Latest news with #Gurugram-based
Time of India
14 hours ago
- Business
- Time of India
Vanguard Group buys 1.1% stake in Vishal Mega Mart for Rs 655 crore
Vanguard Group, a US-based investment management company, has acquired a 1.1 per cent stake in the supermarket chain Vishal Mega Mart for ₹655 crore through open market transactions. Vanguard Group purchased over 5.04 crore equity shares in two tranches at an average price of ₹129.74 apiece. Following the stake buy, shares of Vishal Mega Mart rose 2. Tired of too many ads? Remove Ads US-based Vanguard Group on Friday bought a 1.1 per cent stake in supermarket chain Vishal Mega Mart for ₹655 crore through open market transactions . Following the stake buy, shares of Vishal Mega Mart rose 2.12 per cent to close at ₹128.80 apiece on the National Stock Exchange Investment management company Vanguard Group, through its affiliates, purchased more than 5.04 crore equity shares in two tranches, representing a 1.1 per cent stake in Gurugram-based Vishal Mega Mart, as per bulk deal data on the shares were acquired at an average price of ₹129.74 apiece, taking the combined deal value to ₹655.16 crore. Details of the sellers could not be ascertained on the NSE. -PTI
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Business Standard
a day ago
- Business
- Business Standard
Vanguard group buys 1.1% stake in Vishal Mega Mart for Rs 655 crore
US-based Vanguard Group on Friday bought a 1.1 per cent stake in supermarket chain Vishal Mega Mart for Rs 655 crore through open market transactions. Following the stake buy, shares of Vishal Mega Mart rose 2.12 per cent to close at Rs 128.80 apiece on the National Stock Exchange (NSE). Investment management company Vanguard Group, through its affiliates, purchased more than 5.04 crore equity shares in two tranches, representing a 1.1 per cent stake in Gurugram-based Vishal Mega Mart, as per bulk deal data on the NSE. The shares were acquired at an average price of Rs 129.74 apiece, taking the combined deal value to Rs 655.16 crore. Details of the sellers of Vishal Mega Mart's shares could not be ascertained on the NSE. On Tuesday, Samayat Services LLP, one of the promoter entities of Vishal Mega Mart, divested a 19.6 per cent stake in the company for Rs 10,220.40 crore. Samayat Services LLP is a special-purpose vehicle owned by private equity firm Kedaara Capital and Switzerland-based Partners Group. In a separate bulk deal on the NSE, Mumbai-based Hill Fort Capital divested nearly a 1 per cent stake in Westlife Foodworld, owner-operator of McDonald's restaurants across West and South India, for Rs 104 crore through an open market transaction. As per the data, Hill Fort Capital through its arm Hill Fort India Fund LP sold 15 lakh shares of Westlife Foodworld at an average price of Rs 696.55 per share. This took the deal value to Rs 104.54 crore. Meanwhile, HDFC Mutual Fund bought 14.30 lakh shares or 0.92 per cent stake in Westlife Foodworld for Rs 99.65 crore. Details of the other buyers of Westlife Foodworld's shares could not be identified on the exchange. On Friday, the scrip of Westlife Foodworld went up 0.54 per cent to settle at Rs 700 apiece on the NSE. In another transaction on the NSE, Franklin Templeton Mutual Fund purchased 20.37 lakh shares or 0.66 per cent stake in India Cements, an UltraTech Cement company, for Rs 63.19 crore. According to the data, the shares were acquired at an average price of Rs 310.17 apiece. Details of the sellers of the India Cements' shares could not be ascertained on the bourse. The scrip of the India Cements dipped 2.38 per cent to end at Rs 312 apiece on the NSE. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India Today
3 days ago
- Business
- India Today
Is Rs 70 lakh per annum the new middle class? Investment banker explains
A recent LinkedIn post by Gurugram-based investment banker Sarthak Ahuja has sparked debate by suggesting that an annual salary of Rs 70 lakh no longer guarantees financial comfort in India's metropolitan areas. Ahuja termed this income bracket as the "new middle class," highlighting how quickly high salaries are consumed by necessary expenses, leaving little room for savings or post suggests that out of a Rs 70 lakh gross salary, approximately Rs 20 lakh is deducted as taxes, resulting in a disposable income of around Rs 50 lakh. This equates to Rs 4.1 lakh per month, a figure that seems substantial but is swiftly reduced by unavoidable costs. He states, "This leaves you with just Rs 1 lakh for all other expenses," after accounting for major investment banker breaks down these expenses further. A significant portion, Rs 1.7 lakh, is allocated to a home loan EMI on a Rs 2 crore loan for a Rs 3 crore flat. Additional costs include Rs 65,000 in EMIs for a Rs 20 lakh car financed over three years, as well as Rs 50,000 for international school fees and Rs 15,000 for domestic help. Ahuja warns that these expenses leave a scant Rs 1 lakh for everything else, covering groceries, utilities, discretionary spending, and savings for an annual vacation. He dramatically notes, "By the end of the month there's nothing left!!!" This situation, he argues, typifies the financial squeeze faced by many high identifies three key reasons behind this financial pressure: rapid inflation, soaring real estate and car prices, and lifestyle pressures exacerbated by social media. Ahuja points out a stark reality, "In most cities, an average house costs 10–15 times the annual income of a household. In Mumbai, it is over 30 years!!"advertisementThe post concludes with practical advice for young professionals, urging caution with housing loans. Ahuja asserts, "The easiest low hanging effort you can make to solve this is to think twice before you sign up for a housing loan!" suggesting a more considered approach to managing these substantial financial commitments.
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Business Standard
3 days ago
- Business
- Business Standard
Urban Company swings to profit ahead of planned IPO as revenue jumps 38%
Urban Company reported a 38 per cent rise in operating revenue to ₹1,144.5 crore for the financial year 2024-25 (FY25), as it gears up for a public offering. The Gurugram-based home services platform turned profitable during the year, posting a net profit of ₹240 crore, compared with a ₹93 crore loss in the previous financial year, according to its annual report released on Wednesday. Urban Company reported a sharp turnaround in its bottom line for FY25, aided by a ₹211 crore deferred tax credit. Even excluding the credit, the at-home services platform posted a pre-tax profit of ₹28.6 crore. This turnaround comes on the back of strong revenue growth and operational efficiency. 'Cash generated from operating activities was ₹54.6 crore,' said Urban Company CEO and Cofounder Abhirah Singh Bhal on X. Urban Company had reduced its losses by 40.1 per cent to ₹308 crore in FY23, whereas the figures stood at ₹514 crore in FY22, according to Entrackr. The company said it served 6.8 million transacting users over the past financial year and worked with an average of 48,000 active service partners each month. The platform reported that 82 per cent of its net transaction value came from repeat customers, reflecting high retention. Customer satisfaction remained strong, with an average rating of 4.81 out of 5. Service partners earned an average of ₹26,400 per month, up 16 per cent from the previous year, according to the company. Urban Company's operations now span 51 cities across India as well as international markets, such as the UAE and Singapore. Its overseas business generated ₹147 crore in revenue, an increase of nearly 64 per cent year-over-year. According to the Redseer Report, the home services sector in India had a total addressable market of $59.2 billion in 2024 calendar year (CY) and is projected to grow to $97.4 billion by CY29, at a CAGR of 10–11 per cent. The online full-stack platforms, delivering integrated, end to-end service experiences are projected to grow at a CAGR OF 20–22 per cent between CY24 and CY29. But the segment is still in the early stages of growth. In CY24, only 2 per cent of Indian households used online home services, compared to about 21 per cent in China and over 50 per cent in the US, according to the Redseer Report. 'We believe we have only scratched the surface and will look to drive sustained long-term growth,' said Urban Company co-founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra in the report. The firm recently reduced the size of its planned capital raise to ₹528 crore as it moves closer to its initial public offering, citing prevailing market conditions. The latest figure is a sharp cut from earlier plans to raise around ₹3,000 crore and marks a revision from its April draft prospectus, which proposed a ₹1,900 crore issue with ₹429 crore in fresh capital.
Economic Times
3 days ago
- Business
- Economic Times
MakeMyTrip is buying out its Chinese stakeholders; these startups have also reduced Chinese holdings
After coming under fire from rivals for allegedly being a China-controlled company, MakeMyTrip is set to join a group of companies that have lowered the stake of their Chinese largest online travel platform plans to raise $3 billion through a mix of debt and equity to buy back shares from Group. Following this, stake in MakeMyTrip will drop to 19.99% from 45.34% currently, and its board representation will shrink to two directors from Indian companies have also been reducing the stakes held by Chinese investors after geopolitical tensions between the two nations. Let's take a look: Paytm Ant Financial, a subsidiary of Alibaba, was a major early investor in Paytm and had a stake of about 25%. Over the past few years, Antfin Netherlands Holding has gradually reduced its stake in Paytm's parent One 97 Communications to under 5%. This began in 2023 when Antfin cut its approximately 23% stake to 20% by selling shares worth Rs 2,307 crore. Later in the year, founder and CEO Vijay Shekhar Sharma acquired a 10.3% stake worth $628 million from Ant, reducing its holding to 9.8%. Last month, Antfin sold a 4.1% stake in One97 Communications, through a block deal worth Rs 2,200 crore. ZomatoAlibaba was an investor in the food and grocery delivery firm through two entities: Ant Financial and Alipay Singapore Holding. The Ant Group had invested Rs 3,246 crore in the company through several tranches between 2018 and 2020. In 2023, Alipay sold its entire stake in Zomato for about Rs 3,336 crore through a block deal. Meanwhile, Ant Group sold Zomato shares worth more than Rs 4,772 crore in two block deals last August, netting 4x returns and bringing its stake down to 2.1%. At the time of Gurugram-based Zomato's initial public offering in 2021, Ant Group was the second largest shareholder in the company after Info Edge, an early backer that still has a 13.7% stake. BigBasket In 2021, the Tata Group and Big Basket finalised a $1.2 billion deal giving the salt-to-software conglomerate a 60% stake in the e-grocer. The deal provided a full exit to Alibaba. Dream11 Chinese firm Tencent invested $100 million in Dream11 in 2018 during a Series D funding round for a stake of approximately 10%. Over time, it has reduced that holding due to the challenging regulatory environment. In an interview with ETtech, CEO Harsh Jain said Tencent now owns less than 10% of Dream Sports. He added that the company won't raise any fresh capital from Chinese investors in the future. Delhivery China's Fosun International in 2021 sold a portion of its stake in logistics company Delhivery to Addition, a company founded by former Tiger Global executive Lee Fixel, and late-stage equity fund Bay Capital. Fosun held around 3.8% in Delhivery and sold 1.3%, sources had told ET then. The company had also said it was looking to exit Delhivery altogether before its public issue. Pratilipi Digital storytelling platform Pratilipi on April 3 raised $20 million in a funding round led by Jungle Ventures. The round included $8 million in secondary deals, and provided an exit of Chinese investors Qiming Venture Partners and Shunwei Capital.
