Latest news with #Jhaveri
Mint
4 days ago
- Business
- Mint
Ecom Express distress sale to Delhivery leaves minority shareholders stranded
Minority investors in Ecom Express, holding roughly 0.6% of the e-commerce logistics firm, are weighing their avenues for divesting their stakes. This follows the company's announcement of its sale to larger rival Delhivery. Delhivery's proposed acquisition of Ecom Express's majority stake—99.4% collectively owned by Warburg Pincus, Partners Group, and British International Investment (BII)—has left approximately ten minority investors, who hold the remaining 0.6% of the company, to navigate their exit options independently. Delhivery agreed to acquire the Gurugram-based company in an all-cash distress sale worth ₹1,407 crore in April. This is just a fifth of the ₹7,000 crore valuation that the company was attempting to seek through an initial public offering. Also Read: Can Ecom Express's IPO succeed when Delhivery's stock has failed to deliver 'Despite being among the first believers in the company and long-standing shareholders of Ecom Express, we were neither informed nor consulted about the proposed transaction," said Anish Jhaveri, an angel investor. Founding investors raise concerns Delhivery's proposed purchase is awaiting nod from the Competition Commission of India (CCI), besides other regulatory approvals. Jhaveri, who owns a 0.5% stake in the company, says he is exploring options. 'It would be naive to assume that the voice of minority shareholders, especially founding investors, will go unheard before the appropriate regulatory bodies, including the Ministry of Corporate Affairs and the Competition Commission of India. We are evaluating our options and expect full transparency in the interest of corporate governance and investor rights," Jhaveri added. Also Read: KKR, TPG eye Relisys Medical Devices in early-stage buyout talks Jhaveri feels that the 'waterfall mechanism" clause in investor agreements has greatly diluted his stake and that of early investors. Private equity investors typically include a 'waterfall mechanism" clause in share purchase agreements to rank the order in which shareholders will be paid in case of a sale. Those with preferred shares are allowed to take out their investment amount on priority and the capital is distributed among other shareholders after that. This becomes critical in situations where there is a distress sale. Experts weigh in on minority rights It is as yet unclear how minority investors will proceed, and whether they have enough legal standing to jeopardise the closure of the deal. According to Sudip Mahapatra, partner at law firm S&R Associates, 'the minority shareholders holding less than 1% of the target company will have very limited ability to oppose a sale of the company. If they have rights under a shareholders agreement, they might be able to make a claim. However, such minority shareholders are unlikely to have significant rights under a shareholders agreement," Mahapatra said. Partners Group, Warburg Pincus, Delhivery and BII declined to offer comments for this news story. Sanket Jain, partner at law firm Pioneer Legal, said that Delhivery is not automatically required to acquire the remaining minority stake in Ecom Express 'unless there is a specific contractual obligation to do so". Also Read: JP Morgan sees more Indian firms going shopping abroad 'However, since Delhivery now holds over 99% of Ecom Express, it is legally entitled to initiate a squeeze-out process under Section 236 of the Companies Act, 2013, enabling it to acquire the remaining shares at a fair value determined by an independent valuer. Minority shareholders who disagree with the process or valuation have the right to seek recourse before the National Company Law Tribunal or courts," Jain said. Layoffs and losses Ecom Express has seen the company's revenue take a drastic hit after the entry of e-commerce platform Meesho's logistics arm in the segment. ( Earlier, Mint reported that Ecom Express had laid off over 150 employees since the deal was announced. The company has also cut costs and shut down some centres, Mint reported. Also Read: Global PE firms eye stake in Tessolve at $300 mn valuation The company's expenses marginally rose to ₹2,921.5 crore in FY24 from ₹2,902.8 crore in FY23. Ecom Express reported a 2.2% growth in revenue to ₹2,609.2 crore in FY24, and its losses declined to ₹255.8 crore from ₹428.1 crore in the previous year.
Mint
28-04-2025
- Business
- Mint
Expert View: Ankur Jhaveri of JM Financial on trade war impact, India vs China, strategy for Indian stock market & more
Expert view: Ankur Jhaveri, MD & CEO, Institutional Equities at JM Financial Institutional Securities Ltd., believes a major trade war could impact the Indian economy, but domestic consumption could restrict the overall impact. In an interview with Mint, Jhaveri shared his views on the stock market strategy, sectors he is positive about and key triggers for the market. Here are edited excerpts of the interview: When you restrict the largest global suppliers from accessing US markets, the world (except the US) should be prepared for a deflationary cycle, which will benefit consumers but negatively impact domestic players. The second and third-order impacts would be difficult to fathom at this stage. We see a risk to growth through the trade route, as exports have already been weak (0.1 per cent YoY in FY25). A deterioration in India's trade balance would also drag GDP in FY26 (less than 6.5 per cent growth). Moreover, India is highly unlikely to increase its exports to the US. On the other hand, domestic consumption could see some meaningful uptick in India, thus restricting overall impact and proving to be a great hedge for investors in these uncertain global markets. To some extent, yes, with the 'Make in India' and PLI scheme already in place, India could leverage its dependable position and relatively better corporate governance at the country level versus China to build on its manufacturing dream/idea. However, India still lacks scale and ease of doing business compared to China, which would act as an impediment. I believe India would be an option when the existing trend of diversifying supply chains away from China gains further pace. In the long run, market gains are a function of earnings. I still see some room for cutting earnings estimates that align with the consensus. That should lead to higher single-digit earnings growth in FY25, which was reflected in the nearly 4.5 per cent returns in the Nifty in FY25. For this year, considering the heightened uncertainty around tariffs and the likely deflationary pressures due to dumping by Asian countries in the upcoming years, markets should be prepared for increased competition-led moderate earnings. However, Indian markets could gain from the flux of sudden liquidity, especially from foreign investors, given their positioning as a hedge in this trade war with relatively favourable macroeconomics. In a risk-off environment, equities trading at rich valuations should be avoided. However, within the equity portfolio, we would position more towards large caps with valuation comfort versus mid and small caps. Allocation to SMIDS (small and mid-caps) would be tactically towards companies with earnings visibility. Moreover, considering the current geopolitical landscape, I would prefer companies catering to domestic demand and being a segment leader. Central banks have been the biggest buyers of gold in the last three years as they diversified away from the US dollar. As per the World Gold Council, 2024 is the third consecutive year in which demand from central banks surpassed 1,000 tonnes, far exceeding the 473 tonnes annual average between 2010 and 2021. Global uncertainty remains elevated and is expected to remain so at least until the tariff issue is resolved, so demand for the safe-haven asset (gold) is expected to remain strong. However, after a 53 per cent nonstop rally since November 2023, we may see a pause. In the long term, depending on an investor's profile and goals, one should have a fine balance across asset classes. The actual shape and size of Trump's tariffs are not yet clear, so their second—and third-order impact will be difficult to gauge. Apart from tariffs, we believe that earnings growth would be key to monitoring. It would be dependent on domestic consumption patterns and pick up pace. If you can digest the turbulence in the next one to two years, banks will provide the valuation comfort currently, but the impact of rate cuts on the NIMS (net interest margins) should be reflected in this rate-cut cycle. Secondly, despite a conservative growth in capex allocation of ₹ 11.2 lakh crore (10 per cent over FY25RE), I believe ₹ 11.2 lakh crore is a substantial amount. Considering that the capex intensity will likely be strong in FY26, I believe players in this space should continue to benefit. It would continue to play the local consumption story across discretionary names, especially at the higher end of the curve. After the election-induced sluggishness dragged the economy in FY25, economic activity bottomed out in Q2 FY25 (5.6 per cent growth). I see a gradual uptick from here on. However, it would be unrealistic to expect growth in the range of 6.2 - 6.3 per cent in FY25, unlike the government's 6.5 per cent expectation. CPI inflation moderated to 3.3 per cent in March 2025 on the back of moderation in the food category. IMD's above-normal monsoon expectation bodes well for the supply side. The sharp drop in the RBI's inflation projection in Q1 (-90bps to 3.6 per cent) is reflected in the shorter end of the yield curve. Moreover, the RBI expects inflation to be within the 4 per cent target in FY25, which aligns with our house expectation. In the base case, the US negotiates a trade deal with its trading partners, which would ideally lower the duty incidence compared to the reciprocal tariffs imposed currently. Tariff implementation spreads the inflationary impact, at least in H1CY25 (the first half of the calendar year 2025). Moreover, the US Fed Chair Jerome Powell expects the impact to be 'transitory' on the inflation print. I am not in the recession camp. However, a slowdown is a given, considering elevated inflation would negatively impact the economy's consumption spending. Hence, we expect two, max three, cuts by the US Federal Reserve. Since the RBI's guard change, domestic monetary policy has clearly shifted toward addressing growth concerns rather than price stability. Headline inflation has moderated below the 4 per cent mark (3.3 per cent in March 2025), providing further comfort to the MPC's focus on meeting the economy's potential growth by front-loading rate cuts. Our terminal rate expectation as a house is at 5.5 per cent to 5.75 per cent in this rate cut cycle. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary. First Published: 28 Apr 2025, 05:38 PM IST
Time of India
24-04-2025
- Business
- Time of India
India's greenhouse gas emission intensity target sets stage for market-led decarbonisation, say experts
Mumbai: India's Ministry of Environment, Forest and Climate Change recently came out with a draft notification setting greenhouse gas emission intensity (GEI) reduction targets for two years, beginning 2025-26, covering 282 obligated entities in various sectors such as aluminium and cement. According to Dhanpal Jhaveri, CEO, Eversource Capital , the draft notification marks a significant inflection point in India's climate policy landscape. 'By setting intensity-based emission reduction targets across 282 industrial entities, the government is not only raising the bar for accountability but also laying the groundwork for a more resilient, low-carbon economy,' he said. Jhaveri added that this is India's first sector-wide regulatory framework for decarbonisation — and it's both pragmatic and progressive. 'It recognises the need to balance industrial growth with climate commitments, while introducing a clear market mechanism for carbon trading and enforceable penalties for non-compliance. These are precisely the signals long-term capital has been waiting for,' he said. He further added that this would enable sustainable value creation, spur innovation, reallocate capital to efficient players, and drive a new competitiveness rooted in low-carbon advantage. 'We're committed to supporting businesses that are forward-thinking, compliant, and climate-aligned. This is not just about meeting targets — it's about building companies that are future-ready, both financially and environmentally,' Jhaveri added. The notification was issued under the compliance mechanism of the Carbon Credit Trading Scheme , 2023. According to the draft, if these industries do not meet their GEI targets, they will have to purchase carbon credit certificates from the Indian carbon market. In case an entity fails to comply with this, the Central Pollution Control Board will then impose a penalty for the shortfall. According to Atanu Mukherjee, CEO, Dastur Energy, it is a positive and timely step towards accelerated industrial decarbonisation , and an important precursor to the creation of friction-free and functioning carbon markets . He, however, added that an administered penalty-based scheme may not be the most economically or socially expedient approach to foster adoption of carbon pricing mechanisms. 'It may be more effective to use carbon markets for price discovery — identifying where mitigation is most cost-effective — and then apply that price not as a penalty, but as the basis for structured cash or credit incentives,' he said. Mukherjee added that these incentives could be directed toward mandatory, trackable emission reduction investments by emitters, thereby combining the efficiency of markets with the directionality of policy.
Yahoo
18-04-2025
- Health
- Yahoo
Do You Need a Measles Vaccine Booster?
Boxes and vials of the Measles, Mumps, Rubella Virus vaccine at a vaccine clinic put on by Lubbock Public Health Department on March 1, 2025 in Lubbock, Texas. Credit - Jan Sonnenmair—Getty Images Amid the measles outbreak that started in Texas and is now believed to have spread to four other states, many people might be wondering: do I need to get a measles vaccine booster? Measles is a highly contagious airborne disease that can lead to severe complications, including death. It's also vaccine preventable through the measles, mumps, and rubella (MMR) vaccine, which is typically administered in childhood in two doses. More than two decades ago, measles was declared eliminated from the U.S., thanks in large part to a successful vaccination program. But in recent years, vaccination rates have declined and measles cases have soared. In 2024, there were 285 reported measles cases in the country, according to the U.S. Centers for Disease Control and Prevention (CDC). Four months into 2025, the agency has received reports of 800 confirmed measles cases. Of those, 96% were in people who were either unvaccinated or had unknown vaccination status. So far in 2025, two children in Texas have died of measles-related complications; both of them were unvaccinated. A third person, an unvaccinated adult in New Mexico, tested positive for measles after death, though the official cause of death is still under investigation, according to the CDC. Before this year, the last confirmed measles death in the U.S. was in 2015, according to the CDC. Read More: Why Measles Cases Are Rising Right Now Public health experts say that the best way to protect yourself against measles is to get vaccinated. The MMR vaccine is safe and effective; according to the CDC, two doses are 97% effective against measles. People who don't get the MMR vaccine in childhood can still get it later in life, says Dr. Ravi Jhaveri, a professor of pediatrics at Northwestern University Feinberg School of Medicine and the division head of pediatric infectious diseases at Ann & Robert H. Lurie Children's Hospital of Chicago. The CDC has said that most people who get the MMR vaccine will be protected for life, and there are no official recommendations to get a third dose of the vaccine during a measles outbreak. 'The vast majority of people with two doses are protected [and] do not come down with measles,' Jhaveri says. 'We have decades upon decades of experience that two doses has been safe and effective, and when we maintained two doses at a very high level across our population, we were seeing very few, if any, outbreaks.' Still, that doesn't mean a booster is never needed for other types of diseases. According to Jhaveri, there are two important factors that help make that determination: the genetic variability of the virus and the nature of your immunity. The viruses causing the flu and COVID-19, for instance, have a lot of genetic variability, which is why public health experts recommend getting a new vaccine against those viruses every year. People also get booster shots for tetanus because antibody levels against the bacteria wane over time and if someone has a high-risk exposure—such as stepping on a rusty nail—doctors err on the side of vaccinating them afterward, Jhaveri says. But measles, he says, is more genetically stable and both doses of the MMR vaccine 'allow for you to have antibody levels that are high enough to protect you and also allow your cells to respond in case you are exposed, to prevent you from getting infected.' Jhaveri says that, as people get older, their immune system typically doesn't work as well, so 'theoretically, there may be some drop in measles immunity.' Only about three out of 100 people who are fully vaccinated against measles will get the disease if they are exposed to the virus, according to the CDC. But a vaccinated person who does get the measles typically has much milder symptoms and is less likely to spread the disease to others, compared to someone who is unvaccinated. According to the National Foundation for Infectious Diseases, about 90% of unvaccinated people who are exposed to the virus will get measles. There is a group of people who may need to consider getting vaccinated again: according to the CDC, people vaccinated before 1968 with an older version of the vaccine, an inactivated one, should be revaccinated with at least one dose of the vaccine we use now, a live attenuated measles vaccine. That's because the inactivated vaccine, which was available from 1963 to 1967, was not as effective as the version we use now. Jhaveri points out that the ongoing outbreak is mostly among unvaccinated people, not those who have been vaccinated, and so getting a third dose would be unnecessary. 'The reason we're seeing outbreaks now is because we have big pockets across our population that aren't getting those two doses,' Jhaveri says. 'So convincing the people who are doing the right thing to do it more is not where the effort really needs to go; it's to convince those people who don't see the benefit of the two doses … that they should get vaccinated.' Contact us at letters@
Yahoo
19-03-2025
- Health
- Yahoo
Measles prevention: How the two-dose regimen works
CHICAGO (WGN) — About 90 percent of the US population has gotten their two dose regimen to protect against measles, mumps and rubella, but increasingly, the unvaccinated have been contracting the highly contagious, deadly disease. Northwestern University and Lurie Children's ediatric infectious disease specialist Dr. Ravi Jhaveri warns that without proper coverage, storm clouds ahead have him worried. 'I like to have people think about vaccines as an umbrella, and the idea is an umbrella doesn't necessarily keep you from getting wet but it keeps you from getting soaked,' he said. 'We see periodic outbreaks of measles because it's a very highly contagious agent and even modest drops in the amount of protection amongst communities can lead to outbreaks.' Measles cases rise to about 320 total in Texas and New Mexico. What you should know. March 14 | More than 300 measles cases now confirmed in 14 states Decades of research has proven the MMR vaccine is 95 percent effective after the first dose. Experts say now it is more critical than ever to know protection level and potential threat. 'More than 90 percent of parents are having their kids vaccinated on time with the appropriate doses by the time their kids enter kindergarten, and so I want to make sure we recognize them for the effort they are doing,' Dr. Jhaveri said. The measles vaccine comes in two doses, working in stages to combat a virus that can linger in the air for hours after an infected person coughs sneezes or even talks. The respiratory infection leads to fever, cough, inflamed eyes, mouth sores and a skin rash. 'We know with an agent like measles, that's very contagious, that 95 percent wasn't enough, and so that led to the outbreak of cases in the late 80s and 90s, so we then instituted a second dose to try to make sure we cover the population well so even that five percent that didn't respond to the first dose was captured and covered with second dose,' Jhaveri explained. Eventually, for convenience, doctors and parents began giving the second dose to children at age 4. Dr. Jhaveri said the move became more practical and effective. But as measles spreads now, should parents be concerned if their child only got one shot? 'You are definitely going to be protected partially. One dose is better than no doses and two doses is better,' Jhaveri said. For those teenaged to adulthood, the two doses are far in the rear view mirror. And since the virus is one of the most contagious, with nine out of 10 people exposed to an infected person likely to get sick, doctors can see a situation where greater illness is in sight, even for the vaccinated. 'You should talk to your doctor about making sure you have up-to-date vaccines with the current guidance and we are airing on the side of extra doses,' Jhaveri said. That's why the MMR shot is so critical for children to render the population with herd immunity. As for adult boosters, Jhaveri said the population isn't necessarily at risk but, 'if you are close to an outbreak or could be exposed if you work in a healthcare setting, we air on the side of extra doses.' Rising vaccine hesitancy has health experts concerned about other illnesses as well, including chicken pox and potentially polio. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
