Abhishek Securities

  Oyo Hotels and Homes, Japanese investment conglomerate Softbank’s blue-eyed portfolio firm in India, is one of the several businesses that have been hit hard by the pandemic. The hospitality startup has been beset by a drop in revenues and occupancy levels, grappled with multiple senior level exits and was forced to let go of some properties around the world. And now it faces fresh backlash from numerous hotel owners who are crying foul that it reneged on commitments to the pre-agreed terms after the pandemic. Some have also taken the company to court. In an exclusive interaction with Moneycontrol, Ritesh Agarwal, founder and CEO of Oyo, opens up about the $10-billion company’s troubles and each of the critical issues gnawing at it. Agarwal is optimistic — he thinks the hospitality industry will not take long to recover from the blows of the pandemic. The hospitality sector has been one of the worst affected by the pandemic because global and domestic travel had dropped to a tric...

  PAG has agreed to buy a controlling stake in the wealth management and  capital markets business  of  Edelweiss Financial Services   NSE 0.48 %  that also includes investment banking, its first large deal in the country after setting up local base in 2019. PAG, among the largest Asia-focussed alternative asset management firm, on Thursday said in an official statement that it is paying Rs 2,244 crore to buy a 51% stake in these businesses that will be carved out of Edelweiss subsidiary, called Edelweiss Global Investment Advisors. In Edelweiss, both these businesses come under the omnibus umbrella of  Edelweiss Global Wealth Management Limited  (EGWML). The company will issue compulsorily convertible debentures (CCDs) to PAG worth Rs 2,204 crore. There will also be a primary issuance of securities by Edelweiss’ securities business of around Rs 140 crore to EGWML and PAG along with the other existing shareholders. The sale was approved at a board...

After protracted delays, the  ₹ 10,000-crore  initial public offering (IPO)  by the National Stock of Exchange of India Ltd (NSE) is close to getting regulatory approval, two people aware of the matter said.   On 30 April 2019, the Securities and Exchange Board of India (Sebi) barred India’s largest stock exchange from raising funds for six months and directed it to deposit  ₹ 1,200 crore in an investor fund. The orders came after Sebi found some NSE brokers had secured preferential server access through NSE’s co-location service. Following the Sebi order, NSE withdrew its IPO application but reapplied in January this year.   “Sebi did not formally allow NSE to restart the IPO process due to pending regulatory investigations and actions," one of the two people, a Sebi official, said. “As of today, the number of pending regulatory actions and investigations against NSE has reduced; in some cases, quasi-judicial proceedings are underway. Considering t...

The National Stock Exchange of India Limited is India's leading stock exchange. Increase in retail participation have been long due to come to India and are expected to boost overall financial services industry, and especially stock exchanges. In the last quarter, an average daily turnover of retail investors in cash market touches Rs.39,500 crore in July compared with Rs.7,500 crore for foreign investors and Rs.7,800 crore for DILs. After hitting a 10-year high of 68% in June, retail participation has risen to 72% of the total cash market turnover so far in July. These levels were last seen in 2005, the mid-point of the 2003-07 bull market. Institutional participation from foreign portfolio investors, domestic mutual funds and insurance companies has contributed to just 28% of the total turnover so far this month. “All three types of retail investors — day traders, measured investors, fence-sitters — have been aggressively participating in the stock markets since March, an activit...