Business Latest News Highlights: SEBI dismisses toxic work culture allegations, points to external influence on employee grievances

Shree Tirupati Balajee Agro Trading Company raised Rs 50.9 crore from six institutional investors via anchor book on September 4. The fund raising was ahead of the IPO, which will open on September 5 and close on September 9.

MeitY launched the Vishvasya-Blockchain Technology Stack for Blockchain-as-a-Service (BaaS) and introduced the NBFLite platform and Praamaanik to boost digital trust and support blockchain initiatives.

PNB Housing Finance in a regulatory filing on September 4 said that the board of directors is scheduled to meet on September 9 to consider and approve the issuance of Non-Convertible Debentures (NCDs) up to Rs 2,500 crore on a private placement basis, in tranches over the next six months.

Domestic institutional investors (DII) net bought shares worth Rs 97.35 crore while Foreign investors (FII) were net buyers of shares worth Rs 975.46 crore, provisional data from NSE showed on September 4.

DIIs bought Rs 13,584 crore worth of shares and sold shares worth Rs 13,487 crore. Meanwhile, FIIs purchased Rs 16,585 crore in shares and offloaded equities worth Rs 15,610 crore during the trading session.

In the year so far, FIIs have net sold shares worth Rs 1.36 lakh crore, while DIIs have bought shares worth Rs 3.11 lakh crore.

"In the recent past, amongst numerous other benefits, employees were demanding 55% increase in House Rent Allowance(HRA), over the allowance set in 2023. Employees also raised an issue on updation of SEBI’s automated Management Information System for Key Result Areas (KRAs), which had been designed to bring more transparency, fairness and accountability within SEBI. A 15-minute silent protest was held in this context," said SEBI.

SEBI refutes claims of a toxic work culture, emphasizing its high employee standards. The organization attributes grievances to misleading external influences, suggesting that an anonymous letter was an attempt to leverage work culture concerns to secure a higher HRA.

The DIPAM Secretary tweeted that the Offer for Sale in GIC received a positive response from non-retail investors today, with the issue being subscribed 1.08 times the base size. The government has decided to exercise the green shoe option. Retail investors and GIC employees will have the opportunity to bid tomorrow.

India's textile industry is projected to reach $350 billion by 2030 and create 35 million jobs, according to Union Minister of Textiles, Shri Giriraj Singh. He made this announcement during the Curtain Raiser event for ‘Bharat Tex 2025’ held today in New Delhi. Singh also expressed optimism that India will gain global recognition for its ‘Bharat’ brand and eco-friendly textile products.

Sona BLW opens QIP today, sets floor price at Rs 699.01 per share

India’s BlackSoil Capital and Caspian Impact Investments (Debt) announced that their boards have unanimously approved a merger through a share swap. Once completed and after receiving regulatory approvals, Caspian Debt will be fully integrated into BlackSoil. The merger aims to create a combined entity that will offer greater value to clients, shareholders, lenders, investors, and employees, while also improving operational efficiencies.

HDFC Bank Ltd is moving ahead with plans to take its non-banking arm, HDB Financial Services, public, with a potential listing targeted for December or, at the latest, by the end of the current financial year, people familiar with the development said. (Read More)

With global demand for Indian spirits rising steadily, the Indian government is gearing up to promote both alcoholic and non-alcoholic beverages in international markets, aiming for USD 1 billion (approximately Rs 8,000 crore) in exports over the next few years. According to APEDA (Agricultural & Processed Food Products Export Development Authority) under the commerce ministry, India currently ranks 40th in the world for alcoholic beverage exports. Estimates suggest that the country has significant untapped export potential. As part of the 'Make in India' initiative, the authority is focused on boosting the export of Indian spirits to major global markets. (Read More)

The Ministry of Heavy Industries on September 4 awarded Reliance Industries Ltd a 10 GWh Advanced Chemistry Cell (ACC) battery storage capacity under the production-linked incentive (PLI) scheme, bolstering India’s push for self-reliance in battery manufacturing and cutting dependency on imports. (Read More)

Transocean has secured a significant contract with Reliance Industries for its ultra-deepwater drillship. The agreement, which involves drilling six wells offshore India, is expected to add approximately $123 million to Transocean's backlog. The estimated 300-day program is scheduled to begin in the second quarter of 2026, according to an official statement.

Arun Mittal has resigned as the Managing Director and CEO of Exide Industries' subsidiary, EESL, effective October 31. Reports indicate that his resignation is due to personal reasons.

The states continue to remain divided over a proposal to exempt health insurance premium from Goods and Services Tax (GST), with the Fitment Committee, comprising revenue officials from both the state and Union governments, struggling to reach a consensus on the contentious issue. (Read More)

The National Company Law Tribunal (NCLT) Bengaluru bench on Wednesday deferred its decision on a plea filed by US-based lender Glas Trust LLC, which sought to halt further meetings of the Committee of Creditors (CoC) in the ongoing insolvency case against Byju’s. (Read More)

According to an ET report, the union said that there should not be any breach in the joining of the young engineers. The Union said that in case there's a breach in joining, the union won't hesitate from holding a protest.

The Pune-based employee union, Nascent Information Technology Employees Senate (NITES), has reportedly warned that there will be protests if any issues arise for those who have been promised joining on October 7 next month.

Blackstone will acquire Australian data centre group AirTrunk for an implied enterprise value of over A$24 billion ($16.10 billion), it said on Wednesday, in what would be Blackstone's largest investment in the Asia Pacific region. (Reuters)

The government is planning to set up a special purpose vehicle for pushing ahead with plans for manufacturing aircraft in India, Union Civil Aviation Minister K Rammohan Naidu said on Wednesday. Speaking at a conference in the national capital, Naidu said efforts are being made to ensure that aircraft manufacturing activities start in the country in the next five years. (PTI)

Mumbai Congress launched fresh attack against SEBI chair Madhabi Puri Buch over new media report talking about 'toxic work culture.' Taking the screen shot of the report, Mumbai Congress on X (erstwhile Twitter) said that it has exposed an 'internal rot.'

"Allegations of a 'toxic work culture' under Madhabi Puri Buch, with accusations of shouting, fear-driven policies, and regressive practices, raise serious concerns. Time for accountability and reform!," the Mumbai Congress said on Twitter. The report by the Economic Times had cited accounts of SEBI staff, who had said that 'harsh and unprofessional language' was being used at the workplace.

The Sajjan Jindal-led JSW Steel Ltd has tapped Japanese lender MUFG Group for financing its acquisition of a coking coal mining company in Australia, sources told Moneycontrol. The development assumes significance as most major global banks have limited their exposure to fossil fuel assets amidst growing global pressure over climate change, making it difficult for companies to access funds for financing the acquisition of such assets. (Read More)

Auto components maker Sona BLW Precision Forgings is in talks to acquire the rail engineering business of Escorts Kubota, a report from CNBC-TV18 stated. To fund the acquisition, Sona BLW is soon looking to launch a Rs 2,000 crore Qualified Institutional Placement, the report added. Escorts’ talks with Knorr-Bremse likely to have fallen through on valuation, CNBC-TV18 added. (Read More)

China mulls cutting mortgage rates in two steps to shield banks, reported Bloomberg News

Renewable energy solution provider Sunsure Energy on Wednesday said it has secured a Rs 226-crore long-term debt financing from Tata Capital for Open Access Solar projects in Uttar Pradesh.

The financing will support Sunsure Energy's expanding portfolio of open-access solar projects in Uttar Pradesh, totalling 75 MWp in operational capacity, according to a statement.

According to the statement Sunsure Energy has announced a Rs 226-crore long-term debt financing from Tata Capital Ltd.

With Bajaj Housing Finance set to launch its initial public offering (IPO) next week, at least three more 'upper layer' non-banking financial companies (NBFCs) are expected to go public within a year to meet the RBI's mandatory listing requirements.

The three NBFCs that are likely to float public issues are Tata Capital Financial Services, HDB Financial Services (NBFC arm of HDFC Bank), and Aditya Birla Finance, investment bankers said.

"Given the appetite in the capital market for good quality businesses, and subject to valuations we will definitely see quite a lot of NBFCs going for listing. This is expected; not just to satisfy RBI's requirement to list, but also to have the ability to keep raising money for growth once the company is listed," Sachin Mehta, Director, Investment banking, Anand Rathi Advisors, said.

Board says will unlock value in Advanta by raising funds via primary or secondary issuances

Board says can look to raise funds via pvt placements or public offerings or any other modes.

There's an important update on SpiceJet QIP. An NDTV Profit report says that the airline is planning to hold investor roadshows in Singapore, Mumbai & Hong Kong for the upcoming QIP. It has been reported earlier that SpiceJet CMD Ajay Singh is likely to dilute his 10 percent stake. DAM Capitals, ICICI Securities and JM Financial have been appointed as merchant bankers, the report added. An previous ET report had said that SpiceJet is planning to raise Rs 3,000 crore.

The third phase of the FAME scheme will replace the temporary Electric Mobility Promotion Scheme (EMPS) 2024, which will be valid until September 31st. Also, the scheme is likely to have incentives for electric buses, three-wheelers and two-wheelers. (Read More)

The Modi 3.0 government is expected to finalise the third edition of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme within the next one or two months, according to Minister of Heavy Industries HD Kumaraswamy. Speaking on the sidelines of ASSOCHAM’s National Conference on Electric Mobility, Kumaraswamy mentioned, “We are receiving numerous suggestions for FAME 3, including some from the Prime Minister’s Office.” When asked about the timeline for the scheme's launch, the minister stated that it would be cleared within one or two months.

The critical meeting of GST Council will take place on September 9 next week. Ahead of the meet, CNBC-TV18 reports that the Council is likely to give relief on some cancer drugs. The report further added that tax on 'Trastuzumab Deruxtecan' can be slashed from current 12% to 5%. Similarly, tax on Osimertinib and Durvalumab can be lowered to 5%.

The Ministry of Education (MoE) has expressed concerns to the Indian Institute of Management (IIM) Rohtak regarding a variable pay of Rs 3.2 crore for its director, Dheeraj Sharma, over three years—2018-19, 2019-20, and 2020-21. The objections were raised by the ministry’s internal audit wing (IAW), which identified irregularities in the payment, The Indian Express reported on Wednesday.

There is no review of India-UAE trade deal on cards, reports CNBC-TV18. The TV report further said that the Modi government is mulling on discussion regarding rise of gold and silver imports with the UAE. Concerns regarding spread of duty unavailable due to the Comprehensive Economic Partnership Agreement have been flagged, the CNBC-TV18 report said.

Adani Enterprises Ltd.’s maiden bond issuance targeted at individual investors opens for subscription Wednesday as the conglomerate seeks to diversify its funding base following a brutal short seller attack last year, a Bloomberg report says. The flagship firm of Indian billionaire Gautam Adani’s group plans to raise as much as Rs 800 crore ($95.3 million) through the issuance where 60 per cent of the amount is reserved for high networth and retail individuals, according to its prospectus. Another 30 per cent is for non-institutional investors such as corporates, while the remaining 10 per cent is for institutional buyers, the report added.

The Centre plans to allocate around Rs 6,000 crore to BSNL for the rollout of 4G network across India, an Economic Times report said on Wednesday. The report further said that the allocation will be used for the capex shortfall regarding 4G gear. the report also said that the Department of Telecommunications will soon approach the Cabinet for the approval.

Ahead of the September 9 meeting of the GST Council, reports are emerging around some tentative relief for metal scrap industries. According to sources cited by CNBC-TV 18, the GST council mat consider giving sole relief to the metal scrap industry. The TV report also said that the metal industry has already pitched for lowering the GST on scrap. At present, the current slab is 18% on a forward charge basis.

"This growth was largely fuelled by an increase in new orders, particularly domestic orders," Pranjul Bhandari, chief India economist, HSBC (Read More)

The services sector continues to exhibit strong performance in Q2, with PMI rising to a five-month high. The sector's growth had hit four quarter high of 7.3% in Q1FY25, as per GDP data released on August 30.

Services activity rose to five-month high of 60.9 in August compared with 60.3 in the previous month: HSBC PMI data

Securities and Exchange Board of India (Sebi) officials have in a letter to the finance ministry accused the leadership of facilitating a toxic work culture, the Economic Times has reported. "Shouting, scolding and public humiliation have become a norm in meetings," the report cited an August 6 letter as saying. The publication said it reviewed the letter. (Read More)

August saw a spike in terms of money raised through initial public offers (IPOs) with the cumulative amount touching a 27-month high. As many as 10 firms collectively raised Rs 17,047.52 crore through IPOs in August, marking the largest primary market fundraising since May 2022. Further, around 57 percent of the total funds raised in August -- about Rs 9,715 crore -- came from fresh issue capital while the balance Rs 7,333 crore was from offer for sale (OFS). (Read More)

The listing gains of Ecos Mobility fell short of expectations, missing the grey market estimates where shares were trading at a premium of approximately 37 percent. The grey market, an unofficial marketplace, allows shares to trade well before the offer opens for subscription and continues until the listing day.

As per the debut data, Ecos Mobility shares listed with 17.16% premium at Rs 391.30 per share on Bombay Stock Exchange. (Read More)

The shares of Ecos Mobility shares listed with stunning 17% premium at Rs 390 per share on the National Stock Exchange.

Akriti Mehrotra, a Research Analyst at StoxBox, anticipates that the ECOS (India) Mobility IPO will list at a premium of 45% above its upper price band. She noted, "As the industry increasingly adopts digital solutions, ECOS is well-positioned to capitalise on its operational excellence and advanced technology for sustained growth and leadership. The company's financials have demonstrated strong growth over the past three fiscal years, with total revenue rising from Rs 1,473.4 million in FY22 to Rs 5,544.1 million in FY24, reflecting a CAGR of approximately 94.0%."

“Trading Members of the Exchange are hereby informed that effective from Wednesday, September 4, 2024, the equity shares of ECOS (India) Mobility & Hospitality Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a notice on BSE said.

Brokerages were generally positive about the ECOS (India) Mobility IPO, recommending long-term investment. Equirus Capital and IIFL Securities acted as the book-running lead managers for the IPO, with Link Intime serving as the registrar. The company's shares will be listed on both the BSE and NSE.

ECOS (India) Mobility & Hospitality was incorporated in back in 1996. ECOS (India) Mobility & Hospitality is a chauffeur driven car rental service provider. The company, which is based out of New Delhi, is known for providing employee transportation services and chauffeured car rentals. The company boasts several corporate clients including many Fortune 500 companies in India.

The quota for non-institutional investors was oversubscribed by 71.23 times, while the portion reserved for retail investors saw bids amounting to 19.79 times during the bidding process.

ECOS Mobility IPO's was subscribed a robust 64.26 times due to terrific push from qualified institutional bidders. The quota of QIBs was booked 136.85 times.

The IPO of ECOS (India) Mobility & Hospitality was open for bidding from August 28 to 30. The company offered its shares within a price range of Rs 318 to Rs 334 per share, with a lot size of 44 shares and multiples thereof. The IPO raised a total of Rs 601.20 crore, entirely through an offer-for-sale (OFS) of 1.80 crore shares.

Prior to its listing, shares of ECOS (India) Mobility & Hospitality were commanding a grey market premium (GMP) of Rs 125-130 per share, indicating a potential listing gain of approximately 37-40% for investors. However, this premium was higher, around Rs 160-170, when the company initially announced the share allotment.

• The ECOS Mobility IPO, which opened for subscription on August 28 and closed on August 30, is set to list today, September 4, on both BSE and NSE.
• The company, ECOS (India) Mobility & Hospitality Ltd, raised Rs 601.20 crore through an offer for sale of 1.8 crore equity shares priced between Rs 318 and Rs 334 per share.
• The IPO was significantly oversubscribed, with overall demand at 64.26 times.
• The retail segment was subscribed 19.79 times, Non-Institutional Investors (NII) 71.23 times, and Qualified Institutional Buyers (QIBs) 136.85 times.
• Equirus Capital Pvt Ltd and IIFL Securities Ltd are serving as the book running lead managers for the ECOS Mobility IPO, with Link Intime India Private Ltd acting as the IPO registrar.

Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year.

Spot gold held its ground at $2,493.34 per ounce by 0200 GMT after hitting its lowest level in more than a week on Tuesday. U.S. gold futures were nearly unchanged at $2,524.80. (Reuters)

The safe-haven Japanese yen rallied on Wednesday while riskier currencies like the Australian dollar and sterling languished as traders ran for cover following the worst sell-off in almost a month on Wall Street.

The catalyst was ostensibly some soft U.S. manufacturing data, which fanned worries about a hard landing for the world's biggest economy, with traders already nervous ahead of crucial monthly payrolls data on Friday.

"Price action across global markets (is) exhibiting the hallmarks of an unfolding growth scare," said Kyle Rodda, senior financial market analyst at Capital.com. (Reuters)

Oil prices fell on Wednesday, extending the previous day's more than 4% plunge, on expectations the political dispute that has halted Libyan exports may be resolved and concerns over lower global demand growth.

Brent crude futures for November fell 28 cents, or 0.4%, to $73.47 at 0052 GMT after dropping 4.9% in the previous session. U.S. West Texas Intermediate crude futures for October were down 31 cents, or 0.4%, to $70.03 after dropping 4.4% on Tuesday.

Both contracts fell to their lowest since December on signs of a deal to resolve the political dispute between rival factions in Libya that cut output by about half and curbed exports. (Reuters)

Ecos (India) Mobility & Hospitality shares will be listed on the stock exchanges today. The Rs 601 crore IPO saw strong demand, being subscribed 64.18 times by the final day of subscription on August 30, with bids for over 80 crore shares against the 1.26 crore shares on offer. The Delhi-based company has been providing chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate clients for more than 25 years.

Akriti Mehrotra, Research Analyst at StoxBox expects the issue to list at a premium of 45 percent over its upper price band. "As the industry embraces digital solutions, ECOS is well-positioned to leverage its operational excellence and advanced technology for continued growth and leadership. The company’s financials show robust growth over three fiscal years, with total revenue increasing from Rs 1,473.4 million in FY22 to Rs 5,544.1 million in FY24, reflecting a CAGR of approximately 94.0 percent," she said.

Stocks in Asia sank after Wall Street posted its worst day since the Aug. 5 rout, as weak US data and falling oil prices raised concerns about the health of the global economy.

Japan led the slump, with the Nikkei 225 down over 3%. Shares also fell in Australia and South Korea, while futures pointed to losses in Hong Kong. US contracts edged lower in early Asian trading after the S&P 500 fell more than 2%, with Nvidia Corp. driving a plunge in tech stocks. More here.

ECOS Mobility shares are trading at a significant premium in the unlisted market. Stock market experts report that the IPO's grey market premium (GMP) today stands at Rs 161 per share, indicating that the shares are trading Rs 161 higher than the IPO price ahead of the listing.

• IPO shares are set to list today on both BSE and NSE, with analysts predicting a strong debut on the stock exchanges. The IPO, which opened on August 28 and closed on August 30, has finalised its allotment on September 3.
• Investors who received share allotments are eagerly anticipating the IPO listing today. ECOS Mobility shares will participate in the Special Pre-open Session (SPOS) on Wednesday and will be available for trading starting at 10:00 am.