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ETSA 2024 | New-age firms solving real-life issues with solid government backing: IDFC First Bank MD & CEO

Economic Times

Economic Times · 9m ago

ETSA 2024 | New-age firms solving real-life issues with solid government backing: IDFC First Bank MD & CEO

- V Vaidyanathan, CEO of IDFC First Bank, highlighted India's impressive progress in the startup sector, attributing it to the robust digital ecosystem. - The government's initiatives and support system are playing a crucial role in fostering the growth of new-age companies. - Vaidyanathan acknowledged Nandan Nilekani for his contribution to India's digital infrastructure and the subsequent development of the startup ecosystem. - IDFC First Bank has a substantial number of startups as its customers, highlighting the bank's commitment to the startup community. - Vaidyanathan emphasized the importance of Bengaluru's ecosystem, driven by universities, young talent, and venture capitalists, but also acknowledged the need for improved infrastructure and amenities in the city.

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LIC raises stake in IDFC First Bank to 2.68% at ₹80.63/share via private placement offer | Mint

Livemint

Livemint · 1y ago

LIC raises stake in IDFC First Bank to 2.68% at ₹80.63/share via private placement offer | Mint

The Life Insurance Corporation of India (LIC) has increased its stake in IDFC First Bank, acquiring a 0.2% stake on a preferential basis. LIC now holds 20.02 crore shares in the private sector lender and has become the largest shareholder in the bank. IDFC First Bank aims to raise ₹3,200 crore through a preference share allotment, which will be used for high-asset-quality growth opportunities. LIC's investment is priced at ₹80.63 per share.

GQG takes ₹1,527 cr stake in IDFC First

Livemint

Livemint · 1y ago

GQG takes ₹1,527 cr stake in IDFC First

Cloverdell Investment Ltd, an institutional shareholder in IDFC First Bank, has sold a 4.2% stake in the bank for INR 2,480.3 crore (approximately $335 million) through a bulk deal on the exchanges. The sale included shares purchased by GQG Partners, which has been making significant investments in Indian firms, including Adani group companies and Patanjali Foods Ltd. IDFC First Bank's stock has performed well in recent months, gaining 28.7% in the past three months.

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

Economic Times

Economic Times · 27d ago

CA Rudramurthy BV suggests a cautious, sector-specific approach; 5 insurance & defence stocks to bet on

CA Rudramurthy BV, MD of Vachana Investments, advises a sector-specific investment approach, particularly favoring insurance and defense stocks. He recommends monitoring key market indices like Bank Nifty and Nifty, as well as crude oil and dollar-rupee movements. Prominent insurance stocks include HDFC Life, SBI Life, LIC, and Max Financial. In defense, Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL) stand out as promising investments.

ONDC to add banks, fintechs to take credit services to last mile

Economic Times

Economic Times · 1y ago

ONDC to add banks, fintechs to take credit services to last mile

Open Network for Digital Commerce (ONDC) is set to integrate banks such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as well as fintech firms like Fibe, to offer unsecured personal loans and invoice loans targeting small merchants in underserved areas of India. ONDC is also piloting credit disbursals through partnerships with Tata Neu, Paisabazaar, DMI Finance, and Aditya Birla Finance. Additionally, ONDC plans to introduce business-to-business credit services and explore small ticket, short tenure loans based on alternative data. ONDC is also expanding into insurance and investments segments.

PE-backed Ugro’s founder on growth prospects, M&A opportunities and more

VCCircle

VCCircle · 8m ago

PE-backed Ugro’s founder on growth prospects, M&A opportunities and more

Ugro Capital, a non-bank lender backed by Danish impact investor IFU and private equity firms, is focused on expanding its business through growth prospects and potential mergers and acquisitions. In May, the company raised fresh equity capital and also acquired embedded finance platform MyShubhLife. Shachindra Nath, founder and MD of Ugro Capital, discusses the company's strategies and outlook for the future.

Startups better than MBA for learning skills to start your own company, entrepreneurs say

Economic Times

Economic Times · 1y ago

Startups better than MBA for learning skills to start your own company, entrepreneurs say

Entrepreneurs believe that joining early-stage startups offers more valuable skill learning and leadership development for launching one's venture compared to pursuing an MBA program. While acknowledging the managerial skills gained from MBAs, founders assert that entrepreneurship encompasses broader aspects like fundraising, vision-building, team recruitment, and problem-solving. They note that only a small fraction of MBA graduates actually become entrepreneurs, supporting the idea that startups can offer a more practical real-life education for aspiring business owners.

Dhanlaxmi Bank's independent director quits citing attitude of MD & CEO

Livemint

Livemint · 1y ago

Dhanlaxmi Bank's independent director quits citing attitude of MD & CEO

Sridhar Kalyanasundaram, an Independent Director of Dhanlaxmi Bank, has resigned citing the attitude of the MD & CEO and other issues. The letter of resignation highlighted instances where the inputs of the Independent Director were deliberately ignored by other board members to support the CEO. Issues mentioned include delays in the approval of a rights issue, insufficient capital infusion, irregular conduct of board meetings, and unethical practices in the bank's business dealings. The director also mentioned a shareholder allegation regarding the CEO's appointment in 2021.

GQG Partners buys 0.8 per cent stake in Airtel for over $700 million

Thehindubusinessline

Thehindubusinessline · 1y ago

GQG Partners buys 0.8 per cent stake in Airtel for over $700 million

US investment firm GQG Partners has acquired a 0.8% stake in Indian telecom company Bharti Airtel from Singapore Telecommunications (Singtel) for $712.5m. Singtel sold 49 million shares at INR 1,193.7 each, reducing its stake in Airtel to 29%. GQG Partners made headlines in March 2023 when it invested in Adani Group companies. The firm has also invested in other Indian firms, including JSW Energy, Patanjali Foods, IDFC First Bank and GMR Airports Infrastructure, with its India portfolio valued at around $22bn. Singtel said the deal was part of its capital recycling efforts to unlock value.

Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday

Money Control

Money Control · 9m ago

Stock Radar: Welspun Enterprises, Zomato, BSE, Apollo Hospitals, Biocon, Lupin in focus on Monday

- Welspun Enterprises declared L1 bidder for a project worth Rs 1,989.9 crore by BMC. - IDFC First Bank approves merger with IDFC, appoints V Vaidyanathan as MD & CEO. - Dr Reddy’s Laboratories invests $620 million in its Swiss subsidiary. - Zomato's Chief People Officer, Akriti Chopra, resigns. - Punjab National Bank raises Rs 5,000 crore via QIP. - ICICI Prudential Life Insurance receives order demanding tax of Rs 361.23 crore. - BSE revises transaction charges for Sensex and Bankex Options. - Apollo Hospitals approves allotment of CCPS shares to Advent affiliate. - Bharat Electronics receives approval for joint venture with Israel Aerospace Industries. - Tata Chemicals appoints Subodh Srivastav as Chief Marketing Officer. - Adani Enterprises acquires 74% stake in Cococart Ventures. - Adani Energy Solutions carves out Adani Dahanu Thermal Power Station. - LTIMindtree partners with Currys for re-platforming and implementation of Salesforce solutions. - IndusInd Bank re-appoints Sumant Kathpalia as Managing Director & CEO. - Mangalore Chemicals and Fertilizers resumes production at ammonia and urea plants. - Mahanagar Gas sees reduction in stake by LIC. - Asian Energy Services receives contract worth Rs 82 crore from Oil India. - Piramal Pharma receives Establishment Inspection Report for its Ahmedabad facility. - Jubilant Pharmova receives OAI classification for its Canadian facility. - Biocon receives four observations for its API facility in Bengaluru. - Lupin receives observations for its Pithampur Unit-1 facility. - MPS appoints Prarthana Agarwal as Chief Financial Officer. - Tata Motors holds groundbreaking ceremony for new manufacturing facility in Tamil Nadu. - Reliance Infrastructure wins arbitration award against Damodar Valley Corporation. - Sterling and Wilson Renewable Energy witnesses stake sale by promoters and acquisition by institutional investors. - Shivalik Bimetal Controls sees stake sale by promoters and acquisition by mutual funds. - Nuvama Wealth Management witnesses stake sale by investors and acquisition by global investors. - Entero Healthcare Solutions sees stake sale by Prasid Uno Family Trust and acquisition by stichting depositary. - Amrutanjan Health Care witnesses stake sale by promoter Nageswaramma Private Trust. - Results today: Northern Arc Capital. - Mainboard listing today: Manba Finance. - Ex-dividend: ADS Diagnostic.

When was the last time Marc Andreessen talked to a poor person?

TechCrunch · 1y ago

When was the last time Marc Andreessen talked to a poor person?

Venture capitalist Marc Andreessen's manifesto on techno-optimism has come under scrutiny. Critics argue that his vision of technology solving all problems and creating a perfect meritocracy is overly idealistic and ignores the negative impacts of tech companies. They also point out Andreessen's financial stake in tech ventures, which may bias his perspective. Furthermore, his arguments against regulation and support for a laissez-faire market are seen as flawed and contradictory. Critics argue that his manifesto lacks an understanding of the real-life consequences of technology on society.

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