Month: January 2021

Home First Finance to soon launch Rs 1,200-crore IPO: Report

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

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Mortgage lender Home First Finance Company (HFFC) is set to launch its initial public offering (IPO) to raise up to Rs 1,200 crore, Economic Times reported.

HFFC, a mortgage financier in the affordable housing segment, is backed by private equity funds Warburg Pincus (WP), True North and Singapore’s sovereign wealth fund GIC

According to the ET report, the IPO will allow existing investors True North, GIC, Bessemer Venture Partners along with founder PS Jayakumar to partially exit their respective investments, for the second time in less than six months.

True North is the largest shareholder in the company with a 33 percent stake followed by WP with a 25 percent stake.

In early October, WP had invested Rs 700 crore in the company which included about Rs 625 crore of secondary sale by existing investors and a Rs 75 crore infusion into the company, the report added.

True North, GIC and Bessemer along with PS Jayakumar will all see their stakes reduce by 20 percent to 25 percent through the offer for sale. WP will not tender any shares as its stake is locked in for a year, it said.

The company has time till March end to complete the sale, according to SEBI rules.

Home First Finance CEO Manoj Viswanathan told ET that WP’s investment which was completed in October was a positive pre-IPO signal as a large investor was ready to invest in the midst of uncertainty while also giving us some capital.

“The IPO will further provide capital and cement our investor base,” Viswanathan told the newspaper.

HFFC, founded by former Citibankers Jaithirth Rao and P S Jayakumar in 2010, had received SEBI approval as early as February last year but the economic disruption caused by the COVID-19 pandemic delayed the IPO.

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

SC to hear pleas against farm laws, issues related to farmers protest on Jan 11

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

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The Supreme Court on Wednesday said it would hear on January 11 a batch of pleas challenging the new farm laws as also the ones raising issues related to the ongoing farmers’ protest at Delhi borders.

A bench headed by Chief Justice S A Bobde, which observed that there is no improvement on the ground regarding farmers’ protests, was told by the Centre that healthy discussions are going on between the government and farmers over these issues.

Attorney General KK Venugopal said there is a good chance that parties may come to a conclusion in the near future and filing of response by the Centre on the pleas challenging the new farm laws might foreclose the negotiations between the farmers and government.

Solicitor General Tushar Mehta, while informing the bench that talks are going on between the government and farmers in a healthy atmosphere, said that these matters should not be listed for hearing on January 8.

We understand the situation and encourage consultation. We can adjourn the matters on Monday (January 11) if you submit the same due to the ongoing consultation process, the bench said.

The top court was hearing a plea challenging the farm laws.

Govt to SC: Talks are underway, good chance that parties may come to some conclusion in near future. Healthy talks underway, not advisable for SC to take up the case at this stage. Filing of submissions in SC to foreclose avenue of negotiation underway #FarmerProtest #FarmLaws

— CNBC-TV18 (@CNBCTV18Live) January 6, 2021

Meanwhile, the deadlock between the two sides persists and representatives of both sides have agreed to meet again on January 8. The farmers have threatened to hold a rally on Republic Day, January 26, if their demands are not met.

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

Gold rate today: Yellow metal trades lower; may find support at Rs 51,050 per 10 grams level

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

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Wednesday following a muted trend in the international spot prices amid a firm US dollar.

At 11:45 am, gold futures for February delivery fell 0.34 percent to Rs 51,545 per 10 grams as against the previous close of Rs 51,720 and the opening price of Rs 51,555 on the MCX. Silver futures traded 0.72 percent lower at Rs 70,351 per kg. The prices opened at Rs 70,323 as compared to the previous close of Rs 70,858 per kg.

“Gold price declined on a firm dollar and also as investors opted for profit-taking. Technically, gold was in overbought territory and the market has discounted all the positive factors for gold,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold edged lower on Wednesday as the dollar firmed with investors tracking two closely contested US Senate runoff races in Georgia that will likely determine President-elect Joe Biden administration’s fiscal policy, a Reuters report said.

Spot gold fell 0.3 percent at $1,943.46 per ounce after hitting a near two-month peak at $1,954.97 earlier in the session. US gold futures eased 0.4 percent to $1,947.50, while the dollar rebounded from multi-year lows.

Investors also awaited the minutes of the US Federal Reserve’s December 15-16 policy meeting scheduled for release later today.

“On MCX, gold may find support at Rs 51,050 level while it may face resistance at Rs 51,850 level. Silver may see support at Rs 68,400 level and resistance at Rs 71,600 level,” Kedia added.

However, the long term trend for the gold remains positive, he said.

(Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)

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

Don’t plan to hike promoter stake beyond 65.23%, says Filatex India

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

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The promoter of Filatex India has raised its stake to 65.23 percent from 60.47 percent in Q3. Madhu Sudhan Bhageria, Chairman and Managing Director at Filatex India discussed the rationale behind the stake hike.

“We don’t have any plans to raise the stake further. This stake hike we have done is because we thought our share price was quite low and the company and the sector are doing well so it is a good time to raise our stakes. So, we raised our stake in the last quarter,” he said.

Raw material prices have been on the rise with the crude prices rising, he said.

“All the price rise could be passed through because there is a very robust demand in the downstream sector,” he shared.

In terms of production levels, he said, “The production has been normal in Q3 and the whole industry has come back after the COVID-19. I think the industry, as a whole, is doing better than pre-COVID levels.”

Industry utilization level was almost 90 percent in Q3, he mentioned.

On working capital situation and debt reduction plans, he said, “We didn’t face much working capital issues. Our suppliers were quite supportive, they had provided credit as and when needed. We do plan to reduce debt by Rs 60 crore this year. however, we are also raising some debt for our power plant.”

For the entire discussion, watch the 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

Standout Brokerage Report: Macquarie raises price targets on these NBFCs

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

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Macquarie has come out with a report on non-banking financial companies (NBFCs). The brokerage house believes that the collection data should hold up well in Q3 for most of the NBFCs while the growth outlook is a bit weak.

According to Macquarie, the auto industry should see a margin expansion and hence the brokerage firm has raised the target price on Mahindra and Mahindra Financial Services, Shriram Transport Finance and Cholamandalam Investment and Finance.

CNBC-TV18’s Nimesh Shah has more details.

To watch other videos in this series, click on the Standout Brokerage Report tab below.

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

India home to 21 unicorns valued at $73.2 billion: says Ambassador Sandhu

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

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India is currently the third-largest startup ecosystem in the world and is home to 21 unicorns valued at USD 73.2 billion, India’s top envoy in the US has said, as he expressed hope that more than 50 startups might join the unicorn club as early as 2022. Entrepreneurial activity has picked up in India. In 2020 India was among the top 50 innovative economies, India’s Ambassador to the US Taranjit Singh Sandhu said.

”Today India is the third-largest, startup ecosystem in the world and is home to 21 unicorns valued at USD 73.2 billion. more than 50 soonicorn’ startups might join the unicorn club as early as 2022, he said. A unicorn is a term to indicate a privately held startup company valued at over USD 1 billion. Soonicorns are startup companies that are good candidates for late-stage investment and have a good possibility of becoming ’unicorns’.

Sandhu was speaking at a mentoring programme for Indian National Startup Awards 2020 finalists that was co-hosted by the Embassy of India, in partnership with Department of Promotion of Industry and Internal Trade (DPIIT) and US-India Strategic Partnership Forum (USISPF) on Monday.

Sandhu said according to a recent report, Indian startups raised USD 9.3 billion until mid-December this year. A little below 2019 but definitely encouraging, considering the current pandemic. It is because people like you were not averse to taking risks and were not deterred by challenges. People like you continued to think out of the box. People like you put all your efforts in creating a better life around you, he said. Rise of Indian IT companies, large talent pool, increased expendable income of Indian middle class and availability of capital have contributed to the growth of India’s startup ecosystem.

More recently increased usage of smartphones, access to the internet, and recent reforms to push digital finance have given further impetus. There has also been a significant push from the Government through initiatives like Startup India and Digital India, he said.

Indian startups are steadily evolving into global entities creating business products, and solutions for the global market, he added. The Bay Area- Silicon Valley is the world’s topmost innovation hub accounting for, I am told, more than a fifth of global venture capital investment. Its success has been hard to replicate elsewhere even with sizeable investments, he said, adding that the important ingredient that is often found missing elsewhere is the culture of Silicon Valley. Three cities- Bengaluru, Mumbai and NCR Delhi- have changed the face of modern India and find a place among the famous Global Startup hubs. Cities like Pune, Hyderabad, Ahmedabad and Kolkata are counted amongst the emerging startup hubs. We need to do more to be counted amongst the superstar hubs’, he said.

Noting that India and Silicon Valley have a close relationship spanning over many decades, Sandhu said Prime Minister Narendra Modi’s visit to Silicon Valley in 2016 signified the importance of this entrepreneurial bridge and partnership.

Sandhu said that Indian programmers, engineers and entrepreneurs are providing their skills and that too in sizeable numbers to US companies. India is also a leading R&D hub for many of these companies. Many US-based venture firms have been investing in Indian talent and are amongst the largest players in the field. Bay Area- Silicon Valley is also central to growth strategies of many Indian companies bringing innovation to the doorstep of customers with the help of startups, he said.

In the US, startup ecosystem is developing beyond Silicon Valley and big economic centres like New York, Boston, LA, Chicago. Philadelphia in Pennsylvania, Research Triangle in North Carolina, Portland, Minneapolis, are gaining prominence, as emerging start-up hubs. This has opened up new opportunities for collaboration for Indian entrepreneurs, Sandhu said. Around 150 Indian startups attended the event, said the Indian Embassy in a statement.

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

Warburg Pincus invests $100 million in consumer electronics brand boAt

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

Listen to the Article (6 Minutes)

Home-grown consumer electronics brand boAt has raised $100 million from an affiliate of Warburg Pincus.

The company said the investment by Warburg Pincus will help it widen its R&D capabilities and product portfolio, and build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative, enabling the manufacture of products in India.

“We welcome Warburg Pincus as a new investor into the company. This is a vote of confidence for our business model and growth prospects. The investment is great news for not only the company but for the entire D2C sector. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain,” said Aman Gupta, Co-Founder, boAt.

Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said: “We see a compelling growth story in boAt and believe the company is well-poised to build upon the strong leadership position it has carved out within the industry and stands to benefit from the secular tailwinds of e-commerce growth in India. Warburg Pincus is excited to partner with the management team of boAt led by Aman & Sameer in this journey and we look forward to supporting them through the next phase of the company’s growth.”

boAt was launched in 2016 by Aman Gupta and Sameer Mehta and is the market leader in the personal audio category (headphones, earphones, sound-related accessories). It is also expanding to adjacent consumer-focused, lifestyle electronics categories. The company says it has seen over 100 percent revenue growth over the past several years.

boAt leads the earwear and the true wireless stereo categories in India, according to IDC data, and has also emerged as the 5th largest wearable brand globally.

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