Fund mobilisation through corporate bonds that are privately placed has hit a record ₹8.97 lakh crore in 2023, with three weeks left in the year. Fund managers attribute the unprecedented mobilisation to the heightened demand for credit driven by increased economic activity amid faster-than-expected growth, coupled with the low cost of funding.
The company will also apply for a change of name to L&T Finance to the Reserve Bank of India (RBI), the brand name that it is known in the market, chief financial officer (CFO) Sachinn Joshi said.
"While we will be able to conclude this transaction and all the regulatory approvals are expected to be in place in the next two months, we are considering raising some debt. We have a healthy cash position and healthy cash generation ability in the business. The rest of the businesses will continue to get their capital share for their growth strategy."
In his latest monetary policy statement, governor Shaktikanta Das imposed a temporary incremental cash reserve ratio (I-CRR) of 10% on incremental deposits received between 19th May and 28th July 2023 given the surge in surplus liquidity in the system. The I-CRR would be reviewed on 8th Sep’23
This will be an option for IPOs opening after September 1, 2023, and will be mandatory for public issues opening after December 1, 2023.
Rating agency ICRA said it expects the revenues of its sample set of 25 Indian pharmaceutical companies which account for 60% of the overall Indian pharmaceutical industry to grow by 7-9% in FY24.
India's foreign exchange reserves went up by $12.74 billion and stood at $609.02 billion as on July 14, 2023, Reserve Bank of India data showed on Friday. Previously, forex reserves had witnessed an uptick of $1.23 billion for the week ending on July 7.
Sebi has undertaken many initiatives, including reduction in the perpetual lock-in requirement for the sponsor to align it with those applicable for IPOs and flexibility for change in REITs and InvITs’ sponsors.
Adani Group is targeting a 20% year-on-year growth in pre-tax profits to reach Rs90,000 crore EBITDA in two to three years. The firm has repaid loans of $2.65bn to reduce overall leverage and win back investor trust following a damning report from a US short seller. Adani aims to achieve more than 20% EBITDA increase through sustainable growth and expansion in sectors including airports, cement, renewables, solar panels, transportation and logistics, and power and transmission. Its listed portfolio EBITDA increased 36% year-on-year to Rs57,219 crore in fiscal year 2023 while its Asset Value of gross assets stands at Rs3,91,000 crore.
While the RBI has preferred Variable Rate Reverse Repo (VRRR) auctions to mop up excess liquidity, its toolkit includes options such as sales of government bonds, an increase in the Cash Reserve Ratio (CRR), the use of the Market Stabilisation Scheme (MSS) and foreign exchange swaps.
With the liquidity surplus currently at around ₹2 lakh crore, the overnight call money rate has remained on the lower side, driving down banks' cost of funds.
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