Santanu Mitra

Today's Headlines from : *Economic Times* 📝 3,638 FDI proposals cleared in sensitive sectors since 2019 📝 NARCL ups offer for Jaiprakash Associates debt to Rs 12,000 crore 📝 Festivals take e-toll collections to a record ₹6,000 crore in October 📝 Railways switches to fast track for Kavach rollout 📝 India tops global diabetes list with 212 million cases in 2022: Lancet Study 📝 Nokia to roll out 3,300 new 4G sites by March for Vi expansion 📝 Morgan Stanley, 2 others pick 6.8 pc stake in PNB Housing Fin for Rs 1,664 crore 📝 Nalco Q2 Results: Profit rises multi-fold to Rs 1,046 crore; Rs 4 per share dividend announced 📝 NBCC Q2 Results: Profit jumps 53% to Rs 125.13 crore 📝 Kalpataru Projects International bags orders worth Rs 2,273 crore 📝 Ecommerce AI startup BiteSpeed raised USD 3.5 million 📝 SaaS startup Zeplyn raises $3 million from Leo Capital, others 📝 Space startup Firefly valued at over $2 billion in latest funding round *Business Standard* 📝 Brigade Enterprises Q2FY25 results: Reports 46% increase in sales value 📝 Marriott International, Samhi Hotels ink pact to open 3 properties in India 📝 India's Adani Group to invest $10 billion in US energy following Trump win 📝 Dilip Buildcon Q2 results: Net profit rises threefold to Rs 235 crore 📝 ONGC to soon open 5 wells in KG basin to boost gas, crude output in H2FY25 📝 NCLAT directs IL&FS to complete resolution of remaining firms by March 31 📝 ICAI to knock on MCA door against proposed audit standard revision 📝 India's outward FDI rises to $3.7 billion in October 2024: RBI data 📝 Mkt regulator Sebi mulls action for lapses in Artificial intelligence usage 📝 Festive season stabilises PV sales, 2Ws jump 14%; over 393K vehicles sold *Financial Express* 📝 Economists revise FY25 CPI inflation estimates to 4.7-5 per cent 📝 IN-SPACe taps DoT to cut spectrum price for Spacetech startups 📝 Eicher Motors Q2 profit rises 8 per cent to Rs 1,100 crore 📝 Power ministry readies interest subvention scheme for MSMEs 📝 Karnataka to organise venture capital connect with $17 billion investment potential 📝 IPO-bound NTPC Green plans to invest Rs 1 lakh crore by FY27 📝 Indebtedness of states expected to remain rangebound at 31-32% this fiscal, says CRISIL *Mint* 📝 US October inflation rises 2.6% YoY in first annual acceleration since March 📝 UN to come up with solutions to support countries cope with extreme heat 📝 BII, Norfund, IndiGrid form $300 million business for battery storage 📝 AstraZeneca Q2 net profit declines 10%, revenue up 31% 📝 Torrent Power Q2 Results: Net profit falls 8.6% YoY to ₹496 crore 📝 RBI retains SBI, HDFC, ICICI as India's too-big-to-fail banks 📝 Prosus offers to invest $100 million in Mintifi Finserve at unicorn valuation

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Commentary - In my limited observation of markets, I have come to believe that everytime the regulator starts acting tough... it causes issues to the industry as a whole.. (Telecom, RBI for NPAs etc.) Any issue faced by the industry... also reflects poorly on Govt. by common people. (Telecom scam/coalgate scam etc) India is seeing some strong regulatory actions by RBI and SEBI RBI - Concerned with Gold Loans (want monthly payments) instead of bullet payment, concerned/regulating MFI interest rates (Navi) etc etc SEBI - Concerned about how Mutual Funds trade (limited trading etc.) and various AIF regulations The markets are strongly coupled with each other these days, who knows what strings pulled will unexpectedly impact which other areas All these can cause imbalance in the markets... Most of the regulators are independent, but my view is that all major regulations/actions should have approval from the Govt... On a side note, Gold loan notification came at a time when Bain is buying majority in Manapurram ... who knows the connections 😜 #markets #bse #nse #government #rbi #sebi

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Fullerton Financial Holdings (FFH), a subsidiary of Singapore-based Temasek, is poised to acquire a controlling stake in Lendingkart, a digital lending platform focused on micro, small, and medium enterprises (MSMEs). The deal, involving a capital infusion of ₹252 crore, is currently pending regulatory approval. #Lendingkart anticipates that this fresh funding will enhance its technological capabilities and expand its reach into underserved markets across India. FFH, which already holds a 38% stake in Lendingkart, will secure majority control through this investment, though the exact ownership percentage remains undisclosed. A Significant Drop in Valuation This new capital injection comes at a time when Lendingkart is grappling with financial challenges. Reports indicate that the company’s valuation is expected to fall significantly, to around $100 million—a sharp decline from its $350 million valuation in 2020. The deal follows months of difficulty for #Lendingkart, which has been actively seeking $30-$50 million in equity funding since last year. As such, this new investment marks a crucial step in stabilizing the company amid growing challenges in the unsecured loan market. Lendingkart’s Business Model Founded in 2014 by Harshvardhan Lunia, Lendingkart specializes in providing unsecured working capital loans to small and medium-sized enterprises (SMEs) across Tier 1, 2, and 3 cities in India. It operates through its non-banking financial company (NBFC) subsidiary, Lendingkart Finance Limited. To date, Lendingkart has disbursed over 300,000 loans, amounting to ₹20,000 crore, with an average loan size of ₹7 lakh. In recent years, the company has also expanded its co-lending partnerships with banks and NBFCs, increasing its Assets Under Management (AUM). Despite strong revenue growth, Lendingkart has faced profitability challenges. In FY24, the company’s standalone net profit dropped to ₹60 crore, down from ₹116 crore the previous year. It has also dealt with higher credit costs, driven by asset quality issues, as the unsecured nature of its loans makes collections more difficult. FFH’s Confidence in Lendingkart’s Potential “Our investments in Lendingkart reaffirm our belief in the immense MSME opportunity in India and the value that well-governed, scalable platforms can bring to small businesses,” said Hong Ping Yeo, CEO of FFH. Ram Deshpande | Giridhar Yasa | Manish Bhatia | Prashant Chandra | MANIK DHAM | Sanketh Shet | Chandra Gaur | ASIT KUMAR, GTML™ | Ashis Jena | Rajeev Kakar | Lee Chen Hwa | Ranjit Dandekar | Maynard Kang | Anil Radhakrishnan | Kanan Abdul Kader M. | Stephen Gong | Yash Goyal |

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Was nice to share some thoughts with Akshata Gorde and Financial Express (India) on SEBIs new proposed fixed price mechanism as an alternative to reverse book building for voluntary delisting schemes. Read on to know more: https://lnkd.in/g25YCj_D #SEBI #delisting #law

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A significant milestone on the Sarvagram journey and we are very excited to continue our support to the stellar team. When we invested in 2022, we saw a distinctive company which was serving an unaddressed segment in a very large market i.e middle class households in rural India. The narrative around rural financing has primarily focused on farmers and low-income populations. However, there's a huge gap in addressing the needs of the aspirational rural middle class—the 80-100 million households with annual incomes ranging from ₹3-5L, spread across multiple income sources. This demographic is eager to improve both their income levels and quality of life, yet their financial needs have often gone unmet. Banks and microfinance institutions have targeted agriculture or low-income women but the rural middle class is a large whitespace. Though they may have access to product financing like two-wheeler or car loans, a significant portion of their aspirations remains unaddressed. SarvaGram is stepping into this gap with a holistic, customer-centric platform that offers a diverse range of financial services—from lending products and farm mechanization solutions to insurance offerings — as opposed to a mono-line strategy, which we believe works better in denser urban markets. In addition to our thesis on rural lending, we have found working with the stellar team, led by Utpal Isser and Sameer Mishra, a collaborative and insightful partnership. Their exceptional execution and understanding of the rural market have enabled SarvaGram to create lasting impact and drive sustainable growth. It has been equally enjoyable to learn from their experiences and we truly appreciate the openness of team. We have also appreciated working with our co-passengers from #Elevar, #Elevation and #Temasek and look forward to the #Peak XV team. With this fundraise, SarvaGram is on track to continue its impressive growth trajectory and we are excited to be part of this journey of SarvaGram driving meaningful change for rural middle-class households. Utpal Isser SarvaGram Sreeraman V TVS Capital Funds #FundingSuccess #RuralIndia

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https://lnkd.in/girNavcv n this insightful video, join Naha, Aniruddha- Chief Investment Officer of PGIM India Mutual Fund PMS & AIF business, as they delve into the strategic use of leverage in Alternative Investment Funds (AIFs). Whether you are an investor looking to understand the nuances of leveraging or a financial professional seeking deeper insights, this video provides valuable knowledge and practical perspectives on the strategic role of leverage in AIFs. Don't forget to like, share, and subscribe for more expert insights on investment strategies! #investmentmanager #AIF #PGIMalternate #pms Aditya Prabhu Kiran Joshi Abhijeet Sharma Uday Koppalkar Sri Chakri Prakash Mandavilli Ganesh P N

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We at LeapFrog Investments are strong believers in the India story for impact investments. As I mentioned to Jaden, India has a lot of potential. It’s not a five-year story, it’s hopefully a 25-year story.... the reasons being growth, depth of talent, digital public infrastructure, and the depth of capital markets. Thanks to Jaden Paul for the interview in Business Standard. Read it here: https://lnkd.in/gyV-UTAv

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I’ve been turning down all media requests for a post election analysis but talk of whether alliances will hold post elections reminded me of something I wrote 26 years ago - before a Lok Sabha Election result.   The basic premise: one who holds 30 seats may have the same power, or even more, as compared to someone who holds 245 seats.   A mathematical Power Index explains how   Quote Let’s get on with the “Power Indices” of the various political parties.   Think of it this way : suppose you require a 50% plus majority to form a government and there are 3 parties in the parliament with the following seat tally : 44%, 39% and 17%.   Now, any two of these can join together to form the government and therefore all three of them have exactly equal power, no matter that Party 3 has got less than half the number of seats that the first two have. This is a concept that is of use in any ‘majority wins’ decision rule from shareholder resolutions to jury decisions.   Suppose there are 4 parties in the fray this time around: A, B, C and D parties, having 35%, 34%, 17% and 14% of the seats resp. Again if a simple majority is needed to form a government, any two out of A, B & C can form a government whereas the Party D’s support is never really crucial to anyone.   If this party’s 14% is added onto the percentages of any of the first three parties, the sum does not exceed 50% and any larger coalition of parties doesn’t require its support anyway. Party D is therefore called a ‘dummy’ - an apt term for someone whose vote can never change a losing coalition into a winning one or vice versa.   The dummy has no power, while all the other three parties i.e. A, B and C have equal power.   This is inspite of the fact that Party C has far fewer seats than A and B and only a few more than the smallest one i.e. Party D   For those interested, there is a technical concept called the Banzhaf Power Index (BPI) of a group, party or person which is defined as the number of ways in which that group, party or person can change a losing coalition into a winning one or vice versa.   In the preceding example, the BPI of parties A, B and C are equal and that of Party D is zero.    In fact as an individual MP, you are better-off being a part of Party C than Party A or B because as part of the government you get a disproportionate share of the goodies. This is exactly what happened in U.P. where virtually every MLA of a marginal party who joined the BJP government was made a minister - something that was a remote dream for most BJP MLAs.   Unquote (First Global's weekly 'Markets, Majorities and Maths', January 1998)   Thus if a few smaller partners can hold whichever coalition government to ransom, it introduces uncertainty.   “The more things change, the more they stay the same” Hence, I can repeat a 1998 piece which has contemporary parallels   We may be in for some interesting times.   History also shows coalition governments have been pretty good for the economy and markets.

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Unlock the Secrets of Unclaimed Assets Worth Over Rs2 Lakh Crore! 🌟 Watch this video by Sucheta Dalal, Founder Trustee of Moneylife Foundation, as she dives deep into the staggering amount of unclaimed wealth in India, which have now exceeded Rs2 lakh crore. In this video, she sheds light on where this wealth lies across insurance, mutual funds, and bank deposits and discusses the challenges that legal heirs and nominees face in claiming these assets. She also offers practical advice on how you can reclaim your rightful share. This is a must-watch for anyone interested in understanding the complexities of unclaimed assets and the steps you can take to ensure your family's financial security. 👉 Don’t miss out on this essential information! Watch now and protect your wealth. Watch : https://lnkd.in/dASB8m7i Debashis Basu Yogesh Sapkale #UnclaimedAssets #FinancialSecurity #WealthManagement #MoneylifeFoundation #SuchetaDalal #FinancialAdvice #ProtectYourWealth #InheritancePlanning #LegalHeirs #FinancialEducation

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In this video, Mr. Chirag Muni, Director at Anand Rathi Wealth Ltd, shares insights on “Key Reasons Behind AR Model Portfolio’s 45% Returns.” Please click on the link below to watch this short, informative video: https://lnkd.in/d9AKsPEW

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A decisive NDA alliance victory in a big state like Maharashtra is sentimentally positive for stock market. However, we need to note that Loksabha elections just got over and the current central government has another full term to complete so once state elections are over, markets' focus will shift back to earnings, budget, US policies and geo-politics.    Sustained inflation print, FPI outflows, strong dollar and tariff threats could sour the market mood.    Adani issues won’t be able to affect general market mood for a sustained period. It will be stock-specific after a point in time. Sentiments can drive up/down only up to a point; beyond that it will be business prospects and fundamentals.   https://lnkd.in/dBXPBDbT   https://lnkd.in/dNc89st7   https://lnkd.in/dQstsCjE   https://lnkd.in/dmYWRY9N   https://lnkd.in/dQT3-KsG   https://lnkd.in/dRScjgN9

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#India 🇮🇳 is playing an increasingly significant role in #AsiaPacific #PE-#VC activity, accounting for ~20% of all PE-VC #investments in 2023, up from ~15% in 2018. #Resilience amid #turmoil: Multiple bright spots emerged in India amidst a globally challenging year for the PE-VC ecosystem. India #PrivateEquity Report 2024 | Bain & Company

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INDIA MORE THAN ONE CRORE FLATS LYING VACANT WHICH IS CRIME TO KEEP ASSETS WITHOUT UTILIZATION AS CLAIMED BY PRESIDENT OF NATIONAL REAL ESTATE DEVELOPMENT COUNCIL Over 1 crore flats lying vacant in India; crime to keep assets without utilisation’: G Hari Babu Launches of high-end residential units priced above Rs 1.5 crore skyrocketed by a staggering 1,000 per cent between 2019 and 2023, according to property consultancy firm Anarock. In the meantime, new launches of units priced below Rs 75 lakh, including affordable housing, remained stagnant in the country’s top seven cities. In a conversation with AGGAM WALIA, National Real Estate Development Council (NAREDCO) National President G HARI BABU delves into the growing trend of premiumisation in the real estate sector even as the high-demand affordable housing segment appears to be short on supply. Among other things, Babu throws light on the influx of high net-worth individuals (HNIs) and institutional investors in the residential real estate space, and what can be done to spur growth in affordable housing. https://lnkd.in/e_-siMWZ

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Thrilled to announce our 2nd investment from SMBC Asia Rising Fund in India. We invested in Drip Capital - a leading cross-border trade finance platform, which supports Indian SMEs go global. The presence of Indian SMEs in global supply-chain will continue growing and financing is one of the key success factors for them. Drip Capital will play a pivotal role in it and SMBC as a global bank can collaborate with them in many ways. We are very excited to partner with Pushkar Mukewar and the entire Drip Capital team! Onwards and upwards! SMBCさんと進めているAsia Rising Fund*からインド第2号案件としてDrip Capitalへ投資しました。今回はRyu Muramatsuさん率いるGMOさんとご一緒させて頂いています。昨今の国際情勢の中、グローバルサプライチェーンにおけるインド、特にその中小企業が担う役割は日を追うごとに大きくなってきており、今後それは加速していくと考えられます。一方で、貿易に関わる彼らにとってはワーキングキャピタルの手当ては常に頭を悩ます問題で、大手銀行などの既存の金融機関がカバーしきれていない当該分野にDrip Capitalはソリューション提供しており、今後も大きく成長していくと見込んでいます。世界に展開する金融機関としてのSMBCグループとの協業ポイントも多く、こちらでも期待大です。 Incubate Fund Asia Incubate Fund Rajeev Ranka Masahiko Homma Alok Anand Patra Surbhi Bhatia Dave Kwong Xiang Darren Jawara Jasmin Y. Keiji Matsunaga Masaki Adachi Yusuke "Shuku" Shukuzawa KIMIE SUENAGA Mayoran Rajendra

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The government has done many wonderful things like improvement in infrastructure and digital financial transactions but missed out on a number of fronts, including "Make in India". The lion seems to have roared more than walked. One of the primary objectives, increasing employment opportunities, remains unfulfilled. In fact, it has emerged as the most serious problem today. Another critical area is the erosion of democratic institutions. These and many other issues are discussed in this free-wheeling interaction. https://lnkd.in/gKdVnWCn

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