New Delhi: Aditi Nayar, Chief Economist at ICRA, has projected a notable rise in Consumer Price Index (CPI) inflation to around 4.8 percent in September 2024, with fluctuations between 4.4 percent and 4.7 percent in the latter half of the 2025 fiscal year. This is anticipated as the base effect normalizes. Despite core-CPI inflation dropping to 3.5 percent in August 2024 from 3.6 percent in July 2024, Nayar expects it to rise gradually due to high demand for services and a year-on-year decrease in cotton sowing, despite a recent decline in commodity prices.
The National Statistical Office (NSO) collected pricing data from 1,114 urban markets and 1,181 villages across states and Union Territories in August 2024, achieving 98.6 percent data coverage. The IPO from Western Carriers includes newly issued equity shares worth Rs 400 crore and a sale offer of up to 54 lakh shares, valued at Rs 93 crore at the upper price range, by promoter Rajendra Sethia. Of the new share proceeds, Rs 163.5 crore will go toward debt repayment, Rs 152 crore for capital expenses such as purchasing commercial vehicles, shipping containers, and reach stackers, with the remainder for general corporate purposes.
Western Carriers, India’s leading asset-light logistics company focusing on rail transportation, serves 1,647 clients across sectors including metals, FMCG, pharmaceuticals, construction, chemicals, oil, gas, and utilities. Major clients include Tata Steel, Hindalco Industries, Vedanta, BALCO, HUL, Coca-Cola India, Cipla, and Haldia Petrochemicals. In FY24, the company posted revenues of Rs 1,685 crore, with a profit after tax (PAT) of Rs 80 crore. JM Financial and Kotak Mahindra Capital Company are acting as the book-running lead managers for the offering, and the shares will be listed on both the BSE and NSE.
Source-PTI
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