Shree Tirupati Balajee Agro Trading IPO to open on Sep 5; sets price band at Rs 78-83/share

The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.

Shree Tirupati Balajee Agro Trading Company Ltd on Monday fixed a price band of Rs 78-83 per share for its nearly Rs 170-crore initial share sale.

The Initial Public Offering (IPO) will open for public subscription on September 5 and conclude on September 9, the company said in a statement.

The IPO consists of a fresh issue of 1.47 crore equity shares and an Offer for Sale (OFS) of up to 56.90 lakh equity shares by Binod Kumar Agarwal.

The commercial vehicles (CV) wholesale volume may witness year-on-year growth of up to 3 per cent in current fiscal year, rating agency Icra said in a report on Monday.

Icra had earlier estimated 4-7 per cent decline in CV volume for FY25.

The change in projection is due to better-than-expected volume growth in first four months of the current fiscal and expectations of a marginal uptick in demand in the second half of the year, Icra said in a statement.

ICICI Bank said on Monday it did not pay any salary or granted employee stock options to Sebi chief Madhabi Puri Buch after her retirement from the bank.

ICICI bank in a regulatory filing said“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to  Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013.

During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies. Under the Bank’s ESOP rules, the ESOPs vest over the next few years from the date of allotment. As per rules existing at the time of her ESOP grant, employees including retired employees had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting.

The Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public.

On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.

The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said.

Capital markets regulator Sebi has put on hold the proposed Rs 4,000-crore initial public offering (IPO) of JSW Cement. Without specifying reasons, Sebi stated that the "issuance of observations (has been) kept in abeyance," according to an update on its website on Monday. JSW Cement, part of the diversified JSW Group, filed the preliminary IPO papers with Sebi on August 16. (PTI)

Currently, there are 600 SME companies listed on both exchanges, with the market capitalization of these companies exceeding Rs 2 lakh crore. But SEBI’s whole-time member Ashwini Bhatia, who was speaking at CII’s Financing 3.0 Summit, believes that there needs to be some caution. (Read More)

In a regulatory filing, Matrimony.com said that it was considering buy back on September 5. "The proposal for buy back of its fully paid up equity shares of the company and the matters necessary and incidental thereto, in accordance with the applicable provisions of the Companies Act, 2013, including Rules framed thereunder, the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended, and other applicable laws," the filing said.

Union Minister Nitin Gadkari has proposed reduction in GST on flex-fuel vehicles. Addressing the India Bio-Energy & Tech Expo, the minister said that the state governments should bat for lowering the GST on flex fuel vehicles in the critical GST Council meeting on September 9. Gadkari said that this will help in bringing down the dependence and consumption of fossil fuel.

Promoters of CreditAccess Grameen Limited may have to hit pause on their plans to exit the microfinance company. According to people aware of the matter, the valuation sought by the Netherlands-based CreditAccess India BV for selling its stake in CreditAccess Grameen is said to have deterred investors from buying out the promoters’ holdings in the company. CreditAccess Grameen is India’s leading non-bank specialising in microfinance. (Read More)

The government has received Rs 2,413 crore in dividends from BPCL, contributing to a total of Rs 15,389.14 crore collected this fiscal year from various Central Public Sector Enterprises (CPSEs) such as Indian Oil Corporation, ECIL, Power Finance Corporation, and TCIL. With a target of Rs 56,260 crore, the government is aiming to boost collections from public sector enterprises compared to the previous fiscal year.

Mining major Vedanta Ltd on September 2 said its board approved third interim dividend of Rs 20 per share for FY25. "The Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, September 2, 2024, has considered and approved the third Interim Dividend of Rs 20 per equity share on face value of Re 1 per equity share for the Financial Year 2024-25 amounting to Rs 7,821 crore," said Vedanta in a stock exchange filing. (Read More)

The Cabinet has approved a Rs 3,300 crore proposal by electronics maker Kaynes to build a semiconductor packaging plant with a capacity to produce 60 lakh chips a day, Union minister Ashwini Vaishnaw said on September 2. (Read More)

At least 510 million cases are awaiting judgments in various courts across the country, according to the National Judicial Data Grid numbers. The Supreme Court would need nearly 20 months to dispose of all the pending cases if no new lawsuit is filed in this period, while it would take almost two years for the subordinate courts to clear the backlog, and high courts would need at least three years to get rid of the due cases, shows a Moneycontrol analysis of the data. (Read More)

Razorpay, one of India's leading digital payment processors, expects to complete shifting its parent entity from the US to India this fiscal year as it prepares for an initial public offering on local stock exchanges in 2027-28, co-founder Shashank Kumar said. (Read More)

India's alternative investment funds (AIFs) are under increased regulatory scrutiny, with the Securities and Exchange Board of India (Sebi) stepping up the issuance of warning and advisory letters for non-compliance. (Read More)

Whether it was about violations related to insider trading or market manipulation or price rigging or even about front running, the year 2023-24 saw a huge jump in the number of investigations taken up by the Securities and Exchange Board of India (SEBI). (Read More)

Despite significant volatility in August, retail investors bought shares worth Rs 10,000 crore, surpassing investments made by foreign investors, banks, and insurers. This marked a sharp increase from Rs 2,380 crore in July though the net buying of retail investors was pegged at Rs 11,855 crore in June. (Read More)

A proposal to exempt health insurance policies from the 18 percent goods and services tax (GST) could deal a Rs 3,500 crore blow to government revenues annually, according to a senior official who is part of the Fitment Committee considering the plan ahead of the GST Council’s September 9 meeting. (Read More)

Shareholders who owned Bajaj Finance or Bajaj Finserv shares at the close of last Friday's session are eligible to apply for the upcoming IPO under the shareholders' quota. According to SEBI regulations, those who held shares of the parent company on the date the RHP was filed can apply for the subsidiary company's IPO under the shareholders' quota.

Shares of Bajaj Finance and Bajaj Finserv surged by up to 5 percent on September 2, following the announcement that Bajaj Housing Finance, a unit of the group, had set the opening date for its highly anticipated Rs 6,500-crore IPO. Bajaj Finserv's share price climbed 4.43 percent to reach Rs 1,862 per share on the NSE. The stock has been on a three-day winning streak, gaining more than 8 percent during this period.

As per the current trends, in the last 48 hours, the GMP of Bajaj Housing Finance's IPO has gone up from Rs 42 to Rs 61 so far. This means that the GMP has improved by 45 percent. Market observers say that the GMP will see sharp spike after the NBFC announced the Bajaj Housing Finance IPO price band.

The Bajaj Housing Finance Limited's IPO will make its Dalal Street debut on September 9 next week. Latest buzz says that the grey market is highly bullish on the IPO of the NBFC. The shares are available at a premium of Rs 61 in the grey market as of September 2, 2024. The GMP has gone up Rs 5 in comparison with Sunday's GMP Bajaj Housing Finance IPO, which stood at Rs 56.

Hours after the Congress presser, party chief Mallikarjun Kharge south an intervention from the Supreme Court on the new allegations against SEBI chair Madhabi Puri Buch. In a post on X, Kharge said that the top court should take cognizance in the matter. He also demanded Madhabi Puri Buch to be dismissed immediately. The Congress president also demanded a JPC in the "Adani Mega Scam."

The Narendra Modi government is considering setting up a sovereign wealth fund for India, CNBC-TV18 reports. It further says that prelim discussions have already taken place with RBI, SEBI, GIFT City on feasibility of a sovereign wealth fund. It should be noted that the government had recently sought views of over 30 PSUs on sovereign wealth fund and will the scheme succeed.

"Was the Prime Minister aware that the current SEBI Chairperson as a whole-time member of SEBI was adjudicating complaints against ICICI and its affiliates while also receiving income from ICICI," Jairam Ramesh asked in another question

Amid fresh allegations levelled by the Congress against SEBI Chair Madhabi Puri Buch, Party leader Jairam Ramesh took to X and posted a series of questions for Prime Minister Narendra Modi. He asked whether the PM was aware about Sebi boss holding office of profit? In another question, Ramesh asked, "Has the ACC, headed by the PM, gone through these shocking facts about the SEBI Chairperson?"

• Nomura lowered its FY25 economic growth forecast for India to 6.7% year-on-year from 6.9% after official data on Friday showed the country's gross domestic product (GDP) grew slower than expected on an annual basis in the April-June quarter.
• India's GDP rose 6.7%, less than the 6.9% forecast by a Reuters poll and the 7.8% growth in the previous quarter, as a decline in government spending during national elections weighed.
• "Overall, Q2 GDP data are weaker than expected, although the role of transitory factors like elections, versus more persistent factors like slowing profit growth is still unclear," said Nomura analysts, in a note dated Aug. 30. (Read More)

• On private capex, Chief Economic Advisor V Anantha Nageswaran says, "In the first quarter, we saw a decline in capital formation rate. But I think that is because of the election season, it will pick up because the overall tendency - if you look at the RBI's August bulletin, the funds raised by the private sector for capex have consistently been steadily increasing. So, therefore, I think we do see brighter capital formation prospects in the private sector and also the government's capex spending will also pick up in the coming quarters..."
• When asked about bank deposits moving away from banks and towards other investment options, CEA says, "I think there has been a very educative article published on this. The premise on which we are examining this is flawed. The money, even if it is invested by individuals in financial security rather than deposits, they eventually come back into the banking system anyway."

Last month, US shofrtseller Hindenburg Research had levelled serious allegations against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch. The allegations ranged from having a stake in the obscure offshore entities used in the Adani money siphoning scandal to opaque consulting business transactions. (Read More)

SEBI Chairperson Madhabi Puri Buch today addressed a CII event. During her speech, the SEBI boss said that ‘today if I speak anything about REIT, I am accused of conflict of interest.’  She made the remarks while talking about regulations simplifying REITs. (Read More)

Despite being a full-time member, why Madhabi Puri Buch was drawing salary from ICICI Bank, asks Pawan Khera. He also said that this was a clear violation of SEBI's Section 54. She should resign immediately, Khera says.

In a series of fresh allegations, Congress spokesperson Pawan Khera said that “several probes on ICICI Bank being adjudicated while Buch was receiving such income. He also said that reports suggest that SEBI Chief relaxed norms for ICICI Bank. He also questioned basis for ICICI Bank to provide regular income to Buch. He also called for SEBI Chief to make voluntary disclosure on benefits from corps. (Read More)

"The Securities and Exchange Board of India (SEBI) plays a crucial role in regulating the share market, where we all invest our money. But who appoints the SEBI chairperson? It's the Appointments Committee of the Cabinet, which includes the Prime Minister and Union Home Minister Amit Shah. This committee has two members responsible for appointing the SEBI chairperson. Regarding SEBI Chairperson Madhabi Puri Buch, it was noted that she received a regular income of Rs 16.8 crore from ICICI Bank between 2017 and 2014. If you're a full-time SEBI member, why were you receiving a salary from ICICI Bank," asks Congress spokesperson Pawan Khera.

Addressing media, Congress spokesperson Pawan Khera has alleged that SEBI chief Madhabi Puri Buch drew regular income from ICICI Bank from 2017-2024 and also received income from ICICI Pru.

The Supreme Court has issued a notice in plea by Adani Power for Rs 280 crore refund from the Himachal Pradesh government over 969-megawatt Jangi Thopan Power Project in Kinnaur district, the Bar & Bench report says. The apex court bench of Justices Aravind Kumar and MM Sundresh sought the response of Himachal government in the matter.

According to senior officials speaking to Moneycontrol, the government is unlikely to grant concessions to Chinese telecom equipment makers like ZTE, even if they propose producing and exporting some equipment through partnerships with Indian companies. While the government's recent approach to certain Chinese investments had raised expectations among Chinese vendors, industry experts believe that relief for companies like Huawei and ZTE is unlikely due to cybersecurity concerns that set their cases apart. (Read More)

While addressing the CII event, Chief Economic Advisor V Ananth Nageshwaran said that people need to participate in the markets with a longer horizon. He also said that the financial boom currently growth enhancing. "The point is to see when it starts to subtract from growth," he added.

The Shree Tirupati Balajee Agro Trading IPO has allocated up to 50% of the shares for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and a minimum of 35% for retail investors.

Shree Tirupati Balajee Agro Trading IPO, which will open for subscription on September 5, has fixed the price band. Latest reports say that the IPO price band has been set between Rs 78 to Rs 83 per equity share. It will have the face value of Rs 10. Meanwhile, the allocation to anchor investors will be held on September 4.

The price band for Shree Tirupati Balajee Agro Trading IPO has been set between Rs 78 and Rs 83 apiece.

Tata Power gets notice of termination of global depositary receipt facilities, which will be effective from October 28, 2025. "Subsequently the GDSs will be delisted from the Luxembourg Stock Exchange," says Tata Power in a stock exchange filing. The forces sale will commence from or after October 29, 2025, the company said.

August coal production declines 11.9% at 46.1 mt versus 52.3 mt (YoY)

August offtake down 11.8% at 52.1 mt versus 59.1 mt (YoY) (Read More)

Manufacturing activity slows down to 57.5 in August compared with 58.1 in the previous month

The automaker says price of S-Presso LXI petrol model has been reduced by Rs 2,000. Whereas price of alto K10 VXI petrol has been reduced by Rs 6,500. (Read More)

• Guided street for mid-teens, double-digit growth
• See enquiries rise ahead of festive season
• Have gained few percentage points of market share on the retail front
• Have gained 2% market share in retail EV segment
• Haven’t opened bookings for Thar Roxx yet
• Small CVs segment has seen de-growth, outperformed market in this segment
• Thar Roxx production capacity  is at 9,500 units/month
• Roxx test rides will open in mid-September & bookings in October 2024
• Thar Roxx production capacity is at 9,500 units a month
• Roxx Test rides will open in mid-September and bookings will open in October 2024
• Thar 3 & 5 Door are different cater to different customer, do not see any cannibalisation

• Total auto sales up 9% at 76,755 units versus 70,368 units (YoY)
• Total domestic PV sales up 16% at 43,277 units versus 37,270 units (YoY)
• Total tractor sales at 21,917 units versus CNBC-TV18 poll uf 22,970 units
• Total tractor sales up 1% at 21,917 units versus 21,676 units (YoY)

Total sales up 5% at 5.12 lakh units versus 4.88 lakh units (YoY)

Total domestic sales up 4% at 4.92 lakh units versus 4.72 lakh units (YoY)

Exports up 27% at 20,097 units versus 15,770 units (YoY)

• August auto sales numbers are out! Here's how Bajaj performed in last monthTotal sales up 16% at 3.97 lakh  units versus 3.41 lakh units (YoY)
• Total 2-wheeler sales up 18% at 3.35 lakh units versus 2.85 lakh units (YoY)
• Total domestic sales up 24% at 2.53 lakh units versus 2.05 lakh units (YoY)
• Exports up 5% at 1.44 lakh units versus 1.36 lakh units (YoY)
• Total 3-wheeler sales up 11% at 62,626 units versus 56,617 units (YoY)

A systematic withdrawal plan (SWP) enables you to withdraw a fixed amount from a mutual fund at regular intervals. It is the opposite of a systematic investment plan (SIP), where you invest in a fund at fixed intervals.

SWPs are convenient for anyone who needs a regular income. It is more relevant for retirees, but its utility need not be confined to retirement goals alone. It could be used by a startup entrepreneur to fund his living expenses in the initial years. Read more.

Headlines that describe the just-announced first quarter GDP as the slowest in five quarters don't do justice to what is a reasonably robust quarter of growth. As will be explained shortly, the GVA or gross value added number is more relevant this quarter, and this number at 6.8 percent is stronger in the April-June quarter than it was in the previous Jan-March quarter. Likewise private final consumption and capital formation at 7.5 percent each are both indicating that the economy's growth is getting broad-based. More here.

• The Indian rupee is expected to weaken at open on Monday after U.S. inflation data indicated that the Federal Reserve will not opt for a larger rate cut at this month's meeting.
• The 1-month non-deliverable forward indicated that the rupee will open at 83.90 to the U.S. dollar, down from 83.8625 in the previous session.
• The local currency was in the 83.80 to 83.96 range last week amid likely equity inflows, possible central bank intervention and dollar payments by importers.
• "I expect a similar range to persist this week, with risks balanced on the upside (for dollar/rupee pair)," a currency trader said. (Reuters)

Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world's two biggest oil consumers.

Brent crude futures fell 57 cents, or 0.7%, to $76.36 a barrel by 0108 GMT while U.S. West Texas Intermediate crude slipped 50 cents, or 0.7%, to $73.05 a barrel.

The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.

Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October, as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025.

"There are concerns that OPEC will go ahead and increase output from October," IG market analyst Tony Sycamore said. (Reuters)

• The dollar climbed to a two-week top against the euro on Monday as traders pared bets for aggressive policy easing by the Federal Reserve with the focus now moving to a crucial U.S. jobs report at the end of this week.
• The dollar advanced to its strongest since Aug. 21 on the yen, buoyed by a rise in long-term Treasury yields to the highest since mid-August after a closely watched measure of U.S. inflation held steady, reducing the imperative for the Fed to cut interest rates by a super-sized 50 basis points (bps) on Sept. 18.
• It rose as much as 0.27% to 146.60 yen, and was last at 146.29. (Reuters)

• Gold prices traded in a narrow range on Monday as investors looked to a key U.S. jobs data to firm their bets on the size of the Federal Reserve's interest rate cut expected this month.
• Spot gold eased 0.1% at $2,499.47 per ounce, as of 0143 GMT. U.S. gold futures inched up 0.2% to $2,531.90.
• The Fed is expected to kick off a rate-cutting cycle at its policy meeting on Sept. 17-18. Traders currently see a 69% chance of a 25 basis points cut and a 31% chance of a 50 bps cut, according to the CME FedWatch tool.
• "The lead-up to the U.S. non-farm payrolls may put gold prices in their near-term range to start the week. Investors look towards a series of economic data to help resolve the debate between a 25 bp and a 50 bp cut for the upcoming Fed meeting," said IG market strategist Yeap Jun Rong. (Reuters)

Tata Consumer Products Limited (TPCL) has finalized the merger of its wholly owned subsidiaries—Tata Consumer Soulfull Pvt Ltd, NourishCo Beverages Ltd, and Tata SmartFoodz Ltd—into TPCL. This move follows the approval from the National Company Law Tribunal (NCLT) and other regulatory bodies. According to the company's press release, the merger aligns with TPCL's strategy to simplify and streamline its business operations within the Fast-Moving Consumer Goods (FMCG) sector. Read more.

The Gala Precision Engineering Limited IPO has a floor price of 50.3 times the face value of Rs 10 per share and a cap price of 52.9 times the face value. The price-to-earnings (P/E) ratio for fiscal 2024 at the upper price band is 22.02 times and 20.94 times at the lower end, compared to an industry average P/E ratio of 39.59 times. The IPO lot size is set at 28 equity shares, with multiples of 28 shares thereafter.

The company has reserved up to 50% of the shares for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and at least 35% for retail investors.