Mauritius Financial News

Narendra Modi will invite some neighbouring countries to his swearing-in ceremony on June 8, said people familiar with the matter on Wednesday. These nations include Sri Lanka, Bangladesh, Bhutan, Nepal, and Mauritius. The caretaker PM has already invited Sri Lankan President Ranil Wickremesinghe for his oath-taking ceremony.

Foreign investors pulled out a massive Rs 25,586 crore from Indian equities in May due to uncertainty surrounding the outcome of general election and outperformance of Chinese markets. This was way higher than a net outflow of over Rs 8,700 crore in April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February, while they took out Rs 25,743 crore in January, data with the depositories showed.

Shakti Pumps, the country's leading manufacturer of solar pumps and motors, have been on an upward roll over the last 13 months, producing a stellar performance and significantly enhancing shareholder wealth in a relatively brief timeframe.The company, primarily focused on the production of pumps and motors of various types, has witnessed a consistent uptrend in its stock price since April 2023, starting at ₹404.40 and currently trading at ₹2,492, yielding an impressive return of 515%.This outstanding growth is largely attributed to Shakti Pumps' substantial order wins and strong financial performance, instilling investor confidence and driving the stock price to unprecedented levels. On March 22, the stock reached a new pinnacle, touching an all-time high of ₹2,955 apiece.Also Read: Mauritius-based FII buys stake in this small-cap stock during Q4FY24Zooming out, the stock's long-term performance has been even more impressive as it registered a remarkable gain of 1694% over the last four years.Recognised as a leading domestic manufacturer in the Indian pump industry, Shakti Pumps holds a dominant market position with a 26% share in the domestic solar pump market under the PM KUSUM scheme - an initiative to transform the Indian agriculture sector.The company boasts a diversified customer base comprising government entities, solar original equipment manufacturers (OEMs), and industries, ensuring a low customer concentration mix, with over 1 lakh pumps installed, according to the company's recent exchange filing.

NCLT) has granted more time to Hinduja Group-owned IndusInd International Holdings (IIHL) for securing the remaining regulatory approvals required to complete the resolution process of bankrupt Reliance Capital, according to two people aware of the matter. The order was delivered on IIHL's application on Wednesday, requesting an extension of the 27 May deadline for paying ₹8,000 crore to acquire Reliance Capital.

Peeled to the core: Onion export bans distort markets “We received a request from MEA for export of non-basmati rice and onion to Mauritius and Qatar," the official said, who did not wish to be identified. "Although it recommended 24,000 tonnes of non-basmati rice to supply to Mauritius and 15,000 tonnes of onions over the next two months to Qatar, the committee decided to export 14,000 tonnes of non-basmati rice to Mauritius, and 7,500 tonnes of onions to Qatar through NCEL.

₹1,176.59 crore from anchor investors on Tuesday, May 14. The company issued 4,32,57,009 equity shares to anchor investors at a price of ₹272 per share, as per the exchange filing.

₹1,176.59 crore from anchor investors a day before its initial public offerings (IPO) opens for subscription. According to the exchange filing, the company allocated 4,32,57,009 equity shares to anchor investors at a price of ₹272 per share.

demand in the European Union, West Asia and the US has boosted export order books by at least 10% from six months before, companies said, signalling a possible recovery from last year. Leather goods, footwear, and apparel are driving demand but engineering goods shipments for new projects are facing a challenge due to geopolitical tensions, exporters said. «Overall, compared to the last six months, the order position has improved 15-20% for leather footwear especially from the US and partially Europe,» said Rafeeq Ahmed, chairman, Farida Group, one of India's largest shoe manufacturers and exporters. «The demand for non-leather footwear is also coming up.» India's total goods exports in FY24 fell 3.1% to $437 billion from $451 billion in the previous fiscal. Apparel exporters cited an increase of over 10% in orders starting February, mostly from the UK, US and the EU. «The decline in demand has slowed and there are obvious signs of improvement. Industry has an ambitious target of $20 billion apparel exports in FY25,» said Mithileshwar Thakur, secretary general, Apparel Export Promotion Council.

MUMBAI : US-based investment giant Warburg Pincus Llc has sealed a close contest among some of world’s top private equity players for Shriram Group’s housing finance subsidiary, in a deal valued at ₹4,630 crore. Warburg Pincus will acquire a controlling stake in Shriram Housing Finance Ltd (SHFL) from Shriram Finance Ltd (SFL) and other sellers through its affiliate Mango Crest Investment Ltd.

equities in the first 10 days of the month owing to general election and the uncertainty surrounding its outcome coupled with expensive valuations and profit booking. This was way higher than a net withdrawal of Rs 8,700 crore in the entire April on concerns over a tweak in India's tax treaty with Mauritius and a sustained rise in US bond yields. Before that, FPIs made a net investment of Rs 35,098 crore in March and Rs 1,539 crore in February. Looking ahead, post-general elections, corporate India's strong financial performance in Q4 FY24 is anticipated to be rewarded.

New Delhi: India on Monday permitted export of 14,000 million tonnes of non-basmati white rice to Mauritius, the Directorate General of Foreign Trade (DGFT) said in a notification. “The export of 14,000 MT of Non-Basmati White Rice to Mauritius has been permitted through National Cooperative Exports Limited (NCEL),” the DGFT said. In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.

IIHL is yet to get a nod from insurance watchdog Irdai for its Rs 9,650-crore acquisition of Reliance Capital, its chairman Ashok Hinduja has said. Stating that IIHL has been in touch with the Insurance Regulatory and Development Authority of India (Irdai) since November on the deal, he said IIHL is «hopeful» of the nod coming as soon as possible and added that usually, such a go-ahead comes in 2-3 months. Speaking with reporters here over the weekend, Hinduja said IIHL will be able to pay the sum it has bid for within 48 hours of the Irdai nod and complete the deal. With a little over three weeks to go before the National Company Law Tribunal's May 27 deadline for executing the Rs 9,650 crore buy of RCAP comes to a close, Ashok Hinduja said the Mauritius-based IIHL has tied up Rs 7,500 crore from a clutch of banks for the acquisition.

₹548.77 crore from anchor investors at the upper price band of ₹452 per equity share ahead of initial public offerings (IPO). Indegene IPO, which is scheduled to open for subscription on May 4, has allocated 12,141,102 equity shares to 36 anchor investors, as per the exchange filing.

Carlyle Group is mulling sale of its 2% stake in YES Bank via blockdeal. The size of the deal is estimated at Rs 1,500 crore and the block deal is expected on Friday. Goldman Sachs is said to be the broker to the deal, CNBC TV18 reported citing its sources.

UPI) transactions fell to ₹19.64 lakh crore in the month of April against ₹19.78 lakh crore in the preceding month. In terms of transaction count, the number fell to 13.30 billion from 13.44 billion in March. When compared with April last year, the number of transactions saw a growth of 50 percent, while the total amount of transactions saw 40 percent growth.

Under the OFS, Rajendra Kumar Setia, Rajendra Kumar Setia HUF, Evolvence Coinvest I, Evolvence India Fund III Ltd, Norwest Venture Partners X – Mauritius, TPG Growth IV SF among others will offload shares.

VALR, the largest cryptocurrency exchange in South Africa, is set to offer its crypto asset services in Poland and is actively exploring opportunities in other jurisdictions worldwide. 

₹5,000 crore may be offered for developing the ecosystem for building inland vessels in the country to support movement of cargo on national waterways. Capital support may also be considered for producers of sea bound vessels at a later stage. At present 14 PLI schemes with an outlay of ₹ 1.97 trillion are under implementation for five years from FY22.

According to the data with the depositories, Foreign Portfolio Investors (FPIs) made a net outflow of Rs 5,254 crore in Indian equities this month (till April 19).

Reuters. Even though the Indian market sank today, experts do not see any long-term repercussions of the Middle East conflict on the Indian indices. "The escalation in the potential conflict between Iran & Israel is a serious development and will likely adversely impact oil pricing.

Nifty could face knee-jerk reactions on Monday as equity investors are worried about the fallout of Iran's unprecedented full-scale military attack against Israel with more than 300 drones and missiles. On Friday, Sensex had fallen nearly 800 points as FPIs were net sellers to the tune of nearly $1 billion amid worries related to the tweak in the India-Mauritius tax treaty and hotter-than-expected US inflation data. Analysts say the sell-off could extend on Monday as well.