Top Headlines: Brokerages turn cautious on India, business travel takes off

Business Standard brings you the top headlines at this hour

Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions

Brokerages turn cautious on India amid concerns over pricey valuations

Foreign brokerages have turned cautious on India amid concerns over pricey valuations and earnings delivery. In the past one week, at least three brokerages have recommended their clients to consider a higher exposure to other markets such as China and Indonesia, which have hugely underperformed India this year. Read more

HDFC Bank to ICICI, 8 banks recast exposures worth Rs 27,000 cr in OTR 2.0

Personal loans have about 80 per ce-nt share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total re--ca-st exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore. The country’s largest private lender HDFC Bank had the highest share in restructuring at Rs 17,395 crore, followed by another private lender ICICI Bank at Rs 4,156 crore. Read more

Checking in: Travel for business takes off again on a wing and a prayer

Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions. It comes as a huge relief for the ravaged aviation, travel and hospitality sectors. “We are witnessing a 40 per cent recovery on pre-covid volumes from our business travellers, signalling the return of corporate confidence in air travel,” said Indiver Rastogi, president & group head, Global Business Travel, Thomas Cook (India) & SOTC. The demand, he added, is not limited to large corporate houses but includes the SME segment too. Read more

Canada firm may be roped in to advise land special purpose vehicle

The government is looking to bring Canada Lands Company on board to assist in the operations of the soon-to-be incorporated special purpose vehicle (SPV) that would monetise idle land assets of public sector undertakings (PSUs) and government departments. Canada Lands Company, a self-financing federal government entity in Canada, specialises in real estate and managing tourist destinations. Read more

India's rural economy shows uneven growth as Covid-19 spread eases

India’s rural economy, which is known for its resilience to withstand economic shocks, is showing signs of uneven growth. On the one hand, investment in the rural sector seems to have taken off at a time when the pandemic seems to be relenting. Sales of heavy vehicles that help in farming and marketing have jumped more than 30 per cent, while those of construction equipment by more than 60 per cent since the beginning of 2019. On the other hand, rural consumer demand has stagnated. Read more

IPO boom: 2021 record run rolls on with Nykaa's Rs 5,300-cr maiden offering

Next week, one more record will have been notched up in 2021, a year when the BSE Sensex breezed past previously unheard of levels of 50,000 and 60,000. This time, the record scale will be for the amount of funds raised through initial public offerings (IPO). So far in 2021, 41 firms have mopped up Rs 66,974 crore through IPOs, which is just Rs 173 crore shy of the all-time high of Rs 67,147 crore seen in 2017. With FSN E-Commerce Ventures’, or Nykaa’s, Rs 5,300-crore maiden offering, which opens on Thursday, the 2021 tally will cross Rs 72,000 crore. Read more