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Business Standard
28 minutes ago
- Business Standard
Muthoot FinCorp launches Tranche VI NCD issue to raise ₹290 crore
Muthoot FinCorp (MFL), the flagship company of the 138-year-old Muthoot Pappachan Group (Muthoot Blue), has launched the Tranche VI issue of secured, redeemable non-convertible debentures (NCDs), with a total size of up to Rs 290 crore. The issue opened on Friday (4 July) and will close on 17 July, with an option for early closure. The Tranche VI issue has a base size of Rs 100 crore with a green-shoe option of Rs 190 crore, aggregating to Rs 290 crore. Each NCD has a face value of Rs 1,000. The NCDs under the Tranche VI issue are being offered with maturity/tenure options of 24, 36, 60, and 72 months, with monthly, annual, and cumulative interest payment options. Effective yield (per annum) for the NCD holders in all categories of investors ranges from 9.20 per cent to 9.80 per cent. This offering is intended to support lending, financing, and repayment/prepayment of interest and principal on existing borrowings, and to meet general corporate requirements. Muthoot FinCorp aims to raise up to Rs 290 crore, which is within the shelf limit of Rs 2,000 crore. These NCDs have been rated 'Crisil AA-/Stable' (pronounced as Crisil double A minus rating with a Stable outlook) by Crisil Ratings, reflecting the high degree of safety regarding timely service of financial obligations, the company said. It is proposed that these NCDs will be listed on the debt market segment of the BSE. All individual investors applying through intermediaries (viz. syndicate members, registered stockbrokers, registrar to an issue and transfer agent, and depository participants), where the application amount is up to Rs 5 lakh, shall only use UPI for the purpose of blocking of funds and provide his/her bank account-linked UPI ID in the bid-cum-application form submitted with intermediaries. However, individual investors shall continue to have the choice of availing other modes (viz. through SCSBs and stock exchange platform) for making an application in the public issue. Muthoot FinCorp has accelerated ease of investment through the Muthoot FinCorp ONE app, where customers can invest at any time and from anywhere. The UPI investing through an app reinforces the firm's strong offline network of over 3,700 branches. 'We are delighted to introduce our new NCD series, presenting investors with a safe, high-return investment proposition. With easy accessibility via our extensive network of more than 3,700 branches, digital platform Muthoot FinCorp ONE (for investments of up to Rs 5 lakh), and partner ecosystem, this launch is a further testimony to our promise of bringing innovative, inclusive, and customer-centric financial solutions that address the changing needs of modern-day investors,' said Shaji Varghese, Chief Executive Officer, Muthoot FinCorp Limited.
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Business Standard
28 minutes ago
- Business Standard
Coal miners spent ₹3K cr on progressive mine closure in 3 years: Official
The official said that in the case of non-coal, the state governments have been a bit slow in carrying out mine closure, with the forfeited money available to them through the Indian Bureau of Mines Press Trust of India Hyderabad About Rs 3,000 crore was spent during the last three years by coal mine operators on progressive mine closure in the country due to the efficient work by the Coal Controller, said a senior official on Friday. Addressing the Indian National Committee of the World Mining Congress (INC WMC) here, V L Kantha Rao, Secretary, Ministry of Mines, also said that when it comes to the non-coal sector, the Controller General of the Indian Bureau of Mines is ensuring that all 1,200 mines are undertaking progressive mine closure. "They (Coal Controller) have ensured that in the existing, there are about 500 coal mines, and people have spent about Rs 3,000 crore in the last three years on progressive mine closure. That's a big achievement, and all the credit goes to this Coal Controller who has ensured that people spend not only at the end of the coal mine but also every five years," Kantha Rao said. He further said that in the case of non-coal, the state governments have been a bit slow in carrying out mine closure, with the forfeited money available to them through the Indian Bureau of Mines. Union Minister G Kishan Reddy, in his address, said as many as 500 mineral blocks have been auctioned to date since the auction regime began, while 119 have been auctioned in the last year alone. Similarly, policy changes have made it easier to do business in mining and encouraged private companies to take part, such as 50-year uniform mining leases, he further said. "No more delays due to lease renewals, easy transfer of permissions, funding support through the National Mineral Exploration Trust, and the first-time launch of exploration licenses to encourage the private sector," Reddy said. As a result of focused efforts, India crossed a historic milestone, producing over 1 billion tonnes of coal for the first time in Indian history. At the same time, coal imports dropped by 7.9 percent, falling to 243 million tonnes in 2025, Reddy added. Kishan Reddy launched vision documents on the aluminium and copper sectors separately. (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.)
Time of India
33 minutes ago
- Time of India
Trent share price today: Stock drops around 9% after slower growth outlined at AGM; Nuvama downgrades
Nuvama expressed its concerns about the potential slowdown in Trent's growth. (AI image) Trent Ltd, a Tata Group company, saw a significant share price decline of 8.7% to Rs 5,652 on the National Stock Exchange on Friday. This drop followed the company's AGM announcement regarding slower revenue growth, leading Nuvama brokerage to revise its rating to 'hold' and reduce the target price from Rs 6,627 to Rs 5,884. During its AGM, Trent revealed anticipated revenue growth of approximately 20% for Q1FY26, indicating a substantial reduction from its previous performance, according to an ET report. This forecast represents a considerable decrease from the 35% CAGR achieved during FY20-FY25, falling below the company's targeted 25% CAGR for future periods. Nuvama expressed its concerns about the potential slowdown, stating: "At its AGM, Trent disappointed on near-term growth expectations in its core fashion business, which is expected to deliver ~20% growth in Q1FY26E, sharply down from its five-year CAGR of 35% (FY20–25). Management reaffirmed their aspiration of 25%-plus growth for the coming few years, but the current run rate falls short of it." Following this development, Nuvama adjusted its projections downward, reducing FY26 and FY27 revenue forecasts by 5% and 6% respectively. Additionally, EBITDA estimates saw reductions of 9% and 12%. The brokerage's decision to adopt a more conservative investment position stemmed from the observed growth moderation, necessitating a reassessment of both Trent's earnings outlook and valuation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bring home all new SP160 & get an instant cashback up to ₹4000# Honda Learn More Undo While downgrading its rating, Nuvama recognised Trent's enduring aspirations and implementation success, specifically highlighting its reaffirmed goal of achieving a tenfold revenue increase in the upcoming years—a strategic objective initially presented in FY23. During the AGM, the leadership team reported that revenue had already doubled since announcing this target. "This growth will be backed by robust additions of ~250 stores across formats as per management guidance, whose tone has historically been conservative. Accordingly, we remain confident of management beating this given the execution track record," Nuvama said. The financial services firm identified Zudio Beauty and Star Bazaar as key revenue generators for future expansion, whilst noting that both ventures require operational stability before undertaking significant growth initiatives. Trent: Key AGM Updates Star Bazaar outlook: Trent Hypermarket (Star Bazaar) has the potential to grow larger than Westside and Zudio, primarily due to the substantial size of India's food retail sector. Independent operations: Star Bazaar will maintain its focus on Trent's branded products, without plans to integrate with Big Basket, which is viewed as a higher-priced alternative. Growth targets: Management confirmed their FY23 target of achieving 10x revenue growth, highlighting that revenue has already increased twofold since the announcement. Retail expansion plans: The organisation plans to establish over 250 new stores across various formats in FY26, with flexibility to increase this number based on market dynamics and real estate availability. Trent's share price has increased by approximately 70% in 2025, reflecting positive investor sentiment towards its growth strategy. However, Nuvama has expressed concerns about the sustainability of these high valuations, noting indications of declining momentum, according to the ET report. "Underwhelming near-term growth prompts the downgrade to 'HOLD' as the current valuation is too demanding. A significant jump in growth profile, or pickup in other levers i.e. Star Bazaar, Zudio Beauty remain the key risks to our view," the brokerage concluded. The company disclosed its Q1 business performance update on Friday morning, post market opening. For the April–June quarter of FY26, Trent's standalone revenue from product sales (including GST) reached Rs 5,061 crore, showing a 20% increase from Rs 4,228 crore in the corresponding period of the previous year, aligning with their projected guidance. As at June 30, 2025, Trent's retail presence comprised 248 Westside stores, 766 Zudio stores (with two locations in the UAE), and 29 stores representing various other lifestyle concepts. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
