Business News Highlights: Part of me says prices should come down further, says Puri on drop in crude prices

Peak XV Partners Investments (formerly Sequoia India) has launched a block deal to raise around Rs 750-Rs 800 crore by selling part stake in Indigo Paints, multiple industry sources in the know told Moneycontrol on the condition of anonymity.

"They have been invested for many years and are looking to offload around 11 percent stake via this proposed block trade," said one of the persons.

Directorate of Revenue Intelligence conducted search at registered and corporate office of Venus Pipes and Tubes on September 5, 2024 for alleged evasion of custom duty of good imported, the company said.

-- Nucleus Software to buy back up to 4.48 lakh shares (1.67% equity) for Rs 72.4 crore at Rs 1,615 per share.

-- The buyback opens on September 9 and closes on September 13.

India’s GST Council is expected to clarify at its September 9 meeting on whether GST of 18 percent should be levied on digital payments of less than Rs 2,000 made through payment aggregators such as Pine Labs and Razorpay, CNBC-TV18 reported citing sources.

Currently payment aggregators, who see digital payments such as QR scanning, POS machine, and net banking, are exempt from GST on transactions below Rs 2,000.

A final decision will be taken by the GST Council on the recommendation of the rate fitment committee, the report added.

Business News Live Updates: Investments worth Rs 1,20,220 crore approved at Maharashtra Cabinet Sub-Committee Meeting, Devendra Fadnavis announces

OpenAI executives have discussed higher-priced subscriptions for upcoming large language models, such as its reasoning-focused Strawberry and a new flagship LLM dubbed Orion, the Information reported on Thursday. (Reuters)

-- Nitin Gadkari's support for biofuels is demonstrated by use of hybrid vehicles, Hardeep Singh Puri says.

-- He adds, Green Hydrogen Is the fuel of the future, but scaling up is key to reduce costs.

-- The Union minister then says that the focus on manufacturing in high demand areas will help overcome transportation challenges.

-- Throwing more light on India's energy transition, he says, biofuel blending could exceed 20 percent as ecosystem advances.

-- Puri adds, "E20 fuels are now available at 15,000 stations across India and E100 is in four states, awaiting wider adoption."

My sense of relief does not just depend on where the international oil prices stand, because there is a real world out there that’s a little more complex.

Whilst its true that international crude prices have remained steady and declined – I happen to be the minister of a company that depends on imports up to 88 percent – so there’s a part of me that says they should come down further. But, two of my companies, ONGC and Oil India Ltd were complaining about the drop in crude prices saying it would affect their profit.

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri addresses gathering on India's energy transition journey at the India Energy Transition Summit on September 5, 2024.

-- The Board of Trade meeting to be chaired by Commerce and Industry Minister Piyush Goyal is likely to be held on September 13 in Mumbai.

-- The board includes participants from various states, Union territories, and senior officials from the public and private sectors.

-- In the meeting, representatives of export promotion councils present their views on the export sector.

-- Talking about the meeting, Goyal said, "Export-related matters will be discussed".

PayPal is expanding into U.S. point-of-sale payments by integrating its debit card with Apple's mobile wallet and offering cashback rewards, as the global online payments giant seeks direct competition with tech companies and banks. The bid to grab a slice of in-person purchases at stores, cafes and restaurants is part of an ambitious turnaround strategy by new CEO Alex Chriss who joined the company from Intuit last year. (Reuters)

SEBI News LIVE: Madhabi Puri Buch's reported 'second employer' linked to NSA Ajit Doval's son, Congress claims

"India boasts the fastest-growing aviation sector in the world, and establishing Maintenance, Repair, and Overhaul (MRO) facilities is a top priority for us. We encourage businesses to invest in the development of airports and related infrastructure here in India," says PM Modi

Aviation is crucial sector for us, says PM Modi. He also says "we will build 100 airports in India soon." "India is placing a strong emphasis on skill development, and with one of the fastest-growing aviation sectors globally, we invite you to invest in our nation's promising future," he added.

Top Court grants 30 days Sahara for depositing Rs 1,000 cr in SEBI-Sahara fund, says NDTV Profit. Sahara gets 30 days to enter into a JV for Versova property to cover the shortfall, the report added.

The Punjab Cabinet on Thursday gave approval to hike value-added tax (VAT) on petrol and diesel by 61 paise a litre and 92 paise per litre, respectively. (Read More)

Finolex Cables Chairman Nikhil Naik resigns, reports CNBC-Tv18. Ratnakar Barve has been appointed as the new chairman.

The post-Covid-19 pandemic boom in Indian capital markets marked by a hyperactive initial public offering (IPO) activity has resulted in a near doubling of the fee income earned by investment banks (i-banks) who advise companies on going public. The Indian primary market has seen 196 IPOs from financial year 2021 (FY21) onwards, resulting in a total fundraise of Rs 2.56 lakh crore. (Read More)

GST Council is likely to clarify on GST for digital payments of < Rs 2,000, says CNBC-TV18. It should be noted that at present, payment aggregators are exempted from GST on transactions > Rs 2,000.

• Reliance Industries Board via the postal ballot recommended, "the stock exchange filing also said that, "issue of bonus shares in the ratio of 1:1 i.e. 1 (one) new fully paid-up equity share of Rs  10/- (Rupees Ten Only) each for every 1 (one) existing fully paid-up equity share of Rs  10/- (Rupees Ten Only) each, to the eligible equity shareholders of the Company as on the record date, by capitalization of securities premium received in cash and / or general reserve and / or retained earnings."
• The Board has also approved an "increase in the Authorised Share Capital of the Company from Rs 15,000 crore to Rs 50,000 crore," the regulatory filing said. This will mark the fifth time that RIL has announced plans to reward its shareholders with bonus shares.

• Just subsidies cannot attract investment, issues surrounding corruption also need to be tackled. We need national single-window: Goyal
• I urge states to coordinate on national single window to attract more investment: Goyal
• We need to keep our promises and deliver them in a time bound manner: Goyal

"Learning from best practices of states can help tap the potential of the country. Tamil Nadu can be followed as an example for municipal reforms, Odisha has set the example for mining reforms. UP has reformed state policies to create an industrial ecosystem," says Piyush Goyal

The IT sector continues to witness a downward spiral as leading companies slashed several hundred thousand jobs in month of August. Latest reports say that Intel, IBM and Cisco were some of the major players who announced job cuts in August. As many as 27,000 jobs were lost last month, latest media reports say.

Billionaire Gautam Adani’s conglomerate is in talks with global banks to raise at least $1.5 billion through dollar bond sales, a further indicator of the group’s rebound from a short seller attack, a Bloomberg report said on Thursday.  Proceeds would be used to refinance project debt, according to people familiar with the plans, who requested anonymity to discuss private details. Adani Group aims to complete the sales in multiple tranches by the end of February, two of the people said. (Read More)

Up to 200 employees of Securities and Exchange Board of India (SEBI) held protest on September 5 at the market regulator's headquarters in Mumbai. They were agitating against a recent press release by SEBI calling their earlier letter on unprofessional work culture to Finance Ministry "misguided by external elements". (Read More)

Nykaa, a leading beauty and fashion product retailer, has filed a lawsuit against its former Chief Business Officer, Gopal Asthana, who now leads Tata Cliq's fashion division. The lawsuit accuses Asthana of breaching confidentiality, misusing proprietary data, and attempting to harm Nykaa's business. According to a report in the Economic Times, Nykaa claims that Asthana approached several former staff members who had reported to him, encouraging them to join Tata Cliq, with some employees making the switch over the past year.

Two days after the market debut, Premier Energies has bagged an order worth Rs 215 crore grom Uttar Pradesh's agriculture department to set up solar water pumping systems

"With reference to the above cited subject and the news regarding potential acquisition of stake in Kishlay Foods Private Limited, we would like to clarify that the Company evaluates various strategic opportunities in the ordinary course, for growth and expansion of its business. At this stage, there is no material event/ information that requires disclosure under Regulation 30 of the SEBI Listing Regulations, 2015," Britannia said in a regulatory filing.

China to review anti-dumping duties over chemical from US, EU, reports Bloomberg

• The central government needs to find solution to India's huge fossil fuel imports
• No plans of the government to increase taxes on petrol and diesel cars
• My intention has always been to encourage Indian automobile companies to encourage manufacturing of cleaner vehicles like EVs and not to make operations difficult
• Use of electric vehicles in public transport especially electric busses will help reduce pollution levels and help cut fossil fuel imports
• The government will soon not need to promote/incentive EV sales as consumers are looking to buy more EVs, and CNG vehicles
• Planning to launch inter-city electric buses soon to lower pollution
• India is now the third largest automobile manufacturer in the world
• My ambition is to make India the largest automobile manufacturing hub in the world, especially for new age vehicles like EVs, alternate fuel vehicles
• In five years India will be the largest exporter of Lithium Ion batteries
• Every year automobile imports to India will reduce as local production increases
• The fossil fuel economy is so large that despite all the efforts by the government it will be difficult to reduce fossil fuel imports into India
• In my opinion manufacturing of electric vehicles no longer need to be subsidised by the government
• Lower taxation on EVs under GST when compared to fossil fuel vehicles already give EV makers the advantage (Read More)

In his address to the shareholders, Mukesh Ambani spoke about rewarding shareholders amid strong financial performance and expansion of business. "A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024 to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves," the firm said in the stock exchange filing. (Read More)

According to a CNBC-Awaaz report, the GST on annual premiums of Rs 50,000 may be reduced to 5% from the current 18%. The report citing sources also added that the members of the GST Council are not in favour of total exemption of GST on health premium.

Union Finance Minister Nirmala Sitharaman speaking at an event said that 'we are much below revenue neutral rate in GST.' She also added that "we need to raise revenue, but simplifying easing and compliance of taxpayers comes first." On GST, the FM also added "the federal structure in GST has to be respected." She also refuted the reports that "there is friction in GST in Center and states." "Revenue neutral rate has come down from 15.3% to 12.2% under GST in 2023," she further said. (Read More)

"We are setting up a cloud facility for storage of financial sector data of all financial sector players. This will be of particular benefit to the smaller entities in the financial sector, whether they are small NBFCs, medium size NBFCs or small private banks or urban co-operative banks. We are working on cloud facility," says RBI Governor.

"With the monsoon progressing well and healthy kharif sowing raising prospects of better harvest, there is greater optimism that food inflation outlook could become more favourable during the course of the year. However, we need to remain watchful of forces impacting inflation playout. The balance between growth and inflation is well poised," says Shaktikanta Das. (Read More)

"To realise this transition from an emerging to advance economy by 2047, the Indian economy would need a multi prompt and multi sectoral approach. Our focus should be on employing all engines of growth from both supply and demand side. The supply side focus must encompass the agriculture industry and services," says RBI Governor Shaktikanta Das.

"Net corporate profits have grown by 14.2% in Q1FY25, this is based on RBI's survey of 2,934 private non-financial corporates," says

"Govt expenditure of states and Center is likely to pick up pace in lined with budget estimates in the remaining quarters of current year," says Shaktikanta Das. he further adds that "the data comes out shows that rural demand is picking up."

The data actually shows that the fundamental growth drivers of the economy are actually gaining momentum, they are not slowing. This gives us confidence to say that Indian growth story remains intact.

"Indian economy is now at a critical juncture. Massive changes are taking place in various economic sectors and market and the country is geared with orbital shifts," says RBI Governor

"Let's resolve the issue of taxes to create a playing field. We can work out a border adjustment tax for coal cess and electricity duty, which are not remitted to the industry and are not charged in other countries," says Goyal (Read More)

"Let's use AI to optimise production, reduce waste, optimise value chain and work towards circular economy," says Goyal at ISA.

"You provide an offer to the world that they can't refuse," Goyal quotes Godfather

"Unlike in the past, we have not signed a single FTA without 100 percent concurrence of from the steel industry, so that you are not discriminated against," says Piyush Goyal

In a clear message to the steel industry, Piyush Goyal says, "We are always available to make your life easier. Do suggest what we can do for single window clearance. How we can safeguard your interest from any unfair practices from other countries and have a win-win situation in FTAs for our steel industry."

"New India can only become a solid India when steel industry becomes a source for infrastructure development," says Piyush Goyal

"I would like to know how we can curb irrational imports," asks Goyal in his address. "DGTR has initiated an inquiry into the surge in steel imports from Vietnam. We will do whatever it takes to get the steel industry rocking again," adds Goyal.

Union Minister Piyush Goyal pushes for Made in India Steel: Korea and Japan prefer their own steel plants, even at times of higher costs. Sadly, many of friends from our industry don't have a similar approach.

Shares of Travels & Rentals made a strong debut on the stock exchanges today, listing at Rs 55 on the BSE SME, which marks a 37.5 percent premium over its IPO price of Rs 40.

The Karnataka government has withdrawn a circular that directed its departments to cease business with the State Bank of India (SBI) and Punjab National Bank (PNB), after both state-owned banks repaid Rs 22.67 crore of embezzled funds, along with one year’s interest. (Read More)

Raymond Lifestyle has listed at Rs 3,020 per share versus issue price of Rs 1,563 per share. (Read More)

Gala Precision Engineering's initial public offering (IPO) was oversubscribed by more than 200 times on the final day of subscription, Wednesday. According to NSE data, the IPO received bids for 44.79 crore shares compared to the 22.23 lakh shares available. (Read More)

Ahead of the listing, Raymond boss Gautam Singhania said, "Raymond Lifestyle is going public with the intention of creating a world class company backed by a world class management team & a top quality board."

Raymond Lifestyle makes stock market debut at Rs 3,000 per share on Bombay Stock Exchange.

• Total Retail Sales Down 7 % MoM & Up 2.8% YoY At 18.91 Lk Units
• 2-wheeler Sales Down 7.3% MoM & Up 6.3% YoY At 13.38 Lk Units
• CV Sales Down 8.5% MoM & Down 6% YoY At 73,253 Units
• PV Sales Down 3.5% MoM & Down 4.5% YoY At 3.09 Lk Units

Founded in October 2001, Shree Tirupati Balajee Agro Trading Company Limited specializes in the production and distribution of Flexible Intermediate Bulk Containers (FIBCs), large flexible bags used for industrial packaging. Additionally, the company manufactures and sells a variety of other packaging materials, including woven sacks, woven fabric, narrow fabric, and tapes.

The price band for the IPO is set between Rs 78 and Rs 83 per share, with a minimum application of 180 shares, requiring a retail investment of Rs 14,940. For sNII investors, the minimum lot size is 14 lots (2,520 shares), amounting to Rs 209,160, while for bNII investors, it is 67 lots (12,060 shares), totaling Rs 1,000,980.

The allotment of Shree Tirupati Balajee's IPO is anticipated to be finalized on September 10.

Shree Tirupati Balajee's IPO is a book-built issue that includes a fresh issuance of 1.48 crore shares, with a total value of Rs 122.43 crore.

Share Allotment: The allotment of shares to successful bidders is likely to be finalized on September 10, 2024.

Listing: The company is anticipated to list its shares on the stock exchanges on September 12, 2024.

India has overtaken China in the MSCI EM Investable Market Index (IMI) on September 4 to become the largest weight, and is now nearing the threshold to surpass China as the top weight in the broader MSCI Emerging Markets index as well.

The MSCI Emerging Markets Investable Market Index (IMI) includes large, mid and small-cap counters from 24 Emerging Markets economies. Read the entire report here.

The company plans to utilise the proceeds from the fresh issue for the following purposes:

Repayment of Debt: A portion of the funds will be used to reduce existing debt obligations.

Investment in Subsidiaries: The company will invest in its subsidiaries, HPPL, STBFL, and JPPL, to help them repay their borrowings and support their growth.

Incremental Working Capital: The proceeds will also be used to fund additional working capital requirements, ensuring smooth operations and timely payments.

General Corporate Purposes: The remaining funds will be allocated for general corporate purposes, such as research and development, marketing, and other strategic initiatives.

Gold was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.

Spot gold was nearly unchanged at $2,497.47 per ounce by 0222 GMT. U.S. gold futures rose 0.1% to $2,527.60.

Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.

Data overnight showed that U.S. job openings dropped to a 3-1/2-year low in July, suggesting the labour market was losing steam, but the reduction on its own is probably not enough to warrant a half-percentage-point rate cut by the Federal Reserve this month. (Reuters)

The Shree Tirupati Balajee Agro Trading IPO has allocated the shares as follows:

Qualified Institutional Buyers (QIBs): Approximately 50% of the offer is reserved for QIBs.

Retail Investors: 35% of the shares are set aside for retail investors.

Non-Institutional Investors (NIIs): The remaining 15% is allocated to NIIs.

The dollar dipped on Thursday as traders ramped up bets for a supersized rate cut from the Federal Reserve later this month, with the yen a notable outperformer on safe-haven demand as concerns over the U.S. economy's growth outlook resurfaced.

Global markets have been on edge and stocks, in particular, badly bruised, after softer-than-expected U.S. data out this week reignited concerns that the growth outlook of the world's largest economy was less rosy than earlier thought and that the labour market could be slowing more sharply than expected.

That has led to investors fleeing risky assets in search of safety, with the yen one of the biggest beneficiaries. (Reuters)

The Shree Tirupati Balajee Agro Trading IPO has set a price band of Rs 78 to Rs 83 per share. This means investors can bid for shares within this range.

The minimum lot size for the IPO is 180 shares. Investors must bid for a minimum of 180 shares or multiples thereof.

The highly anticipated initial public offering (IPO) of Shree Tirupati Balajee Agro Trading will consist of two components:

Fresh Issue: The company will issue up to 1.47 crore new equity shares to raise fresh capital.

Offer for Sale (OFS): Binod Kumar Agarwal, a significant shareholder, will offer up to 56.9 lakh existing shares for sale.

Market analysts are buzzing about the strong grey market premium (GMP) for Shree Tirupati Balajee Agro Trading's upcoming IPO. The current GMP stands at Rs 21, suggesting a 25% premium over the issue price. This positive indicator suggests that investors are optimistic about the company's future prospects and are willing to pay a premium to secure shares.

The highly anticipated initial public offering (IPO) of Shree Tirupati Balajee Agro Trading is set to open for subscription today, September 5, 2024.

The issue is scheduled to close on Sunday, September 9, 2024. Through this public offer, the company aims to raise approximately Rs 170 crore.