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Minister Bhupender Yadav: Opposition behaving irresponsibly in House


Union Minister for Environment, Forest & Climate Change Bhupender Yadav Sunday said the Opposition was working in an “irresponsible manner” in Parliament.

Yadav said the Opposition first gets time allotted for the discussion in the House and later runs away from debate.

Speaking to reporters at the Bharatiya Janata Party’s (BJP) headquarters in Lucknow, Yadav said the government wants the House to function but the Opposition does not want to let it operate smoothly.

The Union minister made the remarks while answering a question on Opposition parties’ demand for a debate on the high exposure of public financial institutions like Life Insurance Corporation (LIC) to the Adani group, and the impact following the Hindenburg report alleging round-tripping of money by the group.

“They (Opposition) themselves have stalled the House. Why does the Opposition not let Parliament function? The government has always said that Parliament should function. And, the time allotment for the Business Advisory Committee of Rajya Sabha was done in the presence of the Opposition. When they get allotted time in the Business Advisory Committee for a debate in the House, they run away from debate which shows how irresponsibly the Opposition works,” Yadav said.





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Remittances high, low tax payment: Govt tighens net with TCS hike


To trace high-value spending and tax avoidance by high net-worth individuals, the government Wednesday announced a sharp hike in the tax collected at source  (TCS) rate — to 20 per cent from 5 per cent — on overseas tour packages and on certain remittances out of India under the liberalised remittance scheme (LRS).

This has been proposed with the exception of LRS remittances for education and medical treatment purposes.

Finance Secretary T V Somanathan said the measures have been taken based on information that people are making high-value remittances but their tax returns are not reflecting proportionate income tax payments. “It is our impression and there is enough information to indicate that there are quite a lot of people who are able to make these remittances but whose tax returns are disproportionately low compared to what they send as remittances. So that means if you don’t collect tax at source, then you have to take measures later to catch them. That is much more difficult. If you are able to make remittances to invest in a property in Manhattan, or a stock brokerage account in Dubai or if you are going to take a 30-day tour of the world, almost certainly your effective tax rate will be 20 per cent,” he said.

The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher TCS on overseas tour programme packages. Also, 20 per cent TCS will be applicable on certain remittances without any threshold as against the current scenario of 5 per cent tax rate where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023.

The government’s underlying view in taking these tax rationalisation measures in the Union Budget for 2023-24 for high net worth individuals has been to reduce ways for tax avoidance by such individuals. “If you look at high net worth individuals there are a number of tax avoidance removal measures in this Budget. You look at market-linked debentures, very high value insurance policies, marginal (tax) rate is coming down but some of the devices used predominantly by those in the highest tax rate are also being rationalised. So it’s not necessarily a net reduction, it’s a reduction from a high marginal rate inducing certain avoidance devices, to a lower rate with fewer opportunities to avoid,” Somanathan said.

In similar measures, the Budget for FY24 has also proposed that maturities of life insurance policies with an annual premium of Rs 5 lakh and above taken after April 2023 will now be taxed. The Budget for 2023-24 also proposed to cap deduction from capital gains on investment in the residential house to Rs 10 crore.

Amit Maheshwari, Tax Partner at AKM Global said, “TCS has been proposed on any foreign payment without any threshold. This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay.”

Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. “The increase in TCS rates to 20 per cent for overseas travel perhaps underscores the government’s intention to restrict overseas travel spending by HNIs,” Agarwal said, adding that the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs.





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BJP govt trying to destroy federal structure: Opposition leaders at KCR rally


COMING TOGETHER at a mega rally organised by the Bharat Rashtra Samithi (BRS) — its first since turning national after its earlier identity as the Telangana Rashtra Samithi (TRS) — Opposition parties on Wednesday accused the BJP-led government at the Centre of trying to destroy the country’s federal structure.

Besides Telangana Chief Minister and BRS leader K Chandrashekar Rao, Chief Ministers Pinarayi Vijayan (Kerala), Arvind Kejriwal (Delhi), Bhagwant Mann (Punjab), Samajwadi Party leader Akhilesh Yadav and CPI leader D Raja were among those present.

“Ideas such as secularism, democracy, federal structure, social justice and equality… were included in India’s Constitution so as to uphold the values championed by our freedom struggle… Since those in power now were not part of our collective (freedom) struggle then, they do not know the values on which India has been built as a sovereign, democratic republic. So they seek to alter the basic structures on which our modern nation has been built, even as they call for celebrations such as Azadi ka Amrit Mahotsav… Amidst the glam and glitter of these celebrations, they seek to undo the very foundations of our country, our democracy and our Constitution,” said Vijayan, accusing the BJP-led government at the Centre of trying to destroy the country’s federal structure.

Saying that a people’s movement had started in Khammam, the Opposition leaders called for the ouster of the BJP in the 2024 Lok Sabha elections.

Akhilesh also raised the issue of federalism in his speech. “Modi is using Governors to confront elected CMs of states. The BJP does not believe in federal system of governance. The BJP and RSS don’t believe in diversity,” he said. “A message from Khammam should go out, that the republic is under threat, and it should be saved by defeating the BJP,” he said.

He said Modi had said on Tuesday that 400 days remained for the government at the Centre. “When a government starts to count its days, understand that it is not going to return. Now only 399 days remain,” he said.

“Governors are being used by Modi to create trouble for CMs. How will a country progress if the country’s PM spends all day on how to trouble which CM, which state to send CBI and ED to. He only thinks which government to topple. Today, the country is demanding change. The BJP has ruined the country. It is time to change the government,” said AAP leader and Delhi CM Kejriwal.

His party colleague, Mann, spoke on similar lines, accusing the BJP of seeking to topple “every non-BJP government”. Both Kejriwal and Mann said they would implement some of the BRS government’s schemes in their states too.

Raja praised the KCR government’s welfare measures like Dalit Bandhu and Rythu Bandhu. “Republic Day will be observed but the democracy and unity of the country are under threat. They are trying to change the Constitution. Our Constitution says the Indian state should be a federal state. The BJP and RSS want to impose medieval rule,” he said.

In his speech, KCR announced a number of sops for the district. “The US and China have less agricultural land than India… We have hard-working people, the best food chain in the world. Yet, we have to import dal and palm oil. We have so much water, but still large areas don’t receive drinking or irrigation water. States are fighting over sharing river water. The Congress and BJP are the reason for the sad state of affairs in this country. If the BRS government comes to power at the Centre, all farmers will receive free power and financial support. LIC will be bought back if Modi sells it,” he said.





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Life insurers ready to diversify; await Budget for a health cover


Life insurance companies are keenly awaiting the government’s decision on ‘composite licences’ for insurers which will allow them to enter the health insurance business. If the ‘composite licences’ for the insurers are allowed in the proposed amendment in the insurance laws in the Union Budget, many life insurers, including the Life Insurance Corporation, will consider entering into indemnity health insurance business, sources said.

“We are watching the situation very closely on this. But I can’t tell you at the moment how things pan out going forward. If the idea of composite licence works, then I think health insurance can fit into our business model,” said MR Kumar, chairman, Life Insurance Corporation.

Allowing composite licenses is going to be a positive step for the industry in case it is implemented, he said at the annual C D Deshmukh Memorial Seminar organised by National Insurance Academy.

“In the upcoming Budget 2023, we do expect the Finance Minister to announce various measures for the health insurance sector. Access to health insurance can help more people get quality treatment and reduce the burden of out-of-pocket healthcare expenses,” said   Srikanth Kandikonda, CFO, ManipalCigna Health Insurance.

However, many general insurers and standalone health insurers have reservations about allowing life insurers to get into the health insurance, the largest segment with a total premium collection of Rs 58,176 crore, a rise of 22.54 per cent, during the eight-month period ended November 2022. General insurers, on the other hand, will be able to enter the life segment in the reciprocal arrangement. A senior Finance Ministry official said life insurers should venture into health products in a big way.

The Finance Ministry recently released the Insurance Laws (Amendment) Bill 2022 for public feedback, wherein it has proposed a score of changes to the insurance policy framework including the distribution rules, capital requirements and more. The government is likely to introduce this Bill in the Budget session. “These changes will significantly accelerate the growth of the industry and also support the government as well as the regulator’s financial inclusion agenda. These proposed reforms will be a positive step in facilitating insurance adoption at the last mile and bolster the overall sectoral growth,” said Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance.

The government has proposed a comprehensive amendment of the legislative framework governing the sector – Insurance Act 1938 and IRDA Act 1999 – which is expected to take the reform agenda in the segment to the next level, facilitating the entry of more players, reduction in the capital requirement and issue of composite licences. “Rising medical inflation has resulted in many insurers increasing the premium on health insurance products this year,” said Krishnan Ramachandran, MD and CEO at Niva Bupa Health Insurance.

In an office memorandum, the Department of Financial Services in the Finance Ministry, said, “the proposal includes various methods such as opening of registration to various classes, sub classes and types of insures with appropriate minimum capital requirements as specified by the IRDAI, allowing services to insures that are incidental or related to insurance business as well as distribution of other financial product as specified by the IRDAI, enabling newer channel of distributing and providing for efficient use of capital and resources.”

Insurers are also expecting tax breaks in the Budget. Currently, all financial purchases are clubbed under the same IT deduction section (80C) capped at Rs. 1,50,000. “We expect the budget to consider creating a separate section for tax deduction on premium paid towards life insurance. This will enable an effective segregation of customer’s funds into long-term and short-term kitties,” he said.

Considering the low single-digit penetration of life insurance in India, tax incentives can be expected to be focused on first-time life-insurers and on principle component of annuity income. Special incentives are also likely to be announced for women who currently account for barely more than one-third of the country’s life-insurance covers.

“We expect that the government in the upcoming budget comes up with a series of measures to boost this sector, thus considering 5 per cent GST tax slab on health insurance premium to make it more affordable for the people living in the middle-income group to get access to quality healthcare care they need,” Kandikonda said, adding that GST rate cut from 18 per cent to 5 per cent on the health insurance premiums will be a huge respite especially for senior citizens who are struggling to meet the rising healthcare costs. Most insurance products attract GST at 18 per cent which pushes up the premium to 118 per cent for the end-user.





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An Express series: Heading North — in search of light


Setting out at night for part 3 of our series, The Indian Express headed from Central to North Delhi and discovered the same thing we had in other parts of the city — long stretches shrouded in darkness, with street lights either switched off or not working.

Between 11.30 pm and 2.37 am on Tuesday night, several key stretches were covered, including the one Congress leader Rahul Gandhi took just a few days ago — albeit during the day. The routes taken include key Delhi landmarks, Kashmere Gate ISBT, Delhi University, the Kamla Nagar Ridge area, and Police Lines Civil Avenue.

The observations:

Marghat Hanuman Mandir to Kashmere Gate ISBT foot overbridge, 11.41pm, 2.2 km

On the left side, the stretch houses several temples and shops selling flowers and worship items. From a U-turn under the bypass Ring Road, the stretch from Kashmere Gate branches off to ITO on the left, and goes straight toward Lohe ka Pul.

When The Indian Express travelled from the Hanuman temple to Kashmere Gate ISBT FOB, the stretch had light poles on both sides of the road as well as on the central median. Of all the lights, from Kashmere Gate ISBT towards Sant Parmanand Hospital and Jamuna Bazar, 19 poles were a mix of single and two-winged lamps, of which only one was lit. From Hanuman Mandir side, there were 20 poles, of which four were lit. On the central median, t here were 24 lights, including five high-mast ones, of which three were not working till the ISBT flyover.

This stretch is taken by lakhs of commuters travelling to and from the ISBT to board buses to neighbouring states. The road also connects to Civil Lines, Delhi University and Vidhan Sabha. On this 2-km stretch, Nigam Bodh Ghat, two bus stands at ISBT, Ambedkar University and Sant Parmanand Hospital are situated.

The stretch was shrouded in darkness.  On January 6, a woman cab driver was attacked near the ISBT. The stretch is infamous for mobile and chain snatching.

“Several light fittings on both sides of the roads have been cut and stolen. This is one of the prominent stretches but maintaining it has been difficult… Theft is a big issue; we have filed several police complaints but no action is taken. We are repairing lights, it will be fixed in a day or two,” said a senior PWD official who looks after the electrical division of the Central and New Delhi division.

Another official said, “As many as 15 poles are not working on the central verge due to a technical fault. We are working on it, and the remaining lights on the stretch have been made functional following your (The Indian Express) complaints. Non-functional poles will be repaired by tomorrow.”

Kingsway Camp Chowk to Model Town police station traffic signal, 12.29 am, 1.1km

The area is home to security personnel and comprises Kingsway Camp, Model Town police station, North Delhi DCP’s office and neighbourhoods where students reside. The stretch from Kingsway Camp Chowk on Mahatma Gandhi Marg towards Mall Road, Model Town police was swathed in darkness. In the middle, the Metro’s underground yellow line is situated. Service roads on either side were covered in darkness and had 21 single-lamp street poles. While two were working, one was flickering.

PWD officials who look after this stretch blamed the thefts and said, “Anti-social elements are a big issue. Despite police lines and a model police station on this stretch, cables, wires, and timers are stolen. We will fix it.”

From Daulat Ram College to Vijay Nagar, 1.02 am, 1.2 km

Starting from famous Tom Uncle Maggi Point near Daulat Ram College, the road till Vijay Nagar Polo Road signal is unlit, barring a few lights from student quarters. On Kirpal Singh Marg to Sahibi River point, there were seven street lights, none lit.

As we cross the Sahibi River bridge, we reach Vijay Nagar, the hub of paying guests for outstations students and Civil Services aspirants. The stretch has 14 lights on the central median, and 30 on the left side, of which only seven were found working. At Vijay Nagar, the road was dimly illuminated only by lights emitted by cafes and restaurants situated on either side of the road.

“The stretch was earlier maintained by the Tata power. PWD recently took the road following several complaints and poor maintenance. Currently, Delhi Jal Board is working on the stretch, which has also affected street lights poles,  but we will get the lights repaired. The street light  are insufficient on the stretch; PWD is also planning to increase it to provide safety to students,” said a PWD official.

Vishwavidyalaya Marg to Chauburja Marg via Kamla Nagar Ridge, 1.36 am, 1.7 km

Starting from University of Delhi near the Vice-Chancellor’s office on the right and Bonta Park gate on the left, the 1.7-km long Kamla Nagar Ridge area connects offices and residential areas of city’s administrators. This includes the L-G House secretariat on Raj Niwas Marg, Ludlow Castle, CM’s camp office and Rajpur Road. The stretch was so dark that several vehicles avoided the route and took Sudhir Bose Marg.

From the DU bus stop, except for four street poles, the stretch was well lit but a little further down the road, Vishawavidyalay Marg descends into darkness. As the stretch starts, a few Yulu bikes were parked on the left. The Kamla Nagar Ridge traffic intersection till the Deputy Conservator of Forests office has nine street light poles of which none was working. From here to the next signal till the officers’ flats on Rajpur Road, there were 37 lights on the right and 14 on the left. Only five were functional.

Akhilesh Pati Tripathi, the MLA of Model Town blamed the MCD, “All the PWD roads are well lit. Recently, along with the principal of Hansraj College, I took stock of the situation and got the lights fixed in several areas. The ridge area falls under MCD…We will try to get it fixed, the network is also an issue there.”

Timarpur MLA Dilip Pandey was not available for comments.





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Staircase inside Sadar Bazar shop collapses after water pipe bursts, 1 dead


A 35-year-old man died after a staircase inside a shop collapsed due to a blast caused by a “water pipe”, in North Delhi’s Sadar Bazar, officers said.

The deceased has been identified as Gulab Singh. He worked as a labourer at the shop that sold undergarments.

DCP(North) Sagar Singh Kalsi said that around 6.20 pm on Saturday, a staircase inside a shop collapsed. “Due to the collapse, articles from the shop got scattered outside. Prima facie, it seems to be a blast caused from the water pipe. No soot, fire, pellets or smell of any chemical was observed,” the DCP said.

Singh was shifted to Bara Hindu Rao Hospital, police said, where he succumbed to his injuries during treatment.

A senior police officer said that during the time of the incident, the shop owner was present inside the shop while the deceased was on the pavement. “Other passersby were also present around the shop during the collapse but they didn’t sustain any injuries,” the officer said.

Delhi Fire Service officials said that two fire tenders were rushed to the site. There are a total of three floors in the building where the shop is located and the shop is on the ground floor.





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Govt gets multiple preliminary bids for buying 61% stake in IDBI Bank


The Centre on Saturday received multiple expressions of interests (EoIs) from domestic and foreign investors for the 60.72% stake in IDBI Bank, which will go to the successful bidder along with management control.

“Multiple expressions of interest received for the strategic disinvestment of Govt and LIC stake in IDBI Bank. The transaction will now move to the second stage,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted.

Saturday was the last date for submission of EoIs. In the second stage, shortlisted bidders would be asked to place financial bids. The transaction is expected to conclude in FY24.

“The financial bids will be called after all the processes are completed such as due diligence of EoIs, fit-and-proper assessment of the bidders by the RBI and data room access given to the shortlisted bidders,” a senior official told FE.

On October 7 last year, the Centre invited EoIs for IDBI Bank and offered to sell a total of 60.72% stake worth over `38,550 crore at current market prices, comprising 30.48% from the government and 30.24% from LIC, along with the transfer of management control.

The deal was sweetened for investors as the government, market regulator Sebi and the RBI have extended necessary regulatory forbearance. Foreign banks, funds and investment vehicles incorporated outside India are allowed to bid for IDBI Bank.

These include an extended period for complying with the minimum public shareholding (MPS) norms, relief from tax on notional gains if share price of the bank rises post financial bids up to transaction conclusion, and buyer will make open offer to public at the winning bid price (no additional cost even if share prices rise).

IDBI Bank shares closed at `59.05 on BSE on Friday, up 7.85% from the previous closing price, while the broader Sensex closed 0.75% down.

On Thursday, the Securities and Exchange Board of India (Sebi) allowed the Centre to reclassify its holding in IDBI Bank as ‘public’ following the divestment of its stake, on the condition that its voting rights do not exceed 15%. The regulator also said the buyer will have to adhere to the minimum public shareholding norms of 25% within a year of acquisitions, as per its regulations applicable in merger and acquisition transactions.

However, another government official said that the one-year period for MPS compliance intimated by Sebi would not be applicable for IDBI Bank as the Centre amended the Securities Contracts (Regulation) Rules, 1957, on Tuesday to give a longer period to the buyer.

The public holding in IDBI Bank is 5.28%.

Sebi’s categorisation of the Centre’s residual stake of 15% in the lender would mean that the new promoters of the bank would have to just offload another 7-10% to meet the public float norm of 25%. A strategic investor may not like to offload a stake in the initial years, a period when it will likely be setting up a new management team, restructuring the business and attempting a rebranding of a company.

The winning bidder will also be permitted to make an open offer to the public at the same price that it would be paying to the government and LIC, thereby reducing potential additional costs in the event of the bank’s share prices moving upwards after financial bids are submitted. Also, even if the share prices rise after financial bids are submitted and by the time the transaction concludes, there won’t be any tax liability on the notional gain in value to the buyer, sources said.

The IDBI Bank strategic disinvestment would give the government a ready reckoner to undertake strategic disinvestment of public sector banks.





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Mamata demands national status for Gangasagar Mela


CHIEF MINISTER Mamata Banerjee on Wednesday reiterated her demand that the Centre should accord national status for the annual Gangasagar Mela that will be held next week. She asserted that the Centre had not paid any heed to her repeated requests to build a bridge over the Muri Ganga river to help pilgrims reach Sagar Island easily.

“We have written to the Centre several times to declare the Gangasagar Mela as a national fair, but we have not received a

response. The state government is now preparing phase-wise DPR for the construction of a bridge at Muriganga. We need Rs 10,000 crore for the project, but as the Centre is not responding to our request, we are working on finding a way to build the bridge,” said Banerjee.

She added, “We wish to reiterate that we want the Gangasagar Mela to be declared as a national event. We appeal to the Centre to approve our request. Kumbh Mela in Uttar Pradesh receives funds from the Centre, but for Gangasagar Mela, the state has to bear all the cost and nothing is received from the Centre. We want Gangasagar Mela to be on the international map so that more international tourists visit the mela.”

Banerjee reached Sagar Island in South 24 Parganas district on Wednesday afternoon to review the preparations for the Gangasagar Mela, to be held from January 8-16. She also inaugurated three helipads.

“I have inaugurated three permanent helipads. These will be used by the public in the days to come. Air ambulance facility will also be available from these helipads. The state government has also inaugurated a guest house, which has been built at a cost of Rs 65 lakh. Tourists can stay at the guest house. Kumbh Mela is a renowned event and it is well-connected with civil aviation facility and Railways. However, the commute to Gangasagar Mela is extremely tough,” said the Chief Minister.

Lakhs of Hindu pilgrims visit Sagar Island from different parts of the country and to take a holy dip at the confluence of the sacred Ganga and the Bay of Bengal on the occasion of ‘Makar Sankranti’. Banerjee also offered prayers at Kapil Muni Temple.

“We have instituted life insurance for policemen, officials, media, tourists, general public and travellers to the Gangasagar Mela. In case of any death, Rs 5 lakh insurance amount will be given to the deceased’s family members,” she added. —With PTI Inputs





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HC bins plea against reconstitution of Delhi’s town vending committees, imposes Rs 10,000 cost


Rejecting a plea filed by street vendors’ associations that challenged a notification constituting Town Vending Committees (TVC) in Delhi’s municipalities, the Delhi High Court has observed that they did not have a “legal right” to membership and that the “tendency” to seek nomination through court proceedings needed to be “depreciated”.

A bench of Justices Manmohan and Saurabh Banerjee on Dec 15 rejected the plea moved by a group of NGOs or associations of street vendors which claimed that they were nominated members of various TVCs constituted by the Delhi government in September 2018 under the Street Vendors Act 2014. It was argued that the TVCs were set up for surveying and identifying street vendors within six months under the Delhi Street Vendors Rules. However, no such survey had been carried out by the TVCs.

It was further argued that the Delhi government, through its notification of September 17, 2019, reconstituted the TVCs in the North Delhi Municipal Corporation, the South Delhi Municipal Corporation and the East Delhi Municipal Corporation and removed the associations as members without providing them any notice or opportunity of hearing. They argued that they could not have been removed without following the provisions of the Delhi Street Vendors Rules.

After hearing the arguments, the division bench observed that associations had only a right to be “considered for nomination” to the TVCs, but had no “legal or vested right” to be nominated for membership.

The bench further held that just because the associations were once nominated to the TVCs would not amount to their having a “fundamental or legal right” to be renominated in perpetuity, and that the government “is well within its right to reconstitute TVCs”.

Coming down on the associations, the court opined, “The tendency to get nomination through court proceedings needs to be and is depreciated”.

The bench further held that the Delhi Street Vendors Rules had no application to the case because it was not about the removal of members but only about the TVCs’ reconstitution.

Imposing a cost of Rs 10, 000 on the petitioners, the court dismissed the plea noting that there were no allegations against the qualifications of the newly appointed members, or allegations of bias against any particular official. “Consequently, the present writ petition and the pending application, being bereft of merit, are dismissed with a cost of Rs 10,000, to be paid to the Delhi High Court Legal Services Committee,” the court held.





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54% fall in fund raising via initial public offering market


With the stock markets going on a roller-coaster ride in 2022, fund mobilisation by companies through the initial public offering (IPO) market declined 54 per cent.

Amount raised:

Total issuances this year remained lower at Rs 55,472 crore as compared with Rs 1.22 lakh crore issued in 2021 as companies and promoters became cautious in the wake of volatility in the stock market. Promoters and companies turned cautious in 2022 as many high-profile IPOs of 2021 like Paytm, FSN E-commerce (Nykaa), Nazara Technologies, PB Fintech, CarTrade Tech, Easy Trip Planners, Aditya Birla Sun Life AMC and Fino Payments disappointed investors with their share prices falling steeply below their IPO prices.

3 active sectors:

Overall, IPOs issued have been concentrated in 3 major sectors (contributing to 56 per cent of the total issuance); edible oil, insurance and hospital & healthcare services. While the edible oil industry has performed very well on the stock market, the insurance industry (LIC) has taken a hit, while returns in the healthcare services industry are modest at best, according to a Bank of Baroda research report.

LIC biggest:

In the current year, 12 industries witnessed big ticket (Rs 1,000 crore plus) IPOs, of which the insurance sector (LIC) was the biggest with an issue size of Rs 21,000 crore. This was followed by industries such as edible oil (Rs 7,000 crore), hospital & healthcare services (Rs 3,200 crore), textile (Rs 3,100 crore) and courier services (Rs 3,000 crore), among others, BoB report said.

LIC’s market valuation fell by a whopping Rs 1.83 lakh crore to Rs 4.16 lakh crore as on December 23.

Listing at discount:

Out of 12 big ticket issuances, 5 were listed at a discounted price, averaging -5.3 per cent. LIC (-8.6 per cent) and Rainbow children’s Medicare (-6.6 per cent) were listed at a discount of even more than average. On the other hand, 7 companies were listed at a premium, averaging 13.5 per cent. Amongst these, Patanjali foods (30.8 per cent), global health (18.5 per cent), and campus activewear (21.6 per cent) recorded a premium above average, BoB said.

Out of a total of 84 companies (versus 99 last year), 17 per cent companies listed at a discount, 6 per cent companies were listed at the same price as the issue price, while 77 per cent companies listed at a premium.

32 pc trading at discount:

As on December 18, 2022, out of 84 companies, 32 per cent of the companies are trading (last price) at a discount (compared with issue price), while 68 per cent of them are still trading at a premium. Overall, these companies have recorded an average return (last versus list price) of 17.7 per cent in CYTD22, versus 7.6 per cent gains made by Sensex, BoB report said. “High IPO premium charged by some companies has led to investors burning their fingers as these shares crashed after listing on the stock exchanges,” said a fund manager.

Top performers & losers

The top performing companies include: Rhetan TMT, Jayant Infratech, Containe Technologies, Adani Wilmar, Veerkrupa Jewellers, Goel Food Products, Maruti Interior Prod, Sailani Tours N Travel, Venus Pipes & Tubes, and Ekennis Software Services, averaging return of 228 per cent.

Some of the stocks which gave negative returns this year included: Fone4 Communication. India, Safa Systems & Technology, EVOQ Remedies, Mafia Trends, Global Longlife Hospital, AGS Transact Tech, and Pace E-Comm Venture, averaging return of -50 per cent.





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