Companies
HDFC Bank set to get a boost from a wider branch network
HDFC Bank, India's most valued lender, has seen a decline in its stock value in the past three months, raising concerns about its impact in the banking sector. The bank's performance has been relatively subdued compared to public-sector lenders, and uncertainties surrounding its merger with its home-financing parent have weighed on the stock. However, HDFC Bank has been focusing on expanding its branch network in areas with limited competition from private banks, allowing it to compete with public-sector banks for deposits. This strategy is expected to benefit the bank in the coming years and drive earnings growth.
Tatas evaluate bid for UTI AMC as Reliance enters mutual fund business
The Tata Group is reportedly considering whether to bid for UTI AMC, following the entry of Jio Financial Services into the market. The salt-to-software conglomerate is closely monitoring Jio's future plans and their impact on the industry. Four state-owned entities collectively own just over 45% stake in UTI AMC and are exploring options to sell their stake. Earlier talks between the Tata Group and the public sector entities fell through due to a disagreement regarding the selling process. Jio Financial Services has attracted attention due to its appointment of KV Kamath to head its financial services business.
Venezuela, Jindal Steel are said to sign deal on iron ore mill
The deal with Jindal Steel is Venezuela’s first step to open up operations in its metallurgic and mining industries to an international private company, after the US sanctions hit the country in 2019. Venezuela’s mining and heavy industries are all state owned
Predominant share of Rs 12,000 crore revenue will come out of domestic sales: Keshav Bhajanka, CenturyPly
“We are predominantly a luxury player in any case. We are the highest end of the pricing point in the entire spectrum. With the Manish Malhotra range, we are very confident that we will be in a product category where we have not moved and which is uber luxury or ultra-luxury.”
NBCC likely to extend revenue target this year: Pawan Kumar Gupta
NBCC, a state-owned construction company, follows a cost plus model where all costs are billed to the client, making it financially sound even in the face of inflation. The company plans to utilize the proceeds from the sale of commercial space land at Rs 5,700 crore for the construction of the World Trade Centre and seven GPRA projects. NBCC has already sold commercial property worth Rs 7,200 crore in the project and expects to sell at least Rs 2,000 crore worth of property in an upcoming auction.
AUM to hit Rs 5 lakh crore in FY-23: Vivek Kumar Dewangan, REC
We are in discussion with other financial institutions because the asset size is going to be quite large, more than Rs 30,000-40,000 crore, then we need to collaborate with other financial institutions. As you are aware that our loan book has grown in last financial year to the extent of 13%, but in the current financial year in Q1 there was growth of about 20%.
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We expect optimism and confidence to continue through Q3: Rajiv C Lochan, Sundaram Finance
I will just say that we prefer to ensure that we retain the market share that we think we rightfully deserve and where we can extend it a little bit. Our focus tends to be on serving the customer segments as best as possible and ensuring that we are taking care of our people as best as possible.
Shyam Metalics expects to start commercial production of battery-grade aluminium foil from Q2 next year: Sheetij Agarwal
Shyam Metalics and Energy Limited has entered the energy storage sector by manufacturing battery-grade aluminum foil. The company believes that with the growing lithium-ion production capacity in India from 2024 to 2030, they will be a key supplier of raw materials to these plants. They are currently in the trial phase with upcoming lithium-ion battery companies and expect commercial orders to start flowing in by the first quarter of next year.
Looking to reduce long-term debt by another 25% to 30% by FY-26: Anuj Kathuria, JK Tyre
There would be, in case there are any major changes, which we do not anticipate as of now, we would have to again take pricing action. When it comes to the OE, most of the OEs, especially in the passenger car segment, we have indexation with the raw material.
Proceeds of JSW Infra's Rs 2,800-cror IPO to go for debt repayment, capex & corporate purposes: Arun Maheshwari
"For a good 14-15 years until 2018, we were handling only captive cargo; there was no outside cargo. Even in 2019, when we were handing 35 million tonnes of total cargo, we were doing only 6% outside the group.But when the focus shifted, we thought why don't we develop these separate terminals? In FY23, we handled 33% from outside the group. In June '23, we handled almost 37% from outside the group.."
India now world's biggest growing car market: RC Bhargava, Maruti Suzuki
"India is the only country which has still a lot of distance to go before the market becomes saturated. It is for this reason that in the last 15-20 years almost every car manufacturer in the world has found its way into India. And those who have not come are looking to come now, because they think that the changing technologies and requirements give them an opportunity which they might have missed earlier."
Jindal Steel & Power MD on expansion plans, capex and more
JSPL, the steel company, is focused on expansion and doubling the capacity of its plants in Odisha and Raigarh. The company plans to fund this expansion through internal accruals, as it has a low debt level. JSPL has stated that its debt will not exceed 1.5 times its EBITDA. The company is also awaiting clearances to begin production in its recently acquired mines.
Order for 500 aircraft gives us continuity and stability for many years ahead: IndiGo CEO
"For Indigo, one of our very fundamental customer promises is affordable fares, and that is what we keep there. So yes, there will be seasonal fluctuations, like there always are. We also see prices of fuel going up. But at the end of the day, the Indigo customer promise — affordable fares — will remain a very strong pillar of the airline."
10-15% of incremental capacity will be in thermal space, because we see a good opportunity: Prashant Jain, JSW Energy
"India is facing two challenges. One is energy transition, and the second is incremental demand. India is the third largest power market in the world, but it is the fastest growing. Now if you are talking about even 7-8% demand growth, you are talking about 17-18GW. If you want to meet that by fossil fuel or a balance of thermal plus renewables, we are looking at a huge capital investment, which has not happened in this particular sector."
Once Air India is brought up to be equal or better than Vistara, we can consider merger: CEO
Campbell Wilson, CEO of Air India, has stated that a merger with Vistara is being considered once Air India has reached the same level or better than Vistara. While they have competition clearance, they still need NCLT clearance for the merger. Air India is currently investing in refreshing its fleet, product, and staff. Wilson believes that Vistara can be a catalyst for Air India's transformation due to its younger age and lack of baggage.
Wealth management biz to become extremely profitable in next 10 years: Ashish Kehair, Nuvama Wealth
Even if we say that in the next decade or so, we move from 15 to 30, you are actually seeing the absolute value of wealth being managed increased by 8x. And even then a lot will remain in informal sectors.
