Business news Highlights: MCA observes robust Director KYC filing during FY 2024-25

MCA observed robust Director KYC filing during FY 2024-25.

During 01st April 2024 to 30th September 2024, 22.98 lakh DIR-3 KYC forms have been filed compared to 20.54 lakh forms filed during the period, 01.04.2023 to 30.09.2023.

The filing upto September 2024 during FY 24-25 has exceeded filing of 22.02 lakh forms during entire FY 23-24.

Multi-Service Operators (MSOs) in the cable television industry have begun implementing tariff hikes ranging between 5-10 per cent from October 1, following a rise in broadcaster tariffs that started in August, according to industry officials.

Leading operator Siti Cable has already rolled out the hike, effective from October 1, while other MSOs are either in the process of implementing the increase in a month and actively deliberating over how best to minimise the impact on subscribers.

Ram Singh is the director of the Delhi School of Economics, Saugata Bhattacharya is an economist, and Nagesh Kumar is the director and Chief Executive, Institute for Studies in Industrial Development, New Delhi.

Bharti Airtel is combating the "growing menace" of cyber frauds with network intelligence and Al to analyse patterns and accurately identify spammers, CEO Gopal Vittal said as he asked customers to be vigilant on 'suspected spam' indicator, now available.

The regulator TRAI and the industry have upped the ante to crack down on the spam menace, and the regulator's new missive on whitelisted (approved) URLs has also come into effect from October 1.

A U.S. labor board issued a complaint accusing Apple of violating employees' rights to organize and advocate for better working conditions by maintaining a series of unlawful workplace rules.

The National Labor Relations Board in the complaint announced late on Monday claims Apple required employees nationwide to sign illegal confidentiality, non-disclosure, and non-compete agreements and imposed overly broad misconduct and social media policies.

1. Prof. Ram Singh, Director, Delhi School of Economics, University of Delhi

2. Saugata Bhattacharya, Economist

3.  Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi are the three new external MPC members

A start-up in the field of drone technology has raised USD 1 million to lead defense drone innovation and global expansion, according to an official statement issued on Tuesday.

IG Drones, which stands at the forefront of drone technology and AI, specialises in drone manufacturing and R&D and provides services like surveying, mapping, and inspection, it said.

The country's coal production rose 2.49 per cent to 68.94 million tonne (MT) in September, an official statement said on Tuesday.

The coal output was 67.26 MT in the corresponding month of previous fiscal.

Coal production in the April-September period increased by 5.85 per cent to 453.01 MT, over 427.97 MT during the same period in 2023-24, the statement said.

JSW MG Motor India announced the commencement of bookings of MG Windsor, India’s first Intelligent CUV, from October 3, 2024, 7:30 am.

The Windsor is available for car buyers at an attractive starting price of Rs 9.99L + Rs 3.5/kms, under the BaaS program.

In addition, customers can choose to opt for an outright purchase with prices starting at Rs 13,49,800 (ex-showroom).

Data center firm Equinix is forming a joint venture with Singapore's sovereign wealth fund GIC and Canada Pension Plan Investment Board with goals to raise more than $15 billion in capital, the company said on Tuesday.

Equinix and its partners will use the capital to expand the U.S. footprint of "hyperscale" data centers, which are the largest in the industry, offering massive networking capacity and typically consuming as much power as a big city.

Hero Moto Corp's total sales up 18.7% at 6.37 lakh units.

Total domestic sales up 18.7% at 6.17 lakh units.

Exports up 21.8% at 20,344 units vs 16,710 units (YoY).

Starting February 2025, Sebi will enforce upfront collection of options premiums and increased margins.

Sebi requires an additional 2% margin for short options contracts on the day they expire.

Minimum amount for trading in derivatives raised from Rs 5 lakh to Rs 15 lakh

Derivative contract shall have a value not less than Rs 15 lakhs at the time of its introduction in the market

To rationalize index derivatives products offered by exchanges which expire on weekly basis. Henceforth, each exchange may provide derivatives contracts for only one of its benchmark index with weekly expiry

Given the relatively very large volumes witnessed on the expiry day vis-à-vis future expiry days, and the enhanced basis risk that it represents, it has been decided that the benefit of offsetting positions across different expiries ('calendar spread') shall not be available on the day of expiry for contracts expiring on that day.

This would also align calendar spread treatment with cross-margin framework on correlated indices having different expiries, wherein such cross-margin benefit is fully revoked at the start of the first of the expiring correlated indices.

Upfront collection of Option Premium from options buyers

Removal of calendar spread treatment on the Expiry Day

Existing position limits for equity index derivatives shall henceforth also be monitored intra-day by exchanges

Gold prices declined by Rs 200 to Rs 78,100 per 10 grams, snapping a 10-day winning streak, in the national capital on Tuesday, according to the All India Sarafa Association.

However, silver remained flat at Rs 92,500 per kilogram on Tuesday.

Maruti Suzuki India on Tuesday reported a 2 per cent year-on-year increase in total sales at 1,84,727 units in September.

The company had sold 1,81,343 units in the same month last year, Maruti Suzuki India (MSI) said in a statement.

Total domestic passenger vehicle sales were at 1,44,962 units as compared to 1,50,812 units in the year-ago month, a decline of 4 per cent, it added.

India collected 1.73 trillion rupees ($20.64 billion) in gross goods and services tax (GST) in September, a rise of 6.5% from the same period last year, the government said in a statement on Tuesday. The government had collected 1.63 trillion rupees as GST in the same month last year. After refunds, the government's net GST mop-up in September rose about 4% year-on-year to 1.53 trillion rupees, the statement said. (Reuters)

Prabin Kumar, a Delhi-based doctor, wanted to dispose of his hatchback and upgrade to a midsize Sports Utility Vehicle (SUV). After mulling numerous options, he settled for a 2024 edition of Kia Seltos, which was just 5 months old and driven for just 2,000 km by the previous owner. He noted that the model was offered for Rs 14.25 lakh (on-road, Delhi), about Rs 5.5 lakh less than its brand-new version. “It is a near-new car to me. I specifically went for an SUV because of its high ground clearance. Unlike a sedan, SUVs can navigate through potholes of Delhi, NCR roads.” (Read More)

India's power consumption remained almost flat at 141.36 billion units (BU) year-on-year in September, mainly due to the above-normal rainfall across the country, which reduced the use of cooling appliances like air conditioners and desert coolers. According to the Indian Meteorological Department, the country experienced a rainfall excess of 10.6 per cent in September. (PTI)

Low-cost brokerage Zerodha will continue to be free for equity delivery, said CEO Nithin Kamath on October 1. As market regulator Sebi's true-to-label circular came into effect on October 1, Kamath spoke, in an X post, about the revised charges for F&O trading. (Read More)

A day after the board meeting of SEBI, there are reports that the market regulator is likely to pass order on Hindenburg allegations after completing the probe. As per the report by NDTV Profit, the proceedings on the show-cause issued to the US short seller are underway. The report adds that the market watchdog has not received any response from the US short seller so far.

Mobile retailers urge the Central government to cancel Chinese brands iQoo, Poco and OnePlus from operating in India due to their anti-competitive practices, causing losses to the exchequer. All India Mobile Retailers Association (AMIRA) has sought the intervention of Commerce and Industry Minister Piyush Goyal and Finance Minister Nirmala Sitharaman, calling for the cancellation of licenses for such companies. (Read More)

Ford Motor is discussing plans to manufacture electric vehicles at its southern India plant in Tamil Nadu for re-entering the world’s third-largest car market three years after announcing shutting its local factories.Ford is yet to decide on the what it will manufacture in India, Tamil Nadu Industries Minister TRB Rajaa said in an interview to Bloomberg TV. However, he hinted that it could be electric vehicles. (Bloomberg)

The rules of nomination between mutual fund (MF) and demat accounts have been further harmonised by the capital market regulator. On September 30, the Securities and Exchange Board of India (SEBI) at its board meeting allowed the holder of both instruments to include up to 10 nominees. However, a closer reading of the SEBI's decision about nominees shows that despite good intentions, some gaps still prevail. (Read More)

Police on Tuesday said it has detained around 600 Samsung Electronics workers and union members for organising a street protest, as a strike at the South Korean firm's home appliances plant in Tamil Nadu entered its fourth week. More than 1,000 workers have disrupted operations and protested in a makeshift tent close to the factory near the city of Chennai since Sept. 9. They have demanded higher wages and union recognition at the plant, which accounts for roughly a third of Samsung's annual Indian revenue of $12 billion. (Reuters)

• Public Provident Fund (PPF): 7.1%
• 5-Year Recurring Deposit (RD): 6.7%
• Post Office Monthly Income Scheme (PO-MIS): 7.4%
• Sukanya Samriddhi Yojana: 8.2%
• Senior Citizen Savings Scheme (SCSS): 8.2%
• Kisan Vikas Patra (KVP): 7.5%
• National Savings Certificate (NSC): 7.7%

Food aggregator Swiggy has decided to provide special indemnity to board members representing key investors, like SoftBank, Accel and Prosus, against past or future violations by the company, ahead of its initial share sale, sources said. According to the draft red herring prospectus (DRHP) filed by Swiggy on September 27, directors appointed by the three funds would not be held for any failure/lapses in following the rules and the other directors, including the founders, would be fully responsible for such lapses. (Read More)

• Finance Minister Nirmala Sitharaman had announced that income from share buybacks will now be taxed as dividends in the hands of shareholders starting October 1.
• Taxation will be based on the applicable income tax slabs for individual shareholders.
• A share buyback is when a company repurchases its own shares from shareholders, typically seen as a tax-efficient method of returning cash to investors.
• The new changes aim to shift the tax burden from corporates to shareholders, allowing companies to allocate funds for other purposes.

Bajaj Auto on Tuesday said its vehicle sales jumped 20 per cent to 4,69,531 units in September 2024 from 3,92,558 units sold in the same month of last year.

During the reporting month, domestic sales rose 23 per cent to 3,11,887 vehicles from 2,53,193 units sold in September last year, while exports grew 13 per cent year-on-year to 1,57,644 units.

Two-wheeler sales during the month under review were 4,00,489 units, registering an increase of 22 per cent from 3,27,712 units sold in the year-ago month, it said.

Auto component maker Viney Corporation has filed draft preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The company's proposed IPO is a combination of fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 2.22 crore equity shares by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.

Promoters -- Brijesh Aggarwal, VL-Auto Ancillary and other shareholders -- Priyanka Aggarwal and Aren Capsules, Rakesh Kumar Aggarwal -- are selling shares in the OFS.

Varindera Constructions has filed draft papers with capital markets regulator Sebi to mobilise Rs 1,200 crore through an initial share sale.

The proposed IPO (Initial Public Offering) is a mix of fresh issue of equity shares valued at Rs 900 crore and an Offer For Sale (OFS) of shares worth Rs 300 crore by promoters, draft papers filed on Monday showed.

Varinder Kumar Garg and Sushma Garg will offload shares worth Rs 201 crore and 99 crore, respectively under the OFS.

GE Power India on Tuesday announced securing a Rs 240 crore project in Nepal. The order has been awarded from Blue Energy, the company said in an exchange filing.

Sambhv Steel Tubes has filed a draft prospectus with markets regulator Sebi to garner Rs 550 crore through an initial public offering (IPO).

The proposed IPO is a mix of fresh issue of equity shares valued Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoters, the draft papers filed on Monday showed. Proceeds from the fresh issue will be utilised for payment of debt and for general corporate purposes.

Global automobile major BMW on October 1 launched the all-new BMW CE 02 in India with an introductory ex-showroom price of starting from Rs 4,49,900.

The carmaker said the new electric mobility solution has been created for the city and urban environment, a company statement said. The newly launched product comes with a progressive design and has a new and youthful proportions. Read more

Ford Motor Co. is discussing plans to manufacture electric vehicles at its southern India plant in Tamil Nadu for re-entering the world’s third-largest car market three years after announcing shutting its local factories.

Ford is yet to decide on the what it will manufacture in India, Tamil Nadu Industries Minister T.R.B. Rajaa said in an interview to Bloomberg TV. However, he hinted that it could be electric vehicles.

• According to NSE, the transaction fee for the cash market will be Rs 2.97 per lakh of traded value.
• For equity futures, the fee will be Rs 1.73 per lakh of traded value.
• For equity options, the fee will be Rs 35.03 per lakh of premium value.
• In the currency derivatives segment:
• Futures will incur a fee of Rs 0.35 per lakh of traded value.
• Options, including interest rate options, will have a fee of Rs 31.10 per lakh of premium value.

• Leading stock exchanges BSE and NSE have revised their transaction fees for cash and futures and options trading, effective October 1. These changes come after the markets regulator, Sebi, mandated a uniform flat fee structure for all members of market infrastructure institutions.
• BSE has set the transaction fees for Sensex and Bankex options contracts in the equity derivatives segment at Rs 3,250 per crore of premium turnover. However, transaction charges for other contracts in the equity derivatives segment remain unchanged.
• For Sensex 50 options and stock options, BSE charges a transaction fee of Rs 500 per crore of premium turnover, while no transaction fee applies to index and stock futures.

Affirming that inorganic options will remain an integral part of the bank’s strategy to grow scale, Ashok Vaswani, managing director and CEO of Kotak Mahindra Bank, said every single opportunity will be pursued. When asked about the ongoing sale of IDBI Bank, Vaswani said the same logic would hold. Speaking to Moneycontrol, Vaswani said Kotak Mahindra Bank is clear that it needs to scale up. (Read More)

From today, under Section 194-IB, the TDS on payment of rent by HUF or certain individuals has been reduced to 2% from previous 5%.

Shapoorji Pallonji (SP) Group is exploring a plan to increase the size of the public offer of its flagship construction firm Afcons Infrastructure Ltd to Rs 8,000-8,500 crore, sources have told Moneycontrol. The original IPO plans envisaged a fundraise of Rs 7,000 crore, including a Rs 5,750-crore secondary share sale by SP Group entity Goswami Infratech and a primary fundraise of Rs 1,250 crore. (Read More)

We told you about the small saving schemes and bank changes. Now, we will take you through all the TDS revisions that will come into force from today. First up, we look at Section 194G. This means that commission on sale of lottery tickets has gone down to 2% from earlier 5% .

The internship scheme announced by Union Finance Minister Nirmala Sitharaman in her Union Budget speech will come into reality this month. According to a CNCB-TV18 report, the companies are preparing to announce the vacancies for internships starting October 3. As part of the pilot project, several ancillary and manufacturing companies will start announcing the spots for internship on October 3. All the applications for the internship will be invited from October 13, the CNBC-TV18 report added. The Centre is also going to launch a separate site for this project.

PNB has announced new modifications with respect to the service charges related to savings accounts. These changes also include revision in fees for demand drafts, cheques (including ECS), minimum average balance requirements, return charges, locker rent costs and duplicate DDs. All these modifications will come into force from October 1, 2024.

HDFC Bank has introduced new regulations for redeeming reward points on its SmartBuy platform. Starting in the fourth quarter of each calendar year, customers with Infinia and Infinia Metal Cards can redeem their reward points for Apple products only once per quarter. Additionally, effective October 1, 2024, the SmartBuy portal will restrict the redemption of reward points for Tanishq vouchers to a maximum of 50,000 points per quarter for these cardholders. These changes aim to enhance the reward redemption experience for customers with Infinia and Infinia Metal Cards.

Starting today, ICICI Bank customers will be eligible to get two complimentary airport lounge accesses in case they have spent Rs 10,000 in the previous calendar quarter. The caveat remains that the qualifying spend of Rs 10,000 should be made in the preceding quarter. In case this is done, the lounge access for the following quarter will be unlocked by the bank for the eligible customers. For example, to be eligible for complimentary lounge access in the Oct-Dec 24 quarter, customers need to spend a minimum of Rs 10,000 in the Jul-Sept 24 quarter

The Kisan Vikas Patra will provide an interest rate of 7.5%, with investments maturing in 115 months. Meanwhile, the National Savings Certificate (NSC) will maintain its interest rate of 7.7% for the July-September 2024 period. Additionally, the Monthly Income Scheme will continue to offer a return of 7.4% for investors, consistent with the previous quarter.

As per the September 30 notification, the Centre has said that the interest rate for the popular post office savings deposits schemes as well as PPF will remain unchanged at 4 percent and 7.1 percent.

The Centre has announced that there will be no change in the interest rates on small saving schemes such as NSC and PPF. For the third quarter in a row, the government has kept the interest rates for small saving schemes unchanged. As per the latest circular, interest rate for Sukanya Samriddhi scheme will remain 8.2 per cent. On the other hand, for the three-year term deposit, the interest rate will continue at 7.1 per cent.

• The changes coming into force from today will impact
• Those possessing several PPF accounts
• All the Public Provident Fund (PPF) accounts that have been opened in the name of an individual under 18 years of age
• All those National Savings Scheme (NSS) accounts that are not compliant
• Correction in a Sukanya Samriddhi Account (SSA) that has been opened by grandparents instead of guardians.
• Extending a PPF account for an NRI

The most critical change that will come into effect from today is regarding the small saving schemes. The changes will impact all those who have invested in Sukanya Samriddhi Account, Public Provident Fund and the National Savings Scheme.

Apart from TDS, there is a revision in the Securities Transaction Tax (STT) for futures and options (F&O). The STT will also see a marked rise starting today. From 0.0625%, the STT on options sales will go up to 0.1% of the premium, while the STT on futures sales will rise to 0.02% of the trade price, the new changes say.

Earlier this year, while presenting the Union Budget 2024 in July, Union Finance Minister Nirmala Sitharaman had announced some key changes to income tax regulations. The revisions in the norms announced today will come into effect from today - October 1, 2024. One of the most crucial changes is revision in Tax Deduction at Source (TDS). This revision means a 10% TDS rate will be applied to certain central and state government bonds. Furthermore, revision to TDS payments for payments of house rent, life insurance policies and other transactions will come into force from today.

Today marks the new cycle of changes in the TDS and other key schemes that will impact the personal finance sphere. From the revised rates of the TDS to rents, small saving schemes will see crucial revision. We take a look at all the changes.

Manufacturing activity declines to eight month low of 56.5 in September. (Read More)

Ravi Ahuja will replace Tony Vinciquerra as the chief executive officer of Sony Pictures Entertainment, the Hollywood arm of Tokyo-based Sony Group Corp., in January. Sony’s current chairman of global television and the chief operating officer of Sony Pictures, Ahuja will report to Sony Group Chairman Kenichiro Yoshida and Hiroki Totoki, the company’s chief operating and financial officer, Sony said in a statement Monday. (Read More)

According to the data updated by investorgain.com, the latest GMP for the Forge Auto International SME IPO is Rs 15. With a price band of Rs 108, the estimated listing price for the Forge Auto International SME IPO is Rs 123 (cap price + today's GMP), indicating an expected gain of 13.89% per share.

• Qualified Institutions: 20.13 times
• Non-Institutional Buyers: 58.55 times
• Retail Investors: 61.95 times

• Go to the IPO allotment page on Bigshare Services.
• Select any one server to check your IPO allotment status.
• Choose 'Forge Auto International Limited' from the list of companies (the name will appear once share allocation is finalized).
• In the 'Selection Type' dropdown, choose Application Number, Beneficiary ID, or PAN Number.
• Enter the required details and complete the captcha for verification.
• Click the 'Search' button to view your allotment status.

The Forge Auto International IPO, valued at Rs 31.10 crore, is a book-built issue through which the company is offering 28.8 lakh shares.

Forge Auto International Ltd.'s initial public offering opened on September 26 and closed on September 30. The SME issue saw a subscription of 4.61 times on Day 1 and 11.27 times on Day 2. The public offering consisted entirely of a fresh issue of 28.8 lakh shares, amounting to Rs 31.1 crore. The shares were offered at a price band of Rs 102 to Rs 108 per share. Retail investors were required to apply for a minimum of 1,200 shares, which equated to an investment of Rs 129,600.

Founded in 2010, Divyadhan Recycling Industries Ltd. specializes in the production of recycled polyester staple fiber (R-PSF) and recycled pellets. Situated in Solan, Himachal Pradesh, the company’s manufacturing facility has a total capacity of 8,030 metric tons per annum for fiber and 4,320 metric tons per annum for pellets.

• Go to the IPO allotment page on Skyline Financial Services.
• Select 'Divyadhan Recycling Industries Limited' from the list of companies.
• Enter the required details, such as Application Number, DPID/Client ID, or PAN.
• Click on the 'Search' button.
• The allotment status will be displayed on the screen.

Investors who participated in the SME issue can check the IPO allotment status on Skyline Financial Services.

The Divyadhan Recycling Industries IPO, a book-built issue worth Rs 24.17 crore, closed its subscription on September 30 with an overall subscription of 40.93 times. The IPO comprised entirely fresh shares, offering a total of 37.76 lakh shares. Investors could place bids within a price band of Rs 60 to Rs 64 per share.

• Open the direct link to the registrar: https://ipo1.bigshareonline.com/IPO_Status.html)
• Select Diffusion Engineers from the dropdown menu.
• Enter your PAN, Application Number, or DP Client ID.
• Click on Submit. (Read More)

• Visit the BSE website.
• Click on 'Investors' from the main menu.
• Go to 'Investor Services' and select 'Status of Issue Application'.
• Select 'Equity' as the issue type.
• Enter the required details, including PAN and issue name, to check the status.

According to the morning data from investorgain.com, the latest GMP for Diffusion Engineers' IPO stands at Rs 60. Based on the upper price band of Rs 168, the estimated listing price is Rs 228 (cap price + current GMP), indicating an expected gain of 35.71% per share.

Diffusion Engineers' shares are expected to be credited to the demat accounts of eligible investors by October 3, with trading scheduled to commence on the BSE and NSE on October 4.

From the IPO proceeds, Rs 71.4 crore will be used to expand the existing manufacturing facility, while Rs 30.4 crore will be allocated to establishing a new unit in Nagpur. An additional Rs 22 crore is earmarked for working capital, with the remaining amount set aside for general corporate purposes.

The Maharashtra-based company manufactures welding consumables, wear plates and parts, and heavy machinery for core industries. It also provides specialized repair and reconditioning services for heavy equipment, operating from four facilities located in Nagpur, Maharashtra.

We welcome all those readers who are joining us right now. At the moment, we are looking at the latest status on Diffusion Engineers IPO. Today happens to be the allotment day for the successful investors. Find out all about this public offer, how and where to check the status of your application and what's the trend in grey market.

The ATF price was reduced by 6 percent on October 1 to Rs 87,597 from Rs 93,480 per kg in Delhi, taking it to its lowest level since April 2024.

Oil marketing firms have revised the prices of commercial LPG gas cylinders. The rate of 19 KG commercial LPG gas cylinders has been hiked by Rs 48.5. Prices of 5kg free trade LPG cylinders has also been increased by Rs 12. The new prices are effective from today, 1st October.

Oil steadied at the start of the fourth quarter as geopolitical risks in the Middle East, with Israel beginning ground raids inside Lebanon, vied with the prospects of a return of Libyan supply.

Brent for December traded near $72 a barrel after it ended Monday modestly higher, with West Texas Intermediate above $68. Israel’s military said it has begun targeted raids against Hezbollah targets in southern Lebanon. Libya is preparing to restore production after its two rival governments reached a compromise, according to people familiar with the situation.

Japanese stocks gained Tuesday after the yen’s retreat boosted technology companies and automakers.

The Nikkei 225 index gained as much as 1.9%, a day after the benchmark slumped almost 5% following the ruling party’s leadership race. A gauge of Asian equities also advanced while Australian shares slipped. Markets in China and Hong Kong are shut for holidays. US equity futures dipped in early trading after the S&P 500 rose 0.4% Monday.

The yen weakened slightly against the dollar on Tuesday after Federal Reserve Chair Jerome Powell said the central bank will lower interest rates “over time,”while re-emphasizing that the overall economy remains on solid footing.