Category: Finance

ICICI Securities’ IPO to sell 24% stake will launch next week

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ICICI Securities will launch an initial public offering (IPO) to sell nearly a quarter of its shares to raise Rs 4,200 crore, next week.

The issue will open for anchor investors on March 21, 2018 and public can subscribe to the issue between March 22 and 26, 2018.

Chairperson Chanda Kochhar said that for the past five years, the firm has been the largest in terms of brokerage income.

She reiterated that the company has a ‘bright future ahead’ and it is ‘leading investment bank in terms of equity capital market issuances.’

Kochhar highlighted that the firm is number one in National Stock Exchange (NSE) and that the firm seems sure about the IPO launch to be a success.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Arvind SmartSpaces developing new parcels of land; recently entered Pune market

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Textile stocks like Arvind are in focus after Reserve Bank of India (RBI) discontinued issuance of Letters of Undertaking (LoU) and Letters of Comfort for trade credit. As well, Arvind SmartSpaces, the realty arm of fashion and apparel firm Arvind, is looking to cross the Rs 1,000-crore revenue mark in the next four years.

In an interview with CNBC-TV18, Kulin Lalbhai, Executive Director of Arvind spoke about the latest happenings in his company and sector.

The 10-year old business of Arvind Smart Spaces started developing projects on Arvind land. Since last four-five years, company has become completely an independent entity developing new parcels of land, he said.

Since demerging, the company has seen a rapid growth, both toline and bottomline have grown at more than 30 percent, he added.

Next three years, the company has another 8 million square feet being developed primarily in Bangalore and Ahmedabad. “We are focused on the mid-income residential segments in these two cities and we have recently made a foray into Pune,” said Lalbhai.

The company is focused on the residential space. We are seeing a lot of traction in the mid-market space and affordable housing segment is an area we are already in, he said.

He believes that the government’s focus on home ownership will create a lot of primary demand. “We will definitely be in the affordable and the mid-income residential space,” he added.

Speaking about letters of undertaking (LoU) instrument, he said we use all kinds of ways to raise capital but the LoU instrument is negligible. So it has no impact on the company.

For full interview, watch accompanying video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Expect 10% reduction in value due to GST; FY19 to be a good year: Bajaj Electricals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In an interview to CNBC-TV18, Shekhar Bajaj, CMD of Bajaj Electricals spoke about the latest happenings in his company and sector.

Distribution that has been done in the last two years is resulting in having almost 160,000 outlays which are being serviced every week and is covering almost 450 districts all over the country, he said.

Therefore, with the rural markets getting a boost because of the Budget, we expect that we will get the advantage. We are expecting 10 percent reduction in value terms because of goods and services tax (GST) and volume wise also we should grow by double digit or more in the coming few months, he added.

Next year (FY19) should be a very good year, said Bajaj.

We expect a very strong Q4. First two months of 2018 were very strong, he further mentioned.

For full interview, watch accompanying video…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Still have enough assets, ensure to complete construction of MHADA component: HDIL

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a setback for HDIL, Maharashtra Housing and Area Development Authority (MHADA) has accused its subsidiary, Guruashish Construction of a Rs 1,200 crore fraud.

In an interview with CNBC TV18, Sarang Wadhawan, Vice Chairman & Managing Director of HDIL said that Guruashish Construction was admitted under National Company Law Tribunal (NCLT) in April, last year and that there was only one lender, Union Bank of India that had taken the company to the NCLT.

“This company was to create 3,000 tenements for MHADA and hand them over, there has been a delay in handing over the tenements. However, the company still has enough assets and has enough to cover up and ensure that the construction of the MHADA component will be completed”, he said.

Wadhawan said that the resolution plan which was being prepared, covers the entire aspect of MHADA component and every other due.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Despite tough market, will still deliver growth rate close to 15%: Arvind Lifestyle

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Despite a tough market scenario, Arvind Lifestyle Brands which houses brands like Gap, Sephora and US Polo, expects to hit revenues of Rs 5,000 crore by 2020.

J Suresh, MD & CEO, Arvind Lifestyle Brands said, “I think it is a difficult and a peculiar year, things were very good till December. January onwards, market has been a bit tough”.

The company still expects a growth rate of 15 percent.

“We are reaching Rs 4,000 crore of revenue this year and we were Rs 3,000 crore of revenues last year. So we have two more years to add another Rs 1,000 crore, that should be easily possible”, said Suresh.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

February wholesale price inflation at 2.48%, eased for 3rd straight month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Wholesale price index (WPI) inflation, this month has come down to  2.48 percent  as compared to 2.8% in the last month. It would imply that WPI inflation has eased for the third straight months. In November the WPI was 4% which went down to 3.5% in December.

Manufactured products inflation of February stood at 3.04% which was 2.78% last month. Whereas, food inflation is at 0.07% as compared to 1.65% of January. Vegetable inflation came down drastically to 15.26% from 40.77%. Fuel and power inflation saw a fall by 1%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow