Here is a collection of our most important stories this morning:
Global PE firms, local investors eye stake in Bank of Baroda's credit card arm: Report
Large overseas private equity (PE) firms, such as the $376-billion Carlyle Group, local investors such as Renuka Ramnath's Multiples Alternate Asset Management, and Japan-based financial services company Credit Saison are among investors that have expressed interest in buying up to 49 percent stake in BoB Financial Solutions - the credit card arm of Bank of Baroda (BoB), according to a report by business daily Economic Times. Read more
India and China need to prepare for ageing populations, UN says
As India overtakes China as the most populous country in the world, the two “population billionaires” face tough questions on catering to their aging demographics.
A United Nations report released Monday estimates that between 2023 and 2050 the number of people aged 65 or over is expected to nearly double in China and to more than double in India. That poses “significant challenges to the capacity of healthcare and social insurance systems.” More here
Mankind Pharma's Rs 4,326-crore IPO keeps analysts upbeat on local flavour
The Mankind Pharma public issue kept analysts bullish all along the course of its launch today to garner Rs 4,326 crore. Mankind Pharma Ltd (MPL) develops and manufactures formulations across various acute and chronic therapeutic areas and owns a host of consumer healthcare brands. MPL has around 36 brands in its kitty, including Manforce, Prega News, Unwanted -72, Moxikind and Nurokind, with many of them featuring in the Top 10 league in the covered markets. Perhaps the strongest point for the company is that it is almost entirely focussed on the domestic market with 97.6 percent of sales coming from India. More information here
Revenge travel, formalisation to boost luggage sector; Should investors look at VIP, Safari Industries?
The Rs 10,000-crore Indian luggage and backpack sector is expected to clock a CAGR of 15 percent over the next 3-5 years, buoyed by a strong upswing in post-Covid travel, opening of offices and a marked shift towards the branded segment, as per analysts.
According to a report by domestic brokerage Anand Rathi, the luggage and backpack sector has grown from 45 percent in FY20 to 56 percent currently. Read more
Bengaluru to observe ‘Zero Shadow Day’ today. Here’s all you need to know
Bengaluru will observe a unique celestial event called ‘Zero Shadow Day’. For a brief period of time on April 25, vertical objects in the city will not cast a shadow as the Sun will be directly overhead. At 12.17 pm, the Sun will be directly overhead the city and vertical objects will not cast a shadow. This day will therefore be observed as Zero Shadow Day. Here’s all you need to know about it. More here
Disney starts 2nd round of layoffs across parks, ESPN
The Walt Disney Co will be laying off several thousand employees this week, a second round of cuts that’s part of a previously announced plan to eliminate 7,000 jobs this year. The latest employee releases will take place Monday through Thursday, according to Disney officials. The company will have reached approximately 4,000 job cuts when factoring in both the first and second rounds of layoffs. Find out more here
Man paid Rs 17 lakh for dream cruise. It left without him
A British man was left stranded in the Philippines after his cruise ship left the country without him. Christopher Chapel spent £17,500 (Rs 17 lakh approximately) for what he assumed would be an unforgettable, around-the-world cruise. It did turn out to be an unforgettable experience for the 72-year-old but for completely different reasons. More here
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