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☆ BlackRock, Fidelity snap up Hyundai India shares in record $3.3 billion IPO
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

Amit Dave | ReutersHyundai Motor India sold shares worth $989.4 million to institutional investors including BlackRock and Fidelity on Monday, as the carmaker launched a $3.3 billion IPO that will be the country's largest share offering yet. The Government of Singapore and BlackRock together picked up stakes worth a total of $77.3 million, while Fidelity bought shares worth $76.5 million. The year-to-date volume has already surpassed the $7.42 billion total raised last year. watch nowAt that size, Hyundai India will make up about 40% of its parent company Hyundai Motor's market capitalization. Hyundai India's IPO is set to eclipse the country's previous record of Life Insurance Corporation of India's 2022 deal when it raised $2.5 billion.

Persons: Amit Dave Organizations: Hyundai Motor India, Reuters Hyundai Motor India, BlackRock, Fidelity, Singapore, Hyundai, Retail, Life Insurance Corporation, India's, IDBI, Hyundai India Locations: Ahmedabad, India, Hyundai India, Mumbai

☆ CNBC's Inside India newsletter: IPO boom looks to break new records
▼ + stars: | 2024-06-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

The spotlight has seemingly shifted in the past year toward companies going to market, hoping to ride on the coattails of India's growth story. Growing foreign listingsThe allure of India's stock markets has trickled to companies beyond its shores — with foreign entities eyeing a share of its growth. Such listings add strength to India's markets, says M&G Investment's Asian Equities Portfolio Manager Vikas Pershad. The optimism on India's IPO boom is sometimes marred by concerns over elevated valuations of its stock market — and whether it is headed toward a bubble. "When we look at India, we see continued economic and earnings per share growth and higher levels of profitability," Dorson from Global X told CNBC's Inside India.

Persons: Swiggy, Debarchan Chatterjee, Neil Bahal, Dhruba Jyoti Sengupta, Ola, PhonePe, Ola Electric, Sengupta, Vikas Pershad, Malcolm Dorson, CNBC's Organizations: Getty, Reliance Industries, Adani Enterprises, Mankind Pharma, Negen, Securities, Exchange Board, Wrise Private, Aakash Educational Services, Aakash Educational, Walmart, United Arab, Hyundai, Insurance Corporation of India, Maruti Suzuki, Hindustan Unilever, Siemens, ABB India, Global Locations: Kolkata, India, SEBI, United Arab Emirates, Sri Lanka, Hyundai India, India's, Maruti Suzuki India, Hindustan

☆ India's Bharti Group to buy out French partner AXA's stake in JV
▼ + stars: | 2023-10-11 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Bharti Group will acquire French insurer AXA's (AXAF.PA) 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades. "There is ample scope for life insurance to grow in India. Bharti's JV deal, made through its Bharti Life Ventures arm, is expected to close by December this year, subject to regulatory approvals. The company competes with HDFC Life Insurance (HDFL.NS), ICICI Prudential Life Insurance (ICIR.NS), SBI Life Insurance (SBIL.NS) and LIC in a market ranked ninth in the world, according to the insurance regulatory body's latest annual report.

Persons: Christian Hartmann, Bharti, Burman, Avinash Singh, Hritam Mukherjee, Nivedita Bhattacharjee, Anil D'Silva Organizations: Axa, REUTERS, Rights, Bharti Group, Bharti AXA Life Insurance, Bharti, AXA, Life Insurance Corporation of India, United Provident Association, Insurance, JV, Religare Enterprises, Emkay Global Financial Services, Bharti's JV, Ventures, Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bharti Airtel, Bharti Realty, Del Monte Foods, Del, Del Monte Pacific, Thomson Locations: Nanterre, Paris, India, Del Monte, Bengaluru

☆ India NSE's IPO plan stumbles at market watchdog's door - sources
▼ + stars: | 2023-04-11 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

The Securities and Exchange Board of India (SEBI) has formed an internal view that due to the pending cases it won't approve NSE's application made last year for an IPO, the sources said. “Till the legal and regulatory issues are cleared there is no chance that SEBI will approve NSE's IPO plans,” said one of the sources, who is a senior regulatory official. A delayed NSE IPO will test the patience of its core shareholders - banks, insurance companies and foreign funds - who have been waiting for an exit opportunity in rising markets. The regulator's reluctance to approve NSE's IPO has not been previously reported. These include whether certain brokers made unfair gains due to preferential access to NSE’s trading systems and another lapse in NSE’s trading architecture, the source said.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ India's Supreme Court sets up panel to investigate Adani allegations
▼ + stars: | 2023-03-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesIndia's supreme court has set up an independent panel to investigate if there were regulatory failures related to allegations against the Adani Group , after a bombshell report from a U.S. short seller. The country's highest court directed a six member panel to probe "regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group," a Thursday court order said. India's Supreme Court action comes slightly over a month after Hindenburg Research released a lengthy report on Jan. 24, accusing Adani Group of stock manipulation and fraud. The panel will be headed by Justice Sapre, a retired judge of the Supreme Court. Both institutions told CNBC recently that their exposure to the Adani Group was manageable.

☆ We won't be conservative when investing in India's infrastructure sector: Investment firm
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe won't be conservative when investing in India's infrastructure sector: Investment firmM R Kumar of the Life Insurance Corporation of India says the country's infrastructure sector is "key" to its economic growth.

☆ India's Modi lashes opposition as Adani allegations persist
▼ + stars: | 2023-02-08 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

Modi spent a nearly 90-minute speech to parliament mainly listing governments achievements and without naming the under-fire Adani Group. However, opposition lawmakers who are demanding an investigation into the business group interrupted him several times shouting slogans. "The blessings of 1.4 billion people in the country is my protective cover and you can't destroy it with lies and abuses," said Modi as opposition lawmakers chanted "Adani, Adani". Adani Transmission (ADAI.NS), Adani Power (ADAN.NS) and Adani Wilmar (ADAW.NS) rose 5% each, while Adani Green (ADNA.NS) and Adani Total Gas Ltd (ADAG.NS) fell 5% each. They have questioned investments made by state-run Life Insurance Corporation of India (LIFI.NS) and the State Bank of India (SBI.NS) in Adani Group companies.

☆ Exclusive: India's LIC reviewing Adani response to short seller's allegation
▼ + stars: | 2023-01-30 | by ( Nikunj Ohri | ) www.reuters.com time to read: +2 min

[1/2] Life Insurance Corporation of India (LIC) logo is seen displayed in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Jan 30 (Reuters) - India's Life Insurance Corporation (LIC) (LIFI.NS) said on Monday it was reviewing the Adani Group's response to scathing criticism by a U.S. short-seller and would hold talks with the group's management within days. State-run LIC, the country's largest insurer, says it has invested 364.7 billion rupees ($4.47 billion) in Adani companies, about 1% of its assets under management. "Of course we are studying the 413-page reply given by Adani Group," Kumar said. ($1 = 81.6120 Indian rupees)Reporting by Nikunj Ohri Editing by David Goodman and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Gulf investors bid for India's Adani Enterprises' $2.5 bln FPO - Bloomberg News
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Mubadala Investment Co PJSC and BNP Paribas SA (BNPP.PA) have also bid for shares, the report said, adding that the anchor book was oversubscribed about two times. Adani Enterprises last week set the floor price for India's largest FPO at 3,112 rupees per share with a price cap of 3,276 rupees apiece. While bidding for anchor investors began on Wednesday, bidding for retail investors will commence from Friday, with the offer closing for both sets of investors on Jan. 31. Spokespersons for Adani Enterprises, LIC and SBI Life did not immediately respond to a Reuters request for comment. Adani has said it will use 108.69 billion rupees from the FPO to fund green hydrogen projects, airports facilities and greenfield expressways.

☆ Indian shares eye muted start to 2023 on weak cues, oil rise
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 2 (Reuters) - Indian shares were set to kick-start 2023 on a muted note due to higher oil prices and a surge in COVID-19 cases in China. Oil prices rose on year-end holiday travel. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. ** HG Infra Engineering (HGIN.NS): Co declared as L-1 bidder by Delhi Metro Rail Corporation for project worth 4.12 bln rupees. ($1 = 82.7170 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ India bank sale sharpens valuation rivalry
▼ + stars: | 2022-12-15 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Sumitomo Mitsui Financial (8316.T), Carlyle (CG.O) and Fairfax Financial (FFH.TO) may each be eyeing some of the 61% stake on offer in $7 billion IDBI Bank (IDBI.NS), per reports by The Economic Times and Mint. These latecomers’ share of outstanding loans fell to 55% in March 2022 from 70% in 2016, per Reserve Bank of India data. CONTEXT NEWSIndia on Dec. 14 extended the deadline to submit preliminary bids for the sale of a controlling stake in IDBI Bank to Jan. 7 from Dec. 16. New Delhi intends to sell 30.48%; Life Insurance Corporation of India, which is almost entirely government-owned, will sell a 30.24% stake. Carlyle, Fairfax Financial and DBS Bank are considering bidding for at least 10% each in IDBI Bank, Mint reported on Nov. 7, citing unnamed sources.

☆ INDIA STOCKS Indian shares rise as US inflation data cools rate hike fears
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 11 (Reuters) - Indian shares rose over 1% on Friday, boosted by information technology companies and banks as cooling U.S. inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease. The NSE Nifty 50 index (.NSEI) rose 1.3% to 18,269 as of 0351 GMT, while the S&P BSE Sensex (.BSESN) added 1.4% to 61,453.18. India will report its October inflation number next week. The Nifty IT index (.NIFTYIT) surged 3.2%, while the bank index (.NSEBANK) gained 1.3%. Shares of Zomato (ZOMT.NS) jumped 10% after the Indian food delivery firm on Thursday reported a narrower loss for the second quarter.

☆ Bain gives India’s banking ball a time check
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Bain Capital on Tuesday pocketed some $400 million from selling just under a third of the more than 4% stake it bought in Axis Bank (AXBK.NS) in 2017. Back then, the private equity firm and Life Insurance Corporation of India (LIFI.NS) injected cash as the country’s third-largest non-state-controlled lender was grappling with a slew of bad loans. Axis now oozes confidence under ex-HDFC Life Insurance executive Amitabh Chaudhry, who joined as boss in 2019. Gross bad loans account for 2.5% of total assets, less than half the level when Bain bought in. With Bain currently sitting on 1.6 times its money, excluding dividends, it’s a good time to send some in its party home.

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