Business

Signature Global set to launch Rs 730 cr IPO on September 20-Telangana Today

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Signature Global started operations in 2014 through its subsidiary Signature Builders Pvt Ltd with the launch of ‘Solera’ project on 6.13 acres of land in Gurugram, Haryana.

Published Date – 05:32 PM, Wed – 13 September 23


Signature Global set to launch Rs 730 cr IPO on September 20



New Delhi: Realty firm Signature Global (India) Ltd will hit the capital markets on September 20 with its Initial Public Offering (IPO) to raise Rs 730 crore.

In July last year, the Delhi-based firm had filed the Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi.

According to the Red Herring Prospectus (RHP), which was filed on Tuesday, the total size of the IPO is up to Rs 730 crore, comprising fresh issue of shares up to Rs 603 crore and offer for sale of up to Rs 127 crore.

The company said it plans to utilise Rs 264 crore for repayment or prepayment of certain borrowings, in full or in part.

It plans to infuse Rs 168 crore into subsidiaries for repayment or prepayment, in full or in part, certain borrowings availed of by them.

The remaining fund will be used for inorganic growth through land acquisitions and general corporate purposes.

Signature Global started operations in 2014 through its subsidiary Signature Builders Pvt Ltd with the launch of ‘Solera’ project on 6.13 acres of land in Gurugram, Haryana.

“We have grown our operations over the years and in less than a decade, and as of March 31, 2022, we sold 23,453 residential and commercial units, all in the Delhi-NCR, with an aggregate saleable area of 14.59 million sq ft,” the DRHP said.

The company’s sales bookings (net of cancellation) have grown at a compounded annual growth rate of 142.62 per cent, from Rs 440 crore in 2019-2020 to Rs 2,590 crore in 2021-22, it said.

As of March 31, 2022, we have sold 21,478 residential units with an average selling price of Rs 28.1 lakh per unit, as per the DRHP.

“We have strategically focused on central and state government policies supporting affordable housing, specifically the Affordable Housing Policy, 2013 notified by the Town and Country Planning Department, Government of Haryana, and the Affordable Plotted Housing Policy or the Deen Dayal Jan Awas Yojana,” it added.

Business

Majority of companies expect new or replacement hiring in July-Dec period: Survey-Telangana Today

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Majority of companies plan to recruit people, including as new and replacement hires, in the second half of 2023, a survey.

Published Date – 06:24 PM, Mon – 21 August 23


Majority of companies expect new or replacement hiring in July-Dec period: Survey

Majority of companies plan to recruit people, including as new and replacement hires, in the second half of 2023, a survey.

Mumbai: Majority of companies plan to recruit people, including as new and replacement hires, in the second half of 2023, a survey said on Monday.

The Naukri Hiring Outlook Survey also showed that most recruiters expect business development, marketing, and operation roles to lead hiring during the July-December period.

Over 1,200 recruiters and consultants took part in the survey, which is conducted twice a year to gauge recruitment trends in companies and industries across the country.

Around 92 per cent of the recruiters expect companies to hire professionals. About 47 per cent of the recruiters predicted new and replacement hiring while 26 per cent expected new job creation, it said.

As per the findings, about 20 per cent of the recruiters said they would maintain their headcount during the six months and only 4 per cent foresaw layoffs or downsizing during this period.

Nearly 70 per cent of the recruiters surveyed expect attrition rates to remain below 15 per cent, suggesting employees will look to hold on to their current jobs amid the current job market uncertainties, the survey said.

Mid-level professionals were expected to remain in demand, followed by those at the entry-level.
The highest attrition rates are expected across business development, marketing, operations, and HR roles. Mid-level professionals were the most likely to switch jobs during this period, the survey said.

About 42 per cent of the recruiters surveyed said their companies gave less than 10 per cent increment in the last appraisal cycle while 31 per cent said the hike was between 10 and 15 per cent.

“With 92 per cent of recruiters forecasting hiring activity, and a return to normalcy in hiring practices anticipated by more than half of those surveyed, the survey manifests an optimistic white-collar hiring landscape in the second half of 2023,” Naukri.com Chief Business Officer Pawan Goyal said.

Business

Sensex rebounds 267 pts on gains in Infosys, ITC-Telangana Today

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Equity benchmark indices Sensex and Nifty closed higher on Monday after two days of decline, supported by buying in index majors Infosys, ITC and Bajaj Finance

Published Date – 06:30 PM, Mon – 21 August 23


Sensex rebounds 267 pts on gains in Infosys, ITC



Mumbai: Equity benchmark indices Sensex and Nifty closed higher on Monday after two days of decline, supported by buying in index majors Infosys, ITC and Bajaj Finance amid a mixed trend in global markets.

In a range-bound trade, the 30-share BSE Sensex climbed 267.43 points or 0.41 per cent to settle at 65,216.09. During the day, it jumped 387.16 points or 0.59 per cent to 65,335.82.

The NSE Nifty gained 83.45 points or 0.43 per cent to end at 19,393.60.

“Markets started the week with an uptick and gained nearly half a per cent. After the initial choppiness, Nifty maintained a positive tone for most of the session however profit-taking in the end trimmed some gains,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.

Bajaj Finance was the biggest gainer in the Sensex pack, rising 2.70 per cent, followed by PowerGrid, IndusInd Bank, NTPC, Bharti Airtel, ITC, Bajaj Finserv, Infosys, Nestle, Tata Steel, Tata Consultancy Services, Titan and Axis Bank.
Reliance Industries, Mahindra & Mahindra, Maruti and State Bank of India were among the laggards.

Meanwhile, shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday.

In the broader market, the BSE midcap gauge jumped 0.87 per cent, and smallcap index climbed 0.71 per cent.
All indices ended in the green, with utilities jumping 2.56 per cent, power climbing 2.31 per cent, metal (1.19 per cent), capital goods (1.09 per cent), realty (1.03 per cent), teck (1 per cent), commodities (0.95 per cent), industrials (0.92 per cent), IT (0.88 per cent) and healthcare (0.79 per cent).

“Asian stocks stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, continuing Beijing’s run of disappointingly frugal stimulus steps. European stocks rebounded from a one-month low as higher energy prices buoyed oil producers,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.
European markets were trading with gains. The US markets ended on a mixed note on Friday.

“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes.

“Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights,” said Vinod Nair, Head of Research at Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 266.98 crore on Friday, according to exchange data.
Global oil benchmark Brent crude climbed 0.60 per cent to USD 85.31 a barrel.

“Positive European market cues triggered a relief rally in domestic benchmark indices as investors resorted to short covering after taking a hit last week on the back of sharp FII selling and weak global cues.

“However, the market may continue to stay wobbly due to weak macroeconomic scenarios and volatility in global currency markets due to uptick in US bond yields,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said.

Business

Nifty ends higher on buying in metals, power and IT stocks-Telangana Today

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Nifty ended higher on Monday aided by buying across metals, power and IT stocks, Deepak Jasani, Head of Retail Research, HDFC Securities

Published Date – 06:50 PM, Mon – 21 August 23


Nifty ends higher on buying in metals, power and IT stocks



New Delhi: Nifty ended higher on Monday aided by buying across metals, power and IT stocks, Deepak Jasani, Head of Retail Research, HDFC Securities, has said.

At close, Nifty was up 0.43 per cent or 83.5 points at 19,393.6. Volumes on the NSE fell sharply compared to the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.51:1, he added.

Asian stocks stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, continuing Beijing’s run of disappointingly frugal stimulus steps.

European stocks rebounded from a one-month low as higher energy prices buoyed oil producers. Omkar Kamtekar, Research Analyst, Bonanza Portfolio said he market started the new week on a positive note with the Nifty closing higher by 83 points, while the Sensex closed with gains of 267 points.

Buying was seen across sectors and in all the broader market indices in general, with Nifty Metal Index witnessing a 1.3 per cent jump, followed by buying in IT stocks. Reliance Industries was the biggest drag on Nifty on Monday, down by 1.44 per cent. Jio Financial Services (JFS), the recently demerged entity from Reliance Industries made its debut on the bourse on Monday at Rs 262 against the discovered price of Rs 261.85.

Later, JFS witnessed massive selling pressure with heavy volume to end the day down 5 per cent. JFS will continue to hold its place in several FTSE indices and shall be added in the MSCI Global Standard Index from August 23, he said.

The top gainers for Nifty were Bajaj Finance, Powergrid and Adani Ports, while the Top Losers were, Reliance Industries, M&M and Britannia.

Business

Sensex surges for ninth straight session, Nifty hits all-time high on banking, metal boost-Telangana Today

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Retail inflation declined to 6.83 per cent in August after touching a 15-month high of 7.44 per cent in July, mainly due to softening prices of vegetables, but still remains above the Reserve Bank’s comfort zone.

Published Date – 04:33 PM, Wed – 13 September 23


Sensex surges for ninth straight session, Nifty hits all-time high on banking, metal boost



Mumbai: Benchmark Sensex rose for a ninth straight session while Nifty closed above the record 20,000 mark for the first time on Wednesday as positive macroeconomic data triggered buying in banking, energy and telecom shares.

The 30-share BSE Sensex bounced back from early lows to trade near its all-time high levels at 67,565.41 in day trading. The barometer settled at 67,466.99, up 245.86 points or 0.37 per cent. As many as 20 Sensex shares closed in the green while 10 declined.

The broader Nifty closed above the 20,000 mark for the first time, rallying 76.80 points or 0.38 per cent to 20,070, its all-time closing high. Of 50 Nifty shares, 31 closed higher and 19 declined.

Among the Sensex firms, Bharti Airtel rose the most by 2.72 per cent. Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers.

Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.

“The domestic indices resumed an upward trajectory despite weak global cues. The cooling of domestic CPI inflation to 6.83% in August and the rise in industrial production data reaffirmed the robustness of the Indian economy,” said Vinod Nair, Head of Research at Geojit Financial Services.

The contraction in the UK economy and a rise in oil prices have created a level of uncertainty in the global market. Also, investors await US inflation data, which holds global significance as it will provide insights into the Fed’s policy outlook, Nair added.

Retail inflation declined to 6.83 per cent in August after touching a 15-month high of 7.44 per cent in July, mainly due to softening prices of vegetables, but still remains above the Reserve Bank’s comfort zone.

India’s industrial production growth rose to a five-month high of 5.7 per cent in July, mainly due to good showing by the manufacturing, mining and power sectors, according to official data released on Tuesday.

In Asian markets, Seoul, Shanghai and Hong Kong settled lower while Tokyo ended in the green. European equities were trading lower. The US markets ended in negative territory on Tuesday.

Global oil benchmark Brent crude climbed 0.66 per cent to USD 92.56 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,047.19 crore on Tuesday after a day’s breather, according to exchange data.

The BSE benchmark had climbed 94.05 points or 0.14 per cent to settle at 67,221.13 on Tuesday. The Nifty, however, pared all its gains and ended marginally lower by 3.15 points or 0.02 per cent at 19,993.20 in a volatile trade.

Business

China cuts interest rates as economy struggles-Telangana Today

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China’s central bank has cut one of its key interest rates for the second time in three months as the world’s second-largest economy struggles to bounce back from the Covid-19 pandemic

Published Date – 08:10 PM, Mon – 21 August 23


China cuts interest rates as economy struggles



New Delhi: China’s central bank has cut one of its key interest rates for the second time in three months as the world’s second-largest economy struggles to bounce back from the Covid-19 pandemic, a media report said.

The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45 per cent from 3.55 per cent, BBC reported. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending, the report said.

In contrast, other major economies have raised rates to tackle high inflation. The PBOC last cut its one-year rate – on which most of China’s household and business loans are based – in June. Jun Bei Liu from Tribeca Investment Partners said the move is unlikely to have a major impact, but does indicate the Chinese government’s commitment to reviving the economy, BBC reported.

“We will need bigger stimulus package to boost confidence and in turn drive up consumption and growth. Without it, the economy is risking faltering into deflation which will be harder to revive,” she said. Economists had also expected the central bank to lower its five-year loan prime rate, which the country’s mortgages are pegged to.

However, it was unchanged at 4.2 per cent. In a surprise move last week, short and medium-term rates were also cut. “More rate cuts could be announced in conjunction with government spending, as well as targeted measures to help the property market,” said Catherine Yeung, investment director at Fidelity International, BBC reported.

Business

Government funding key to unlocking digitalisation in future: Survey-Telangana Today

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A majority (80 per cent) of small and medium enterprises in the country believe the government funding is key to unlocking digitalisation in the future.

Published Date – 08:45 PM, Mon – 21 August 23


Government funding key to unlocking digitalisation in future: Survey



New Delhi: A majority (80 per cent) of small and medium enterprises in the country believe the government funding is key to unlocking digitalisation in the future, according to a study by Gartner-acquired software selection platform Capterra.

The ‘State of Digitalisation in India survey: Major barriers and role of government’ report is based on responses collected from 435 respondents, including a group of managers, senior managers, or CEOs and founders — labelled as decision makers. Out of these, 341 work for small and medium enterprises (SMEs), while 94 work for companies having more than 250 employees.

The study found that 65 per cent of surveyed companies have received government funding for digitisation at least once, while 52 per cent of respondents said digitalisation would be challenging or even impossible without government funding.

At least 8 out of 10 think there should be more funding initiatives to facilitate digitalisation, the study said.

Issues in cybersecurity emerged as the top barrier to digitalisation, with 36 per cent of the respondents stating that digitalisation should not come at the cost of cybersecurity issues such as data breaches, data loss, and data theft.

Other barriers include integration of new technology with the existing one (26 per cent), lack of expertise to implement digitalisation (24 per cent) and connectivity issues (23 per cent).

Business

Rupee falls 3 paise to close at all-time low of 83.13 against US dollar-Telangana Today

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At the interbank foreign exchange market, the local unit opened at 83.10 against the US dollar and moved in a range of 83.05 to 83.16 in the day trade.

Published Date – 08:54 PM, Mon – 21 August 23


Rupee falls 3 paise to close at all-time low of 83.13 against US dollar



New Delhi: The rupee depreciated by 3 paise and settled for the day at an all-time low of 83.13 against the US dollar on Monday, weighed down by a surge in crude oil prices and selling pressure by foreign investors.

Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets. At the interbank foreign exchange market, the local unit opened at 83.10 against the US dollar and moved in a range of 83.05 to 83.16 in the day trade.

The rupee finally settled at 83.13 against the US dollar, down 3 paise from its previous close. On Friday, the rupee edged lower by 1 paisa to settle at an all-time low of 83.10 against the US dollar, weighed down by a negative trend in domestic equities, and foreign fund outflows.

The Indian rupee depreciated on a surge in crude oil prices and selling pressure by foreign investors.

However, the weak tone in US dollar and positive domestic markets cushioned the downside, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas. The US dollar declined after the Chinese central bank reduced a key rate by 10 basis points to 3.45 per cent to stimulate the economy leading to risk on sentiments.

“We expect the rupee to trade with a negative bias on rising global crude oil prices and overall strength in the US dollar amid the hawkish US Federal Reserve. However, positive domestic markets and any intervention by the Reserve Bank of India may support rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.50,” Choudhary added.

Most investors will be taking cues from the BRICS summit and the Jackson Hole Symposium, traders said.

“This week, preliminary manufacturing and services PMI number from the major economies will be released. But importantly, it will be the BRICS summit and the Jackson Hole Symposium that most investors will be taking cues from,” Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 103.23.

Brent crude futures, the global oil benchmark, advanced 0.64 per cent to USD 85.34 per barrel. On the domestic equity market front, the 30-share BSE Sensex closed 267.43 points or 0.41 per cent higher at 65,216.09. The broader NSE Nifty advanced 83.45 points or 0.43 per cent to 19,393.60.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 1,901.10 crore, according to exchange data.
India’s foreign exchange reserves jumped USD 708 million to USD 602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday.

This is the first increase in the kitty after declining for three consecutive weeks. In the previous week, the overall reserves had declined USD 2.417 billion to USD 601.453 billion.

Business

NCLAT reserves order on Jalan-Kalrock Consortium’s plea-Telangana Today

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NCLAT reserved its order on Jalan-Kalrock Consortium’s plea seeking more time to make payments to the lenders of the bankrupt Jet Airways

Published Date – 10:00 PM, Mon – 21 August 23


Jet Airways insolvency case: NCLAT reserves order on Jalan-Kalrock Consortium’s plea

File Photo

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Monday reserved its order on Jalan-Kalrock Consortium’s plea seeking more time to make payments to the lenders of the bankrupt Jet Airways.

The consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process.

The consortium is to pay Rs 350 crore to the lenders by August 31 but has sought an extension for making the payment.
A three-member NCLAT bench said it will pass the order on next Monday and has granted three days’ time to the parties to file their written submissions.

“Heard learned counsel for the parties… orders on August 28, 2023. Parties are at liberty to file their short notes of submission of not more than three pages within three days,” the appellate tribunal said.

The bench would also decide the consortium’s plea to consider a performance bank guarantee of Rs 150 crore as part of the payment of Rs 350 crore.

The consortium had submitted that it will deposit Rs 100 crore by August 31. After that, they would deposit another Rs 100 crore by September 30.

For the remaining Rs 150 crore, it had suggested that lenders can encash a performance bank guarantee lying in their favour having a similar value.

However, Additional Solicitor General N Venkatraman, appearing for the lenders opposed the encashment of the performance bank guarantee.

He also opposed the extension and said that half of Rs 350 crore will go towards clearing the regulatory dues.

Senior advocate Vikas Singh, who was also appearing for the Committee of Creditors (CoC), said the total dues four years before was Rs 7,800 crore when Jet Airways stopped flying and now, it has touched almost Rs 12,000 crore.

Moreover, now the managing committee also has to maintain 11 of the defunct airline’s planes, he noted.

Senior advocate Ravi Shankar Prasad appearing for the consortium alleged the CoC was more interested in money than the revival of the company.

While the consortium emerged as the winning bidder under the insolvency resolution process, the ownership transfer has been hanging fire amid continuing differences between lenders and consortiums.

Business

Asian stocks rise, following Wall St, ahead of Federal Reserve conference-Telangana Today

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The Fed indicated in minutes from its July meeting that it would make future decisions based on hiring, inflation and other data.

Published Date – 10:33 AM, Tue – 22 August 23


Asian stocks rise, following Wall St, ahead of Federal Reserve conference

Representational Image.

Beijing: Asian stocks followed Wall Street higher on Tuesday as traders waited for signs of interest rate plans from this week’s Federal Reserve conference.

Shanghai, Tokyo, Hong Kong and Seoul rose. Oil prices edged lower.

Wall Street’s benchmark S and P 500 index rose on Monday for its first gain in five days as tech stocks rallied.

Traders hope officials at the Fed’s summer Jackson Hole, Wyoming, conference say they are finished raising interest rates that are at a two-decade high. But forecasters warn they might say inflation isn’t under control yet.

Fed Chair Jerome Powell “may even mention that further rate hikes cannot be entirely ruled out”, said Clifford Bennett of ACY Securities in a report.

The Shanghai Composite Index rose 0.2 per cent to 3,097.77 and Tokyo’s Nikkei 225 advanced 0.7 per cent to 31,776.06. The Hang Seng in Hong Kong gained 0.6 per cent to 17,724.94.

The Kospi in Seoul added 0.5 per cent to 2,522.08 and Sydney’s S and P-ASX 200 was 0.1 per cent higher at 7,123.50.

Singapore declined while New Zealand and other Southeast Asian markets advanced.

On Wall Street, the S and P 500 rose 0.7 per cent to 4,399.77.

Big Tech stocks lifted the index even though the majority of stocks within it fell. Nvidia jumped 8.5 per cent and Microsoft advanced 1.7 per cent.

Tesla rose 7.3 per cent to recover some of last year week’s 11 per cent loss. Security software maker Palo Alto Networks jumped 14.8 per cent for the biggest gain in the S and P 500.

The Dow Jones Industrial Average slipped 0.1 per cent to 34,463.69. The Nasdaq composite climbed 1.6 per cent to 13,497.59.

Traders hope the Fed will decide upward pressure on prices is easing even though consumer inflation accelerated in July to 3.2 per cent from the previous month’s 3 per cent. That is down from last year’s peak above 9 per cent but more than the Fed’s 2 per cent target.

Economists say squeezing out the last bit of inflation may be the Fed’s hardest challenge.

The Jackson Hole meeting is closely watched because Fed officials have used it to make announce policy changes in the past.

The Fed indicated in minutes from its July meeting that it would make future decisions based on hiring, inflation and other data.

The government is due to release its monthly jobs report and an inflation update next week.

In energy markets, benchmark US crude lost 1 cent to USD 80.11 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oil trading, shed 3 cents to USD 84.43 per barrel in London.

The dollar declined to 145.93 yen from Monday’s 146.11 yen. It rose to USD 1.0915 from USD 1.0899.