Business News

Abrdn adds Indian bonds amid index Inclusion, attractive yields

Business News - March 26, 2024 - 12:56pm
“We’re very positive about India,” said Stephen Bird, chief executive officer of the firm that manages and administers £495 billion ($626 billion) in assets. Still, he sees the market facing some uncertainty ahead of the national elections starting next month.India’s debt market is projected to attract up to $40 billion of new money with JPMorgan Chase & Co set to add the country’s bonds into its indexes from June. Foreigners currently hold just a fraction of Indian debt. 108783924Bloomberg Index Services Ltd. will also include some India bonds in its emerging market local currency index starting next year. Bloomberg LP is the parent company of Bloomberg Index Services Ltd., which administers indexes that compete with those from other service providers.The benchmark 10-year yield closed at 7.09% on Friday, after falling to a nine-month low of around 7% earlier in March. The yield can drop to 6.78% by year-end, according to a Bloomberg poll of strategists.Overall, Bird expects emerging markets to perform better when the Federal Reserve starts its easing cycle. “When rates come off, which they will, that historically EM starts to do better and we think that investors need to prepare for that,” he added.Here are some more views from Bird: -Favors local-currency government bonds in Asia due to their “very good return,” in addition to investment-grade credit-Less confident about high-yield because it’s “priced to perfection”-Positive about tech stocks in Taiwan and Korea, which lead digitization and electrification; positive about Japan equities-Monetary policy easing in South America offers good prospects in local-currency bonds in that region
Categories: Business News

Bharti Hexacom sets price band at Rs 542-570 for IPO, issue opens on April 3

Business News - March 26, 2024 - 11:50am
The initial public offering (IPO) of Bharti Hexacom will open for subscription on April 3 and close on April 5. The company has fixed a price band of Rs 542-570 per share.The anchor book of the first public issue of the new financial year FY2024-25 will be open for a day on April 2. The company aims to raise Rs 4,275 crore from the stake sale.The Bharti Hexacom IPO consists solely of an offer-for-sale (OFS) component, without any fresh issue of shares. Telecommunications Consultants India, the sole public shareholder in the company, will offload 7.5 crore equity shares or a 15% stake in the OFS.Sunil Mittal-driven telco Bharti Airtel holds a 70% stake or 35 crore shares and the remaining 30% shareholding, equivalent to 15 crore equity shares is held by non-promoter TCIL.Bharti Hexacom runs mobile services in Rajasthan and the Northeast circles of India. Airtel will continue to hold a majority stake in the subsidiary.The northeast telecommunication circles in India comprise the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura.From an average revenue per user (ARPU) of Rs 135 in FY21, Bharti Hexacom has managed to improve this to Rs 195 during the six months ended September 2023.As of September 2023, the company had an aggregate of 29.1 million customers across both circles.Bharti Hexacom has a spectrum portfolio with a varied pool of mid-band spectrum, which has enabled us to offer 5G plus services to customers.For the six months ended September, the company reported a revenue of Rs 3,420 crore, compared to Rs 3,167 crore a year ago. However, profit dropped to Rs 69 crore from Rs 195 crore a year ago.SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book-running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Categories: Business News

Adani eyes 45 GW renewable capacity by '30

Business News - March 26, 2024 - 11:34am
Billionaire Gautam Adani's group is building the world's largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Speaking at the opening of 'Energy Revolution: The Adani Green Energy Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said. "In Khavda, which is in the state of Gujarat, we are building the world's largest renewable energy park. It will have a generation capacity of 30 GW of energy - and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris." This is part of the aim to reach 45 GW of renewable energy by 2030, said Adani, the chairman of the apples-to-airport conglomerate. "This will be like providing clean energy to almost every house in England," he said. It currently has an operating renewable portfolio of over 9.5 GW and locked-in projects of up to 21.8 Gigawatt (GW). The Gallery explores how the world can generate and use energy more sustainably to urgently decarbonise and to limit dangerous climate change. "Through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future," a company statement said. The Gallery, which is open to the public for free, examines this century's defining challenge through the lens of imagination across three sections. In Future Planet, visitors can explore how scientists use complex computer-based models to understand our planet, and what these tell us about the range of climate futures that might lie ahead. In Future Energy, technologies and the people behind them that are reimagining how energy is supplied and used are highlighted alongside historic artefacts which provide a longer view of the transition away from fossil fuels. Adani said museums are very important because they teach and inspire. "This new gallery is about more than just clean air - or about moving away from oil and gas. It is about the energy transition we need - this world needs - and it is about the revolution that is taking place in the world of energy." The gallery, he said, was special because it makes us think, dream and wish for change. At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist. Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897. The challenges of electrification, energy storage, and supply and demand are also explored, with visitors invited to play interactive games and use models that show how energy can be generated and distributed. Possible routes to low-carbon transport are featured, as well the decarbonisation of our buildings and construction industries, and visitors can learn about climate modelling and see instruments used to measure climate. Energy Revolution was designed by award-winning architects, Unknown Works. A key element of sustainable design was the reuse of redundant shelves from the Science Museum's former object store. The gallery's carbon footprint has been monitored, and recyclable aluminium was used where possible. The gallery's Title Funder is Adani Green Energy. Sagar Adani, Executive Director, AGEL, said, "The Science Museum has put together the world's best curated gallery on energy transition. As one of the world's largest renewable energy companies, we are committed to making progress towards net zero - and there is no greater resource in the fight against climate change than education. "Through the sponsorship of the gallery, we aim to inspire young minds, scientists and innovators to imagine a future powered by clean energy and build a carbon-free world. It is an initiative to stimulate their interest, curiosity and awareness, and encourage their active participation in creating clean technologies. The gallery brings together the global community to enable the shift towards energy efficiency, clean energy adoption and carbon emissions reduction." Sir Ian Blatchford, Director and Chief Executive of the Science Museum Group, said, "In a week when we're celebrating a record 2.25 million visits by UK residents to the museum, including a million children, this stunning gallery offers even more to ignite curiosity among those who will visit in the year ahead - provoking important conversations about the urgent need for the world to generate and use energy more sustainably."
Categories: Business News

Pages

Subscribe to Bihar Chamber of Commerce & Industries aggregator - Business News

  Udhyog Mitra, Bihar   Trade Mark Registration   Bihar : Facts & Views   Trade Fair  


  Invest Bihar