Business news December 4 (Highlights): Mazagon Dock issues clarification on Project 75

SBI Mutual Fund, the country's largest, has launched a quant fund that follows a multi-factor-based investing approach for picking stocks. The scheme will leverage rules-based and data-driven analysis to make investment decisions. (Read More)

• Mazagon Dock issues clarification on report with respect to 3 additional submarines of Scorpene Class under Project 75
• Mazagon Dock says, 'In this connection, commercial negotiations with respect to the project are in process'
• 'We are yet to receive any final communication in this regard

IGL to consider bonus shares on December 10

• Proceeds from Indus Towers stake sale to be used for repayment
• To sell its entire 7.9 crore shares (3% Stake) in Indus Towers
• Proceeds to be used by Vodafone Idea to pay dues to Indus Towers

The Bank Nifty index rallied on Wednesday, 4 December, gaining more than 1 percent, as optimism built around potential liquidity measures in the Reserve Bank of India’s (RBI) upcoming monetary policy meeting. Expectations of a potential Cash Reserve Ratio (CRR) cut drove gains across banking stocks. PSU banking index outshone private banking index in gains today. (Read More)

• The Biden administration on Tuesday ramped up sanctions on Iran, targeting 35 entities and vessels it said carried illicit Iranian petroleum to foreign markets as part of what the U.S. Treasury Department called Tehran's "shadow fleet."
• The sanctions build on those imposed on Oct. 11 and come in response to Iran's Oct. 1 attack on Israel and to its announced nuclear escalations, the Treasury Department said in a statement.
• "Iran continues to funnel revenues from its petroleum trade toward the development of its nuclear program, proliferation of its ballistic missile and unmanned aerial vehicle technology, and sponsorship of its regional terrorist proxies, risking further destabilizing the region," Acting Under Secretary for Terrorism and Financial Intelligence Bradley Smith said. (Reuters)

• States may lose out on their shares in taxes as the Centre is likely to seek a bigger slice of tax devolution to the 16th Finance Commission, scheduled for May 2025, because of elevated market borrowings and repayments.
• “As part of the submission, the Union government will seek to increase its share, which means to decrease the share of states in the tax devolution. This recommendation would be supported by expenditure carried out in the past by the Centre and the tax receipts it receives,” an official told Moneycontrol, adding that while borrowings and interest payments are on the rise, expenditure is not being utilised productively in the economy. (Read More)

Honda Cars India Limited (HCIL) is gearing up to revive the domestic sedan market with the launch of an all-new Amaze on November 11. The sub-4-metre sedan will be available at a starting price of Rs 7.99 lakh (ex-showroom). The third generation Amaze will be taking on the Hyundai Aura, Tata Tigor, and the recently-launched fourth generation Maruti Suzuki Dzire in the entry-level sedan segment. (Read More)

Akasa Air, India’s newest airline, is not considering leasing aircraft from the secondary market despite delays in Boeing deliveries, which have pushed its fleet expansion plans to April 2025, multiple executives informed Moneycontrol. “Akasa Air is expected to receive five aircraft in the first quarter of FY 2025-26, seven months after taking delivery of its 26th aircraft in September 2024,” a senior executive familiar with the airline’s discussions with the original equipment manufacturer (OEM) told Moneycontrol. (Read More)

Adani Group unit Ambuja Cement is in talks to acquire Star Cement, a market leader in the North East, as part of its expansion strategy, according to people familiar with the matter. The group is said to have appointed consultancy firm EY for evaluating the deal, they said. (Read More)

For PAN holders issued by NSDL, update your address here: NSDL Address Update - https://www.onlineservices.nsdl.com/paam/endUserAddressUpdate.html

For PAN holders issued by UTI ITSL, update your address here: UTI ITSL Address Update -

https://www.pan.utiitsl.com/PAN_ONLINE/homeaddresschange

The new PAN 2.0 will be digital, but taxpayers will still have the option to obtain a physical PAN card in the updated format. According to a Ministry of Finance press release dated November 26, 2024: "Comprehensive use of technology for paperless processes: A completely online and paperless process will replace the current mode. Taxpayer facilitation: Allotment, updating, and correction of PAN will be free of cost, with e-PANs sent to the registered email ID."

The Income Tax Department's FAQs state that PAN cardholders can update their addresses online for free if their income tax records have outdated addresses. Here’s a step-by-step guide to updating your address using Aadhaar-based e-KYC.

Bank of America (BofA) expects the Nifty 50 to reach 26,500 in 2025, reflecting an upside of less than 9 percent from current levels. The brokerage expects the Nifty to underperform US equities in USD terms, with broader markets likely seeing even weaker performance due to stretched valuations. (Read More)

Nisus Finance Services SME IPO's latest GMP is Rs 52, according to Investorgain.com. With the price band of 180.00, Nisus Finance Services SME IPO's estimated listing price is Rs 232 (cap price + today's GMP).The expected percentage gain/loss per share is 28.89%.

Beeline Capital Advisors Pvt Ltd serves as the book-running lead manager for the Nisus Finance Services IPO, with Skyline Financial Services Private Ltd acting as the registrar for the issue. Spread X Securities is the market maker for the IPO.

The price band for the Nisus Finance Services IPO is set between Rs 170 and Rs 180 per share. The minimum lot size for applications is 800 shares, requiring retail investors to invest at least Rs 144,000. High Net Worth Individuals (HNIs) must apply for a minimum of 2 lots (1,600 shares), amounting to Rs 288,000.

The Nisus Finance Services IPO is open for subscription from today, December 4, 2024, to December 6, 2024. The allotment of shares is expected to be finalized on Monday, December 9, 2024. The company is set to list on the BSE SME platform, with the tentative listing date scheduled for Wednesday, December 11, 2024.

The Nisus Finance Services IPO is a book-built offering totaling Rs 114.24 crores. It includes a fresh issue of 56.46 lakh shares amounting to Rs 101.62 crores and an offer for sale of 7.01 lakh shares valued at Rs 12.61 crore.

"The massive GDP undershoot has meant that the policy trade-offs have become even more acute as the economy looks to be in a stagflationary state. Even as the RBI’s growth/inflation forecast will see significant downward/upward revisions, an immediate rate cut may not be easy for the MPC to justify, especially as their commentary has been assertive on durable disinflation being the primary mandate. Nonetheless, the pressure on convention easing is only going to mount as growth looks structurally pale. The timing and window of cuts is tricky and small amid fluid global dynamics, while the RBI may also want to weigh the FX cost of rate cuts (liquidity implication/sterilization cost, and imported inflation). Non-conventional policy tools like liquidity easing could act as a good balancing act, with a CRR reversal to pre-Covid 4% level, implying an infusion of Rs1.2trn at a time when core liquidity may steadily move to a deficit ahead with unsterilized FX intervention and CIC leakages. We watch for easing regulatory-lending norms ahead to revitalize the waning credit offtake," says Emkay Global Financial Services

Food tech and grocery delivery major Swiggy is looking at ways to increase the delivery fee charged to customers who place orders on Instamart, the company's quick commerce arm, to improve the unit’s profit profile, chief financial officer (CFO) Rahul Bothra told analysts on December 3. (Read More)

India’s services activity slowed to 58.4 in November compared with 58.5 in previous month (Read More)

A new wave of fintech companies is introducing innovative UPI-based products, such as virtual Rupay credit cards, to tap into the rapidly growing UPI payments market. (Read More)

The Reserve Bank of India (RBI) is set to begin its three-day discussions on the country’s monetary policy on Wednesday, against the backdrop of slow economic growth and uncertainty over Governor Shaktikanta Das’s tenure.

Apex Ecotech shares listed on the NSE Emerge platform at a 90% premium, after the Rs 25.45 crore SME issue received an overwhelming 457 times subscription. (Read More)

The funds will be used for working capital, operational costs, and general corporate purposes.

• An internal investigation ordered by Pernod Ricard concluded that top executives at its India business violated the law by colluding with alcohol retailers in New Delhi, according to a document seen by Reuters, even as the French giant's representatives denied wrongdoing in court and publicly.
• India's financial crimes agency, the Enforcement Directorate, in Jan. 2023 accused Pernod Ricard India (PRI) of engaging in money laundering by unlawfully facilitating $24 million in corporate guarantees to help some retailers fund their license bids in exchange for stocking more Pernod brands.
• PRI lobbied New Delhi officials in favour of a 2021 law that allowed private retailers to run liquor shops, Reuters previously reported, in a major departure from the earlier system of the government operating such stores. (Reuters)

It’s important to remember that grey market premiums are merely indicators of how the company’s shares are valued in the unlisted market and can fluctuate rapidly.

The listing ceremony of this SME IPO will begin shortly on the premises of the National Stock Exchange in Mumbai. Stay with us for all the action.

At the upper price band of Rs 73, the stock is anticipated to debut with a listing premium of slightly over 60%.

The Rs 25 crore SME IPO garnered massive interest, with subscriptions surpassing 400 times, primarily led by retail and non-institutional investors. The funds raised will be allocated to working capital, operational costs, and general corporate needs.

China’s services activity expanded less than a month earlier, a private survey showed, a sign that consumer demand remains sluggish despite Beijing’s recent stimulus push.

The Caixin China services purchasing managers’ index fell to 51.5 in November, versus 52.0 the previous month, according to a statement released by Caixin and S&P Global on Wednesday. The median forecast of economists surveyed by Bloomberg was 52.4. Any reading above 50 suggests expansion.

Asian equities stumbled on Wednesday while currencies were volatile as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

South Korea's won strengthened in early trading buoyed by suspected intervention but remained close to the two-year low against the dollar it hit late on Tuesday.

The benchmark KOSPI index was down nearly 2%, taking its year-to-date losses to over 7%, making it the worst performing major stock market in Asia this year.

That left the MSCI's broadest index of Asia-Pacific shares outside Japan, which counts Samsung Electronics as one of its top constituents, down 0.32% on Wednesday.

Qatar will invest 1 billion pounds ($1.3 billion) in climate technology in the United Kingdom, with engineering company Rolls-Royce set to benefit from some of the cash to support its energy transition, the British government said on Wednesday.

The announcement was made during a two-day state visit to Britain by Qatar's emir, Sheikh Tamim bin Hamad Al Thani, who is expected to meet Prime Minister Keir Starmer on Wednesday.

The U.S. dollar recovered from a three-week low versus the yen on Wednesday and held its ground against other major rivals as traders pondered the chances of a Federal Reserve interest-rate cut this month.

South Korea's won stabilised following its plunge to a two-year low on Tuesday and then a partial recovery after President Yoon Suk Yeol first unexpectedly declared martial law and then abruptly reversed the decision just hours later following a standoff with parliament.

China on Tuesday banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications, escalating trade tensions the day after Washington's latest crackdown on China's chip sector.

The curbs strengthen enforcement of existing limits on critical minerals exports that Beijing began rolling out last year, but apply only to the U.S. market, in the latest escalation of trade tensions between the world's two largest economies ahead of President-elect Donald Trump taking office next month.

The price band for the Apex Ecotech IPO is set at Rs 71 to Rs 73 per share, with a minimum application lot size of 1,600 shares. Retail investors need to invest a minimum of Rs 116,800, while the minimum investment for HNIs is 2 lots (3,200 shares), amounting to Rs 233,600.

The bidding for the Apex Ecotech IPO took place from November 27 to November 29, 2024, with the allotment finalized on Monday, December 2, 2024.

The Apex Ecotech IPO is a book-built offering worth Rs 25.54 crores, consisting entirely of a fresh issue of 34.99 lakh shares.

Good morning and welcome to our live coverage on top business news today. First up, we are tracking the listing on an SME IPO - Apex Ecotech. Apart from this, we will also take a look at the listing buzz around Abha Power and Steel. Stay with us for latest GMP and more