2024-05-28 05:57:31
Morning Alert..
* India may get Swedish PE major EQT boost with up to $5 bn funding*
Swedish private-equity major EQT is planning to invest up to $5 billion in India this year even as its arm EQT Private Capital Asia closed a new mid-market growth fund, which received a commitment of $1.6 billion from investors. EQT has not set deployment targets by geography for the new fund but expects India to be the largest market for the mid-market growth (MMG) fund. The fund has made four investments to date. Two have been in Indian companies. EQT manages assets worth $250 billion worldwide and has invested over $8 billion in more than 30 companies in India, including in HDFC Credila, Indium Software, Indira IVF, and O2 Power. With this, EQT joins the list of several global private-equity players that are making investment plans for India. Blackstone Group, which has invested $50 billion in India, plans to inject an additional $25 billion in the years ahead, with the primary focus on infrastructure, data centres, and logistics. New York-based KKR & Co, which has invested $11 billion in India so far, wants to invest $10 billion more.
* RBI to buy back government bonds worth Rs 40,000 crore on Thursday*
The Reserve Bank of India (RBI) on Monday announced it would buy back government bonds worth Rs 40,000 crore on Thursday. Bond market participants said the third buyback auction was expected to witness tepid demand as banks might refuse to sell bonds at a loss. Against the notified amount, banks could sell securities worth Rs 5,000 crore to Rs 10,000 crore to the government, they said. The RBI had offered to buy back the same securities in the previous auction, said V R C Reddy, head of treasury at Karur Vysya Bank. “The price at which banks bought these securities doesn’t change. So the participation will be low, unless they offer to give up 2-3 basis points (yield) from the market price,” Reddy said. Price and yield move inversely. The government has offered to buy back the 7.35 per cent 2024 bond maturing on June 22, the 8.4 per cent 2024 bond maturing on July 28, the FRB 2024 bond maturing on November 7, and the 9.15 per cent 2024 bond maturing on November 14.
* Global market action*
Dow Jones – Up by 0.02% or 5.98 points
FTSE – Down by 0.26% or 21.64 points
CAC – Up by 0.46% or 37.52 points
DAX – Up by 0.44% or 81.34 points
Gift Nifty – Down by 0.04% or 9.00 points
*FII/DII activities*
FII – Sold 541.22Cr worth of shares
DII – Bought 922.60Cr worth of shares.
*Stocks with high delivery Percentage*
Schneider Electric Infra Ltd – 98.9%
Westlife Foodwold Ltd – 93.6%
Gland Pharma Ltd – 90%
Sheela Foam Ltd – 88.3%
P&G Hygiene & Healthcare Ltd – 87.5%
*Primary market activities*
IPO opening today
Beacon Trusteeship Ltd (NSE SME) – Issue size 35.52Cr
*Commodities updates*
Gold – Rs 74205/10gm, Silver – Rs 94611/kg, Brcrude – Rs 6546/barrel, Copper – Rs 889.45/kg.
*Corporate News*
LIC Q4 results: Net profit rises 2.5%, dividend declared at Rs 6 per share.
Anil Agarwal's Vedanta considering $1 bn share sale in coming weeks.
HCLTech collaborates with Arm to develop custom silicon chips for AI.
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