Tag: investment

Abu Dhabi-based IHC raises stake in Adani Enterprises to over 5%

In its filing, the IHC said that it believes “the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under Adani Enterprises is poised to uniquely capitalise on India’s robust growth journey”

In a filing to Abu Dhabi stock exchange, IHC said, “This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL”

Days after selling its stake in two of the Adani Group companies, Abu Dhabi-based conglomerate International Holding Company (IHC) on October 3 said it has raised its stake in the group’s flagship Adani Enterprises Ltd to above 5 percent.

In a filing to the Abu Dhabi stock exchange, IHC said, “This strategic increase reflects IHC’s conviction in the world leading incubation model of AEL.”

Stating it has increased its stake in AEL to above 5 percent, it said it believes that “the inherent strength of airports, data centres, green hydrogen and various other verticals being incubated under AEL is poised to uniquely capitalise on India’s robust growth journey.”

“IHC continues to explore unique investment opportunities in India with the goal to maximise stakeholders’ return,” the filing added.

Last week, IHC stated that as part of a “portfolio rebalancing strategy,” it will sell its 1.26 percent stake in Adani Green Energy Ltd and 1.41 percent stake in Adani Energy Solutions.

Source: https://www.moneycontrol.com/news/business/companies/ihc-raises-stake-in-adani-enterprises-to-over-5-11471281.html

JPMorgan to add Indian bonds to its emerging markets index from June 2024

The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, implying an inclusion of 1 percent weightage per month.

A keenly awaited event that could drive billions of dollars worth of inflows into India’s debt market, JPMorgan Chase & Co. will be including Indian government bonds (IGBs) into its benchmark Emerging Market index, starting June 28, 2024.

“India is expected to reach the maximum weight of 10 percent in the Global Diversified index (GBI-EM GD),” according to the JPMorgan note.
The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, implying an inclusion of 1 percent weightage per month.
Currently, 23 Indian government bonds (IGBs) with a combined notional value of $330 billion are index eligible, the JPMorgan note said.
The GBI-EM GD accounts for nearly $213 billion of the estimated $236 billion benchmarked into the GBI-EM family of indices.
India was the last big emerging market that had not joined others like China on the global debt indices.
(India’s) index inclusion follows “the Indian government’s introduction of the FAR program in 2020 and substantive market reforms for aiding foreign portfolio investments,” the team led by the firm’s global head of index research, Gloria Kim, said in a statement. Almost three-quarters of benchmark investors surveyed were in favor of India’s inclusion in to the index, they said.
In March, JPMorgan had mentioned that the support for adding India’s index-eligible, high-yielding government bonds had risen to 60 percent from 50 percent in 2022.

Source: https://www.cnbctv18.com/market/jpmorgan-to-add-indian-bonds-to-its-emerging-markets-index-from-june-2024-17857081.htm

“A Big Day”: Rishi Sunak After Tata Steel, UK Sign 1.25 Billion-Pound Deal

It is being dubbed as one of the “largest” UK government support packages in history.

Tata Group Chairman said that the agreement is a “defining moment”

New Delhi: The United Kingdom and Tata Steel on Friday announced a joint investment package worth 1.25 billion pound, including a government grant of 500 million pound, for the country’s largest steelworks in Wales. Dubbed as one of the “largest” UK government support packages in history, the investment at the Port Talbot would modernise production with state-of-the-art Electric Arc Furnace steelmaking and reduce Britain’s entire carbon emissions by around 1.5%.
Reacting to the development, British Prime Minister Rishi Sunak called it “a big day for UK steel”.

“We’ve agreed a joint 163;1 billion investment with Tata Steel to save thousands of British jobs and secure the future of the steel industry in Wales. This follows the 163;4 billion investment we secured from Tata Group in July to create 4,000 jobs,” Mr Sunak posted on X (formerly known as Twitter).

UK Business and Trade Secretary Kemi Badenoch said that this is a “historic” package of support from the government.

“It will not only protect skilled jobs in Wales but also grow the UK economy, boost growth and help ensure a successful UK steel industry,” she added.

British Finance Minister Jeremy Hunt said that the proposal is a “landmark moment” for maintaining ongoing UK steel production, supporting sustainable economic growth, cutting emissions, and creating green jobs.

“It is right that we are ready to step in to protect this world class manufacturing industry and to support a green growth hub in South Wales,” Mr Hunt said.

Commenting on the announcement, Tata Group Chairman N Chandrasekaran said that the agreement with the UK government is a “defining moment” for the future of the steel industry.

Source: https://www.ndtv.com/world-news/rishi-sunak-on-uk-government-tata-steel-sign-landmark-investment-deal-4394676

 

Looking to invest in semiconductor sector in Karnataka: Dutch PM

Rutte, who visited Bengaluru with a business delegation after attending the G20 Summit in New Delhi, also said that they are in discussions with India to understand its fast payments system, the unified payments interface (UPI), better.

Prime Minister of the Netherlands Mark Rutte visits Church Street in Bengaluru on Monday.

Dutch Prime Minister Mark Rutte said that the Netherlands is in talks with the Indian and Karnataka governments to expand the presence of Dutch companies in the semiconductor space.

Rutte, who visited Bengaluru with a business delegation after attending the G20 Summit in New Delhi, also said that they are in discussions with India to understand its fast payments system, the unified payments interface (UPI), better.

“This is clearly something we are discussing, not so much linking it, but to understand better what India is doing. There are many issues around privacy, around the banking system, what it means in terms of currency stability. So we have to work through all those issues. But this is clearly a development which we have to take seriously,” Rutte told reporters at a public event on Church Street.

Source: https://www.deccanherald.com/india/karnataka/looking-to-invest-in-semiconductor-sector-in-karnataka-dutch-pm-2682192

Nifty scales Summit 20,000: 10 best bets for double-digit returns as bulls keep up the rally

The next targets for the Nifty50 to watch out for would be 20,500-21,000 in the short term, considering the strong momentum sustained through the last seven sessions with participation from bank and IT stocks

The Nifty50 finally scaled the much-awaited psychological level of 20,000 points on September 11 with most of the sectors joining the rally after the G20 Summit boosted the confidence of market participants.

The next target for the index to watch out for would be 20,500-21,000 level in the short term, considering the strong momentum sustained through the last seven sessions with participation by banks and IT stocks, while support is expected to be at the 19,900-19,800 levels, experts said.

The Nifty50 jumped 176 points to 19,996 on Monday, taking the total seven-day gains to 3.85 percent, while the broader markets remained on the buyers’ radar as the Nifty Midcap 100 and Smallcap 100 indices rallied over a percent each on Monday.

“The Nifty has now reached to the uncharted territory. The band of 19,800-19,900 now becomes the strong support for the Nifty in the short term,” Vinay Rajani, CMT, senior technical and derivative analyst at HDFC Securities.

As far as the upside target is concerned, he feels the index is now headed for the level of 20,924, which happens to be the 100 percent Fibonacci extension resistance of the entire swing seen from June 2022 (15,183) bottom to December 2022 (18,887) top, and from December 2022 (18,887) top to March 2023 bottom (16,828).

Breadth of the market is very strong as more than 91 percent of the stocks are trading above their 200 DMA in the NSE500 index. This reading is obviously overbought, he said.

Rahul Sharma, Director, Head- Technical & Derivative Research at JM Financial Services said the good thing was that the new leadership was coming from IT, capital goods and PSEs. BFSI, which remained pressured for some time, is also back in the positive territory.

The Nifty50, therefore, seems to be on track to hit 20,432 this month and 21,000 by Diwali.

Let’s take a look at the top 10 trading ideas by experts for the next three-four weeks. Returns are based on the September 11 closing prices:

Source: https://www.moneycontrol.com/news/business/markets/nifty-scales-summit-20000-10-best-bets-for-double-digit-returns-as-bulls-keep-up-the-rally-11350851.html

PhonePe enters stock trading segment with Share.Market app: All you need to know

The app is PhonePe’s ‘biggest launch of the year,’ according to CEO and co-founder Sameer Nigam.

A QR code for the PhonePe digital payment system at a store in Mumbai. (Bloomberg)

Digital payments platform PhonePe on Wednesday announced its foray into the stock broking segment, doing so by launching an online service called ‘Share.Market.’

Sameer Nigam, CEO and co-founder, PhonePe, described the app as the company’s ‘biggest launch of the year.’

“Earlier this year, we had introduced innovative solutions such as PinCode, but this new offering is our biggest launch of the year,” Nigam said, according to CNBCTV18.

Meanwhile Ujjawal Jain, appointed as the CEO of Share.Market, said, “The service will bring newer demographics into broking, helping people to get started on their investing journey with off-the-shelf quant research-led offerings, including WealthBaskets.”

Share.Market app: All you need to know
(1.) According to CNBCTV18, which cited information from PhonePe, the app will have a one-time onboarding price of ₹199; this includes benefits that users can avail till March 31, 2024.

(2.) Available both as a mobile app and a dedicated web portal, the facility will aid retail investors in buying stocks, doing intraday trading, and purchasing curated WealthBaskets and mutual funds.

Source: https://www.hindustantimes.com/business/phonepe-enters-stock-trading-segment-with-share-market-app-all-you-need-to-know-101693393490477.html

Zepto India’s first unicorn in 2023; bags $200 million

The round was led by US investor StepStone Group, which made its first direct investment in an Indian firm.

File photo of Zepto founders Aadit Palicha and Kaivalya Vohra. Zepto has raised $200m in a Series E funding round, valuing the firm at $1.4bn and making it India’s first unicorn of 2023.

New Delhi: Zepto on Friday said it has raised $200 million in a Series E round of funding at a valuation of $1.4 billion, making the online grocery company India’s first unicorn of 2023, and lifting hopes in the startup ecosystem facing a prolonged funding winter.

The fundraise was led by US private market investor StepStone Group, which also made its first direct investment in an Indian company. The Group led the round with an investment of $75 million, persons aware of the matter said. Goodwater Capital, a California-based consumer-focused venture capital firm, joined as a new investor. Existing investors such as Nexus Venture Partners, Glade Brook Capital, and Lachy Groom also took part in the round.

Founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto is also considering a public listing in the next two to three years. It currently runs more than 200 dark stores which ship everything from chips to diapers, notebooks, cooking oil and cigarettes in seven cities. In 2022, Zepto had raised $200 million in a Series D funding round led by US technology startup accelerator Y Combinator’s Continuity Fund, which then valued the startup at $900 million.

Quick commerce firms proliferated following the pandemic outbreak, with platforms such as Zomato’s Blinkit and Swiggy’s Instamart offering home delivery of products such as shampoos, soaps, vegetables, and tea, which customers typically buy from local stores. However, the model has been questioned for its high cash burn and for delivering goods otherwise available easily in local markets.

“We’re going to push even harder towards profitability. The idea is to get to Ebitda positive in the next 12 to 15 months and do it at a scale of well over a billion dollars in sales annually,” Palicha, who is also CEO of Zepto, said in a virtual press meet.

Palicha said Zepto plans to add 40% more dark stores over the next 12 months while also reducing the time taken for each of these stores to turn profitable. “The majority of our dark stores are fully Ebitda-positive… The trajectory that we were on with 150 dark stores or so that are already profitable, with most of our dark stores already generating cash, the entire company is likely to be Ebitda-positive in the next 12 to 15 months. We have been actually able to grow our sales 300% year-on-year, reduced burn at the same time and turn most of our stores profitable,” he said.

Source: https://www.livemint.com/companies/news/zepto-india-s-first-unicorn-in-2023-bags-200-million-11692987368170.html

India, Egypt Sign Deal To Elevate Relations To “Strategic Partnership”

PM Modi and Egypt’s President discussed ways to further deepen the partnership between the two nations, including in trade, investment, defence, security, renewable energy, cultural and people-to-people ties.

Prime Minister Narendra Modi on Sunday held a meeting with Egyptian President Abdel Fattah El-Sisi during which they signed an agreement to elevate the bilateral relationship to a “Strategic Partnership”.
Both the leaders discussed ways to further deepen the partnership between the two nations, including in trade, investment, defence, security, renewable energy, cultural and people-to-people ties.

The two sides signed an agreement to elevate the bilateral partnership to a “strategic partnership.” In addition, three Memorandum of Understanding (MoU) in the fields of agriculture, archaeology and antiquities and competition law were also signed between India and Egypt.

Ministry of External Affairs official spokesperson Arindam Bagchi tweeted, “PM @narendramodi held a productive meeting with President @AlsisiOfficial in Cairo on 25 June 2023 The leaders discussed ways to further deepen the partnership between the two countries, including in trade & investment, defence & security, renewable energy, cultural and people to people ties. An agreement to elevate the bilateral relationship to a “Strategic Partnership” was signed by the leaders. Three MoUs in the fields of Agriculture, Archaeology & Antiquities and Competition Law were also signed.”

Earlier, Egyptian President Abdel Fattah El-Sisi conferred PM Modi with the highest state honour of Egypt, the ‘Order of Nile. Arindam Bagchi tweeted, “A mark of abiding friendship between & ! PM @narendramodi was conferred with the highest civilian honour of Egypt, the ‘Order of the Nile’, by President @AlsisiOfficial in Cairo on 25 June 2023.”

PM Modi also visited the Al-Hakim Mosque in Cairo. Taking to Twitter, PM Modi said, “Honored to visit the historic Al-Hakim Mosque in Cairo. It’s a profound testament to Egypt’s rich heritage and culture.”

Source : https://www.ndtv.com/india-news/pm-modi-in-egypt-india-egypt-sign-deal-to-elevate-bilateral-relations-to-strategic-partnership-4151616

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