Latest news with #RajnathYadav
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Business Standard
02-07-2025
- Business
- Business Standard
HDB to debut on Mumbai bourse following biggest Indian IPO of 2025
The IPO is the biggest since Hyundai Motor India Ltd.'s record $3.3 billion deal in October and comes as institutional share placements and listings are picking up after a lull Bloomberg Shares of HDB Financial Services Ltd. will start trading in Mumbai on Wednesday after the shadow lender's ₹12,500 crore ($1.5 billion) initial public offering — India's biggest this year — attracted strong demand from investors. HDB, a unit of India's biggest private lender HDFC Bank Ltd., sold shares at ₹740 apiece, the top of their marketed range. The offering lured interest from global funds such as those managed by Morgan Stanley and Allianz SE, as well as from domestic institutions like Life Insurance Corp. of India. The IPO is the biggest since Hyundai Motor India Ltd.'s record $3.3 billion deal in October and comes as institutional share placements and listings are picking up after a lull that followed a blockbuster 2024. India's $5.4 trillion stock market is booming again on the back of foreign inflows, with the benchmark index approaching a record high. A solid debut for HDB could augur well for some other closely watched deals expected later this year, including those of Tata Capital Ltd. and the domestic unit of South Korea's LG Electronics Inc. Shadow lenders like HDB typically target customers underserved or unserved by banks because of a limited credit history and low income, making them a crucial part of the financial landscape in the world's most populous nation. Their business is seen benefiting in the current environment as the Indian central bank has taken aggressive efforts to stimulate the economy via interest-rate cuts and liquidity injections. 'There will be investor interest because of HDB's asset size and parentage. It's a strong brand play,' said Rajnath Yadav, an analyst at Choice Equity Broking Pvt. Further, the Indian central bank's recent policy measures are favorable for shadow lenders, he added. HDB has a loan book of almost $12 billion and operates more than 1,700 branches with about 90,000 employees, according to its IPO document. Rajiv Mehta, an analyst at Yes Securities India Ltd., says HDB's 'palatable IPO valuation' offers an attractive opportunity for returns. The stock is priced at about 3.4 times book value on a trailing 12-month basis, a discount to peer Cholamandalam Investment and Finance Co. that has a valuation of 5.7 times, according to Mehta. India's top shadow lender Bajaj Finance Ltd. trades at 6 times its book while Sundaram Finance Ltd. is valued at more than 4 times, according to data compiled by Bloomberg. A dozen banks have helped arrange the HDB deal, including BNP Paribas SA, JM Financial Ltd., and Bank of America Corp.
NDTV
28-04-2025
- NDTV
Upset Over Not Being Served Paneer, Man Drives Bus Over Wedding Guests In UP
Chandauli: A man crashed a minibus in a wedding hall, injuring six people and damaging goods worth Rs 3 lakh in Uttar Pradesh's Chandauli district. Reason: He didn't get ' paneer ' (cottage cheese) in the wedding feast. It was the wedding of Rajnath Yadav's daughter in Hamidpur village of Mughalsarai Kotwali area. The 'barat' (wedding procession) arrived at the venue late Saturday evening. Everything was going well. Then, a man entered the hall and went straight towards the food stalls. When Dharmendra Yadav couldn't find paneer among other dishes, he got angry. "Dharmendra Yadav came to the wedding and started eating, and asked for paneer. When he didn't get it, he got angry and drove a bus in the middle of the wedding ceremony, in which eight people were injured and goods worth more than Rs 3 lakh were damaged," said Rajnath Yadav. He got so furious that he decided to do the unthinkable. He rammed a tempo traveller into the wedding guests. As chaos ensued, he fled the hall on the bus. Several people were injured, including the groom's father and bride's uncle. They are undergoing treatment at a trauma centre in Varanasi. After the incident, the groom's side vowed the wedding would not take place until a case was registered against the man. Only after the bride's side filed a case against the accused, the wedding ceremony was concluded around 12 pm the next day.
