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Veteran emerging market investor Mark Mobius on Friday said a weaker rupee will be beneficial for export-oriented companies earning dollar income as they become more competitive. He also sees India as a strong investment opportunity due to its growth, reforms, and the Trump 2.0 administration’s unfavourable stance towards China.

During an interaction with CNBC-TV18, Mobius said, “Those companies that are exporting, let’s say Infosys that exports a lot of software, are going to become more competitive because of the weakening of the rupee.

The Mobius Emerging Markets Fund’s founder added that many of the stocks in India that have a US dollar income component will continue to do good.

The rupee depreciation is likely to continue due to the strength in the dollar and India’s wider trade deficit, with the currency likely to hit 86 by the end of this year, as per estimates.

Stating that he continues to be optimistic about India, Mobius said, “The Trump 2.0 administration will not favour the Chinese market and if you look at the global picture, where else can investors go?… India comes up all the time because of the incredible growth of the country, because of the reforms that are taking place under the current government, and so much of value in the market including companies with very high return on capital.”

He also expects that President-elect Donald Trump will be cutting down on a lot of paper work for doing business in America. “This will be very good for foreign companies as well,” said Mobius, adding that the country will benefit as it is the ‘natural choice’ for manufacturing after China, and given the extent of reforms that are currently taking place in India.

“My personal desire is to be 50 per cent invested in India,” said the 88-year old emerging market veteran.

In the consumption space also, Mobius said he would look at export-oriented companies, given the currency situation and India’s gradually increasing competitiveness against Chinese exporters.

He also advised investors to consider consumption-focused industries, such as housing and FMCG, as viable investments, given the steady rise in India’s per capita income.

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Hindustan Unilever (HUL) is in advanced talks to acquire direct-to-consumer (D2C) skincare brand Minimalist at a valuation of Rs 3,000 crore, according to a source in the know. 

The brand that came into being in 2020 is known for its ingredient-based skincare products. It had raised funds in its series A from Unilever Ventures, and Sequoia Capital India (now known as Peak XV Partners). 

“In line with our business strategy, on an ongoing basis, we evaluate various strategic opportunities for growth and expansion of our business. We will make appropriate disclosures whenever there is any material development that requires disclosure under applicable laws,” an HUL spokesperson said in an email response on the deal.

According to the source, HUL is expected to ink the deal within the ongoing quarter (Q4FY25) and the intent of the company is to get a majority control of the company. The founders of Minimalist — Rajasthan-based brothers Mohit Yadav and Rahul Yadav — may hold some stake, the source added. 

The deal is expected to be at 8-10 times of the brand’s revenue, which stood at Rs 347.4 crore in FY24, compared to Rs 183.8 crore in FY23. Its profit after tax (PAT) also more than doubled to Rs 10.8 crore in FY24 from Rs 5.2 crore in FY23.

The source added that there is a possibility that the deal could be valued higher than the expected valuation. 

In December 2022, HUL announced its entry into the health & wellbeing space by making public that it had signed agreements to acquire stakes in two companies — Zywie Ventures, which sells plant-based and clean-label consumer wellness products under the brand name OZiva, and Nutritionalab, which houses its products under the brand name Wellbeing Nutrition. 

After its July-September (Q2FY25) earnings, Rohit Jawa, managing director and chief executive officer at HUL, told investors on a conference call: “One of the six big bets in beauty and haircare segment is the light moisturizer category. Today, consumers are looking for more than just basic moisturisation. They want products that offer superior benefits through pleasant, non-sticky sensitive experiences and we expect this category to continue picking up pace in times to come.”

Jawa also told investors that as a result of HUL’s dedicated efforts in e-commerce and beauty.com channels, the maker of Pond’s products continues to gain healthy market shares. “Our focus initiative in organised trade has led us to continue with a double-digit growth trajectory in the September quarter. We remain committed in our efforts as we continue to transform our portfolio speed to shape the evolving aspirations of the country,” he added. 

The beauty and wellbeing category contributes to 21 per cent of HUL’s revenue.

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Authorities are seizing the assets of Boon Vanasin, a Thailand-based doctor-turned-businessman, who fled the country after allegedly receiving more than 12 billion baht ($350 million) through fake medical projects from several investors.

The charges follow multiple fraud and money laundering complaints since December 2023. Vanasin allegedly told investors that they were investing in five medical projects in Thailand, Laos and Vietnam, none of which existed, reported Bloomberg.

Who is Boon Vanasin?

Boon Vanasin is the 86-year-old founder of Thonburi Healthcare Group. He was born into a family engaged in selling rice and other agricultural goods. Vanasin finished his bachelor’s degree in medicine at Mahidol University. He has a specialisation in gastrointestinal medicine from Johns Hopkins University, US, according to a local Thai media, ThaiPBS report.

He returned to Thailand, started teaching at Mahidol University, and was later appointed as Director.

He established Thonburi Hospital Co Ltd with his colleagues in August 1976 to serve Bangkok residents living on the west side of the Chao Phraya River. At that time, Siriraj Hospital was the only major medical facility in the area.

During the Covid-19 pandemic, Vanasin promised Thonburi Hospital would receive 20 million doses of the Pfizer mRNA vaccine, pushing the stocks up by 13%. However, people did not receive the vaccines. In 2022, Thailand’s Securities and Exchange Commission (SEC) fined Vanasin 2.3 million baht over misleading vaccine claims. The SEC also barred him from serving as a director or executive in a public company for 42 months.

Prior to this, he was also associated with the Alpine Golf Course scandal, a controversial land deal issue that led to the arrest of former Pheu Thai Party leader Yongyuth Wichaidit in 2020.

Vanasin served as chief adviser of Wichaidit from 2011 to 2012 when he was deputy prime minister.

In the current case, Vansin’s wife, Charuvarn Vanasin, and daughter, Nalin Vanasin, who remain in court detention, have denied the allegations of fraud and money laundering. According to them, the signatures on the fake document projects are forged, Bloomberg reported. 

The allegations against Vanasin are being probed by the Department of Special Investigation in Thailand. The authorities have arrested 13 people so far including Vanasin’s wife and daughter. In September, Vanasin fled Thailand, initially to Hong Kong and then to China.

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Shares of Indian Railway Finance Limited (IRFC) Ltd are be in focus on Friday morning after the public sector enterprise, under the Ministry of Railways (MoR), signed a Memorandum of Understanding (MOU) with REMC to execute renewable energy projects.

REMC is a joint venture of MoR and RITES Ltd. The MoU is signed to collaborate on financing renewable energy (RE) projects awarded by REMCL for supply to Indian Railways. The partnership extends to exploring financing options for thermal, nuclear, and renewable power projects established under a captive model through joint ventures involving Indian Railways and other entities.

IRFC shares are down 14 per cent in the past six months. The stock is still up 51 per cent for the one-year period.

The MoU sets the foundation for cooperation between IRFC and REMCL to advance Indian Railways’ goal of minimising reliance on fossil fuels and achieving net-zero carbon emissions by 2030.

“The collaboration aims to harness renewable energy sources for the railway sector. Under the MOU, REMCL will provide its expertise in procuring economical Conventional/Renewable power for Railways including conducting of bidding process for setting up renewable energy projects in the power sector, while IRFC will offer its financial acumen, including project appraisal and fundraising capabilities,” IRFC said.

For IRFC, this MoU marks a strategic step toward diversifying its business model while maintaining its critical role in the development of Indian Railways.

“The partnership aligns with the government’s vision of delivering world-class, efficient, and environmentally sustainable transportation solutions for the nation,” IRFC said.

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Reliance Industries Limited director Akash Ambani has promised to turn Gujarat’s Jamnagar into a global leader in Artificial Intelligence (AI) infrastructure over the next two years.

He was speaking at an event marking the 25th anniversary of Reliance’s first refinery in Jamnagar.

In an address to employees and their families, Akash Ambani announced plans for the development of AI infrastructure in Jamnagar which will make the refinery a global leader in the field.

“We have already commenced building AI infrastructure in Jamnagar, and we want to complete it in true Jamnagar style … in record time — 24 months. This will make Jamnagar not only a leader in AI infrastructure but also place it among the top-ranked in the world,” Akash Ambani said in the presence of his siblings Isha Ambani-Piramal and Anant Ambani.

Akash Ambani pledged to continue Reliance’s growth and further solidify Jamnagar’s role as a jewel of the RIL family.

Isha Ambani-Piramal, Director at RIL, spoke fondly of the refinery’s legacy.

Reflecting on her grandfather Dhirubhai Ambani’s vision, she said: “Today, as we celebrate 25 years of Jamnagar, I feel my grandfather’s presence and miss him dearly. This was his cherished dream, a vision that lived in his heart. He would have been so proud to see what Jamnagar has become today.”

Isha Ambani further praised the leadership of her father, Mukesh Ambani, acknowledging his unwavering dedication to turning his father’s dream into a reality.

“This is my father, Shri Mukesh Bhai Ambani, a man of vision, a man of resilience, and a man of determination. For him, there is no greater duty than Reliance,” she added.

The Jamnagar refinery, Reliance’s first refinery, has played a pivotal role in the company’s growth over the past 25 years.
The refinery, the conglomerate’s first, recently marked its 25th anniversary.

Launched on December 28, 1999, the refinery has since evolved into one of the most advanced in the world.

It is home to some of the largest facilities globally, including the Fluidised Catalytic Cracker (FCC), Coker, Alkylation, Paraxylene, Polypropylene, Refinery Off-Gas Cracker (ROGC), and Petcoke gasification plants.

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