Business News LIVE: Adani, Wilmar to start stake sale in JV next month, reports Bloomberg

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According to a Bloomberg report on Monday, Adani Enterprises Ltd. and Wilmar International Ltd. are set to initiate the sale of a minority stake in their joint venture, Adani Wilmar Ltd., as early as next month to comply with shareholding regulations. The primary stakeholders of Adani Wilmar are planning to divest approximately 13% of the company, valued at around $735 million based on current stock prices, sources revealed under anonymity due to the confidentiality of the information. Indian securities laws mandate that at least 25% of a company's shares must be held by non-founders within three years of listing, the report noted.

The Adani Group of companies are slowly and steadily seeing an increase in the interest level by mutual funds as the net buying by funds is consistently rising over the past few months with the net buying in August pegged at over Rs 4,200 crore. (Read More)

Infra.Market, a construction materials solutions firm, is preparing to raise around $150-200 million (about Rs 1,250-1,650 crore) in a fresh round of funding, months before it prepares to list on the stock exchanges later in the year, people aware of the developments told Moneycontrol. (Read More)

Lawyers for TikTok and parent company ByteDance will square off with the Justice Department in a Washington courtroom on Monday over the fate of a law that could ban the short video app used by 170 million Americans as soon as Jan. 19. A three-judge panel of the U.S. Court of Appeals for the District of Columbia will hold oral arguments on a legal challenge filed by TikTok and Chinese-parent company ByteDance that seeks an injunction barring the law from taking effect. (Reuters)

A battle over control of Rupert Murdoch’s global television and publishing empire begins Monday in a Reno, Nevada courtroom, where a judge will consider the contentious matter of succession. Murdoch, 93, is attempting to change the terms of the family’s trust -- which holds significant stakes in Fox News parent Fox and Wall Street Journal owner News Corp. The billionaire is looking to ensure that, upon his death, the media companies remain under the control of his eldest son, Lachlan Murdoch, according to the New York Times, which obtained a sealed court document detailing the succession drama. A hearing to determine whether Murdoch is acting in good faith will take place in probate court, where the proceedings are closed to the public. (Reuters)

JSW MG Motor India, a joint venture between SAIC Motor and JSW Group, said on Monday it will launch a luxury car brand, aiming to sell its first premium cars by the first three months of 2025. Under the brand, called 'MG Select', the company will launch four products over the next two years, it said. "This move reflects the company's strategic response to opportunities in the premium automotive market," JSW MG Motor India said in a statement. (Reuters)

"We strongly condemn this deceitful act and urge everyone to disregard these fake fraudulent releases completely. We will take legal action against anyone involved in spreading false narratives. Our official Press Releases are available on our websites. We encourage the media and influencers to verify facts and sources before publishing or broadcasting any articles or news on the Adani Group," the statement read.

Adani Group has rejected the reports about issuing a statement on Kenya protests. In the statement uploaded on the official site, Adani Group said that " Certain vested interests with malicious intent are circulating multiple fraudulent press releases, including one titled “Adani Group Denounces Baseless Accusations and Threats”, related to our presence in Kenya. We categorically state that neither the Adani Group nor any of its companies or subsidiaries have issued any Press Releases related to Kenya."

Police have detained 104 striking workers protesting low wages at a Samsung Electronics plant in southern India as they were planning a march on Monday without permission, officials said. The detention marks an escalation of a strike by workers at a Samsung home appliance plant near Chennai in Tamil Nadu. Workers want higher wages and have boycotted work for a week, disrupting production that contributes roughly a third of Samsung's annual India revenue of $12 billion. (Reuters)

"Accordingly, the Press Release no. 20/2024 dated September 04, 2024, stands withdrawn. Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels." (Read More)

"SEBI addresses employee-related matters through appropriate internal mechanisms. Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be

managed in accordance with the organization’s high standards of governance and within a time-bound framework."

"SEBI believes that its employees have played a critical role over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well regulated markets globally."

Market regulator Sebi has withdrawn the September 4 statement regarding the 'toxic workplace' controversy. In a fresh statement issued on Monday, the market regulator said that all concerns will be addressed 'amicably via internal channels'.

“Forward guidance can mislead the market if circumstances change and guidance can't be upheld,” says RBI Governor. He further elaborated that “if forward guidance is not met, it may lead the market to board the wrong bus or the train.” The Governor also said that “we do give forward guidance because we always give our inflation and growth projections.”

Reserve Bank of India’s Governor Shaktikanta Das told CNBC-TV18 that “interest rate decision will be based on future trajectory of inflation and growth.” On next month’s MPC, Das said that “new external members will be included into the MPC in the October meeting.” On future outlook, the central bank boss said that “forward guidance can be very risky given the uncertainty that surrounds us.” On the volatile situation, Das said that “with so much uncertainty, monetary policy between countries are also diverging.”

Religare’s Rashmi Saluja told CNBC-TV18 that “my hard work to revive Religare was put on the back seat.” She also said that “all the allegations that you are hearing against me are unsubstantiated.” She further added that she has “nothing to do with case filed against the Burmans. Adding that she was “completely surprised by ED's FIR against us,” Saluja also said that “FIR was filed in November, open offer had come in September.

The government intends to achieve target of 20 percent blending of ethanol in petrol by 2025, says PM Modi. He also said that the government has net-zero plans for Indian Railways

India’s G20 Presidency focused on green energy transition; we also launched global biofuels alliance, says PM Modi

• India’s plan is not only to reach at the top but also sustain there.
• India knows what it requires to become Viksit Bharat by 2047.
• We know India cannot rely on oil and gas and therefore is working towards renewable energy sources.

"Under rooftop solar scheme, each family is getting funds and help for installation. The scheme has seen tremendous results," says PM Modi

• In last 100 days, the Centre took major decisions in green energy sector.'
• The government has launched viability gap funding for the offshore wind with an estimated investment of Rs 7,000 crore.
• Today, the entire world believes India is the best bet in the 21st century.
• Gujarat is the first state in India to launch its own solar power policy.

Prime Minister Narendra Modi addressed the RE Invest event on Monday. During his speech, he spoke about his government's 100-day agenda. PM Modi said that over 15 Vande Bharat trains have been launched in the last 100 days. He also said that in India, 700 million houses are being constructed - this happens to be more than total population of some countries.

Shares of Kross Limited had a lukewarm debut on the stock market on September 16, listing at Rs 240, which was the same as the issue price on the Bombay Stock Exchange (BSE). This performance fell short of grey market expectations, where the shares had been trading at a 10 percent premium. The grey market operates unofficially, with shares traded before the formal offer opens for subscription and continuing until the listing day. (Read More)

From the listing frenzy of Bajaj Housing Finance, let's shift our focus to other big business stories of the day. We take a look at other listings, PM Modi at RE Invest event and much more

• On a steady state basis, no impact on NIM from listing, NIM likely to remain stable, says Sanjiv Bajaj
• Do not expect any challenges in raising money, says Sanjiv Bajaj
• Affordable housing finance demand will be far more as we grow, says Sanjiv Bajaj
• Rate cuts do not impact demand, did not see any impact when rates were higher, says Sanjiv Bajaj
• Have grown faster than industry due to diversified book, leveraging tech and data, says Sanjiv Bajaj
• Focus on building good quality business, says Sanjiv Bajaj
• Predominant portion of loan book will continue to be home loans, says Sanjiv Bajaj

We are a variable rate company and have a steady state margin, says Sanjiv Bajaj. he also added that he expected steady credit growth at 12-15% in housing finance industry.

As of Q1 FY25, the company, backed by Bajaj Finance, boasts an Assets Under Management (AUM) of Rs 97,100 crore, making it the largest non-deposit-taking housing finance company (HFC). Between FY22 and FY24, its AUM grew by 31%, while profits surged by 56%.

Do not expect any challenges in raising money, says Sanjiv Bajaj after the blockbuster listing.

Do not expect any challenges in raising money, says Sanjiv Bajaj after the blockbuster listing.

Bajaj Housing Finance had a blockbuster debut, with its market capitalization doubling on its listing day. The company launched a Rs 6,560 crore IPO, which was oversubscribed 67.4 times, thanks to strong investor demand, particularly from institutional buyers. The IPO received bids worth Rs 3.2 lakh crore, indicating massive interest.

Analysts suggest that the firm's solid fundamentals and the optimistic outlook for the housing finance sector could result in increased returns over time. Shareholders who have received allotments are encouraged to retain them in order to capitalize on the company's potential growth.

As we noticed prior to listing, the shares of Bajaj Housing Finance were trading with a grey market premium of Rs 75 in morning. The listing gains align with the GMP trends, numbers show.

Bajaj Housing Finance shares open at Rs 150 per share with 114% premium over IPO price. (Read More)

The estimated listing price of Bajaj Housing Finance shares is expected to be Rs 145 per share, based on the upper range of the IPO price band and the current premium in the grey market, reflecting a 107.14% increase from the IPO price of Rs 70.

Bajaj Housing Finance IPO Listing LIVE: Listing ceremony underway - watch

The Bajaj Group company's Rs 6,560-crore IPO attracted bids totaling Rs 3.24 lakh crore, with overall subscriptions reaching nearly 64 times the available shares.

The issue saw strong demand, recording the highest bid value in Indian history.

Bajaj group stocks have historically delivered multi-bagger returns, and this IPO has capitalised on the brand's strong track record and market reputation, evident from the subscription trends across all investor categories.

Prior to the IPO launch, the company secured Rs 1,758 crore through its anchor book. Notable anchor investors included the Government of Singapore, ADIA, Fidelity, Invesco, HSBC, Morgan Stanley, Nomura, and JP Morgan.

Backed by Bajaj Finance and Bajaj Finserv, the company aimed to raise Rs 6,560 crore through the offering, which included a fresh share issuance of Rs 3,560 crore and Rs 3,000 crore via an offer-for-sale (OFS).

The proceeds from the issue will be used to strengthen the company's capital base, supporting its future business needs for onward lending.

The housing finance market experienced a CAGR of 13.1% between FY19 and FY23, with Crisil projecting continued growth of 13-15% over FY24-27. Bajaj Housing Finance's AUM reached Rs 91,370 crore in FY24 and increased to Rs 97,071 crore in the first quarter of FY25. Over FY22-24, the company saw robust AUM growth of 30.9%, while profit growth surged by an impressive 56.2%.

Bajaj Housing Finance, established in 2008, is a non-deposit-taking Housing Finance Company (HFC) registered with the National Housing Bank (NHB) since 2015. It has been providing mortgage loans since the financial year 2018. As a member of the Bajaj Group, the company is part of a diversified conglomerate with interests across various sectors.

In case you are joining us just now, here's what we are focusing at the moment. All roads lead to D-Street and all buzz surrounds Bajaj Housing Finance IPO. From social media to investors, everyone is excited about this bumper listing. Stay with us as we bring you GMP trends, expert views and much more.

Narendra Solanki, Head of Equity Research (Fundamental) at Anand Rathi Shares & Stock Brokers, has expressed optimism about the listing prospects of Bajaj Housing Finance shares. Solanki believes that the stock could list at a significant premium to its issue price, given the strong demand and positive investor sentiment surrounding the company.

Solanki has recommended that investors continue to hold the stock for long-term returns. He highlighted Bajaj Housing Finance's plans to increase its market share through strategic initiatives such as deepening relationships with existing customers, onboarding new customers, and expanding into new geographies. These strategies are expected to help the company build a granular portfolio and reduce concentration risk.

Bajaj Housing Finance shares are poised to make a strong debut on the stock market today, September 16, following the overwhelming success of its initial public offering (IPO). The IPO, which was subscribed over 63 times, raised a massive Rs 3.23 lakh crore.

Investor sentiment is high for Bajaj Housing Finance, with expectations that the stock could list at a significant premium to its issue price of Rs 70 per share. Based on the grey market premium (GMP), some analysts predict a potential listing gain of around 110%, which translates to a premium of Rs 77 per share.

The yen lounged around its highest levels for the year on Monday in trading thinned by a holiday in Japan, as market participants vacillated over the expected size of the Federal Reserve's almost-certain rate cut later this week.

Trading in Asia was slow, with markets in Japan, China and South Korea closed for holidays.

The dollar was flat at 140.86 yen, near where it finished last week and close to the 140.285 end-December low it struck on Friday. It fell 1.3% on the yen last week.

The Fed's Sept. 17-18 meeting is the highlight of a busy week that also has the Bank of England and Bank of Japan announcing policy decisions on Thursday and Friday. (Reuters)

The Reserve Bank of India (RBI) has sought detailed data from select non-banking financial companies (NBFCs) regarding their loan book growth, raising questions about systemic hygiene and the potential for a credit bubble, according to a report by Business Standard.

The central bank has requested information on the outstanding loan portfolios, broken down by product type, as well as the annualized interest rates charged on these loans. The interest rate slabs under review include: less than 10%, 10-20%, 20-30%, 30-40%, 40-50%, and over 50%. Read more.

Oil prices edged up in early trade on Monday amid expectations of a U.S. interest rate cut this week, though gains were capped by U.S. supply resumptions following Hurricane Francine and weaker China data.

Brent crude futures for November were up 15 cents, or 0.2% at $71.76 a barrel at 0015 GMT. U.S. crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel.

Both contracts had settled lower in the previous session, with concerns about supply disruptions easing as Gulf of Mexico crude production resumed following Hurricane Francine and as rising data showed a weekly rise in U.S. rig count. (Reuters)

The Bajaj Housing Finance IPO, which opened for subscription from September 9 to 11, has its allotment finalised as of September 12. The shares are set to be listed today, September 16. The IPO was priced between Rs 66 and Rs 70 per share, raising a total of Rs 6,560 crore. This amount includes a fresh issue of 50.86 crore equity shares worth Rs 3,560 crore and an offer-for-sale (OFS) of 42.86 crore shares amounting to Rs 3,000 crore.

The Bajaj Housing Finance IPO is set to make its market debut today, with a strong grey market premium (GMP) suggesting an estimated listing price of Rs 148 per share. This represents a 112% premium over the IPO issue price of Rs 70, indicating a potential windfall for investors.

The much-anticipated listing of Bajaj Housing Finance shares is set for today, September 16, following its IPO that ran from September 9 to 11, with allotments confirmed on September 12. Strong grey market premium (GMP) trends indicate a robust debut, with analysts predicting a listing premium exceeding 100%, potentially doubling investors' returns.

Bajaj Housing Finance shares are trading at a solid premium in the grey market, with the IPO's GMP today at Rs 78 per share. This suggests that the shares are priced Rs 82 higher in the unlisted market compared to the IPO issue price, indicating strong demand ahead of the official listing.

Bajaj Housing Finance shares are scheduled to make their much-awaited stock market debut today, following an overwhelming response to its initial public offering (IPO). Investors are anticipating a strong performance as the shares get listed on the BSE and NSE.