Abu Dhabi Investment Authority (ADIA) is reportedly looking to invest $600 million in Mukesh Ambani's retail empire, Reliance Retail Ventures (RRVL), at valuations significantly higher than those in the previous round three years ago. ADIA already holds a 1.2% stake in RRVL, alongside other investors such as KKR and Qatar. The current valuation is about 60% higher than the last round but lower than analysts' estimated value of $131 billion. RRVL, with a market value of $100 billion, is the 12th largest retail giant globally. Reliance Retail posted annual revenue of INR 2.6 trillion ($35 billion) in FY23.
Transworld Holdings (THL), the promoter of Shreyas Shipping, offered to acquire shares of the company from the public shareholders in May at an indicative price of ₹338. The indicative price was revised to ₹375 this month. The floor price determined as per delisting regulations was ₹292 per share.
Canara Bank raised ₹5,000 crore through the issuance of 10-year infrastructure bonds at a coupon rate of 7.54%, sources said. The state-owned lender had announced a bond sale with a base size of ₹1,000 crore and a greenshoe of ₹4,000 crore.
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Companies that manage to raise funds through public listing, share sale to private equity or through the sale of assets prefer to pay up the credit availed from such funds, which are usually at near usurious interest rates, rather than waiting for the debt to mature.
Nuvama's listing was part of a demerger plan, where the company allotted 1.05 crore shares to the shareholders of Edelweiss Financial on a proportionate basis. Private equity fund PAG owns a 56% stake in Nuvama, while Edelweiss Group holds 14%. Public shareholders of Edelweiss Financial Services hold the rest of the 30% stake.
Essentially, the domestic government bond market will be watched in accordance with certain global criteria of liquidity and trading ease. The sovereign credit rating and tax policies of the government also assume greater significance as large dollar inflows enter India.
The outlook for US yields remained tilted to the upside as the world's largest economy has performed better than expected despite aggressive tightening from the Federal Reserve over the last year and a half
"The downgrade reflects elevated risk of debt restructuring over the next few months because VRL has not made any meaningful progress on refinancing its upcoming debt maturities, in particular the $1 billion bonds maturing each in January 2024 and August 2024," Kaustubh Chaubal, the lead Moody's analyst on the conglomerate, said Tuesday.
Aditya Birla Finance’s assets under management (AUM) as of June 30, stood at Rs 85,891 crore, up 49% from the year-ago period. The fund infusion by the Aditya Birla Group company comes just a day after Bajaj Finance said its board will meet on October 5 to consider raising funds through preferential issue of shares or a qualified institutional placement
Brent crude futures were higher by 83 cents, or 0.89%, at $94.12 a barrel at 1:33 p.m. EDT (1733 GMT), while U.S. West Texas Intermediate crude futures were trading 91 cents higher, or 1.01%, at $90.59
The agency has also downgraded to Caa3 from earlier Caa2 its rating on the senior unsecured bonds issued by Vedanta Resources and those issued by its arm Vedanta Resources Finance II Plc, and guaranteed by VRL
The committee has decided to call for original PACL registration certificates from eligible investors with claims between Rs 17,001 and Rs 19,000, whose applications have been successfully verified, according to a statement published on Sebi's website on Monday.
At 11:51 a.m. ET, the Dow Jones Industrial Average was down 330.43 points, or 0.97%, at 33,676.45, the S&P 500 was down 52.69 points, or 1.21%, at 4,284.75, and the Nasdaq Composite was down 167.55 points, or 1.26%, at 13,103.77
The reason for the withdrawal is not known yet. The public sector firm had filed its draft red herring prospectus with Sebi in September last year. The public issue was to be an offer-for-sale where the government will sell up to 3.25 crore shares.
Earlier, the regulator said all trading accounts and dematerialised accounts, which do not have ‘choice of nomination’ by September 30, will be frozen. Further, with respect to demat accounts, SEBI has extended the last date for submission of ‘choice of nomination’ to December 31, according to its circular
India aims to borrow 6.55 trillion rupees ($78.68 billion) on a gross basis through the sale of bonds in October-March, and officials of India's federal government and the central bank are meeting in New Delhi on Tuesday to finalise the borrowing plan for October to March, two sources told Reuters.
Srivastava expects the benchmark Brent crude contract to rise above $100 per barrel, with the 10-year U.S. yield hitting 5%. This would give a good opportunity to build fresh 10-year India bond positions, he said.
Stocks that were in focus include names like Apar Industries which was up nearly 7%, Varun Beverages closed with gains of over 4% and TVS Motor Company rose nearly 1% to hit a fresh all-time high on Tuesday.
On September 25, Monday, StockEdge identified 28 stocks with a rising Relative Strength Index (RSI). ETMarkets has chosen 10 stocks from this group to explore the importance of RSI and its role in assessing stock movements.
On September 25, Monday, StockEdge highlighted 6 stocks that were overbought but showed bearish RSI trends. ETMarkets delves into 10 of these stocks to shed light on the significance of the Relative Strength Index (RSI).
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