April 6, 2021
An Indian real estate company famous for its connection with Donald Trump and infamous for a junk debt rating in 2019 is finally set to list on Indian stock exchanges.
Riding on the ongoing stock market boom, Macrotech Developers, formerly known as Lodha Developers, will launch its initial public offering (IPO) on BSE and the National Stock Exchange tomorrow (April 7). The company which stalled its IPO first in 2009 and then in 2018 due to unfavourable market conditions is now looking to raise Rs2,500 crore ($341 million) via the public listing.
This is the second-biggest IPO by a real estate firm in India after Haryana-based DLF’s Rs9,187 crore listing in 2007. Macrotech Developers plans to use the IPO proceeds for repaying debt and buying land for future projects.
April 1, 2021
The new wave of Covid-19 outbreak could deal a major blow to the Indian economy’s prospects.
After witnessing its worst phase in four decades during the first wave of Covid-19 last year, the Indian economy had just started to find its feet this year. Several experts and rating agencies had predicted a quick economic turnaround for the country, however, these estimates had not taken into account the possibility of a fresh pandemic wave.
Currently, India is witnessing around 58,000 new cases on average daily compared to 16,000 in January. In the past 24 hours, around 72,000 new Covid-19 infections were detected the highest in the last six months. This fresh wave could lead to government-imposed lockdown thereby hurting businesses and restricting mobility. Such restrictions could be damaging for small businesses that are still recovering from the impact of last year’s lockdowns.
Are Indian food delivery companies lying about their recovery?
In October 2020, Zomato and Swiggy, the two leading food delivery firms in India, had said the number of orders booked on their apps had gone back to pre-Covid levels reflecting that Indians were no longer hesitant about ordering-in.
However, independent research has shown that’s not the case. On March 10
, market intelligence firm Kalagato said that as per its data, even until December, the two food tech players were inching towards recovery at a snail’s pace.
One plausible explanation for the fall in food-delivery reach is people’s concern for safety and hygiene and a preference for home-cooked meals amid the pandemic, Kalagato noted. Another reason is that given a fall in disposable incomes and job losses, people are not spending on food like earlier, Kalagato ‘s co-founder and CEO Aman Kumar said.
Most of the companies that have gone public since last year have not only seen stellar listing gains but have also continued to soar to new highs over the following days.