Insights
Our take on developments in Economics, Stock Markets, Primary Market, Fund Raising, Debt, Private Equity and M&A deal Making.
Capital Market Update January 2021
The optimism around vaccines has led to gains in stock markets. Economic activity index (EAI) estimates real GDP growth of Q3: 2020-21 at 0.1 per cent. IPOs of Mrs. Bectors Food Specialities Limited and Burger King India Limited came in the month of December 2020 and were listed at high premiums.
Capital Market Update December 2020
The stock markets have registered strong gains of over 10% in November due to hopes of quick vaccine, economic revival and abundant liquidity.
Capital Market Update November 2020
Indian Economy performed above market expectations in Q3 at GDP growth rate of 0.1%. Optimism in markets have also continued in light of Covid vaccines. IPOs of Mrs. Bectors Food Specialities Limited and Burger King India Limited came in the month of December and were listed at high premiums.
PE: Zomato raises fresh equity and prepares for IPO
Zomato has raised funds in a investment round at the valuation of $3.9 billion and is also in process of closing a secondary transaction. It has plans to go public in near future.
Stock Markets Update December 2020
BSE Sensex went up by 8.46% in December 2020. Markets gained due to expectation of quick arrival of Covid-19 vaccines, slowing of Covid-19 infections, abundant liquidity, expectation of economic rebound in Q3 and fund inflows from FPIs.
Economic Update November 2020
Indian Economy is pulling out of Covid-19’s impact and recovering at a pace that beats most predictions as per RBI Report.
IPO: Gland Pharma IPO subscribed 2.05 times
Hyderabad based Gland Pharma Ltd. is an injectable-focused company. The issue price of the it’s IPO was kept Rs. 1490 to Rs. 1500 per share at P/E of around 30.
IPO: Equitas Small Finance Bank IPO listed at discount
Equitas Small Finance Bank is a small finance bank founded in 2007. The Bank’s IPO was at issue price of Rs.33 at P/E ratio of around 13.5.
Stock Markets Update November 2020
BSE Sensex went up by 11.45% in November 2020. Expectation of quick arrival of Covid-19 vaccines, slowing of Covid19 infections, abundant liquidity, economic revival and hopes of end to Covid-19 pandemic are the key reasons for strong performance of market in November 2020.
PE: Reliance Retail raises funds by diluting 10%
Reliance Retail Ventures Limited completes fund raise Rs. 47,265 Crore for 10.09% stake in the company.
PE: Biocon Biologics raises Rs.1125 Crore from Goldman Sachs
Biocon Ltd. announced that the Board of its subsidiary Biocon Biologics Ltd has approved a Rs.1,125 Crore fund raise from Goldman Sachs. Goldman Sachs will be issued Optionally Convertible Debentures at a post money equity valuation of USD 3.94 Billion.
M&A: Manipal Hospitals to acquire Columbia Asia Hospitals in India
Manipal Health Enterprises Pvt. Ltd. will acquire the Indian assets of Columbia Asia Hospital Group for around Rs.1800 Crore.
M&A: Merger of Lakshmi Vilas Bank with DBS
Short case study of Lakshmi Vilas Bank (LVB) as RBI merges it with DBS Bank. LVB faced increasing NPAs after its focus changed from retail book to corporate book. As LVB’s fund raising and M&A attempts failed, the bank was merged to protect depositors.
M&A and PE Key Deals November 2020
Read about the PE deal of Razorpay raising funds to enter unicorn club. Also read about M&A deal of Infosys acquiring Blue Acorn as well as Flipkart buying stake in Aditya Birla.
M&A and PE Key Deals October 2020
Read about the education startups Byju’s and Unacademy raising funds and M&A deal of Reliance Retail acquiring business from Future Group
Growth of Indian Capital Markets – ACAE Journal
I was invited by the ACAE Kolkata to write about changing dynamics of Indian Capital Markets. The article is about brief understanding of Indian capital markets, recent developments and the way forward.
Capital Market Update October 2020
Happy Diwali everyone. In this update read about expectations of revival of the Indian economy and green shoots, fund raising by education startups Byju’s & Unacademy and Reliance Retail’s acquisitions.
Capital Market Update September 2020
Read about fund raising by private banks through QIP, contraction in GDP, continued gains of stock markets and open offer of ABB power after indirect acquisition by Hitachi in the capital market update of September.
Secondary Market Update Sep 2020
Read about fund raising by private banks through QIP, contraction in GDP and continued gains of stock markets in the secondary market update.
M&A and PE Key deals Sept 2020
Read on about a short M&A case study on open offer of ABB power, Reliance Retail acquiring stake in Netmeds and Inventia healthcare raising money from InvAscent PE Fund in M&A and PE update for Sept 2020.
Capital Market Update August 2020
Read on about continued gains of stock market, rally in IT stocks, all time high Gold prices and improving investors sentiments in our capital market update. Also read about Google’s investment in RIL JIO, fund raising by Flipkart and KKR’s acquisition of J. B. Chemicals.
Capital Market Update July 2020
Read on about recent stock market rally and liquidity impact, post covid economic recovery and rational of RIL JIO and FB deal in our capital market update published in CA Association Journal.
Primary & Secondary Market Update Aug 2020
Read on about continued gains of stock market, rally in IT stocks, all time high Gold prices and improving investors sentiments in our capital market update published monthly in CA Association Journal.
M&A and PE Key Deals August 2020
Key Merger & Acquisitions and Private Equity deals of August 2020 including that of Google investment in RIL JIO, fund raising by Flipkart and KKR’s acquisition of J. B. Chemicals and subsequent open offer.
Valuation Compliance in Indian Law
Summary of requirement of valuation certificate from Registered Valuer, MB or CA under Companies Act Income Tax Act, SEBI Regulations and FEMA regulations.
Impact of Coronavirus on Capital markets and Economy
With a third of world under lockdown, the Coronavirus pandemic has now started to affect economy. We examine its impact on capital market activities like IPO, PE, M&A and global and Indian stock markets. IMF along with other think tanks expect that world may see recessionary trends in 2020, we go thru their assessment and steps taken by governments to stabilize economies.
Capital Markets Update February 2020
Our monthly take on Funds mobilization, capital markets, debt funding and economy. This update discusses the first advance estimates (FAE) released by the National Statistical Office (NSO) that placed India’s real gross domestic product (GDP) growth for 2019-20 at 5.0 per cent.
Capital Markets Update January 2020
Our monthly take on Capital markets, debt funding, private equity, Merger & Acquisitions and economy. This update discusses slowdown of India’s GDP growth in light of IL&FS crisis and subdued global economy.
Capital Markets Update December 2019
Our monthly take on Capital markets, debt funding, private equity, Merger & Acquisitions and economy. This update discusses economic updates of last month and signs of recovery in Indian Economy.
Capital Markets Update November 2019
Our monthly take on Capital markets, debt funding, private equity, Merger & Acquisitions and economy. Article discusses Repo rate cut by RBI’s monetary policy committee and its impact on economy.
Capital Market Update October 2019
Our monthly take on Capital markets, debt funding, private equity, Merger & Acquisitions and Economy. This update was published by Chartered Accountant Association Journal. It discusses Corporate Tax cuts and impact on investments.
Hostile takeovers and case of L&T Infotech and Mindtree
L&T Infotech takeover of Mindtree Ltd. can be considered one of the first hostile takeover in Indian History. This post discusses the case study and theory of hostile takeovers. We will also discuss different strategies to defend against hostile takeover.
Capital Markets Update July 2019
In wake of IL&FS and banking sector crisis the Indian economy is slowing down its pace primarily due to liquidity crunch. The estimated growth rate of economy has also been revised to 7% from 7.2% in April by RBI. The Indian economy has grown by 6.8 per cent in...
Fund Raising Strategies for Companies
Article discusses various sources of funds available to companies and strategies to increase the value of business by optimising the capital structure. The article was published by C.A. Association Journal and was referenced in the index of useful articles by The Chartered Accountant, Journal of ICAI.
Case Study Short Term Bank Loan ₹60 Crore
Summary An EPC company won a big project for installations of renewable power plant to be completed in 6 months’ time. Company had to raise funds immediately for successful completion but was constrained by weak financials. Our advisory helped the company raise...