Latest news with #PuneetSharma
India Gazette
3 days ago
- General
- India Gazette
158 Agniveers pass out from 14 Gorkha Training Centre in Subathu
Subathu (Himachal Pradesh) [India], June 5 (ANI): A strength of 158 Agniveers passed out in an impressive Passing Out Parade at the historical Salaria Stadium of 14 Gorkha Training Centre in Subathu, an official release said on Thursday. The recruits, who swore allegiance to the Indian Republic, underwent rigorous training for over 31 weeks in various aspects of physical fitness, battle and field craft, weapons, and tactics. As per the release, the Agniveers would now be joining the Gorkha Battalions of First and Fourth Gorkha Rifles of the Indian Army, having a rich and glorious military history of over 200 years of valour and sacrifice. Brigadier Puneet Sharma, Commandant 14 Gorkha Training Centre reviewed the parade. He also addressed the parade, wherein he motivated all the recruits to keep the National and Indian Army flag flying high across all frontiers of the Country. The parade was followed by a melodious Pipe Band display of martial music with excellent synchronisation. The function concluded with a breath-taking Physical Training Display that left the spectators awe-inspired. More than 300 serving persons, Ex-Servicemen, parents, and relatives of Agniveers graced the event. Earlier today, the Jammu and Kashmir Light Infantry (JAK LI) Regiment Centre in Srinagar held the Passing Out Parade (POP) of its fifth batch of Agniveers, marking the induction of 326 recruits into the Indian Army. The newly inducted Agniveers completed 31 weeks of physical, mental, and tactical training before marching in unison during the attestation ceremony. Senior Army officers, instructors, and recruits' family members attended the event. The Reviewing Officer, a senior Army official, congratulated the newly inducted soldiers and encouraged them to uphold the rich legacy of the JAK LI Regiment with unwavering commitment and courage. (ANI)
Time of India
29-05-2025
- Business
- Time of India
Ixigo Food On Train: ixigo's 'Food on Train' Service Surpasses 10,000 Daily Meal Deliveries with Zoop, ET TravelWorld
Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App ixigo has achieved a significant milestone in enhancing onboard travel experiences, with its 'Food on Train' service crossing 20 lakh meals delivered since its launch in October 2024. The feature, developed in partnership with e-catering platform Zoop, now averages more than 10,000 daily meal orders across 200 railway stations nationwide. Integrated within the ixigo Trains and ConfirmTkt apps, the service allows passengers to order from a curated selection of meals and have them delivered directly to their platform has recorded notable trends over the past six months. The Veg Maharaja Thali emerged as the most-ordered dish across routes, while buttermilk (chaas) topped the beverage chart. Chicken biryani dominated on the Patna–Delhi route, whereas the Jain Mini Thali was a preferred choice for travellers between Delhi and Mumbai, and Delhi and unusual orders, one of the costliest was worth ₹9,082 at Ahmedabad Junction, placed on the Shri Ganganagar Humsafar Express. Another standout was a bulk order of 43 Veg Mini Thalis at Lucknow Junction, made by a single passenger aboard the Gangasatluj Express. Stations witnessing the highest food order volumes included Vijayawada, Kanpur, Nagpur, Bhopal, and Bajpai, Group CEO, and Rajnish Kumar, Group Co-CEO, ixigo, said, 'With over 10,000 daily meals now being delivered, we are expanding our scope of services for the 54 crore annual users we serve. We're now solving for both travel and food needs of Indian travellers.'Puneet Sharma, Co-Founder & CEO, Zoop, added, 'Thanks to the reach of ixigo and ConfirmTkt, we're now a top-three e-catering partner with IRCTC. We're excited by the diversity in orders and plan to grow further by integrating more restaurants into our platform.'
Mint
20-05-2025
- Business
- Mint
Sebi's co-investment proposal gets fund manager backing, but lawyers flag legal gaps, tax risks
The market regulator's proposal to allow co-investments within the alternative investment funds (AIF) framework—through a new co-investment vehicle (CIV)—has received broad support from fund managers. But lawyers warn of legal ambiguities, tax risks, and rigid exit conditions that could undermine its effectiveness. The 9 May proposal by the Securities and Exchange Board of India (Sebi) seeks to replace the current portfolio management services (PMS)-based co-investment route with a more streamlined approach. Under this, CIVs will have distinct PAN, bank, and demat accounts, and be exempt from some AIF-related rules (such as sponsor commitment and diversification) when co-investing in a single company with the main AIF. Under the current setup, co-investments must route through PMS entities, requiring a separate license, duplicative compliance, and different exit and governance terms—often complicating deal execution and cap table management. By contrast, CIVs would keep co-investments within the AIF ecosystem, allowing for pooled governance, unified documentation, and faster execution. Fund managers hailed the move as long overdue. Puneet Sharma, CEO and fund manager at Whitespace Alpha, called it 'a practical and much-needed upgrade." 'It removes a lot of the operational clutter we previously had to deal with through PMS or SPV routes. This setup brings clarity for us as managers and for our investors," he added. Also read: Sebi bars Varyaa Creations from markets, halts Inventure's fresh IPO mandates Exit worries and tax trouble Despite the optimism, legal experts flag several concerns—starting with investor exits. 'Co-investors coming via CIV could not have an option of remaining invested after the tenure of the AIF ends or exiting earlier," said Vinod Joseph, partner at Economic Law Practice. He also flagged uncertainty around Sebi fees and limitations on fundraising due to the accredited investor restriction. Ketan Mukhija, senior partner at Burgeon Law, said the legal architecture of CIVs may not hold up well in conflict scenarios. 'The CIV structure legally balances segregation and pooling, but its reliance on contractual terms over statutory safeguards leaves ambiguity in enforcing co-investor rights during disputes." He warned that tax issues may arise too. 'Tax risks loom if authorities view coordinated CIV-AIF investments as an AOP, stripping pass-through benefits and triggering double taxation", he added. Also read: Why fractional real estate platform Strata surrendered its Sebi licence Compliance gains, but admin costs stay While CIVs do reduce regulatory duplication, they come with their own administrative load. 'Each CIV needs a separate PAN, demat, bank account—adding admin burden, especially for decision makers or general partners," said Brijesh Damodaran Nair, managing partner at Auxano Capital. He added that rigid lock-ins may discourage large co-investors unless some flexibility is introduced. 'GPs must be able to set allocation caps or differentiated economics." Relaxing advisory rules The proposal also opens the door for AIF managers to offer advisory services on listed securities—currently prohibited to prevent conflicts of interest. Sebi is considering relaxing this ban for actively traded stocks but warned of manipulation risks in thinly traded securities. 'This modernizes the framework but raises concerns unless Sebi mandates real-time position disclosures and stricter Chinese walls," said Mukhija. Sharma supported the move to restrict CIVs to accredited investors, noting it ensures only sophisticated investors participate in high-risk co-investments. 'Over time, as the structure matures, there may be room to revisit and make it more inclusive," said Sharma. Experts, however, noted that the current accreditation process could use reform. 'They could benefit from simplification," said Divaspati Singh, partner at Khaitan & Co. 'For the proposed co-investment framework to be truly effective and widely adopted, easing or streamlining the accreditation requirements could be a constructive step forward," Singh added. Sharma also noted that the tax environment is gradually improving. 'Category I and II funds already enjoy pass-through status. CIVs under Category III should benefit from similar treatment if structured right." Srikanth Subramanian, CEO and co-founder of Ionic Wealth, emphasied CIVs would ease operational burdens by eliminating the need for separate PMS setups. 'This approach also helps prevent conflicts of interest by synchronising timelines and decision-making between the main fund and co-investors," he said. 'It brings Indian AIFs closer to international standards." Also read: Sebi seeks to streamline QIP disclosures but experts flag legal hurdles Sebi has invited public feedback on whether CIVs should fully replace PMS-based co-investment structures, and how to address exit flexibility, governance guidelines, and taxation clarity. The deadline for public comments is 30 May.
Economic Times
13-05-2025
- Business
- Economic Times
FII return with Rs 46K cr buying spree; likely prefer largecaps vs broader market stocks. Here's why
Foreign institutional investors (FIIs) infused nearly Rs 46,400 crore into Indian equities since April 15, extending their shopping spree to 17 out of the last 18 sessions, with a significant portion of these flows likely directed towards large-cap stocks. This trend highlights a growing preference among overseas institutions for quality and stability amid prevailing global uncertainties. ADVERTISEMENT With India-Pakistan ceasefire and a tariff truce between the US and China, where both countries have agreed to significantly ease their tit-for-tat tariffs for a 90-day period, a calm is expected to return in global markets. On Monday, both Indian and US markets ended with strong gains. FIIs broke their 16-session buying streak on Friday, offloading shares worth Rs 3,799 crore as tensions between India and Pakistan flared up. But on Saturday, both countries agreed to a ceasefire. Puneet Sharma, CEO and Fund Manager at Whitespace Alpha, said that he is observing a clear re-risking by FIIs in May 2025, with initial capital allocations favouring large-cap names, particularly in sectors like private banking, capital goods, and high-beta infrastructure plays.'We see the current phase of FII flows as quality-led and conviction-driven and not a blanket chase of momentum. Largecaps remain the primary beneficiaries, with midcaps following through in pockets where the growth narrative is backed by numbers,' Sharma his view, a targeted participation in midcaps is being seen and only where there's a strong earnings delta or sectoral tailwind, like in defence, renewables, and manufacturing clusters with PLI exposure, stand out. ADVERTISEMENT Corroborating this view, Geojit Investments' VK Vijayakumar said that there is a big shift in market preference in favour of largecaps, away from overvalued segments of mid and smallcaps is significant. FIIs are mainly buying largecaps, and this trend can continue, he opined."The ceasefire between India and Pakistan has paved the way for a sharp rally in the market. The prime mover of the rally will be the FII buying, which has been sustained for sixteen continuous days, except last Friday when the conflict escalated. Domestic macros like expectations of high GDP growth and revival of earnings growth in FY26 and declining inflation and interest rates augur well for the resumption of a rally in the market,' Vijayakumar said. ADVERTISEMENT The trend reversed following a three-month pause announced by Donald Trump. A fortnightly data on FII action by NSDL for the period between April 16 and 31, shows that the highest FII inflows went to the financial services sector at Rs 17,585 crore. Sectors that followed were telecommunication (Rs 3,413 crore), healthcare (Rs 2,138 crore), power (Rs 1,627 crore) and capital goods (Rs 1,613 crore). FIIs have also bought shares in the auto & auto components sector, metals & mining, chemicals, construction and realty, among others. ADVERTISEMENT In Vijayakumar's view, FIIs are preferring stocks like ICICI Bank, HDFC Bank, Bajaj Finance, Reliance Industries (RIL), Larsen & Toubro (L&T), Bharti Airtel, Ultratech, Mahindra & Mahindra (M&M) and Eicher Motors, and they are likely to lead the rally. At the peak of FII selling between January and March, when foreign investors sold shares worth Rs 116,574 crore, there were 11 Nifty 50 stocks in which the FIIs added stakes. These stocks include Hindalco Industries, ICICI Bank, IndusInd Bank, JSW Steel, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, Bharat Electronics, Bharti Airtel, Shriram Finance and Wipro. ADVERTISEMENT A report by Motilal Oswal Financial Services (MOFSL) highlights the shift in the domestic equity ownership of FIIs. The FIIs held 18.8% as of March 2025 versus 22.8% in March 2015. At the same time, domestic institutional investors raised their stake to an all-time high of 19.2% in March 2025 versus 10.8% in March a proportion of the free float of Nifty-500, FII ownership decreased 190 bps YoY and 30 bps QoQ to 37.3%, while DII ownership increased 220 bps YoY and 110 bps QoQ to 38%.Sharma of Whitespace attributes this shift to the rising domestic participation, expansion of market breadth, the impact of Covid-19, a surge in global interest rates to multi-decade highs, and valuation expansion in the domestic markets. Markets have displayed strong stability for the past month after Trump deferred reciprocal tariffs for three months. Over the past month, the Nifty has delivered a return of 9.2%, closely tracking the Nifty Midcap 100's gain of 9.7% and outperforming the Nifty Smallcap, which rose 6.8%. On a 1-year basis, the headline index has delivered 13% returns, higher than 12% by Nifty Midcap 100 and 4% by Nifty Smallcap 100. Sharma of Whitespace Alpha said that when global volatility subsides and the INR stabilises, institutions tend to first rotate into scalable, liquid opportunities. 'From our market-neutral framework, this has also resulted in noticeable shifts in index futures basis, signalling renewed institutional confidence. In contrast, smallcaps remain more of a retail and domestic mutual fund story at this point, with FIIs staying cautious due to elevated valuations and limited liquidity headroom,' he said midcap IT and digital stocks are other segments to watch. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
24-04-2025
- Business
- Business Standard
Axis Bank Q4 results: Net profit flat at Rs 7,118 crore, NII up 5.5%
Axis Bank on Thursday reported a net profit of ₹7,118 crore for the January-March quarter (Q4) of 2024-25 (FY25), nearly flat numbers when compared to its net profit of ₹7,129 crore in the year-ago period. The flat numbers were mainly due to higher loan loss provisions and lower trading income. Trading income for the quarter stood at ₹173 crore down from ₹1,021 crore in the corresponding quarter previous year. Overall non-interest income, including fee, trading, and miscellaneous income, also remained flat at ₹6,780 crore but grew 14 per cent on a sequential basis. Fee income for Q4FY25 grew 12 per cent year-on-year (Y-o-Y) to ₹6,338 crore. The private sector lender's net interest income rose 5.51 per cent to ₹13,810 crore. The net interest margin was at 3.97 per cent improving four basis points (bps) quarter-on-quarter. The net interest income was 4.06 per cent in the same period previous year. The bank incurred fresh slippages of ₹4,805 crore in the quarter as compared to ₹4,371 crore in the year-ago period, while upgrades and recoveries were higher at ₹2,790 crore as compared to ₹2,155 crore. Loan loss provisions increased to ₹1,369 crore from ₹832 crore. 'On slippages, the credit cycle is undergoing a normalisation. FY23 and FY24 were coming off troughs on slippages. It's just the normalisation of the credit cycle plus some correction on the unsecured retail book,' said Puneet Sharma, chief financial officer, Axis Bank, during the post-earnings media call. Also Read Total advances of the lender increased 7.85 per cent and stood at ₹10.41 trillion for the quarter compared to ₹9.65 trillion in the corresponding period last year. Retail loans grew 7 per cent Y-o-Y to ₹6.23 trillion and accounted for 60 per cent of net advances. The share of secured retail loans was around 72 per cent, with home loans comprising 27 per cent of the retail book. Commenting on the slower growth of the credit card portfolio in FY25, Arjun Chowdhry, the group executive for affluent banking, non-resident Indians, cards or payments and retail lending, said that the bank will be cautious in expanding cards in force. 'We will be bringing back the acquisition but we will be doing so cautiously and in a calibrated manner. So I can't give you a number but obviously we are now looking at faster growth than we had because we believe we are seeing the stabilisation which will allow us to deliver on that growth,' Chowdhry said. The bank's total deposits stood at ₹11.73 trillion in the quarter compared to ₹10.69 trillion in the year-ago period, a rise of 9.76 per cent. The share of current account-savings account deposits in total deposits increased to 41 per cent, up from 39 per cent in Q3FY25. The lender's gross non-performing assets ratio improved to 1.28 per cent in Q4 from 1.43 per cent in the corresponding period. But the net non-performing assets ratio of the bank marginally went up to 0.33 per cent from 0.31 per cent on a year-on-year basis. Axis Bank's liquidity coverage ratio (LCR) on a consolidated basis is 118 per cent. Commenting on the impact of RBI's final norms on LCR, Sharma said, 'The RBI circular is effective April 1 of next year. On a static balance sheet basis, we do believe that the circular is neutral in our context but the balance sheet is dynamic and keeps evolving. So it would be more prudent for us to comment on this closer to the implementation date than today.'
