SoftBank-backed OfBusiness plans up to $1 billion India IPO, exec says
OfBusiness, an Indian shopping website backed by SoftBank, plans a $1 billion IPO in the second half of 2025. The company is in talks with major banks to manage the offer. Proceeds will be used for debt repayment and business growth. OfBusiness targets a valuation between $6 billion and $9 billion.
Targeting 7%+ growth for next 2 decades: DEA secretary
The secretary called for “deepening and widening” the corporate bond market, expanding access to insurance, pension and capital market products, and improving the quality and efficiency of financial services that would reduce the intermediation cost.
Finance minister Nirmala Sitharaman asks ministries to set quarterly capex targets
Finance Minister Nirmala Sitharaman has urged various ministries and departments to speed up capital spending and set quarterly targets. In a series of meetings, she reviewed productive spending and asset creation across infrastructure sectors. Discussions included national highways, private capital attraction, and FY25 capex plans for Bharat Net and 4G mobile projects.
Indians see uncertainty ahead despite strong growth: Survey
A survey by Aditya Birla Sun Life Insurance reveals that despite India’s economic growth, salaried Indians face high uncertainty. Economic concerns like job loss and technological advancements such as AI are top worries. The survey highlights the need for substantial preparedness among the traditionally stable middle-class population.
Air traffic, Railways traffic and cargo and port cargo grew in July shows resilience of Indian economy
India’s domestic air passenger traffic grew by 7 per cent year-on-year in July 2024 to 1.30 crore passengers. The period saw disruption due to adverse weather and IT issues. Cargo handling reached 70.1 million metric tonnes, while Indian Railways’ freight traffic hit 129.6 MMT, thanks to dedicated freight corridors.
Govt to sell 6.78% stake in GIC Re via OFS, sets floor price at Rs 395/share
The issue, estimated at Rs 4,701 crore, opens for non-retail investors on Wednesday and for retail investors on Thursday. Employees can subscribe to 50,000 shares.
NSE indices shakeup to trigger $633 million inflows for 5 PSU stocks
Benchmarks use a straightforward rule of reward and reprimand for periodic asset adjustments: high-performing stocks are included, while underperformers are removed. This rebalancing ensures that an index accurately mirrors its intended market segment. The NSE Indices Committee has recently announced the September 2024 semi-annual reshuffle, impacting major indices.
Time ripe for next round of big reforms to attract manufacturers: Experts
Some experts suggested steps include creating world-class, export-oriented industrial hubs (where India is a laggard), ringing in favourable tax treaties with the country’s top trading partners, bolstering logistics infrastructure (including connectivity with ports), encouraging sector-specific skill development, targeting high-volume local production of capital goods and investing in smart manufacturing facilities.
India has potential to become $ 55 trillion economy by 2047, says IMF Executive Director Subramanian
Krishnamurthy V Subramanian of the IMF stated that Hyderabad, India could potentially become a USD 55 trillion economy by 2047. During his book launch at Indian School of Business, he highlighted that with 8% growth and solid government policies, India could achieve this by leveraging financial inclusion and infrastructure investments.
Rupee slips to record closing low, tracking decline in Asia FX
The Indian rupee slipped to its weakest closing level on Monday, pressured by a decline in its Asian peers while likely intervention by the Reserve Bank of India ensured the currency did not weaken more.