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Tag: Rakesh Jhunjhunwala

  • Footwear retailer Metro Brands IPO to open on December 10

    The preliminary share-sale of footwear retailer Metro Brands Ltd, which is backed by Rakesh Jhunjhunwala, will open for public subscription on December 10.
    The preliminary public providing (IPO) will conclude on December 14, in accordance with the pink herring prospectus.
    The preliminary share-sale includes recent issuance of fairness shares value Rs 295 crore and a proposal on the market of two.14 crore fairness shares by promoters and different shareholders.
    Through the IPO, the corporate’s promoters will offload almost 10 per cent stake. Post the IPO, the promoter and promoter group holding within the firm will come right down to 75 per cent from the present stage of round 85 per cent.
    Proceeds of the recent concern might be used in direction of expenditure for opening new shops of the corporate, beneath the ‘Metro’, ‘Mochi’ , ‘Walkway’ and ‘Crocs’ manufacturers and for common company functions.

    At current, the corporate has 586 shops in 134 cities unfold throughout India. Of these, 211 shops have been opened within the final three years. The firm is an Indian footwear retailer focusing on the economic system, mid and premium segments within the footwear market.
    It opened its first retailer beneath the Metro model in Mumbai in 1955 and has since advanced right into a one-stop store for all footwear wants, by retailing a variety of branded merchandise for the complete household together with males, ladies, unisex and children, and for each event together with informal and formal occasions.
    Axis Capital, Ambit, DAM Capital Advisors, Equirus Capital, ICICI Securities and Motilal Oswal Investment Advisors are the guide working lead managers to the IPO.

  • Rakesh Jhunjhunwala-backed Akasa Air orders 72 Boeing 737 MAX jets

    Indian low-cost airline Akasa Air positioned an order for 72 Boeing 737 MAX jets, a transfer which may assist the U.S. planemaker regain misplaced floor in one of many world’s most promising markets.
    The orders by Akasa, which is backed by billionaire investor Rakesh Jhunjhunwala, are incremental orders, a Boeing government stated on Tuesday.
    Last month, SNV Aviation, which owns Akasa Air, stated it anticipated to start out flying subsequent yr after getting preliminary clearance from the civil aviation ministry to launch the nation’s newest ultra-low-cost service.

    Reuters reported in September that Boeing was near successful an order for some 70 to 100 737 MAX jets from Akasa, pending separate talks on a long-term engine service deal.
    India’s air security regulator in August allowed the nation’s airways to fly the MAX jet to finish its almost two-and-a-half-years of regulatory grounding.
    The 737 MAX was grounded worldwide in March 2019 after two deadly crashes in 5 months killed 346 folks, plunging Boeing right into a monetary disaster, which has since been compounded by the COVID-19 outbreak.

  • PM Narendra Modi’s Rome, Glasgow visits: full schedule

    Prime Minister Narendra Modi has a busy week forward with excessive profile conferences on the G20 summit in Italy and the COP26 local weather summit in Glasgow, Scotland.
    Modi, who arrived in Italy on Friday, stated he can be visiting the capital and the Vatican City from October 29 to 31 on the invitation of Italian Prime Minister Mario Draghi. Following this, PM Modi will journey to Glasgow within the United Kingdom, the place he’ll attend the Glasgow local weather summit from November 1-2.
    His schedule in Rome and Glasgow is as follows:
    Rome, Italy
    PM Modi will spend three days in Italy, beginning Friday.
    In the primary order of enterprise, the PM met with European Council President Charles Michel and European Commission president Ursula von der Leyen.

    Official engagements in Rome start with a productive interplay with @eucopresident Charles Michel and @vonderleyen, President of the @EU_Commission.
    The leaders mentioned methods to reinforce financial in addition to people-to-people linkages aimed toward creating a greater planet. pic.twitter.com/Uvk4JLN5Ca
    — PMO India (@PMOIndia) October 29, 2021
    Modi’s major agenda in Italy, nonetheless, is the G-20 assembly. In an announcement, the Prime Minister stated that he expects to carry “discussions on global economic and health recovery from the pandemic, sustainable development, and climate change” with world leaders in Rome. This is the primary in-person G-20 meet for the reason that starting of the pandemic in 2020.
    The prime minister can also be anticipated to carry a number of bilateral conferences on the sidelines of the summit. This consists of talks with Saudi Crown Prince Mohammed bin Salman and Indonesian President Joko Widodo.
    Modi can also be scheduled to go to the Vatican City whereas in Rome. A gathering with Pope Francis too is on the playing cards. Kerala Catholic Bishops Council stated that Pope Francis and PM Modi are anticipated to have a casual assembly at 8.30 am on October 30. The prime minister will meet Cardinal Secretary of State Pietro Parolin as nicely.
    Glasgow, United Kingdom
    Prime Minister Modi will fly to Glasgow after the conclusion of G20 on October 31 to attend the twenty sixth Conference of Parties to the United Nations Framework Convention on Climate Change.

    Popularly known as COP 26 or Glasgow summit, the high-profile occasion will see leaders of over 120 nations come collectively to sort out local weather change points.
    COP26 Summit will even present a possibility to satisfy with all of the stakeholders together with leaders of companion international locations, innovators and Inter-Governmental Organisation and discover the chances for additional accelerating our clear development, PM Modi stated in an announcement on Friday.
     

  • Narendra Modi in Rome Live Updates: PM Modi arrives in Italy for G20 Summit

    Prime Minister Narendra Modi on Friday arrived in Rome in Italy to take part within the G20 Summit the place he’ll be a part of different leaders in discussions on world financial and well being restoration from COVID-19, sustainable improvement and local weather change.
    The Ministry of exterior Affairs stated in a press release that Prime Minister Modi was acquired by senior officers of the Government of Italy and Ambassador of India in Italy.
    “During my visit to Italy, I will also visit the Vatican City, to call on His Holiness Pope Francis and meet Secretary of State, His Eminence Cardinal Pietro Parolin,” PM Modi stated on Thursday.
    In his departure assertion on Thursday, Modi stated he might be visiting Rome and the Vatican City from October 29-31 on the invitation of Italian Prime Minister Mario Draghi, following which he’ll journey to Glasgow, the UK, from November 1-2 on the invitation of British Prime Minister Boris Johnson. The prime minister stated on the sidelines of the G20 Summit he will even meet with leaders of different companion nations and evaluation the progress in India’s bilateral relations with them.

  • PSU banks are hopelessly undervalued: Rakesh Jhunjhunwala

    Ace investor Rakesh Jhunjhunwala stated on Thursday that he believes that public sector banks (PSBs) are “hopelessly undervalued”, and he sees a “very big commodity bull run” in commodities.

    Opportunity in PSBs

    Speaking on the India Economic Conclave together with Madhusudan Kela, the billionaire investor stated he’s bullish on authorities banks. “I really feel probably the most undervalued banks are within the public sector. The credit score cycle has simply turned. Going forward, there shall be quite a lot of demand for cash. The price to revenue ratio of public sector banks goes to return down. There shall be pricing energy as there shall be demand for cash.”

    Discussing the privatization of public enterprises, he stated: “My recommendation to traders: There shall be a run-up within the shares during which the federal government goes to disinvest. After the federal government disinvests, there shall be a maturity interval of a minimum of three-four years earlier than the brand new homeowners can actually turnaround these corporations into extra environment friendly ones.”

    To this, Kela added that he did some quantity crunching not too long ago. According to his analysis, there have been 27 banks within the public sector. Now we’re left with 12. The authorities is intending, there shall be eight. “They made all these 27 banks put collectively make Rs10 trillion of working revenue. They made Rs1.25 trillion of internet loss between this era. They made a provision of Rs11.5 trillion. They cleaned it as a lot as potential,” stated Kela.

    When Kela requested Jhunjhunwala if there’s a risk for traders to make 5-10 occasions returns by investing in choose PSBs, the latter stated, “I gained’t rule that out”.

    Starting of a bull run in commodities

    According to Jhunjhunwala, it’s time for traders to take a look at commodities. “I can’t agree extra that it’s time for traders to take daring calls in cyclicals. At the second, we’re going into a really massive commodity bull run, which goes to final for the following 5-7 years. Right now, commodity shares are the most effective guess, particularly metal,” stated Jhunjhunwala.

    On fairness returns in India

    Jhunjhunwala additionally stated that he’s in search of returns between 15% and 24% from equities over the following 5 years. “There are occasions when chances are you’ll get 24%, and there are occasions when chances are you’ll get 15%. But I don’t see the common return in equities going to exceed 18-21%,” stated the ace investor.

    (Do you have got private finance queries? Send them to [email protected] and get them answered by business specialists.)

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