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Indian realty companies building up over Rs 15,000 crore IPO pipeline
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Indian real estate, often described as an unorganised sector, is busy planning initial public offerings (IPOs). Several companies in the sector are firming up their strategies to tap the capital market over the next few months to raise more than ₹15,000 crore through IPOs, sources said.
Noida-headquartered BPTP Ltd, M3M group-owned Smartworld Developers, Gaursons India and Mumbai-based Wadhwa group are among those planning to list their companies either in FY26 or FY27, according to multiple people aware of the discussions.
BPTP Ltd is learnt to have appointed bankers with plans to raise more than ₹5,000 crore, according to senior industry
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First Post
9 minutes ago
- First Post
From rupyarupa to rupee: Tracing the history of the Indian currency
India is all set to celebrate its 79th Independence Day this year. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look The journey of the rupee has reflected the evolution of India – its history, culture, tradition and economy. Reuters India is all set to celebrate its 79th Independence Day this year. As the years have gone by, so has the mighty Indian rupee changed with the passage of time. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look at the history of the Indian rupee. The rupee in ancient times The word rupee comes from the Sanskrit word rūpya (wrought silver). The rupee is mentioned in ancient texts, including those of Panini, a Sanskrit writer in the 5th Century BCE. Panini used the word rūpa to refer to a silver coin. Ancient Indian kingdoms in the 6th century also had their own forms of currency that were the forerunners of the rupee. The Mahajanapadas of Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra all issued their own currency. STORY CONTINUES BELOW THIS AD While these were made of silver and had a set weight, they came in all shapes and sizes and with different. Coins from Saurashtra bore a humped bull, Dakshin Panchala stamped a Swastika, and Magadha went in for a variety of symbols. Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins such as rupyarupa (silver) suvarnarupa (gold), tamararupa (copper) and sisarupa (lead). Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins like rupyarupa (silver). Wikimedia Commons It was Sher Shah Suri, after defeating Mughal emperor Humayun, who standardised the rupiya. Suri, during his reign from 1540 to 1545, issued a silver coin weighing 11.5 grams. The name was kept out of respect for India's heritage. Though the British East India Company had already set up in India and even attempted to introduce the sterling pound, the rupiya's popularity remained unrivalled. Indeed the rupiya remained in circulation during the Mughal reigns, the era of the Marathas and in British India – a testament to Suri's organisational skills and the enduring power of the currency. By 1671, the British East India Company had given in. It began minting coins in the local style – using the rupiya. However, the value of the currency was not standard across India – which naturally created problems. In British India and more modern times It took till 1835 for the law to standardise the minting of the rupee. This came after the British colonial government passed the Paper Currency Act of 1861. Each rupee was split into 16 annas, which in turn were split into four pice (paise) each. So, one rupee equated to around 64 pice (paise). STORY CONTINUES BELOW THIS AD India continued to use silver and gold as currency till the 18th Century. However, the influx of European trading firms and the establishment of the banks resulted in the first paper currency being printed. The Bank of Hindostan (1770– 1832) in Calcutta, the General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91), all issued their own forms of paper currency. This is when the use of paper notes rather than coins began taking hold. The British colonial government forbade private banks from issuing their own currency. The Bank of England would take over responsibility for printing all of India's currency notes for the next hundred years or so. It introduced paper notes in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 1,000. This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. However, the denomination could only be used in certain areas known as 'currency circles' – Calcutta, Bombay, Madras, Rangoon, Kanpur, Lahore, and Karachi. These were unifaced, carried two language panels and were printed on hand-moulded paper. STORY CONTINUES BELOW THIS AD This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. Wikimedia Commons In 1867, the Victoria Portrait series was withdrawn due to forgeries and replaced by the Underprint series. From 1903 to 1911, Rs 5, Rs 10, Rs 50 and Rs 100 were universalised. The British government then introduced the 'King's Portrait' series – beginning with George V in 1923. It was only in 1928 that India set up its first currency printing press in Nasik. In 1935, the Reserve Bank of India was established, which finally took responsibility for handling India's money. The RBI continued in much the same vein as the Bank of England. Its first currency note, a denomination of Rs 5, was issued three years later in 1938. It bore a portrait of King George VI. The RBI also introduced denominations of Rs 10, Rs 100, Rs 1,000 and Rs 10,000. It also reintroduced the Rs 1 note, which had been first brought out in 1917 due to the first World War and discontinued in 1926. In March 1943, the Rs 2 note would follow. STORY CONTINUES BELOW THIS AD Post-Independence period After Independence, India found itself making a fresh start. However, it retained the currency and coins from the earlier period for a few years. At this time, 1 Rupee was 16 Annas, 1 Anna was 4 Pice and 1 Pice was 3 Pies. India kicked off its new series on August 15, 1950. There had been some arguments about Gandhiji's face replacing the King's. However, it was not to be. Instead, it was the Lion Capital of the Ashoka Pillar that replaced George VI. The tiger was replaced by the corn sheaf. However, the value of the coinage remained unchanged. It was only in 1957 that India adopted the decimal system. The rupee was now defined as 100 naya paise instead of 16 Annas. In 1964, Naya was dropped entirely. The Reserve Bank has now introduced a central bank digital currency (CBDC) – also known as an e-rupee It was only in 1969 that Gandhiji's face began being printed on currency notes of the denomination of Rs 2 and higher. Gandhiji would also feature on currency notes issued in 1996 of Rs 10 and Rs 500 – a replacement for the Lion Capital – and in 2005. New 50 paise, Rs 1, Rs 2 and Rs 5 stainless steel coins were also introduced. In 2010, the new symbol ₹ was introduced – a combination of the Latin letter R and the Devanagari letter र (ra). STORY CONTINUES BELOW THIS AD The Reserve Bank has now introduced a central bank digital currency (CBDC), also known as an e-rupee. It has also hinted that it is looking at cross-border pilot projects. It remains to be seen where the rupee will go in the age of cryptocurrency. With inputs from agencies
Mint
9 minutes ago
- Mint
Viksit Bharat Rozgar Yojana: What is it, what are the benefits, how to apply
Prime Minister Narendra Modi announced the launch of Pradhan Mantri Viksit Bharat Rojgar Yojana on Friday, Speaking from the ramparts of the Red Fort on the occasion of the 79th Independence Day, PM Modi said he is launching "a ₹ 1 lakh crore scheme for the youth of our nation." What Pradhan Mantri Viksit Bharat Rojgar Yojana? What are the benefits? And how to apply: Here's all you need to know: The Pradhan Mantri Viksit Bharat Rojgar Yojana provides incentive to first-time employees and employers. PM Modi said that under this scheme, young people getting their first job in the private sector will receive an amount of ₹ 15,000 from the government. Meanwhile, companies creating new employment opportunities will also be given incentive payments. The prime minister said Pradhan Mantri Viksit Bharat Rozgar Yojana will create employment opportunities for over 3.5 crore youth of the country The scheme provides an incentive to first-time employees in the private sector. Those entering the job market will receive an amount of ₹ 15,000 from the government. Employees whose gross wage is up to ₹ 1 lakh are eligible . The amount of incentive to the companies is not yet specified. The Government of India ensures a transparent payment system for beneficiaries: 💼 First-Time Employees: Incentives via Aadhaar-based DBT 🏢 Employers: Incentives in PAN-linked accounts As per the EPFO, the Pradhan Mantri Viksit Bharat Rozgar Yojana: Empowers employees with formal jobs Provides them social security Financial awareness Better career opportunities Under the Pradhan Mantri Viksit Bharat Rozgar Yojana, one can join an Employees' Provident Fund Organisation (EPFO)-registered establishment and receive the benefit directly in their bank account. Here's what to keep in mind if you want avail benefits under this scheme: 1. Employee must join an EPFO-registered or exempted establishment. 2. Incentives to employees with one month's wage (Basic + DA), up to 15,000 3. Employee gets incentive in two instalments: >First instalment up to 7500/- will be payable after 6 months of employment >Second instalment will be payable after 12 months of employment and completion of a fnancial literacy program 4. Must have UAN authenticated via Aadhaar (biometric). 5. Employee receives incentive through Direct Benefit Transfer (DBT) mode using Aadhar Bridge Payment System (ABPS).
Mint
9 minutes ago
- Mint
Mid-sized IT companies bet on GCC advisory firms to score quick deal wins
Mid-sized information technology (IT) services companies such as Mphasis Ltd and Hexaware Technologies Ltd are investing in advisory firms that help large corporations set up back-end tech hubs or global capability centres in India, in their bid to win substantial tech and engineering contracts later on. This strategy, analysts say, enables IT services firms to get faster access to new clients and an easier entry into the country's $68 billion global capability centre market, which is expected to swell to $105 billion by 2030. Picking up a stake in these consulting firms makes business sense for the homegrown IT outsourcers, as they can start providing tech services, and secure support and maintenance deals as soon as the big foreign companies set up their GCCs here in India, the analysts said. On 10 July, Mphasis invested $4 million in Aokah, a US-based GCC advisory firm, for a 26% stake. During the company's post-earnings interaction with analysts on 25 July, managing director and chief executive Nitin Rakesh said the acquisition was done 'with a view that we will essentially have an opportunity… in helping shape deals as clients start thinking about GCCs and the various shapes and forms that it takes." Similarly, Hexaware Technologies acquired SMC Squared on 17 July for $120 million. Its management attributed the move to the 'robust revenue opportunity" that SMC brought. AI and GCC growth 'Currently what SMC does is to have (GCCs) set up. But what it does not do is transform the operations, especially with the AI opportunity. That's a capability that Hexaware will bring, and we think it will deepen the relationship with the customers for whom we set up GCCs. said Ramakarthikeyan Srikrishna, CEO of Hexaware, during the company's post-earnings call on 25 July. Also Read: Can India's midsize IT outsourcers unseat the Big Five? Mphasis and Hexaware ended the April-June period with $437 million and $382 million in respective revenue, up 1.6% and 2.8% from the preceding quarter. These investments come at a time when GCCs present a complex web of challenges and opportunities. At least one chief executive of an IT firm attributed higher attrition to clients hiring away talent for their own in-house tech hubs. 'Overall, if you look across the industry, there's a slight uptick in attrition and that may be to do with the GCCs being more active, the product companies coming here and setting up their own captives and large banks, large enterprises, et cetera," said Sandeep Kalra, executive director and CEO of Persistent Systems, during the company's post-earnings call on 23 July. Persistent ended the first quarter with $389.7 million in revenue, up 3.9% sequentially. Strategic investments Many IT outsourcers look at GCCs as a threat because Fortune companies are hiring engineers to handle their back-end tech work rather than giving that work to them. Mphasis's Rakesh attributed his decision of investing in a GCC advisory firm to the non-feasibility of setting up a GCC unit internally. 'That is not a business that we think will fit well if it was within Mphasis. So, we decided to take a strategic investment approach and use that opportunity to create new client engagements, not just in the GCC advisory, but then in the follow-up execution of those deals as well," said Rakesh during the post-earnings call with analysts. Hexaware's Srikrishna also highlighted the trust issues that clients faced in the build-operate-transfer model, under which the IT outsourcers set up the tech centres, before handing over the team after a few years. This final stage of transfer often caused tensions with the clients. 'We did ref calls with customers. What I'm seeing came out consistent. They said, 'Listen, we've tried BOT (build-operate-transfer) models with traditional outsourcing companies,' and they named some of our large competitors. They said, 'With them, we never felt like it's a model that works for us. We always felt like there is a tension that is going to be there at the point of transferring. That it won't be easy, one. Two, even before the transfer in the 3-year or 4-year operate phase, we felt like the team is not ours. We felt like the team is the outsourcing company's team," said Srikrishna during the company's analyst call. Also Read: Too small or too soon? Sonata, Happiest Minds segregate AI biz revenue IT outsourcers traditionally set up and run captive tech centres for their clients initially and then transfer the ownership after some time, which is known as the BOT model. Changing GCC demand Small GCC advisory firms can expand fast and deliver quick results, prompting IT outsourcers to invest in them, analysts said. 'Mid-cap IT firms aren't avoiding GCCs, they're cutting to the front of the line. By investing in specialist advisory shops, they buy instant expertise, warm client access, and a faster route to lucrative downstream IT and engineering deals, without the years it takes to build that capability from scratch," said Phil Fersht, chief executive of HFS Research. These investments also reflect the changing demand patterns in the GCC landscape. 'The moves by mid-tiers like Hexaware and Mphasis reflect a changing demand pattern for IT Services. Just like AI, GCCs are a topic that cannot be avoided when discussing the future of the market," said Thomas Reuner, principal analyst at Pierre Audoin Consultants. 'Where the wheat gets separated from the chaff is where GCCs are set up to help drive transformation by either pivoting to product engineering, especially within the manufacturing sector, or accelerating the transformation journey through data management and AI capabilities," said Reuner. According to a Mint report on 19 April, smaller GCC advisory firms like Gloplax Solutions, Stratinfinity, and Bridgepath Innovations were sprouting up across the country. These smaller firms help global companies set up GCCs and manage hiring, regulatory compliances, infrastructure and day-to-day operations for the parent company. Still, the trend of acquiring a GCC advisory firm is not new. GCC growth Last July, Accenture Plc, which is the world's largest IT services company, acquired an undisclosed minority stake in ANSR, the country's biggest GCC consulting firm, for $170 million. These investments also come at a time when larger peers including Infosys Ltd, HCL Technologies Ltd, Wipro Ltd, Tech Mahindra Ltd, and LTIMindtree Ltd have been setting up independent GCC units internally since the past two years. Also Read: Infosys acquires majority stake in Australian IT firm for $150 million Currently, India has more than 1,760 GCCs, of which 875 are based in Bengaluru alone, while Hyderabad has about 355. The rest are located in cities such as Delhi-NCR, Pune, and Chennai. Nasscom estimates that the number of GCCs in India will surge to 2,200 by March 2030, with a market size of $105 billion. This presents an opportunity to the boutique advisory firms sprouting up to open and run these GCCs.
