Business News Highlights: Govt scraps windfall tax on petroleum crude

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Market News: Damani offloads 0.64% stake in VST Industries

Radhakishan Damani sold 1 lakh shares or a 0.64 percent stake in VST Industries for an average price of Rs 439.19 via a bulk deal on September 19. As of June 30, Damani had a 3.47 percent stake in VST Industries.

News Live: Naspers gets CCI's clearance to buy minority stake in Vastu Housing Finance Corp

Fair trade regulator CCI on Tuesday cleared South Africa-based Naspers' proposal to acquire a minority stake in Vastu Housing Finance Corporation Ltd.

Naspers Ventures BV is an indirect and wholly-owned subsidiary of leading global technology investor Prosus NV.

Naspers is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.

Market News Live: Bitcoin jumps most in more than a month

Bitcoin rose the most in more than a month as expectations increase that a reduction in borrowing rates by the Federal Reserve will boost demand for speculative assets.

The largest digital currency gained as much as 6.4% to $61,337 on Tuesday, the biggest intraday increase since August 8. Smaller cryptocurrencies such as Ether, Dogecoin and Solana also rallied.

The market-implied odds that Fed policymakers announce a 50-basis-point rate reduction on Wednesday were around 55%. Traders have fully priced in a full quarter-point worth of easing.

News Live: IBBI chief asks insolvency professionals to be as transparent as possible

Chairperson Ravi Mital on Tuesday asked insolvency professionals to be as transparent as possible during the resolution process as that will help in improving the bids and reduce haircuts.

Speaking at a conference organised by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) in the national capital, he said insolvency professionals and insolvency professional entities are the fulcrum of the insolvency system.

While highlighting that the insolvency professionals need to be mindful of time and delays, Mital said, "be as transparent as possible during the bidding process. This will improve bids, reduce haircuts and improve image of the IBC ecosystem," according to a release issued by IIIPI.

News Live: SpaceX faces $633,009 in proposed fines over license violations

SpaceX faces as much as $633,009 in civil penalties over allegations it violated license requirements during two rocket launches in 2023, US air safety regulators said on Tuesday.

The alleged violations by billionaire Elon Musk’s company included using an unapproved control room for one launch in Florida and an unapproved rocket propellant facility for another, the Federal Aviation Administration said in a statement.

Business News Live: Govt cuts windfall tax on petroleum crude to zero

The Central government has cut the windfall tax on petroleum crude to zero from Rs 1,850 per metric ton, effective from September 18, a notification issued on Tuesday showed.

The government reviews the windfall tax every fortnight, and the cut comes after a significant decline in crude prices.

Global benchmark Brent crude prices have fallen to below $75 a barrel from over $92 a barrel in April

News Live: Export of electric bikes from India has lot of potential, says Gadkari

Exports of electric two-wheelers from India has a lot of potential, specially to markets where Indian manufacturers are already selling conventional engine counterparts, Union Minister Nitin Gadkari said on Tuesday.

Speaking at the launch of Revolt Motors' electric commuter motorcycle here, Gadkari said 50 per cent of motorcycles produced in India are exported and major players like Bajaj Auto, Hero MotoCorp, and TVS have a large presence in the international markets.

The minister asked Revolt Motors to explore markets in the neighbouring countries as well as Africa and Latin America.

News Live: Govt asks edible oil firms not to hike retail price; 30 lakh ton lower duty oils available

The government has asked edible oil processors not to hike retail prices following recent increase in import duties, as there is enough stock of cooking oils that were shipped at a lower duty.

The food ministry said the stocks imported at lower duties would easily last 45-50 days, and therefore the processors should refrain from increasing maximum retail prices (MRP).

Last week, the Centre implemented an increase in the basic customs duty on various edible oils to support domestic oilseed prices.

Market News Live: S&P 500 on track for first record close since July

The S&P 500 rose to an all-time intraday high on Tuesday and was on track for a record close, lifted by investor confidence that the Federal Reserve is set to begin cutting interest rates, erasing the last of a deep selloff that lasted through late July and early August.

The S&P 500 was last up 0.64%, to 5,669.06. The index's previous record high close was 5,667.2 points on July 16.

Encouraging economic data and expectations of a hefty interest rate cut have largely helped the S&P 500 recover after fears of an imminent recession sent the benchmark index down more than 8.5% over three weeks through Aug. 5.

Pret A Manger sales top £1 billion on international expansion

Pret A Manger Ltd. annual sales topped £1 billion ($1.32 billion) last year as it opened more shops overseas, including across the US.

The sandwich and coffee shop chain said £1 in every £4 spent at Pret is now outside the UK, thanks to expansion into key markets like New York and countries including India and Italy.

News Live: Markets hinge on Powell emulating Greenspan to avoid a recession

Traders are harking back on 1995, when Alan Greenspan led the Federal Reserve in pulling off a rare soft landing, for a playbook on trading the first interest-rate cut in four years.

Like nearly three decades ago, bonds and stocks are rallying ahead of a critical Fed meeting. But this time, the central question for Chair Jerome Powell is which approach — reducing rates by 25 basis points or 50 basis points — is most beneficial for the US economy. Read more

Quality Power Electrical Equipments IPO is a mix of fresh issuance of Rs 225 crore by the company, and an offer-for-sale of 1.2 crore equity shares by promoter Chitra Pandyan....Read More

News Live: Motilal Oswal Foundation donates Rs 130 crore to IIT-Bombay

Motilal Oswal Foundation, the philanthropic arm of Motilal Oswal Financial Services, has donated Rs 130 crore to Indian Institute of Technology, Bombay, the organisation said on September 17.

This is one of the largest corporate philanthropic contributions in the country, the foundation said in a post on X. Read  more

News Live: India to discuss carbon tariffs, trade barriers with EU next week

The ninth round of talks between India and the European Union (EU) to discuss the free trade agreement (FTA) is set to begin from September in New Delhi. Read more

IPO News Live: Western Carriers IPO bought 9.43 times on second day of bidding

The initial share sale of logistics company Western Carriers (India) got subscribed 9.43 times on the third day of public offer on September 17.

The Rs 493-crore initial public offer received bids for 19,67,33,274 shares against 2,08,68,467 shares on offer, according to data available with the NSE.

News Live: Microsoft, G42 deepen partnership with new AI centres in Abu Dhabi

Microsoft Corp and G42 on Tuesday announced they are expanding partnership by establishing two new AI centres in Abu Dhabi.

The latest announcement builds on the partnership jointly announced earlier this year and marks the beginning of several additional steps they intend to unveil over the weeks and months ahead, according to a statement.

"Today, we’re announcing the establishment in Abu Dhabi of two new centres that together will advance our collective Responsible AI goals," it said.

The first, co-founded and co-funded by G42 and Microsoft, with the endorsement of Abu Dhabi’s Artificial Intelligence and Advanced Technology Council (AIATC), will identify, develop and advance best practices and industry standards for the responsible use of AI in the Middle East and the Global South.

Market Live: Sebi employees assured of a committee to look into workplace demands

Employees of the Securities Exchange Board of India (SEBI) have been assured that a committee, including whole-time members of the regulator, will be formed to address their demands for improving the work environment and creating a more equitable performance-tracking system, people familiar with the matter told Moneycontrol.

News Live: Sachin Bansal’s Navi overtakes Amazon Pay to emerge as fifth largest UPI player

Sachin Bansal’s fintech Navi has taken over Amazon Pay to emerge as the country’s fifth-largest UPI player, as it continues to grow at breakneck speed, data available with the National Payments Corporation of India (NPCI) shows. Read here

Arkade Developers IPO gets subscribed 16.20 times on day 2 of bidding

The initial public offer of Arkade Developers received 16.20 times subscription on the second day of bidding on September 17.

The initial share sale received bids for 38,51,04,390 shares against 2,37,75,719 shares on offer, as per NSE data.

The portion for non-institutional investors attracted 28.26 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 19.99 times. The quota for Qualified Institutional Buyers (QIBs) fetched 44 per cent subscription.

News Live: US industrial production rebounds after Hurricane-related drop

US industrial production rebounded in August from a Hurricane Beryl-related slide a month earlier, reflecting a pickup in manufacturing and mining output.

The 0.8% increase in production at factories, mines and utilities followed a downwardly revised 0.9% decline a month earlier, Federal Reserve data showed Tuesday. The August advance exceeded all estimates in a Bloomberg survey of economists.

Manufacturing production rose 0.9%, while mining and energy extraction increased. Output at utilities was unchanged in August. A month earlier the hurricane led to power outages and temporary closures at some producers in Texas, while disrupting natural gas extraction, according to the Fed.

Meanwhile, capacity utilization at factories, a measure of potential output being used, rose to 77.2% from 76.6%. The overall industrial utilization rate increased to 78%.

Markets News Live: Wall Street opens higher after retail sales data, Fed decision in focus

Wall Street's main indexes opened higher with the benchmark S&P 500 close to its intraday record high, ahead of the Federal Reserve's policy meeting starting on Tuesday, after data signaling a healthy consumer allayed worries of a sharp slowdown in the US economy.

The Dow Jones Industrial Average (.DJI) rose 101.7 points, or 0.24%, at the open to 41,723.78. The S&P 500 (.SPX) rose 22.4 points, or 0.40%, at the open to 5,655.51​, while the Nasdaq Composite (.IXIC) rose 114.9 points, or 0.65%, to 17,707.019 at the opening bell.

FOMC Live: Stocks rise as retail sales show US is holding up

Stock futures rose after retail sales data released ahead of Federal Reserve decision showed the US consumer is holding up.

Equities advanced across the board in early New York trading, with the S&P 500 poised to gain for a seventh straight day. Treasury yields and the dollar edged mildly higher. Yet traders continued to bet on a strong chance of a half-point rate cut by the Fed on Wednesday.

US retail sales unexpectedly rose in August, supported by online purchases that masked more mixed results at other merchants. The value of retail purchases, unadjusted for inflation, increased 0.1% after a revised 1.1% gain in July. Excluding autos and gasoline stations, sales advanced for fourth month.

FOMC LIVE: US retail spending ticked up slightly last month in sign of ongoing consumer resilience

Americans spent a bit more at retailers last month, providing a small boost to the economy just as the Federal Reserve considers how much to cut its key interest rate.

Retail sales ticked up 0.1% from July to August, after jumping the most in 18 months the previous month, the Commerce Department reported Tuesday. Online retailers, sporting goods stores, and home and garden stores reported higher sales.

The data indicate that consumers are still able to spend more despite the cumulative impact of three years of excess inflation and higher interest rates. Average paychecks, particularly for lower-income Americans, have also risen sharply since the pandemic, which has helped many consumers keep spending even as many necessities became more expensive.

Market Live: SpiceJet's Rs 3,000 crore issue commences; floor price set at Rs 64.79 per share

SpiceJet has set a floor price of Rs 64.79 per share for the sale of securities to qualified institutional buyers through which the budget carrier aims to raise up to Rs 3,000 crore.

Last week, shareholders approved a proposal to raise up to Rs 3,000 crore.

According to the preliminary placement document, a copy of which has been submitted to the BSE, the floor price has been set at Rs 64.79 per share.

News Live: India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations, a senior official said on Tuesday.

Commerce Secretary Sunil Barthwal said the officials of the UK are briefing their new ministers about the proposed free trade agreement (FTA).

The two sides have already taken stock of the progress of talks at secretary and minister levels.

"The briefings are going on in the UK...they are briefing their new ministers and based on that, the negotiations will start. We are hoping that in October, the negotiations should resume," Barthwal told reporters.

Centre advises edible oil associations to maintain MRP, reports CNBC-TV18

The Central government on September 17 advised edible oil associations to maintain the MRP of oil till, edible oil stocks imported at 0 percent & 12.5 percent basic customs Duty (BCD), are available, CNBC-TV18 reported.

Market News Live: Intel's Amazon chip deal lifts investor confidence in money-losing foundry unit

Intel shares jumped 7% before the bell on Tuesday, as a chip-making deal with Amazon's cloud business provided a major stamp of approval for its struggling contract manufacturing business.

The chipmaker will build custom AI chips for Amazon Web Services (AWS) as part of the multibillion-dollar deal. The move expands a years-long tie-up between the companies under which Intel designs several chips used in Amazon's datacenters.

"The deal provides Intel with some credibility as it looks to gain traction with new external customers. In addition, it will help Intel sell itself as a supplier of custom AI silicon chips" said Angelo Zino, senior equity analyst at CFRA Research.

Intel's stock has plunged nearly 60% this year and has lagged chip firms, including Nvidia and TSMC, as it missed out on an AI-driven boom in chip demand.

Northern Arc Capital IPO subscribed 9.98 times on Day 2 of offer

The initial public offer of non-bank financial institution Northern Arc Capital Ltd got subscribed 9.98 times on the second day of bidding on Tuesday.

The share sale received bids for 21,43,97,349 shares against 2,14,78,290 shares on offer, as per NSE data.

India News Live: Modi unveils railway, NH projects worth over Rs 3,800 cr, launches Odisha's Subhadra scheme

Prime Minister Narendra Modi unveiled railway and national highway projects worth over Rs 3,800 crore on Tuesday, marking 100 days of the NDA government 3.0. Addressing a gathering here, Modi also launched the Odisha government’s ‘Subhadra Yojana’, a financial assistance scheme for women, while asserting that their empowerment will be the key to the state’s development.

Besides, he released the first instalment of assistance to nearly 10 lakh beneficiaries under PMAY-G across 14 states, took part in 'Griha Pravesh' celebrations for 26 lakh beneficiaries under the housing scheme, and launched Awaas+ 2024 App for a survey of additional households for the same programme.

Ajay Arya is Mphasis' new head of mergers & acquisitions

Tech services and consulting firm Mphasis on September 17 appointed Ajay Arya as head of mergers & acquisitions, CNBC-TV18 reported.

Instagram rolls out teen account with privacy, parental controls as scrutiny mounts

Meta Platforms is rolling out special accounts with new privacy settings for teenaged Instagram users, it said on Tuesday, its latest effort to limit their exposure to harmful content on its apps amid regulatory pressure.

The social media firm said it will port all designated accounts automatically to teen accounts, which will be private accounts by default.

Users of such accounts can only be messaged and tagged by accounts they follow or are already connected to, while sensitive content settings will be dialed to the most restrictive available.

Users under 16 years of age can change the default settings only with a parent's permission. Parents will also get a suite of settings to monitor who their children are engaging with and limit their use of the app.

PMEA Solar Tech Solutions files IPO papers; eyes Rs 600-cr via fresh issue

PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO).

The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday.

The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose.

Fed governor seen as potential chair won’t welcome Trump’s input

Former President Donald Trump wants the White House to have a say on interest rates. The Federal Reserve governor seen as a possible candidate to lead the central bank in a second Trump term is vehemently opposed to the idea.

Aside from Chair Jerome Powell, Christopher Waller is one of two other Trump appointees on the Fed’s Board of Governors in Washington. Before he joined the Board in 2020, the 65-year-old economist devoted part of his career to quantifying the benefits of central bank independence — and he’s continued as one of its biggest advocates in his latest role.

Waller, when asked about Trump’s views after a speech at the University of Notre Dame earlier this month, pointed to strong support in Congress and financial markets for the Fed’s autonomy when it comes to setting interest rates.

“If the president wants to complain about it, he is free to do so just like everybody else,” Waller said. “That doesn’t mean I have to listen or adjust policy to that, but he is entitled to every damn opinion he wants.”

Stocks rise with retail data in focus before Fed

US equity futures rose as traders looked forward to a final set of economic data before the Federal Reserve decides on the size of Wednesday’s interest-rate cut.

S&P 500 contracts signaled a seventh consecutive day of gains, while the Nasdaq 100 was poised to rebound after Monday’s slump in tech megacaps. Microsoft Corp. rose in premarket trading after boosting its dividend 10% and unveiling a $60 billion stock-buyback program. Intel Corp. rallied 8.3% after the chipmaker won new business from Amazon.com Inc.

On the eve of the Fed’s first rate cut in more than four years, investor attention will home in on US retail figures due later. The numbers will feed into a debate raging across markets over whether the Fed will ease by 25 basis points, or by double that amount.

LIC news live: LIC raises stake in Biocon to 5.023% from 4.982%

LIC has raised stake in Biocon to 5.023 percent from 4.982 percent, LIC said in an exchange filing. "The Life Insurance Corporation of India (“the Corporation”) has increased its shareholding in equity shares of Biocon Ltd. (“Company”) from 5,98,14,429 to 6,03,14,429 i.e., 4.982% to 5.023% of the paid-up capital of the said Company," the regulatory filing said.

Business News LIVE: Infosys collaborates with UK's Metro Bank for digital transformation

Metro Bank, the UK’s community bank, has entered into a long-term collaboration with Infosys to enhance some of its IT and support functions, while digitally transforming the bank’s business operations, a regulatory filing said. The collaboration supports the bank’s ongoing efficiency and cost saving efforts. Collaborating with a global leader like Infosys will allow Metro Bank to enhance its digital capabilities, improve automation, refine data, and embed further AI capabilities, leveraging Infosys Topaz, an AI-first offering using generative AI technologies, to deliver a simpler more consistent customer experience for its FANS.

Business News Live: Income Tax Dept sends notices to some companies over 'unexplained expenditure,' reports CNBC-TV18

The Income Tax department had sent notices to some companies over 'unexplained expenditure,' reports CNBC-TV18. The TV report said that notices have been sent under Section 69C of the IT Act. The CNBC-TV18 said that notices have been sent to some cement, metal, power, realty and insurance companies.

Business News LIVE: 'Trade deficit is not a matter of concern for emerging economies,' says commerce secy

"Trade deficit is not a matter of concern for emerging economies. China maintained larger trade deficit. There is a huge consumption demand coming from the economy, which is growing at double the rate of other countries," says Sunil Barthwal

Business News Live: India's trade deficit widens to $29.7 billion, according to govt data

India's trade deficit widened to $29.7 billion, according to data released by Commerce Ministry

• The slowdown in China is impacting petroleum prices. Although it helps us in terms of imports, it affects our exports: Commerce Secretary Sunil Barthwal
• Exports are a huge challenge in the current global situation. There is a slowdown in China, and recession persists in the US and Europe. The transportation cost of trade remains high, with routes being diverted. There are many challenges in trade. In cumulative terms, exports have moved into positive territory: Barthwal
• We want at least a 10 percent share in e-commerce exports. In the next five years, we should reach the $200 billion mark as the World crosses $2 trillion in e-commerce exports: Barthwal
• We have to reach $2 trillion in trade by 2030, of which 50 percent would be from services. The services sector is not impacted as much by global conflicts as merchandise. By focusing on services, we can do extremely well. This is the focus area of the new government: Barthwal
• There are further requests on FTA agreements with India: Commerce Secretary

Business news live: Coal is still cheapest form of energy, says Goldman Sachs' Nikhil Bhandari to CNBC-TV18

Coal is still cheapest form of energy, Goldman Sachs' Nikhil Bhandari told CNBC-TV18. He also said that battery-based, storage systems are still not competitive as compared to legacy forms of energy.

Bajaj Housing Finance IPO Latest news: See steady credit growth at 12-15% in housing finance business, says Sanjiv Bajaj

Bajaj Housing Finance will contribute to India's credit growth and enable greater access to finance, Sanjiv Bajaj said, after the company's shares clocked strong listing gains, more than doubling on debut. This is the third company from the Bajaj Group to be listed, and Sanjiv Bajaj said he has been 'overwhelmed' by the response that investors have shown to the Bajaj Housing Finance IPO. (Read More)

Zerodha News LIVE: CEO Nithin Kamath announces ATO for Kite web

Bajaj Auto LIVE: Bajaj Auto launches Triumph's T4 and Speed 400, new motorcycles in the 400cc category

Bajaj Auto has launched a two new motorcycles in the 400 cc category - the Triumph Speed T4, and MY25 Speed 400. (Read More)

Economy News LIVE: We have removed minimum export price on basmati rice, says PM Modi in Odisha

During the launch of Subhadra scheme, PM Modi spoke about various initiatives by his government. He said that the Centre has removed minimum export price on basmati rice. The Modi 3.0 is marking 100 days today.

Business News LIVE: EaseMyTrip forays into medical tourism industry

EaseMyTrip has decided to make an entry into the medical tourism industry, CNBC-TV18 reports. The TV report says that the company has acquired 30 percent stakes in Rollins International for Rs 60 crore. Apart from this, EaseMyTrip has also acquired 49% stake in Pflege Home Health for Rs 30 crore, the CNBC-TV18 report added.

Northern Arc Capital IPO LIVE: When is the listing?

As per the latest reports, Northern Arc Capital shares are likely to list on the National Stock Exchange and Bombay Stock Exchange on September 24, 2024.

Northern Arc Capital IPO LIVE: Important dates

The Northern Arc Capital IPO is set to close on Thursday, September 19, 2024. After the subscription window closes, the basis of allotment for the IPO shares is expected to be finalised on Friday, September 20, 2024. Following this, the company's shares will likely be credited to demat accounts on Monday, September 23, 2024.

Northern Arc Capital IPO LIVE: Who are the registrar and book-running managers of this IPO?

Kfin Technologies serves as the registrar for the Northern Arc Capital IPO, with ICICI Securities, Axis Bank, and Citigroup Global Markets India acting as the book-running lead managers for the public offering.

Northern Arc Capital IPO LIVE: What will company do with IPO proceeds?

Through the IPO, Northern Arc Capital is offering a fresh issue of 19,011,407 shares, along with an offer for sale of 10,532,320 shares, each with a face value of Rs 10. The company plans to use the net proceeds to meet future capital needs, specifically for onward lending.

Northern Arc Capital IPO LIVE: GMP soars to 67 percent

The grey market premium (GMP) of Northern Arc Capital continues to rise, with the company's shares trading at a premium of Rs 178, about 68% above the upper issue price of Rs 263. This highlights the strong investor enthusiasm for the public offering.

Northern Arc Capital IPO LIVE: Subscription surges on day 2

The initial public offering (IPO) of Northern Arc Capital has garnered an overwhelming response from investors, receiving bids for an impressive 11,95,44,003 shares against the 2,08,68,467 shares on offer. This has led to an oversubscription of 5.73 times, driven largely by retail investors, who placed bids amounting to 8.51 times the shares allocated for them.

Economy news live: August WPI inflation at 1.31% versus 2.04% (MoM)

The August data for the Wholesale Price Index is out. According to the official figures, the WPI Inflation for the month of August stood at 1.31% versus 2.04% (MoM) (Read More)

Business news live: Britain's Revolut prepares for 2025 India launch, FT reports

Britain's Revolut is preparing to launch its services in India next year, the Financial Times reported on Tuesday. Revolut set up in India in 2021 but did not receive in-principle approval from the country's central bank to issue prepaid cards and wallets until earlier this year, the newspaper reported. (Reuters)

Sebi News LIVE: Congress slams FM's remarks, says answers by Madhabi Puri Buch & Dhaval Buch raise 'more questions'

The Congress on Tuesday said the "answers" being provided by SEBI chairperson Madhabi Buch and her husband raise even more questions and asserted that "the facts" that have been put out on their financial dealings have not been contradicted so far by anyone. Congress general secretary in-charge communications Jairam Ramesh also asked whether Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi were aware of these "facts" since 2022 at least and do they really think that these "facts are trivial" and do not, in any way, compromise the functioning of the capital markets regulator. His remarks come a day after Sitharaman said Madhabi Buch and her husband Dhaval Buch are defending themselves and putting out facts contradicting the allegations of Congress. (PTI)

SpiceJet QIP LIVE: QIP oversubscribed, reports CNBC-TV18

SpiceJet has received good response for its QIP, CNBC-TV18 reported citing sources. The offers have exceeded Rs 3,000 crore. The QIP has been oversubscribed, CNBC-TV18 reported. Interest seen from both domestic and international institutional investors, mutual funds and FIIs cap raised from QIP to be utilised for fleet expansion, ops enhancements, B/S strengthening, the report added.

Business News LIVE: Mastercard CFO Sachin Mehra diagnosed with cancer, will continue working, reports Bloomberg

Mastercard Inc. Chief Financial Officer Sachin Mehra will undergo treatment for non-Hodgkin lymphoma while remaining actively involved in the payments firm’s daily operations. Mehra’s blood cancer “was detected very early, with scans and biopsies indicating it is highly localized and curable,” Mastercard said in a statement Monday. His long-term prognosis is “excellent,” the company said. (Bloomberg)

Bajaj Housing Finance LIVE: Shares hit 10% upper circuit

Bajaj Housing Finance's share price surged by 10 percent at the opening on Tuesday, September 17, reaching the upper circuit limit of Rs 181.5. This further rise follows a strong debut the previous day, where IPO investors saw their investments more than double. (Read More)

Adani News LIVE: Adani’s Kenya transmission deals still under talks, agency says - Bloomberg

The Kenya Electricity Transmission Co. said it’s still in talks with Adani Energy Solutions Ltd. for the construction of three power lines, contradicting a presidential adviser who announced that two companies including the Indian firm had already been awarded deals for as much as $1.3 billion, reports Bloomberg. The Bloomberg report further quoted an official saying that the deal is not finalised as of now. “There are still many boxes to tick,” Chief Executive Officer John Mativo said Monday at a meeting with stakeholders in the capital, Nairobi. “We will get the best deal for this country.”

Business News LIVE: Trafiksol ITS Technologies listing postponed, Bombay Stock Exchange says on X

PN Gadgil Jewellers IPO listing LIVE: Bajaj Housing Finance D-Street recap! PN Gadgil Jewellers' shares open at Rs 830 per share on NSE

PN Gadgil Jewellers' shares were listed on the NSE at Rs 830 per share on Tuesday, September 17, reflecting a 72.91% premium over the issue price. The IPO saw a subscription rate of 59.41 times by the end of bidding on September 12. (Read More)

FOMC meet begins today: US Fed likely to reduce policy rates by 25-50 bps

Businesses and investors around the world are focused for months on the two-day Federal Open Market Committee (FOMC) meet beginning September 17, hoping that the US Federal Reserve will start easing the policy rates. The FOMC is expected to lower the policy rates by 25 or 50 basis points (bps). Investors will also await the Fed commentary to gauge the likely frequency and size of future rate cuts. (Read More)

• Tea production in the country has declined significantly in 2024, with Assam recording an 11 per cent drop and West Bengal seeing a 21 per cent decline up to July, according to data from the Tea Association of India.
• The association attributed the decline to Insufficient rainfall and excessive heat until May, followed by excessive rainfall in June and July, which hampered crop production during the current season.
• "The production figure of the North Indian tea industry reflects a precarious state of affairs, consequent to the constant onslaught of insufficient rainfall and excessive heat till May, and excessive rainfall in June and July," the association stated.
• As per the association, the situation has been further aggravated by severe pest and disease infestations, weakening tea bushes in both West Bengal and Assam. (ANI)

Business News LIVE: PMEA Solar files draft papers with SEBI to raise funds via IPO

PMEA Solar Tech Solutions Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of Rs 600 crore and an offer for sale of up to 11.24 million shares by existing promoters and shareholders.

Proceeds from the fresh issue will be used for capital expenditure and debt repayment. The company plans to use the funds for setting up a fixed-tilt and tube mill manufacturing facility in Mundra, along with purchasing machinery and equipment for its plants in Nasik and Pune. More here.

Business News LIVE: Tupperware brands plans to file for bankruptcy

Tupperware Brands is preparing to file for bankruptcy as soon as this week, according to people with knowledge of the plans, following a years-long effort to revive the business amid waning demand.

The home-goods brand, which has for much of a century defined food storage, is planning to enter court protection after it breached the terms of its debt and enlisted legal and financial advisers, said the people, who requested anonymity to discuss confidential information, reported Bloomberg. Read more here.

Currency News LIVE: Rupee expected to remain steady ahead of Fed decision

The Indian rupee is expected to open nearly flat on Tuesday, with traders expecting the currency to see largely rangebound price action ahead of U.S. Federal Reserve's policy decision this week.

The 1-month non-deliverable forward indicated that the rupee will open at 83.87-83.88 to the U.S. dollar, little changed from its Monday's close of 83.8875.

While Asian currencies have been lifted by heightened odds of a deeper rate cut by the Fed on Wednesday, the rupee has diverged from its peers, pinned down by persistent dollar demand from local importers and likely absorption of inflows by the Reserve Bank of India, traders said. (Reuters)

Business News LIVE: Microsoft approves new $60 billion share buyback program

Microsoft said on Monday its board has approved a new share buy back program of up to $60 billion.

The tech giant declared a quarterly dividend of $0.83 per share, reflecting an 8 cent, or 10%, increase over the previous quarter.

Microsoft said it will hold its annual shareholders meeting on Dec. 10.

In July, the company said it will spend more this fiscal year on AI infrastructure. It reported a 77.6% rise in capital spending in the quarter ended June 30, largely due to AI-related expenses. (Reuters)

Oil Prices LIVE News: Oil extends gains on US output concerns, expected drop in stockpiles

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.

Brent crude futures for November rose 16 cents, or 0.2% at $72.91 a barrel at 0120 GMT. U.S. crude futures for October climbed 34 cents, or 0.5%, at $70.43 a barrel.

Both contracts settled higher in the previous session as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico countered Chinese demand concerns ahead of this week's U.S. Federal Reserve interest rate cut decision, which should prove positive for investor sentiment in oil. (Reuters)

PN Gadgil Jewellers IPO LIVE: PN Gadgil Jewellers expected to list with over 64% premium 

According to various platforms tracking grey market premium (GMP) activities, P N Gadgil Jewellers' shares are commanding a premium of Rs 309 in the unlisted market. This suggests a potential listing gain of over 64%, signalling strong investor interest ahead of the stock's debut.

PN Gadgil Jewellers IPO LIVE: PN Gadgil Jewellers expected to list at 60% premium over IPO price

PN Gadgil Jewellers is set to debut on the stock exchanges on September 17, following an impressive 59.41 times subscription to its Rs 1,100 crore IPO. The offering raised ₹330 crore from anchor investors and included a fresh issue of equity shares worth Rs 850 crore alongside a Rs 250 crore offer for sale by promoter SVG Business Trust.

Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, noted that the issue is expected to see "decent gains" upon listing, with potential for investors to book profits post-listing.

Business News LIVE Updates: PN Gadgil Jewellers IPO listing today

PN Gadgil Jewellers is set to list its shares on the stock exchanges on Tuesday, September 17. The company's shares were trading at a grey market premium (GMP) of nearly 63% over the issue price, signalling a strong debut.

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