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July turns hot for IPOs as firms race to raise $2.4 billion

July turns hot for IPOs as firms race to raise $2.4 billion

India Today3 days ago
The primary market is ready for yet another month of action in the primary market as firms are gearing up to raise around $2.4 billion through initial public offerings (IPOs) in July.If this target is reached, it will mark the strongest IPO month since December 2023, following a solid $2 billion raised in June, most of which came from HDB Financial Services.This renewed activity comes after a slow start to the year due to the impact of the U.S. trade war and rising geopolitical tensions in regions like the Middle East. However, with stock markets recovering and investor sentiment improving, companies are once again turning to the primary market to raise funds.Among the firms expected to go public this month are Credila Financial Services, National Securities Depository Ltd (NSDL), Aditya Infotech, and M&B Engineering.All four companies are currently conducting roadshows, according to investment bankers, reported Reuters. The companies themselves have not publicly confirmed their IPO timelines or details. India had a record-breaking year for IPOs in 2024, raising $20.5 billion and ranking second globally after the United States. This performance was driven by strong inflows from domestic investors who gained from the country's rapid economic growth. This year, the momentum was expected to continue, but events such as U.S. President Donald Trump's trade policies and rising tensions in South Asia delayed several listings.One such delayed IPO was that of LG Electronics' India arm, which had planned a $1.8 billion listing. Other firms also held back on launching their public issues due to uncertainty in the markets.However, things are now looking more positive. Benchmark indices like the Nifty 50 and Sensex have recovered and are trading just about 3% below their peak levels. This recovery has brought confidence back into the IPO market."The IPO market has come back.... The absence of most of the negatives is driving the market more than anything else," Suraj Krishnaswamy, Managing Director of Investment Banking at Axis Capital, told Reuters. So far this year, India remains the world's second-largest IPO market, raising $5.86 billion. This accounts for 12% of all IPO proceeds globally, according to LSEG data.A STRONG LINE-UP AHEADAmong the IPOs expected in July, Credila's offering is set to be the largest at $584 million. NSDL is also planning to raise about $400 million. Though NSDL received approval to list as early as September 2023, its plans were delayed due to concerns about slowing economic and corporate growth. Bankers now say that both firms could soon announce final dates and valuations.Further ahead, LG Electronics India is expected to go ahead with its $1.8 billion IPO, while JSW Cement and defence equipment maker SMPP are also planning to raise close to $470 million each. JSW Cement's IPO could arrive as early as late July or early August, while the timeline for the other two remains unclear.According to data from PRIME Database, there are 143 IPOs in the pipeline from Indian companies, with a total estimated value of $26 billion. Of these, 73 have already received approval from the regulators.Bhavesh Shah, Managing Director and Head of Investment Banking at Equirus, told Reuters, 'We expect the upcoming months to be the best for Indian IPO market as compared to what we have seen so far this year.'However, some market watchers are taking a more cautious view. Umesh Agrawal, a fund manager at 360 ONE Asset, said that investor behaviour has changed."Investors have become far more selective and are now much more mindful about where they see higher potential for returns," he said.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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US launches new AIM-260 missile to counter Chinese PL-17, India betting on Russian R-37, who will win the race?
US launches new AIM-260 missile to counter Chinese PL-17, India betting on Russian R-37, who will win the race?

India.com

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  • India.com

US launches new AIM-260 missile to counter Chinese PL-17, India betting on Russian R-37, who will win the race?

(REUTERS/File) New Delhi: The use of Chinese PL-15 air to air missile was seen in the recent India-Pakistan conflict. According to reports, China is currently working on PL-17 and PL-21 air to air missiles, whose capability will be much more than PL-15. At the same time, America has started working on AIM-260 to counter this power of China while India has decided to bet on Russian R-37. The main purpose of these missiles is to destroy the enemy's Airborne Early Warning System (AEW&C) aircraft, tanker aircraft and stealth fighter planes from a very long distance. What is AIM-260 missile? The US Navy and Air Force have sought about $670.5 million in purchase funding and $687 million in research and development funding for the AIM-260 air-to-air missile in the 2026 budget proposal. This will be the next variant of the AIM-120 AMRAAM missile. According to reports, the AIM-260 will include a ramjet or dual-pulse rocket motor, multi-mode seeker (infrared + active radar), two-way data link and electronic warfare resistant system, which will make it highly lethal and modern. The report said that it will first be used in America's F-22 Raptor fighter aircraft, but in future it will also be integrated into fighter aircraft like F-35 and F-15EX. The main purpose of AIM-260 is to develop the ability to attack from a longer distance against China's PL series missiles like PL-15, PL-17 and PL-21. AIM-260 vs PL-17 Missiles. When was AIM-260 conceptualised? It is claimed that with the double-seeker design, both the missile's accuracy and resistance to electronic warfare will be greatly enhanced. In addition, it will make it easier to target targets stealthily with a reduced radar footprint. That is, the US is preparing to integrate it into its stealth fighter aircraft. In February 2025, the US Navy publicly revealed the rendering of the next-generation long-range AIM-260, which gave many details about the external and guidance sections of the missile. Where does PL series stand? On the other hand, after the PL-15, China has now focused on extremely long-range air-to-air missiles like the PL-17 and PL-21. The PL-17 has been seen on the J-17 fighter jet and its range is believed to be around 400 kilometers, which is more than any current US missile. The guidance system of PL-17 includes inertial navigation, satellite guidance, data link and active radar seeker in the terminal phase. This missile has the capability to shoot down enemy AEW&C platforms like Boeing E-3D or Wedgetail without coming face to face. Recently, China had given PL-15 missiles to Pakistan, which it used against India. After this conflict, the demand for air to air missiles has increased further in the world. China's People's Liberation Army (PLA) is developing very long range air to air missiles (VLRAAM) which can attack targets from a long distance. What about India? Russia is not behind in this ongoing race between China and America. Russia's R-37M missile already has the capability to strike from 150 to 400 km. This is also a BVR i.e. Beyond Visual Range missile. Russia designed this missile primarily for the MiG-31 interceptor, but now it is also being installed in aircraft like Su-30SM, Su-35S and Su-57. R-37M has advanced technologies like dual-pulse rocket motor, mid-course targeting update and dual-band radar seeker. By using it in the Ukraine war, Russia has been very successful in keeping Ukrainian fighters away from the battlefield. The Eurasian Times report says that India is talking to Russia to buy R-37M air to air missile. Russia has proposed to India to produce this missile in India itself under Make in India. At present the talks are going on. The report says that India will integrate it in its SU-30MKI fighter aircraft.

Trump's 'Big Beautiful Bill' sparks a midterm showdown: Who gains the upper hand — Republicans or Democrats?
Trump's 'Big Beautiful Bill' sparks a midterm showdown: Who gains the upper hand — Republicans or Democrats?

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Trump's 'Big Beautiful Bill' sparks a midterm showdown: Who gains the upper hand — Republicans or Democrats?

GOP Celebrates Legislative Victory as Fulfilling Mandate Live Events Democrats Highlight Social Cuts, Seek Messaging Reset Divided Public Opinion Clouds Political Impact Echoes of 2018 or a New Political Terrain? Trump Signals Campaign Strategy for Midterms FAQs What is Trump's Megabill? When do the Medicaid work requirements take effect? (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel With the passage of President Donald Trump's sweeping tax and policy package, the political spotlight now shifts to the 2026 midterm elections . As Republicans hail the legislation as a triumph of conservative governance, Democrats are mobilizing against what they describe as a broad assault on social safety nets. The measure, dubbed Trump's Megabill, is poised to become a defining issue in the upcoming electoral $4.5 trillion legislative package, which includes permanent tax code changes, border security expansion, and controversial cuts to Medicaid and food assistance programs, has not only reshaped policy but also reignited fierce partisan debate — one that both parties believe could shape control of Congress next Trump showcased the bill's passage at a rally in Iowa, declaring it the fulfillment of his 2024 campaign promises. 'Every major promise I made to the people of Iowa in 2024 became a promise kept,' Trump told a cheering Republican leadership, still navigating internal divisions, has largely coalesced around the megabill, viewing it as a major legislative win. It codifies Trump's earlier tax reforms and adds new measures such as tax exemptions on tips and a senior citizen tax deduction of $6,000 for those earning up to $75,000 annually.'This bill is not only about taxes — it's about showing voters we can deliver on our agenda,' said Mark Bednar, a Republican strategist and former aide to House Speaker Kevin McCarthy. 'The GOP should lean into this, especially as we approach the August recess and 2026 campaign cycle.'Democrats, reeling from setbacks in previous elections, see the bill as an opportunity to reframe the political conversation. Trump's Megabill, they argue, prioritises wealthy Americans and corporations while slashing lifelines for vulnerable Minority Leader Hakeem Jeffries, D-N.Y., delivered an impassioned nine-hour speech on the House floor, highlighting individuals affected by proposed Medicaid and SNAP reductions. 'Shame on the people who've decided to launch that kind of all-out assault on the health and the well-being of everyday Americans,' he sai, as quoted in a report by ABC to estimates by the Congressional Budget Office, the bill will eliminate health coverage for 12 million Americans and strip 3 million of food stamp benefits over the next decade. The CBO also projected a $3.4 trillion increase in the national deficit as a result of the policy data reflects the public's ambivalence. A June Quinnipiac poll found that just 29% of voters supported the bill, while 55% opposed it. Another Fox News survey showed similar trends, with 59% against and only 38% in favour. 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"And I think we use it in the campaign that's coming up — the midterms, because we've got to beat them."Trump's Megabill is a $4.5 trillion legislative package recently passed by the U.S. Congress. It includes permanent tax reforms, expanded border security, and significant cuts to Medicaid and food assistance programs like in 2027, states must verify that 'able-bodied' Medicaid recipients work at least 80 hours per month, unless exempted (e.g., students, caregivers, disabled individuals). Parents of children over 13 will also be subject to these checks.

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