Srinath Sridharann

News Headline from Leading Financial News Papers, Friday, 26 April 2024 •'Sebi gives approval to CRISIL subsidiary for ESG ratings •Voda Idea a national asset, FPO sets stage for 2.0: Birla •Hyundai to rev up India capacity to tap rising demand •Price cuts in India hit Unilever's growth in soaps, laundry space •Indian economy stands out with strong show: Finance Ministry •Adani Group's Vizhinjam Port gets ministry nod to run India's first transshipment operations •REC Ltd secures Japanese green loan of Rs 3,200 crore •Aditya Birla Group's m-cap tops Rs 8.1 lakh crore •PE Advent International queues up for a stake in Apollo 24/7 •Adani in talks with Rabobank, MUFG, SMBC and DBS for $400-million green capex push •Tata's iPhone casing plan may boost India's $300 bn electronics export goal • Dalmia Bharat shares crack after Q4 net profit tanks 47.5% •Bharat Forge jumps on double upgrade from BofA Securities, analysts see 18% upside • JNK India IPO: Issue subscribed 28.13 times, QIBs regain lead on final day • MAS Financial Services jumps 7% on robust Q4 earnings, AUM crossing Rs 10,700 crore • 'Maruti Suzuki Q4 Preview: Net profit may soar 50% as sales surge on higher SUV mix •Milk, cereal prices to add to Nestle’s woes with coffee, cocoa prices already at record highs • Nestlé India to form JV with Dr Reddy’s for nutritional health solutions • IndusInd Bank Q4 net profit jumps 15% to Rs 2,349 crore, declares Rs 16.50 dividend • 'Vodafone IPO pre-open session sees chaos, traders say some bids not accepted by system •Cyient Q4 results: Net profit rises 16% to Rs 189 cr • Bajaj Finance Q4 results: Net profit rises 21% to Rs 3,825 cr, Rs 36 dividend declared • CRISIL's wholly owned subsidiary gets Sebi nod for ESG rating • Excess capital may drag Bajaj Finance's return on equity in FY25 to below long-term guidance • Bulk deals: Fidelity Emerging Markets fund sells stake in Restaurant Brands Asia • Rising US yields spark concerns for global equities amid economic uncertainty. What this means for Indian markets • High single digit to low double digits revenue projections for FY 25: Syngene CEO • Indian Hotels Company: Well positioned to ride the industry upcycle • Divi's Labs inks long-term supply deal, plans up to Rs 700-crore capacity addition • Samsung Electronics launches second season of Samsung Innovation Campus •Pernod CEO sees sales growth outside struggling US and China • Will improve EBITDA margin in FY25: Laurus Labs • IndiGo enters wide-body space by placing order for 30 Airbus A350-900 aircraft • TCS CEO K Krithivasan says AI can kill most call centres: Report • IPO market in India unmatched when compared to rest of the world, says PwC's Eric Janson

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The August-5 like market meltdown is unlikely; however, one-day shocks will continue to occur, says Divam Sharma of Green Portfolio The fund manager adds, "More carnage is what we wish to see so that more opportunities to invest reemerge. Fortunately or unfortunately, as soon as there is a fall in markets due to macro headwinds (US recession fears, BoJ action, geopolitical tensions), the liquidity sitting on the sidelines arrests that market fall." Sharma says they've always refrained from investing in PSUs and a recovery in IT isn’t in near sight. Here's the full interview: https://lnkd.in/gNQiVHMZ #stockmarket #investing #Q1earnings #Nifty

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In this article I write on how there are now bankruptcy cases where 100% debt recovery has happened and some reforms have happened to recognise the importance of the Committee of Creditors.

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Following the discussion on the DHC’s Forest Essentials case, Aditya revisits initial interest confusion and consumer sophistication, offering a counter to his arguments. Read on below to know more. https://lnkd.in/gMY3YZem Post on Forest Essential case- https://lnkd.in/gz6Q73uq #InitialInterestConfusion #DelhiHighCourt #UnderArmour #Trademarks #DelhiHighCourt

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"There is so much to celebrate with Haldiram's". 😋🍪 Haldiram's, one of India's iconic snack brands, has been the focus of significant investor interest recently. The company's promoters initially considered selling a majority 51% stake, valuing the business between $8 to $10 billion. However, the latest reports suggest a revision in plans, with the promoters now looking to offload a smaller 10-15% stake. This shift has attracted several global investors, including Singapore's state-owned investment firm Temasek, which is in talks to acquire this minority stake at a valuation of approximately $11 billion. 😉 Temasek’s potential investment could be a precursor to an eventual Initial Public Offering (IPO) for Haldiram's. The company has been a prime target for both private equity firms like Blackstone and Bain Capital and sovereign wealth funds, drawn by its strong growth in India’s expanding snack market. Haldiram's 10-15% Stake to Investors can be several impactful outcomes: Capital Infusion: 😉 The stake sale will bring in significant capital, which can be used for expansion, research and development, and marketing efforts. Global Reach: 😉 With the backing of top global investors like Temasek Holdings, Blackstone, and Bain Capital, Haldiram's can accelerate its plans to expand internationally and enter new markets. Valuation Boost: 😉 The involvement of prestigious investors can enhance Haldiram's brand value and market perception, potentially leading to a higher valuation. IPO Prospects: 😉 The stake sale could pave the way for an initial public offering (IPO), providing an opportunity for further capital raising and public investment. Strategic Expertise: 😉 Investors like Temasek and Blackstone bring in valuable expertise and networks that can help Haldiram's in strategic decision- making and operational efficiencies. Overall, this move can significantly boost Haldiram's growth trajectory and solidify its position as a leading player in the global snacks market. What do you think about this potential impact?

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*News Headlines from Business News Agencies:* *Business Standard* 📝 Oil buyers, producers dialogue needed for market stability: Hardeep Puri 📝 India's semiconductor design sector booms despite Q2 hiring dip: Report 📝 Taj Gvk Hotels Q3 PAT jumps 39% YoY to Rs 17 crore 📝 SAT Televenture to acquire Tikona Infinet for Rs 669 cr in cash, stock deal 📝 Sebi allows MFs to invest in foreign funds with Indian securities exposure 📝 Kotak Alternate Asset Managers to raise Rs 1,600 cr via healthcare PE fund 📝 Coal Minister urges CIL to boost production and reduce import reliance 📝 TechEagle launches eight drone hubs with healthcare partners across India 📝 Fitch affirms IIFL Finance's rating after RBI lifts ban on gold-loan biz 📝 October weather did not favour Ukraine's winter crops: Scientists 📝 Exide Industries Q2 result: PAT falls 13.66% to Rs 233.4 cr on higher costs 📝 UAE opens its annual oil-and-gas summit, pledges to increase output *Economic Times* 📝 CIL should prioritise augmenting coal production, supplies to reduce import: Minister 📝 Aptus has appointed Atul Jain as Managing Director and Chief Executive 📝 China's Haier Group plans JV with JSW Group envisaging Rs 1K cr investment 📝 BFSI office leasing continues to surge as digital growth points to new record in 2024 📝 India to emerge as a Global South leader in AI global governance: Abhishek Singh 📝 India re-elected as President of International Solar Alliance till 2026 📝 Bajaj auto domestic 2-wheelers sales dropped 8 pc in Oct (YoY), exports surge 22 pc 📝 Ashok Leyland total sales fell 9% to 15,310 units in Oct 📝 Bangladesh fast tracks payment to Adani Power after supply cut 📝 Welspun Corp gets Rs 1,300 cr pipe supply order in US 📝 India to revamp power demand forecasting for better planning 📝 Crystal Crop acquires I&B Seeds to expand vegetable, flower seed business *Mint* 📝 RBI likely selling dollars to support rupee amid equity outflows: Report 📝 IRFC Q2 Results: Net profit rises 4% YoY to ₹1,613 crore, revenue up 2% 📝 Indian rupee touches all-time low due to equity outflows from domestic market 📝 Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO 📝 DLF’s New ‘Ultra-Luxury’ Project to Have the Costliest Apartments in India 📝 Reliance Jio IPO may hit Indian market in 2025: Report 📝 NBFCs brace for slower growth as asset stress, fund costs pinch 📝 Skillmatics likely to go for India listing in 3 years: CEO Dhvanil Sheth 📝 SBI Mutual Fund average AUM surges to record ₹11 lakh crore in Q2 📝 Bosch to cut over 7,000 jobs as it lowers growth forecast for 2024 📝 InCred plans insurance, mutual fund arms as it seeks to diversify offerings

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India’s entrepreneurial ecosystem is growing, fueled by unprecedented capital inflows. But how this capital is managed defines the future of this growth story. In this video, Brijesh Damodaran, Managing Partner, dives into a crucial topic: the accountability behind OPM (Other People’s Money) and why trust, frugality, and sustainability are essential for long-term success. Watch the full video here: https://bit.ly/3Oyasxg #Entrepreneurship #Governance #SustainableGrowth #Investing #AuxanoCapital

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The All India Consumer Products Distributors Federation (AICPDF), the industry body representing distributors, dealers and stockists has urged the government to intervene and investigate the business models of Quick-Commerce Platforms. The concerns raised by AICPDF include predatory pricing, compliance with inventory-based E-commerce laws, stronger labour protections, and need to enact franchising law. https://lnkd.in/gQKhySDy

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The Indian beverage market is abuzz with Coca-Cola's latest move toward an asset-light approach for its bottling operations. In a high-profile negotiation, the Bhartia family of Jubilant Bhartia Group, alongside Goldman Sachs, is poised to acquire a 40% stake in Hindustan Coca-Cola Beverages (HCCB). This partnership marks a significant step in the evolving landscape of India’s beverage sector, with implications for Coca-Cola’s strategic vision in one of its fastest-growing markets. The deal, valued at approximately Rs 12,500 crore ($1.5 billion), is structured as a partnership, with both the Bhartia family and Goldman Sachs funding the purchase through a Special Purpose Vehicle (SPV). Goldman Sachs, using its alternatives unit, is reportedly investing via a structured instrument with a targeted return of 20% IRR. Meanwhile, the Bhartia family is looking to raise substantial financing through mutual funds and banks to support their part of the stake acquisition. The deal is expected to leverage convertible preference shares, with conversion likely timed around an anticipated HCCB IPO in the next 2-3 years. By structuring this investment as a convertible instrument, Goldman Sachs secures a flexible position that can provide lucrative returns if the company goes public, while also providing a clear exit strategy. For the Bhartias, the acquisition represents an opportunity to broaden their portfolio beyond Jubilant’s current ventures in food services and pharmaceuticals. With Coca-Cola selling off its direct bottling operations, the market is witnessing a transition similar to PepsiCo's model, which outsourced bottling to Varun Beverages. This move not only reduces operational risks for Coca-Cola but also positions HCCB for a strong valuation in its anticipated IPO. The sale allows for price discovery and capital generation, potentially paving the way for Coca-Cola to strengthen its brand reach through a leaner, franchise-led structure. The Bhartia family and Goldman Sachs’ stake acquisition in HCCB could reshape Coca-Cola's presence in India and bolster the Bhartias’ influence in the beverage market. For investors, this partnership and the expected HCCB IPO signal an evolving opportunity as India's beverage sector continues to expand with rising disposable incomes and growing consumer demand.

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Monday,29 July, 2024 Here are today's PESTLE updates impacting your areas of work execution Economic times √ DPIIT Working on Proposal to Further Tighten FDI Norms in Tobacco Sector √ Firm Uptrend Can Take Nifty Past 25,000 Mark √ Unlisted Bonds Likely to Retain Appeal Despite Tax Changes √ L&T Realty, Valor Sign Pact for Rs 20k-cr Mumbai Project √ Tax Filings More Challenging on Surge in F&O, Gaming App Play √ Green Flag Up for UltraTech to Buy India Cements’ 33% ==================== Mint √ Govt may prepare list of sectors allowed for Chinese investment √ SoftBank licks its lips as 4 portfolio firms set for IPOs √ UltraTech’s India Cem deal heats up battle with Adani Cement giant buys 32.72% in India Cem, plans open offer, denying target for Adani √ UltraTech Cement share price gains on India Cements acquisition √ Punjab National Bank share price rises 5% post Q1 results. =================== Financial times √ US consumers show signs of flagging, companies and analysts warn √ Pioneering stockpicker Chuck Royce steps back after five-decade career √ Kamala Harris campaign seeks ‘reset’ with crypto companies √ Jupiter Asset Management hunts for acquisitions √ EU prepares two-step trade plan to tackle Trump √ Foreign officials race to de-escalate tensions after Golan Heights attack ==================== Business standard √ Japan's Mitsubishi Motors set to join Honda-Nissan alliance: Report √ Bhavish Aggarwal's Ola Electric IPO worth Rs 5,500 cr to open on August 2 √ Small and worrying: Loans under Rs 50K are on Reserve Bank of India's radar √ Removal of angel tax for startups to help attract investors: Piyush Goyal √ Shriram Group gets RBI nod to venture into asset reconstruction biz √ MSMEs' 180-day repay period demand genuine: PNB MD & CEO Atul K Goel √ BSV portfolio can touch Rs 5K cr in 3-4 yrs: Mankind Pharma's Rajeev Juneja √ UltraTech to acquire 32.7% stake in India Cements to up South play9 -------------------------------------------------------------------------------- Monday,29 July, 2024 USD/INR- Open- 83.7000 prev.close- 83.7300  ⬇️0.0209% GBP/INR - open- 107.8787 prev. close - 107.7464 ⬆️0.0627% EURO/INR- open- 90.9519 Prev.close- 90.8751 ⬆️0.0680% JPY/INR - open- 0.5454 prev close- 0.5446 ⬆️0.0918% BSE- open- 81,679.65 prev close- 81,332.72 ⬆️0.34% Gold - open- 68426.00 prev close- 68186.00 ⬆️0.46% Silver- open- 81711.00 prev. close- 81371.00 ⬆️0.75%

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𝐈𝐧𝐝𝐢𝐚’𝐬 𝐜𝐨𝐧𝐬𝐮𝐦𝐩𝐭𝐢𝐨𝐧 𝐞𝐧𝐠𝐢𝐧𝐞: 𝐚𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐬𝐭𝐞𝐚𝐝𝐢𝐥𝐲 𝐨𝐫 𝐬𝐡𝐨𝐰𝐢𝐧𝐠 𝐬𝐢𝐠𝐧𝐬 𝐨𝐟 𝐰𝐞𝐚𝐫?   Aman Jain, Senior Research Analyst at Multi-Act, unpacks the critical role of consumption in shaping India's trajectory as a global economic powerhouse. From rural resilience bolstering demand to urban slowdowns raising questions, 𝘋𝘦𝘤𝘰𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘊𝘰𝘯𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 𝘊𝘢𝘯𝘰𝘯 𝘪𝘯 𝘵𝘩𝘦 𝘐𝘯𝘥𝘪𝘢𝘯 𝘌𝘤𝘰𝘯𝘰𝘮𝘺 offers a sharp, nuanced perspective on the forces shaping India’s economic trajectory.   Read PDF: https://lnkd.in/dPj2V98d . #ConsumptionConundrum #IndianEconomy #Investments #PortfolioManagement #MultiAct Ash Bishnoi Abhijit Kargirwar Vikas Biyani Rohan Samant Nikunj Kumar Chauhan Amogh Korde Aniruddha Meher Jyoti Mhaske Anusha Krishnamurthy Swati Telang sarvajeet bodas Prannoy Bhargava

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How to convert your #mutualfund units from demat to Statement of Account (SoA) and vice versa. A very practical guide by Anil Poste https://lnkd.in/gi_Qqxm8

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▪️📈The Reserve Bank of India (RBI) in its monthly bulletin noted that with rising incomes and improving infrastructure, rural consumption is increasingly fuelling volume growth in FMCG products, underscoring the sector's strengthening fundamentals. ▪️📈The sector registered an approximate 6.6 per cent volume growth in the first quarter of FY25. ▪️📈FMCG companies are beginning to see the early signs of recovery, or "green shoots," in their markets. #banking #lifeinsurance #investments #wealth #mutualfunds #healthinsurance Read more at:

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https://lnkd.in/g67EdP6Z If a Leading Industrialist has this to say, the retail investors need to be concerned. Hope the Govt and SEBI will look into As a retail investor, I cannot afford to be over confident while remaining invested in the market or run away from the market because of these concerns.

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#SocialEnterprise, #Markets and realities for #Organic/Natural/#SustainableFoods - Truths and Challenges. Last week I was invited to be one of the speakers on behalf of #GramDishaTrust ( www.gramdisha.org ) and our social enterprise JaivikHaat ( www.jaivikhaat.com ). The topic of discussion was 'Organic Markets - Sharing and Learning Session 2'. Having been an Enterpreneur for over 16 years now - this is a candid exchange - about our exeprience of this sector. The contemporary business financing scenario of today is similar to what farmers in the US had to face in the 1980s - Get Big or Get Out!! The concept of #SmallIsBeautiful remains a distant dream for many in this sector. All the odds - as they were 16 years ago - are stacked against the small entrepreneur. In fact it is tougher to enter the Organic Food Market as #TheSmall entrepreneur now (and believe me it was tough back then)! This is the brutal truth! So, with this pragmatic reallity - what now? Well it is precisely this challenge which is to be addressed head on and the market continued. While at it - it is important to build models of traceability and transparency for #TheSmall farmers while we are at it. There are good partners and networks to work with - even if the volume of business is small. At least there is continuity in business. The good thing is that we have been able to achieve this much - over a decade and score - without Valuation Capital or Debt Finance. This is also a sign of strenght for those who know know about Business Fundamentals. We also do not have an intake from Family/Friends Finance or Subsidising of any kind (as NGOs usually do for businesses - from Projects or Kind). The strenght of cash flows is still the classical way of doing good business - over valuations or debt financing. It helps you achieve your peaks and limits better. We are still looking - as we were 16 years since - for good partners and active investors for our Business expansion in Delhi/NCR - "More of the Small" (scale out). If you have it in you to join us - do feel free to get in touch. We hope to find #investors who are also actively engaged in our business and not just those who plan to invest and wait for a quick exit. There is hope still that there are investors who value Ecological and Social Capital - as much as Economic Capital - even though we have been unable to meet them as yet. If you do know anyone please do refer. Thanks to National Coalition for Natural Farming (Rajasthan Chapter) and Ashis Panda for the invite! #KnowFarmersKnowFood #NoFarmersNoFood #Vocal4LocalGlobal #Organic https://lnkd.in/gEjwhVmn

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🌍 Exploring the Future of Sustainable Investments 🌱 In a recent ETMarkets Smart Talk interview, Atul Singh, MD and CEO of LGT Wealth India highlights the transformative potential of water and renewable energy as niche themes poised for long-term growth in 2025 and beyond. 💧⚡ Key takeaways: Full Interview - https://lnkd.in/gSS8SeWn ✅ Water: A critical resource driving global demand for efficient management and sustainable solutions. ✅ Renewable Energy: The backbone of the transition to a low-carbon economy, with significant investment opportunities. ✅ India's Role: A pivotal player in these sectors, with policies and innovations driving momentum. As we step into 2025, themes like these underscore the importance of aligning investments with sustainability and long-term value creation. 🌟 What are your thoughts on the growth potential of water and renewable energy as investment themes? Let's discuss! 👇 #SustainableInvesting #RenewableEnergy #WaterManagement #ETMarkets #InvestmentThemes #GreenEconomy

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iSAFE Notes In India: Significance And Advantages #iSAFE (India SAFE) is an adaptation of the SAFE (Simple Agreement For Future Equity) document. Commonly used for seed-stage funding, they allow startups to raise funds quickly without valuation complexity. #100X.VC, an early-stage investment firm in India was the first to introduce the iSAFE in India in July 2019. It entails an agreement to acquire equity shares of a startup at a later date. #An iSAFE note is not a debt instrument but a convertible security note beneficial for both startups and investors. #In India, iSAFE note takes a legal form of Compulsorily Convertible Preference Shares (CCPS) which are convertible on the occurrence of specific events. #They are governed by sections 42, 62, and 55 of the Companies Act, 2013 read with Companies (Share Capital and Debentures) Rules, 2014 and Companies (Prospectus and Allotment of Securities) Rules, 2014. #Issuing iSAFE notes does away with the valuation exercise since the valuation is essentially postponed to a later date (when the priced round happens) #An outstanding iSAFE note would be referenced on the startup’s cap table like any other convertible security. GHC Growth Lab #Startups #FundraisingStrategies ##StartupSuccess

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Bira 91’s “Mission to Zero” sounds ambitious but is it just vague? Here’s what we know: The brewing industry isn’t just about beer it’s about water consumption, water management, energy, materials, waste, and, increasingly, carbon. Bira 91 announced its Mysuru brewery as India’s first Net Zero brewery as part of their bold "Mission to Zero" initiative, with a target to become fully carbon neutral by 2025. Sounds great, right? But here’s where it gets… unclear: → No mention of emissions per pint. (measurable metrics) How much carbon does a pint of Bira beer currently emit? And how much do they aim to reduce by 2025? → What about Scope 3 emissions? Scope 1 and 2 are manageable, but Scope 3 i.e downstream logistics, nationwide distribution, and energy-intensive supply chains( how are they being transported ? what are their energy source? is where the real emissions lie. Are they accounting for that? → Packaging recyclability. 95% of their materials are recyclable, aiming for 99% by 2024. But how do they close the loop? Is there a take-back program for their beer bottles and cans? → Water stress in Mysuru. ( Double materiality impact ?) Mysuru faces periodic water scarcity, with many villages in the district experiencing water stress during dry seasons? How does operating a major brewery in such a location impact local communities? → IPO = Sustainability compromise? If Bira 91 plans to go public by 2026, how will it maintain its sustainability goals while managing shareholder demands for constant growth? Being listed often means cutting corners—what happens to their “carbon-negative brewery” vision then? Here’s the question for all of us: Is this just a sustainability headline or a genuine path to systemic change? Bira 91, the ball’s in your court. 🍻

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FMCG retailers written to the Ministry of Finance on Unethical Practices of Quick-Commerce. They want investigation on Funding, Deep Discounting and Anti-Competitive Practices. Over 8 Crore Transitional Shops being impacted. https://lnkd.in/gf4jJGf8

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