Business News Highlights: Power Grid wins bid to set up inter-state transmission system in Gujarat

Business News Live Updates: NTPC board approves Rs 9,700 crore investment for 800 MW Sipat project

State-owned power giant NTPC on Thursday said its board has approved an investment of Rs 9,790.87 crore for stage-III of the Sipat Super Thermal Power Project.

The decision was taken at the meeting of the board of directors of the company, NTPC said in a regulatory filing.

"The Board of Directors of the Company, in its meeting held on 19th September 2024, has accorded investment approval for Sipat Super Thermal Power Project, Stage-III (1x800 MW) at an appraised current estimated cost of INR 9,790.87 crore," as per the BSE filing.

Business News Live Updates: L&T, 6 others pick 8.03 pc stake in Cube Highways Trust for Rs 1,243 crore

Larsen & Toubro, its three affiliates and three other entities on Thursday picked up an 8.03 per cent stake in Cube Highways Trust for Rs 1,243 crore through open market transactions.

The sellers involved in the transaction, include Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte and Cube Mobility Investments through separate bulk deals on the BSE.

Business News Live Updates: Reliance Infra board approves Rs 3,014-crore fundraise           

Reliance Infrastructure on Thursday said its board of directors has approved raising of Rs 3,014 crore by preferential issue of up to 12.56 crore equity shares.

In a regulatory filing, the company said the preferential issue shall be made to Risee Infinity Pvt Ltd, a promoter group company and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Pvt Ltd.

Business News Live Updates: Re-appointment of V Vaidyanathan as MD & CEO of IDFC First Bank gets RBI nod

The Reserve Bank of India (RBI) on September 19 approved the re-appointment of V Vaidyanathan as the MD and CEO of IDFC First Bank for three years with effect from December 19, 2024, to December 18, 2027.

Business News Live: Radhakishan Damani sells another 1 lakh shares in VST Industries

-- Radhakishan Damani sells another 1 lakh shares in VST Industries at an average price of Rs 439.05 per share.

-- Radhakishan Damani had earlier sold 1 lakh shares in the company on September 17.

Business News Live: Exploring possibility of launching IPO by 2025, Orkla India CEO says

Orkla, the Norwegian industrial investment company, is exploring the possibility of launching an initial public offering by 2025 for its Indian unit, which owns spices and condiments brands MTR and Eastern, according to its country head.

Besides, the company is expanding its global sales targeting the growing Indian diaspora abroad and expects its international business to contribute 20 percent in 2024, Orkla India CEO Sanjay Sharma said.

Business News Live: MEA refutes Reuters report on diversion of Indian defence exports to Ukraine

Our response to media queries on Reuters report on diversion of Indian Defence Exports to Ukraine:https://t.co/uvfgB8gF3f pic.twitter.com/3qIVU0W9YW

— Randhir Jaiswal (@MEAIndia) September 19, 2024

Business News Live: Macrotech Developers raises stake in 3 warehousing firms for Rs 239.56 crore

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore.

The share acquisition in the three firms would help Macrotech Developers in increasing its rental income.

In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard.

Business News Live: Power Grid wins bid to set up inter-state transmission system in Gujarat           

Power Grid Corporation of India said on September 19 that it has been declared as the successful bidder for a transmission project in Gujarat.

The company has emerged the preferred bidder against a tariff-based competitive bidding, it said in an exchange filing.

It will set up an inter-state transmission system for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7GW) on build, own, operate and transfer (BOOT) basis.

Business News Live: SEBI bars Axis Capital from merchant banking operations in debt segment

SEBI bars Axis Capital from taking up new assignments in the capacity of a merchant banker, arranger or underwriter for any issue / offer for sale of securities in the debt segment, until further orders.

US Market News Live: Wall Street surges at open day after US Fed Reserve announces rate cut

Dow Jones, S&P 500, Nasdaq jump more than 1 percent at open a day after the United States Fed Reserve announces 50 bps rate cut.

The Dow Jones Industrial Average jumped 552 points, or 1.3%. The S&P 500 added 1.6%, while the Nasdaq Composite advanced 1.6%.

Business News Live: SJVN generates 8489 MU power in FY24, says CMD

State-owned SJVN generated 8,489 million units (MUs) of green energy from its operational hydro, solar and wind power stations in 2023-24, a top company official said.

SJVN CMD Sushil Sharma made the remarks at the company’s 36th Annual General Meeting (AGM) for the 2023-24 financial year.

Business News Live: Infosys to invest up to Rs 17 crore in space tech startup GalaxEye

IT firm Infosys announced on September 19 that it will invest up to Rs 17 crore in space tech startup GalaxEye Space Solutions as part of Infosys Innovation Fund. The investment will be made in equity and series A compulsory convertible preference shares allotment, a regulatory filing said.

US Market LIVE: US-listed crypto stocks jump after bumper rate cut from Fed

US-listed crypto shares jumped before the open on Thursday after a half-percentage point interest rate cut sparked a flight into risky assets, adding to the momentum of an industry that has already secured some big wins this year. The move could revive interest in bitcoin, the most popular cryptocurrency, which often sways the entire sector as investors chase higher returns and dump safe-havens. (Reuters)

Sebi news live: Sebi announces modification in framework for valuation of investment portfolio of AIFs

Sebi announces modification in framework for valuation of investment portfolio of AIFs as per the latest circular.

IIFL News LIVE: RBI's decision is effective immediately, says IIFL Finance in regulatory filing

"The RBI's decision is effective immediately and allows the Company to resume the sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations," IIFL Finance said in a regulatory filing. (Read More)

IIFL News LIVE: RBI lifts restrictions, allows IIFL Finance to resume gold loans

The Reserve Bank of India has lifted restrictions on IIFL Finance. The central bank has now allowed the finance firm to resume gold loans business.

Business news live: Indian refiners jointly negotiating for 2025 Russian oil supplies, reports Reuters

Indian refiners are jointly negotiating to purchase Russian oil for next year, a government source said on Thursday, with suppliers mostly using Russian insurance for crude priced above a $60 per barrel cap. Russia is India's top oil supplier, and the world's third biggest oil importer and consumer is also Moscow's top client for seaborne oil. Private refiners in India this year signed annual deals for Russian oil supplies while state refiners are buying from spot markets. (Reuters)

8th Pay Commission Live: Railwaymen's Federation Chief 'confident' of hike from this date, says report

While there is no official word around the constitution of the 8th pay commission, an NDTV Profit report quote All India Railwaymen's Federation General Secretary saying that there will be a hike in wages in January, 2026. Shiv Gopal Mishra of All India Railwaymen's Federation told NDTV Profit that he was confident about the wage hike for the central government staff.

Banking news live: What Bank of England said on inflation

The latest data shows that the overall UK inflation stood at yearly rate of 2.2% in August, which is still above the bank's goal.

Banking news live: What Bank of England said on supply, costs and prices

"Labour market data quality issues continued to be an area of concern. Very low achieved sample sizes meant Labour Force Survey (LFS)-based estimates of labour market dynamics remained subject to considerable uncertainties," the Bank of England said in the post MPC bulletin.

Samsung news live: Samsung sues Indian union over strike that disrupted output, reports Reuters

Samsung Electronics' Indian unit has sued members of a labour union that has led a strike for 11 days at its only India home appliances plant in the southern state of Tamil Nadu, escalating tensions with its workers, legal papers show. Samsung's lawsuit dated Sept. 12, which Reuters is first to report, asks a district court in the state for a temporary injunction to restrain the union and its members from agitating, sloganeering and making speeches in and around the factory located near Chennai. (Reuters)

Banking news live: When is the next MPC of Bank of England?

The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 6 November will be published on 7 November 2024, the official bulletin said.

Banking news live: MPC voted by a majority, says Bank of England

According to the official bulletin released after the MPC, the Bank of England said that the MPC voted by a majority of 8–1 to maintain the benchmark rate at 5%. While one member preferred to reduce bank rate by 0.25 percentage points, to 4.75%. However, the Committee voted unanimously to reduce the stock of UK government bond purchases held for monetary policy purposes, and financed by the issuance of central bank reserves, by £100 billion over the next 12 months, to a total of £558 billion.

Banking news live: Bank of England keeps rate at 5%, extends bond reduction plan for another year

A day after the US Federal Reserve announced the rate cut, Bank of England said that it will keep rate at percent. The BoE has also extended the bond reduction plan for another year.

Business News LIVE: Meta India head Sandhya Devanathan on why India is a key market for WhatsApp Business, AI initiatives

It may be cliched but it’s true. India runs on WhatsApp. It’s so integral to our daily life that many people use it as a proxy for the number of internet users in the country. This has led to a rapid adoption of conversational commerce experiences among consumers in the world’s second-largest internet market. As a result, WhatsApp has become a preferred channel for small and medium-sized businesses to connect with their existing customers and attract new ones. (Read More)

Economy news live: India on track to becoming third-largest economy by FY31: S&P report

India is projected to become the third-largest economy by 2030-31, driven by a 6.7% growth rate this fiscal, according to S&P Global. The report highlights the importance of continued reforms, infrastructure development, and sustainable technologies. It also emphasizes the need for robust port infrastructure and advanced agricultural technologies to ensure economic stability. (PTI)

Business News LIVE: India joins an elite group of just four G20 nations with a 'Regular Follow-up' rating from FATF

India joins an elite group of just four G20 nations with a 'Regular Follow-up' rating from FATF. FATF has suggested to take more risk based measures to ensure prevention of terror financing through non profit organizations, says Aggarwal. Any donation above Rs 2,000 to non-profit organizations in India cannot be in cash, says Aggarwal. Major recommendation from FATF is on trials for money laundering and terror financing, the finance ministry official adds. (Read More)

• India's main sources of money laundering originate from within, from illegal activities committed within country, says FATF
• Rs 16,500 cr confiscated by ED in 2017-2021, says Finance Ministr Additional Secretary Vivek Aggarwal
• FATF says the case studies on money laundering investigations by Enforcement Directorate reflect tangible results, says Aggarwal
• FATF says that In case of are of any crime, the authorities should look at any financial trail in it, noted Aggarwal
• FATF recognised greater formalisation in the economy, says Aggarwal
• Authorities restituted Rs 14,130 cr by ED to consortium of banks in Mallaya case, Aggarwal says
• India has Achieved convictions in 100 terror financing cases, says Aggarwal
• India told FATF that capacity for prosecution of trials in money laundering and terror financing is being increased, says Aggarwal

• There is a lot of FII interest for India
• There are some concerns over valuations in India
• Corporate earnings growth story is looking very strong
• There have been more investments in infra, realty, power
• There is some worry with respect to the recent election mandate & the impact
• One of the biggest misconceptions about Indian market is that govt's spending is driving capex
• Last year, private corporate capex growth was up 18%
• Last year, housing capex growth was up 18-20%
• The current market cycle should last till 2030 if not longer

• FATF recognised NIA expansion with 40% increase in manpower in last 3 years, says Aggarwal
• India receives high rating by FATF in Risk assessment both in domestic and international cooperation, says Aggarwal
• FATF said India has achieved remarkable improvements in financial inclusion, says Aggarwal
• FATF noted reduced involvement of cash in real estate, says Aggarwal

• FATF noted regional variation in types of money laundering and terror financing risks faced within India, says Aggarwal
• FATF says India is not attractive destination for criminal proceeds, Aggarwal added
• FATF highlights high-level commitment in India to address anti-money laundering, Aggarwal says
• India was given a high rating for immediate outcome on anti money laundering and terror financing, says Aggarwal
• Measures taken for financial transparency through JAM trinity recognised by FATF, says Aggarwal
• India's risk assessment will be done every three years by FATF, next one in 2025, Aggarwal says
• FATF recognised steps taken against risks from cash-based economy, Aggarwal says
• FATF recognised 4 lakh companies deregistered between 2017-2021 to remove shell companies, Aggarwal says

Northern Arc Capital IPO LIVE: GMP trends

The GMP of Northern Arc was Rs 160 today morning. This suggested a 60.84% gain over the IPO price. As of now, the estimated price on listing day based on grey market premium is Rs 423 per share.

Northern Arc Capital IPO LIVE: What is the price band?

The non-banking financial company has set a price band of Rs 249–263 per share for its four-day IPO. The minimum application lot size is 57 shares. Ahead of the IPO, Northern Arc Capital allotted 87.02 lakh shares at Rs 263 per share to 15 anchor investors, raising Rs 228.9 crore.

Northern Arc Capital IPO LIVE: A look at final day frenzy

Northern Arc Capital IPO's subscription will conclude today. So far, the issue has been subscribed 23.39 times. The IPO targets to raise Rs 776 crore. The IPO includes an OFS of Rs 275 crore and fresh issue of Rs 500 crore equity shares.

Business news live: Demerger of energy business to Siemens Energy India gets 'no objection' letter from NSE

Demerger of energy business to Siemens Energy India gets 'no objection' letter from NSE. In a regulatory filing, the company said that "we would like to inform you that the Company has received observation letter dated 18th September 2024 from National Stock Exchange of India Limited (“NSE”) with ‘no objection’ in relation to the Scheme."

Arkade Developers IPO LIVE: What the current grey premium trend

According to investorgain.com, the most recent grey market premium (GMP) for the Arkade Developers IPO was Rs 85, up from the GMP of Rs 70 prior to the start of bidding. With the upper price band of the IPO set at Rs 128 and the current GMP, the estimated listing price for Arkade Developers shares is Rs 213, indicating a 66.41% premium over the issue price.

Apple News LIVE: Apple faces EU warning to open up iPhone operating system, reports Bloomberg

Apple Inc is set to be warned by the European Union to open up its highly guarded iPhone operating system to rival technologies, or eventually risk significant fines. EU watchdogs are due to announce under the bloc’s new Digital Markets Act that the Cupertino, California-based firm must step into line with strict new rules on making operating systems fully functional with other technologies, according to people familiar with the matter, who spoke under condition of anonymity. (Bloomberg)

Arkade Developers IPO LIVE: What's the subscription status on final day?

The mainboard issue was fully subscribed on the first day, September 16, and has continued to attract strong interest. By 1:20 PM on Thursday, the fourth day, it had been subscribed 48.55 times overall. The retail portion was booked 43.40 times, while the Non-Institutional Investors (NII) segment saw a subscription rate of 114.14 times. The Qualified Institutional Buyers (QIB) segment had received bids 8.56 times.

Arkade Developers IPO LIVE: When will the IPO close?

The subscription for Arkade Developers' initial public offering is ending today - September 19, 2024. The IPO, which opened on September 16, witnessed a positive reponse from both non-institutional investors (NIIs) as well as retail investors. Before the IPO, Arkade Developers raised about Rs 122.40 from anchor investors.

Arkade Developers IPO LIVE: An overview of Arkade Developers IPO

The IPO of Arkade Developers, targeting a raise of ₹410 crore, closes on September 19. There has been significant interest, with both retail and non-institutional investors heavily subscribing. Analysts are optimistic about the offering, noting the company's robust growth strategy and solid financial stability.

Andhra Pradesh News LIVE: Experts view on beverage players

Karan Taurani from Elara Capital told CNBC-TV that most companies are currently fairly valued, with many trading 10% to 12% above their target prices. However, he noted that UBL still has potential for performance improvement.

Andhra Pradesh News LIVE: What Chandrababu Naidu said on new excise policy?

Naidu has reportedly told govt officials to ensure that quality liquor is made available at a reasonable price. He has also said that retail outlet licenses' allotment will be done in a very transparent manner.

Andhra Pradesh News LIVE: When will the new liquor policy take into effect

Latest reports say that the new Andhra Pradesh liquor policy will come into effect from October 1st. Addressing media, I & PR Minister K Parthasarathy stated, "The cabinet has decided to implement a private retail system for liquor sales to improve management efficiency. Out of the 3,736 retail outlets in the state, 10 percent will be designated for the toddy-tappers community."

Andhra Pradesh News LIVE: Soon, Andhra Pradesh vends to sell liquor for Rs 99 or less

The Chandrababu Naidu Cabinet has cleared the new liquor policy for Andhra Pradesh. Soon, the vends in the state will be able to sell liquor for Rs 99 or less.

Business News LIVE: Alibaba accelerates AI push by releasing new open-source models, text-to-video

Chinese technology company Alibaba released on Thursday new open-source artificial intelligence models and text-to-video AI technology, intensifying its efforts to compete in the booming area of generative AI. The open-source models, numbering more than 100, come from Alibaba's Qwen 2.5 family, its latest foundational large language model released in May. (Reuters)

Bajaj Auto LIVE: Something like Rs 20,000 per share not out of reckoning, says Rajiv Bajaj to CNBC-TV18

Bajaj Auto's Rajiv Bajaj tells CNBC-TV18 that "something like Rs 20,000 per share not out of reckoning." He also said that "exports are doing well, except in Nigeria." On production of Chetak and Freedom, Bajaj said, "we are asking ourselves if we can cross 2.5 lakh units of Freedom and Chetak."

• Relief could have resulted in Rs 5 per share upside for Vodafone Idea
• Cash flow position of Voda Idea will become more difficult without the court relief
• See possibility of further market share gain for Bharti given lack of relief for Vodafone Idea
• Dismissal of curative petition is a slight positive for Bharti Airtel with respect to potential market share gain
• Need to see if Voda Idea can go ahead with debt raising plan in light of unfavourable SC verdict
• Debt fund raise will be crucial for Voda Idea to continue with its capex plan

AGR Dues Case LIVE: A look at the 2019 verdict by Supreme Court

Back in 2019, the Supreme Court had ruled that the non-core revenue should be included in the AGR calculations. The October 2019 ruling had ended the legal war between telecom operators and the government. This legal battle for defining the AGR went on for 14 years.

AGR Dues Case LIVE: Vodafone Idea, Indus Towers shares plummet 15%

Telecom stocks faced selling pressure during September 19 trade as the Supreme Court rejected telecommunication companies' plea for the re-computation of adjusted gross revenue (AGR) dues. Shares of debt-laden telecom operator Vodafone Idea crashed over 15 percent. At 12.05 pm, VI shares were quoting Rs 10.96 apiece on the NSE, while Indus Towers' stock price plummeted 14 percent to Rs 367.25. Bharti Airtel shares were quoting Rs 1,662 apiece, up half a percent on the NSE. (Read More)