City Axis Financial News

capital markets saved the day for Indian investment bankers as they took home hefty bonuses and payouts despite a relatively soft M&A business, company officials and industry sources said, pointing to the IPO frenzy as equity indices surged to records. Bonuses were 150-200% high for top performers in some of the top-rung local I-banks such as Kotak, JM Financial, Axis Capital, Avendus and Veda, among others, sources told ET. A string of IPOs and other capital market offerings helped deal-makers earn an average 10% increase, while a few top performers took home 20-25% more, as companies tried to retain top talent, said industry officials. On the lower end, average bonuses were in 80-100% range, according to estimates.

«There is enough competition in the telecom sector and the situation is not critical that requires intervention of the authorities. Consumers may feel some pinch of the price rise, but the hike has happened after three years,» one of the officials told ET, asking not to be named. India's three private telcoraised mobile tariffs by 11-25%, with the changes taking effect this week. As per analysts, this would increase the spending on telecom services in urban India to 2.8% of household expenditures in fiscal 2025 from 2.7% in FY24.

Niva Bupa Health Insurance has filed the draft red herring prospectus (DRHP) to raise ₹3,000 crore through an initial public offering (IPO). The standalone health insurance firm will be the second health insurer listed on Indian stock exchanges, following Star Health and Allied Insurance. The IPO will include a fresh issue of shares to raise ₹800 crore for improving solvency ratio and operating expenses, and an offer for sale by existing shareholders, British United Provident Fund Bupa and Fettle Tone LLP, amounting to ₹2,200 crore. According to draft papers, the health insurance company is considering a pre-IPO placement of up to ₹160 crore, which would reduce the size of the fresh issue. The company plans to allocate 75% of the net offer to qualified institutional buyers, 15% to non-institutional bidders, and 10% to retail investors.

Reliance, while Investec and Morgan Stanley have a 'buy' and 'overweight' call on M&M, respectively. Axis Capital has downgraded ICICI Bank to 'add' from 'buy', while Ambuja Cements received a double upgrade from Nomura. Morgan Stanley has maintained an 'overweight' call on IndiGo. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Niva Bupa has filed for an initial public offering (IPO) to raise up to Rs 3,000 crore (nearly $360 million), draft papers showed on Monday. The company, majority-owned by British United Provident Fund (Bupa), said it will issue fresh shares worth up to eight billion rupees as part of the offering.

Shares of Stanley Lifestyles listed at ₹494.95, a premium of 34.13% over its issue price of ₹369, on Friday. The stock recorded a high of ₹509.4 and closed at ₹479. The IPO consisted of a fresh issue of ₹200 crore and an offer for sale of 91.3 lakh shares aggregating to ₹337 crore on the upper price band. The offer was subscribed 96.98 times on its final day of bidding on June 25.

Ecom Express is looking to enter the primary market with a Rs 3,000 crore initial public offering (IPO), according to two people aware of the development. The third-party logistics company has appointed bankers such as Kotak Capital, IIFL, Axis Capital, and UBS, according to one of the sources. «Ecom Express has initiated the process for the public issue, which includes both a fresh issue and an offer for sale from the existing investors. The company is likely to file its draft red herring prospectus soon,» said one of the people cited above.

Axis Bank on Wednesday increased its holding in Max Life to 19.99 per cent for Rs 336 crore. The acquisitions, divestments and merger Committee of the board of directors of the bank at its meeting held on June 19, 2024, has approved a proposal for acquisition of additional equity shares of Max Life by the bank for an amount of up to Rs 336 crore, Axis Bank said in a regulatory filing. With this, the aggregate shareholding of Axis Entities increased from 19.02 per cent to 19.99 per cent, it said.

₹336 crore, the private lender announced on Wednesday.The bank's board of directors approved the acquisition of Max Life shares, increasing the total holding of Axis entities in the insurance firm from 19.02% to 19.99 per cent.“In this regard, we would now like to inform you that the Acquisitions, Divestments and Merger Committee of the Board of Directors of the Bank at its meeting held on June 19, 2024, has approved a proposal for acquisition of additional equity shares of Max Life by the Bank for an amount of upto ₹336 crore, thereby increasing the aggregate shareholding of the Axis Entities from 19.02% to 19.99%," the company said in the exchange filing.This strategic move comes after Axis Bank received regulatory approval in August 2023 to inject ₹1,612 crore into Max Life Insurance by subscribing to shares on a preferential basis, initially increasing Axis entities' stake to 19.02%.In 2021, Axis Bank announced its deal to acquire a stake in Max Life Insurance Co, a subsidiary of Max Financial Services.The Axis entities include Axis Bank, investment solutions provider Axis Securities, and financial services provider Axis Capital.Following the announcement, shares of Axis Bank, India's fifth largest by market capitalization, rose by as much as 2.2 per cent, making it one of the top gainers on the Nifty 50 index.In April, Axis entities had increased their stake in Max Life from 12.99 per cent to 19.02 per cent, initially acquiring a stake in the company in 2020.Max Financial Services, the holding company of Max Life Insurance, engages in investment business and provides management advisory services.Milestone Alert! Livemint tops charts as the fastest growing news website in the world

₹88 and ₹93 per share. Le Travenues Technology raised ₹333 crore from anchor investors.

₹138.10 per share, 48.5% higher than the issue price of ₹93. On BSE, ixigo share price today opened at ₹135 apiece, up 45.16% than the issue price.Market experts anticipated ixigo share price to open in the range of ₹120 to ₹125 per share.During the three-day subscription period, investors were full of enthusiasm about Le Travenues Technology's IPO, which operates the travel booking site ixigo.

initial public offering (IPO) will open on Friday, June 21, with a price band of Rs 351-369 per share and the lot size will be 40 equity shares. The company intends to raise Rs 537 crore from the offering and aims to be listed on the NSE and BSE platforms. The fixed-price IPO will comprise a fresh issue aggregating up to Rs 200 crore along with an offer for sale (OFS) of 91.34 lakh equity shares by the existing shareholders with a face value of Rs 2.

Citigroup maintained a buy rating on RR Kabel, JPMorgan has an overweight stance on RIL, Axis Capital upgraded Indigo to buy and Jefferies maintained a buy rating on Tata Steel. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Indian commodities tycoon Anil Agarwal’s Vedanta Ltd. is considering a share sale as soon as the coming weeks that could raise as much as 85 billion rupees ($1 billion), people with knowledge of the matter said. Vedanta is working with advisers including Axis Bank Ltd. subsidiary Axis Capital and Citigroup Inc. on the offering, the people said. It has started gauging interest from potential investors including Middle Eastern funds, according to the people, who asked not to be identified because the information is private.

₹364 to ₹383 per share. The IPO lot size is 39 shares and the minimum investment amount required by retail investors is ₹14,937. At the upper end of the price band Awfis Space IPO size is worth ₹598.93 crore, which comprises a combination of fresh issue of 33 lakh equity shares aggregating to ₹128 crore and an offer for sale (OFS) component of 1.23 crore shares aggregating to ₹470.93 crore.

exchanges, Axis Capital raised the target price for IEX to Rs 170 with an ‘add’ rating for the stock from an earlier ‘sell’ recommendation. “If the present valuation stays intact, the stock performance may track earnings growth. We believe there is a tactical opportunity to make returns in IEX by riding the power demand growth and improved liquidity on exchanges,” said a report by Axis Capital.

25% increase in their bills after the general election as telecom companies prepare for the fourth round of tariff hikes in recent years, a move which would give a boost to their average revenue per user (ARPU). «We expect a meaningful hike of around 25% by the operators in the near term on the back of a stable competitive environment, their need to improve profitability following heavy 5G investment, and continued government support,» said a report by brokerage Axis Capital. The report said while the quantum of hike may appear large, it should be manageable for both urban and rural users, especially as data usage is sticky. For urban households, subscribers' spending on telecom would go up to 3.6% of total expenditure from 3.2%, it said, while for rural subscribers spending would increase to 5.9% from 5.2%.

₹65 in the grey market, according to market observers. This indicates that the anticipated listing price for Go Digit IPO shares could be ₹65, representing a 23.9 percent increase over the IPO price of ₹337. Also read: Go Digit IPO: At ₹7 crore, Virat Kohli, Anushka Sharma to make multibagger return of 263% on issue launch According to investorgain.com, the lowest Grey Market Premium (GMP) for the Go Digit IPO stands at ₹50, with the highest GMP reaching ₹70.

Muthoot Finance's microfinance arm, Belstar Microfinance, has filed preliminary papers with capital markets regulator SEBI to raise Rs 1,300 crore through an initial public offering (IPO). Belstar Microfinance, a Non-Banking Finance Company — Micro Finance Institution (NBFC-MFI), offers a wide range of loan products, such as micro-enterprise, small enterprise, consumer goods, festival, education and emergency loans.

Neelkanth Mishra, Chief Economist, Axis Bank & Head of Global Research, Axis Capital, says “in the next three to five years in this same style, we could see very aggressive capex and industrial policy coming in from China and the return on assets, on capital intensive assets in China is already back to 2002 levels. It is quite possible it keeps falling. Imagine then what other countries have to do. Do we have policies to counter that? We need not get overly protectionist, but we need to be very agile in responding to this. Is it ready for this type of global economy which is very different from what we saw from the early 90s to say around 2015-16? There are several new challenges that we need to cope with.” India of yesterday, India of today and India of tomorrow. Where should we start? Neelkanth Mishra: Even to understand where we are headed, we need to have some handle on where we have come from and what we have done and where the platform has been set for the growth in the next three to five years. And then of course, the work that we do in the next three to five years will set the stage for what happens in the five years after that.

NEW DELHI : Vodafone Idea expects its ₹18,000-crore follow-on public offer to have maximum subscription with the share of anchor investors being fully subscribed, even as India’s No. 3 telecom carrier began its roadshow for individual investors. “We’ve had an extensive roadshow with all international and domestic institutional investors.