Vedanta's Anil Agarwal is better than Buffett
How Vedanta's Anil Agarwal bettered Warren Buffett in returns Vedanta recently divested 66.7 million shares of Hindustan Zinc for INR3,000 crore at INR449 per share, locking in significant gains. Over the past 22 years, the investment has delivered a 24% annual return — far outperforming the Nifty 50's 15% CAGR. Why Infy's Parekh takes home more than TCS' CEO despite being smaller In FY25, K Krithivasan received INR26.5 crore, a modest bump of
FONT SIZE
SAVE
PRINT
COMMENT Refer & Earn
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 minutes ago
- Time of India
MSRDC to complete land acquisition for key infra projects by year-end
Pune: The state govt will disburse Rs17,000 crore to acquire land linked to major infrastructure projects being implemented by the Maharashtra State Road Development Corporation (MSRDC) On Thursday, chief minister Devendra Fadnavis held a high-level meeting with senior bureaucrats and MSRDC officials. He directed them to expedite land acquisition across multiple big-ticket projects and ensure no delays occur because of administrative bottlenecks. Nine critical MSRDC-led projects — including expressways and multimodal corridors — were reviewed. The govt aims to complete all land acquisition for listed projects by the end of the year, paving the way for timely execution and seamless infrastructure development across the state. Vice-chairman and managing director of MSRDC Anilkumar Gaikwad told TOI that land acquisition for the Pune Ring Road and the Jalna–Nanded expressway is nearing completion. "For the remaining projects — such as the multimodal Virar–Alibaug expressway, the Shaktipeeth expressway, three major roads in Vidarbha and the Navgaon–Morgaon and Vadhwan–Samruddhi connectors — land measurement is underway. All this is part of the acquisition process," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Everybody Is Switching To This Enterprise Accounting Software [Take a Look] Accounting ERP Click Here Undo Gaikwad said the state govt has approved Rs36,000 crore to acquire land and the additional Rs17,000 crore will be cleared in phases as the process progresses. "The CM has made it clear that acquisition delays will escalate project costs and should be avoided," he said. Of the Rs36,000 crore approved — Rs 9,000 crore is allocated to the Pune Ring Road, Rs2,140 crore to Jalna–Nanded expressway and Rs22,000 crore to the Virar–Alibaug multimodal corridor. The CM also stressed the importance of determining the implementation model — whether via Public-Private Partnership or Build-Operate-Transfer — once land acquisition is complete. Land measurement for Shaktipeeth expressway is complete in 86 of the 300 villages involved, with joint measurement expected to finish by Aug. The expressway, dubbed the Golden Triangle, will connect key religious and economic zones across Nagpur, Mumbai and Goa. "It will enhance north-to-east connectivity and function as a pilgrim circuit," said a senior MSRDC official. Fadnavis directed that the Shaktipeeth expressway plan be finalised with minimal impact on forest land. He instructed the finance department to release Rs12,000 crore for land acquisition and ordered the forest department to begin the process of obtaining necessary clearances — particularly for the ecologically sensitive Morbe to Karanja section of the Virar–Alibaug corridor — without delaying parallel administrative work. The CM said the Vadhwan–Igatpuri expressway plan should be finalised. In Vidarbha, plans for the Bhandara–Gadchiroli, Nagpur–Chandrapur and Nagpur–Gondiya expressways are to be finalised on priority. Other key infrastructure projects discussed included the Navegaon (Mor)–Surjagad mineral corridor, as well as the Wardha–Nanded and Vadsa–Gadchiroli railway projects. The meeting also reviewed land acquisition for proposed airports at Kolhapur, Karad, Akola, Gadchiroli and Chhatrapati Sambhajinagar. Fadnavis said, "Agencies must work on mission mode. Land acquisition should begin immediately and officials must follow the defined timelines strictly."
Time of India
41 minutes ago
- Time of India
RBI guidelines for project finance, CRE: A smaller provisions hike's no big worry for banks, NBFCs
MUMBAI: Central bank guidelines on provisions for project finance and commercial real estate (CRE) might have only a small and negligible profitability impact on both banks and NBFCs , as the increase in immediate liabilities is less than a percentage point from those existing rules - even in the worst-case scenario. Financial and banking stocks surged on Friday. Bankers and analysts, who had pencilled in up to a 150-basis point impact on return on assets (RoAs) for lenders, now expect no new provisioning requirements as NBFCs are already on the more stringent Ind-AS accounting norms while for banks the impact is small. One basis point is 0.01 percentage point. Karthik Srinivasan , group head, financial sector ratings at ICRA said with no retrospective provisions and peak provisions much below the 5% proposed in the draft guidelines, there will be a minimal impact on lenders. "Although we are yet to create a hypothesis and do a study on the impact, it is nothing like the 150 basis points on RoA basis we had predicted earlier. We do not expect any real impact on banks or NBFCs," Srinivasan said. ICRA had earlier expected the annual impact on RoA at 100-150 bps for lenders, with funding costs going up by 20-40 bps. Both these issues will not arise as in the final guidelines general provisions required for CRE, CRE-RH (CRE-Residential Housing) and other infrastructure projects have been reduced to between 1% and 1.25% in the construction phase from a peak of 5% in the draft guidelines. Live Events Financials Surge The Nifty financial index surged 1.3%, and financial stocks were at the forefront of the stellar Nifty 50 rebound Friday from a sharp sell-off Thursday. HDFC Bank , the biggest lender by market value, climbed 1.44%, while Bajaj Housing Finance too climbed 1.4%. Provisions for projects in the operational phase have also been reduced to between 0.40% and 1%, with operational infrastructure project provisions kept at 0.40%, the same as it is currently. The new guidelines will come into force from October 1. Rajkiran Rai , managing director at infrastructure financier NaBFID, said the final guidelines limit his firm's provision increase to just 5 basis points. "If we were pricing a loan at 8%, now we will price it at 8.05%. This would have increased to 9.50% if the original guidelines had remained, so this is a big relief. The new norms also have clauses saying at least 50% to 75% of the land must be acquired for the loan to be sanctioned. This could delay loan sanctions but it will bring uniformity in application since different projects were so far treated differently on land acquisition," Rai said. For loans on infrastructure projects which have been delayed beyond three years from the date of commencement of commercial operations (DCCO), lenders have to make an additional provision of 0.375% and a 0.5625% provision on non-infrastructure project loans (including CRE and CRE-RH), for each quarter of deferment, over and above the applicable standard asset provision. "Provisioning requirement for projects beyond DCCO up to two years will go up to 4% vis-a-vis original guidelines where provision was only 0.4%," said an analyst. "Now, within DCCO, the first quarter itself will attract higher provision."
Mint
3 hours ago
- Mint
Friday fortune: Nifty, Sensex end 3-day slide but caution lingers
India's benchmark equity indices snapped a three-day losing streak to end more than 1% higher on Friday, lifted by short-covering ahead of next week's monthly derivatives expiry and US president Donald Trump deferring his decision to join Israel's attack on Iran. Adding to the new market momentum were two significant semi-annual index rebalances: the Sensex and London's FTSE, according to Abhilash Pagaria, head of Nuvama Alternative & Quantitative Research. Siemens Energy is set to be dropped from the MSCI Global Standard Index, which could spark an estimated $210 million outflow. Since it's also part of the Nifty 50, an additional $50 million in outflows is anticipated from that front. In contrast, Tata Group fashion retailer Trent Ltd and state-run Bharat Electronics Ltd are set to replace Nestle and IndusInd Bank on the Sensex, potentially drawing in fresh investments. Meanwhile, the FTSE reshuffle is expected to bring in around $150 million into India, primarily due to the inclusion of Vishal Mega Mart. 'The market is like a person whose average temperature is fine as one leg is in cold water and the other leg is in boiling water,' said Nilesh Shah, managing director of Kotak Mahindra AMC. He said that stable domestic macros are currently outweighing geopolitical uncertainty. And, since the valuation of Indian equities is unlikely to be rated further up from here, Shah believes investor returns will come from earnings growth moving ahead. On Friday, both Nifty 50 and S&P BSE Sensex closed 1.3% higher at 25,112.40 and82,408.17points, respectively. Gains in Nifty 50 were led by a surge in heavyweight stocks such as HDFC Bank, Reliance Industries, Bharti Airtel, and ICICI Bank. The Nifty 50 finally broke past the 25,000-mark on Friday, a level that had acted as a key resistance. With the index closing firmly above it, Kkunal Parar, vice-president at Choice Equity Broking, sees room for further gains, possibly up to 25,300 points. 'If momentum holds and the index surpasses that level', he believes Indian equities could be on track for a fresh high. Meanwhile, Nifty Smallcap 250 ended the day 0.6% higher and Nifty Midcap 100 surged 1.5%. A 2 June report from Morgan Stanley highlights the resilience of Indian markets, noting that 'market wants to go up, not down.' Since September 2024, the market has absorbed a wave of negative developments—from stretched valuations in small- and mid-caps and a broad-based correction, to concerns over slowing macro growth and earnings, US tariff-related volatility, and even a major terrorist attack followed by India's response. Yet, large-cap indices remain just about 5% below all-time highs, 'and almost negligible changes in implied volumes,' the report said. Israel and Iran continue to exchange fire after Israel launched strikes on Iran's military and nuclear sites on 13 June, drawing a retaliation from the Islamic nation and ratcheting up geopolitical tensions. Both Israel and the US want Iran to abandon its nuclear programme, and Trump has deferred his decision on attacking Iran by two weeks, opening a potential negotiating window. Foreign institutional investors (FIIs) were net buyers on Friday, picking up ₹ 7,940.70 crore, while domestic institutional investors (DIIs) booked profits with net sales of ₹ 3,049.88 crore, according to BSE provisional data. Over the past week, both FIIs and DIIs emerged as net buyers, with inflows of ₹ 1,209.57 crore and ₹ 18,726.90 crore, respectively, according to NSDL data. Overall cash levels of the mutual fund industry remain elevated, particularly concentrated within three asset management companies (AMCs), as per an Elara Capital report dated 17 June. 'It is important to understand that this is not a short-term tactical move but a strategic positioning reflecting caution on current market valuations—especially in the Mid and Smallcap segments.' The report highlighted that almost 25% of the total cash in the system is held by only 4 schemes and 50% by 18 schemes. And most of these schemes have maintained elevated cash level for more than a year. Rather than channeling funds into the secondary market, fund managers are increasingly turning to the primary market, where issuance activity has seen a notable resurgence since May 2025, the report pointed out. Still, some amount of caution continues to linger among investors, considering the ongoing conflict in West Asia. market experts said. A flare-up in tensions could drive up crude oil prices and heighten volatility, quickly souring the overall investor sentiment.
