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Grey market premium – what is it and where is it coming from

Mumbai, <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">Shares</keyword> of <keyword id="6357149" type="DOMAIN" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> surged to a record high on Monday on the back of strong earnings reported for the October-November quarter. Its shares on the <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> touched an all-time high of ₹1,503 per share. The bank's stock price, however, is off highs now, and around 12.20 p.m., the scrip was trading ₹1,483.40, higher by ₹17.05 or 1.16 per cent from its previous close. On Saturday, the lending major reported an 18.1% increase in standalone net profit for the quarter ended December 31 of FY21 on a year-on-year basis. The bank's net profit for the third quarter of FY21 rose to ₹8,758.3 crore on a year-on-year basis. The bank's net revenues (net interest income plus other income) grew to ₹23,760.8 crore during the period under review from ₹20,842.2 crore for the quarter ended December 31, 2019. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-rakesh-jhunjhunwala-backed-nazara-technologies-is-preparing-for-its-big-ipo-debut/articleshow/80321946.cms">The startup behind Chhota Bheem, Motu Patlu and Shikari Shambhu is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms?upcache=2">The ₹4,600 crore IPO from IRFC is ‘attractive,’ and the best thing about the borrowing arm for Indian Railways is the assured margin</a>

HDFC Bank's shares hit an all-time after its third quarter earnings beat street's expectation

<ul><li>The basis of allotment for ₹412 crore initial public offering (IPO) of private equity firm Sequoia Capital-backed Stove Kraft will be announced on February 2.</li><li>The issue was subscribed 18 times the offer value until the last day of bidding.</li><li>Here's how to check <keyword id="10672665" type="UNKNOWN" weightage="20" keywordseo="Stove-Kraft-IPO-allotment-status">Stove Kraft IPO allotment status</keyword> on the registrar website and stock-exchanges.</li></ul>The basis of allotment for ₹412 crore initial public offering of kitchen appliances manufacturer Stove Kraft will be announced on February 2. The private equity firm Sequoia Capital-backed company clocked in a massive response from investors until the last day of subscription — the issue was subscribed 18 times the offer value. This was the fourth initial public offer this year after IRFC, Indigo Paints and HFCC recently concluded their IPO. According to data from the stock-exchanges, the issue received bids for 10.62 crore equity shares against the offered size of 58.94 lakh equity shares. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stove Kraft IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.02x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32.72x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26.04x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.03x </td></tr></tbody></table> The listing is scheduled for February 5th, and equity shares will be listed on both the exchanges — BSE and NSE. The public issue garnered a decent response in the grey market — the shares were commanding a premium of ₹60-65 over the set price band of ₹384-385 per share. While the grey market is not an official measure of the market premium, it is a fair indicator of demand for the shares in the market. Here’s how to check the <keyword id="10672667" type="UNKNOWN" weightage="20" keywordseo="Stove-Kraft-IPO-allotment">Stove Kraft IPO allotment</keyword> status: If you have bid for the <keyword id="10631795" type="UNKNOWN" weightage="20" keywordseo="stove-kraft-ipo">Stove Kraft IPO</keyword>, you can check your allotment status by following these simple steps: To check on the stock-exchange website: <ul><li>To check the Stove Kraft IPO allotment status, go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE website</a> or <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">NSE website</a>.</li><li>On BSE, Select ‘Equity’ and then from the dropdown, select ‘Stove Kraft.’</li><li>Now, enter your application number and PAN.</li><li>Hit ‘Search’.</li></ul>Please note the details will only be available once the shares are allotted. You can also visit the Registrar website (<a href="https://ris.kfintech.com/ipostatus/ipos.aspx">KFintech Private Limited</a>) to check your application status. <ul><li>Since Link Intime India is the registrar for Stove Kraft IPO, you can visit its website <a href="https://ris.kfintech.com/ipostatus/ipos.aspx">here</a>.</li><li>Click on ‘Company selection’ and click on ‘Stove Kraft.’ It will only appear post allotment on January 29.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or client ID.</li><li>Enter the captcha and click ‘submit.’</li></ul>Your application status will appear on the screen once you click ‘submit.’ Please make sure the details provided are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/prime-minister-narendra-modi-signals-big-defence-budget-allocation-for-make-in-india/articleshow/80511082.cms" data-type="tilCustomLink">India’s Prime Minister Narendra Modi may just have signalled a big allocation for defence equipment manufacturing, 3 days before the budget</a> <a href="https://www.businessinsider.in/business/startups/news/priyanka-chopra-jonas-makes-another-tech-investment-this-time-in-us-based-rental-marketplace-apartment-list/articleshow/80554158.cms" data-type="tilCustomLink">Priyanka Chopra Jonas makes another tech investment – this time in US-based rental marketplace Apartment List</a>

Stove Kraft IPO allotment: Here's how to check share allotment status

New Delhi, Mar 3 () Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi's approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India. The observation letter was issued on February 25, 2020, according to an update on the regulator's website. The Securities and Exchange Board of India's (Sebi) observations are necessary for any company to launch public issues such as IPO, follow-on public offer and rights issue. The net proceeds are proposed to be utilised towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes, according to draft red herring prospectus (DRHP). IDFC Securities, HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets are managing the offer. The company's equity shares are proposed to be listed on BSE and NSE. The firm is the dedicated market borrowing arm of Indian Railways, and its primary business is financing the acquisition of rolling stock assets, as per information available in the DRHP. SUM RVK

Indian Railway Finance Corporation gets Sebi nod for IPO

<ul><li>The offer for sale has opened for non-retail investors today. </li><li>The government is planning to sell up to 20% stake in the company. </li><li>The floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. </li></ul>The shares of <keyword id="3219311" type="COMPANY" weightage="20" keywordseo="Indian-Railway-Catering-and-Tourism-Corp">Indian Railway Catering and Tourism Corp</keyword> (IRCTC) plunged over 8% in morning trade as the two-day offer for sale (OFS) gets underway. The government is planning to sell up to 20% stake in the company. The OFS has opened for non-retail investors today. Floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. <div type="image" title="ITC Share price (1)" msid="79656890" hostid="261"></div> The promoter proposes to sell up to 2,40,00,000 equity shares of IRCTC, representing up to 15% stake, with an option to additionally sell 80,00,000 shares, representing 5% of the total issued and paid up equity share capital, the company said in a regulatory filing. "Offer for Sale in IRCTC opens tomorrow for Non Retail investors. Day 2 for retail investors. Govt. would divest 15 per cent equity with a 5 per cent green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet. Shares of IRCTC on Wednesday closed at Rs 1,618.05 apiece on the BSE, down 1.55 per cent from its previous close. In all, the promoter Government of India will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis. <keyword id="9901399" type="UNKNOWN" weightage="20" keywordseo="IRCTC-ofs">IRCTC OFS</keyword> will help the government inch forward in meeting the Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions. The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, the government has to lower its stake in the company to 75 per cent. IRCTC, the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India, was listed on the stock exchanges in October 2019. The company had raised Rs 645 crore through the IPO. The Union Cabinet had in April 2017 approved listing of five railway companies. While four of them -- IRCON International Ltd, RITES Ltd, <keyword id="185930" type="COMPANY" weightage="20" keywordseo="Rail-Vikas-Nigam-Ltd">Rail Vikas Nigam Ltd</keyword> and IRTC -- have already been listed, IRFC is likely to be put on the block this fiscal. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

IRCTC tumbles 8% as government's 20% stake sale through OFS begins

<ul><li>India’s <keyword id="10622896" type="UNKNOWN" weightage="20" keywordseo="fifth-largest-paint-maker">fifth largest paint maker</keyword>, backed by US-based venture capital firm Sequoia, will start its initial public offering (IPO) today, January 20.</li><li>The price band for the IPO has been set at ₹1480-1490 per share.</li><li>The bids can be made for a minimum of 10 equity shares, and in multiples of 10 thereafter. </li><li>The shares commanded a premium of ₹800-810 in the grey market, over above the set IPO price band. </li></ul>The ₹1,000 crore IPO of Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> will be open for public subscription from today (January 20). The issue from India’s fifth largest paint maker has garnered a strong response in the grey market ahead of its IPO — the shares were commanding a premium of ₹800-810 over the set price band of ₹1480 - ₹1490 per share. However, the grey market is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. Analysts reports that have given a ‘subscribe’ rating for the IPO indicate that the demand, so far, is well justified because the Pune-based paint maker has given tight competition to much larger peers like Asian Paints and Berger Paints in recent years. Indigo Paints is a relatively small player with a 2% market share but its profit has grown significantly, nearly four times in the last three years. Streets View: <keyword id="10263001" type="UNKNOWN" weightage="20" keywordseo="indigo-paints-ipo">Indigo Paints IPO</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elara Capital </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital Market </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anand Rathi </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> All you need to know about Indigo Paints IPO: <ul><li>The issue will remain open for subscription until January 22, making it the second IPO of 2021, after <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms">IRFC</a>. </li><li>The price band for the IPO has been set at ₹1480-1490 per share.</li><li>The bids can be made for a minimum of 10 equity shares and in multiples of 10, thereafter. </li><li>The proceeds of the issue will be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings. </li></ul>Attractive valuation, healthy financials, robust growth and much more — here’s what analysts have to say about the IPO Discounted valuation Analysts believe that the IPO is attractively priced and can offer a good investment opportunity for the investors. The team at the brokerage firm, Anand Rathi, has highlighted that the company is reasonably valued at current valuation compared to the larger peers. At the upper end of the IPO price band, Indigo Paints is offered at 98.5 times its earnings, as compared to its other listed peers like Asian Paints, Berger Paints and Kansai Nerolac. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">P/E ratio </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">113.78x </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Berger Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">128.23x </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kansai Nerolac </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">84.09x </td></tr></tbody></table>*Source: Anand Rathi report The price to earnings ratio is the financial ratio that helps determine a stock's market value compared to the company’s earnings. The P/E ratio shows what the market is willing to pay for a stock based on its earnings. “We believe that due to the lower valuations as compared to its peers, Indigo Paints is placed at an attractive valuation. Further with the planned expansion, lowering debt and other cost control measures, we are also confident that the company will maintain the growth levels which is mirroring the pricing of the IPO,” said the report. Healthy financial position Indigo Paints’ revenue and profitability have consistently improved over the last few years. HDFC Securities, in its IPO report, noted that the company has ‘smartly executed its revenue ramp-up’ and that reflects in the company’s improving fundamentals. <div type="image" title="Indigo Paints (1)" msid="80358585" hostid="261"></div> The company’s revenue from operations has grown at a compound annual growth rate (CAGR) of 41.9% between financial years 2010 and 2019, compared to the range of 12.1% to 13.1% recorded by the top four paint companies in India. The sector is poised to grow, and its listed peers are proof of that Indigo Paints is from the sector that is poised to grow over the coming years, despite all the challenges that may take over the world. According to the ICICI Securities report, the Indian paint industry is valued at ₹54500 crore, and it is expected to grow at 12% CAGR in the next five years. <div type="image" title="Paint market share (1)" msid="80358597" hostid="261"></div> The decorative paint segment, which constitutes 74% of total paint sales, is likely to grow at CAGR 13% backed by shortening repainting cycle, rising urbanisation and aspiration level of middle-class households in India. The report highlighted that government schemes like Pradhan Mantri Awas Yojana, smart city development, Real Estate development and others might play out in its growth in the near future. The gains in other listed Indian paint stocks are proof of safety that investors have found in the sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock price change since March 31, 2020 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">59% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Berger Paints </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">59% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Akzo Nobel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr></tbody></table> Here are some of the risk factors you may want to consider before investing in Indigo paints. <ul><li>Although the paint industry is deemed to grow, what remains challenging is the cut-throat competition in the industry. </li><li>Paint companies have been one of the biggest beneficiaries of benign raw material prices resulting in significant gross margin expansion. According to ICICI Direct report, any significant upward movement in crude prices from the current level possesses a substantial risk at gross margin.</li><li>A significant portion of sales for the company are derived from Kerala, and any adverse developments in this market could adversely affect the business.</li><li>According to HDFC Securities, the company does not have long-term agreements with its suppliers for raw materials, and an inability to procure the desired quality, quantity of its raw materials in a timely manner and at reasonable costs may have a material adverse effect on its business. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-20-indian-americans-nominated-in-biden-harris-cabinet/slidelist/80348318.cms" data-type="tilCustomLink">Meet the 20 Indian-Americans nominated in Biden-Harris cabinet</a><a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-20-indian-americans-nominated-in-biden-harris-cabinet/slidelist/80348318.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/stock-market/news/exclusive-nilesh-shah-of-kotak-mahindra-amc-says-foreign-inflows-profit-growth-are-helping-sensex/articleshow/80339362.cms" data-type="tilCustomLink">One of India's biggest money managers explained ‘the mother of all bull runs’ using Amitabh Bachchan-starrer Amar, Akbar, Anthony</a><a href="https://www.businessinsider.in/stock-market/news/exclusive-nilesh-shah-of-kotak-mahindra-amc-says-foreign-inflows-profit-growth-are-helping-sensex/articleshow/80339362.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/stock-market/news/exclusive-nilesh-shah-of-kotak-mahindra-amc-says-foreign-inflows-profit-growth-are-helping-sensex/articleshow/80339362.cms" data-type="tilCustomLink"></a>

Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why

<ul><li>The IPO will remain open for subscription until January 25, making it the third IPO of 2021 after <a href="https://www.businessinsider.in/stock-market/news/indian-railway-finance-corporation-irfc-ipo-will-open-on-january-18-and-remain-open-till-january-20/articleshow/80247173.cms">IRFC and Indigo Paints</a>. </li><li>The shares were commanding a premium of ₹90-100 in the grey market, over the set price band of ₹517-₹ 518 per share. </li><li>The company owned by a clutch of private equity investors had a network of 70 branches covering over 60 districts in 11 states in India on September 30— and its profit has grown nearly 5 times in the past three years. </li></ul>The ₹1,153 crore IPO of private equity funds Warburg Pincus-backed, <keyword id="8369767" type="UNKNOWN" weightage="20" keywordseo="Home-First-Finance">Home First Finance</keyword> Company (HFFC) is now open for public subscription. The IPO has opened days before the annual budget where Finance Minister Nirmala Sitharaman is expected to give added thrust for affordable housing while residential remains clogged with oversupply, at least in the big cities. The<a href="https://www.cnbctv18.com/real-estate/budget-brainstorm-know-whats-in-store-for-affordable-housing-8033451.htm"> expected government support</a> for the nearly ₹12 lakh crore affordable housing industry is only one of the many factors making Home First Finance’s IPO quite attractive. The lender has managed to grow its profit five times over in just the last three years. <div type="image" title="HFFC" msid="80381954" hostid="261"></div> The grey market is already paying a hefty premium for the shares The public issue of the mortgage financier garnered a decent response in the grey market — the shares were commanding a premium of ₹90-100 over the set price band of ₹517-₹ 518 per share. However, the grey market is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. Nearly all the analysts' reports have given a 'subscribe' rating for the IPO, citing its resilient performance during the pandemic and increasing market share in home loans. Streets View: Home First Finance Company IPO <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ventura Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> The company owned by a clutch of private equity investors raised a little over ₹346 crore from anchor investors, ahead of its initial share-sale from 25 anchor investors including Nomura, Fidelity International, Morgan Stanley India Investment Fund, Goldman Sachs (Singapore), ICICI Prudential Mutual Fund, Nippon India MF and Tata AIA Life Insurance, among others. <div type="image" title="HFFC share holding" msid="80381934" hostid="261"></div> Justified valuation, healthy financials, strong network, substantial demand for affordable housing finance and much more — here’s what analysts have to say about the IPO <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit has more than doubled every year since financial year 2018 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Network </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70 branches across 60 districts in 11 states and union territories </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manoj Viswanathan⁠— He has over 24 years of experience in the consumer lending </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking says IPO is priced at 3.6 times the book value, nearly half that of its peer, Aavas Financiers, which is trading at 6.72 times. Lower multiple indicates more headroom for the stock to gain. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quality of loans </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gross non-performing assets, simply put loans unlikely to be repaid, are at 0.7% as of Sep-end. Angel Broking calls it ‘stable’. </td></tr></tbody></table> The latest housing sales data has been exciting Even home sales, which have been sluggish for a few years, saw a sharp spike of 78% between September and December 2020, according to PropEquity. “Today stars are aligned for real estate activity in work from home. All of us here are one room short of our houses. I'm staying in a four-bedroom house. I want a fifth bedroom so that I can do my work properly. So there is customer demand. Real estate prices since 2016 have stagnated, or they have come down actually, so it has become more affordable to buy a house,” Nilesh Shah, Managing Director at Kotak Mahindra Asset Management⁠— and a part-time member of the Prime Minister’s Economic Advisory Council⁠— told Business Insider in a recent interview. <div type="Youtube" id="v02oeojB4Jk" title="One Of India's Money Managers Explained ‘The Mother Of All Bull Runs’ Using Amar, Akbar, Anthony" thumbUrl="https://i.ytimg.com/vi/v02oeojB4Jk/mqdefault.jpg"></div> "We expect the company to post strong growth driven by strong demand for affordable housing. Given the growth prospects, we recommend a subscribe rating on the issue," Angel Broking said in its report on Home First Finance. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-crossed-the-50000-mark-for-the-first-time-ever-amid-a-global-stock-market-rally/articleshow/80379030.cms" data-type="tilCustomLink">Sensex breaches the historic 50,000 mark as Joe Biden's swearing in triggers a cheer in Indian markets</a> <a href="https://www.businessinsider.in/business/news/future-retail-reliance-deal-gets-sebi-approval-amazon-says-it-will-continue-to-fight-legally/articleshow/80378040.cms" data-type="tilCustomLink">Future Retail-Reliance deal gets SEBI approval, Amazon says it will continue to fight legally</a>

Warburg Pincus-backed Home First Finance’s ₹1,153 crore IPO has opened as markets hope budget will push for affordable housing

Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> presented the Union Budg2017, his fourth annual <keyword id="6358021" type="PERSON" weightage="20" keywordseo="budget">budget</keyword>, today. The highlights of Budget 2017 are : 
 
 
Monetary policy to be expansionary in major economies 
 
More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy 
 Pace of remonetisation has picked up; <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> effects will not spill over to next year 
 
Functional autonomy of the railways to be maintained 
 
Demonetisation will help in transfer of resources from tax evaders to government: 
 
Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport 
 
Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue 
 
GDP will be bigger, cleaner after demonetisation 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> 
 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister 
 
 
Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation 
 
Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure 
 
We are seen as engine of global growth; IMF sees India to grow fastest in major economies 
 
36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs 
 
CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM 
 
 
India has emerged as bright spot in the world: FM 
 
 
Uncertainty around commodity prices especially oil to have impact on emerging economies: FM 
 
Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM 
 
We have moved from discretionary based administration to policy based administration: FM Jaitley 
 
Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley 
 
Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP 
 
Committed to double farm income in 5 yrs 
 
Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture 
 
Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country 
 
Budget presentation advanced to help begin implementation of schemes before onset of monsoon 
 
We will continue the process of economic reform for the benfit of poor 
 
Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget 
 
Our agenda for next year is to transform, energise and clean India 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19 
 
Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation 
 
Rs 9,000 cr higher allocation for payment of sugarcane arrears 
 
Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18 
 
Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18 
 
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies 
 
133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 
 
Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore 
 
1 cr households to be brought out of poverty under Antodya Scheme 
 
Participation of women in MNREGA increased to 55 pc from 45 pc in past 
 
Modern law on contract farming will be drafted and circulated to states 
 
Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore 
 
Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act 
 
Space technology to be used for monitoring MNREGA implementation 
Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM 
 
We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations 
 
To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr 
 
100 pc electrification of villages to be completed by May 2018 
 
27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless 
 
PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad 
 
The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore 
 
In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions 
 
A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up 
 
Two new AIIMS to be set up Jharkhand and Gujarat 
 
New rules regarding medical devices will be devised to reduce their cost 
 
1.5 lakh health sub centres to be converted to Health Wellness Centres 
 
National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18 
 
Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women &amp; child welfare. 
 
Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget 
 
Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent 
 
35 pc increase in allocation for SC to Rs 52,393 cr 
 
For senior citizens, Aadhaar based health cards will be issued 
 
Model Shops and Establishment Bill to open up additional opportunities for employment of women 
 
Select airports in tier-II cities to be taken up for operations, development on PPP mode 
 
New metro rail policy to be unveiled 
 
Railway tariffs to be fixed on the basis of cost, social obligation and competition 
 
Service charge on e-tickets booked through IRCTC will be withdrawn 
 
Delhi and Jaipur to have solid waste management plants and five more to be set up later 
 
Government proposes Coach Mitra facility to redress grievances related to rail coaches 
 
500 stations will be differently abled by providing lifts and escalators 
 
Unmanned railway level crossings to be eliminated by 2020 
 
Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17 
 
Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year 
 
Rs 1 lakh cr corpus for railway safety fund over five years 
 
A scheme for senior citizens to ensure 8 per cent guaranteed returns 
 
Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop 
 
Digi Gaon will be launched to promote tele-medicine and education 
 
Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed 
 
Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year 
 
For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore 
 
Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18 
 
Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr 
 
Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore 
 
Dispute resolution in infrastructure projects in PPP mode will be institutionalised 
 
Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital 
 
Govt to further liberalise FDI policy 
 
Over 90 per cent of FDI proposls are now processed through automatic route 
 
FIPB will be abolished 
 
Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr 
 
Second phase of solar power development to be taken up with an aim of generating 20,000 MW 
 
After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30 
 
More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed 
 
The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges 
 
We are largely a tax non-compliant society 
 
New ETF with diverse stocks will be launched in 2017-18 
 
Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried 
 
Integrated public sector oil major to be created to match global giants 
 
Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors 
 
Urgent need to protect poor from chit fund schemes, draft bill placed in public domain 
 
Computer emergency response team to be set for cyber security of financial sector

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