AGGREGATE DEMAND
Resourceful Automobile's Rs 12-crore IPO oversubscribed 419 times; attracts bid for Rs 4,800 crore
The recent Rs 12 crore initial public offering of Resourceful Automobile, a Delhi-based company with just two outlets and a workforce of eight, has taken the market by storm with the issue receiving bids worth close to Rs 4,800 crore.
Premier Energies IPO: GMP indicates robust demand ahead of issue opening
The IPO of Hyderabad-based Premier Energies opens for subscription tomorrow and will be available until August 29. Shares are currently trading with a grey market premium (GMP) of Rs 336, reflecting a 74.67% premium over the upper price band of Rs 450.
MPC should pay more heed to core inflation, says Ashima Goyal
Ashima Goyal, a member of the Monetary Policy Committee (MPC), emphasized the need to focus more on core inflation due to its significant impact on household inflation expectations. Goyal's term on the MPC will end in early October. Additionally, she suggested that the MPC should expand its role to include providing guidance on liquidity conditions in the banking system.
Govt has to cut GST and improve farming processes to increase demand for coffee: Praveen Jaipuriar, CEO, Continental Coffee
Coffee demand can increase in India by addressing the issues related with availability, product costs, and purchase barriers, says Praveen Jaipuriar, CEO, Continental Coffee Limited.
Rebel Foods’ funding; gig workers in demand
Happy Monday! Cloud kitchen firm Rebel Foods is in talks for a $100-150 million funding round. Details of this and more in today’s ETtech Morning Dispatch
Any increase in global commodity prices is a matter of concern, says Monetary Policy Committee member Shashanka Bhide
Monetary Policy Committee's Shashanka Bhide, whose term is about to end, highlighted concerns regarding potential shifts in international commodity prices due to ongoing domestic food price pressures. He noted mixed trends in private investment and recent rises in real interest rates due to lower inflation. Bhide appreciated policy coordination within the MPC amidst significant challenges during his tenure.
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High rates food for thought, but inflation on Governor Das' plate
The views in India's Monetary Policy Committee have become louder with outgoing members Ashima Goyal and J R Varma warning about the risks of a 'higher-for-longer' interest rate approach to economic growth. Both members voted for a repo rate cut, citing concerns over excessive monetary tightening's impact on growth.
FM asks PSBs to launch special drives to push deposits growth
Finance Minister Nirmala Sitharaman asked public sector banks to expedite recent budget implementations and enhance deposit mobilization to sustain credit growth. Despite robust credit growth, deposit collection, especially small-scale deposits, was flagged as needing improvement. PSBs showed solid financial performance in FY24 with notable improvements in asset quality, capital adequacy, and profitability.
Monetary policy must be disinflationary to quell food price pressures: RBI bulletin
The Reserve Bank of India might continue its disinflationary monetary policy because high food prices are affecting overall inflation and consumer perceptions. Although the repo rate stayed the same, the RBI emphasized that inflation reduction might be fragile unless food prices fall. Persistent food inflation could threaten broader economic stability.
Private sector investments to get get a boost on pickup in rural demand: RBI
Rural saving is also on the rise as evident in rising number and outstanding amounts of savings bank accounts, the study said The study noted that the receding of inflation pressures appear to be the most important metric in rural spending resurgence, driving a catch-up with urban consumption volumes.
India might need more cautious monetary policy to stem food price rise spillover, RBI says
The Reserve Bank of India indicated that persistent high food prices could require a more cautious monetary policy. Although retail inflation fell in July, the central bank anticipated it would rise again due to ongoing food price pressures. Climatic shocks were cited as a major factor behind the stubbornly high food prices, raising concerns about broader inflation trends.
Awfis to enter more markets, offer customised offerings to boost growth
Will focus on building capital-efficient managed aggregation model, entering new markets and expanding in existing ones, and investing in tier-two cities, chairman Amit Ramani said.
ET Analysis: Leave the food inflation target index well alone
Governor Shaktikanta Das stressed not to modify the existing inflation targeting framework, which aims for a 4% inflation rate. He pointed out food inflation's significant role in the consumption basket and cautioned that ignoring it may risk the hard-won stability in price levels. The existing framework ensures the credibility of economic stability.
A look at the thali on RBI's table before the rate decision
The Reserve Bank of India left interest rates unchanged at 6.5% due to persistent food inflation. Rising prices of vegetables and cereals contributed to this decision. The government is stepping up its efforts to monitor and stabilize food prices. Future rate cuts might be on hold due to expected uneven rainfall impacting food inflation.
Postman’s secondary deal; cyber frauds & account aggregators
Happy Monday! Postman, the most-valued SaaS firm, has seen secondary deals at a 30-40% discount to its peak valuation. This and more in today’s ETtech Morning Dispatch.
Ixigo’s Q4 revenue rises 16% to Rs 181.8 crore; net profit up
The online travel aggregator sees promise in the government's latest policy initiatives to grow spiritual tourism in the country.
Banks borrow more than they raise deposits to fund loan demand
In early July, Indian banks borrowed a record Rs 1.19 lakh crore from the market due to challenges in attracting deposits, which totaled Rs 1.02 lakh crore. The Reserve Bank of India data revealed this borrowing trend as a result of the budget's lack of deposit-attracting measures. Total bank borrowings reached Rs 8.83 lakh crore, influenced by the HDFC and HDFC Bank merger. This includes short-term debt, infra bonds, and overseas loans but excludes RBI loans. The State Bank of India raised Rs 10,000 crore through infrastructure bonds. Experts cautioned that an aggressive move to increase deposits could lead to a rate war and widen the credit-deposit gap, causing liquidity and repricing risks. However, the situation has been improving with the RBI's large dividend transfer.
Welspun Living Q1 Results: Net profit jumps 14% YoY to Rs 185.95 crore
Home textiles major Welspun Living Ltd on Wednesday reported a 14.3 per cent increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter. The company posted a consolidated net profit of Rs 162.73 crore in the quarter last fiscal, Welspun Living said in a regulatory filing.
Sushant Sreeram quits Prime Video, set to join JioCinema
Sreeram was promoted to the position of country director in February 2023 following Gaurav Gandhi's elevation as Vice President of Asia Pacific at Prime Video effective April. Sreeram joined Prime Video in 2018 as Head of Customer and Brand Marketing and was subsequently promoted to Director of Marketing in October 2020. In 2022, he was elevated to Director of Subscription Video on Demand (SVOD) Business.
Tata Play takes its easy bingeing solution to Bangladesh
Tata Play has expanded its global reach by partnering with Akash Digital TV in Bangladesh to offer its white label solution, Tata Play Binge. This collaboration allows Akash Digital TV to utilise Tata Play's Cloud technology, simplifying content access for OTT aggregators. Tata Play aims to enhance its platform internationally and generate revenue by providing end-to-end development opportunities for OTT aggregators worldwide.
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Heat, humidity or hale: 'majboori' makes gig workers brave the elements
The weather extremities this summer can, of course, impact any and all. But for those whose daily bread depends on their job, there aren't many options. While companies like Swiggy, Zomato and others made some efforts to relieve their delivery partners of the heat to some extent by offering them refreshments, and resting areas according to the gig workers they weren't very helpful.
CAMS aims to be both payment aggregator & gateway, expand into education: MD
CAMS looking to now expand into education as one potential, extra niche that could scale up the business. They are moving forward to be both a payment aggregator and payment gateway and there will be some build-out of opportunity in the education space as well, says MD & CEO Anuj Kumar.
Sebi permits up to 100% aggregate NRI corpus contribution for FPIs based out of GIFT IFSC
Sebi allows up to 100% NRI, OCI, and RI contribution in FPIs at IFSC to boost Indian investment. Declarations and PAN card submissions are required, with provisions for contributors lacking PAN or taxable income. Existing FPIs must submit declarations within six months for renewal review.
Ixigo IPO: A look at the online travel aggregator’s listed rivals
The travel industry, which had taken a beating during the Covid-19 period, witnessed a smart recovery post-pandemic, with some players registering more than double-digit growth in FY23 compared to FY20.
Buy-the-dip didn't work for mutual fund investors on election result day due to 'tech glitch'
Mutual fund investors faced disappointment as a technical glitch led to delayed NAV allotment amid a stock market crash. Many investors demanded compensation for losses incurred due to the glitch.
Karnataka HC upholds govt notification, caps service fee on app-based auto rides at 5%
Justice Suraj Govindaraj, while dismissing the petitions from the app-based aggregators, said the platforms were entitled to collect 5% service charge over and above the base fare fixed.
Uber gets nod to run bus service in Delhi
Uber has received a licence from the Delhi transport department to run its bus services. This is under the Delhi government's app-based premium bus aggregator scheme notified last November which aims to encourage the upper middle class to switch to public transport. Other than India, Uber operates its shuttle product in Egypt.
Heatwave ignites surge in chronic therapy demand
Rising temperatures across various regions of India are driving increased demand for medications aimed at managing chronic conditions. This includes prescriptions for high blood pressure (antihypertensives), cholesterol (lipid-lowering drugs), and blood clotting (platelet aggregation inhibitors).
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