Stocks to watch: Vedanta, Vodafone Idea, IRCTC, PTC Industries among shares in focus today amid Israel-Iran war
According to a PTI report, billionaire Gautam Adani's Group, mining tycoon Anil Agarwal's Vedanta, and Dalmia Bharat Cement have submitted their resolution plans to acquire Jaiprakash Associates under the ongoing insolvency proceedings.
Vodafone Idea stated that it has not received any official communication from the government concerning the reported relief related to its adjusted gross revenue (AGR) dues amounting to approximately ₹ 84,000 crore.
The company's chairman stated that the Indian Air Force is set to receive a minimum of six Tejas Light Combat Aircraft (LCA) by March 2026.
Hindalco Industries has revealed its acquisition of US-based AluChem Companies, Inc., taking full ownership by purchasing a 100% equity stake for an enterprise value of $125 million.
Jaguar Land Rover (JLR), the luxury vehicle arm of Tata Motors based in the UK, is facing a possible financial impact of £1.6 billion as a result of new tariffs proposed by the Trump administration in the US.
In a rare development, the government has downgraded Union Bank of India Executive Director (ED) Pankaj Dwivedi to the position of General Manager (GM).
Effective July 1, 2025, Indian Railways will implement a nationwide fare increase across all passenger categories—marking its first significant hike in many years.
The company successfully completed its Qualified Institutional Placement (QIP), raising funds by issuing 28.73 lakh shares at a price of ₹ 5,569.50 each, which was 1% lower than the floor price.
Aerolloy Technologies Ltd (ATL), a subsidiary of the company, has entered into a Memorandum of Understanding (MoU) with Safran Aircraft Engines, a renowned global leader in aerospace propulsion systems.
The board has extended Vishwanathan Mavila Nair's tenure as Chairman for another year, effective from October 1, 2025, to maintain consistent leadership.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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Economic Times
40 minutes ago
- Economic Times
Time to polish our public sector ratnas: Creating an Indian sovereign wealth fund to recast jewels
Tired of too many ads? Remove Ads Traditional Routes of Privatisation: Limited Success Tired of too many ads? Remove Ads Learning from Singapore: The Temasek Model A Case for India's Temasek: Transforming NIIF Tired of too many ads? Remove Ads The Model: Ownership Transfer, Commercial Management A Pragmatic, Politically Smart Path (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) In May 2020, as part of the Atmanirbhar Bharat package, the Indian government unveiled a bold new Public Sector Enterprise (PSE) policy. Building on that announcement, the Union Budget of February 1, 2021, laid out a detailed blueprint, categorising sectors into two:Strategic sectors, where the government would retain only a bare minimum presence, andNon-strategic sectors, where all Central Public Sector Enterprises (CPSEs) would be privatised or marked a tectonic shift in India's approach to public sector enterprises- a clear intent to significantly reduce the government's footprint in business. While implementation is underway, progress has been uneven. This note proposes a bold, agile framework to fast-track the privatisation India has predominantly relied on strategic sales since the 1991 liberalisation era divesting 50% or more equity along with management control. However, another way of privatisation is public market offerings i.e. selling shares of CPSEs to retail and institutional investors. This method was famously deployed by Margaret Thatcher's UK government during its privatisation drive of British Telecom, British Gas, and British India, the strategic sale model has yielded mixed results. The successful sale of Air India came after years of delays. Meanwhile, marquee targets such as BPCL, Shipping Corporation, and IDBI Bank have faced hurdles. BPCL's disinvestment , announced in 2019, was shelved in 2022 as bidders withdrew, the government decided to hit pause to the disinvestment: a prudent decision prioritising value over sales are often complex, politically sensitive, and time-consuming, limiting their effectiveness as the default path to third approach is Singapore's model: move the ownership to an SWF, then sell faced a similar challenge as India in the 1970s, dozens of government-owned enterprises across critical sectors, struggling under state management. The solution was to create Temasek Holdings, the Sovereign Wealth Fund of Singapore which was established in 1974 as a professionally run, wholly government-owned investment company. Temasek operates with full autonomy, managed by an independent board of professionals and free from political interference. It holds and grows equity in state-owned enterprises on commercial principles. Many of these entities are now listed and globally competitive, contributing to a portfolio exceeding US$301 India is not Singapore, the core principle of insulating commercial decisions from political control is powerful and has attempted some separation by routing disinvestment decisions through DIPAM. However, this still functions within the government's bureaucratic framework. What India truly needs is a Sovereign Wealth Fund (SWF) that can own and manage public assets is where the National Investment and Infrastructure Fund (NIIF) enters: India's quasi-sovereign investment vehicle, created in 2015, where the government holds a 49% stake. With assets of over $5 billion across infrastructure, growth equity, and fund-of-funds, NIIF already has the structure to become India's Temasek saw potential in NIIF, investing $400 million in 2018. It now needs a wider mandate that would allow it to become the Indian government could begin by transferring its stakes in select PSEs to NIIF, receiving fund units in exchange. The state would retain economic interest while stepping away from operational PSEs would then be run under professional governance standards, free from day-to-day political interference. Over time, NIIF could gradually dilute its stake in these enterprises in the market when conditions are favourable creating a steady revenue stream for the government, rather than volatile, one-time government could begin with minority stakes transfer, building credibility and demonstrating value creation, and eventually reduce its holding below 51% as per Atmanirbhar Bharat stealth-privatisation model i.e. first shifting ownership to NIIF, then progressively privatizing, shields the process from political turbulence while ensuring the commercial interests of the state are provides PSEs with the time, autonomy, and resources to restructure and become market-ready, aligning with the 2021 policy objective of one strategic PSE per Thomas Jefferson aptly put it, 'That government is best which governs least.' It's time we let our Ratna shine with the polish of professionalism, and free them from the weight of the state's hand.
Mint
an hour ago
- Mint
Aggressive pricing, discounting by new entrants intensifying competition in paint industry
New Delhi, Jun 29 (PTI) Reflecting an intense competition in the Indian decorative paints industry with new entrants offering aggressive pricing and discounting, leading players have reported impact on sales realisation and margins in FY25, but expect a modest growth this year. The industry, which also faced a demand slowdown from urban markets and downtrading, where consumers are moving towards more affordable options, expects a modest growth in FY26, driven by favourable macroeconomic conditions, rising urbanisation, and increased construction and infrastructure development activities. Asian Paints which holds over 50 per cent of the domestic market said new entrants as well as established players with their "aggressive pricing and discounting strategies" are intensifying competition, which affected its value realisations as well as the profitability. The overall weak consumption trends prevalent through FY25 had a dampening impact on the domestic decorative paints market, particularly the urban markets, Asian Paints Vice-Chairman Manish Choksi said at the latest annual general meeting of the company. "Subdued discretionary spending also led to extension of repainting cycles and home maintenance schedules, affecting the consumption of architectural paints and décor items," he said, adding, "Consumers were also moving towards more affordable options, even within the premium segments of decorative paint products across categories." Though rural demand showed relative resilience, urban demand contributed to an overall flat performance for the entire decorative paints market, marking a below-trend performance for the last 18 months. Besides, challenges in the retail consumption were further compounded by heightened competitive pressure between new entrants and existing players. "Both the new entrants as well as established players adopted aggressive pricing and discounting strategies, further intensifying competition in the industry. These dynamics affected the value realisations as well as the profitability for Asian Paints throughout the year," Choksi said in his address to the AGM, a copy of which was submitted to bourses. A flat market and intense competition resulted in the company's decorative paints business recording a 5.7 per cent decline in value terms, despite registering a growth of 2.5 per cent in volume terms. Expressing similar concerns, Kansai Nerolac Paints said, "In FY 2024-25, the Indian paints industry demonstrated resilience in the face of subdued demand and intensifying competitive pressures." Rural demand remained muted for much of the year, with signs of recovery emerging towards Q3. The entry of new players into the market further intensified competition, prompting more aggressive pricing strategies, said the latest annual report of Kansai Nerolac Paints. Berger Paints in its latest earnings call update had said in FY25, on a standalone basis, its "value growth muted despite volume momentum, impacted by full-year effect of FY24 price reductions, softer consumer demand and traction in construction chemicals space". Asian Paints, Berger Paints, and Kansai Nerolac are the major players in the Indian paint industry, which, according to reports, control over three-fourths of the market. In the last 5-6 years, several new players have entered this market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints. Besides, pipes and fittings manufacturer Astral has acquired Gem Paints, while JK Cements acquired Acro Paints, leading to a proliferation of the sector. Last week, JSW Paints, part of Sajjan Jindal-led USD 23-billion JSW Group, announced the acquisition of a controlling stake in Akzo Nobel India Ltd, the maker of Dulux Paints, for ₹ 12,915 crore. The Indian paint industry is led by Asian Paints. Besides, Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are other brands. However, paint makers expect a silver lining in FY26, counting on several factors. "The decorative segment is poised for an improved performance, underpinned by a rebound in urban demand, driven by higher disposable incomes from recent tax incentives and easing inflation. Rural growth is likewise expected to sustain, supported by forecasts of an above-average monsoon," said Berger Paints India. Kansai Nerolac Paints expects a 'modest growth' in the Indian paints industry in FY26, driven by favourable macroeconomic conditions "In the decorative segment, growth will be supported by higher disposable incomes, premiumisation trends, a rising consumer preference for eco-friendly products, and government initiatives such as the 'Housing for All' programme and the 'Smart Cities Mission'," it said. According to an ICICI Direct report, the size of the India paints and coatings market is estimated at USD 9.60 billion in 2024. It is expected to reach USD 15.04 billion by 2029, growing at a CAGR of 9.38 per cent between 2024 and 2029.
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Business Standard
an hour ago
- Business Standard
Tourists trickling into Afghanistan, Taliban govt eager to welcome them
By plane, motorbike, camper van and even on bicycles, tourists are beginning to discover Afghanistan, with solo travellers and tour groups gradually venturing into a country that until recently was wracked by war. And the country's Taliban government, which seized power more than three years ago but has yet to be formally recognised by any other nation, is more than happy to welcome them. The Afghan people are warm and welcoming and wish to host tourists from other countries and engage with them, Deputy Minister of Tourism Qudratullah Jamal told The Associated Press in an early June interview. Tourism brings many benefits to a country. We have considered those benefits and aim for our nation to take full advantage of them. A potentially lucrative industry Tourism is a vital, multi-billion-dollar industry for many countries. Afghanistan's isolation on the international stage, largely because of the Taliban's restrictions on women and girls, has left much of its 41 million people mired in poverty. As it struggles to attract foreign investment, the lucrative potential of tourism is far from lost on the government. We are currently earning a considerable amount of revenue from this industry, and we are hopeful it will grow even more in the future, Jamal said, noting money spent by visitors can reach more layers of society than revenue from other industries. We are optimistic this sector will evolve into a large economy, bringing significant benefits. It plays an important role in strengthening our national economy. Trickle rather than a flood Tourist visas are quick and easy to obtain and flights from major transit hubs such as Dubai and Istanbul operate several times a week. The government has even set up a training institute for men and it is only for men seeking jobs in the hospitality and tourism sector. While visitor numbers are still very much a trickle rather than a flood, they are increasing. Nearly 9,000 foreign tourists visited Afghanistan last year, while nearly 3,000 people visited in the first three months of this year, Jamal said. Four decades of near-continuous conflict kept nearly all vacationers away from this landlocked country of towering mountains, deep gorges and millennia of history. The Taliban's takeover from a US-backed government in August 2021 stunned the world and sent thousands of Afghans fleeing. But with the insurgency over, the bloodshed from frequent bombings and suicide attacks all but ended too. Attacks still occur, however. An Islamic State affiliate in Afghanistan remains active and gunmen killed six people, including three Spanish tourists, in a May 2024 attack in Bamiyan, one of the country's main tourist attractions where centuries-old giant Buddhas carved into the cliffs were blown up by the Taliban in 2001. While Western countries still advise against travel to Afghanistan, a drop in violence from the two decades of US-led military presence is indisputable, as the government is keen to point out. Afghanistan has gone through many years of war and hardship. Now, we want tourists to come and see the true traditions and customs of Afghans, to understand Afghan life, creativity and resilience, Jamal said, noting there was comprehensive security across Afghanistan. An ethical dilemma Critics question the ethics of foreigners visiting Afghanistan for pleasure when its government discriminates so heavily against half the country's population. Education beyond primary school level is banned for girls and women and few professions are open to them. Women cannot enter parks, gardens or gyms. Beauty salons are forbidden. Authorities dictate how women dress and have demanded they cover their faces in public, a decree still flouted by many, particularly in Kabul. Some visitors say they contemplated the ethics, but ultimately wanted to see the situation for themselves. French-Peruvian Illary Gomez said she and her British partner, James Liddiard, debated for about a year whether to drive through Afghanistan as part of their UK-to-Japan camper van journey. Some things didn't feel morally right, she said. But once here, they said they found a warm, hospitable and welcoming people and beautiful landscapes. They didn't feel their presence was any form of support for the Taliban. By travelling, you put money in the hands of the people, not the government, Liddiard said. Building bridges The treatment of women is particularly sensitive for government officials. Jamal declined to comment on the subject beyond saying male and female visitors were welcome. Those who respect our laws and traditions have already come and can continue to come, he said. While most restrictions are strictly enforced on Afghan women, they are far more relaxed for foreigners. Although they must still wear a headscarf in public, foreign women are more likely to gain entry into some restricted areas such as parks and are rarely asked to cover their faces in public. Opening the country to foreign visitors was also a way of building bridges, Jamal said. It is a great way to promote interaction between the people of different countries. It helps build international relations and is also beneficial for trade, he told the AP. When foreigners come here, Afghans also learn a lot from them. In addition to expanding commerce, tourism also helps foster mutual understanding, cultural exchange and strengthens talents as people learn from one another. A foreign traveller seeing the country with his own eyes creates closeness, builds connections and fosters trust among people, Jamal said. They will respect each other's culture and the distance between peoples will diminish. So this is not just economic development; it also brings spiritual and political benefits, he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
