‘I need exposure to India' mood revs up block trades, IPO plans
India's stock market is experiencing a resurgence, with share sales reaching $6.4 billion in May, the highest since December 2024, fueled by substantial block trades. A recent interest rate cut by the central bank has further boosted investor confidence.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The South Asian nation saw $6.4 billion raised through share sales in May, the highest monthly total since December 2024, according to data compiled by Bloomberg. Block trades worth $5 billion were the biggest contributors, marking the busiest month for such deals since March last year. The momentum has carried into June, with at least 10 blocks raising $1.2 billion in the first week alone.Indian stocks are now positioned for more gains after the central bank on Friday delivered a bigger-than-expected interest rate cut and injected further liquidity into the banking system. This has supported a rally that's already underway, with the benchmark NSE Nifty 50 Index rebounding from its April lows, which were triggered by concerns over US President Donald Trump's broad tariffs.'Right now, investors are saying, 'I need exposure to India — and I need it fast,'' said Sunil Khaitan, a managing director leading financing in India at Goldman Sachs Group Inc. 'Block trades remain the quickest and most efficient way to get that exposure.'The recent torrent of deals stands in contrast to the lull earlier in 2025, when local deals cooled off after a record-breaking year. India even ceded its position to Hong Kong as the world's second-largest market for share sales in the first three months of the year, weighed down by an unexpected slowdown in economic growth and cautious corporate earnings forecasts.Some of the largest recent block trades include British American Tobacco Plc's $1.5 billion sale of tobacco manufacturer ITC Ltd.'s shares, Singapore Telecommunications Ltd.'s $1.5 billion selldown of wireless carrier Bharti Airtel Ltd.'s stock and billionaire Rakesh Gangwal's $1.4 billion disposal of shares in IndiGo's parent company. Private equity firm Carlyle Group and South Korean automaker Hyundai Motor Co. were also among those paring their India holdings.The flurry of activity with blocks appears to be spilling over to IPOs. HDB Financial Services Ltd. recently secured a nod from the securities regulator for a first-time sale that could raise $1.5 billion. Prudential Plc's Indian asset management venture is also nearing a filing for a listing expected to fetch as much as $1.2 billion, according to people familiar with the matter.Better-than-expected corporate earnings and decent economic growth provide a robust backdrop for deals, which could include billion-dollar IPOs later this year, said Samarth Jagnani, Morgan Stanley's head of global capital markets for India and Southeast Asia.'The second half will be better,' he said.Despite the recovery, Indian deals remain well below last year's $66 billion record. Total share sales — including IPOs, placements and blocks — have raised $15.5 billion so far this year, 29% lower from the year-ago period, according to Bloomberg-compiled data.Some IPOs are also moving ahead with tamer valuations: Solar-pump maker Oswal Pumps Ltd. this week said its IPO was looking to raise 13.9 billion rupees ($162 million), lower than what it targeted last year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
10 minutes ago
- Business Standard
Ahmedabad airplane crash latest crisis for Boeing's new leadership
Boeing leadership was back in crisis mode on Thursday following the deadly crash of an Air India 787-8 Dreamliner jet minutes after take-off earlier in the day. The planemaker's new CEO Kelly Ortberg had been set to head to the Paris Air Show, the industry's biggest event of the year, after several key accomplishments in recent weeks as he tries to rebuild public trust in Boeing following a series of safety and production crises. But his plan to attend the show next week with Boeing Commercial Airplanes head Stephanie Pope has been scrapped, Ortberg said, as the company focuses on the investigation into the first-ever crash of a 787 jet, its most advanced model. "As our industry prepares to start the Paris Air Show, Stephanie (Pope) and I have both canceled plans to attend so we can be with our team, and focus on our customer and the investigation," Ortberg wrote in a message to employees on Thursday evening that was seen by Reuters. The Air India plane bound for London crashed in the Indian city of Ahmedabad, killing nearly all of the 242 people on board, in the world's worst aviation disaster in a decade. Air safety experts have said that at this time there is no reason to think a manufacturing or design problem was the cause, but the reason for the air disaster is not clear. "Safety is foundational to our industry and is at the core of everything that we do," Ortberg told employees. "Our technical experts are prepared to assist investigators to understand the circumstances, and a Boeing team stands ready to travel to India." The biggest challenge for Boeing could be getting lay people to understand that while a jet it made crashed, it is unlikely that Boeing is at fault, said John Nance, an aviation safety expert and former commercial pilot. Of course, accident investigators will consider every possibility, he added. With public perception of the planemaker still on shaky ground, that will fall to Boeing executives to address. Ortberg has been trying to move the company past a series of regulatory and safety crises, and was heading into the Paris Air Show after a busy month that included more than 300 new orders and a ramp-up in 737 production. "Previous production issues at Boeing will be very much on people's minds at the moment and the relatively new leadership at Boeing needs to be visible in the days to come," said Paul Charles, CEO of the PC Agency, a London-based luxury travel consultancy. Boeing shares closed 4.8 per cent lower on Thursday. MAX problems Boeing was deemed responsible for three high-profile accidents involving 737 MAX narrow-body planes in recent years, including two fatal crashes. A January 2024 incident, when a door plug blew off a new plane mid-flight, damaged its reputation and led to the departure of then-CEO Dave Calhoun, as well as head of commercial planes and its board chair. The Air India plane that crashed in the city of Ahmedabad was more than a decade old. It first flew in late 2013 and was delivered to Air India in January 2014. Since then, it accumulated more than 41,000 flight hours, including 420 hours during 58 flights in May and 165 hours during 21 flights in June, according to Cirium, an aviation data analytics firm, and FlightRadar24, a flight tracking website. Before the crash, airline executives had voiced greater confidence in Boeing's rebound in deliveries and in Ortberg's leadership after years of reputational damage for the planemaker. The public has not yet caught on, however. Last month, the Axios Harris poll of 100 recognizable corporate brands by reputation put Boeing at 88th, same as in 2024. The wide-body 787 planes have had a strong safety record. They were grounded in 2013 due to battery issues, but no one was reported injured. Boeing's narrowbody 737 MAX jets were grounded for years following two fatal crashes and have faced years of scrutiny and production delays. "Due to the crash, there could be enhanced scrutiny on manufacturing and quality procedures. However, at this time, we do not feel there will be a long-term impact to production," said Edward Jones analyst Jeff Windau. Shares of Spirit AeroSystems, a key supplier, and GE Aerospace, which makes engines for the jet, also fell about 2 per cent each. Boeing's outstanding debt also sold off modestly after the crash. (Reporting by Dan Catchpole in Seattle; Additional reporting by David Shephardson in Washington, Joanna Plucinska in London, Shashwat Chauhan, Nathan Gomes and Purvi Agarwal in Bengaluru and Shankar Ramakrishnan in New York; Editing by David Gaffen, Marguerita Choy and Jamie Freed)
Time of India
13 minutes ago
- Time of India
Karisma Kapoor's ex-husband passes away live updates: Sunjay Kapur breathes his last at 53 after suffering a heart attack in London
Sunjay Kapur, a well-known Indian industrialist and the former husband of actress Karisma Kapoor, has passed away at the age of 53. The tragic incident happened in the UK, where he suffered a fatal heart attack while playing polo. According to ANI, Sunjay Kapur's business consultant Suhel Seth confirmed he died of a heart attack, reportedly triggered after he accidentally swallowed a bee while playing a polo match. Despite quick medical help, he could not be saved. His sudden demise has left many in shock, especially those from the business and entertainment world. While Sunjay's family has not issued any statement yet, his passing has led many to remember the man behind the name—his work, his achievements, and his life in the spotlight. Sunjay Kapur early life Sunjay was born into a successful business family. He was the son of Rani Kapur and the late Surinder Kapur. His father, Surinder, was a pioneer in India's auto component industry and founded the Sona Group, a company known for making automotive parts. From a young age, Sunjay was seen as someone who would take on the responsibility of leading the family business. And that's exactly what he did. Sunjay Kapur's business In 2003, Sunjay officially joined his father's company. He played a major role in helping it grow into a global name in the automotive world. Over the years, he became known for his leadership and vision. He later became the Chairman of Sona Comstar, a company that gained recognition for producing auto components for electric vehicles and more. Sunjay's personal life While Sunjay Kapur made his mark in the business world, his personal life also drew attention. He was married three times. His first marriage was to Mumbai-based fashion designer Nandita Mahtani. The couple separated in the year 2000. In 2003, Sunjay married Bollywood actress Karisma Kapoor. Their wedding was a grand affair, one of the biggest Bollywood had seen at the time. The couple had two children together—daughter Samaira and son Kiaan. However, things didn't work out as planned. In 2016, the couple decided to part ways. Their divorce came as a surprise to many fans. But both Sunjay and Karisma continued to co-parent their children with love and care. A year after his divorce from Karisma Kapoor, Sunjay Kapur found love again and married Priya Sachdev. Priya had a daughter named Safira Chatwal from her previous marriage. Together, Sunjay and Priya built a close-knit blended family. In 2018, they welcomed their son, Azarius, adding to their joy.
The Hindu
14 minutes ago
- The Hindu
Sunj
Sunjay Kapur, an Indian industrialist and former husband of Bollywood actress Karisma Kapoor, passed away on Thursday (June 112, 2025) following a heart attack in the United Kingdom. Kapur was the chairman and non-executive director of Sona Comstar. In a statement, the company said, 'It is with profound sorrow that we announce the untimely passing of Mr. Sunjay J. Kapur, Chairman and Non-Executive Director of Sona Comstar, following a sudden heart attack in England, UK, on 12th June 2025, at the age of 53.' 'A visionary leader, Mr. Kapur played a pivotal role in shaping Sona Comstar into a global mobility technology company built on innovation, sustainability, and purpose,' the statement said. The company added that details regarding memorial arrangements will be shared in due course. Sunjay was actor Karisma Kapoor's former husband. The couple became parents to daughter Samaira in 2005 and son Kiaan in 2011. In 2014, Karisma and Sanjay filed for divorce through mutual consent. Their divorce was finalised in 2016. After the separation, Sunjay married Priya Sachdev.
