Opening Bell: Sensex, Nifty start lower; HCL Tech in tailspin post-Q3 results

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

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Indian shares opened in the red on Monday, amid mixed global cues and continuing concerns over the fast-rising omicron variant of coronavirus. The benchmark 30-share BSE Sensex opened 7 points lower at 61,215.80, while the broader NSE Nifty50 dipped 20 points to start trade at 18,235.70.

#CNBCTV18Market | Market starts Monday session largely in the red. HCL Tech top loser after a mixed set of earnings pic.twitter.com/uOgyev2EmL

— CNBC-TV18 (@CNBCTV18Live) January 17, 2022

Among stocks, HCL Tech was the top loser after a mixed set of earnings, down almost 7 percent after opening nearly 5 percent lower. HDC Bank, Kotak Mahindra Bank, Cipla and NTPC were other major laggards, down up to a percent. Maruti Suzuki was leading the gainers.

#CNBCTV18Market | HCL Tech & HDFC Bank top #Nifty losers after Q3 earnings pic.twitter.com/bsC8UdkyCn

— CNBC-TV18 (@CNBCTV18Live) January 17, 2022

HCL Tech on Friday had reported a net profit at Rs 3,442 crore, which was up 5.4 percent quarter-on-quarter, and revenue at Rs 22,331 crore — up 8.1 percent QoQ — in its earnings report for the quarter ended December 31, 2021, handily beating Street expectations.

Check top brokerage calls on HCL Tech, HDFC Bank here

Foreign institutional investors (FIIs) sold shares worth Rs 1,598 crore. And the domestic institutional investors (DIIs) purchased shares worth Rs 371 crore in the Indian market on January 14, as per provisional data available on the NSE.

Globally, Asian share markets were choppy as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy. China’s central bank surprised the market by cutting some key lending rates by a sizable 10 basis points.

The easing seemed to help China’s blue chips for they edged nearly half a percent up. MSCI’s broadest index of Asia-Pacific shares outside Japan, on the other hand, eased 0.2 percent. Meanwhile, Japan’s Nikkei bounced 0.8 percent  after losing over 1 percent last week.

On Wall Street, Nasdaq futures slide half a percent and S&P 500 Futures declined 0.2 percent. Over in Europe, the Euro Stoxx 50 futures edged higher but the FTSE futures were flat.

Over in commodities, oil is exchanging hands at near-record high premiums after rising for four straight weeks. Brent crude was last up to $86.54, pipping the 2021 top of $86.70. US WTI oil was also up half a percent at $84.57.

Catch all the live updates from the markets with CNBC-TV18’s blog

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

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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

HCL Tech shares tank 5% post Q3 results; Here’s what brokerages say

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

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Shares of HCL Technologies fell as much as 5 percent on Monday after the technology company reported its quarterly earnings. At 9:17 am, shares of the company were down 4.6 percent at Rs 1,276 on BSE and were the biggest drag on Nifty50.

HCL Tech reported a net profit at Rs 3,442 crore, which was up 5.4 percent QoQ and revenue came in at Rs 22,331 crore, up 8.1 percent QoQ. This was in comparison to the CNBC-TV18 poll of a net profit of Rs 3,390 crore and revenue of Rs 21,674 crore.

In dollar terms, the IT services company’s revenue ($2,977 million) grew 6.7 percent YoY and QoQ, while the constant currency (CC) revenue witnessed 7.6 percent QoQ and a 15% YoY increase.

The company said that stellar revenue growth at 7.6 percent QoQ in constant currency terms is the highest in the last 12 years. This comes at the back of an all-around strong double-digit growth across verticals and geographies on a YoY basis, HCL Technologies added in the press release.

The total contract value of new deal wins stood at $ 2,135 million registering 64 percent YoY growth.

Further, the company witnessed strong client addition across all categories and cash generation also remained robust.

On the guidance front, the IT company expects revenue to grow in double-digits in constant currency in Q4 FY22 and said its EBIT margin would be between 19 percent and 21 percent for the rest of the fiscal.

Also Read | HCL Tech Q3 results: IT major records 5.4% increase in net profit at Rs 3,442 cr; revenue at Rs 22,331 cr

Here’s what brokerages say:

Credit Suisse

The brokerage has an ‘outperform’ call on the IT stock and has raised its target price to Rs 1,650 from Rs 1,450. The IT company reported solid revenue growth but margin performance was disappointing. The brokerage believes HCL Tech is well-positioned for a stronger FY23 and has a positive view on the stock because valuations are relatively attractive. Baking in Q3 results, Credit Suisse has increased EPS estimates for FY22-24 by 1-8 percent.

CLSA

The brokerage has an ‘outperform’ rating on the stock but has cut its target price to Rs 1,450 from Rs 1,470. Even as the revenue growth and deal momentum is strong, the margin outlook appears weak, CLSA noted. The brokerage has cut EPS estimates for FY23 and FY24 by 2 percent each. However, improved revenue growth visibility and attractive valuation and capital allocation have kept the brokerage engaged. CLSA said that the near-term prognosis for HCL Tech is weak as its margin could weigh on the stock performance.

Morgan Stanley

While raising the target price on the IT company’s stock to Rs 1,450 from Rs 1,360, the brokerage has maintained its ‘equal-weight’ call on HCL Tech’s shares. The brokerage believes that the lack of positive revisions to product revenue guidance has to some extent offset the solid revenue performance. Sustainable re-rating will wait until clarity emerges in Q4, on the margin front, Morgan Stanley pointed out.

Nomura

The brokerage has a ‘buy’ call on HCL Tech’s shares and raised its target price to Rs 1,580. Nomura noted that revenue surprised positively but margin performance was weaker than expected. Deal wins were healthy which sets the stage for strong growth, the brokerage said raising FY22-24 EPS estimate By 0.2-1.6 percent mainly led by higher revenue estimates.

JP Morgan

The brokerage said HCL Tech’s growth has taken off but margin trade-off needs watching. JP Morgan has maintained its ‘overweight’ rating on shares of HCL Tech and hiked its target price to Rs 1,500 from Rs 1,400 while upgrading its revenue estimate by 1-3 percent. The brokerage cut margin by 20-60 bps and trimmed EPS estimates by 1-3 percent for FY22-24.

UBS

The brokerage said ‘sell’ HCL Tech shares. UBS believes strong beat and total contract value wins could be offset by lack of assurance on FY23.

Citi

With a ‘neutral’ rating, cut in target price to Rs 1,385 from Rs 1,400 and trimming of FY23-24 estimates, Citi said products or platforms and margin outlook needs to be closely watched. The brokerage noted that the IT company reported a largely in-line quarter on the EBIT front.

Catch all LIVE stock market updates here.

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

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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

Wealth of India’s 10 richest enough to education of every child for 25 years, says study

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

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Indian billionaires saw their combined fortunes more than double during the COVID-19 pandemic, and their count shot up by 39 percent to 142, while the wealth of the 10 richest is enough to fund school and higher education of children in the country for 25 years, a new study showed on Monday. In its annual inequality survey released on the first day of the World Economic Forum’s online Davos Agenda summit, Oxfam India said that an additional one percent tax on the richest 10 percent can provide the country with nearly 17.7 lakh extra oxygen cylinders, while a similar wealth tax on the 98 richest billionaire families would finance Ayushman Bharat, the world’s largest health insurance scheme, for more than seven years.

The COVID-19 pandemic saw a huge rush for oxygen cylinders and insurance claims during the second wave last year. On wealth inequality, Oxfam report added that 142 Indian billionaires collectively own wealth of USD 719 billion (over Rs 53 lakh crore), while the richest 98 of them now have the same wealth as the poorest 55.5 crore people in the bottom 40 percent (USD 657 billion or nearly Rs 49 lakh crore).

If each of the 10 richest Indian billionaires were to spend USD 1 million daily, it would take them 84 years to exhaust their current wealth, while an annual wealth tax applied to multi-millionaires and billionaires would raise USD 78.3 billion a year that would be enough to increase government health budget by 271 percent or eliminate households’ out-of-pocket health budget and leave some USD 30.5 billion. Noting that COVID-19 may have begun as a health crisis but has become an economic one now, Oxfam said the wealthiest 10 percent have amassed 45 percent of the national wealth while the share of the bottom 50 percent of the population is a mere 6 percent.

It said that the inadequate governmental expenditure on health, education and social security has gone hand-in-hand with a rise in the privatisation of health and education, thus making a full and secure COVID-19 recovery out of reach for the common citizen. The study urged the government to revisit its primary sources of revenue generation, adopting more progressive methods of taxation and assessing its structural issues that permit such wealth accumulation by the rich.

Additionally, the government should also redirect revenue towards health, education, and social security, treating them as universal rights and as a means of reducing inequality, thereby avoiding the privatisation model for these sectors, Oxfam said. “We call upon the government to redistribute India’s wealth from the super-rich to generate resources for the majority by reintroducing the wealth tax and to generate revenue to invest in the education and health of future generations by imposing a temporary one percent surcharge on the rich for health and education,” it said.

On gender inequality, Oxfam India said women accounted for 28 percent of all job losses and lost two-thirds of their income during the pandemic. It further said India’s 2021 budget allocation for the Ministry of Women and Child Development is less than half of the total accumulated wealth of the bottom 10 of India’s billionaire list and just a 2 percent tax on individuals with an income of over 10 crore could increase the ministry’s budget by an astounding 121 percent.

If the wealth of the first 100 billionaires are accumulated, they could fund the National Rural Livelihood Mission scheme, responsible for creating Self Help Groups for women, for the next 365 years. On health inequality, the report said a 4 percent wealth tax on the 98 richest families in India would finance the Ministry of Health and Family Welfare for more than 2 years and noted that their combined wealth is 41 percent more than the Union Budget of India.

On education inequality, the study said a 1 percent of the tax on wealth of the 98 billionaires in India can fund the total annual expenditure of the department of school education and literacy under the Ministry of Education, while 4 percent of tax on their wealth can take care of Mid-Day-Meal programme of the country for 17 years or Samagra Sikshya Abhiyan for 6 years. Similarly, a 4 percent tax on the wealth of the 98 billionaires would be enough to fund the Mission POSHAN 2.0, which includes Anganwadi Services, POSHAN Abhiyan, Scheme for Adolescent Girls, and National Creche Scheme, for 10 years.

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

Top stock tips by Sudarshan Sukhani, Mitessh Thakkar: IRCTC, HDFC Bank, HUL and more

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

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Indian shares traded in the green after starting Monday’s session in the red. The benchmark 30-share BSE Sensex was down 7 points to start at 61,215.80, while the broader NSE Nifty50 dipped 20 points to start trade at 18,235.70.

Among stocks, HCL Tech was the top loser after a mixed set of earnings, down 4.80 percent. HDFC Bank, Kotak Mahindra Bank, Cipla and NTPC were other major laggards, down up to a percent. Catch all the live updates here

On Friday, the Sensex ended at 61,223, down 12.3 points from its previous close, and the Nifty lost 2.1 points to settle at 18,255.8.

Meanwhile, Asian share markets started the week on a cautious note on Monday ahead of US earnings season and a slew of Chinese economic data. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed, while Japan’s Nikkei bounced 0.8 percent after losing 1.2 percent last week. S&P 500 futures were flat, while Nasdaq futures slipped 0.1 percent.

CNBC-TV18’s in-house panel of experts has picked a list of stocks for investors to buy/sell in trade today. Here are the top buy-sell calls by market experts:

Sudarshan Sukhani of s2analytics.com

HDFC Bank is a buying opportunity at any point of time for long-term investors. For the short-term traders it is a clear avoid.

Buy JSW Steel with a stop loss of Rs 675.

Buy BPCL with a stop loss of Rs 385.

Buy IRCTC with a stop loss of Rs 875.

Mitessh Thakkar of earningwaves.com

Buy ACC with a stop loss of Rs 2,325 and a target of Rs 2,410.

Buy Voltas with a stop loss of Rs 1,275 and a target of Rs 1,350.

Buy HDFC Bank with a stop loss of Rs 1,520 and a target of Rs 1,580.

Sell Hindustan Unilever Ltd (HUL) with a stop loss of Rs 2,390 and a target of Rs 2,300

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

CBI arrests GAIL director in bribery case

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

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The CBI has arrested E S Ranganathan, Director (Marketing) of GAIL, in a case of alleged bribery of over Rs 50 lakh for giving discounts to private companies buying petro chemical products marketed by the Maharatna PSU, officials said Sunday The CBI had unearthed the alleged bribery scam involving Ranganathan, middlemen, and businessmen and arrested five individuals on Saturday, they said. The central agency had conducted searches at eight locations including the office and residence of Ranganathan, they said.

“Cash of Rs 1.29 crore (approx), and gold jewellery and other valuables (having app value of Rs 1.25 crore) recovered during searches from the premises of said accused (Ranganathan),” CBI Spokesperson RC Joshi said. It is alleged that Ranganathan was collecting bribes from perspective beneficiaries of discounts to private companies buying petro chemical products marketed by the Maharatna PSU, officials said. It is alleged that Ranganathan was “indulging into corrupt and illegal activities in criminal conspiracy” with middlemen Pawan Gaur and Rajesh Kumar who is also director of Rishab Polychem Pvt. Ltd based at Bahudargarh Road, Delhi. Kumar and Gaur allegedly acted as Ranganathan’s middlemen by obtaining bribe from the private companies buying petro chemical products marketed by the Gas Authority of India Ltd (GAIL), the FIR alleged. Based on information of one such bribery exchange, the CBI teams had conducted a trap operation in which two middlemen Gaur and Kumar were nabbed with the bribe amount of about 10 lakh which was collected on behalf of Ranganathan, the CBI has alleged.

Later, Nair, Gupta and Bansal were also taken into CBI custody. Following the registration of the case against Ranganatha and others on Friday, the CBI had conducted searches at about eight locations in Delhi-NCR including Ranganathan’s office at Bhikaji Kama Place in Delhi and his residence in Sector 62, Noida.

Besides Ranganathan, the agency has also booked middlemen Gaur and Kumar, N Ramakrishnan Nair who had allegedly collected bribes, businessmen Saurabh Gupta and his Panchkula-based company United Polymer Industries and Aditya Bansal and his company Karnal-based Bansal Agency, they said. “Subsequent, searches were conducted at the premises of accused at Delhi, Noida,Gurgaon, Panchkula, Karnal etc, which led to recovery of Rs.84 lakh(approx), so far which include recovery of Rs 75 lakh from Gurgaon-based private person. Searches are continuing at the premises of public servant,” Joshi had said. Sources had informed the CBI that at the direction of Kumar, Gaur had asked Ranganathan for allowing some discount to the buyers on petro chemical products being marketed by GAIL in return of illegal gratification. It is alleged that Kumar and Gaur met Ranganathan at his Noida residence on December 11 last year for discussing the proposal, the FIR alleged. Two days later Gaur informed Kumar that proposal of discounts is being considered in GAIL, the FIR alleged.

In order to arrange bribes, Kumar got in touch with other prospective beneficiaries of discount, after the final decision is taken in GAIL on issuance of the discount order. Gaur, Kumar and Ranganathan again met at a five star hotel in Delhi on December 14 to discuss it further. “Source has further informed that on December 17, 2021, Rajesh collected the demanded bribe amount from beneficiary private parties and delivered it to Gaur for Ranganathan. Source has further informed that on December 18, 2021, on the direction of Ranganathan, Nair…has collected the said amount of Rs. 40 Lakh from the residence of Gaur. Thereafter on December 20, 2021, Gaur pursued Ranganathan for issuance of order, on which he had told him that he would sign after returning from Mumbai,” an official said. Kumar allegedly roped in two more perspective beneficiaries — Gupta and Bansal — and convinced them for paying bribe in exchange for the favourable orders, the FIR alleged. Kumar on January 13 told Gupta to fulfil his side commitment for issuance of discount order from GAIL and put forth alleged demand of Rs 12 lakh from Ranganathan, it alleged. Gaur also told Gupta to send money at the earliest after which he allegedly paid Rs three lakh to Kumar while remaining was to be sent through hawala route, it said. “…Ranganathan on the request of Pawan Gaur and Rajesh Kumar got some checks conducted in the month of November, 2021 in the premises of some authorised stockists of GAIL. However, before the said surprise check, Ranganathan had also cautioned some of his favoured parties,” the FIR alleged.

The CBI has booked the accused under IPC sections of criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

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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

MarketBuzz Podcast With Reema Tendulkar: Sensex, Nifty set to open lower; HDFC Bank, HCL Tech in focus

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

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Indian shares may open lower on Monday amid mixed global peers. The Singapore-based SGX Nifty Futures, an early indicator of Nifty50’s performance, indicated a negative start for the domestic market as it declined to 18,206, down 68 points or 0.37 percent, at 8:00 am.

Among major pre-market cues today, Brent crude oil is back to pre-pandemic highs, and Bitcoin is trading flat. Among key stocks to watch out for are HCL Technologies, HDFC Bank, Hero MotoCorp, Hinduja Global Solutions, UltraTech Cement, Oil India and more.

About MarketBuzz: The CNBCTV18.com podcast on the big themes, vital news and key events that you should know before the opening bell, powered by CNBC-TV18 anchors. MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors Sonia Shenoy, Ekta Batra, Reema Tendulkar, Nigel D’Souza and Mangalam Maloo to kickstart your stock market investing. Subscribe to our free podcasts on Audioboom or listen on the featured podcast page on CNBCTV18.com.

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

Key bond market deals: Tata Capital, LIC Housing Finance, Federal Bank

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

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Here’s a look at the key bond market deals on Monday.

Non-convertible debentures:

• Tata Capital to raise at least INR 100 crore via two-year and one-month bonds at 6.4912 percent coupon, invites bids on January 14
• Tata Capital to raise at least INR 100 crore via three-year bonds at 6.75 percent coupon, invites bids on January 14
• LIC Housing Finance accepts bids worth INR 1,250 crore on reissue of 5.45 percent August 2023 bonds at 5.48 percent yield
• LIC Housing Finance accepts bids worth INR 500 crore on reissue of 4.96 percent September 2023 bonds at 5.48 percent yield
• GR Infraprojects to raise at least INR 75 crore via 10-year bonds at 7.70 percent coupon, invites bids on January 19
• Federal Bank likely to raise INR 700 crore via 10-year Tier II bonds soon

Commercial papers:

• Bajaj Housing Finance to raise funds via nine-month CP at 4.75 percent coupon
• Network 18 Media to raise funds via 11-month CP at 4.78 percent coupon

Catch all stock market updates here

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

Omicron News Highlights: Haryana extends COVID curbs till Jan 28; third wave may peak in next 3 weeks

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

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Omicron News Highlights: The Haryana government on Tuesday extended Covid restrictions in the state till January 28, but allowed gyms and spas to operate with 50 per cent capacity while liquor vends can now open till 10 pm. Initially, various restrictions imposed by the January 5 order in “Group A” districts, which had witnessed a big spike in cases, were imposed in all districts, the Haryana State Disaster Management Authority (HSDMA) had said in an earlier order issued on January 13

The Bihar government has ordered an investigation after records showed that a Patna-based civil surgeon was administered five shots of the COVID-19 vaccine. The civil surgeon, Dr Vibha Kumari Singh, however, said she had taken the jab thrice as per rules. Singh also claimed that someone else managed to get vaccine shots using her PAN card details, and called for a probe.

With 2,38,018 new coronavirus infections being reported in a day, India’s total tally of COVID-19 cases rose to 3,76,18,271, which includes 8,891 cases of the Omicron variant, according to the Union Health Ministry data updated on Tuesday. The active cases have increased to 17,36,628, the highest in 230 days, while the death toll has climbed to 4,86,761 with 310 fresh fatalities, the data updated at 8 am stated. There has been an 8.31 per cent increase in Omicron cases since Monday, the ministry said. Experts said it is not possible to undertake genome sequencing of each and every sample but stressed that the current wave is largely being driven by the Omicron variant.

The active cases comprise 4.62 per cent of the total infections, while the national COVID-19 recovery rate has decreased to 94.09 per cent, the ministry said. An increase of 80,287 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. The daily positivity rate was recorded at 14.43 per cent while the weekly positivity rate was recorded at 14.92 per cent, according to the ministry.

The number of people who have recuperated from the disease surged to 3,53,94,882, while the case fatality rate was recorded at 1.29 percent.  The cumulative doses administered in the country so far under the nationwide COVID-19 vaccination drive has exceeded 158.04 crore.

India’s COVID-19 tally had crossed the 20-lakh mark on August 7, 2020, 30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19.            India crossed the grim milestone of two crore on May 4 and three crore on June 23.

The 310 new fatalities include 72 from Kerala  and 33 from West Bengal.

A total of 4,86,761 deaths have been reported so far in the country including 1,41,832 from Maharashtra, 50,904 from Kerala, 38,445 from Karnataka,  37,009 from Tamil  Nadu,25,387 from Delhi, 22,972 from Uttar Pradesh and 20,121 from  West Bengal.

The ministry stressed that more than 70 percent of the deaths occurred due to comorbidities.

“Our figures are being reconciled with the Indian Council of Medical Research,” the ministry said on its website, adding that state-wise distribution of figures is subject to further verification and reconciliation.

Catch live updates here

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