'It takes 2 hands to clap’ — Commerce Minister Piyush Goyal joins chorus of voices slamming pvt sector
At a post-budget conference, the minister took industry leaders to task for not cooperating with govt. Last week, Economic Survey & govt officials had also criticised private sector. Key Points
ThePrintprivate capex in India to pick up in H2 of FY25; hotel, tourism to drive investment: Kotak Bank Chief Econ
Private sector investment is set to increase in the latter half of the fiscal year, particularly in sectors like hotels and tourism, following extensive government-led infrastructure development efforts. The government's enhanced capital expenditure has supported economic growth post-Covid, with private sector capex expected to rise significantly in the coming months. Key Points
Economic TimesNifty financial service index stocks: Are headwinds slowing down?
In the last three years, different segments of financial service have witnessed very different trends. Trend not in terms of business but in terms of headwinds or tailwinds. While the large private banks have stagnated, some of the small private sectors have come back into the limelight. PSU banks as a pack have made a comeback, insurance companies are still searching for direction, asset management companies have been able to get their mojo back while NBFC are facing new challenges in terms of higher provisions to regulatory. So,each to own it probably defines when it comes head or tailwinds. But what is the common factor is that most of these have a high FPI holding. Now FPIs have largely been the seller in the Indian markets, occasionally they have made a comeback for a short period of time. At this point of time, they are neither major buyers or sellers, but this equilibrium will change. When that happens, it is this set of 20 stocks which will signal which way the wind is blowing for which segment. Key Points
Economic TimesJPMorgan Holds private Credit Tie-Up Talks With FS, Octagon
JPMorgan Chase & Co. has held discussions to partner with FS Investments and Octagon Credit Investors to expand its reach in the $1.7 trillion private credit market, according to people with knowledge of the matter. Key Points
mintFlawed Valuations Threaten $1.7 Trillion private Credit Boom
Fund managers in this red-hot asset class are often valuing their loans more generously than others do. Regulators are starting to worry. Key Points
Hindustan Times
For long-term investors: Besides HDFC Bank, keep an eye on others, these bank stocks can give over 18% ret
In one corner of the Street, a select few are debating about “What will happen to HDFC Bank?” Being a widely held bank in the institutional category of investors, this was bound to happen. Let them debate as many other private & public sector banks are moving on their path. One should keep an eye on them besides the much-talked-about HDFC Bank. For private sector banks, the majority of them have seen recovery as some kind of rational trade is still taking place even in the private banking space. For PSU banks, after a short few days of volatility movement, they have been able to recover faster, indicating continued interest. Probably at another time, private banks may be getting classified as “Private Banks - Ex HDFC bank”. Yes, there will be higher volatility in the short term, but if induced by volatility if one is taking any sell decision in the private banking space, one should remember that the lenders in question have created wealth in the long term. Key Points
Economic TimesCryptographers Are Getting Closer to Enabling Fully private Internet Searches
Three researchers have found a long-sought way to pull information from large databases secretly. If the process can be streamlined, fully private browsing could be possible. Key Points
WIREDTime for long-term investors to be contrarian? These bank stocks can give over 18% returns
After a phase of correction, there have been signs of some respite both in private and PSU banking space. In the case of the private sector, except HDFC bank which is still quoting close to its recent lows, others have been able to start their upward journey once again. In the case of PSU banks, in the last two days of volatility movement, they have been the ones which have been able to recover faster indicating continued interest in the space. Now this is again a risker trade but for traders, it is time to keep a watch on private banks as they might see a bounce back when FPI’s turn net buyers. Also this would mean that Bank Nifty which has underperformed may make a strong comeback. Yes, there will be higher volatility in short term, but if induced by volatility if one is taking any sell decision in the private banking space, one should remember that the banks in question have created wealth in the long term and even the best of the wealth creators go through a phase of consolidation due to factors like over ownership and what might appear to be a phase of under performance. Key Points
Economic TimesRam and Sita: What the epic couple can teach us today
India News: Explore the lessons we can learn from the epic couple Ram and Sita. Discover their love story, Ram's adventures, and Sita's sacrifice. Gain insights into the conflicts between public roles and private values. Dive into the timeless story of Ram and Sita. Key Points
Times Of IndiaDid not prohibit Ram Temple celebrations, MK Stalin govt tells Madras HC
The judge heard the matter in his chambers at 9.30am, an hour before the court opens, on an urgent writ petition filed by one L Ganapathy in Chennai. | Latest News India Key Points
Hindustan Times
Cryptographers Are Getting Closer to Enabling Fully private Internet Searches
Three researchers have found a long-sought way to pull information from large databases secretly. If the process can be streamlined, fully private browsing could be possible. Key Points
WIREDprivate capital expenditure to pick up in coming years: MPC member Jayanth R Varma
RBI Monetary Policy Committee member Jayanth R Varma predicts that capacity utilization is increasing and private capital expenditure will pick up in the coming years. He believes that the government has borne the burden of investment, while private capital expenditure has been muted. Varma also believes that large public sector infrastructure investments have the potential to crowd-in private sector investments. Key Points
Economic TimesKKR will deploy its next $10 billion in India faster than before, says founder Henry Kravis
Kravis spoke to Arijit Barman on a range of topics that included US jobs and capital markets and the impact on deal-making, exits, PE consolidation and where in India KKR, one of the world's biggest private equity firms, will make the next big investment. From cyber security to data centres and financial services and AI, the scope is broad. If India can be a low-cost and efficient producer and the infrastructure and red tape continue to get better, Kravis is confident the economy will attract more overseas investment. Key Points
Economic TimesDon't disincentivise private investing by making capital gains tax higher than public markets: Gopal Srini
Gopal Srinivasan says the reduction in private equity funding in 2023 is seen as a cleansing process, with buyout activity and focus on energy and manufacturing showing promise. The trajectory for the start-up space in the budget is anticipated in the June budget, with expectations for improved tax structures and progressive regulation. Larger start-ups preparing for IPOs are expected to correct the exuberance of 2021 and focus on sustainable growth. Key Points
Economic TimesThese Nifty Financial Services stocks can deliver more than 15% returns
After a long phase of three years of consolidation and relative underperformance, there were some initial signs of the private sector banks making a comeback attempt. However the RBI decision to curb unsecured lending, made the sentiment turn against them. But only sentiment, in reality will it make a difference for their long term perspective is a matter of debate with answer titling in favour of NO. After today’s monetary policy one more risk is off the table Key Points
Economic Times
Rotate partly from small to largecaps before FIIs descend on India: Saurabh Mukherjea
“So the trips that were being planned for say June-July, have been preponed to December and the FIIs from all over the world descend upon India over the next month or so. In fact, over the next two weeks or so as they load up on India. So there is a preponement of roughly six months in their purchasing. It happily coincides with the top global interest rate cycle.” Key Points
Economic Timesprivate credit to see best opportunities since '08 crisis in coming years -PIMCO
U.S. bond giant Pacific Investment Management Company (PIMCO) said on Monday it expects the next few years to provide the best opportunities for private credit investors since the global financial crisis. Key Points
ReutersCarlyle reports smaller-than-expected 43% drop in Q3 earnings
Private equity firm Carlyle Group Inc (CG.O) reported on Tuesday a smaller-than-expected 43% year-on-year drop in third-quarter distributable earnings, amid a slump in assets, mostly from its private equity portfolio. Key Points
ReutersMoody's creates private credit rating and research group
Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. Key Points
ReutersBlackstone enters Indian healthcare services with Care Hospitals buy
Blackstone (BX.N) said on Monday it will buy a majority stake in India's Care Hospitals from a fund belonging to asset management firm TPG, marking the U.S.-based private equity firm's entry into the country's healthcare services sector. Key Points
Reuters
MCA tweaks rules; large unlisted private firms have to issue shares in demat forms
India's Ministry of Corporate Affairs (MCA) has mandated that large unlisted private companies, including unicorns, issue securities only in dematerialized form, giving them until the end of September 2024 to comply with the rule. The move is expected to enhance transparency in the financial market and encourage companies to disclose their share structures more openly. Key Points
Economic TimesIndia-Pakistan ICC World Cup: It's raining charters at Ahmedabad airport
The Ahmedabad airport has run out of parking slots for private jets, said a person in the know. It's giving conditional approval to some of these jets and asking the rest to park at other airports such as Surat and Mumbai. Key Points
Economic TimesHinduja in talks with private debt funds for about $800 million
India has become a hotbead for private credit activity, in part because regulation forbids local banks from extending loans for mergers and acquisitions. Over the last five years, the country notched up the highest investment volume in Asia, according to research from the Global private Capital Association, a body representing investors. Key Points
Economic TimesPPP push: FinMin asks infra depts to identify projects for private partnership
India's finance ministry has asked infrastructure departments to identify possible projects for private partnership. The move aims to draw greater private capital into public infrastructure and reduce delays, through particular focus on sectors like urban infrastructure, railways and roads. The ministry plans to roll out a public-private partnership architecture and standard model concession agreement framework for various infrastructure sectors. Key Points
Economic TimesFinancial inclusion a key area of interest for G20, says official
The Global Partnership for Financial Inclusion is committed to promoting private sector participation in financial inclusion efforts, according to a senior official. Chanchal C Sarkar, adviser G20 of the Indian finance ministry, stressed the importance of private sector engagement in bridging the financial inclusion gender gap. The number of men with internet access outnumbers women by 200 million, and women are 21% less likely to own a mobile phone, Sarkar reported. Key Points
Economic Times
MDBs should partner private cos for development: Report
Fifteenth Finance Commission chairperson N.K. Singh and former US treasury secretary Lawrence Summers were co-convenors of the panel. Key Points
mintEx-employee kills MD, CEO in Bengaluru
Bengaluru: The managing director and the CEO of Aironics Media private Limited, a private firm, were allegedly killed by a former employee on Tuesday. The deceased have been identified as Phanindra Subramanya and Vinu Kumar. The accused, Felix, is on the run. PTI Key Points
The Tribune IndiaChina sets wide-ranging rules for private investment funds worth almost $3 trillion
China has introduced new regulations to govern the $2.9tn private investment fund industry with effect from 1 September. The rules, which were signed by Premier Li Qiang, will protect investors and support innovation by creating a chapter focused on venture capital funds. The new regulations apply to private investment funds with contracting, corporate or partnership forms. Key Points
Economic TimesChina sets wide-ranging rules for $2.9 trillion in private investment funds
China published regulations on Sunday for the country's $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation. Key Points
ReutersByju’s case holds lessons on unicorn audit quality
The accounts of this big edtech unicorn would have been under tighter regulation if it were publicly owned. Let us redefine ‘public interest’ to include other stakeholders like students. Key Points
mint
Juniper eyes aviation industry as a part of captive 5G play
We are in talks with many players including large airport operators. In some airports, we have a large presence in the IT infrastructure space,” Sajan Paul, Managing Director & Country Manager, India & SAARC at Juniper Networks told ET. Key Points
Economic Timesprivate investment unfolding at a steady pace: CEA V Anantha Nageswaran
“Private investment is not just something that we are waiting for. It is unfolding, but unfolding at a steady pace, which is good enough for us,” Nageswaran said at an event organised by CII. Key Points
Financialexpressprivate investment a shrinking slice of India's GDP pie since 2012. It's a vote of no confidence
Conventional reasons of low demand, capacity utilisation, access to bank credit, poor profitability aren't to blame. It's lack of confidence in economic management, say economists. Key Points
ThePrintStarship struck a blow for private enterprise
SpaceX's Starship rocket exploded during a test launch, but owner Elon Musk remains optimistic about the company's goals of reaching orbit and eventually Mars. The private sector's willingness to take risks and invest large sums of money in space exploration makes it a better candidate for pushing frontiers than governments, but strict rules must apply to all to avoid a reckless race in space. Key Points
mintTalks begin to make BOT rules more investor friendly
The Centre commissions national highways through EPC, BOT and hybrid annuity model (HAM) agreements with road developers. It has heavily relied on the EPC mode in the past few years to hasten highway construction as the private sector stayed away. Key Points
Economic Times
Shoppers Stop adds plus size private label
Shoppers Stop offers 16 private brands and over 800 brands across categories. In fiscal 2022, the company’s private labels contributed to 13.7% of the retailer’s overall sales while repotting a 45% growth in business year-on-year Key Points
mintDoT rejects Trai plan to reserve 5G bands for captive networks
While giving its recommendations for 5G auctions last year, the Trai had proposed to reserve at least 40 MHz in the 3700-3800 MHz band, or mid-band, for private networks. In addition, the regulator had suggested reserving at least 40 MHz in 4800-4990 MHz and at least 400 MHz in 28.5-29.5 GHz, or the mmWave band, for private networks. Key Points
Economic TimesTelcos best suited to deploy private 5G networks: Jio, Airtel
I (read: enterprise) need to make sure that I interface with the device manufacturers, I need to know how to run a telco network, I need to provide security and then create an intercom system... So I'm not really sure what they get out of investing all of it to run a private network, Ganesh Lakshminarayanan, chief executive (enterprise business), Bharti Airtel, said during a panel discussion at the ETTelecom 5G Congress 2023 Key Points
Economic TimesMaharashtra Covid patients overcharged in 82% cases of private hospitalisation, says Pune NGO study
Peer-reviewed study by NGO SATHI is based on a bill-by-bill analysis of 120 Covid hospitalisations. It was published in 'International Journal of Medicine and Public Health'. Key Points
ThePrintCentral govt capex at ‘desired level’, onus now on states & pvt sector — Economic Affairs Secretary
Union Budget 2024 allocated Rs 11.1 lakh cr as capex for FY25. This is 11% higher than what was budgeted for FY24 and 17% higher than what was actually spent that year. Key Points
ThePrint
Pvt investments rise in India very visible, says ADB
ADB, under Dasgupta's leadership, aims to increase private investments in India, focusing on clean energy and financial inclusion. Reforms and new models like IF-CAP are set to strengthen ADB's role in climate finance. Key Points
Economic TimesCarlyle is weighing entry into private credit market in India
Private credit has grown in prominence globally as money managers lend directly to companies as banks step back. The potential expansion would see Carlyle join global firms seeking to expand their lending in India. Carlyle, which began as a private equity investor, has built out private credit in recent years. Overall, credit assets account for about 39% of the firms $381 billion assets under management, according to an investor presentation as of March 31. Key Points
Economic TimesCan you limit the negative impact of tourism? Here are 4 ways
The need for building a greener future has never been clearer. But when it comes to travel and tourism, there is a core tension. Key Points
ThePrintBlackstone sees most Asia deal activity in India, Japan in 2024
Blackstone foresees India and Japan as its primary Asian markets in the coming year for capital allocation. The worlds largest alternative asset manager recently acquired a stake in two hospital chains in India. As for Japan, Blackstone is open to do deals in Japan that are anywhere from $300 million to more than $2 billion, and in sectors like IT, healthcare and consumer. Key Points
Economic TimesIMF says private sector needs to shoulder most of climate investment burden
The International Monetary Fund (IMF) has stated that the majority of the $2 trillion in annual climate investments needed by developing countries by 2030 will have to come from the private sector. Governments risk accumulating high debts if they attempt to reach net-zero goals using public funds. The IMF recommends that countries develop carbon pricing schemes to raise revenue and encourage private investments. Key Points
Economic Times
Indian Railways halts new applications for private sector wagons
A government official said there were growing concerns over congestion on the railway network in the coal and mineral-rich eastern states of the country where private wagons are predominantly deployed. Indian Railways has issued an order putting on hold any fresh applications for induction of wagons. Key Points
Economic TimesBain Capital likely to sell $267 million worth stake in Axis Bank on Thursday: Report
Bain Capital is reportedly set to sell its 0.7% stake, worth $267m, in Axis Bank through a block deal at a discount of up to 1.4% to current market price. The share sale will offer 22.5 million shares at Rs964 ($13) to Rs977.70 ($13.14) apiece. Key Points
Economic Times