Business News Highlights: MCX revises F&O transaction fees, effective from Oct 1

Stage set for India's biggest-ever IPO as Sebi greenlights Hyundai Motor Co's issue of around $3 billion; launch likely in October

PC Jeweller to consider stock split on September 30.

KEC International launches QIP today, sets floor price at Rs 976.64 per share.

MCX revises transaction fees on Futures and Options contracts, revision to be effective from October 1.

• Mirae Asset Mutual Fund bought 30.22 lakh shares in Cartrade Tech, whereas Highdell Investment sold 40.76 lakh shares.
• Authum Investment & Infrastructure Limited sold 56.31 lakh shares in SpiceJet while Altitude Investment Fund PCC - Cell 1 bought 50 lakh shares.
• Equity Intelligence India Private Limited bought 27,000 shares in Apollo Sindoori Hotels
• Dodona Holdings Limited sold 10.73 lakh shares (0.3 percent) in Trent at Rs 7,533 per share. Siddhartha Yog was the buyer.

Promoter Nishant Pitti is expected to offload up to 8.5% of his stake in Easy Trip Planners through block deals, according to media reports. The block size is valued at ₹622 crore, with an indicative price of ₹41.5 per share.

Domestic Institutional Investors net bought shares worth Rs 3,868 crore. On the other hand Foreign institutional investors (FIIs) net sold shares worth Rs 2874 crore, provisional data from NSE showed on September 24.

Indian exporters push for increased interest subsidies and permanent duty rebate schemes.

Tata Power on Tuesday informed the stock exchange that there was a fire incident in its Trombay plant on September 23. The Company said it is in the process of assessing the actual damage caused by the fire. "We also confirm

that the plant is adequately insured, and the Insurance Company has been duly informed. Efforts are

underway to restore normal operations at the plant as soon as possible," it said in its regulatory filings.

Top bosses of Airtel, Vodafone Idea and Reliance Jio raised the AGR issue with Telecom Minister Jyotiraditya Scindia, a CNBC-TV18 report says. Among those who attended the critical meeting included Jio's Akash Ambani, Rajan Bharti Mittal from Airtel and Vodafone Idea's CEO Akshay Mundra, the report added. The meeting comes a day after the minister said, "telecom is an extremely robust sector, we are looking at what would be the impact of implementation of SC judgment." On Monday, Vodafone Idea also had addressed the investors on the issue.

According to the data by investorgain.com, KRN Heat Exchanger IPO's last GMP stood Rs 236. This was the GMP trend as of 03:25 PM today. With the price band of 220.00, KRN Heat Exchanger IPO's listing price is estimated at Rs 456 (cap price + today's GMP). The expected percentage gain/loss per share is 107.27%.

KRN Heat Exchanger and Refrigeration specialises in manufacturing fin and tube heat exchangers designed for the heating, ventilation, air conditioning, and refrigeration sectors.

The KRN Heat Exchanger IPO is set to open for subscription from September 25 to September 27, with a price band of ₹209 to ₹220 per share. This offering includes 1.55 crore fresh equity shares. The company plans to utilize the proceeds to enhance manufacturing capacity at its wholly-owned subsidiary, KRN HVAC Products, based in Neemrana, Rajasthan, as well as to fund general corporate purposes. KRN Heat Exchanger specialises in the production of fin and tube heat exchangers for the HVAC and refrigeration industries.

An increasing number of investors in the portfolio management services (PMS) arena are now looking at quant-based schemes instead of the plain vanilla ones where a fund manager manages bulk of the investment strategy. (Read More)

The US Commerce Department said on Tuesday it had finalized a $123 million grant for Polar Semiconductor to expand its plant in Minnesota, which would allow the company to nearly double its US production capacity of power and sensor chips. The award, part of the Biden administration's $52.7 billion semiconductor manufacturing and research subsidy program, is the first in the program to be finalized by the department. Commerce will distribute funds based on Polar’s completion of project milestones. (Reuters)

S&P Global Ratings on Tuesday reaffirmed India's growth projection at 6.8%, indicating that the Reserve Bank of India (RBI) might lower interest rates in October. In its economic outlook for the Asia-Pacific region, S&P also upheld its gross domestic product (GDP) growth forecast for the financial year 2025-26 (FY26) at 6.9%. The report highlighted that India's robust growth would assist the RBI in controlling inflation.

Tata Motors on September 24 announced two new versions of Nexon- CNG model with a starting price of Rs 8.99 lakh and electric variant with a starting price of Rs 13.99 lakh, the carmaker said in a statement. (Read More)

Auditors of more than two dozen companies – 18 to be precise – have resigned abruptly in August with the total number of such sudden exits pegged at 35 in the current financial year till date. (Read More)

Nurix AI, a startup founded by Myntra and Cultfit founder Mukesh Bansal, on September 24 announced it has raised $27.5 million across seed and Series A financing in a round co-led by General Catalyst and Accel. (Read More)

Passive investing is experiencing significant growth, with increasing retail participation complementing the existing inflows from institutional investors and high-net-worth individuals (HNIs), according to Siddharth Srivastava, Head - ETF Product & Fund Manager, Mirae Asset Investment Managers (India). (Read More)

Reacting to the Karnataka HC's ruling, Union Minister Pralhad Joshi said, "It is a slap on the Congress government and CM Siddaramaiah." On allegations of Operation Lotus in Karnataka, Joshi said that the BJP has no desire to topple the state government.

The company's primary target customers are (i) employees and (ii) self-employed individuals. It customises its offerings for each of these segments and designs tailored programs. Typically, the company finances up to 85% of the on-road purchase price of the vehicle, with the expectation that the customer contributes the remaining amount.

Founded in 1998, Manba Finance Limited is a non-banking financial company (NBFC-BL) that provides a range of financial solutions, including financing for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws), used cars, as well as small business and personal loans.

The corporate promoters of the company include Manba Investments and Securities Private Limited, Avalon Advisory and Consultant Services Private Limited, Manba Fincorp Private Limited, Manba Infotech LLP, and Manish Kiritkumar Shah (HUF).

According to the official documents of the IPO, lead manager of this upcoming SME public offer is Hem Securities Limited.

The book-building issue is set to be listed on the BSE and NSE, with the expected share listing date for Manba Finance on September 30, 2024.

Manba Finance IPO lot size: Investors can place bids in lots, with each lot of the public offering consisting of 125 shares of the company.

By 11:27 aM on the second day of bidding, the public issue was subscribed 38.44 times. The retail portion saw a subscription of 43.17 times, while the Non-Institutional Investor (NII) segment was booked 75.48 times. The Qualified Institutional Buyer (QIB) segment was subscribed 2.38 times.

Shares of the NBFC are currently available for trading in the grey market. According to stock market observers, Manba Finance shares are trading at a premium of ₹60 today.

Manba Finance has established a price band of Rs 114 to Rs 120 per equity share for its IPO. This book-building issue is fully fresh, and the net proceeds will be directed straight into the company's balance sheet.

After the morning madness of triple listings, now we move to the subscription status of Manba Finance. This non-banking finance company's IPO will remain open for subscription till tomorrow. We take a look at the grey market premium and other details of this IPO.

• What Northern Arc's MD told CNBC-TV18 after positive listing on the exchanges -
• 'We have a diversified financial services business,' says Northern Arc Capital MD
• 'Have a high-quality balance sheet, better than peers,' says Northern Arc Capital MD
• 'Gross transaction value us Rs 30,000 crore, lending portion will be > Rs 11,000 crore,' says Northern Arc Capital MD
• '40% of MSME is core business focus for us,' says Northern Arc Capital MD
• 'Lending biz net interest margin is strong,' says Northern Arc Capital MD
• 'Last year, we received A Ratings upgrade from agencies,' says Northern Arc Capital MD
• 'Expect to see an improvement in NIM going forward,' says Northern Arc Capital MD

Engineering giant Larsen and Toubro has bagged orders in the range of Rs 10,000 crore and Rs 15,000 crore, the company said in a regulatory filing on Tuesday. "The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro has won new orders in the Middle East for expanding and strengthening the electricity grids at high voltage levels," the filing said.

Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., people familiar with the matter said, providing the chipmaker with a vote of confidence in its turnaround strategy and an alternative to a potential takeover by larger rival Qualcomm Inc. (Bloomberg)

• Northern Arc listed at Rs 350 per share versus issue price of Rs 263 per share
• Arkade Developers listed at Rs 175 per share versus issue price of Rs 128 per share
• Western Carriers listed flat at Rs 171 per share versus issue price of Rs 172 per share

Northern Arc Capital Stock Price Live: 'NSE bell has rung' - Watch the listing ceremony of Northern Arc Capital

Shares of Western Carriers Limited had a subdued start on its stock market debut on September 24, listing at Rs 170 on the BSE, which is a discount of 1.2% from the issue price of Rs 172 per share. The listing also fell short of grey market estimates, where shares were trading at a premium of about 10%. The grey market operates unofficially, allowing shares to trade before the official subscription opens and continuing until the listing day. (Read More)

Arkade Developers IPO Listing Live:  Shares of Arkade Developers had a strong start on September 24, debuting at Rs 176 on the BSE. This marks a premium of 37.5% over the issue price of Rs 128 per share. (Read More)

Northern Arc Capital IPO Listing Live: The stock price of Northern Arc Capital settled at Rs 351.00 in the pre-open trade, the BSE data shows

Northern Arc Capital IPO Listing Live: “Trading Members of the Exchange are hereby informed that effective from Tuesday, September 24, 2024, the equity shares of Northern Arc Capital Ltd shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities," the Bombay Stock Exchange said in a notice.

Northern Arc Capital IPO Listing Live: Northern Arc Capital shares will be listed on both the BSE and NSE. The stock will participate in the Special Pre-open Session (SPOS) and will be available for trading starting at 10:00 AM today.

As of morning data as per investorgain.com, the latest grey market premium (GMP) for the Northern Arc Capital IPO is Rs 131. With a price band of Rs 263, the estimated listing price is Rs 394 (calculated as the cap price plus today's GMP). This indicates a potential gain of 49.81% per share.

Northern Arc Capital IPO Listing Live: The Northern Arc Capital IPO had a price band set at Rs 249 to Rs 263 per share. The company raised Rs 777 crore through the book-built issue, which included a fresh issue of 1.9 crore equity shares totaling Rs 500 crore and an offer for sale (OFS) of 1.05 crore shares worth Rs 277 crore.

Northern Arc Capital IPO Listing Live: The Northern Arc Capital IPO opened for subscription on Monday, September 16, and closed on Thursday, September 19. The allotment was finalized on September 20, and the listing date is today, September 24. The equity shares of Northern Arc Capital Ltd will be listed on both BSE and NSE.

The IPO was subscribed 31.08 times in the retail category, 240.79 times in the Qualified Institutional Buyers (QIBs) category, and 142.41 times in the Non-Institutional Investors (NII) portion.

Northern Arc Capital IPO Listing Live: The Northern Arc Capital IPO experienced strong demand during its bidding period, with total subscriptions reaching 110.91 times.

The equity shares of Northern Arc Capital Ltd are set to debut on the stock market today, September 24. The IPO experienced strong investor demand and was heavily oversubscribed.

According to the data by investorgain.com, the latest grey market premium (GMP) for the Arkade Developers IPO is Rs 63. With a price band of Rs 128, the estimated listing price is Rs 191 (cap price + GMP). This suggests a potential gain of 49.22% per share.

The Mumbai-based real estate firm aimed to raise approximately Rs 410 crore through its primary offering, consisting entirely of a fresh issue of 3,20,310,250 equity shares.

Arkade Developers offered its IPO within a price range of Rs 121-128 per share, with a lot size of 110 shares. The bidding period took place from September 16 to September 19.

Retail investors and employees also showed significant interest, with their allocations subscribed 51.39 times and 50.49 times during the four-day bidding process.

The IPO was massively oversubscribed by 106.83 times overall, driven by strong demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs), whose portions were subscribed 163.16 times and 163.02 times, respectively.

Arkade Developers is a real estate company specializing in high-end, luxury residential projects in Mumbai, Maharashtra. Their operations are divided into two main segments: constructing new residential buildings on company-acquired land and redeveloping existing buildings.

Brokerage firms were largely positive on the Arkade Developers IPO, recommending a long-term subscription. Unistone Capital acted as the sole book-running lead manager for the IPO, with Bigshare Services serving as the registrar for the issue.

Arkade Developers, a leading real estate company specialising in premium residential projects in Mumbai, is poised for a strong stock market debut. The IPO attracted substantial investor interest with an impressive 113.49 times subscription and a notable grey market premium.

We have three IPOs so how about starting in an alphabetical order? So, first up, we take a look at the data on Arkade Developers IPO, what they will do with the IPO proceeds and what's the current grey market premium suggesting

Hello and welcome again! In case you are joining us just now, we are now focusing on the triple listings on the stock exchanges today. So which IPO will give maximum listing gains? Will it be Arkade Developers or Western Carriers or Northern Arc Capital? Stay with us as we look at all crucial details.

China will allow funds and brokers to tap the central bank’s funding to buy stocks, as part of a broad package of measures designed to boost the economy and lift investor sentiment.

The CSI 300 Index, a benchmark of onshore Chinese stocks, rallied as much as 1.3% in early trading before paring its gains to 0.5%.

Asian stocks rose on Tuesday to their highest in more than two and half years, boosted by a slew of Chinese stimulus measures while expectations for more U.S. rate cuts kept risk sentiment aloft and the dollar under pressure.

The moves sent Chinese stocks higher, with the blue-chip CSI300 Index opening 1% higher, while the broader Shanghai Composite index was also up 1% at the open.

Hong Kong's Hang Seng Index jumped over 2% in early trading, with the mainland properties index surging 5%.

That pushed MSCI's broadest index of Asia-Pacific shares outside Japan 0.41% higher to 588.43, levels last seen in April 2022.

Solar panel maker Waaree Energies and digital payments firm One MobiKwik Systems have received Sebi's go-ahead to raise funds through initial public offerings, an update with the markets regulator showed on Monday.

Waaree Energies and MobiKwik filed their preliminary initial public offering (IPO) papers in December 2023 and January 2024, respectively. The two companies obtained Sebi's observations on September 19.

The board of Reliance Power Ltd on Monday approved raising Rs 1,525 crore through a preferential issue where promoters will pour Rs 600 crore into the company to advance its business.

This comes days after Reliance Infrastructure, another Anil Ambani-led group firm, approved raising Rs 6,000 crore.

Spandana Sphoorty Financial Ltd's board on September 23 approved the sale of stressed loans worth Rs 304.41 crore as on June 30, 2024 to an asset reconstruction company pursuant to open bid method, for Rs 16.74 crore, on security receipts consideration basis, the company said in an exchange filing.

The ARC has subscribed to 91.5 percent of security receipts amounting to Rs. 15.32 crore whereas the company has subscribed to 8.5 percent of security receipts amounting to Rs. 1.42 crore, the filing said.

PSU lender Punjab National Bank Ltd announced floor price of Rs 109.16 per share for the Qualified Institutions Placement that was launched on September 23.

This represents 2 percent discount from the closing market price of PNB shares at Rs 111.49 apiece as of September 23.

Earlier on September 23, CNBC-Awaaz reported that PNB is looking to raise Rs 5,000 crore-Rs 7,500 crore through QIP.

China’s central bank unleashed a blitz of policy support for the economy, as policymakers make their broadest push so far to hit this year’s annual growth target of about 5%.

People’s Bank of China governor Pan Gongsheng announced a series of stimulus measures at a rare briefing Tuesday in Beijing, including moves to boost banks’ lending to consumers and corporates, and a cut to its key short-term interest rate. China will also lower the mortgage rate for existing housing loans.

The reserve requirement ratio, or the amount of cash banks must keep in reserve, will be lowered by 0.5 percentage points. That will unleash 1 trillion yuan ($142 billion) in liquidity, Pan said. China may also cut the RRR further this year by another 0.25 to 0.5 percentage points at appropriate time, he added.