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Cordelia Cruise owner files DRHP, NSEIX inks MoU with CSE, and more
The IPO proceeds will be used for payment of deposit/advanced lease rental and monthly lease payments to its step-down subsidiary, Baycruise Shipping.
Waterways Leisure Tourism currently operates a cruise vessel, the MV Empress, under the brand name Cordelia Cruises, and since its launch, 549,051 guests have sailed on its cruise vessel, which has covered more than 2,25,079.53 nautical miles along the Indian coastline and surrounding islands as of December 31, 2024.
The firm's cruise vessel primarily sails to domestic destinations, including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam and Puducherry. It also offers international itineraries, including Hambantota, Trincomalee and Jaffna.
Centrum Capital, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book-running lead managers.
Biocon launches ₹4,500-cr QIP
Biocon has launched a qualified institutions placement (QIP) to raise ₹4,500 crore. The biopharmaceutical firm will issue up to 139 million new shares — 11.6 per cent of the current outstanding equity base. The floor price for the QIP has been set at ₹323.2. Shares of Biocon last closed at ₹357.3, valuing the firm at ₹42,900 crore. The issuance price will be finalised on Thursday, while trading in the new shares will commence from Tuesday.
Biocon will use the QIP proceeds to purchase outstanding optionally convertible debentures issued by subsidiary Biocon Biologics. It will also use the proceeds to repay outstanding debt and for general corporate purposes. BofA Securities, Kotak Mahindra and Goldman Sachs are the investment bankers handling the share sale.
IFC commits $60 mn to Motilal Oswal Alternates
The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement to invest $60 million in Motilal Oswal Alternates' India Business Excellence Fund V G (IBEF VG), with an additional $60 million co-investment envelope.
The fund, targeting $750 million (with a $150 million green-shoe option), will support 12–16 mid-market companies in consumer, financial services, life sciences and manufacturing sectors, focusing on expansion, job creation and technology adoption, particularly in India's Tier-II and Tier-III cities.
Managed by MO Alternates, the private investment arm of Motilal Oswal Financial Services Ltd, IBEF VG aims to bridge the funding gap for small and medium enterprises (SMEs) in underserved regions. IFC will also support the fund in enhancing women's workforce participation through workshops and standards.
NSE IX inks MoU with Cyprus Stock Exchange
The NSE International Exchange (NSE IX), based in GIFT City, has signed a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE). The agreement was formalised during a roundtable event held in Limassol, Cyprus, during the official visit of India's Prime Minister Narendra Modi and attended by President of the Republic of Cyprus, Nikos Christodoulides.
The MoU establishes a framework for multifaceted collaboration between NSE IX and CSE, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge and research collaboration, capacity-building initiatives and fintech engagement programmes.
PM Modi said: 'I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat's GIFT City.'
RIL sells another 0.89% stake in Asian Paints
Siddhant Commercials, a subsidiary of Reliance Industries (RIL) on Monday, sold another 0.89 per cent stake in Asian Paints via block deals. The RIL entity sold 8.5 million shares at Rs 2,207 apiece to ICICI Prudential Mutual Fund for Rs 1,876 crore. Last week, it had sold 35 million shares (3.6 per cent equity) at Rs 2,201 apiece to SBI Mutual Fund for Rs 7,704 crore. At the end of March 2025 quarter, Siddhant held 4.9 per cent stake (47 million shares) of the paints major.
AlphaGrep Securities gets in-principle approval for MF foray
AlphaGrep Securities, a quantitative investment firm specialising in systematic strategies, has received in-principle approval from the Securities and Exchange Board of India (Sebi) to foray into mutual funds (MFs). AlphaGrep Investment Management (AGIM), the asset management vertical of the financial services firm, will house the proposed MF business. AGIM has an AUM of over Rs 2000 crore and 500+ clients across two CAT III AIFs (long-short), Long Only PMS and GIFT City-domiciled outbound CAT III AIF, the company said.
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Time of India
a few seconds ago
- Time of India
'Steady as she goes': How the economy looks and feels
India's economy is performing well as it enters the second quarter of fiscal year 2026. Domestic supply and demand are strong. Inflation is within the target range. The monsoon season is progressing as expected. The Finance Ministry expresses cautious optimism. India's macroeconomic fundamentals are resilient despite global challenges. Experts project GDP growth between 6.2 and 6.5 percent. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's economy enters the second quarter of FY26 on a relatively firm footing, as the first quarter of FY26 presents a picture of resilient domestic supply and demand fundamentals with inflation remaining within the target range and monsoon progress on track, said a Finance Ministry report on economy has the look and feel of 'steady as she goes' as far as FY26 is concerned, the Finance Ministry's Monthly Economic Review for June said, even though it pointed out downside risks."The Indian economy in mid-2025 presents a picture of cautious optimism," the review said. "Despite global headwinds marked by trade tensions, geopolitical volatility, and external uncertainties, India's macroeconomic fundamentals have remained resilient. Aided by robust domestic demand, fiscal prudence and monetary support, India appears poised to continue as one of the fastest-growing major economies, with various forecasters, including S&P, ICRA , and the RBI's Survey of Professional Forecasters, projecting GDP growth rates for FY26 in the range of 6.2 per cent and 6.5 per cent."In the review for the previous month of May, the ministry had said India's broader economic health is in a "relative goldilocks situation", with no major imbalances in the macro aggregates, a subdued inflation rate, and a growth-supportive monetary policy stance. These could be "nervous but exciting times" for the Indian economy, it said. Geopolitical shifts may present India with opportunities that appeared remote earlier. But it's "up to us to be flexible enough to ride the tide".The Finance Ministry report indicates room for further rate cuts for the RBI. "Core inflation remains subdued, and overall inflation is comfortably below the RBI's 4 per cent target, affording room for the easing cycle to be sustained," it said."The Reserve Bank of India has projected headline inflation at 3.4 per cent for the Q2 of FY26, while in Q1, actual inflation came below the Q1 target of the RBI. It appears likely that the full fiscal year inflation rate would undershoot the central bank's expectation of 3.7 per cent. Also, global crude oil prices are expected to remain subdued, following a larger-than-anticipated production hike by OPEC and its allies, who raised output by 548,000 barrels per day in August, on top of the production increases announced for the previous months," the monthly review February, the RBI has lowered the repo rate by 100 basis points, or a percentage point, to 5.5%. It has also announced lowering cash reserve ratio by 100 bps in a phased manner beginning September 2025, which is estimated to release Rs 2.5 lakh crore in the banking system. When the central bank's six-member Monetary Policy Committee (MPC) meeting from August 4 to 6, it is expected to deliberate on the policy repo rate using two key data points: the June quarter GDP projections and the latest retail inflation are divided on the trajectory of interest rate cuts, ET has reported today. While some cite six-year low inflation as grounds for another rate cut in the upcoming August policy, the majority advocate for maintaining the status quo. Those calling for a pause argue that it is prudent to wait and assess inflation trends in the coming quarter and monitor developments around the US trade deal. ET reported that economists shared these perspectives with the Reserve Bank of India governor Sanjay Malhotra, deputy governor Poonam Gupta and her team during customary pre-policy consultative meetings held last week.A global slowdown could further dampen demand for Indian exports and continued uncertainty on US tariffs may weigh on the country's trade performance in coming quarters, the finance ministry review said. India's goods exports fell to $35.14 billion in June, down 9% from May, and remained nearly flat from a year earlier. The figure was the lowest since November's $32.11 billion, according to LSEG monthly review has also underlined slow credit growth and private investment as risks to growth. "Despite monetary easing and a strong bank balance sheet, credit growth has slowed, reflecting cautious borrower sentiment and possibly risk-averse lender behaviour," it said. However, the trend can also be explained by a growing preference for bond markets, particularly commercial papers among corporates due to lower borrowing costs, it added."Despite the broadly positive outlook, downside risks remain," the review said. "While geopolitical tensions have not elevated further, the global slowdown, particularly in the US (which shrank by 0.5 per cent in Q1 2025), could dampen further demand for Indian exports. Continued uncertainty on the US tariff front may weigh on India's trade performance in the coming quarters. Slow credit growth and private investment appetite may restrict acceleration in economic momentum. Further, given the deflationary trend in the wholesale price index, one has to observe economic momentum in nominal quantities. Measured in constant prices, economic activity may appear healthier than it is."
Economic Times
a few seconds ago
- Economic Times
Indian economy has look and feel of 'steady as she goes' for FY26: Finance ministry
ANI Representational image Indian economy has the look and feel of "steady as she goes" for the current fiscal, the finance ministry said on Monday even as it flagged slowing credit growth. In its monthly economic review, the ministry said the first quarter of fiscal 2025-26 (FY26) presents a picture of resilient domestic supply and demand fundamentals. With inflation remaining within the target range and monsoon progress on track, the domestic economy enters the second quarter of FY26 on a relatively firm footing. While geopolitical tensions have not elevated further, the global slowdown, particularly in the US (which shrank by 0.5 per cent in Q1 2025), could dampen further demand for Indian exports. "Continued uncertainty on the US tariff front may weigh on India's trade performance in the coming quarters. Slow credit growth and private investment appetite may restrict acceleration in economic momentum," it said. Further, given the deflationary trend in the wholesale price index, one has to observe economic momentum in nominal quantities. Measured in constant prices, economic activity may appear healthier than it is, the review report said. "All that said, the economy has the look and feel of 'steady as she goes' as far as FY26 is concerned," it said. The report noted despite monetary easing and a strong bank balance sheet, credit growth has slowed, reflecting cautious borrower sentiment and possibly risk-averse lender behaviour. "A growing preference for bond markets, particularly commercial papers among corporates due to lower borrowing costs, may also explain the shift," it said. Piggybacking on initiatives like the Employment Linked Incentive (ELI) scheme, the ministry said it is time for corporates to set the ball in motion. The Reserve Bank has cumulatively reduced the short-term lending rate (repo) by 100 basis points since February. With an outlay of Rs 99,446 crore, the ELI scheme aims to incentivise the creation of more than 3.5 crore jobs in the country over a period of 2 years, with special focus on the manufacturing sector. The report said that despite global headwinds marked by trade tensions, geopolitical volatility, and external uncertainties, India's macroeconomic fundamentals have remained resilient. Aided by robust domestic demand, fiscal prudence and monetary support, India appears poised to continue as one of the fastest-growing major economies, with various forecasters, including S&P, ICRA, and the RBI's Survey of Professional Forecasters, projecting GDP growth rates for FY26 in the range of 6.2 per cent and 6.5 per cent, it said. The report said high-frequency indicators reflected broad-based strength, registering strong year-on-year growth. While the manufacturing and construction sectors continued to expand, the services sector anchored the overall economic growth in Q1 of FY26. As of now, favourable progress in the southwest monsoon has bolstered agricultural activity, leading to higher kharif sowing compared to the previous year. Adequate fertiliser availability and comfortable reservoir levels augur well for a healthy harvest outlook, providing fresh impetus to rural incomes and consumption, the ministry said.
Mint
a few seconds ago
- Mint
‘Switch off our economy?': Indian Envoy Vikram Doraiswami's schools Western media on Russian oil question
Indian High Commissioner to the United Kingdom Vikram Doraiswami delivered a rather fierce and a blunt reply to a journalist criticising India's oil imports from Russia. Doraiswami, who was talking to British radio station Times Radio last week, asked 'What would have us do? Switch off our economy?', adding that India is the third largest consumer of energy in the world and imports over 80 per cent of its products. According to a TOI report, the High Commissioner pointed out the irony and said that many of European countries are continuing to buy rare earth and other energy products, not oil, perhaps, but from the same countries that they're refusing to let India purchase from. When asked about India's 'closeness' with Russia and its president Vladimir Putin, Doraiswami said, 'We have a relationship that is based on a number of metrics. One of these is our long-standing security relationship that goes back to an era in which some of our Western partners wouldn't sell us weapons, but would sell it to countries in our neighbourhood that use them only to attack us.' 'Second, we have an energy relationship today which is a result of everybody else buying energy from sources that we used to earlier buy from. So we've been displaced out of the energy market largely and the cost have gone up. We are the third largest consumer of energy in the world and we import over 80 per cent of our product. What would you have us to do? Switch off our energy?' Doraiswami asked. "Third, we also see around us relationships that other countries maintain for their own convenience with countries that are a source of difficulty for us. Do we ask you to come up with a little test of loyalty?" he further asked. A Reuters report on Monday said that the European Parliament is considering proposals to speed up the EU's phase out Russian gas by one year, to January 2027, as officials in Brussels prepare to negotiate the legally-binding ban. European Union countries and lawmakers are preparing to negotiate the EU's plan to ban imports of Russian gas – with the starting point a legal proposal the European Commission made last month to phase out all Russian gas imports by January 1, 2028. The Parliament's lead lawmakers on the Russian gas ban have each proposed that this deadline is moved forward to January 1, 2027, documents detailing their amendments to the Commission proposal showed, the report added. (With inputs from Reuters)
