Ankit Doshi
As seen in:
MSN India,
The Economic Times,
Mint,
Financial Express,
VCCircle,
TechCircle,
The Capital Quest
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Articles by Ankit Doshi
FPIs may wait for some steam to blow off a red-hot Street Original
Synopsis With the near-uninterrupted 17% rally from the 2023 lows in March taking domestic benchmark indices to record highs and pushing share valuations to elevated levels, there are concerns that the market may be overheated in the near term which could result in foreigners moderating their purchases of local stocks. Agencies Mumbai: Will overseas investors have the appetite to keep the party on Dalal Street going after pumping billions of dollars into Indian equities in the past four months?
Infosys tanks 7.7% on downgrades; leads sell-off in the IT world Original
Mumbai: Shares of software services giant Infosys plunged 7.7% on Friday - their biggest single-day fall in over three months - after the company slashed its FY24 revenue guidance, triggering downgrades from analysts. The disappointment in earnings forecasts by the sector leaders sparked a sell-off in shares of other companies such as TCS, Wipro, HCL Technologies and Tech Mahindra with the NSE Information Technology (IT) index shedding 4.1% on Friday - its biggest single day fall since April 17.
Casino, gaming stocks crash after 28% GST levy Original
Mumbai: Investors rushed to sell shares of online gaming and casino firms after the GST Council levied the highest slab rate on online gaming, horse racing, and casinos. The decision is expected to impact gaming volumes besides slowing down future foreign investment and the viability of gaming companies - especially in the start-up space - that have recorded impressive growth in recent times, said analysts. The 28% levy is the highest standard rate and typically covers most luxury items.
D-street lapping up HDFC twins with merger entering final leg
Synopsis Investor interest in HDFC Bank and HDFC has increased due to their nearing merger, with delivery volumes on both exchanges seeing an uptick this month. The merger is set to be completed next month and is expected to offer great value to investors. Share deliveries have risen by over 75% as a percentage of total volume, with delivery volumes in HDFC seeing an increase of 27% compared to last month.
D-Street lapping up HDFC twins with merger entering final leg Original
Mumbai: The merger of HDFC Bank and HDFC, which is in its final stages of completion, has renewed investor interest in the lenders with the shares of both the entities witnessing an increase in delivery volume this month. Delivery volumes in a stock usually pick up when investors with long-term interest in the company are buyers. So far in June, an average 49.5 lakh HDFC shares have exchanged hands on both the exchanges.
Nifty could hit 20,000 by next April: Andrew Holland Original
Mumbai: India's Nifty has the potential to touch 20,000 between now and April next year, said Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies, a Mumbai-based hedge fund. In an interview with ET, the money manager said he is more constructive on India's equity markets now than he has been for a long time, and is hoping for a revival in corporate earnings to support his bullish thesis.
Banks, rate-sensitive sector shares decline Original
Mumbai: Shares of banking and rate-sensitive sectors retreated in a late sell-off on Thursday as traders digested the policy decision by the Reserve Bank of India (RBI) after the central bank reiterated its decision to leave interest rates unchanged "is not a pivot but only a pause". The Bank Nifty snapped its four-day winning streak to slip below 44,000. The gauge of top banking stocks settled at 43,995.25, down 277.05 points or 0.63% from the previous close.
Impact of any US recession on D-Street to be far less than earlier: Ridham Desai Original
SECTIONS Impact of any US recession on D-Street to be far less than earlier: Ridham Desai By & , ET BureauLast Updated: Jun 07, 2023, 06:23 AM IST Synopsis The bull market started during the Covid panic in April 2020. We continue to be in a bull market and a new high is around the corner.
Sun facing some clouds is still a buy for analysts
Mumbai: Analysts remained hopeful of Sun Pharma's long-term growth prospects, advising clients to buy the stock but lowered price targets after the pharma major's fourth-quarter revenue beat analysts' expectations but missed estimates at an operating level. Shares declined nearly 2.5% in Monday's trading before recouping most of its losses. The stock eventually closed at ₹968.50, down 0.14% from the previous close.
Analysts pencil in 38% upside for M&M after a robust Q4 Original
Mumbai: Analysts reiterated their bullish calls on Mahindra and Mahindra (M&M) after its fourth-quarter earnings beat analyst estimates, driving its stock up by as much as 5.4% in Monday's trades. Most analysts raised their price targets and expect the stock to yield as much as 38% upside potential from the current levels. Shares of the Mumbai-based automotive company ended at ₹1,325.05 apiece, up 3.7% from the previous close.
Traders cut bearish bets at May expiry, Nifty recovers from lows Original
Business News›Markets›Stocks›News›Traders cut bearish bets at May expiry, Nifty recovers from lows SECTIONS Traders cut bearish bets at May expiry, Nifty recovers from lows By , ET BureauLast Updated: May 26, 2023, 05:50 AM IST Synopsis On Thursday, when the NSE's May contracts expired, traders cut their bearish bets and carried forward bullish positions, helping the benchmark indices eke out gains in a late rally after trading lower for most of the trading session.
Brokerages bullish on PB Fintech, raise price targets Original
Mumbai: Analysts remain upbeat on PB Fintech, owner of online insurance aggregator PolicyBazaar, and raised their respective price targets after fourth-quarter earnings showed further narrowing of losses, with the business breaking even at the operating level. Shares of PB Fintech opened over 5% higher in Tuesday's trading but could not hold on to any gains, ending at ₹617 on the NSE, down 0.35% from the last close.
Analysts hopeful of BPCL's recovery post strong Q4 Original
Mumbai: A handful of analysts raised their price targets on Bharat Petroleum Corp (BPCL) after the state-owned oil refiner posted strong fourth-quarter earnings. The company's standalone net profit surged 159% aided by refining margins. Shares of BPCL surged as much as 2.6% before closing the day at ₹366.20 apiece on the NSE, up 1.27% from the previous close.
Analysts bullish on SBI after strong Q4
Analysts reiterated their bullish calls on SBI and told investors to buy the stock after India's largest lender reported 83% y-o-y growth in fourth quarter net profit at ₹16,695 crore, beating Street estimates. SBI's shares rose as much as 2.1% before giving up most of their early gains in a choppy trade. The stock eventually closed at ₹575.65 apiece on the NSE, up 0.25% from the previous close.
ITC's dream run on D-Street to continue
Synopsis ITC shares fell as much as 2% in early trade before recovering all its losses to end marginally in the green. The stock closed at ₹420.10 apiece on the NSE, up 0.10% from the previous close. Agencies Analysts tracking ITC reiterated their bullish calls on the stock and raised price targets after the diversified cigarette-to-hotels conglomerate reported strong fourth quarter earnings that beat analyst expectations.
Analysts bullish on Airtel, see investor returns of up to 27% Original
Mumbai: Analysts reiterated their bullish calls on Bharti Airtel and advised investors to buy the stock on the premise it can deliver returns of as much as 27% from current levels. Shares of Bharti Airtel advanced as much as 1.3% in Thursday's trading before closing the day at ₹800 on the NSE, up 0.98% from the previous close with a spike in trading volumes. More than 10 million shares exchanged hands on both exchanges, up nearly 2.3 times its combined average daily volume.
Rumble in Karnataka brings jitters to Dalal Street Original
Mumbai: The recent strength on Dalal Street could be tested following the defeat of the Bharatiya Janata Party in last week's Karnataka State Assembly elections. The setback for the ruling party in the polls has soured investor sentiment to some extent, which could result in the Nifty declining about 2% in the near term after rising in an almost linear fashion from the low points of March, analysts said.
Street positive on L&T, expects 25-30% upside Original
Mumbai: Most analysts remained upbeat on the prospects of Larsen & Toubro's (L&T) shares even as the fourth-quarter earnings at the Mumbai-based engineering and construction conglomerate fell short of market expectations, triggering the biggest single-day fall in the stock price in three years on Thursday. L&T fell over 5% on the bourses. The shares made an intraday low of ₹2,237.35 apiece on the NSE in Thursday's trading before closing at ₹2,242.15, down 5.17%.
Analysts fret about DRL's prospects, slash targets Original
Mumbai: Shares of Dr Reddy's Laboratories tanked nearly 7% Thursday, its biggest single-day fall in two-and-a-half months, as analysts flagged concerns over future growth prospects despite a 10-fold growth in fourth quarter consolidated net profit and dividend to shareholders. The Hyderabad-based pharma major was the biggest loser on the bourses with trading volume rising nearly 10 times after a majority of the analysts slashed their price targets.
Zomato slides 7% on fears ONDC may hit profitability Original
Mumbai: Investors dumped shares of Zomato causing the stock price to drop as much as 7% in Tuesday's trading following Invesco's sharp markdown of rival Swiggy's valuations and fears of the food-tech sector being disrupted by a new entrant - government-backed ONDC (Open Network For Digital Commerce). Shares of Deepinder Goyal-led online food aggregator fell to ₹60.30 apiece on the NSE - its lowest in two weeks, before settling at ₹61.40, down 5.39% from the previous close.
HealthQuad raises second fund; Investec, Insitor hit fundraising milestones
Healthcare-focused venture capital firm HealthQuad has marked the final close of its second fund that managed to pool more than twice its target. HealthQuad Trust II, launched in 2020, closed at $162 million (Rs 1,226 crore). It was looking to raise $73.4 million and had marked the first close at $68 million.
PE firm Lighthouse ups stake in plastics parts maker
Mid-market private equity firm Lighthouse Funds that had returned to bet on a plastics parts maker it had first backed nearly a decade and a half ago, making at least its third investment transaction of 2021, has gone ahead and hiked stake in the company. The PE firm, which is [...]
OfBusiness arm Oxyzo leaps into unicorn club with $200 mn Series A funding
Oxyzo Financial Services, the lending arm of industrial goods procurement platform OfBusiness, has raised $200 million in a Series A funding round to join a dozen other Indian startups to enter the unicorn club this year. Oxyzo raised the money from a bunch of investors led by Alpha Wave Ventures at a valuation of $1 billion in the largest ever external fundraise by an Indian startup in the first venture round.
Everstone's warehousing platform IndoSpace sets sight on West India projects
IndoSpace, an industrial real estate joint venture between Indian private equity firm Everstone Group and US-based GLP, has initiated a process to add new assets in the western region. The firm, which has grown to become one of the largest industrial real estate owners in the country, will invest as much [...]
EverSource takes control of EV firm Lithium Urban as Lightrock exits
EverSource Capital, a joint venture of Indian private equity firm Everstone Capital and the UK-based Lightsource BP, has acquired a majority stake in electric vehicle fleet operator Lithium Urban Technologies Pvt. Ltd. The deal comes barely two months after EverSource marked the final close of the Green Growth Equity Fund (GGEF), India's largest climate impact fund, at $741 million.
Zomato to lend $150 mn to SoftBank-backed Blinkit ahead of possible merger
Food delivery company Zomato Ltd will lend $150 million (about Rs 1,150 crore) to Grofers India Pvt. Ltd, which rebranded itself to Blinkit last December, in what may be a precursor to its acquisition of the grocery delivery company. Blinkit will get the money in one or more tranches, Zomato informed the stock exchanges on Tuesday. Zomato will charge an interest rate of at least 12% per annum for the loan not exceeding one year.
Kedaara Capital beats benchmark PE returns with latest exit move
Indian private equity firm Kedaara Capital, which began 2022 with a full exit from Manyavar via the ethnic wear firm's initial public offering, has recorded another liquidity event as it moves forward to raise its third fund. The PE firm had a busy 2021 with two control deals and a [...]
Mindtree founders' VC firm Mela Ventures raises $42 mn for maiden fund
Indian early-stage venture capital firm Mela Ventures has marked the final close of its maiden technology fund at Rs 320 crore ($42.2 million) after receiving commitments from a mix of global and domestic investors. Bengaluru-based Mela Ventures, led by founders of Mumbai-listed software services company Mindtree, has roped in institutional investors, technology professionals as well as family offices.
ADQ, PE backers may reinvest in Biocon Biologics as valuation soars
Biocon Biologics Ltd has agreed to buy the biosimilars assets of US-based Viatris for $3.335 billion (Rs 25,000 crore) in a deal that it will partly finance with help from its existing investors at a valuation sharply higher than before. The privately held unit of Biocon Ltd is making the [...]
IvyCap Ventures may upsize third fund after hitting first close
Indian early-stage investor IvyCap Ventures has marked the first close of its third fund at Rs 1,608 crore ($214 million), with a majority of the capital commitments coming from existing investors. Mumbai-based IvyCap, which floated IvyCap Ventures Trust Fund III in July 2018, has raised capital from banks, insurance companies, mutual funds, family offices and government institutions.
Lighthouse, IIFL, Avendus in sweet spot as Bikaji Foods files for IPO
By Growth equity investor Lighthouse Funds and Indian investment firms IIFL and Avendus will likely score strong gains from Bikaji Foods International Ltd as the snacks maker prepares to float an initial public offering. Bikaner, Rajasthan-based Bikaji Foods has filed a draft prospectus with the Securities and Exchange Board of India [...]
Bain-Piramal's IndiaRF fund looks to make a killing from maiden bet
By The India Resurgence Fund, an investment platform set up by private equity firm Bain Capital and Indian conglomerate Piramal Enterprises, is likely to walk away with stellar returns by partially exiting its first investment. IndiaRF, which makes distressed assets and special situation investments across sectors, intends to sell part of [...]
PE firm True North expands exit pipeline with stellar returns in sight
Indian private equity firm True North has made its fourth exit move within seven weeks, stretching its monetisation drive with multiple portfolio companies as part of efforts to prepare for floating a new fund. True North had hit a partial or full exit from at least eight companies in 2021, [...]
Warburg Pincus in advanced talks for India med-tech deal
Private equity firm Warburg Pincus, which has come off a particularly active year in India with multiple exit moves in 2021 and is on course for a new control deal in the engineering sector, is in advanced talks to strike a transaction in the med-tech field, The Capital Quest has learnt. The [...]
Mamaearth parent, Cult.fit, Shiprocket strike M&A deals
Honasa Consumer Pvt Ltd, which owns Mamaearth and The Derma Co, has acquired BBlunt chain of hair salons as well as the hair colour and styling product company from Godrej Consumer Products Ltd (GCPL) for Rs 134 crore. As part of the deal, GCPL will get Rs 84.5 crore in exchange for a 100% stake in the BBlunt brand of hair styling products and a 30% stake sale in BBlunt salons. The rest of the proceeds will go to BBlunt's founding team and other shareholders of Bhabani Blunt Hair Dressing Pvt Ltd.
Affirma Capital nears exit from decade-long India bet with over $250 mn
By Affirma Capital, an independent investment house set up by the former management team of Standard Chartered Private Equity that has been managing its legacy bets, is fully signing off from a decade-old portfolio company. Singapore-headquartered Affirma, which last year made modest returns from engineering services firm Craftsman Automation and is [...]
Sequoia, True North to score modest returns via partial exit in Cloudnine IPO
Venture capital firm Sequoia Capital and Indian private equity firm True North may score modest returns by selling half their stake in the proposed initial public offering of maternity and infant care chain Kids Clinic India Ltd. Bengaluru-based Kids Clinic, which operates a chain of clinics under the brand name [...]
Nikhil Vora's Sixth Sense Ventures exits debut bet with weak returns
Venture capital firm Sixth Sense Ventures has sold its stake in an Indian retailer of luxury watches, marking an exit from its first-ever investment made seven years ago with what appears to be a below-par returns. The consumer-focused VC firm, founded by former IDFC Securities managing director Nikhil Vora, divested [...]
How the big India bet of Kiwi billionaire's Clermont Group is panning out
By Tamarind Capital, a private equity firm that is part of New Zealand-born billionaire Richard Chandler's Singapore-based investment firm Clermont Group, has sold a bulk of its stake in an Indian financial services company it had backed four-and-a-half years ago. Tamarind and another Clermont Group firm, Cinnamon Capital, had in mid-2017 [...]
Partners Group strikes bolt-on deal in Indian education sector
By Swiss alternative investment firm Partners Group, which garnered $15 billion last September to make private equity bets, has struck a bolt-on transaction in India's education sector. The investment firm had a mix of big bets and exit moves in India last year. It bought a controlling stake in fibre-optic broadband provider Atria Convergence [...]
ChrysCap-backed Safex, Airtel, Tata Steel, Gupshup, UpScalio, UST in M&A action
ChrysCapital-backed agrochemicals company Safex Chemicals India has acquired Gujarat-based firm Shogun Lifesciences Pvt. Ltd to diversify its agriculture-to-home care portfolio. Safex did not disclose the deal value but said it routed the acquisition through its wholly-owned subsidiary Shogun Organics, which it had acquired last year.
Apollo Global, which ended its joint venture with ICICI Venture in 2020 and is reviving its own private investment practice in India, is set to seal its second deal in the country within seven months that would give it additional exposure to the non-banking finance business. The American alternative investment [...]
Why Manyavar is eyeing 5x valuation compared with womenswear maker W, Aurelia
Vedant Fashions Ltd, which owns and operates multi-brand ethnic wear labels such as Manyavar and Mohey, is seeking a valuation of as much as Rs 21,000 crore (about $2.8 billion at) through an initial public offering that will help its private equity backer exit its investment. The Kolkata-based company has [...]
Former Nishith Desai Associates lawyer floats new law firm
Top deals lawyer Ruchir Sinha, who left law firm Nishith Desai Associates in late 2020 to join Touchstone Partners, has moved out with the Mumbai team to launch a new firm that will focus on complex cross-border transactions. The new firm, Resolut Partners, is not a full-service law firm. Instead, [...]
KKR-backed Avendus acquires Spark Capital's equity market business
Avendus Group has acquired Chennai-based Spark Capital's institutional equities and capital markets business, added a fifth vertical after transaction advisory, asset and wealth management, and credit businesses. As per the agreement, a team of nearly 80 people led by Ganesh Jayaraman will join KKR-backed Avendus to continue running the operations, the Mumbai-based financial services company said. Avendus didn't disclose any financial details of the deal.
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