Business news highlights: Hexaware Technologies files DRHP for Rs 9,950 cr IPO

Business news highlights: On May 14, Moneycontrol was the first to report that Carlyle-backed Hexaware had picked five investment banks, namely Kotak Mahindra Capital, Citi, JP Morgan, HSBC Securities and IIFL Capital as advisors for the deal. ...Read More

On May 14, Moneycontrol was the first to report that Carlyle-backed Hexaware had picked five investment banks, namely Kotak Mahindra Capital, Citi, JP Morgan, HSBC Securities and IIFL Capital as advisors for the deal.

The report had added that the targeted valuation was between $5 billion to $6 billion, which could vary later depending on market conditions.

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Business News LIVE: India's weekly forex data out!

India's forex reserves jump USD 2.299 billion to a new high of USD 683.987 billion for the week ended August 30, says RBI.

Ganesh Chaturthi LIVE: Are banks closed tomorrow? Check here

Although the first Saturday of the month is typically a working day, banks in several states are closed due to Ganesh Chaturthi. According to Reserve Bank of India (RBI) guidelines, banks in India remain closed on the second and fourth Saturdays of the month, as well as on Sundays and regional and national holidays. However, the first, third, and fifth Saturdays (when applicable) are usually working days.

Reliance Infra Live News: Reliance Infra weighs EV push, taps ex-BYD exec, reports Reuters

India's Reliance Infrastructure is considering plans to manufacture electric cars and batteries, and has hired a former India executive at China's BYD Co to advise on its plans, two sources briefed on the matter told Reuters. The company, part of Anil Ambani's Reliance Group, has hired external consultants to conduct a "cost feasibility" study for setting up an EV plant with an initial capacity of about 250,000 vehicles a year, to be scaled up to 750,000 over some years, the first source said. It is also looking at the feasibility of building a battery plant starting with 10 gigawatt hours (GWh) of capacity and scaling up to 75 GWh over a decade, the person added. (Read More)

Business News LIVE: Mauritius FPIs named in Hindenburg report challenge SEBI norms as September 9 deadline looms

Two Mauritius-based foreign portfolio investors (FPIs), who were linked to the Adani Group in the January 2023 Hindenburg report, have petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with Sebi's new foreign investor norms, court filings accessed by Moneycontrol showed. Both entities filed the case and paid the fee to SAT on August 19, filings showed. (Read More)

Business News LIVE: Suzlon Energy acquires 51% of equity share capital of Renom, reports CNBC-TV18

Suzlon Energy has acquired 51% of equity share capital of Renom, CNBC-TV18 reports. With this acquisition, Renom is now a subsidiary of Suzlon Energy

Business News LIVE: Govt’s ambitious Bharatmala project appears to be in slow lane

Seven years after its launch in 2017, the government has restricted funding of the Ministry of Road Transport and Highways' (MoRTH) flagship road construction scheme, the Bharatmala Pariyojana. “Approvals for Bharatmala are unlikely to come from the Cabinet,” a senior government source told Moneycontrol. (Read More)

Business News LIVE: Centre to extend sugar export ban to boost local supplies, ethanol output, reports Reuters

India plans to extend a ban on sugar exports for the second straight year as the world's biggest consumer of the sweetener grapples with the prospects of lower cane output, a Reuters report said. New Delhi also plans to raise the price at which oil companies buy ethanol from sugar mills as part of efforts to boost supplies of the biofuel, said the sources with direct knowledge of the matter. They did not wish to be identified as deliberations were not public. India's absence from the world market would further squeeze global supplies, propping up benchmark prices in New York and London. (Reuters)

Business News LIVE: UK watchdog objects to Google's ad tech practices

Britain's competition watchdog said on Friday it provisionally found Google had abused its dominant positions through the operation of both its publisher ad server and buying tools to restrict competition in the UK. (Reuters)

Auto News LIVE: Govt considering FAME incentives for electric ambulances, police vehicles, reports CNBC-TV18

The Centre is mulling for providing FAME incentives for electric ambulances, police vehicles, CNBC-TV18 has reported. The government is likely to consider additional incentives for EV buyers if they scrap end of life vehicles. Customers buying EVs may get certificates as proof of subsidy, the report added.

Sebi News LIVE: Sebi, Trai & other regulatory officials to be called for performance review, reports CNBC-TV18

Parliament's Public Accounts Committee chief KC Venugopal says that all regulatory officials have been summoned. It is still not clear whether Madhabi Puri Buch will be present for the performance review or not.

Sebi News Live: Wockhardt stock falls 3% as Congress accuses Madhabi Puri Buch of conflict of interest

Shares of Wockhardt Pharma Ltd fell over 3 percent on September 6 after Congress accused SEBI chairperson of conflict of interest at the drug firm. "Madhabi Puri Buch had become a Whole Time Member of SEBI in 2018. Now, after becoming a whole time member, she gave one of her properties on rent. In the financial year 2018-19, she got a rent of Rs 7 lakh. She received rent of Rs 36 lakh for the same property in 2019-20, which increased to Rs 46 lakh by this year. (Read More)

Sebi news Live: Congress' fresh allegation against Sebi chief over 'Wockhardt' links, says this is 'out & out corruption'

Congress leader Pawan Khera says, "...The question is, there is a company in Mumbai in the name of Madhabi Puri Buch and her husband. The company is called Carol Info Services Ltd. This is a part of a company called Wockhardt Ltd, they have the same promoters...Wockhardt is a company on which SEBI is continuously giving orders and dealing with its cases. Madhabi Puri Buch is the chairperson of the same organisation (SEBI) which has complaints against Wockhardt before it. There was a case of insider trading too, her organisation (SEBI) dealt with insider trading case of Wockhardt too. This is a conflict of interest, I would call it corruption. This is not just conflict of interest, this is out and out corruption." (ANI)

Petrol Diesel Prices LIVE: Centre planning to slash fuel rates, says report

India is considering cutting the prices of petrol and diesel, broadcaster India Today TV said on Friday, citing sources. The finance ministry did not immediately respond to a request for comment on the report. (Reuters)

• “ I have Invited the steel industry to meet me, just as we have engagement with every industry. To understand pressures they are facing. Manufacturing has huge potential,” says Goyal
• "I am sure India Middle East Europe Economic Corridor will add to maritime security and reduce reliance on few routes that can become detrimental to maritime security," says Goyal
• "We are a nation in a hurry, which wants to give the best to our people. So such partnerships will only help us grow and expand much faster," says Goyal
• "We have doubled port capacity and we will double it again over the next five years," says Goyal

Business News LIVE: Maharashtra govt approves $10-bn semiconductor fab unit by Israel firm and Adani Group

The Maharashtra government has secured investments of Rs 1.2 lakh crore, which has positioned the state as a leading industrial hub. A cabinet sub-committee, led by Chief Minister Eknath Shinde, approved the projects that are expected to generate thousands of jobs and foster technological advancements. (Read More)

Byju's News LIVE: SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU’s and approving its Rs 158.9 crore dues settlement with the BCCI. (Read More)

GST News LIVE: GST Council to discuss key amendment, retro tax relief likely for online gaming companies

The Goods and Services Tax (GST) Council is set to meet in Delhi on September 9 to discuss the implementation of the newly introduced Section 11A in the CGST Act, 2017. The meeting will focus on interpreting the amendment of the section in a bid to grant relief to demand for retrospective tax. It will have implications for the real-money gaming (RMG) — online games where players can wager and win real money — industry and other sectors, an official said. (Read More)

Videocon-ICICI Bank Loan Fraud Case LIVE: Supreme Court issues notice to Chanda Kochhar

The Supreme Court has issued a notice to Chanda Kochhar in the Videocon-ICICI Bank loan fraud case. The top court's notice to Chanda Kochhar has been issued on the plea of CBI against Bombay HC's order that declared her arrest as illegal. Additional Solicitor General SV Raju appeared for the Central Bureau of Investigation, a Bar & Bench report said.

Business News LIVE: India to tighten derivatives rules despite investor pushback, reports Reuters

India's markets regulator will tighten derivative rules to increase entry barriers and make it more expensive to trade as it tries to limit retail investors speculating on risky contracts, said four sources with direct knowledge of the matter. Securities and Exchange Board of India (SEBI) will limit the number of options contract expiries to one per exchange a week and nearly triple the minimum trading amount, the sources said, in rules similar to those proposed in July, despite pushback from traders and brokers. But SEBI will review some of its earlier proposals to increase margin requirements and to monitor intraday trading positions, according to the sources. Authorities have been flagging risks from speculative trading by retail investors, who have been funnelling savings into India's booming options market. (Read More)

DigiYatra Launch LIVE: Data privacy has been given priority, says Civil Aviation Minister Jyotiraditya Scindia

DigiYatra facility was formally launched today across nine AAI Airports. At the event, Civil Aviation Minister Jyotiraditya Scindia said that "data privacy has been given priority." Currently, Digi Yatra it is operational at 14 airports. It was launched on 1 December 2022 in its first phase in Bangalore, Varanasi and Delhi. In April 2023, it was expanded to Vijayawada, Kolkata, Hyderabad, and Pune airports.

Supreme Court LIVE: What court said while granting the bail to Bhushan Steel's former MD

"The appeal is allowed. Appellant is directed to be released on terms and conditions to be fixed by Trial Court. In addition, appellant will also comply with conditions of S.438(2) CrPC."

Supreme Court LIVE: Apex Court grants bail to Bhushan Steel's ex-promoter Neeraj Singhal

The Supreme Court has granted bail to Bhushan Steel's ex-promoter Neeraj Singhal in the ED case. The apex court observes that it is aware of impact of scams, but it has to lean in favour of liberty if trail does not begin and that it needs to draw a line fir economic offence.

Sukanya Samriddhi Yojana Live News: SSY interest rate at 8.2% for July-Sep

A popular investment option, interest rate for Sukanya Samriddhi Yojana has hit 8.2 percent for July-September 2024. The scheme, which was introduced back in 2015, Sukanya Samriddhi Yojana is an investment scheme that helps parents of girl child's education. Latest reports say that for the present quarter (July-September 2024), accounts in Sukanya Samriddhi Yojana get an annual interest rate of 8.2 percent per annum, which is compounded annually. This interest rate is still one of the highest in terms of small savings schemes in India.

Sebi News LIVE: More trouble for Madhabi Puri Buch, PAC likely to summon Sebi boss soon, says report

The Economic Times has reported that Parliament’s Public Accounts Committee (PAC) is preparing to investigate Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and may call her to appear later this month. The issue was brought up during the committee's initial meeting on August 29 under the agenda item "Performance review of regulatory bodies established by act of parliament." Although the agenda does not specifically mention SEBI or its chairperson, sources suggest that the review is prompted by the numerous allegations against Buch. (Read More)

Boss Packaging Solutions Listing Live: Boss Packaging Solutions lists at 25% premium

Boss Packaging Solutions shares were off to a good start on its stock exchange debut on September 6 after listing at Rs 82.5, a premium of 25 percent over the issue price of Rs 66 on the NSE SME platform. (Read More)

Bazaar Style IPO Listing Live: Prominent global investors' participation

The anchor book saw participation from prominent global investors, including HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, and Societe Generale.

Bazaar Style IPO Listing Live: Listing fall short of GMP estimate

Baazar Style Retail's stock debut on September 6 was lackluster, with shares listing at Rs 389 on the Bombay Stock Exchange, exactly at their issue price.

This listing fell short of grey market expectations, where shares had been trading at a premium of approximately 8 percent. The grey market is an unofficial trading platform where shares begin trading before the official subscription period and continue to do so until the listing day. (Read More)

Bazaar Style IPO Listing Live: Bazaar Style makes debut on Dalal Street at Rs 389 apiece

It's a flat listing for the Rekha Rakesh Jhunjhunwala-backed company that saw a robust subscription

Bazaar Style Retail IPO Listing Live: What Bombay Stock Exchange said

“Trading Members of the Exchange are hereby informed that effective from Friday, September 6, 2024, the equity shares of Baazar Style Retail Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a notice on Bombay Stock Exchange said.

Bazaar Style Retail IPO Listing Live: Fashion retailer's journey from 2013

Founded in June 2013, Bazaar Style Retail Limited is a fashion retailer serving West Bengal and Odisha. The company provides clothing for men, women, boys, girls, and infants, as well as a variety of general merchandise including non-apparel items and home furnishings. Its operations extend to Odisha, Bihar, Assam, Jharkhand, Andhra Pradesh, Uttar Pradesh, Tripura, and Chhattisgarh.

Bazaar Style Retail IPO Listing Live: GMP trend so far

Despite volatile market conditions, the grey market premium (GMP) for Baazar Style Retail has remained stable. Recently, the company was commanding a premium of Rs 65 per share, indicating a potential listing gain of nearly 17% for investors. This is down from a peak of around Rs 85 when the issue first opened for bidding. As of now, the GMP hovers somewhere around Rs 33.

Bazaar Style Retail IPO Listing Live: Subscription response

The issue was subscribed a total of 40.66 times overall, driven by a significant contribution from qualified institutional buyers (QIBs), who subscribed 81.83 times their allocated quota. Non-institutional investors subscribed 59.43 times their portion, while the shares reserved for retail investors and employees were bid for 9.12 times and 35.36 times, respectively, during the bidding period.

Bazaar Style Retail IPO Listing Live: Know key dates- journey so far

The Baazar Style Retail IPO was available for bidding from August 30 to September 3. The company priced its shares between Rs 370 and Rs 389 each, with a minimum lot size of 38 shares. The IPO raised a total of Rs 834.68 crore, comprising a fresh share issue of up to Rs 148 crore and an offer-for-sale (OFS) of up to 1.76 crore shares.

Bazaar Style Retail IPO Listing Live: A look at consolidated revenue from operations

In the financial year 2024, the company reported consolidated revenue from operations of Rs 973 crore, with a profit of Rs 22 crore.

Bazaar Style Retail IPO Listing Live: A look at the stores

As of March 31, 2024, the stores had an average size of 9,046 square feet and were staffed with trained employees to improve the customer experience.

Bazaar Style Retail IPO Listing Live: Other focus areas

In addition, the company's key focus markets extend to Assam, Bihar, Jharkhand, Andhra Pradesh, Tripura, Uttar Pradesh, and Chhattisgarh.

Bazaar Style Retail IPO Listing Live: Know the company

Bazaar Style Retail is a prominent player in the value retail market across West Bengal and Odisha.

Bazaar Style Retail IPO Listing Live: What's the goal of the IPO?

Of the funds raised from the fresh issue, Rs 146 crore will be allocated for debt repayment, while the remaining amount will be used for general corporate purposes.

Bazaar Style Retail IPO Listing Live: Know all about price band and other details

The company offered its shares within a fixed price range of Rs 370-389 per share.

The offering included a fresh issue of shares worth Rs 148 crore, along with an offer-for-sale (OFS) of 1.76 crore shares, totaling Rs 686.68 crore, by the promoter group and other selling shareholders.

As part of the OFS, Rekha Jhunjhunwala, Intensive Softshare Private Ltd, and Intensive Finance Private Ltd, among others, sold portions of their stakes.

Bazaar Style Retail IPO Listing Live: Listing gains on cards?

Given the positive market sentiment and solid subscription demand, the analyst anticipated a listing gain of around 10-15% over the issue price of Rs 389 per share in an optimistic scenario.

Bazaar Style Retail IPO Listing Live: Role of Qualified institutional buyers

Qualified institutional buyers led the surge in subscription numbers, purchasing 81.83 times the shares on offer, followed by non-institutional investors with 59.43 times and retail investors with 9.12 times the available shares.

Bazaar Style Retail IPO Listing Live: A look at subscription numbers

Despite the high valuations, the Rs 835-crore initial public offering (IPO) received a robust response, with a subscription rate of 40.66 times between August 30 and September 3. Investors purchased 61.11 crore equity shares, significantly exceeding the offer size of 1.5 crore shares.

Gold Prices LIVE: Gold holds below 1-week high ahead of US jobs data, heads for weekly gain

Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month.

Spot gold was little changed at $2,516.00 per ounce as of 0221 GMT, after hitting a one-week high of $2,523.29 in the previous session. Bullion has climbed 0.5% for the week and 22% for the year so far.

U.S. gold futures edged 0.1% higher to $2,545.70.

Bullion typically performs better in a low-interest-rate environment and is viewed as a safe asset during periods of uncertainty. (Reuters)

IPO News LIVE: Axis Capital, JM Financial, and Intensive Fiscal Services lead Baazar Style Retail IPO

Axis Capital, Intensive Fiscal Services Pvt Ltd, and JM Financial are serving as the book-running lead managers for the Baazar Style Retail IPO. Link Intime India Private Ltd is the registrar for the IPO.

• Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data.
• Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37.
• "Crude oil edged higher as bullish signals offset the bearish sentiment that has gripped the market in recent days," ANZ analyst Daniel Hynes said, adding that a weaker dollar was also supporting commodities prices. (Reuters)

IPO News LIVE: Baazar Style Retail IPO oversubscribed 40.66 times across categories

The Baazar Style Retail IPO was heavily subscribed, with a total subscription of 40.66 times. The retail category saw a subscription of 9.12 times, while the qualified institutional bidders (QIBs) category was oversubscribed 81.83 times. The non-institutional investors (NII) portion was booked 59.43 times, and the employees category received 35.36 times subscription.

• Baazar Style Retail's IPO, which opened for public subscription on August 30 and closed on September 3, has its allotment finalized as of September 4. The shares are scheduled to be listed today, September 6, on both the BSE and NSE.
• The company raised Rs 834.68 crore through the book-built issue, which comprised a fresh issue of 38.04 lakh shares worth Rs 148 crore and an offer for sale (OFS) of 1.77 crore shares totaling Rs 686.68 crore. The shares were offered at a price band of Rs 370 to Rs 389 per share.

Baazar Style Retail IPO LIVE: What is the estimated listing price of shares?

Considering today's Baazar Style Retail IPO Grey Market Premium (GMP) of Rs 64, the estimated listing price is around Rs 453 per share, reflecting a premium of over 16% compared to the issue price of Rs 389.

Stock market experts anticipate a strong debut for Baazar Style Retail shares on Dalal Street, supported by robust subscription numbers.

Baazar Style Retail IPO: What is the current GMP ahead of its listing?

Stock market observers report that Baazar Style Retail's IPO Grey Market Premium (GMP) stands at Rs 64 per share ahead of its listing. This indicates that the shares are trading at a Rs 64 premium in the grey market compared to the IPO price.

Baazar Style Retail IPO: Listing today on BSE and NSE after strong investor demand

The initial public offering (IPO) of Baazar Style Retail, backed by Rekha Jhunjhunwala, garnered strong investor interest during its subscription period. The IPO, which opened on August 30 and closed on September 3, had its allotment finalized on September 4.

Ahead of the Baazar Style Retail share listing, investors are tracking the Baazar Style Retail IPO's grey market premium (GMP) to estimate its potential listing price. Current trends in the grey market indicate a favorable debut for the company, with analysts also predicting a positive listing for Baazar Style Retail shares.

Boss Packaging Solutions IPO: All you need to know

Boss Packaging Solutions' Rs 8 crore SME IPO has witnessed strong investor demand, with the issue being oversubscribed over 100 times. Priced at Rs 66 per share at the upper end, the company's shares are trading at a premium of Rs 12 in the unlisted market.

Looking at the trend, the shares are expected to list with an 18% gain on September 6. The IPO consists of a fresh issue of 12.74 lakh equity shares, with the proceeds earmarked for purchasing machinery, working capital needs, and general corporate expenses.

Boss Packaging Solutions IPO: NSE SME issue oversubscribed 134.6 times across categories

The NSE SME issue saw strong demand, being oversubscribed 134.6 times with bids for 16.26 crore shares against the 12.08 lakh shares on offer. The Non-Institutional Investors (NIIs) category was booked 100.57 times, while the retail segment was oversubscribed 165.3 times.

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