After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.
Tata Consumer, which announced the acquisition of Capital Foods and Organic India plans a Rs3500 crore rights issue. The company also plans to raise debt to fund the two acquisitions. The company has Rs3000 crore of cash on its books and will raise another Rs4000 crore through a mix of debt and equity. (Economic Times, Financial Express)
Reduce lending to smaller NBFCs: RBI
The RBI has asked large non-bank financial companies to reduce lending to smaller NBFCs in a bid to reduce unsecured lending. These small companies often play a dominant role in the small ticket personal and business loan segment. At present the loan exposure of large NBFCs to smaller NBFCs is 15-40 percent. Piramal Finance has 19 percent exposure to NBFCs while Aditya Birla Capital has 27 percent. (BusinessLine)
India Inc worried about end of manufacturing tax sops
Indian companies are awaiting clarity on the end of the 15 percent tax rate on manufacturing that is set to expire in March 2024. Companies have petitioned the Ministry of Finance and are awaiting clarity on whether the tax sops will be announced in the interim Budget. The companies are asking for an extension on account of the time lost during the covid pandemic. (BusinessLine)
Bengaluru has more private cars than Delhi
Bengaluru now has more private cars than Delhi. The number of private cars registered in Delhi was 2.071 million units as on March 2023 while Bengaluru had 2.233 million cars registered. The number of vehicles in Delhi has fallen on account of the ban on diesel and petrol vehicles beyond 15 and 10 years respectively, according to the Delhi Statistical Handbook 2023 (Business Standard)