Dilliveri: Dilliveri has raised Rs 2,347 crore from 64 anchor investors.

MUMBAI: Logistics company Dillivari has raised ₹ 2,347 crore from 64 anchor investors ahead of its first initial public offering, which will open for subscription on Wednesday, May 11. About 48 million share anchor investors were allotted ₹ 487 each, with the price band for the IPO at the top end, according to investment bankers.

Some of the foreign investors participating in the anchor allocation are Tiger Global, Bay Capital, Steadview, Fidelity, Bailey Gifford, Schroeders, Amansa, Aberdeen Standard Life,

Government Pension Fund Global and Invesco HK.

Dillivari has raised ₹ 2,347 crore from 64 anchor investorsCompanies

About 14.59 million shares were allotted to seven domestic mutual funds, among other anchor investors, including Franklin Templeton, Invesco, Nippon and Mira.



Some domestic brokerages have recommended subscribing to Dilliveri IPO. “We believe that Dilliveri’s asset-light business model and its state-of-the-art engineering and automation capabilities and its new-age technology will help the company enhance its operating efficiency and improve profitability in the years to come,” Yes Securities said in a note.

The Delhi issue will use টাকা 2,000 crore to finance organic growth initiatives such as scaling up existing business lines, developing new adjacent business lines, expanding network infrastructure and upgrading and upgrading proprietary logistics operating systems. Further, it will use about ₹ 1,000 crore to finance inorganic growth opportunities through acquisitions and other strategic initiatives.

(BCCL and Times Internet were 1.19% and 4.92%, respectively, as of RHP filing date in Delhi)

In the fire of inflation, Biden agrees with the Fed and attacks the Republicans.

U.S. President Joe Biden, under pressure to control high inflation, tried to reassure Americans Tuesday that he understands what they are jumping on and that the Federal Reserve is working to address the top issue of weight on his administration.

With inflation rising and annual consumer prices rising by more than 8%, the president has highlighted the pressure on companies to release its oil from strategic petroleum reserves and return record-high profits to consumers in the form of lower prices.

“I know that families across the United States are suffering because of inflation,” Biden said in a statement from the White House. “I want to let every American know that I take inflation very seriously and that this is my highest domestic priority.”

Biden said the supply chain problem and the COVID-19 epidemic, coupled with Russia’s war against Ukraine, were responsible for the rise in inflation, but the Fed should and should do its part to control it. The US Federal Reserve raised interest rates by half a percentage point last week and is expected to rise further this year.

The president did not announce the new policy measures in his speech, which came a day before the release of new consumer price data, which is expected to keep inflation high until April.

Republican tax plan

Biden also sharpened his attacks on Republicans six months before the November 8 congressional election, where Democrats are hoping to retain control of the Senate and House of Representatives.

“Republican plans increase taxes on middle-class families,” he said.

Biden and top officials have repeatedly said that the price increase in 2021 is what they had hoped inflation would be temporary, but it has continued.

The demand driven by government spending and savings accumulated during the epidemic was no match for the cracker supply chain and labor shortages, which led to higher global inflation.

This has created a political problem because American consumers have raised higher grocery and gas bills by blocking Russian oil and gas after the invasion of Ukraine, a move that Russia calls a “special operation.”

Less than half of U.S. adults – 44% – approve of Biden’s presidency, and they rate the economy as the most important problem in the country, according to a Reuters / Ipsos poll last week.

Republicans are working to capitalize on the issue in congressional elections, promoting measures to relax regulations on oil and gas producers, as well as some taxes and cut government spending. But the party has not approved any policy document outlining the steps it will take to tackle inflation.

Biden has sharpened his attacks on Republicans in recent days, including the extreme rejection of former President Donald Trump’s “Make America Great Again” movement. Read the full story

“Voters know that Republican-led states are leading the way in economic recovery and job creation, and Republicans will vote, and our proven agenda will come in November,” said Emma Vaughan, a spokeswoman for the Republican National Committee.

Biden was referring to a ‘Rescue America’ proposal by Republican Sen. Rick Scott from Florida, which included a federal minimum income tax that the White House said would cost middle-class families বছরে 1,500 a year.

Despite his role as chairman of the National Republican Senate Committee, the campaign arm of the Senate Republican Caucus, Scott said the plan is entirely his own. Republican Senate Minority Leader Mitch McConnell has rejected Scott’s call for Americans who pay no income tax and sue Social Security and Medicare entitlements.

Supreme Court upholds RBI remit on NBFCs, says state law will not apply

Non-banking financial institutions (NBFCs) will be regulated by the Reserve Bank of India (RBI) and the state’s money-lending laws will not apply to them, the Supreme Court (SC) said on Tuesday.

The question before the SC was whether NBFCs regulated by the RBI could also be regulated by state laws like the provisions of Chapter IIIB of the Reserve Bank of India Act, 1934, Kerala Money Lenders Act, 1958 and Gujarat Money. Contradictory views of the Lenders Act, 2011, Kerala and Gujarat High Courts. Although the Gujarat High Court had said in 2011 that NBFCs would not fall under the Bombay Money Lender Act as applicable in the state, the Kerala High Court had given the opposite result as the state’s finance and credit law was applicable.

An apex court bench comprising Justices Hemant Gupta and V Ramasubramanian, in a case headed by Kerala v. Nedumpili Finance Company, clarified the reverse results of the case. Controlled by the RBI. Therefore, all appeals filed by the NBFC against the judgment of the Kerala High Court are allowed. Similarly, the State of Gujarat has dismissed the appeal filed against the judgment of its High Court. ” Although the SC has not examined the provisions of the Tamil Nadu Pan Brokers Act and the Tamil Nadu Money Lenders Act, it is clear that the statutory principles in the case of NBFC “shall be equally applicable to the laws of this State”.

Welcoming the verdict, Raman Agarwal, former chairman of the Finance Industry Development Council, said: He said, “Chapter 3B of the RBI Act itself is a complete code and there is a clear contradiction between the RBI Act and the Money Lender Act which cannot be reconciled. The 45Q of the Second RBI Act has an overriding effect on the State Money-Lender Act. The state does not have the power to regulate the NBFC’s money-lending business. “

The SC said that while state laws regulate the money-lending business and focus solely on protecting borrowers, the RBI law takes a holistic approach to the business of banking, lending and managing the monetary and credit system. Of India

The judges said that no NBFC can start or run a business without a certificate of registration under RBI law; Their continuity in business will depend on compliance with RBI Act and circulars / instructions issued by RBI.

“The RBI has the power to dismiss the board of directors of an NBFC and even to close an NBFC. Thus the supervision and control of the NBFC, by the RBI, from the time of birth to the time of death. If a statutory law that provides for such control and oversight is not a complete code in itself, then we do not know what a complete code could be, “the ruling said. The issue will hit the very core of the statutory control vested in the RBI.

For the first time, Turkey ordered 50,000 tonnes of wheat from India

For the first time, Turkey has ordered 50,000 tonnes of wheat imports from India to join Egypt. While it will benefit Indian farmers, it will further push up wheat prices in the country, which has already risen by 15% in recent weeks.

Wheat prices have risen due to global demand for Indian wheat after exports from Ukraine were cut off due to the Russia-Ukraine war. Ukraine produces about one-fifth of the world’s high-grade wheat and 7% of all wheat. A large quantity of wheat bought by private traders in India from farmers exceeds the minimum support price due to rising international prices due to the Russia-Ukraine war. They are making a list expecting good export orders from the world market.

In India, wheat crop yields declined in March due to abnormal heat waves, which also contributed to rising prices.

Turkey has started buying wheat through private electronic market.

According to ministry sources, Turkey last week agreed to import wheat from India. A delegation from the Agricultural and Processed Food Products Export Development Authority (APEDA) visited the country to facilitate the process.

Subsequently, Electronic Mandi Agribazar received a confirmed order from Turkey to execute 50,000 metric tons of wheat valued at approximately ₹ 125 million.

“Due to privacy concerns, we cannot disclose the names of buyers and sellers. Similar searches are currently available from Egypt, Indonesia and other Middle Eastern countries, and are being discussed on our e-platform,” said Agmitbazar CEO Amethy Agarwal.

Due to the government’s efforts, a number of countries have given India access to the market, said Sudhanshu Pandey, secretary in the Ministry of Consumer Affairs, Food and Public Distribution, in a briefing last week.

Many countries, including Egypt, Israel, Oman, Nigeria and South Africa, have already approached India for wheat imports.

In 2021-22, Indian wheat exports increased from 2.155 metric tons in the last financial year to 7.215 metric tons. This is expected to be higher for the first quarter of FY 23, with 4MT already shrinking.

However, the production estimate has been reduced from 111.3 million tonnes to 105 million tonnes and the government expects to collect half of its original estimate of 44.4 million tonnes. A sharp and sudden rise in temperature in mid-March has reduced crop yields in the world’s second-largest grain-producing country.

India is the second largest producer of paddy and wheat.

SEBI recognizes NSDL Database Management as an accrediting body

Capital market regulator SEBI on Tuesday said it has recognized NSDL Database Management Limited (NDML) as a recognized company for three years.

The entity, a wholly owned subsidiary of National Securities Depository Limited (NSDL), will issue a certificate of recognition to “recognized investors”. The Securities and Exchange Board of India (SEBI) said in a statement that the NDML has been recognized for three years from May 10, 2022.

Recognition renewal will be subject to satisfactory performance by NDML.

An investor recognition procedure and verification of an investor recognition status by investment providers – alternative investment funds, portfolio managers and, investment advisors – and other procedures will appear on the NSDL and NDML websites.

In August last year, the regulator outlined the rules for introducing a framework for recognized investors in the Indian securities market, and subsequently, it came up with the framework for implementing the framework for such investors.

As a rule, an individual will be identified as a recognized investor on the basis of net worth or income. Individuals, HUFs, family trusts, sole proprietorships, partnership firms, trusts and body corporates may be recognized based on the financial parameters specified by the regulator.

The accreditation agency will be responsible for verifying the documents submitted by the applicants, timely processing of applications and issuance of accreditation certificates, retaining the data of recognized investors and verification of accreditation status.

Previously, Sebi has recognized CDSL Ventures, a subsidiary of the Depository CDSL, as an accredited company, effective from February 1, 2022 for a period of three years.

Mercedes-Benz says 2022 will be its best year in India

Luxury car leader Mercedes-Benz is optimistic about losing its calendar year (CY) 2018 sales performance this year, says Martin Schweinke, MD and CEO, FE.

The company’s best annual sales came in CY18 when it sold 15,538 units. Then comes the general slowdown, followed by the epidemic.

“In Q1CY22, we sold 4,022 cars, an increase of 26% over Q1CY21 sales. For the remaining three quarters of the calendar year, we expect to do even better, “said Schwenk. “

Car manufacturers are sitting in the bank ordering more than five thousand cars. “So far, both the chips and the ship are down. In addition, there is a container shortage and this is negatively affecting the global supply line, “he said.

Mercedes-Benz locally assembles most of its vehicles at its Chakan, Pune plant and even if one part does not arrive on time due to container shortage – it disrupts the production line.

“We have sold every car available to us, and for some models the waiting period is two months to two years for specialized cars such as the G-Class,” said Schweinke.

On Tuesday, Mercedes-Benz launched the all-new C-Class in India, with ex-showroom prices of `55 million (C 200 petrol),` 56 million (C 220d diesel), and `61 million (C 300d diesel). It also launched a financial plan for the C-Class, starting at 60,000 EMI. “Even before the announcement of the price, we received more than 1,000 confirmed bookings for the C-Class, but the waiting period was extended to 2-3 months,” said Schweinke.

Over the years, car manufacturers have been getting a new class of customers, namely; People who benefit from the start-up boom, and those who want to splurge on luxury products.

The average age of a Mercedes-Benz India customer is much lower than in a mature market. In India, for example, the average age of an S-Class buyer is only 38 years – the S-Class is an expensive car starting at Rs 1.6 crore, ex-showroom – and the average age of a C-Class buyer is 35 years. Years

“India has a decent size of young people who have the ability and interest to buy luxury cars. Because India has a young customer base, we need to bring a lot of technology to the dashboard for them and that technology will later spread to more affordable cars and indirectly to a wider market segment, ”said Schwenk.

Mercedes-Benz India has noticed that the percentage of car purchases above Rs 1 crore has increased. In CY18, 40% of buyers bought a Mercedes-Benz car priced below Rs 50 lakh, 48% of buyers bought a car worth Rs 50 lakh to Rs 1 crore and only 12% of buyers bought a car priced above Rs 1 crore.

This has now changed to 24% (buying a car below `50 million), 47% (` 50 million to `1 million), and 29% (` 1 million and above). “It shows that the luxury car market in India is maturing,” he said.

Soon, carmaker EQS will begin local production of electric cars – its top-of-the-line electric cars with a range of about 700 kilometers. “The local production of EQS is a step in the right direction for us to bring the luxurious Evis into the mainstream,” said Schwenk.

In CY20, it introduced EQC electric cars as CBU imports.

Azam Khan: The Allahabad High Court granted interim bail to Azam Khan

The Allahabad High Court on Tuesday granted interim bail to Samajwadi Party MLA Azam Khan for allegedly occupying enemy property for his Jawaharlal Nehru University project. Justice Rahul Chaturvedi granted bail.

Interim bail was granted on condition that Khan return the entire property of the enemy to the paramilitary forces and provide him with a personal bond of Rs 1 lakh and two sureties of the same amount.

However, Khan will not be able to get out of jail as the Rampur district court last week issued warrants against him in another case, his lawyer said.

Khan’s lawyer Khalil Ullah Khan said over phone from Rampur that the High Court had granted him bail.

But the Rampur MLA will not be able to get out of jail as police have given him a warrant in Sitapur jail in another case, he said.

In 2019, an FIR was lodged against Khan and others at the Azam Nagar police station in Rampur for possession of enemy property and misappropriation of hundreds of crores of rupees.

It was alleged in the FIR that one Imamuddin Qureshi had gone to Pakistan during the partition and his land was recorded as enemy property, but Khan, along with others, occupied the 13.842-hectare plot.

Khan was granted interim bail on May 6 after the Supreme Court expressed dissatisfaction with the delay in hearing his bail application in the land grab case, saying it was a “fraud of justice”.

A bench comprising Justice L Nageshwar Rao and BR Gavai noted that Khan had been granted bail in 86 of the 87 cases and said it would hear the matter on May 11.

Infosys case: SEBI fines Rs 1 lakh for market violation.

Capital market regulator SEBI on Tuesday imposed a fine of Rs 1 lakh on a person for violating the code of conduct in a case involving shares of Infosys Limited.

The man, Pratik Saraogi, was an associate manager (business finance) at Infosys during the investigation.

SEBI conducted an investigation into the unpublished price sensitive information (UPSI) on Infosys scrips to ensure that market rules, including the ban on Insider Trading (PIT) regulations, were violated.

The investigation period was from December 2016 to January 2017.

It is learned that Infosys has announced the financial results for the quarter ended December 2016 to January 2017.

Saraogi was in possession of UPSI related to financial results and traded in scrips in violation of market rules during the UPSI period.

Saraogi, being a nominee for Infosys, made a profit by performing business when the company’s trading window closed.

By doing such a thing, he has violated the code of conduct for companies listed under PIT regulations.

Meanwhile, in another order, the regulator has fined Admina Traders Pvt Ltd Rs 10 lakh for manipulating the share price of Secunderabad Healthcare Limited (SHL).

The entity “carried out fraudulent trade and intended to manipulate the scrip value of SHL, and therefore, violated … PFUTP (prohibition of fraudulent and unfair trade practices)”, it said.

This comes after SEBI investigated SHL’s scrap trading activities for the period November 2011 to January 2015.

Negotiations are underway with the UK, EU and Canada to sign the FTA: MoS

India is expected to sign free trade agreements with the United Kingdom, Canada and the European Union before the end of this year, Union Minister Anupriya Patel said here on Tuesday.

The state minister for trade and industry said the country’s trade was “going through a waterlogging moment” because it had USD 675 billion in exports and USD 419 billion last year.

“We (the ministry) are also in the process of negotiating free trade agreements with the United Kingdom, Canada and Russia, and they could be completed before the end of the year,” he said.

Patel was speaking at the Stakeholder Outreach Program organized by the Directorate General of Foreign Trade on the occasion of India’s signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates and Economic Cooperation Trade Agreement (ECTA) with Australia.

Noting that exports are vital to a country’s growth, he said India had concluded the agreement with Australia in just 88 days and it was one of the fastest agreements ever signed. “It’s a very comprehensive deal,” he said.

He noted that the Indo-UAE Comprehensive Economic Partnership Agreement has already been “operationalized” and has huge potential for job creation.

“In addition to job creation, these agreements will lead to an increase in remittances following the growth of Indian expatriates (in both countries),” he said.

Cipla Q4 Result: Profit fell 12.4% YoY to Rs 362 crore, missed estimates

NEW DELHI: Drug Major’s consolidated net profit for the quarter ended March 12 on Tuesday fell 12.41 per cent to Rs 362.07 crore from Rs 413.38 crore in the same quarter last year.

Profit figures ET Now analyst poll estimates are significantly lower than Rs 591 crore.

Total revenue from the operation was Rs 5,260.33 crore, up 14.19 per cent from Rs 4,606.45 crore in the year-ago quarter.



“I am pleased to see the continued momentum across our core market despite adverse weather conditions affecting the overall business mix. Our one-India business quarter continued its double-digit trajectory. We have crossed the $ 1 billion milestone in our domestic branded prescription business, driven by sustainable growth across our fast and long-term portfolio, ”said Umang Bhohra, MD and Global CEO, Cipla.

“Contributions from our established respiratory franchise and peptide assets have strengthened our US run rate by $ 160Mn. Adjusting for Covid Linked and other one-time charges, our core operating profitability continues to be strengthened by the strength of our business fundamentals. ”

The company said its One-India business grew 21 percent last year across branded prescription, trade generic and consumer health. The growth was a consistent 15 percent YoY increase for the Covid portfolio.

The SAGA region as a whole grew 8 percent year-over-year in USD terms; Market-beat growth in SA private continues.

CiplaETMarkets.com

U.S. businesses reported $ 160 million in revenue and 17 percent YoY growth thanks to strong traction in respiratory resources as well as contributions from peptide resources. The research and development (R&D) investment stood at Rs 322 crore or 6.1 per cent of the sales quarter, up 16 per cent year-on-year driven by the start of clinical trials on respiratory assets.