Latest news with #AbhishekGoenka
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Business Standard
22-05-2025
- Business
- Business Standard
Rupee drops to one-month low on FPI selling and stop-loss triggers
The rupee on Thursday depreciated to a one-month low against the dollar, following foreign outflows from domestic equities coupled with stop-losses being triggered at the 85.70 per dollar mark, said dealers. The local currency depreciated to as much as 86.11 per dollar during the day before settling at 86 per dollar—the weakest level since 11 April this year. On Wednesday, the rupee had settled at 85.64 per dollar. 'Today's move in USDINR was primarily due to stop-losses getting triggered above the 85.70 level and likely outflows from domestic equities (FII/FPI selling). However, the broad trend is that of dollar weakness,' said Abhishek Goenka, chief executive officer at IFA Global. Dollar bids from foreign banks and state-owned banks further weighed on the rupee during the day, said dealers. 'In the near term, the rupee may depreciate towards 86.50–86.60. However, a medium-term appreciation remains possible, supported by a weaker dollar and strong Indian macro fundamentals,' said the treasury head at a private bank. On the other hand, government bond yields continued to fall on expectations of a record surplus transfer by the Reserve Bank of India (RBI) to the government for FY25. The yield on the benchmark 10-year bond softened by 1 basis point to 6.24 per cent on Thursday. The yield on the new 10-year government bond softened to 6.20 per cent during the day before inching up to 6.23 per cent, as traders sold the bond at a profit after the initial fall in yields. On Wednesday, the new 10-year bond had settled at 6.21 per cent. The benchmark yield has softened by 33 basis points so far in the current financial year. 'There was profit booking in the last hour,' said a dealer at a primary dealership. 'Mainly PSU banks were booking profit today (Thursday),' he added. Market participants said that foreign portfolio investors are expected to continue their selling spree given the narrowing spread between the domestic 10-year government bond yield and the benchmark US 10-year bond yield. The spread narrowed to a 20-year low of 164 basis points on Thursday, as yields on US Treasuries surged amid concerns over the fiscal deficit. According to Bloomberg data, this is the narrowest spread since 28 July 2004.
Fashion Network
21-05-2025
- Business
- Fashion Network
Miraggio raises $6.5 million in funding round from RPSG Capital Ventures, others
Miraggio, a direct-to-consumer fashion handbag and accessories brand has raised Rs 55 crore ($6.5 million) in a funding round led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures. The company will utilise the funds to fuel its next phase of growth which includes diversification of product portfolio, retail expansion, and boosting supply chain. It plans to launch around 500 new products over the next 18 months and build a stronger supply chain operation across Asia with sourcing from multiple countries. Commenting on the funding, Mohit Jain, founder CEO of Miraggio in a statement said, 'This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag and accessories brand. With a sharper focus on delivering elevated retail experiences, expanding our product portfolio, and building deeper connections with customers across India, we're excited to shape the next chapter of Miraggio's growth story.' Abhishek Goenka, managing partner at RPSG Capital Ventures added, 'Miraggio is rapidly emerging as a defining force in India's fashion accessories space. In a highly fragmented and dynamic market, Miraggio stands apart in its ability to offer exceptional value for money, seamlessly combining aspirational design, quality, and experience with premium affordable pricing, making it especially relevant to India's new-age consumers.' Founded in 2020, Miraggio retails from its direct-to-customer e-commerce store and multi-brand online marketplaces including Myntra, Nykaa Fashion, Flipkart, among others.
Entrepreneur
20-05-2025
- Business
- Entrepreneur
Fashion Brand Miraggio Secures USD 6.5 Mn to Open 20 Stores, Launch 500+ New Products
Miraggio plans to open 15 to 20 offline stores across India over the next two years and introduce more than 500 new products within 18 months. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Delhi-based fashion handbag and accessories brand Miraggio has raised USD 6.5 million (INR 55 crore) in a funding round led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures. This round follows an earlier USD 1.2 million raised in 2023, bringing Miraggio's total funding to USD 7.7 million. The fresh capital will be deployed to accelerate retail expansion, enhance brand development, upgrade technology, and grow the team. Miraggio plans to open 15 to 20 offline stores across India over the next two years and introduce more than 500 new products within 18 months. These additions will include laptop bags, backpacks, mini bags, clutches, and small leather goods, broadening the brand's appeal. Founded in 2019 by Mohit Jain, Miraggio is redefining accessible luxury in the fashion accessories space. The brand combines cutting-edge design, quality craftsmanship, and a keen understanding of contemporary women's style. It has won the loyalty of over 700,000 customers and rapidly established itself in a competitive market. Mohit Jain, Founder and CEO of Miraggio, said, "We are thrilled to welcome our new investors on board and truly value their belief in Miraggio's long-term vision. This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag and accessories brand. With a sharper focus on delivering elevated retail experiences, expanding our product portfolio, and building deeper connections with customers across India, we're excited to shape the next chapter of Miraggio's growth story." Abhishek Goenka, Managing Partner at RPSG Capital Ventures, stated, "Miraggio stands apart in its ability to offer exceptional value for money, combining aspirational design, quality, and experience with premium affordable pricing, making it highly relevant to India's new-age consumers." Shivam Diwan, Executive Director at Client Associates Alternate Fund, added, "Miraggio's commitment to innovation positions them well to reshape the handbag and accessories industry in India."
Business Recorder
12-05-2025
- Business
- Business Recorder
Indian stocks log best day in 4 years on border truce; Pakistan shares surge
Indian shares logged their best session in more than four years on Monday, surging nearly 4% in a broad-based relief rally after the country reached and held a fragile ceasefire with Pakistan over the weekend after days of cross-border clashes. The Nifty 50 closed 3.82% higher at 24,924.70 points and the BSE Sensex rose 3.74% to 82,429.90, marking their biggest single-day gains since February 1, 2021. Across the border, Pakistan's benchmark KSE-100 share index rocketed 9.4%, coming off a trading halt earlier. The de-escalation in the conflict, which erupted in earnest in the middle of last week, is unlikely to leave a lasting impact on India, the world's fifth-largest economy, and has shifted investor focus back to economic fundamentals, analysts said. The volatility index, nicknamed the 'fear gauge', snapped an eight-day rising streak, a sign of relief among investors. Border conflict worry erases $83 billion from Indian equities in two days 'With the first sign of de-escalation, we are likely seeing the floodgates open in terms of foreign inflows as the global risk-sentiment is also turning positive on easing trade tensions,' said Abhishek Goenka, founder and CEO of IFA Global. Global stocks also rose after the United States and China agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets. All 13 major sectors in India finished higher. The biggest gainers with a 6.7% jump were IT companies, which earn a substantial chunk of revenue from the US. The broader small-cap and mid-caps rallied 4.2% and 4.1%, respectively. Analysts, though, said a local holiday in some parts of the country could have led to exacerbated gains.
Business Recorder
12-05-2025
- Business
- Business Recorder
Indian benchmarks rally 3%, eye best day in nearly a year on India-Pakistan truce
India's benchmarks jumped over 3% and were on track to log their best session in almost a year on Monday after the country reached and held a ceasefire with Pakistan over the weekend, following the worst cross-border clashes in nearly three decades. The Nifty 50 and the BSE Sensex gained about 3.25% each to 24,787.8 and 81,958.04, respectively, as of 1:12 p.m. IST, on track to recover the 1.5% they lost since India's strikes on Pakistan on Wednesday. If gains hold, the benchmarks will log their best single-day jump since June 5, 2024, when markets surged after the ruling National Democratic Alliance's victory in the national elections. Meanwhile, Pakistan's stock exchange halted trading on Monday for an hour, after the benchmark KSE-100 share jumped 8.84% in early trade. It was last up 9.4%. The easing of hostilities allows focus to return to growth and trade in the world's fifth largest economy, analysts said, adding that the conflict will not have a material impact on India's economy. 'Assuming the ceasefire is adhered to by both countries, we keep all our macro forecasts unchanged,' Barclays said in a note. Indian shares rally on India-Pakistan ceasefire 'We see India grow at a solid 6.5% year-on-year in FY25-26, benefiting from relative insulation to global trade uncertainty and strong progress in 'trade talks' with the US administration,' it added. On Monday, all 13 major sectors logged gains. The broader small- and mid-caps rallied 4% and 3.6%, respectively. The volatility index, nicknamed the 'fear gauge', was set to snap an eight-day rising streak, offering some relief to investors as a fragile ceasefire seemed to hold after initial violations. 'With the first sign of de-escalation, we are likely seeing the floodgates open in terms of foreign inflows as the global risk-sentiment is also turning positive on easing trade tensions,' said Abhishek Goenka, founder and CEO of IFA Global. FPIs have been net buyers of Indian stocks so far in May, purchasing $1.7 billion worth of shares, as of Friday's close. Tourism and travel-related stocks, which were the worst hit due to the conflict, surged 5.5% on Monday.
