Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="20204872" type="General" weightage="20" keywordseo="Niva-Bupa" source="keywords">Niva Bupa</keyword> <keyword id="19894985" type="General" weightage="20" keywordseo="Health-Insurance" source="keywords">Health Insurance</keyword> Company Ltd, formerly <keyword id="20671085" type="General" weightage="20" keywordseo="Max-Bupa" source="keywords">Max Bupa</keyword> Health Insurance Company, has filed preliminary papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to raise Rs 3,000 crore through an initial public offering. The proposed Initial Public Offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) is a combination of fresh issuance of equity shares worth Rs 800 crore and an offer for sale of up to Rs 2,200 crore by a promoter and an investor shareholder, according to the Draft Red Herring Prospectus (DRHP). Under the OFS, investor Fettle Tone LLP will sell shares to the tune of Rs 1,880 crore and promoter Bupa Singapore Holdings Pte Ltd will offload shares valued Rs 320 crore. Niva Bupa is majorly controlled by Bupa, an international healthcare company headquartered in the UK. At present, Bupa Singapore Holdings Pte owns 62.27 per cent stake while Fettle Tone LLP holds 27.86 per cent stake in the insurance firm. The company, in its draft papers filed on Saturday, said it may consider issuing securities worth up to Rs 160 crore as a part of "pre-IPO placement". If such placement is completed, the fresh issue size will be reduced. The company intends to utilise the net proceeds from the fresh issuance to the extent of Rs 625 crore towards boosting its capital base to strengthen solvency levels, besides a portion will be used for general corporate purposes. This will be the second standalone health insurer looking to float an IPO, after Star Health &amp; Allied Insurance Company. Niva Bupa Health Insurance Company is one of the leading standalone retail health insurers (SAHI) in India, with a Gross Direct Written Premium (GDPI) of Rs 5,499.43 crore in fiscal 2024. The insurance firm's Gross Written Premium (GWP) increased by 37.68 per cent to Rs 5,607.57 crore in fiscal 2024 from Rs 4,073.03 crore in fiscal 2023. Further, profit after surged to Rs 81.85 crore in fiscal 2024 from Rs 12.54 crore in fiscal 2023. As of March 31, 2024, the company has 210 physical branches across 22 states and 4 union territories in India. ICICI Securities, Morgan Stanley India Company, Kotak Mahindra Capital Company, Axis Capital, HDFC Bank and Motilal Oswal Investment Advisors are the book-running lead managers to the offer. The equity shares are proposed to be listed on the BSE and NSE. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Niva Bupa Health Insurance files papers for ₹3,000-cr IPO

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

To aid drivers impacted by lockdown, <keyword id="429713" type="COMPANY" weightage="20" keywordseo="Mahindra-Logistics">Mahindra Logistics</keyword> on Monday launched an initiative that has provision of providing Rs. 3,000 each to every drivers bank account. The initiative named HOPE (<keyword id="9087161" type="UNKNOWN" weightage="20" keywordseo="helping-our-people-during-emergencies">Helping Our People during Emergencies</keyword>), aims to support drivers financially to aid the battle against the COVID-19 lockdown. The nationwide lockdown has impacted a large number of drivers, whether they are drivers ferrying goods between states, or those who drive taxis and for ride-sharing companies. These drivers are mostly stranded and are struggling to make ends meet. The company has partnered with Samhita Social Ventures - a social enterprise and SuperMoney - a financial lending tech platform to reach out to the beneficiaries within ecosystem. This move will create an ecosystem to channelise CSR funds of other companies to provide economic support and recovery to workers, the company said in a statement. "As a part of the initiative, Mahindra Logistics will be providing immediate relief by transferring Rs 3,000 to each driver's bank account, to buy essential commodities. This will be followed by other support provided to these drivers like health insurance cover, leveraging government schemes and loan guaranteeing model," the statement said. In addition to this, Mahindra Logistics would strengthen healthcare professionals' abilities to respond and provide support to affected families using digital channels, it added. "With over 30 per cent of commercial vehicles stranded on roads across the country, drivers need urgent support. Truck drivers and their families are in immediate need of cash for food and other basic facilities," Mahindra Logistics MD &amp; CEO Rampraveen Swaminathan said. Swaminathan further said "we have launched several programs to support the driver community along with our business partners. Through this initiative, of short term financial relief and hope we aim to help these drivers and their families until the situation in the country is restored," Swaminathan said. Samhita Social Ventures Founder and CEO Priya Naik said :"Through our India Workers' Alliance, we are delighted to partner with Mahindra Logistics, to support India's blue collar and gig economy workers whose lives and livelihoods have been severely impacted. Our single objective is to help them survive this crisis and enable them to get back on their feet." In addition to this, Mahindra Logistics also announced that its enterprise mobility business, Alyte will provide emergency cab services for those affected by the Covid-19 pandemic. This free service has begun in Hyderabad, Kolkata and Chennai, with more cities being added every day.

Lockdown: Mahindra Logistics to provide relief-fund to drivers

New Delhi, Dec 19 () UTI AMC has filed its initial papers with markets regulator Sebi for initial public offering (IPO) to raise a little over Rs 3,000 crore.
 The country's largest asset management company in terms of total AUM, has filed offer document with the regulator for an initial public offer of up to 3,89,87,081 shares, through an offer for sale of up to 1,04,59,949 shares By State Bank Of India, up to 1,04,59,949 shares by Life Insurance Corporation Of India, up to 1,04,59,949 shares by Bank Of Baroda, up to 3,803,617 shares by Punjab National Bank and up to 3,803,617 shares by T Rowe Price International, according to the draft red herring prospectus (DRHP).
 The public offer is expected to raise a little over Rs 3,000 crore, market sources said.
 The US-based T Rowe Price holds 26 per cent stake in the asset management company.
 Kotak Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer.
 The shares of the company are proposed to be listed on the BSE and the NSE.
 As of September 30, 2019 the company had the largest share of monthly average AUM. SUM SHW
SHW

UTI AMC files IPO papers to raise about Rs 3,000 cr

Mumbai, May 6 () Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors' investment. If the one-off gain is excluded, then the bank, which was bailed out by a consortium-led by SBI in March, has a loss of Rs 3,668 crore in the latest quarter under review. The private sector lender had a loss of Rs 18,560 crore loss in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter. The one-time gain is from the write off of Additional Tier-I bondholders' Rs 8,419 crore investment, according to a release. For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore, It had a profit of Rs 1,720 crore in the year-ago period. As part of the the bailout process, the AT-1 bond holders' investment was written-off citing existing rules which gave the new management of the bank a huge breather to get the operations out of the restrictions imposed by RBI and the government on March 5, and start functioning normally. The bank, which is now headed by SBI's former CFO Prshant Kumar, showed a marginal improvement in the gross non-performing assets ratio at 16.80 per cent in the March quarter as against 18.87 per cent in the three months ended December 2019. Its overall provisions came at Rs 4,832 crore and the money set aside for NPAs came down to Rs 1,100 crore in the latest March quarter. In the three months ended December 2019, the lender had NPA provisioning of Rs 22,328 crore. Net advances declined 29 per cent to Rs 1.71 lakh crore in the latest quarter under review compared to March 2019 quarter and nearly 8 per cent as against December 2019 quarter. Deposits at Yes Bank more than halved in the three months ended March compared to the year-ago period. The core net interest income rose 19.6 per cent sequentially to Rs 1,274 crore in the March quarter. Non-interest income grew 12.3 per cent to Rs 597 crore in the three months ended March compared to the same period a year ago, the release said. The bank said its strategic focus area of retail has shown resilience despite the lockdown and was one of the key contributors to the business performance during the March quarter. The overall capital adequacy of the bank stood at 8.5 per cent as of March 31 with the core Tier-I at 6.3 per cent. To avoid a possible collapse of Yes Bank, RBI had sacked its management and placed the lender under an administrator on March 5 with a 30-day moratorium, which was later on curtailed to nearly two weeks. The moratorium on the bank which restricted cash withdrawals limits to only Rs 50,000 was lifted after banking hours on March 18. On March 13, the government notified the rescue plan drafted by the RBI. As part of the 'Yes Bank Limited Reconstruction Scheme 2020', SBI and other investors made equity capital infusion to the tune of Rs 10,000 crore. Private lenders ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, Federal Bank and mortgage lender HDFC Ltd have also infused capital of over Rs 3,000 crore in cash-starved Yes Bank to keep it afloat. AA DP RAM

Yes Bank posts Rs 2,629 cr quarterly profit on bonds write-off

Mahindra &amp; Mahindra is looking to tap emerging business opportunities in Africa for which it has set up a new business unit to focus entirely on the continent. 
 
As per Mahindra &amp; Mahindra, Africa has the potential to grow 10 times to around Rs 6,400 crore business in five to seven years. The India’s largest utility vehicle and tractor maker group presently earns about nearly Rs 960 crore annually from Africa. 
 
The new arm will be headed by Ashok Sharma, who is on the group executive board and the president of the agriculture business at M&amp;M. 
 
The new unit will serve as an internal distributor for the company, addressing to the entire group's business needs like two-wheelers, trucks, etc. 
 
The group already has a local office in South Africa and will set up three more in Egypt, Nigeria and Kenya. 
 
Sharma told Economic Times that the idea was to become a local company instead of having people sitting in India exploring opportunities from afar. M&amp;M will look at specific requirement of the market, customise the product and engineer it for the needs of the local market. 
 
"The channel partners, government and the other stakeholders may not be able to understand the impact brand Mahindra can have. When we go as 'One Mahindra', then they will be able to see the impact we can have on the local economy," Sharma told ET. 
 
These new offices will have local companies and employees that would develop products for the local markets. 
 
Pawan Goenka, executive director of M&amp;M recently told ET, "We have multiple businesses in Africa. Instead of each business going independently, we are treating the African business unit as our virtual distributor. Through the new business model, the company will have synergies in distribution, supply chain, spare parts, service, advertising and branding, helping dealers become more viable.” 
 
Out of 50 countries in Africa, M&amp;M has active presence in 20 with small assembly bases in Chad and Mali for tractor market. 
 
ET reported that M&amp;M’s business in the continent has been growing at strong double digit rates over the past four to five years. 
 
Mahindra currently exports about 11,000 vehicles annually to Africa, including 8,000 units from its automotive business (utility vehicles, trucks and two-wheelers) and 3,000 tractors. 
 
(Image: Reuters)

M&M enters Africa chasing $1bn revenue opportunity

<keyword id="4484421" type="UNKNOWN" weightage="100" keywordseo="RentPay">RentPay</keyword>, the fintech platform of <keyword id="4177921" type="UNKNOWN" weightage="100" keywordseo="RedGirraffe">RedGirraffe</keyword>, a London -based company, will now allow you to pay rent using a credit card. Credit card holders of SBI Cards, HDFC Bank, ICICI Bank, IndusInd Bank, <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword>, Yes Bank and <keyword id="46013" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> will be able avail this facility presently. One can register for the facility at the RedGiraffe website by filling in one’s own details and that of the landlord, along with a scanned copy of the rent agreement. Once the process is complete, the user would get a RedGiraffe ID (RG-ID) which would then need to be registered with the credit card issuer. After registering, rent payments will automatically get credited in trge landlord's bank account on fixed dates of every month. For the service, the user needs to pay a transaction fee of 0.39% plus taxes-a minimum Rs 39 per transaction payable for all the banks except SBI Card. "Even while buying an online flight ticket for Rs 3,000, consumers usually have to shell out Rs 300 or more as convenience charges. However, the transaction cost on RentPay has been drastically subsidised for end consumers," RedGirraffe CEO <keyword id="946036" type="PERSON" weightage="100" keywordseo="Manoj-Nair">Manoj Nair</keyword> told <a href="RedGirraffe">ET</a>. "Over and above the standard and bonus reward points, we regularly run cashback offers with leading brands which gives more value to consumers. So, they will get far more value compared to the convenience charges being levied," says <keyword id="4651208" type="UNKNOWN" weightage="100" keywordseo="Vijay-Jasuja">Vijay Jasuja</keyword>, CEO, SBI Card, which would charge 1.75% per month plus taxes. (Image source Forbes)

No more missed deadlines! You can now pay rent using your credit card

In a bid to trim debt and focus on the high-growth consumer and industrial chemicals business, Tata Group Chairman <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> is mulling to sell off the fertiliser business for $1 billion, housed in <keyword id="6354310" type="CITY" weightage="100" keywordseo="Tata-Chemicals">Tata Chemicals</keyword>. 
 
For this, Tata Chemicals has sought Kotak Mahindra Bank’s help to find strategic buyers for the business. 
 
One of the persons familiar with the development told Economic Times that several domestic and global majors like Deepak Fertilisers, Aditya Birla Nuvo and Morocco's OCP have been informed about the possible sale of the fertiliser unit. 
However, none of them commented on the matter. 
 
Responding to questions from ET, a Deepak Fertilisers spokesperson said, "We are closely evaluating all growth opportunities in this sector. In view of certain confidentiality constraints we are unable to react to your specific queries." 
 
"Tata Chemicals' current valuation is around two times its book value and 18 times its earnings, although most fertiliser companies are valued at one time book value. Out of TCL's market value, around Rs 3,000 crore is attributable towards fertilisers. The recent Zuari-Mangalore Chemicals deal shows that even for loss-making, problematic units, buyers are ready to pay 2x market value or book value for ownership rights. So Tata Chemicals' fertiliser business should fetch Rs 6,000 crore," Gaurav Parikh, managing director of Jeena Scriptech Alpha Advisors, a Mumbai-based investment consultant, told the financial daily. 
 
Tata Chemicals owns one of the most energy-efficient urea units in the country at Babrala, Uttar Pradesh, apart from a phosphatic fertiliser unit in West Bengal.

Tata Chemicals is seeking Kotak Mahindra’s help to sell off its fertiliser business

Outperforming other commercial vehicle segments in the country, the small commercial vehicle (SCV) industry in India witnessed a sale of 4,32,000 units, contributing a whopping 60% to the overall commercial vehicle industry in 2014. 
	 

	According to a study by Roland Berger Strategy Consultants, a global consultancy firm, in the next six years the segment is pegged to grow at 13% CAGR till FY 2020, thus constituting 80% of the total commercial vehicle industry in India. 
	 

	“OEMs in the SCV segment need to focus on creating the demand for SCVs by developing newer applications. They also need to understand their customers’ needs and liaise with government authorities in order to further promote SCV Passengers” said Dr. Wilfried Aulbur, managing partner at Roland Berger Strategy Consultants India. 
	 

	The Fair Game 
	 

	Currently, SCV segment is the fastest growing segment in the industry. The segment that came into existence in 2005 in India substantially grew at 30% CAGR in 2010-2012 but registered 1% decline in the last two years. It should be noted that the commercial vehicle industry shrunk by 11% CAGR due to economic downturn in the country. 
	 

	In the SCV segment, SCV Cargo vehicles category continues to remain the biggest segment and will account for over 80% of the total market in the next six years. The large pick-ups with a capacity of 2-3.5 ton constitute 54% of the SCV Cargo segment and have been growing rapidly. 
	 

	However, the passenger vehicle segment in SCV has been facing tough competition from three wheelers. “It faces tough competition from 3 wheelers that account for more than 85% of the passenger segment. Also, competition from Multi Purpose Vehicles (MPVs) and Sports Utility Vehicles (SUVs) for customers looking for comfort whereas soft top vehicles are more in demand for shared taxi applications. Over the last year, the segment has suffered extremely high delinquency rates,” stated the report. 
	 

	The Big Boys Tata Motors and Mahindra &amp; Mahindra (<keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>) dominate the SCV category. While Tata Motors is the market leader through its sub 2T truck category and the SCV Passenger vehicles, <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>’s M&amp;M is expected to dominate the 2-3.5 ton category because of its stronghold in the pick-up segment. “Tata reinforced its dominance in the &lt;2T (less than 2 ton) category by creating the Zip segment positioned between ACE ((Tata’s mini truck) and the three wheelers segment. On the other hand, M&amp;M has also managed to attract ACE customers to higher tonnage Bolero Maxi Truck. <keyword id="6357085" type="PERSON" weightage="20" keywordseo="Ashok-Leyland">Ashok Leyland</keyword> is one of the late entrants but has been successful with Dost cornering 14% market share in the 2-3.5 Ton category”, the study revealed. In the 3 wheeler cargo segment, Piaggio continues to be the market leader with a market share of 52%. 
	 

	The Road Ahead 
	 

	According to the report, the SCV industry is expected to reach over 9 lakh units (in the next six years) growing at a CAGR of 13% over the next 6 years. The segment is expected to get back on the growth trajectory in the current fiscal year’s third quarter. 

	 
	Most of the Original Equipment Manufacturers (OEMs) have considerable investment plans for India. Isuzu India, a leading global OEM in India plans to invest Rs 3,000 crore in its upcoming plant in Andhra Pradesh, which has a capacity of churning out 1 lakh units annually. Ashok Leyland and Nissan joint venture has made an investment of Rs 2,500 crore out of which 50% has already been spent. The plant is expected to have a capacity of 1.5 lakh units. 

	 
	Similarly, Tata Motors has an overall investment target of Rs 1,500 crore for the current fiscal year. The investment is being made for new product development and not additional capacity. M&amp;M too will invest Rs 250 crore in its AP plant for its SCV and passenger vehicle segments. Eicher in a joint venture with Polaris India is also expected to make a similar investment for its own SCV models. 
	 

	The question however is: will these investments bring in returns? They definitely would, if manufacturers would offer exclusive and unique experience to the consumers. 
	 
	In Aulbur’s words, “The future of the SCV segment depends significantly on the rise of unique applications of the vehicles. The OEMs could augment the current demand by continuously developing newer applications and educating the customers on the benefits of using SCVs. New applications are being developed to expand the market prompting newer customers to buy SCVs. Poultry, milk and water distribution industries are some of the new applications that have been witnessed over the last few years.”

Small Commercial Vehicle Segment To Grow 13% CAGR In Next Six Years

NEW DELHI: The country’s faltering <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> is likely to get a significant stimulus from election spending by political parties, candidates and the government which estimates suggest could be as much as Rs 30,000 crore. 
 
The figure is comparable to the $4 billion (around Rs 20,000 crore at the prevailing exchange rate) additional spending that the government announced in 2008 to shield the economy from the impact of the global financial crisis. It is, however, less than the $7 billion raised and spent by political parties in the 2012 US presidential polls. 
 
The election spend is often more effective than official economic stimuli as the money is actually spent — virtually without any transmission loss — in a short time. Moreover, there is a “trickle-down effect” as it often reaches the poorest voter. 
 
This poll there will be a sharp increase in expenditure from the 2009 elections, when total spending was estimated at Rs 10,000-Rs 15,000 crore. Experts pointed out a large chunk of the spending by political parties and candidates is in cash, which makes it difficult to estimate the actual amount spent. 
 “Spending will increase significantly in these elections. The estimate is about Rs 30,000 crore,” said N Bhaskara Rao, chairman of the <keyword id="196966" type="ORGANIZATION" weightage="40" keywordseo="Centre-for-Media-Studies">Centre for Media Studies</keyword>, a New Delhi-based think tank, adding that the figure includes the expenditure by the Centre. “No other election can match the 2014 elections,” CMS’s Rao said. 
 
 
 
He said the figure was based on an elaborate analysis undertaken by the think tank, which has been tracking various segments of elections since 1997. 
 
The 2014 general elections come at a time when growth is estimated to have slowed to a decade’s low of 4.9% and the industrial sector is weighed down by the slowdown in global and domestic demand. 
 
Several sectors of the economy, ranging from advertising, air charter services, security services, food and beverages, transport, liquor, fuel and automobiles are expected to see hefty activity, thanks to the sharp increase in spending. 
 
“Election spending provides a very sizeable boost to the economy. Traditionally we have seen it adds 0.2-0.3% to growth,” said Pronob Sen, chairman of the National Statistical Commission. 
 
“Liquor sales increase quite a bit during elections but nearly 80-90% of the consumers at that time are rural people who prefer country liquor, some of which is spurious too. Therefore it’s next to impossible to gather data that would show the real spike in the sales of liquor across the country during elections,” says Arvind Singhal, chairman &amp; MD of market research firm Technopak. 
 The budget for the Indian advertising industry in 2014 is nearly Rs 34,500 Cr to Rs 38,000 Cr. “The general elections are touted to give it a boost of 8-10% this year, which amounts to around Rs 3,000 crore,” says Harish Bijoor, brand expert and <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> of Harish Bijoor Consults. 
 
According to Bijoor, 45% of the total spend on political advertising will go into print, 38% will account for TV ad spends and the rest would go into outdoor and other forms of advertising. 
 Air charter services too have a busy season ahead. Industry experts say the hourly rates for jets and choppers can go up to Rs 5 lakh and Rs 3 lakh. Charter firms are seeking minimum contracts of three to four hours’ flying daily for 45 days. Estimates show that <keyword id="14666" type="ORGANIZATION" weightage="40" keywordseo="BJP">BJP</keyword> and <keyword id="1575" type="ORGANIZATION" weightage="40" keywordseo="Congress">Congress</keyword> could spend up to Rs 90 crore each. Hiring aircraft is an expensive affair. 
 “One finds evidence of a direct correlation between election spending and economic growth as over the last few election years, prices of <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> relating to consumer durables (ITC, Unilever, etc.), banks and basic engineering goods have shot up in India,” said Nilanjan Banik, associate professor at Mahindra Ecole Centrale. 
 
However, the impact on the automobile sector particularly SUVs (sports utility vehicles) has slowed over the years 
 
“It is not the same as earlier. The code of conduct for elections is strict and candidates are careful about spending on vehicles, which is a big investment,” says Pravin Shah, CEO of Automotive Division of Mahindra &amp; Mahindra, but added that elections do provide some growth. 
 The election spending also comes against the backdrop of the <keyword id="6356916" type="UNKNOWN" weightage="40" keywordseo="excise-duty">excise duty</keyword> cut announced in the 2014-15 interim budget by the government and should help sustain the momentum of the economy for the short term but the new government will have to urgently unveil measures to revive sentiment and growth. 
 
Officially, the spending will only be a fraction of the amounts being talked about. In 2009, 8,070 candidates contested the polls. Assuming a similar number this time, and taking into account the expenditure ceiling for each candidate of Rs 70 lakh for the 2014 polls in most states, spending by candidates should officially be in the region of Rs 560 crore. In addition, government spending on general elections would add up to about Rs 1,000 crore. 
 
Rao said a large chunk of the expenditure by political parties and candidates is likely to involve unaccounted money, which is used for what he described as “notes for votes”. 
 
Government spending on polls is concentrated largely on activities such as voter awareness campaigns, labour, technology and other logistical aspects of conducting the elections. 
 The government’s expenditure per elector has gone up manifold, 20 times to be precise, from the first general elections to the 15th general elections, according to the <keyword id="40807" type="ORGANIZATION" weightage="40" keywordseo="Election-Commission">Election Commission</keyword>. 
 
(With inputs from Saurabh Sinha, John Sarkar and Pankaj Doval in New Delhi)

​Rs 30,000 Crore Stimulus To Economy Expected From Poll Spending

New Delhi, <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Aadhar Housing Finance" meta.hostid="282" meta.entityid="Aadhar Housing Finance">Aadhar Housing Finance</keyword> Ltd, which is backed by private equity major Blackstone, on Thursday said it has fixed a price band of Rs 300 to Rs 315 a share for its Rs 3,000-crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>. The initial share sale will be open for public subscription during May 8-10 and the bidding for anchor investors will open for a day on May 7, the company said in a statement. This will be the third maiden public issue opening next week after TBO Tek and Indegene. Aadhar Housing Finance's initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) is a combination of a fresh issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 1,000 crore and an offer for sale (OFS) of Rs 2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72 per cent stake in Aadhar Housing Finance and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="282" meta.entityid="ICICI Bank">ICICI Bank</keyword> owns a 1.18 per cent stake. The company plans to utilise Rs 750 crore of the fresh issue proceeds to meet future capital requirements towards onward lending and a portion will also be used for general corporate purposes. "The listing is a significant milestone for Aadhar Housing Finance and its transformation is a great example of what we do best: building businesses that build India. We brought our scale, network, and best global practices to grow the business, and empowered the company in digitising its processes, end-to-end from origination to collection," Amit Dixit, Head of Private Equity Asia at Blackstone, said. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Earlier this month, Aadhar Housing Finance received Sebi's go-ahead to float the IPO. Aadhar Housing Finance offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition. The company is an HFC focused on the low-income housing segment, serving economically weaker and low-to-middle-income customers, who require small-ticket mortgage loans. It has a network of 471 branches, including 91 sales offices, as of September 30, 2023. The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms. ICICI Securities, Citigroup Global Markets India Pvt Ltd, Kotak Mahindra Capital Company Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd and SBI Capital Markets are the book-running lead managers to the issue. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the <keyword id="9447718" type="UNKNOWN" weightage="20" keywordseo="draft-red">draft red</keyword> herring prospectus (DRHP). State Bank of India (SBI), <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each. The public offer is expected to raise a little over Rs 3,000 crore, market sources said. UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed. Sebi's observations are necessary for any company to launch <keyword id="122704" type="PERSON" weightage="20" keywordseo="public-issues">public issues</keyword> including initial share-sale, follow-on public offer and rights issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company. <keyword id="39409" type="COMPANY" weightage="20" keywordseo="Kotak">Kotak</keyword> Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM. In December 2019, Sebi had asked SBI, LIC and PNB to dilute their stakes to below 10 per cent in UTI AMC by December next year. Under Sebi's mutual fund regulations, a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms" data-type="tilCustomLink"> HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a> <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms" data-type="tilCustomLink">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a>

The IPO from India's largest asset management company UTI AMC is ready to hit the street

<ul><li>The private sector bank has been put under a moratorium by the Reserve Bank of India since March 5 which has restricted deposit withdrawals. Under the terms of the notified scheme, this moratorium will now be lifted at 6 p.m. on March 18.</li><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>'s authorised share capital will be revised upwards from Rs 1,100 crore to Rs 6,200 crore. </li><li> The number of total equity shares will stand altered to 3,000 crore of Rs 2 each aggregating to Rs 6,000 crore. Authorised preference share capital shall continue to be Rs 200 crore. </li></ul> The government on Saturday notified the scheme of reconstruction for cash-strapped Yes Bank Ltd, paving the way for the lender to resume full operations. The private sector bank has been put under a moratorium by the Reserve Bank of India since March 5 which has restricted deposit withdrawals. Under the terms of the notified scheme, this moratorium will now be lifted at 6 p.m. on March 18. According to the government notification, Yes Bank's authorised share capital will be revised upwards from Rs 1,100 crore to Rs 6,200 crore. The number of total equity shares will stand altered to 3,000 crore of Rs 2 each aggregating to Rs 6,000 crore. Authorised preference share capital shall continue to be Rs 200 crore. The investor bank, which in Yes Bank's case is the State Bank of India, will pick up to 49 per cent of the equity, while private investors will be allowed to buy the rest. SBI will have to hold at least 26 per cent stake in the private bank for a minimum period of three years. Similarly, the other investors will also be mandated to have a similar lock-in period for 75 per cent of their investment in the bank. As per the notification, this lock-in will also be for all existing shareholders who are holding 100 or more shares in the private sector bank. Investors in the bank, other than SBI, will also have a voting right to the extent of their shareholding in the bank or 9 per cent of the total voting rights of all shareholders in the reconstructed bank or as decided by RBI, whichever is lower. Higher voting rights up to 15 per cent may be allowed to certain investors having higher shareholding and declared "fit and proper" by the RBI. The reconstructed bank will also allot its equity in within two working days following the commencement of the scheme. Government has also decided to exempt all investors in the Yes Bank from payment of capital gains tax for any deemed profit or gains on account of subscription of shares. The office of the administrator of YES Bank shall also stand vacated after seven days from the cessation of moratorium and the new Board will take over the bank. Prashant Kumar, former SBI CFO, and the current administrator of Yes Bank may take over as managing director and CEO of the bank. Early this week, SBI said that its board had approved an investment of Rs 7,250 crore in Yes Bank by purchasing 725 crore equity shares. On Friday, ICICI Bank and Housing Development Finance Corporation Ltd announced that they will be investing Rs 1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing Rs 600 crore and Rs 500 crore respectively. Bandhan Bank will be investing Rs 300 crore A full list of investors is yet to be released.

Yes Bank withdrawal limit to be lifted in three working days

New Delhi, Jan 26 () Tata Motors aims to establish itself as the leader in the electric vehicle (EV) market in the country as it looks to roll out new products for both private and fleet segments, a senior company official said.
 The company, which sells its Tigor EV primarily to fleet customers, is now gearing up to cater to the personal segment with the introduction of the electric version of compact SUV Nexon which comes with a range of over 300 kms.
 "As far as Tata Motors is concerned, we want to establish ourselves as leaders in the EV space. We have taken up the mission that we should be ahead in terms of EV technology," Tata Motors President Electric Mobility Buisness Shailesh Chandra told in an interview.
 The auto major aims to build complete in-house capabilities in terms of design, supply chain and even full local manufacturing in the EV space as part of its plans to be a complete player in the segment, he added.
 "As an India OEM (original equipment manufacturer), we should be seen as very strong brand in the EV space. Here we are not dealing with 70 years old ICE (internal combustion engine) world. We are not catching up. Here, let others catch up with us, that is the thinking," Chandra said.
 He added that the company aims to have two clear types of customers -- fleet and private buyers and accordingly it needs to come with different solutions for both segments.
 Besides Nexon, which Chandra said would be priced between Rs 15-17 lakh, the company would also consider all the future products coming on its Alfa architecture as potential candidates for electrification.
 Tata Motors has just introduced premium hatchback Altroz, which is the first product to be based on the Alfa architecture. It has also introduced Ziptron powertrain for EVs under which the company plans to provide a range of over 250 kms for all its upcoming models.
 "Alfa architecture is protected for electrification. Every product on this platform will be a target for electrification. Altroz is the next target for us, that is the next project we are working on," Chandra said.
 The company would also keep working on updating its products meant for fleet segment, he added.
 The company in the first phase would look at seven major cities for EV deployment and later expand operations in other parts of the country.
 While lauding government's efforts in terms of introducing a comprehensive FAME-II scheme, Chandra said the authorities could further push adoption of EVs by making private segment four-wheelers also eligible for incentives.
 "In case government extends the FAME incentive to the private segment to those cars which qualify the criteria, it will unleash a different kind of potential for electrification. This is the only missing piece," Chandra noted.
 The company has requested the government to consider giving incentives to private segment vehicles as well to create demand.
 "We have requested the government to consider that because they have taken a target of 35,000 electric cars in the next three years. In the first year, there will be around 3,000 cars...so why not open it up for the private (segment) also to make the programme successful," Chandra said.
 He, however, agreed that challenges in terms of charging infrastructure remained in the country.
 "This is again one piece which is going to be addressed over next two years and the story is going to be different," Chandra said.
 He also emphasised on the need to bring in EVs in the entry segment in order to make them more appealing to the prospective customers in terms of pricing.
 Chandra said that in all around 300 EVs were sold by various OEMs in the first quarter of the current fiscal. In the second quarter, the volume rose to 500 units and to 800 units in the third quarter.
 "We expect fourth quarter to be double of third quarter due to the recent product launches...the perception that it (EV) space is only going to be limited to the fleet segment will not be the case with many launches expected in the personal space," he noted.
 The EV space is going to be a fair mix of fleet and personal segment cars, Chandra said.
 Around 15-20 launches in the EV space have already been announced, he added. Besides Tata Motors, companies like Mahindra &amp; Mahindra, Hyundai and MG Motor have introduced electric models in the country. MSS ABM
ABM

You Searched For "mahindra rs3000" and got 14 results

Niva Bupa Health Insurance files papers for ₹3,000-cr IPO

PTI

What has changed for your credit cards, starting today?

Ira Alok Puranik

Lockdown: Mahindra Logistics to provide relief-fund to drivers

PTI

UTI AMC files IPO papers to raise about Rs 3,000 cr

PTI

Yes Bank posts Rs 2,629 cr quarterly profit on bonds write-off

PTI

M&M enters Africa chasing $1bn revenue opportunity

BI India Bureau

No more missed deadlines! You can now pay rent using your credit card

BI India Bureau

Tata Chemicals is seeking Kotak Mahindra’s help to sell off its fertiliser business

BI India Bureau

Small Commercial Vehicle Segment To Grow 13% CAGR In Next Six Years

Purba Das

Rs 30,000 Crore Stimulus To Economy Expected From Poll Spending

Times Of India

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

PTI

The IPO from India's largest asset management company UTI AMC is ready to hit the street

PTI

Yes Bank withdrawal limit to be lifted in three working days

IANS

Eyeing leadership position in electric vehicle segment: Tata Motors

PTI

Popular Keywords

Buying Guides

You Searched For "mahindra rs3000" and got 14 results

Niva Bupa Health Insurance files papers for ₹3,000-cr IPO

PTI

What has changed for your credit cards, starting today?

Ira Alok Puranik

Lockdown: Mahindra Logistics to provide relief-fund to drivers

PTI

UTI AMC files IPO papers to raise about Rs 3,000 cr

PTI

Yes Bank posts Rs 2,629 cr quarterly profit on bonds write-off

PTI

M&M enters Africa chasing $1bn revenue opportunity

BI India Bureau

No more missed deadlines! You can now pay rent using your credit card

BI India Bureau

Tata Chemicals is seeking Kotak Mahindra’s help to sell off its fertiliser business

BI India Bureau

Small Commercial Vehicle Segment To Grow 13% CAGR In Next Six Years

Purba Das

​Rs 30,000 Crore Stimulus To Economy Expected From Poll Spending

Times Of India

Aadhar Housing Finance sets IPO price band at ₹300-315 per share

PTI

The IPO from India's largest asset management company UTI AMC is ready to hit the street

PTI

Yes Bank withdrawal limit to be lifted in three working days

IANS

Eyeing leadership position in electric vehicle segment: Tata Motors

PTI

Popular Keywords

Buying Guides

Rs 30,000 Crore Stimulus To Economy Expected From Poll Spending