Lagarde says govts must act 'now' to reduce deficits

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S&P Global Ratings has affirmed the issuer credit rating of State Bank of India to BBB-/Positive/A-3 and the standalone credit profile (SACP) to bbb. The outlook on the SBI’s rating remains Positive.

European Central Bank chief Christine Lagarde said Thursday a report written by her predecessor Mario Draghi calling for sweeping reforms to boost the EU economy was "severe" but "just".

"It's a formidable report in that it poses a diagnosis which is severe but which is just in our view," Lagarde said. The structural reforms proposed by Draghi "could be extremely helpful for Europe to be stronger," she added.

European Central Bank President Christine Lagarde said Thursday that governments in the eurozone should implement plans to reduce public deficits and manage their debts.

Implementing European Union spending rules "fully, transparently and without delay will help governments bring down budget deficits and debt ratios", Lagarde said. "Governments should now make a strong start in the direction of their medium term plans for fiscal and structural policies."

Aviation watchdog DGCA has ordered a special audit of flying training organisations in the country amid recent accidents involving training aircraft.

The audit of flying training organisations (FTOs) will be conducted in three phases from September to November 2024. It will cover 33 FTOs.

"This audit aims to thoroughly assess the safety standards, operational procedures, and systemic deficiencies within flying training organisations to ensure the highest levels of safety and compliance," DGCA said in a release on Thursday.

ECB lowers key interest rate by 0.25 percentage points.

India's annual retail inflation inched up slightly to 3.65% in August from 3.54% a month ago, government data showed on Thursday.

All India Consumer Price Index (CPI) for the month of August, Year-on-year inflation rate (3.65%) based on All India Consumer Price Index (CPI) for the month of August, 2024, is second lowest in the last five years. Corresponding inflation rates for rural and urban are4.16%and3.14%, respectively.

The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of July 2024 are 3.7 percent, 4.6 percent and 7.9 percent respectively.

The IIP growth rate for the month of July 2024 is 4.8 percent which was 4.7% in the month of June 2024.

• Regional air connectivity scheme UDAN made air travel inclusive: PM Modi.
• Civil aviation sector has major role in economic growth, says PM Narendra Modi at Asia Pacific Ministerial Conference on Civil Aviation.

BPCL Board approves JV pact with Sembcorp Green Hydrogen India. The JV will focus on renewable energy and green hydrogen. Apart from this, the BPCL Board has also given nod to JV agreement with GPS renewables for compressed biogas plants across India, as per the regulatory filing.

On Thursday, homegrown automotive giants Mahindra & Mahindra and Tata Motors praised the PM e-drive initiative, noting that it would boost the adoption of electric vehicles in India. On September 11, the Union Cabinet approved two key schemes with a combined budget of Rs 14,335 crore to encourage the use of electric vehicles, including buses, ambulances, and trucks.

Microsoft Corp. said it is cutting 650 jobs in its Xbox unit, the third such layoffs this year as the company tries to rein in costs and integrate its massive $69 billion acquisition of Activision Blizzard Inc. (Reuters)

PricewaterhouseCoopers is reportedly slashing nearly 2,000 jobs in the US. According to a Wall Stree Journal report, the layoffs will impact technology and advisory operations. The report added that apart from the job cuts, PwC’s technology and products teams will be integrated into various business lines.

• Cotton Ginners approach government seeking clarity of GST applicability on procurement of cotton from agriculturists/ farmers, reports CNBC-TV18
• Cotton industry claims that they are not liable to pay GST when raw material is purchased from unregistered entities, reports CNBC-TV18

Kiran Mazumdar-Shaw has reiterated that Biocon is not up for sale, dismissing market speculation. In an interview with CNBC-Tv18, Mazumdar-Shaw said that the company remains focused on lowering its debt, expanding its biosimilars portfolio, and seizing global opportunities, including those presented by the US Bio Secure Act.

Petroleum Secretary Pankaj Jain has said on September 12 that India's oil marketing companies may consider taking a suitable decision on fuel prices, if in their assessment, the trend of international crude oil prices remains low for some more time. (Read More)

In a major relief for Adani Power, the Supreme Court has restored the custody of Coastal Energen to successful resolution applicants - Adani Power, Dickey Alternative Investment Trust. The top court has set aside NCLAT order that temporarily halted Adani Power led consortium’s Rs 3,333 crore resolution plan. Adani Power, DAIT had challenged NCLAT's Sep 6 interim order which granted custody of the company to RP.

China has strongly advised its carmakers to make sure advanced electric vehicle technology stays in the country, people familiar with the matter said, even as they build factories around the world to escape punitive tariffs on Chinese exports. (Read More)

Petroleum Secretary Pankaj Jain to CNBC Awaaz on revision/ scraping of windfall tax as Brent plummets to $70 per barrel. Dept of revenue calculates windfall tax based on a mechanism. The oil ministry has been in talks with the revenue dept regarding windfall tax for a long time. The final call is taken by the revenue department.

HDFC Bank Ltd, India’s largest private sector lender, is in discussions with multiple global banks to sell up to 84 billion rupees ($1 billion) worth of loans, a Bloomberg report says. This move is aimed at reducing its credit portfolio and better aligning it with its deposits, according to a Bloomberg report. Sources, who requested anonymity due to the private nature of the information, said the talks involve banks such as Barclays Plc, Citigroup Inc., and JPMorgan Chase & Co. The report also noted that ICICI Bank Ltd. is participating in the discussions. (Read More)

The Open Network for Digital Commerce (ONDC), an interoperability project backed by the government to break the stranglehold of duopolies Amazon and Walmart on e-commerce, has crossed 100 million transactions in under 18 months. (Read More)

US FDA has issued 6 observations to Granules India's Gagillapur facility, reports CNBC-TV18. This was the same facility that was inspected from August 26 to September 6

• "Paytm wants to bring half-a-billion Indians to mainstream economy through technology led services," says Deora
• "Our Paytm soundbox prevents fraud for merchants by announcing only successful transactions and also improves efficiency by removing time and effort of payment verification," says Deora

"My fellow shareholders, I also see myself as a navigator of the company. Industries will change and will have a profound impact. The power of AI will become exponential. We have become the leader in financial technology and extend the same lead in AI technology," says Sharma. (Read More)

My board members advised me to shift the focus from EBITDA before ESOP as a benchmark to PAT (Profit After Tax). We recognise that EBITDA before ESOP, due to its large ESOP charge, provides only a partial picture of our financial health. Our commitment is now to focus on PAT, reflecting our drive towards true profitability.

In fact, our AI systems are already operational in Japan. Our risk management and fraud detection systems not only enhance our payment solutions in India but also support one of the largest mobile payment companies in Japan ((PayPay), where we are also a potential shareholder. There is strong demand and high expectations for us to continue advancing our AI-powered risk management solutions.

We, as a nation, have leapfrogged to become leaders in financial technology, and now we have the opportunity and obligation to extend that leadership into AI technology. Paytm is committed to lead the industry with our advanced AI capabilities.

"Today, India stands at a stage where the whole world is talking about India’s payments and its digital revolution," says Sharma.

"Even our Honourable Prime Minister has highlighted how our QR Code and Soundbox innovations have played a key role in driving the financial revolution in the country," says Sharma

• Visit the registrar's direct link: (https://evault.kfintech.com/ipostatus/).
• Select the company from the dropdown menu.
• Enter details like PAN, Application Number, or DP Client ID.
• Click the Submit button.
• The allotment status will be displayed on the screen.

Investors who participated in the IPO can check their allotment status on the registrar's official website or the BSE.

The non-institutional investors' portion of the Bajaj Housing Finance IPO was subscribed 41.51 times, while the Qualified Institutional Buyers (QIBs) quota saw over 209 times subscription. The Retail Individual Investors (RIIs) quota was subscribed more than 7 times.

As of 7 PM, the public issue received bids for over 4,628 crore shares, significantly exceeding the 72.75 crore shares on offer across both BSE and NSE.

Bajaj Housing Finance's initial public offering was oversubscribed by more than 63.61 times at the close of the final day of bidding on September 11.

Bajaj Housing Finance IPO saw record-breaking subscription driven by strong demand from institutional and non-institutional investors. Previously, Coal India Ltd (2008) and Mundra Port (2007) IPOs had crossed Rs 2 lakh crore in subscription amounts.

The grey market premium (GMP) for Bajaj Housing Finance shares has surged to more than 100%.

Bidders can check their application status on the official websites of the registrar or BSE using their PAN card details.

The dollar traded near a four-week high versus the euro on Thursday after signs of some stickiness in U.S. inflation reinforced expectations that the Federal Reserve would avoid a super-sized interest rate cut next week.

Meanwhile, a quarter-point rate reduction from the European Central Bank (ECB) is widely expected later on Thursday, with investors anxious for hints on how soon the monetary authority will cut again.

The dollar gained against the yen, following a turbulent session on Wednesday that saw the U.S. currency plunge as much as 1.24% to the lowest this year before recovering all its losses after the consumer price data. (Reuters)

Tata Steel will be in focus on September 12 after securing over £500-million grant from the UK government for its green steel project in Port Talbot. While Morgan Stanley sees this as positive, they await details on support for employees affected by the restructuring. The firm maintained an 'underweight' rating with a target price of Rs 135, below the current market price.

As part of the restructuring, Tata Steel plans to replace its Port Talbot blast furnaces with electric ones to process recycled steel, aiming to significantly reduce carbon emissions. However, this shift will result in the loss of 2,800 jobs, as electric furnaces require fewer workers. Read more here.

1. Visit the KFin Technologies website. You can find it by searching for "KFin Technologies IPO allotment" online.
2. Select "Bajaj Housing Finance" from the list of IPOs. This option will appear once the share allocation is finalized.
3. Choose your verification method. You can use your Application Number, Demat Account number, or PAN.
4. Enter the required information. Fill in the corresponding field with your chosen verification detail.
5. Enter the captcha. This is a security measure to prevent automated submissions.
6. Click "Submit." Your allotment status will be displayed.

The allotment for the Bajaj Housing Finance IPO is scheduled to be finalised on Thursday, September 12. The shares are set to be listed on the BSE and National Stock Exchange on September 16.

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane’s Francine’s impact on output in the U.S., the world’s biggest crude producer.

Brent crude futures for November were up 24 cents, or 0.34% at $70.86 a barrel. U.S. crude futures for October were up 20 cents, or 0.30%, at $67.52 at 0044 GMT.

Both contracts rose by over $1, or more than 2%, in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut and refinery operations on the coast disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday. (Reuters)

The quota for non-institutional investors saw a massive subscription of 209.36 times, while qualified institutional buyers (QIBs) bid 41.51 times the offered shares. Retail individual investors (RIIs) subscribed 7.04 times, and the employee category received 2.05 times the bids.

The Bajaj Housing Finance IPO has witnessed strong demand from investors, with bids for over 4,622 crore shares received against the 72.75 crore shares on offer. The total bid amount for the public issue has surpassed Rs 3 lakh crore, making it one of the most subscribed IPOs in Indian history. Only Coal India Ltd (2008) and Mundra Port (2007) have previously topped Rs 2 lakh crore in subscription amounts.

This overwhelming response indicates strong investor confidence in Bajaj Housing Finance and its growth prospects.