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New Delhi, Shares of <keyword id="19930937" type="General" weightage="20" keywordseo="jm-financial" source="keywords">JM Financial</keyword> on Wednesday tanked over 19 per cent after the Reserve Bank imposed restrictions on group firm <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> Ltd after finding that the company indulged in various manipulations. The stock tumbled 19.29 per cent to Rs 77.10 on the BSE. At the NSE, it plummeted 18.75 per cent to Rs 77.55. The company's market capitalisation (mcap) declined by Rs 1,484.53 crore to Rs 7,643.63 crore. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after finding that the company indulged in various manipulations, including repeatedly helping a group of its own customers to bid for various IPOs by using loaned funds. In a major regulatory action, the central bank has barred the systemically important non-deposit-taking NBFC from providing any kind of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) of shares as well as against subscription to debentures. The restrictions are with immediate effect. Besides directing the entity to "cease and desist" from financing activities, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) said it is separately examining any possible regulatory violations and deficiencies on the part of the banks concerned. JM Financial Products has been allowed to continue to service its existing loan accounts through the usual collection and recovery process. In a statement, the RBI said the actions were "necessitated due to certain serious deficiencies observed in respect of loans sanctioned by the company for IPO financing as well as NCD (Non-Convertible Debentures) subscriptions". JM Financial Products offers a broad suite of loan products. Broadly, it operates under five verticals -- capital market financing, retail mortgage financing, bespoke financing, financial institution financing, and real estate financing, as per its website.

JM Financial shares tank over 19%, mcap declines by ₹1,484 crore

Mumbai, The <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> on Tuesday barred <keyword id="20838865" type="General" weightage="20" keywordseo="jm-financial-products-ltd" source="keywords">JM Financial Products Ltd</keyword> from providing any form of financing against shares and debentures, including sanction and disbursal of loans against <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, with immediate effect. The company can, however, continue to service its existing loan accounts through the usual collection and recovery process, the Reserve Bank said in a statement. <keyword id="20838864" type="General" weightage="20" keywordseo="jm-financial-products" source="keywords">JM Financial Products</keyword> has been directed to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures. RBI said the action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company for IPO financing as well as NCD subscriptions. The RBI carried out a limited review of the books of the company on the basis of the information shared by the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (SEBI). The business restrictions imposed will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

RBI bars JM Financial Products from financing against shares, debentures

<ul><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> zoomed as the US <keyword id="19900043" type="General" weightage="20" keywordseo="fed" source="keywords">Fed</keyword> maintained a soft monetary policy outlook, driving a fall in the dollar.</li><li>Experts however sound caution as the metal hits a fresh high for the second time this March.</li><li>Fresh buys can wait and some profit booking can be done at these levels, say experts. </li></ul>Gold prices hit another high on Thursday to ₹66,778 per 10 grams on the <keyword id="19925779" type="General" weightage="20" keywordseo="mcx" source="keywords">MCX</keyword> on Thursday morning trade. As it hit a fresh high for the second time this March, the yellow metal might see profit taking, believe experts. The metal’s prices zoomed as the US Fed maintained its outlook for a soft monetary policy, indicating three rate cuts this year. The yellow metal’s spike was supported by a sell-off in the US dollar after the <keyword id="19904332" type="General" weightage="20" keywordseo="federal-reserve" source="keywords">Federal Reserve</keyword> decision. “Markets are now pricing in a greater chance, around 70%, that the Fed will begin cutting interest rates at the June policy meeting, up from 55% before the Fed policy. The US Dollar declined, and international gold prices touched new highs in response to this dovish hold,” said Ghazal <keyword id="19950697" type="General" weightage="20" keywordseo="jain" source="keywords">Jain</keyword> Fund Manager- Alternative Investments, <keyword id="20391056" type="General" weightage="20" keywordseo="quantum-amc" source="keywords">Quantum AMC</keyword>. Book profits, re-enter at a lower price, say experts Experts however sound caution as the metal hits staggering heights. It was trading close to $2,225 per ounce in the international markets. Gold futures also increased 2.12% to $2,228.60 per ounce in New York. In India, contracts for April delivery rose 1.54% at ₹66,764 per 10 grams as investors built fresh positions. “We see some signs of caution, as well as their (Fed’s) projections, show an upward revision in economic growth to 2%, core-PCE inflation at 2.6% and an unemployment rate of 4% by year-end, which would make their rate cut task a little difficult,” observes <keyword id="21039523" type="General" weightage="20" keywordseo="pranav-mer" source="keywords">Pranav Mer</keyword>, VP, EBG - commodity &amp; currency research at <keyword id="20197853" type="General" weightage="20" keywordseo="jm-financial-services" source="keywords">JM Financial Services</keyword>. So much so, that a few even advise investors to book some profits at these prices. “While the fundamental backdrop of lower interest rates and geopolitical uncertainty looks supportive for gold, some profit-taking can be done at these levels. Fresh buys can wait for price dips,” says Jain. Agrees Mer, “Although we still maintain a positive in gold, we do expect some profit-booking, which can give us an opportunity to enter at a lower level.” Most analysts peg gold’s support levels at around ₹66,000/10 gm, though they believe that it has long-term potential to hit anywhere between ₹67,450-₹67,900.

Gold could see profit taking as it hits another new lifetime high

New Delhi, Global electrification, previously driven by strong electric vehicle sales, is now showing signs of growth moderation despite supply chain normalisation and price reductions by OEMs, as per a report by <keyword id="20309623" type="General" weightage="20" keywordseo="jm-financial-institutional-securities" source="keywords">JM Financial Institutional Securities</keyword>. Global automakers like <keyword id="19911527" type="General" weightage="20" keywordseo="mercedes" source="keywords">Mercedes</keyword>, Ford, GM, VW are scaling back EV investments and turning towards <keyword id="19906936" type="General" weightage="20" keywordseo="hybrids" source="keywords">hybrids</keyword> due to shifting consumer preferences and challenges like inadequacy and slow pace of charging infrastructure expansion. We believe the situation is no different in India, the analysts said. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> reduced its EV sales estimate and prices recently to boost adoption, citing similar hurdles. MSIL, with its tech-agnostic approach (Hybrids, EVs, CNG, Flex-fuel, etc.), is well-positioned (&amp; hedged) amidst slowing pace of electrification, the report said. Reports indicate of MSIL's strong Hybrid model launch pipeline going forward (five models in next 2-3 years). Tax rationalisation on hybrids could act as a fillip and shift consumer preference towards this choice of powertrain, it added. Till last year, global electric vehicle sales continued to outpace supplies (partially owing to semiconductor shortages) with OEs' orderbook piling to record levels. However, despite normalisation of supply chain, pace of electrification seems to have moderated. Reduction in EV prices (by <keyword id="19895433" type="General" weightage="20" keywordseo="tesla" source="keywords">Tesla</keyword>, Ford etc.) to drive wider adoption also isn't helping. Global automakers like Mercedes, Ford, GM, VW have deferred EV related investments, reduced their EV sales guidance indicating moderation in EV growth going ahead, the research said. Few of these auto OEMs are turning their focus back to Hybrids amidst shifting consumer preference. Domestic demand scenario for electric PVs is no different. Recently, Tata Motors (market leader with 73% share) reduced its FY24 EV sales estimate by 20% (to 75-80K units) and also cut prices by upto Rs 125K/vehicle to drive wider adoption. Lack of adequate charging infra and hesitant customers (to pay premium over ICE vehicles) are the primary reasons for slower EV adoption, the report said. Currently, MSIL is working on multiple technologies (Hybrids, EVs, Flex-fuel and Bio-gas in addition to ICE/CNG) as the company believes multiple technologies can co-exist in the medium-to-long term. Its current tech-agnostic approach is again a well thought-out approach against committing resources to a single technology, the report said.

Global automakers scale back electric vehicles, turn towards hybrids

New Delhi, The initial public offer of information and communications technology products distributor <keyword id="20436645" type="General" weightage="20" keywordseo="rashi-peripherals" source="keywords">Rashi Peripherals</keyword> got fully subscribed on the first day of bidding on Wednesday. The <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> received bids for 1,54,17,936 shares against 1,42,37,289 shares on offer, garnering a 1.08 times subscription, as per NSE data. The portion for non-institutional investors subscribed 1.87 times, while the quota for retail individual investors (RIIs) received 1.36 times subscription. The category for qualified institutional buyers (QIBs) got subscribed 1 per cent. The Rs 600-crore initial public offer (IPO) is in a price range of Rs 295-311 a share. The IPO is completely a fresh issue of equity shares. Rashi Peripherals on Tuesday mobilised Rs 180 crore from anchor investors. Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes. Last month, Rashi Peripherals raised Rs 150 crore from institutional investors in a pre-IPO funding round. <keyword id="20400939" type="General" weightage="20" keywordseo="jm-financial-limited" source="keywords">JM Financial Limited</keyword> and <keyword id="20005262" type="General" weightage="20" keywordseo="icici-securities" source="keywords">ICICI Securities</keyword> are the managers to the offer. Shares of the company are proposed to be listed on <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> and NSE.

Rashi Peripherals IPO fully subscribed on Day 1 of offer

The capital generated through mainboard <keyword id="19898327" type="General" weightage="80" keywordseo="ipo" source="keywords">IPO</keyword>s dipped slightly to just over Rs 52,000 crore in 2023 amid global volatility driven by rising interest rates and geopolitical risks, while the number of issues rose. Experts maintain a strong bullish outlook on the IPO market for 2024. Excluding LIC's blockbuster maiden public issue of Rs 20,557 crore in 2022, initial public offering (IPO) collection actually increased by 36 per cent this year. Notably, mid and small-cap companies were in flavor this year, given the considerable tailwind in the markets. The market environment for IPOs has been extremely robust in 2023, though the start of the year was tepid due to global headwinds. "A key reason for the strong interest in IPOs has been an increased focus on profitability and reasonable pricing of deals, at least relative to prevailing higher valuation multiples in listed peers. Another strong pillar of the Indian market ecosystem is the robust yet efficient regulatory framework," said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors. V Prashant Rao, Director &amp; Head - ECM, Investment Banking, Anand Rathi Advisors, believes that the momentum of 2023 will roll over to 2024 and that could be a golden period for Indian primary markets. "We hold a strong bullish outlook on the IPO market in 2024. This optimism is buoyed by robust domestic and foreign investments, driven by superior growth prospects of the Indian markets. The inflows are expected to gain even more momentum once the uncertainties related to the elections are resolved," said Neha Agarwal - MD &amp; Head, Equity Capital Markets, <keyword id="19930937" type="General" weightage="50" keywordseo="jm-financial" source="keywords">JM Financial</keyword>. Around 24 companies, which have already received clearance from the markets regulator Sebi but are yet to launch their IPOs, are looking to raise over Rs 26,000 crore. Add to this, 32 more companies have filed their draft papers with Sebi and are awaiting clearances to mobilise more than Rs 35,000 crore, according to data provided by <keyword id="19930934" type="General" weightage="50" keywordseo="prime-database" source="keywords">Prime Database</keyword>. Going by the industry data, as many as 58 maiden public issues have been floated this year to raise Rs 52,637 crore, including Rs 3,200-crore IPO of Nexus Select Trust REIT. The fund mobilization in 2023 was lower than 40 companies raising Rs 59,302 crore last year. This was largely due to the Rs 20,557-crore LIC issue, which constituted as much as 35 per cent of the total amount raised during 2022. Before that, 63 companies had mobilized Rs 1.2 lakh crore through the initial share sales in 2021, which was the best IPO year in two decades. This fundraising was driven by excessive liquidity and increased retail investor participation, which spurred a persistent euphoria in the primary market. In the past three years, more than 150 mainboard IPOs have come for listing. "Despite high global volatility due to rising interest rates and geopolitical risks, 2023 was a very good year for Indian IPO markets," JM Financial's Agarwal said. Of the total 58 issues, 38 were floated during September and December. The big size issues were missing in 2023 with an average ticket size of Rs 865 crore. The same was the case last year too. Except for LIC and Delhivery, the majority of the IPOs were in the sub-Rs 1,500 crore IPO category. Mankind Pharma IPO (Rs 4,326 crore) was the largest issue of 2023, followed by <keyword id="19930935" type="General" weightage="50" keywordseo="tata-technologies" source="keywords">Tata Technologies</keyword> (Rs 3,042 crore), JSW Infrastructure (Rs 2,800 crore), RK Label (Rs 1,964 crore), and Cello World (Rs 1,900). The smallest IPO in the period was <keyword id="19930936" type="General" weightage="50" keywordseo="plaza-wires" source="keywords">Plaza Wires</keyword>, which raised Rs 67 crore. "With the markets showing considerable tailwinds, the mid and small-cap companies are in flavour and will continue to rule the roost," Anand Rathi Advisors' Rao said. Going public provides companies with extra funds for expansion, working capital, and debt repayment. It also boosts the company's visibility, attracting more business opportunities. Further, long-time investors often see the IPO as an exit strategy. Interestingly, the IPO subscription ratio has been on the higher side this year, with some of the issues, including <keyword id="19904719" type="General" weightage="50" keywordseo="motisons-jewellers" source="keywords">Motisons Jewellers</keyword>, Plaza Wires, Utkarsh Small Finance Bank and ideaForge Technology getting subscribed more than 100 times. The huge interest in IPO launches translated into listing gains as well. Of the companies listed this year, 47 companies are trading above their issue price and only four firms are trading below their issue price. Some of the firms gave positive gains ranging from 0.25 per cent to 228 per cent. Sectors such as industrial, consumer discretionary, and healthcare continued to drive the IPO market. These sectors collectively cumulated to more than 50 per cent in terms of both the number of issues and the funds garnered. Additionally, technology and finance made significant contributions. Apart from main-board IPOs, a spate of public offers was seen on the SME segment. A total of 175 Small and medium enterprises (SMEs) collected a record Rs 4,545 crore through the initial share sales this year, as compared to 109 such firms that collected Rs 1,875 crore in 2022. Before that, SME IPOs had garnered Rs 746 crore in 2021. Interestingly, the magnitude of subscription rates in a dozen of companies was more than 300 times and around 51 companies witnessed subscription rates of more than 100 times. Further, the SME IPO index provided investors with a staggering 95 per cent return, FYERS Research said in its report. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-mobile-phones-in-india-in-2024/slidelist/106244996.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-mobile-phones-in-india-in-2024/slidelist/106244996.cms" target="_blank">Apple vs Samsung vs OnePlus and more – Upcoming smartphones launching in India in 2024</a><a href="https://www.businessinsider.in/business/webstories/top-10-richest-people-in-the-world-in-2023/slidelist/106204146.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/top-10-richest-people-in-the-world-in-2023/slidelist/106204146.cms" target="_blank">Elon Musk to Warren Buffett – the top 10 richest people in the world</a><a href="https://www.businessinsider.in/tech/mobile/webstories/redmi-note-12-to-moto-g84-the-most-popular-smartphones-in-2023-under-20000/slidelist/106183118.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/redmi-note-12-to-moto-g84-the-most-popular-smartphones-in-2023-under-20000/slidelist/106183118.cms" target="_blank">Redmi Note 12 to Moto G84 – The most popular smartphones in 2023 under ₹20,000</a>

Main-board IPOs weather global headwinds, collect Rs 52,000-cr in 2023

New Delhi, Around 10 crore shares of online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, amounting to an 1.17 per cent of the company's equity, changed hands on Wednesday at a total deal value of around Rs 947 crore. Japanese company <keyword id="163404" type="General" weightage="50" keywordseo="softbank" source="Orion">SoftBank</keyword>'s <keyword id="18591081" type="General" weightage="50" keywordseo="svf-growth-fund" source="Orion">SVF Growth Fund</keyword> is the likely seller in this mega transaction, according to CNBC TV18. The report had earlier said that SVF Growth Fund may sell 10 crore shares of the company or 1.17 per cent of the total equity via block deals at Rs 94 per share. SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling around 28 crore shares. Zomato shares reached near Rs 100 after the block deal, and were hovering around Rs 98.45 in morning. The fresh block sale came after another foreign institutional investor, <keyword id="260318" type="General" weightage="50" keywordseo="tiger-global-management" source="Orion">Tiger Global Management</keyword>, offloaded its entire shareholding of 1.44 per cent in Zomato on Monday. The deal earned Tiger Global a total of Rs 1,123.85 crore. US-based investment major, via its VC fund Internet Fund III Pte Ltd, exited online food delivery platform Zomato. The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share. Brokerage firm HSBC maintained its buy rating on Zomato and raised its price target to Rs 120 from Rs 102 earlier. The note said that hyperlocal can become a much bigger business for Zomato in the long-term. Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, <keyword id="1367664" type="General" weightage="50" keywordseo="jm-financial-institutional-securities" source="Orion">JM Financial Institutional Securities</keyword> had said in its recent report.

Zomato stock up after 10 crore shares worth ₹947 crore change hands

New Delhi, Feb 4 (IANS) Focus on the rural economy in the budget has been waning over the years and in such a scenario a revival of the rural economy would take time, <keyword id="45949" type="General" weightage="100" keywordseo="jm-financial" source="Orion">JM Financial</keyword> said in a report. In the absence of a specific focus on the rural economy in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24, analysts don't see immediate triggers for revival in the rural economy. Moreover in the absence of specific or enhancement of allocation towards the rural economy, we believe that the rural environment would have to revive on its own. Hence we would view businesses dealing with price sensitive low ticket items as less likely to benefit, JM Financial said. An attempt is made to make the new tax regime more attractive after getting a low response in FY23, however we believe the benefits in the form of tax saving on enhanced no-tax limit (INR 0.2mn) is unlikely to spur demand in a meaningful manner, JM Financial said in a report. Unlike the anticipation by a section of the market, rural focus was missing in the budget announcements. The expectations of a populist budget was linked to 9 state elections in 2023, moreover with FY24 being the last full year budget before the general elections in CY24. However, we believe that the schemes relating to empowerment of women <keyword id="75772" type="General" weightage="50" keywordseo="self-help-groups" source="Orion">Self Help Groups</keyword>, artisans and setting up of digital infra for agriculture and farmer centric solutions would provide opportunities in the rural economy to improve their livelihood, JM Financial said. Moreover, the budgetary allocation towards rural centric schemes like <keyword id="6361863" type="General" weightage="50" keywordseo="mgnrega" source="Orion">MGNREGA</keyword> and PM <keyword id="865803" type="General" weightage="50" keywordseo="gram-sadak-yojana" source="Orion">Gram Sadak Yojana</keyword> has been declining ever since FY22. Even the sentiments as collated by CMIE show a declining trend in the rural economy ever since June '22 whereas the sentiments in the urban economy seem to be holding up well, JM Financial said. In the absence of a specific focus on the rural economy, we don't see immediate triggers for revival in the rural economy, the report said. The latest rabi sowing has been progressing well even on a higher base of last year, except in the case of wheat. Subsidy burden has been the major pain point in India's fiscal, led by rising fertilizer and food prices. Fertilizer subsidy was increased by INR 1.1tn in FY23 over and above the budgeted figures of INR 1.05tn. Allocation towards fertilizer subsidy has been made to the extent of INR 1.75tn in FY24. We believe with easing inflationary pressures, the government could have limited the allocation to INR 1.4tn, as fertilizer prices have moderated by 40% from its peak. However, the geo-political situation is still in a flux and the government's higher allocation seems prudent at this juncture. Food subsidy has been pegged at INR 1.97tn (vs INR 2.9tn FY23RE), as the outlay would be reduced with the discontinuance of the PM Garib Kalyan Yojana. On an overall level, subsidies form 1.2% of GDP vs 1.9% in FY23RE. Past data indicates that the exuberance or otherwise relating to the budget day normalizes within a month in the equity markets. Moreover, a substantial positive performance in Nifty was witnessed in the week following the budget day only during FY16, FY20 and FY21. The personal income tax changes in the Union Budget affect many but the impact is low, Credit Suisse said in a report. The split of salary income by income groups shows that while the number of filings is mostly by low-income groups, the bulk of the taxes come from high income. 56% of the filers belong to the low-income group but they add to just 2% of the tax collected. People earning more than Rs 10mn are less than 1%, but they add to 10% of the tax collected, the report said. Inflows from small savings deposits have shrunk considerably. Small saving deposits for government have been declining, and at the current pace, can be 20% YoY lower for FY23. This may still be marginally better than budgeted, though these flows are generally larger nearer to the year-end. While bank deposit rates have risen considerably, NSSF rates remained low for most of FY23, were raised in Jan-2023. The Centre continues to remain dependent on small savings flows to fund the deficit, Credit Suisse said.

Revival of rural economy to take time in the absence of triggers: JM Financial

IT solutions major <keyword id="2547767" type="General" weightage="100" keywordseo="rashi-peripherals" source="Orion">Rashi Peripherals</keyword> has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an Initial Public Offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>). The public issue is a completely fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP). The company may consider a private placement of equity shares for up to Rs 150 crore. If such placement is completed, the fresh issue size will be reduced. Of the IPO proceeds, funds worth Rs 400 crore will be utilised for payment of debt and Rs 200 crore for funding working capital requirements and general corporate purposes. Mumbai-based <keyword id="16144753" type="General" weightage="50" keywordseo="rashi-peripherals-ltd" source="Orion">Rashi Peripherals Ltd</keyword> is a national distributor of information and communications technology products for brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and <keyword id="220321" type="General" weightage="50" keywordseo="lenovo-india" source="Orion">Lenovo India</keyword>. The company aims to expand its geographic presence in non-metro cities which includes Tier I and Tier II cities and other rural geographies which are becoming centres of consumption for ICT products such as personal computers, smartphones, internet devices, and networking devices. The company's revenue from operations surged 57.19 per cent from Rs 5,925.05 crore in fiscal 2021 to Rs 9,313.44 crore in fiscal 2022, while its profit after tax grew 33.85 per cent to Rs 182.51 crore from Rs 136.35 crore a year ago. <keyword id="45949" type="General" weightage="50" keywordseo="jm-financial" source="Orion">JM Financial</keyword> and ICICI Securities are the book-running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/waive-gst-on-helmets-road-safety-body-urges-fm-ahead-of-the-union-budget/articleshow/97129234.cms">Waive GST on helmets, road safety body urges FM ahead of the Union Budget</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/article/budget-2023-24-what-the-common-man-wants-on-the-personal-tax-front/articleshow/97124204.cms">Budget 2023-24: What the common man wants on the personal tax front</a>

IT solutions firm Rashi Peripherals files ₹750 crore IPO papers with Sebi

<ul><li>Prime time shows have over 60% of ‘co-viewing instances’ with families watching TV together. </li><li>TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach, said a <keyword id="45949" type="General" weightage="80" keywordseo="jm-financial" source="Orion">JM Financial</keyword> report. </li><li>Growth in <keyword id="1245953" type="General" weightage="20" keywordseo="ott" source="Orion">OTT</keyword> has expanded the overall video consumption, and has not come at the expense of <keyword id="1632453" type="General" weightage="80" keywordseo="linear-tv" source="Orion">linear TV</keyword>. </li><li>Urban youth with access to wired broadband and proclivity to watch international content are likely to shift exclusively to <keyword id="5293670" type="General" weightage="20" keywordseo="ott-platforms" source="Orion">OTT platforms</keyword>, the report said. </li><li>Low cost of pay TV and low wired broadband penetration can work against cord-cutting, the report said. </li></ul>For families across India, prime time is mostly spent in front of their television sets. According to JM Financial, prime time shows have over 60% of ‘co-viewing instances’ – and this is what will keep TVs running in India in spite of the proliferation of OTT, as per the report. In addition to the fact that 98% of Indian homes only have a single TV, low proliferation of wired broadband is also keeping people from making the total shift exclusively to OTT. While India has over 650 million mobile broadband users, it has only 18 million wired broadband connections. “Note, these 18 million connections include small and medium enterprises as well, leaving even lower connections for households. We believe these trends and facts suggest TV screens - and linear TV - will remain the mainstay of India’s family entertainment,” said the report named ‘In the eye of the storm’. It also said that growth in OTT has expanded the overall video consumption, and has not come at the expense of linear TV. Pay TV vs OTT vs Free Dish The cost of pay TV – that’s subscription-based TV viewing – is around $3 per month. In comparison, OTT subscription cost is at least 2.5 times that of pay TV. “TV in India has an unparalleled position as a family entertainment platform, both in terms of price as well as reach,” the report said. In the US, however, where subscribers are shifting away from pay TV to OTT – it’s the exact opposite. While pay TV is at around $100 a month, Netflix subscription plans start at $10 per month. Added to that, wired broadband penetration in the US is at 95%. In spite of the fundamentals that support the long-term prospects of linear TV, it is being hurt by many factors. The usual suspect is OTT, which has been chipping away the top-of-the-pyramid user base off pay TV, who are the best spenders. This is reflected in the 6% decline in pay TV subscribers between 2019 to 2021. During the same period, broadcasters’ subscription revenue declined by 13% and ad revenue too went down by 12% – hurt by lowered FMCG ad spends and pandemic-led troubles. FMCG contributes to 50% of TV ad spends. On the other end of the spectrum, the government's DD Free Dish, a free-to-air <keyword id="6411255" type="General" weightage="50" keywordseo="dth" source="Orion">DTH</keyword>, too has pulled away millions of subscribers. Against cord-cutting The JM Financial report, however, believes that there is reason to be sanguine. “TV screen’s dominance during prime time coupled with pay-TV’s low ARPU and wired broadband’s lower penetration in India work against cord-cutting,” the report said. Broadcasters have been withdrawing General Entertainment Channels or GECs from DD Free Dish. That could stem the migration of viewers from pay TV. Moreover, it also expects that receding raw material cost inflation and buoyant festive demand could boost ad-revenue growth starting in the second half of the current financial year. “Unlike the general perception, our analysis indicates TV has held on to its share of ad spend while digital has gained at the expense of other media. TV’s wider reach and India’s low ad-spend-to-GDP ratio mean significant headroom for both TV and digital ad-spend to grow,” the report said. Moreover, India still has close to 100 million non-TV households, which provides a long runway for growth. Where are ad volumes going? Ad volumes have been falling differently across channel genres. Free commercial time (FCT) in genres such as English movies and English niche fell sharply even over 2019-21— reflecting the impact of OTT on select genres. The ad volumes of English movie channels declined the steepest at 45% while English niche went down by 29% and that of music channels went down 19%. “Urban youth, the viewership base of English channels on TV, appear to have shifted to OTT with global, on-demand content. Following the same logic, there seems to be a small impact on Hindi GEC (-3% FCT over 2019-21) while <keyword id="42771" type="General" weightage="20" keywordseo="regional" source="Orion">regional</keyword> genres seem largely unaffected, as of now,” the report said. On the other hand, ad volumes grew in genres like news, Hindi movies, Marathi channels, Tamil channels, Kannada, Bengali and Malayalam. However, ad volume fall in English channels have little effect on overall growth in TV as it constitutes only 1% of overall TV viewership. Even as the urban youth with access to wired broadband, higher spending capacity, and proclivity to watch international and niche content are likely to cut the cords and shift exclusively to OTT platforms, there is a lot of juice left in the linear TV market. “With around 300 million households, a sprawling regional language market, and a diverse cultural background, India offers significant opportunities for all forms of entertainment to co-exist. We believe OTT, pay TV, and free-to-air channels will all co-exist in the country,” the report said. 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Indians stick to TV for prime time and that's keeping them from cutting the 'cord'

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s <keyword id="312455" type="General" weightage="20" keywordseo="EXTERNAL-DEBT" source="Orion">external debt</keyword> rose by 8.2 per cent to stand at $620.7 billion on March 31, 2022, compared to $573.7 billon on March 31, 2021. Out of this, 53.2 per cent of external debt was denominated in US dollars, the Indian rupee denominated debt was estimated at 31.2 per cent and was the second largest, according to the status report on India's external debt 2021-22, released by the <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> on Monday. According to the report, external debt, as a ratio to GDP, fell marginally to 19.9 per cent as on March 2022 compared to 21.2 per cent of the year ago period. Foreign currency reserves, as a ratio to external debt, stood slightly lower at 97.8 per cent as on March 2022, compared to 100.6 per cent of the year- ago period. The long-term debt estimated at $499.1 billion, formed the largest chunk of 80.4 per cent, while the short-term debt, at $ 121.7 billion, accounted for 19.6 per cent of the total external debt amount. The short-term trade credit was predominantly in the form of trade credit (96 per cent) financing imports, the report added further. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword>s deposits, short-term trade credit and multilateral loans, all accounted for 90 per cent of the total external debt. While NRI deposits marginally contracted during end-March 2021 and end-March 2022, commercial borrowings, short-term trade credit and multilateral loans, on the other hand, expanded during the same period. The rise in commercial borrowings, short-term trade credit and multilateral loans together was significantly larger than the contraction in NRI deposits, the report further said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/marriage-is-a-sacrament-says-centre-to-sc-in-restitution-of-conjugal-rights-case/articleshow/94017818.cms">Marriage is a sacrament says Centre to SC in restitution of conjugal rights case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ondc-is-a-population-scale-initiative-to-democratize-e-commerce-jm-financial/articleshow/94017558.cms">ONDC is a population-scale initiative to democratize e-commerce: JM Financial</a>

India's external debt rose 8.2% in 2021-22 to $620 billion

<keyword id="14907483" type="General" weightage="20" keywordseo="jm-financial-institutional-securities-ltd-" source="Orion">JM Financial Institutional Securities Ltd.</keyword> has released its report on Open Network for <keyword id="1664180" type="General" weightage="50" keywordseo="digital-commerce" source="Orion">Digital Commerce</keyword> (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) terming the company a population-scale initiative to democratise e-commerce, the detailed report concludes that it has the potential to create a win-win scenario for incumbents as well as new entrants. The report also terms extreme operational complexity as the roadblocks for ONDC. "With its primary focus of enabling e-commerce for small retailers and MSMEs, ONDC has the potential to enhance retail digital penetration in the country at an even faster pace than what was seen during the COVID lockdowns. The network will enable a wider customer catchment to small retailers and direct customer access to MSMEs, creating millions of million-dollar businesses," said the report. Using an open source protocol, ONDC switches the approach from closed platforms to a network that creates interoperability across all on boarded applications, says the report. "This interoperability enables unbundling, which allows all participants to play to their strengths -- a banking app with millions of consumers focuses on boarding/engaging consumers while a SaaS provider for online sellers handholds the sellers. Further, the buyers get to stick to their app of choice for accessing a broad selection while sellers do not need to spend time and capital in working with multiple platforms in silos. Overall, this can drive capital efficiency for the players, helping them achieve profitability," said the report. As per the report, the roadblocks to success of ONDC include solving the chicken and egg situation between supplier and buyer on boarding, customer complaints redressal (as a fragmented process also creates gaps for the process to fall through), competition issues in case the large incumbents or massive brands are on boarded as well as those related to data privacy and ownership. "Looking at <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> evolution, ONDC might also need to decide on its positioning as a non-regulatory authority or becoming a rule-setting body in order to ensure that the network remains fairly attuned for the small retailer to not get marginalised," said the report. Open Network for Digital Commerce (ONDC) has been incubated with the primary purpose of supporting grassroots-level entrepreneurship and digitising small, local retailers by making them a participant in India's e-commerce revolution. ONDC is pursuing an open protocol approach that drives interoperability between all onboarded platforms and, hence, lowering the entry barrier for a retailer to sell online. This allows a consumer on any app of his/her choice to buy from any seller across the network even if the seller might not be onboarded on the app that the customer is using. "We appreciate this move by the Indian government to take the digital revolution across the nook and corner of the country and believe that this could be a massive driver in taking India's digital penetration in retail from the current 5-7 per cent to almost 20 per cent in the next 5 years (current IBEF estimate is of 19 per cent by 2030)," said the report. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ril-acquires-california-based-solar-software-developer-sensehawk-for-32-million/articleshow/94016174.cms">RIL acquires California-based solar software developer SenseHawk for $32 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-held-its-own-despite-sharp-depreciation-in-other-currencies-rbi-governor/articleshow/94015738.cms">Rupee has held its own despite sharp depreciation in other currencies: RBI Governor</a>

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