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Mumbai, <keyword id="21027898" type="General" weightage="20" keywordseo="indian-real-estate-investment-trust" source="keywords">Indian Real Estate Investment Trust</keyword> (REIT) industry on Wednesday pitched for the entities to get access to direct bank lending and classification as equities. At present, such vehicles can issue bonds or borrow from non-bank lenders or mutual funds, but are prohibited to borrow from banks, said the <keyword id="21027897" type="General" weightage="20" keywordseo="indian-reits-association" source="keywords">Indian REITs Association</keyword> (IRA), a newly formed umbrella body for the five-year-old sector, which comprises four listed entities. The body's Chairman and Embassy REIT's Chief Executive <keyword id="21027895" type="General" weightage="20" keywordseo="arvind-maiya" source="keywords">Arvind Maiya</keyword> told reporters it is in touch with the RBI (<keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>) for allowing banks to lend to such vehicles. The real estate industry is asset-heavy and needs funds regularly to buy assets for which it should be allowed to borrow directly from banks, he added. Typically, banks have access to deposits which brings down the cost of funds, and hence, the cost of borrowing can become softer for a borrowing entity. <keyword id="21027894" type="General" weightage="20" keywordseo="alok-aggarwal" source="keywords">Alok Aggarwal</keyword>, the Managing Director and Chief Executive of Brookfield India Real Estate Trust, said, at present REITs are classified as a "hybrid" instrument which creates confusion in the minds of the investors. <keyword id="21027896" type="General" weightage="20" keywordseo="maiya" source="keywords">Maiya</keyword> said classification as equities will lead to passive money coming into REITs as the instrument gets included in indices. Other geographies like Singapore, which has inspired the Indian REIT regulations, as well as the US, treat the instrument as equity, he said, stressing that all the features of the instrument are similar to equity. An industry participant said the tax advantages which it gets courtesy of the hybrid status will continue even if it is classified as equity, while another hoped that it can also get gains from a taxation front courtesy of the Long Term Capital Gains (LTCG) which is applicable for equity. The IRA said there are lots of opportunities for the REITs sector to grow in the country, both from a supply side, where the demand for real estate is bound to keep growing and also on the demand for such instruments as Indians look for newer asset classes. <keyword id="20375329" type="General" weightage="20" keywordseo="ramesh-nair" source="keywords">Ramesh Nair</keyword>, the Chief Executive of Mindspace REIT, said the <keyword id="20069427" type="General" weightage="20" keywordseo="global-capability-centres" source="keywords">Global Capability Centres</keyword> (GCCs) of multinationals alone present a very handsome opportunity for the REITS story in the country. Citing the experience in the US, industry executives said there will be dedicated REITs for specific aspects like warehousing and residential properties. When asked about the lack of demand in the residential space till now -- three Indian REITs are in commercial space while the fourth is in retail -- an industry executive said the yields are very low at 2-3 per cent which prevents REITs' play. Nair said the sector wants to reach out to mutual funds' lobby grouping Amfi to learn and partner with them, given that the REIT's current priority is also to create awareness among the investors.

Real estate investment trust pitch for direct bank lending, classification as equity

Indian start ups are going through a rough phase. And to make sure that funding doesn’t stop, the new age tech companies are enthusiastically eager to get listed on Nasdaq, the American exchange. Indian companies like <keyword id="1445305" type="COMPANY" weightage="20" keywordseo="Make-MyTrip">Make-MyTrip</keyword> (MMT), Yatra Online and Azure Power are currently trading on it. And now ShopClues, Policy-Bazaar and GirnarSoft are eyeing the same exchange. 
 The sole reason for this is the drying up of funding and valuations declining. If there’s anything that can save the Indian start ups from a declining valuation is getting listed on Nasdaq, that is home to the stocks of as <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, <keyword id="28115" type="CITY" weightage="20" keywordseo="Intel">Intel</keyword>, Cisco and Amazon. 
 Most entrepreneurs including <keyword id="1976141" type="PERSON" weightage="20" keywordseo="Radhika-Aggarwal">Radhika Aggarwal</keyword> of ShopClues, Alok Bansal of PolicyBazaar and <keyword id="4137331" type="UNKNOWN" weightage="20" keywordseo="umesh-hora-of-girnarsoft">Umesh Hora of GirnarSoft</keyword> are optimistic about getting listed by this year end.

As valuations decline, Indian
start ups now planning to get listed on American exchange

<ul><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> launched its services in two new cities in the UK – Coventry and Warwick.</li><li>Ola is currently operating in 9 cities in the UK.</li><li>It will also offer 50% off on all its rides for the first two weeks in the areas. </li></ul>Indian ride-hailing unicorn Ola expanded its offerings in the UK and launched in two more cities – Coventry and Warwick. With this, Ola is now operating in 9 cities in the UK. “We have learnt a great deal in the last twelve months since the launch, and feel immensely proud that our drivers have already provided over one million rides across the UK,” said Alok Pandya, Ola’s regional manager for the West Midlands, Coventry and Warwick. Ola will offer 50% off on all its rides in the first two weeks of its operations in these two cities. Coventry in UK is famous for its ‘black cabs’ for over 70 years now. It also incentivised the switch over to electric cabs. Ola seems to be honouring the tradition of black cabs by being the only app that can be used by both black cabs and private hire vehicles (PHVs) in the area. In March 2019, Ola expanded to Liverpool, Birmingham and Reading. Ola already made its presence felt in Australia and New Zealand before moving to Europe. Ola’s expansion news comes as the company is reportedly going for an IPO soon. The rumours of a possible IPO turned strong after it raised fresh funding of ₹35.88 crores from Seoul-based ARK Ola pre-IPO Fund. The Bhavish Aggarwal-led company has been actively entering new markets across the world, and had also recently set up a technology hub in the Bay Area.

Ola completes a million rides in the UK and expands to two more cities

<ul><li>Stock markets opened marginally up on Monday, starting the week on a cautious note.</li><li>Experts noted that the effect of the Chinese stimulus and <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> in <keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> is slowing.</li><li><keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> and Angel One are the major companies set to announce their quarterly results today.</li></ul>On Monday, the stock markets started the week cautiously, with both indices showing small gains. The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> index went up by 59.20 points and opened at 25,023. The BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index also did well, going up by 0.24% or 195 points to open at 81,576.93. Experts say that the Chinese stimulus and the world's politics are having less of an effect on Indian markets. But the upcoming US presidential election is making the world more volatile, so the markets won't be able to relax anytime soon. "Chinese stimulus boost is wearing thin but Indian markets are not benefitting for now. Earnings will be drivers of the Indian markets this week. The geopolitical risks have reduced slightly with a relatively calm weekend in the Middle East. October has played out to the US Presidential cycle historical performance. Expect more volatility going into the tight US race and a relief rally post the Nov 5th vote" said Ajay Bagga, Banking and Market Expert. The equity market experienced a surge in prices today, with all sectors demonstrating a positive trend from the outset. Nifty Media emerged as the standout performer, registering a significant increase of 0.55% at the opening bell. Investors are advised to closely monitor the performance of Reliance Industries, HCL Technologies, Angel One, and Alok Industries. These companies are scheduled to release their quarterly financial results later today. "Nifty continues to remain in a range of 24800 to 25200. However, FIIs long continue to be at 36% indicating the rise of net shorts which can see a selling pressure in indices at resistances. For any short covering in Nifty, it has to cross the 25300+ level for the same. However, were the support of 24800/24750 to break, a fresh round of selling can be witnessed towards the 24500/24300 range" said Soni Patnaik, AVP, Derivatives Research Analyst, JM Financial Services. In other Asian markets on Monday, Hong Kong's Hang Seng index was down by 1.21%, along with Taiwan's Taiwan Weighted, which was also down marginally. South Korea's KOSPI index gained 1% at the time of filing this report. <h2>FPIs turn net seller in October</h2>Foreign investors turned net sellers in October, withdrawing shares worth ₹58,711 crore in the month so far owing to the escalating conflict between Israel and Iran, a sharp rise in crude oil prices, and the strong performance of the Chinese market. The outflow came following a nine-month high investment of ₹57,724 crore in September. Looking ahead, global factors such as geopolitical developments and the future direction of interest rates will play a crucial role in determining the flow of foreign investments into the Indian equity markets, as per Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India. The geopolitical crisis has also led to a sharp rise in Brent crude oil prices from $69 per barrel on Sep 10 to $79 per barrel on Oct 10, which poses inflationary risks and increases the fiscal burden for India, he added. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-september-2024-maruti-suzuki-dominates-with-seven-cars/slidelist/114112295.cms">Top selling cars in India in September 2024 – Maruti Suzuki dominates with seven cars</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-leads-the-first-phase-of-festive-sales-with-a-20-market-share/articleshow/114070723.cms">Samsung leads the first phase of festive sales with a 20% market share</a>

Nifty, Sensex open with gain: experts note reduction of geopolitical risks on markets

<ul><li>The round was led by angel investors Anand Ladsariya and Alok Aggarwal.</li><li>The company offers small to large ticket size loans ranging between ₹10,000 to ₹20 lakh.</li><li>It has also partnered with <keyword id="11640020" type="UNKNOWN" weightage="20" keywordseo="upgrad-nova-ivf">upGrad, Nova IVF</keyword>, Design Cafe, Asian Paints, Arrivae, and Hero Electric.</li></ul>Consumer lending <keyword id="3327423" type="PERSON" weightage="20" keywordseo="fintech-startup">fintech startup</keyword> <keyword id="7934925" type="UNKNOWN" weightage="20" keywordseo="Credit-Fair">Credit Fair</keyword>, on July 14, announced that it has raised $15 million as a part of its seed funding round in a mix of debt and equity. The round was led by two seasoned angel investors, chief executive (CEO) of Everest Flavours Anand Ladsariya and <keyword id="11640017" type="UNKNOWN" weightage="20" keywordseo="striver-capital-advisors">Striver Capital Advisors</keyword>’ CEO Alok Aggarwal, who have previously invested in other digital businesses like <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>, 1Mg, Myntra and more. Credit Fair was founded in 2018 by Aditya Damani to offer financial solutions to Indians from remote parts of the country. The company offers small to large ticket size loans, ranging between ₹10,000 to ₹20 lakh, for a tenure of three months to three years. The company is also a financial partner to several companies like upGrad, Nova IVF, Design Cafe, Asian Paints, Arrivae, Hero Electric and Ampere by Greaves to name a few. The company was founded in 2018 by Aditya Damani to offer financial solutions to Indians from remote parts of the country. Credit Fair plans to use this funding for building its technology team, enhancing underwriting models and expanding into Tier 2 and 3 cities. It will also look to scale its assets under management by sharpening its focus on financing upskilling courses, healthcare needs, down payment assistance for homeowners and financing for electric two and three-wheelers. “Our venture aims to financially empower Indians from remote areas or those without a credit score who traditionally comprise some of the most unbanked and underserved segments across the country. To this end, we are extending credit across key sectors that are crucial for improving India’s social infrastructure, especially in these COVID times... We will utilise the funding to accelerate our advance towards creating a financially inclusive future for Bharat,” Damani said in a press statement. According to a Statista <a href="https://www.statista.com/statistics/1202533/india-digital-lending-volume/">report</a>, digital lending is the fastest-growing segment in the fintech industry globally. It has grown from $9 billion in 2012 to $110 billion in 2019, and is poised to be valued around $350 billion by 2023. SEE ALSO <a href="https://www.businessinsider.in/tech/news/amazon-acquires-facebooks-satellite-internet-team-bolstering-its-efforts-to-compete-with-spacex/articleshow/84395065.cms" style="">Amazon acquires Facebook's satellite internet team, bolstering its efforts to compete with SpaceX</a> <a href="https://www.businessinsider.in/business/startups/news/softbank-swiggy-deals-gets-cci-approval-two-days-before-zomato-ipo/articleshow/84347306.cms" style="">SoftBank-Swiggy deal gets CCI approval, two days before Zomato IPO</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-mobikwik-files-for-1900-crore-ipo-reportedly-to-seek-1-billion-valuation/articleshow/84347520.cms" style="">Payments firm MobiKwik files for ₹1,900 crore IPO, reportedly to seek $1 billion valuation</a>

Credit Fair, which offers loans to Indians without credit score, has raised $15 million in seed

New Delhi, Jun 22 () The AAP government Monday informed the Delhi High Court a High Powered Committee has decided that accused in dowry death cases are also eligible for interim bail to decongest jails during the COVID-19 pandemic. The submission was made before a bench of Chief Justice D N Patel and Justice Prateek Jalan that was hearing a PIL seeking grant of interim bail to accused in dowry death cases during the COVID pandemic. Delhi government additional standing counsel Anuj Aggarwal told the court that the HPC, headed by Justice Hima Kohli, in a meeting held on June 20 decided that the accused, in jail for more than two years, in dowry death cases are eligible for grant of interim bail for 45 days. Aggarwal also told the bench that accused in-laws in dowry death cases who are in jail for over a year are also eligible for the relief. Taking note of the submission made by the Delhi government counsel, the bench said that grievances raised in the petition, by advocate Alok Tripathi, "have been brought to an end" and disposed of the plea. Tripathi had moved the court claiming that he had made a representation to the HPC on May 24 to consider accused in dowry death cases for grant of interim bail during COVID pandemic, but no response was received. The HPC was constituted on the Supreme Court's direction for decongesting jails to prevent spread of COVID-19 in prisons. The apex court had ordered formation of such committees in every state. HMP SKV SA

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Real estate investment trust pitch for direct bank lending, classification as equity

PTI

As valuations decline, Indian start ups now planning to get listed on American exchange

BI India Bureau

Ola completes a million rides in the UK and expands to two more cities

Sanchita Dash

Nifty, Sensex open with gain: experts note reduction of geopolitical risks on markets

BI India Bureau

Credit Fair, which offers loans to Indians without credit score, has raised $15 million in seed

Kritti Bhalla

HPC for interim bail during COVID-19 to dowry death accused, AAP govt tells HC

PTI

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