.
Prime Minister Modi inaugurates first Bodoland Mohotsov in national capital
Prime Minister Narendra Modi, while addressing the inaugural ceremony of the first Bodoland Mahotsav, commended the Bodo community for embracing peace after the 2020 Peace Accord. He highlighted the region's shift from violence to growth, noting that forests once used as hideouts are now empowering youth with opportunities.
With D-Street debut, Niva Bupa gets a capital shot in the arm
Niva Bupa, India's first listed multinational health insurer, debuted on the stock exchanges with a 5% premium. The company raised ?800 crore in fresh capital during the IPO to boost its capital reserves.
Murugappa to buy Germany's Hubergroup; acquisition at an enterprise value of $310 million
Murugappa Group is set to acquire Hubergroup, a German specialty chemicals company, for $310 million. The deal, financed through debt refinancing and equity infusion, will expand Murugappa's presence in the global print and packaging sector. Hubergroup, previously owned by Cornelius Treuhand Holding, was sought after by multiple bidders, with Murugappa emerging as the preferred choice.
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