India Finance, June 27, 2024 — India: Will Not Fully Approve Chinese Investment Due to Security Concerns

1. India’s 5G spectrum auction concluded after seven rounds, with the federal government raising approximately ₹113 billion. Bharti Airtel spent ₹68.57 billion in the 5G auction and secured spectrum for 20 years. Reliance Jio acquired additional 1800 MHz spectrum in Bihar and West Bengal in two tranches for ₹9.73 billion. Vodafone Idea (Vi) acquired radio waves worth ₹35.1 billion across 11 circles. 2. The Indian government may postpone the privatization of state-owned general insurance companies, opting instead for capital infusion and business revival plans to strengthen Oriental Insurance Company Ltd., National Insurance Company Ltd., and United India Insurance Company Ltd. The government is expected to inject around ₹50 billion into these insurers this fiscal year, putting privatization plans on hold for the current fiscal year. 3. Megha Engineering & Infrastructure Limited won an engineering, procurement, and construction (EPC) contract worth ₹12.8 billion from the state-owned Nuclear Power Corporation of India Limited, having submitted the lowest bid. However, the company is the second-largest buyer of electoral bonds and faces corruption allegations. 4. During India’s election season, heatwaves coupled with rising real estate prices disrupted the momentum of residential sales in the April–June quarter, causing a 8% sequential decline in units sold. Data shows that sales in the top seven cities totaled 120,340 units in Q2 FY2024, down from 130,170 units in Q1 FY2024. Delhi NCR was the only city among the top seven to register quarterly growth in home sales (6%) compared to Q1 FY2024. III. India’s Socioeconomic Landscape 1. Infosys settled insider trading allegations with market regulators. On June 27, India’s market regulator announced that Infosys had settled charges related to violations of insider trading regulations. The Securities and Exchange Board of India (SEBI) stated that Infosys was required to pay ₹2.5 million (approximately USD 30,000) for failing to implement adequate controls to prevent insider trading. 2. Tata Motors is expected to complete the demerger of its passenger vehicle and commercial vehicle businesses by the first quarter of FY2025–26. 3. Inox Green Energy Services Limited will raise up to ₹10.5 billion. 4. JSW Neo Energy Limited signed power purchase agreements (PPAs) for wind and solar projects totaling 1,325 MW—1,025 MW with Solar Energy Corporation of India Limited and 300 MW with Gujarat Urja Vikas Nigam Limited. Its total contracted capacity stands at 13.6 GW. 5. Indian Oil Corporation aims to expand its liquefied natural gas (LNG) portfolio to 20 million tonnes per annum by 2030. Its current portfolio stands at 7.8 million tonnes per annum. 6. According to the latest ‘India’s 100 Most Valuable Brands 2024’ report by Brand Finance, the Tata Group retained its position as India’s most valuable brand with a brand value of USD 28.6 billion. Its Taj Hotels brand emerged as India’s strongest brand. Infosys followed closely in second place with a brand value of USD 14.2 billion, registering a 9% growth. HDFC Group surged to third place with a brand value of USD 10.4 billion. 7. As of end-May 2024, the credit card base grew 18% year-on-year to 103 million cards, with HDFC Bank adding the highest number of new cards; Kotak Mahindra Bank saw a sharp decline in card issuance due to restrictions imposed by the Reserve Bank of India. Credit card spending rose 17% to ₹1.65 trillion. On June 27, global digital payments provider Visa revealed that non-metro cities such as Dharamshala, Mullanpur, and Visakhapatnam have emerged as the top daily spend locations in India. This insight stems from Visa Consulting and Analytics’ analysis of consumer spending trends during the 2024 summer cricket season. Notably, online transaction volumes rose across all categories, with food and grocery delivery apps witnessing a surge of 23%.

India Finance News, May 15, 2023 — International Aircraft Leasing Firm: India Is a Risky Jurisdiction

1. Indian media reported that two Adani Group companies plan to raise up to USD 2.57 billion from the markets. Adani Enterprises and Adani Transmission announced on Saturday their intention to raise up to USD 2.57 billion from the markets—just months after a short-seller report dented investor confidence and depressed share prices. Adani Transmission stated its board approved a plan to raise up to ₹85 billion (USD 1 billion) from the equity markets. In filings to stock exchanges, Adani Enterprises said its board approved raising up to ₹125 billion (USD 1.53 billion) through a similar mechanism. 2. INOX Air Products, India’s largest industrial and medical gases manufacturer, announced plans to invest ₹30 billion across ten locations nationwide by 2025 to meet growing cross-sectoral demand in the industry. Of the total investment, ₹13 billion will be allocated to build two air separation units at Tata Steel’s facility in Odisha, capable of producing 1,800 tonnes per day of oxygen, nitrogen, and argon. 3. Hero MotoCorp, India’s largest two-wheeler manufacturer, is set to disrupt the premium segment. The company plans to launch nearly 12 new motorcycles and scooters in the current fiscal year. 4. Bharti Airtel and Reliance Jio are vying for consumer attention through the ongoing Indian Premier League (IPL) T20 cricket tournament. Their strategies differ—Airtel is leveraging the IPL to promote its 5G services, while Jio is using it to raise awareness about its new postpaid plans and the features of its JioDive virtual reality headset. 5. Narendra, CEO and Managing Director of Tata Steel, stated that the company sees sufficient growth opportunities within its existing facilities to execute an expansion plan targeting 40 million tonnes of steel capacity in India by 2030—nearly double its current domestic capacity. He added that the steel major continues negotiations with the UK government regarding financial arrangements for its UK operations. The company plans to invest ₹120 billion in capital expenditure for its Indian business. 6. JSW Infrastructure will invest ₹1.52 billion to expand container handling capacity at the New Mangalore Port Trust. In June 2022, the company commissioned its first container terminal at the New Mangalore Port Trust in Karnataka, with an annual cargo handling capacity of 240,000 twenty-foot equivalent units (TEUs). 7. To meet robust housing demand, real estate developer Godrej Properties plans to acquire multiple land parcels this fiscal year, with an estimated revenue potential of ₹150 billion upon development. In the previous fiscal year, Godrej Properties actively acquired land, adding 18 new parcels with an estimated development revenue potential of ₹320 billion. 8. Reliance Jio continues to lead the market in active user additions: in February, it added nearly 3.2 million active users—four times the 0.8 million added by Bharti Airtel. According to data compiled by the Telecom Regulatory Authority of India (TRAI), Vodafone’s active user base continued to shrink (by 0.8 million), even as the overall active user base rose to 1.028 billion. 9. Indian media reported renewed disputes between major tech firms and telecom operators over whether OTT mobile applications—which generate the largest volume of internet data traffic on telecom networks—should bear part of the cost of deploying 5G infrastructure in India. 10. Seven months after Reliance Jio and Bharti Airtel launched 5G services in India, the impasse over providing 5G services both inside and outside airports persists, despite several stakeholder meetings. So far, no timeline has been announced for restoring 5G services at airports or replacing aircraft altimeters. Telecom operators say this places them in a difficult position, as they remain unable to offer 5G services in high-demand areas.

India's Inox Clean Energy Files for $1 Billion IPO

19 hours ago

Inox Clean Energy filed for a $1.04 billion IPO, backed by the INOXGFL chemicals and renewables group, targeting 10 GW power and 11 GW solar manufacturing capacity by FY 2028.

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India's Inox Clean Energy Files for $1 Billion IPO

India's Inox Clean Energy Files for $1 Billion IPO

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