NET DEBT
Arvind Smart Spaces Q1 Results: Net drops 44% to Rs 5 crore, revenue up 11%
Realty developer Arvind SmartSpaces has reported over 44% on-year decline in net profit at Rs 5 crore for the quarter ended June. The company’s revenue from operations rose 11% from a year ago to Rs 75 crore.
Govt estimates Centre's debt will rise to 56.8 per cent of GDP in FY25
The government's debt, including external borrowing and other liabilities, is expected to rise to Rs 185 lakh crore (56.8% of GDP) this fiscal year, up from Rs 171.78 lakh crore (58.2% of GDP) in March 2024. India’s GDP reached USD 3.57 trillion in 2023-24. Private final consumption expenditure grew 6.8% in 2022-23 and 4% in 2023-24
FPIs invest Rs 33,600 cr in equities in July amid continued policy reforms, good earnings season
Foreign investors injected over Rs 33,600 crore into Indian equities so far this month on the expectation of continued policy reforms, sustained economic growth and a better-than-expected earnings season.
Airtel Africa reports $31 mn net profit in Q1FY25 on lower finance costs
Bharti Airtel’s Africa business reported a $31 million net profit in the first fiscal quarter, reversing a $151 million net loss year-on-year, aided by reduced net finance costs and mobile money growth.
Pavna Industries to take QIP route to fund capex plans and reduce debt
The move aims to reduce its debt and finance capital expenditures. The fundraising will occur in two-three tranches over the next 12-18 months. The formal announcement is expected in a few days. According to the sources mentioned above, the company has approached several bankers for the fundraising process and discussions with ICICI Securities are in the final stage.
FPIs net buyers of Indian equities at Rs 30,772 crore in July so far. Know what they are spending on
In June, FPIs turned net buyers in Indian equities, investing Rs 26,565 crore, reversing the trend of outflows in April and May. This followed a mixed start to the year, with selling in January, buying in February and March, and then selling again in the following months.
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Vedanta can get over Rs 6,500 crore after HZL reserve transfer nod
NCLT Jaipur approved Hindustan Zinc’s ₹10,383 crore transfer for internal restructuring, aiding Vedanta’s $3 billion debt reduction, enhancing its $894 million bond. Despite NSE and BSE objections on routing funds, it contributes to Vedanta’s growth. The transfer is deemed a commercial contract, securing shareholders' interests, effective as of the appointed date.
Vedanta may raise Rs 6,000 crore via QIP
Earlier in May, the board of the natural resources major had approved fund raising of up to ₹8,500 crore, which then got shareholder approval in June. The company could, however, raise a lower amount of around ₹6,000 crore, the people said. A final decision on the quantum of the share issue has yet to be taken.
Biocon Biologics to raise debt of Rs 4,500 crore for Viatris Payout
Biocon Biologics plans to raise ₹4,500 crore with HSBC and MUFG's aid for a $175 million Aflibercept option. Previous funding by Kotak and Edelweiss and Crisil predicts ₹4,800 crore debt by FY26. Tackling $1.2 billion debt, Biocon's net profit at 7% due to high-interest costs. Revenue at 57% in FY24. Ownership stands at 70%, market improved post-Viatris transition.
Satin Creditcare Network raises 15 million euros from Development Bank of Austria
The external commercial borrowing with a tenure of five years is raised at a rate linked to Euribor and it comes around 11% approximately, a senior official with Satin said. This rate is euribor plus 260 basis points, to be precise.
HNIs looking to diversify warm up to private credit funds
High net-worth individuals are increasingly turning to private credit funds due to the removal of tax benefits for debt mutual funds. This shift reflects a growing interest in fixed-income options among the affluent segment.
JM Financial board okays plan to consolidate debt, distressed credit business under one platform
JM Financial will increase its stake in JM Financial Credit Services to 89.67% and JMFCSL will acquire 71.79% stake in JM Financial Asset Reconstruction Company from JMFL for Rs 856 crore.
FPIs invest Rs 26,565 crore in Indian equities in Jun
After two months of net outflow, foreign investors turned buyers in June, infusing Rs 26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets.
Household debt needs to be kept under watch
"With overall household savings declining to 18.4% of GDP (gross domestic product) in FY23 from an average of 20% of GDP over 2013-2022, and coupled with an increasing trend in financial liabilities, household debt warrants close monitoring from a financial stability perspective," the Reserve Bank of India (RBI) said in its latest Financial Stability Report released on Wednesday.
Funds circling India debt risk being tripped Up by red tape
China's tax exemptions on bond investments set a precedent for India's sovereign debt market, likely attracting more foreign investors. The hurdles faced by outsiders in accessing the market include lengthy documentation, tax treaty variances impacting returns, and the need for registration via custodian banks for trading in certain bonds.
Promoter may sell 2.5% in Vedanta via block deals this week
Agarwal has been seeking to slash the group's debt burden. London-listed Vedanta Resources reduced its net debt to $6 billion in FY24 from $9.7 billion in FY22. The company aims to cut it to $3 billion over the next three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and another $900 million in FY26.
YES Bank board to consider fundraising via debt
YES Bank intends to raise funds through the issuance of debt securities, potentially including non-convertible debentures (NCDs), bonds, or Medium Term Notes (MTNs). The bank's board approved this fundraising plan during a meeting on Tuesday, where they also finalized the draft notice for the annual general meeting scheduled for August 23rd. YES Bank's shares have surged 50% over the past year, significantly outperforming the Bank Nifty index, which gained 21% in the same period.
Aye Finance raises $30 million in debt from Dutch development bank
FMO is the Dutch entrepreneurial development bank, with a mission to empower entrepreneurs to build a better world. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. Aye's net profit in FY24 grew nearly three-fold at Rs 161 crore while revenue was 67% higher at Rs 1072 crores as compared to the numbers in the preceding fiscal.
Tata Motors shares rally 2% as India business turns net debt free in FY24. Should you invest?
Tata Motors shares surge on debt-free India business, JLR target by FY25. Aiming for EV EBITDA breakeven in FY26, expanding product portfolio for 80% market share. Analysts positive on growth prospects. Motilal Oswal, JM Financial, and ICICI Securities offer varying ratings and target prices.
FPIs take out Rs 14,800cr from equities in Jun on poll results, attractive Chinese stock valuations
Foreign investors withdrew nearly Rs 14,800 crore from domestic stocks in the first week of this month, influenced by India's Lok Sabha election results and attractive valuations of Chinese stocks.
ITC Hotels to have a net worth of Rs 10,000 crore and debt-free balance sheet
As of March 2024, ITC Hotels' capital structure stood at approximately Rs 207.85 crore. However, this figure may see slight adjustments on the listing day due to the issuance of shares under the ESOP scheme, according to Puri. This information was shared with shareholders on Thursday during an NCLT-convened audio-visual meeting of ITC Ltd shareholders concerning the demerger process.
Adani third Indian business house to cross $10-b mark in operating profit
Adani Group joins Tata Group and Mukesh Ambani's Reliance Group in achieving $10 billion annual operating profit in FY24 despite challenges.
Planning to invest Rs 3,000 crores to add 2,000 beds in 3 years: Suneeta Reddy, Apollo Hospitals
Let us look at both ARPOB, it is over 59,000, it is about Rs 59,0330. We have seen an increase in ARPOB of around 12%, but more importantly just going forward, this is because of a better case mix and price, but definitely improved case mix. With regard to volumes, inpatient volumes grew by 6%, outpatient volumes grew by 9%. And our ARPOB is net of doctors’ fees.
Adani Group FY24 profit jumps 55% to cross Rs 30,000 crore. Jefferies likes 3 stocks
Adani Group Stocks: Adani Group's FY24 profit surges by 55% to Rs 30,768 crore post Hindenburg crisis. Jefferies favors Adani Enterprises, Adani Ports, and Adani Energy Solutions, citing robust EBITDA growth and strategic initiatives. Adani Ports set to join Sensex on June 24.
Sunteck Realty records highest-ever pre-sales of Rs 1,915 crore in FY2
Realty developer Sunteck Realty has reported its highest-ever annual performance in terms of pre-sales at Rs 1,915 crore for the financial year 2023-24 as against Rs 1,602 crore a year ago. The company’s net profit for the year rose to Rs 71 crore from Rs 1 crore a year ago, while core operating profit grew 63% to Rs 266 crore. Total revenue increased to Rs 565 crore, up 56% from Rs 362 crore a year ago.
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.
JK Tyre debt equity ratio is 0.80 to 1, which shows good deleveraging: Raghupati Singhania
Raghupati Singhania discusses the growth in demand for tyres in India, focusing on the passenger segment. He also touches on Mexico operations, EPR impact, net debt reduction, raw material cost increase, and expansion plans for premium sizes.
Voda Idea shares up in early trade after Q4 show
Vodafone Idea Stock: Vi's net loss for the fiscal fourth quarter expanded to Rs 7,675 crore, up from Rs 6,986 crore in the previous quarter. The telecom company faces challenges from high debt and ongoing customer losses to competitors like Reliance Jio and Bharti Airtel.
Top 5 banking & PSU debt mutual funds with 1-yr returns & who should invest
Top 5 banking & PSU debt mutual funds cater to lower risk appetite investors, outperforming Crisil 10 Yr Gilt Index. Active banking & PSU banks manage Rs 80,730 crore AUM. Notable underperformers include Baroda BNP Paribas, Canara Rob, Mirae Asset funds.
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