Top of the Morning

Auteur(s): Mint - HT Smartcast
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  • Top of the Morning is a daily podcast in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
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Finances personnelles Politique Économie
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  • Global private equity firms in the Race for a $3 Billion Deal - Gland Pharma

    Global private equity firms in the Race for a $3 Billion Deal - Gland Pharma
    Feb 13 2025
    Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, February 13, 2025. This is Nelson John, let's get started. Amid India-China geopolitical tensions, China's Fosun Pharmaceutical is in discussions with three global private equity firms to sell its majority stake in the Hyderabad-based Gland Pharma. Fosun currently owns about 51% of Gland Pharma, after initially acquiring a 74% stake for $1.2 billion. They have hired investment banks Morgan Stanley and UBS to assist with the sale. Global private equity firms Blackstone, Brookfield, and Warburg Pincus are interested in buying this stake, valuing the company at nearly $3 billion. Gland Pharma, founded in 1978, specializes in making generic injectable medicines and serves nearly 90 countries, focusing on India and the U.S. markets. In the December quarter, the company reported revenues of ₹1,384 crore and a profit after tax of ₹204.7 crore.The potential sale is expected to trigger an open offer to Gland Pharma’s shareholders, with the buyers aiming to own between 60-65% of the company after the transaction. In a major step toward strengthening digital payment security, the Reserve Bank of India (RBI) has proposed additional factor authentication (AFA) for international card-not-present (CNP) transactions. This means Indian consumers will have an extra layer of security when making payments to foreign merchants—just like they already do for domestic transactions.Now you may wonder what prompted this move by the RBI?It’s primarily due to Rising Fraud Cases in international transactions involving unauthorized charges on foreign websites with minimal authentication. Now adding AFA will ensure stronger security standards that safeguard Indian cardholders against such risks. US-based industrial and aerospace giant Honeywell and Greenko founders-led AM Green signed an agreement on Wednesday to collaborate on manufacturing sustainable aviation fuel (SAF) in India from biofuels, including ethanol, methanol, and green hydrogen. Under this agreement, Honeywell’s cutting-edge technology will be leveraged to produce SAF from renewable sources, aligning with global efforts to transition toward greener energy solutions. AM Green, a company backed by the founders of renewable energy giant Greenko, will focus on production and scaling operations in India, catering to both domestic and international markets.The companies will assess the feasibility of making SAF in India to reduce the country's oil import dependence, helping shipping companies adopt the low-emission fuel, and aiding aviation companies to meet International Civil Aviation Organisation guidelines for low-carbon fuel replacements. The global aviation industry is under increasing pressure to cut carbon emissions, and SAF has emerged as a key solution. This partnership strengthens India’s role in the green energy revolution, supporting global decarbonization goals while reducing reliance on fossil fuels. Over two dozen Indian startups are expected to go public in the coming months, including big names like Groww, Lenskart, and Zepto, which could see billion-dollar IPOs. Smaller companies like Ather Energy, BoAt, Bluestone, Infra.market, PhysicsWallah, PayU, and Pine Labs are also gearing up for their stock market debuts. This is a jump from last year when only 13 startups, including Swiggy, Ola Electric, and FirstCry, went public. However, market conditions are getting tougher. Investment bankers say startups might need to adjust their IPO sizes and valuations due to recent global economic shifts. The US stock market has been hit hard after President Donald Trump announced new tariffs, leading to uncertainty in global equity markets. India’s Nifty 50 index is down 12.5% from its peak last September, with foreign investors selling off shares. Amid tough market conditions and lock-in expiries those looking to invest in upcoming IPOs could also be staring at losses in the short term At the Maha Kumbh Mela, India's largest spiritual gathering, several startups are seizing the opportunity to engage with the vast influx of pilgrims. Zomato-owned Blinkit has set up a temporary store offering ritual-related items and other essentials. Swiggy's Instamart has established a stall near the Triveni Sangam to serve attendees. PhonePe, in collaboration with ICICI Lombard General Insurance, is providing affordable travel insurance plans tailored for Kumbh visitors. Chai Point has deployed around 175 personnel and 18-20 mini stations, utilizing brewing bots capable of producing 15 liters of tea every 12 minutes, resulting in daily sales of approximately 160,000 cups reports Peiyamvada C. Now these initiatives not only cater to the immediate needs of pilgrims but also serve as strategic moves for brand visibility and customer acquisition. By adjusting pricing and packaging, these startups aim to connect ...
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    7 min
  • Hexaware’ billion-dollar IPO: A landmark return to the bourses

    Hexaware’ billion-dollar IPO: A landmark return to the bourses
    Feb 12 2025
    Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wed, February 12, 2025. This is Nelson John, let's get started. Hexaware Technologies Ltd, a global digital and technology services company backed by private equity firm Carlyle Group, is set to make a grand re-entry into the Indian stock market with a ₹8,750 crore (about $1 billion) initial public offering (IPO).The much-anticipated IPO, which opens on 12 February and closes on 14 February. Hexaware’s IPO price band has been set at ₹674-708 per share. The entire offering will be an offer for sale (OFS) by the promoter, CA Magnum Holdings, a subsidiary of Carlyle Group. While Hexaware is well-positioned for growth, it faces several risks. It operates in a fiercely competitive IT services landscape, where it faces both established global titans and mid-sized local challengers; another concern is the economic slowdown in its key markets, particularly in the US and Europe, which poses a significant challenge. Any downturn in discretionary IT spending by clients could impact revenue growth.Prime Minister Narendra Modi is on a three-day visit to France, A key highlight of this visit is his co-chairing of the AI Action Summit in Paris alongside French President Emmanuel Macron. The summit brings together global leaders and tech industry executives to discuss collaborative approaches to artificial intelligence for innovation and public good. In his address at the AI Action Summit, Prime Minister Modi emphasized the need for global cooperation to establish governance and standards for AI that uphold shared values, address risks, and build trust. Beyond the summit, Modi and Macron are scheduled to hold bilateral talks to review the progress of the 2047 Horizon Roadmap for the India-France strategic partnership.Additionally, They will inaugurate India's newest Consulate General in Marseille and visit the International Thermonuclear Experimental Reactor (ITER) project, a significant collaboration in nuclear fusion research. This visit underscores the deepening ties between India and France, focusing on cooperation in technology, innovation, and strategic sectors. The government is thinking about extending duty-free imports of urad beyond March 31 due to a supply shortage. Urad, a staple in South Indian cuisine, is already imported without any duty, and this policy is likely to continue since domestic production has been steadily dropping. For those of you unaware, Urad is a three-season crop, mainly sown during the kharif season but also grown in rabi and summer. According to the agriculture ministry, production has declined from 2.7 million tonnes in FY22 to 2.3 million tonnes in FY24. With demand increasing, a supply crunch could lead to higher prices. Finance Minister Nirmala Sitharaman has announced a six-year Mission for Aatmanirbharta in Pulses to boost domestic production and reduce reliance on imports. The initiative will focus on key pulses like tur (pigeon pea), urad, and masoor (lentils). And as part of this push, the minimum support price (MSP) for urad has been increased to ₹7,400 per quintal, up from ₹6,950 last season. This move aims to encourage farmers to grow more pulses and strengthen India’s self-sufficiency in food production. Imagine getting a call from someone claiming to be a police officer or a government official. They tell you that you’re involved in a serious crime—maybe money laundering or cyber fraud. To avoid immediate arrest, they demand a fine or ask you to verify your identity via video call. Sounds terrifying, right? Welcome to the era of ‘Digital Arrest’ Scams, one of the latest fraud tactics spreading across India. A family in Noida has fallen victim to a sophisticated cyber fraud, losing over ₹1 crore after being subjected to a five-day 'digital arrest' by fraudsters. According to reports, Mr. Chandrabhan Paliwal received a call from an unknown number. The caller claimed to be from the Telecom Regulatory Authority of India and warned that his SIM card was at risk of being blocked. Shortly thereafter, Paliwal was contacted by another individual purporting to be an officer from the Cyber Crime Branch of Mumbai. The fraudulent officer falsely accused Paliwal of extortion, alleging that 24 criminal cases had been filed against him in multiple locations. The ordeal escalated when Paliwal’s wife and daughter were also targeted with similar video calls, during which they were warned of imminent arrest unless a payment was made. Yielding to the threats, Paliwal transferred a total of ₹1.10 crore over the course of five days.. The government has consistently emphasised that "digital arrest" does not exist and has repeatedly cautioned the people of India against falling for such scams. The 90-hour workweek debate gained attention after some business leaders and entrepreneurs, especially in the tech and startups space, ...
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    7 min
  • Key takeaways from the RBI’s monetary policy committee conference

    Key takeaways from the RBI’s monetary policy committee conference
    Feb 10 2025
    Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, February 10, 2025. This is Nelson John, let's get started. Air traffic is booming in India. Manufacturers are actively seeking deals at the Aero India exhibition, highlighting the country's potential. The International Air Transport Association (IATA) is set to hold its annual general meeting in June in New Delhi, a testament to India's growing market influence. According to Airbus India's Remi Maillard, “ India is now the third-largest air market globally, after the U.S. and China”. Boeing's Salil Gupte echoed this sentiment, calling India the most dynamic and exciting market. The civil aviation ministry claims a meteoric rise in the sector, with traffic growth projected over seven percent annually until 2043. Although rail travel remains popular, it's often slow and chaotic. Boeing estimates that converting just two percent of daily train users to air travel could double the air market, given the current low per capita air travel of 0.12 compared to 0.46 in China.Going by these statistics, the Indian market will need at least 2,835 new aircraft in the next 20 years, and all major players like Indigo, Airbus and Air India are gunning for the Next big leap in the airline sector. Ola Electric will need to consistently sell 50,000 units every month in order to achieve profitability, says founder and chief executive officer (CEO) Bhavish Aggarwal. To be sure, Ola Electric has faced considerable criticism due to widespread customer complaints about poor service centre experience. In September last year, Mint reported that Ola’s service centre backlogs had risen to 80,000 customer complaints per month.Speaking to an analyst, Aggarwal claimed that the company had recaptured its market leadership in terms of volumes with 25,000 units sold in January.The company has consistently been under pressure, with Ola Electric’s shares losing about 2% on Friday alone to settle at ₹70 apiece on the BSE—only 8% off its all-time low. The company has suffered a quarterly net loss of ₹564 crore in the last quarter of 2024.Aggarwal, however, claimed that the company “maintained a steady industry leadership with a market share of over 25%.” The recent deportation of 104 illegal migrants to India by the US government has sparked controversy in the Indian Parliament. In the midst of this debate, Prime Minister Narendra Modi is scheduled to visit the United States from February 12 to 13, where he will engage in discussions with President Donald Trump, as quoted by Indian Foreign Secretary Vikram Misri.Earlier, on January 27, President Trump and Prime Minister Modi held a conversation focused on immigration matters and the importance of India purchasing more American-made security equipment.The United States is India's largest trading partner, with two-way trade surpassing $118 billion in 2023/24, and India recording a trade surplus of $32 billion.As a strategic partner of the United States, India will aim to enhance trade relations, simplify access to skilled worker visas and review import tariffs on over 30 items, including luxury cars, and solar cells, potentially boosting imports from the US amid rising global trade tensions.4)The Reserve Bank of India's monetary policy committee (MPC) on Friday cut the key policy interest rate by 25 basis points to 6.25% to support growth. At a post-policy press conference, new RBI governor Sanjay Malhotra spoke on a range of issues such as implementation of the proposed guidelines on liquidity coverage ratio (LCR), working with the government on various recommendations, geopolitical developments, and the cost of policy actions on regulated entities. It is not only about stability, the implementation of LCR norms comes at a cost. It requires a strict impact analysis and enough time to be implemented. While the Rupee depreciation puts pressure on inflation, a higher worry is how global uncertainties would pan out. 5) Religare Enterprises Ltd chairperson Rashmi Saluja informed shareholders at the company's annual general meeting (AGM) on Friday that she was not retiring as a director, a move that stumped shareholders and proxy advisory firms. However, a third of Religare's investors told Mint that they had voted against Saluja’s reappointment as director. Manendra Singh, partner at law firm Economic Laws Practice revealed that "Under the Companies Act, 2013, the chairman can regulate the manner in which voting is conducted, but cannot take away the voting rights of its members.” The Burman family, which owns a little over 25% of Religare, got approvals from all regulatory agencies and offered to buy up to 26% shares from minority investors via an open offer that opened on 27 January. Following the hearing on Gaekwad's appeal, the Supreme Court said the Burmans' open offer cannot be closed until the Sebi decides on the ...
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    6 min

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