Business News Highlights: Shailesh Chandra takes over as SIAM President

The Gujarat government on Tuesday announced the formation of Gujarat State Institution for Transformation or 'GRIT', a think tank modelled on the NITI Aayog to help realise the vision of 'Viksit' or developed state by 2047.

The Chief Minister will head the governing body of GRIT with the finance minister as vice-chairman and the ministers of agriculture, health, education and industry serving as members.

India's premier business school Indian Institute of Foreign Trade (IIFT), under the commerce ministry, has topped the chart in the networking category in the LinkedIn's Top 100 MBA Programmes in the world.

The institute was ranked 51st among the top 100 programmes, the ministry said in a statement on Tuesday.

Hailing the institute's achievement, Commerce and Industry Minister Piyush Goyal said that this prestigious recognition indicates IIFT's growing dynamism with emphasis on its networking strength worldwide.

Walmart group's fintech firm PhonePe on Tuesday said it has partnered with cross-border payment solutions provider Liquid Group to expand its merchant acceptance network in Singapore.

The collaboration will allow PhonePe users travelling to Singapore to scan and pay using the app at Liquid Group's merchant base.

"We are thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travellers visiting Singapore. This popular destination is a favourite among Indian tourists, and we are excited to empower them to pay quickly and easily at their favourite food, shopping, and sightseeing spots making their travel experience even more enjoyable," Ritesh Pai, CEO of International Payments at PhonePe, said.

Fair trade regulator CCI on Tuesday granted its approval to Dixon Technologies' proposal to acquire a stake in Aditya Infotech Ltd.

Dixon Technologies (India) Ltd is involved in the business of providing Electronic Manufacturing Services (EMS). It provides EMS for lighting solutions, television, washing machines, security systems, wearables and hearables, among others.

The regulator also cleared the acquisition of a stake in AIL Dixon Technologies by Aditya Infotech Ltd (AIL).

Mahindra & Mahindra, Dr. Reddy’s Laboratories, and Pidilite Industries on Tuesday said they had hired the services of Dhaval Buch for his expertise after the Congress accused his wife and Sebi Chairperson Madhabi Puri Buch of conflict of interest.

The Congress on September 10 claimed that Sebi Chairperson Buch had a 99 percent stake in a firm when it provided consultancy services to the Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while she was adjudicating cases of the same group.

The Executive Committee of Society of Indian Automobile Manufacturers (SIAM), the apex body representing the country’s leading automobile manufacturers, on September 10 elected Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, as its new president for 2024-25.

The RBI has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance.

In a statement issued on Tuesday, the Reserve Bank of India (RBI) said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain provisions of the Banking Regulation Act, and non-compliance with certain directions on 'Interest Rate on Deposits', 'Know Your Customer (KYC)' and 'Credit Flow to Agriculture-Collateral free agricultural loans'.

A penalty of Rs 1 crore has been imposed on HDFC Bank for non-compliance with certain directions on 'interest rate on deposits', 'recovery agents engaged by banks' and 'customer service in banks', it said in another release.

Century Textiles has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia.

The amount paid for this transaction is Rs 1100 crore, according to an exchange filing.

This acquisition will be developed through its wholly owned subsidiary Birla Estates Pvt Ltd, Century Textiles said in a release.

The Competition Commission of India (CCI) on September 10 approved the proposed merger of Tata Motors Finance Limited with and into Tata Capital Limited.

Walmart Foundation has provided three new grants totalling $2.78 million to advance technological innovation in India's agriculture sector.

With the Walmart Foundation funding, the National Entrepreneurship Network (NEN), Cornell University in support of the Tata-Cornell Institute for Agriculture and Nutrition (TCI) and Precision Development (PxD) collectively aim to reach over 3,00,000 farmers in India, according to a statement.

Czech carmaker Skoda Auto will offer vehicles ranging from mild hybrids to fully electric in India as part of its electric mobility journey in the country, company's Chairman of Management Board & CEO, Klaus Zellmer said on Tuesday.

The company has identified an entry-level EV that will be introduced globally in 2026 as an option for India, which will be followed by SUV Enyaq and another compact SUV Elroq.

Xiaomi India has appointed Sudhin Mathur as their new Chief Operating Officer (CIO), the company announced on September 10.

“With Sudhin’s appointment, Xiaomi India continues to strengthen its Indian leadership team to accelerate its business growth and innovation in the rapidly evolving technology landscape,” the company said in a release.

Air India Express, which is set to complete the merger of AIX Connect with itself next month, will phase out business class seats in its aircraft in 2025, according to a senior airline official.

Currently, the carrier, part of Tata Group, has a fleet of 85 aircraft -- 25 A320 family planes and 60 Boeing 737s. By year-end, the total number is expected to be around 100.

The airline has 34 white tail Boeing 737-8 aircraft and out of them, 29 have business class seats of varying numbers. Their count will rise to 50 by the end of this year.

Tata Group-owned low-cost airline, Air India Express, launched a ‘Flash Sale’ on Tuesday, offering fares starting at Rs 932. The airline announced that the promotion is available for bookings until September 16, 2024, and is valid for travel through March 31, 2025.

• "We welcome the government’s commitment to addressing the GST on insurance premiums, and we are grateful for their focus on this critical issue. While the consideration to reduce GST on health insurance is a positive step, it’s important to recognize that significant challenges remain, especially in rural India. Limited coverage options, complex policy terms, and high out-of-pocket expenses continue to burden many rural communities. Additionally, elderly citizens often face difficulty accessing affordable health insurance, despite being the most vulnerable to rising healthcare costs," says Founder Square Insurance's Rakesh Kumar.
• "For rural populations, simplifying insurance policies and making them easier to understand is key. In many cases, the lack of awareness and accessibility prevents families from securing much-needed coverage. Efforts to bridge this gap require collaboration from both insurance providers and government stakeholders. We must work towards increasing awareness, improving affordability through subsidies, and introducing more flexible and accessible insurance options, particularly for elderly citizens and rural communities," he further says.
• "As the GST Council deliberates further, it is essential that the broader health insurance landscape—including family floaters, group policies, and optional add-on coverages—is considered. A holistic approach will not only provide relief to policyholders but also ensure that health insurance becomes a more inclusive and accessible tool for all regions of our country. I look forward to the Council’s decisions, and I believe this discussion is a step in the right direction for the future of insurance in India," Kumar added.

Shriram Finance Ltd has appointed former Indian cricket team captain and head coach Rahul Dravid as its brand ambassador. Announcing the partnership, YS Chakravarti, managing director and CEO of Shriram Finance, stated, “Rahul Dravid’s association with Shriram Finance represents a perfect synergy between two entities known for trust, reliability, and excellence in their respective fields.”

The Irish government said Tuesday's ruling from Europe's top court that it granted Apple unlawful aid through its tax treatment was an issue "now of historical relevance only" due to changes in its tax system since. It said it would now begin the process of releasing assets from an escrow fund, estimated at 13.8 billion euros ($15 billion) at the end of last year, after the Court of Justice of the European Union (CJEU) ordered the recovery of the funds from Apple. Ireland has long fought a 2016 European Commission order that said the iPhone maker benefited from two Irish tax rulings for over two decades that artificially reduced its tax burden to as low as 0.005% in 2014. (Reuters)

Shares in Alibaba Group jumped 4.2% on Tuesday as investors cheered its inclusion on China's mainland stock exchanges after the e-commerce giant upgraded its Hong Kong listing to primary status last month. Its transition to a dual primary listing has paved the way for the company to be added to the Stock Connect Scheme that allows mainland investors to buy the stock of the country's biggest e-commerce firm by market value. Alibaba announced the inclusion late on Monday evening. (Reuters)

Kumar Mangalam Birla acquired 1.86 crore shares of Vodafone Idea on September 6, while Pilani Investment purchased 30 lakh shares on the same day, a CNBC-TV18 report says. This occurred when Vodafone Idea’s stock had dropped over 11%, following Goldman Sachs' decision to maintain its "sell" rating and set a price target of Rs 2.5, indicating a potential downside of 80% from that level, the report noted.

Hundreds of Samsung Electronics employees went on a strike at a plant in southern India for a second day on Tuesday to demand higher wages, disrupting operations at the South Korean giant. They put up tents outside the factory in Sriperumbudur near the city of Chennai as they prepared to boycott work. (Read More)

Sebi News LIVE: Congress questions PM Modi

"None of the 5 SEBI orders or approvals referenced in the allegations are relevant. Details are - three out of the five approvals or orders of SEBI do not pertain to the Company or any of its subsidiaries. one was a fast-track rights issue, which did not require any approval from SEBI. one was an order issued in Mar 2018, well before Dhaval started working with the Mahindra Group," the company said in its clarification. (Read More)

In a regulatory filing, M&M has issued clarification on Congress charges linked to Madhabi Puri Buch and her husband Dhaval Buch. In its response, Mahindra Group says that "Mahindra Group hired Dhaval Buch in 2019 specifically for his expertise in supply chain and sourcing, soon after he retired as Unilever's Global Chief Procurement Officer. He has spent most of his time at Bristlecone, a subsidiary which is a supply chain consulting company. Buch is currently on the Board of Bristlecone." The clarification further states that "He (Buch) joined Mahindra Group almost 3 years before Madhabi Puri Buch was appointed as SEBI Chairperson. Compensation has been specifically and only for Buch’s supply chain expertise and management acumen, based on his global experience at Unilever."

Sebi news LIVE: 'These irregularities invoke serious conflicts of interest, says Pawan Khera

Congress spokesperson Pawan Khera said, "Agora Advisory Private Limited is owned by Madhabi Puri Buch and her husband. Following the Hindenburg report, Madhabi Puri Buch denied this association, claiming the company became dormant after she joined SEBI. However, she still holds a 99% stake in the company." (Read More)

Tata Motors slashes e-vehicle Tiago prices by up to Rs 40,000 lakh. (Read More)

Tata Motors cuts e-vehicle Nexon prices by up to Rs 3 lakh

Tata Motors cuts e-vehicle Punch prices by up to Rs 1.2 lakh

On August 11, Madhabi and Dhaval Buch had issued a joint statement saying that two consulting companies established by SEBI Chairperson Madhabi Puri Buch during her tenure in Singapore - one in India and one in Singapore - were made dormant following her appointment to SEBI. "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." The statement was issued after Hindenburg Research alleged that Madhabi Buch and her husband had a stake in the obscure offshore entities used in the alleged Adani money siphoning scandal.

In a press briefing on Tuesday, Khera stated that Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch earned crores from Mahindra & Mahindra and several other listed companies.

Congress spokesperson Pawan Khera is addressing media in New Delhi. In new round of allegations against Sebi chair, Congress says that it was a case of 'willful concealment' in terms of Agora stakes. He also questioned Prime Minister Narendra Modi whether he was aware about this issue.

The government of India is now working on building solar energy based charging stations to fulfill the twin objective of sustainable mobility and reducing carbon emissions says Heavy Industry Minister HD Kumaraawamy at SIAM annual convention.

"Upcoming expressways in India will help reduce reliance on flights for short distance travel between cities like Delhi - Dehradun, Chennai - Bengaluru, etc," says Nitin Gadkari at SIAM event.

"The government's new automobile safety norms will help boost exports from India," says Gadkari at SIAM event.

• I request the automobile industry to establish scrapping centres and fitness centres
• India had 63 operational scrapping centres 60 are under construction and 40 in pipeline
• India has 78 operational fitness centres, 179 under construction and 83 in the pipeline

India has 3 crore end of life vehicles, but the country does not have enough scrapping centres to process these vehicles, says Union Minister Nitin Gadkari at SIAM event

Addressing students at Georgetown University, the Congress leader stressed that India must focus on manufacturing to generate jobs. He pointed out that India's economic structure prioritizes consumption over production, with policies like the Goods and Services Tax (GST) impeding manufacturing. "There are several structural issues that hinder production. For instance, GST is detrimental to manufacturing. You need to completely reassess your approach," he remarked.

PN Gadgil Jewellers’ Rs 1,100-crore initial public offer (IPO) opens today (September 10) at 10 am for public subscription in the primary market. On Monday, the company secured Rs 330 crore from anchor investors, including ICICI Prudential Life Insurance Company, Tata Mutual Fund, Axis Mutual Fund, Mirae Asset Mutual Fund, HDFC Mutual Fund, Goldman Sachs (Singapore) Pte, and Societe Generale, among others. (Read More)

Food tech giant Swiggy is exploring the possibility of increasing the size of its initial public offering (IPO) by raising additional capital through a fresh issue of shares, according to an internal set of documents seen by Moneycontrol. (Read More)

A Kenyan High Court has suspended a $1.85 billion agreement between the government and India’s Adani Airport Holdings Ltd, according to the Financial Times. The agreement, which would have given Adani the rights to operate Nairobi’s Jomo Kenyatta International Airport (JKIA) for 30 years, is on hold. The court's order bars any implementation of the deal until further rulings are issued. (Read More)

The US is set to launch economic talks this week with Bangladesh's interim government, including its leader Nobel Peace Prize laureate Muhammad Yunus, the Financial Times reported on Tuesday. "The United States is optimistic that, by implementing needed reforms, Bangladesh can address its economic vulnerabilities and build a foundation for continued growth and increased prosperity," Brent Neiman, assistant U.S. Treasury secretary for international finance, told the newspaper. (Reuters)

Electronic component supply giant Jabil plans to invest Rs 2,000 crore to set up a manufacturing facility in Trichy, creating around 5,000 jobs in Tamil Nadu, according to a statement from the state government. The supplier to Apple, Cisco and HP inked an agreement with the state on September 10 in presence of Chief minister MK Stalin in the US. (Read More)

Master Capital Services Ltd stated that the company's omni-channel sourcing strategy, extensive geographic presence, and broad distribution network allow it to attract a significant number of customers annually. Additionally, the company aims to reduce its borrowing costs by diversifying its borrowing profile. (Read More)

The high level of investor interest is further evidenced by a significant increase in the grey market premium (GMP) for Bajaj Housing Finance shares. Currently, the GMP is at Rs 55, indicating nearly an 80 percent premium over the issue price. This strong GMP suggests that investors might see substantial listing gains when the stock begins trading on the exchanges.

Bajaj Housing Finance’s eagerly anticipated initial public offering (IPO) starts its second day of subscription today (September 10) following an enthusiastic response from investors on the first day of bidding.

• Navigate to the BSE IPO allotment page.
• Choose 'Equity' as the issue type.
• Select 'Shree Tirupati Balajee Agro Trading Company Limited' from the 'Issue Name' dropdown menu.
• Enter your Application number or PAN (Permanent Account Number).
• Complete the 'Captcha' verification.
• Click the 'Search' button to view your allotment status.

• Go to the Link Intime India website.
• Select "Shree Tirupati Balajee Agro Trading Company" from the drop-down menu (the name will be available once the allotment is finalized).
• Choose one of the following options:PANApplication numberDP/Client IDAccount number/IFSC.
• Enter the required details based on your selection.
• Click the "Search" button to view your allotment details.
• Download and print the allotment status for future reference.

Pnb Investment Services Ltd and Unistone Capital Pvt Ltd serve as the book-running lead managers for the Shree Tirupati Balajee IPO, with Link Intime India Private Ltd acting as the issue's registrar.

The Shree Tirupati Balajee IPO is priced between Rs 78 and Rs 83 per share, with a minimum application size of 180 shares. For retail investors, the minimum investment required is Rs 14,940. Small Non-Institutional Investors (sNII) must apply for at least 14 lots (2,520 shares), requiring an investment of Rs 209,160, while Large Non-Institutional Investors (bNII) need to apply for at least 67 lots (12,060 shares), amounting to Rs 1,000,980.

Founded in October 2001, Shree Tirupati Balajee Agro Trading Company Limited manufactures and sells flexible intermediate bulk containers (FIBCs), commonly known as large flexible bags, along with other industrial packaging products like woven sacks, woven fabric, narrow fabric, and tapes, catering to both the Indian domestic market and international clients.

The IPO opened for public subscription on September 5, with the share allotment expected on September 10 and the listing scheduled for September 12.

The non-institutional investor category was subscribed 209.97 times, while the retail individual investors (RIIs) segment saw a subscription of 72.33 times. The qualified institutional buyer (QIB) category received 150.87 times subscription.

The initial public offering (IPO) of Shree Tirupati Balajee Agro Trading Company Ltd, which closed on Monday, was subscribed nearly 124 times. The price range for the IPO was set between Rs 78 and Rs 83 per share.

The unlisted shares of Shree Tirupati Balajee Agro Trading Company Ltd are trading Rs 60 higher in the grey market, indicating a potential listing gain of 72.29% from the public offering.

P N Gadgil Jewellers plans to allocate Rs 300 crore from its IPO proceeds for debt repayment and Rs 387 crore to establish 12 new stores in Maharashtra by FY26. The remaining funds will be used for regular business operations. As of February 29, the company had a debt of Rs 377.45 crore.

In the P N Gadgil Jewellers IPO, up to 50% of the shares are allocated for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% for retail investors.

The book running lead managers for the P N Gadgil Jewellers IPO are Bob Capital Markets Ltd, Nuvama Wealth Management Ltd, and Motilal Oswal Investment Advisors Ltd. The registrar for the offering is Bigshare Services Pvt Ltd.

A Kenyan court suspended a government plan to allow India’s Adani Airport Holdings Ltd. to operate its main airport for 30 years until it rules on the matter.

The High Court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case. Read the entire report here.

Market analysts report that the current GMP (Gray Market Premium) for P N Gadgil Jewellers is Rs 230, reflecting a premium of 48% over the issue price.

Based on the upper end of the IPO price band and the current grey market premium, the estimated listing price for P N Gadgil Jewellers shares is projected at Rs 710 apiece, representing a 47.92% premium over the IPO price of Rs480.

The 'grey market premium' reflects investors' willingness to pay more than the issue price.

P N Gadgil Jewellers has set a price band of Rs 456-480 for its public offer, with investors able to bid for 31 shares in one lot.

The P N Gadgil Jewellers IPO opens for subscription on Tuesday, September 10, and closes on Thursday, September 12. The share allotment is expected to be finalised on September 13, with the company anticipated to list on stock exchanges on September 17.

P N Gadgil Jewellers believes that their company-operated model allows them to maintain strict control over product quality and provide a consistent customer experience across all outlets. The company has demonstrated robust growth, achieving an EBITDA increase of 39.78% between Fiscal 2021 and Fiscal 2023, the highest among major organised jewellery retailers in India.

P N Gadgil Jewellers' IPO opens for subscription today (September 10). The company ranks as the second largest organised jewellery retailer in Maharashtra and leads the market with the highest number of stores as of January 2024, according to the Technopak Report, making it the top market for BIS-registered outlets in India.