Business News Highlights: Dam Capital Advisors files for IPO with SEBI, plans offer-for-sale of 3.2 crore shares

NHPC revises MoU with Maharashtra govt for 7,350 MW renewable energy storage systems. NHPC will develop 4 key PSPs (pumped storage projects) in Maharashtra.

Investment banker DAM Capital Advisors filed preliminary papers with SEBI on September 3 for an upcoming initial public offering (IPO). The IPO will consist entirely of an offer-for-sale (OFS) of 3.2 crore equity shares, with no fresh issue component. Shares will be sold by four investors—Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, and Easyaccess Financial Services—as well as by promoter Dharmesh Anil Mehta. DAM Capital Advisors, led by veteran dealmaker Dharmesh Mehta, has previously managed IPOs for 26 companies.

RARE Enterprise, a Rakesh Jhunjhunwala entity sold 15.85 lakh shares in Exicom Tele Systems for an average price of Rs 348.6.

The Supreme Court on Tuesday said there is no embargo on Sahara Group to sell its properties for depositing around Rs 10,000 crore in SEBI-Sahara refund account for returning investors' money.

AU Small Finance Bank seeks RBI approval to transition into a universal bank.

Bank of India launches 333-day fixed deposit; Interest rates up to 7.90% for super senior citizens

Bessemer India Capital Holdings II Limited sells 13% stake in Medi Assist Healthcare Services

MK Hamied steps down as Vice Chairman & Non-Executive Director of Cipla with effect from October 29 on the grounds of age and health grounds.

FIIs net buy Rs 1,029.25 crore and DIIs net buy Rs 1,896.21 cr in equities today.

OfBusiness is set to raise $750 million to $1 billion via IPO, which will take place likely in the next 12-15 months. It is currently in the process of merging its subsidiaries into one holding company, and the IPO will likely take place once the process is over.

US telecom operator AT&T and Finnish network equipment manufacturer Nokia have signed an agreement to build a fiber network in the US, Nokia announced on Tuesday. According to a Reuters report, this deal follows Nokia losing a major contract with AT&T to its Swedish competitor, Ericsson, which was chosen by AT&T in December to build a telecom network expected to handle 70% of its wireless traffic in the US by late 2026. With AT&T's $14 billion five-year deal with Ericsson, Nokia is now focusing on new growth opportunities in fiber. Although Nokia did not disclose the financial details of the new five-year fiber agreement, the company described it as "a significant milestone" that will "boost broadband access for millions of users" in the US. This initiative will also support AT&T's extensive fiber network, which covered 27.8 million total fiber locations as of the second quarter of 2024.

Indian refiner Bharat Petroleum Corp and explorer Oil and Natural Gas Corp are jointly exploring setting up a refinery, two sources familiar with the matter said. The talks are at a very nascent stage, the sources, who did not want to be named because they are not authorised to speak to media, said. BPCL plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand, its chairman told shareholders last week. Both the companies declined to comment on the development. (Reuters)

Govt likely to launch GIC Re OFS tomorrow, reports CNBC-TV18. The TV report also adds govt likely to dilute little less than 7% in GIC Re OFS. It should be noted that govt holds 85.78% stake in GIC Re

Jawa Motorcycles has introduced the new Jawa 42 FJ in India, featuring a modern retro design. The standout elements of the bike include a teardrop-shaped fuel tank with an aluminum plate on its side. According to CNBC-TV18, bookings for the Jawa 42 FJ are now open.

China said Tuesday it would launch an anti-dumping probe into Canadian canola and chemical products, in apparent retaliation for Ottawa's new restrictions on imports of Chinese electric vehicles (EVs). (AFP)

Raymond Group CFO Amit Agarwal told CNBC-TV18 that the "lifestyle business will list day after tomorrow (September 5)." He also said that "will list real estate biz by Oct-Nov next year." On the other hand, Raymond Lifestyle CEO Sunil Kataria told CNBC-TV18 that "as a listed entity Raymond Lifestyle offers a unique proposition with four different verticals."

JSW Cement Ltd’s Rs 4,000-crore initial public offering has hit a roadblock, as the Securities and Board of Exchange of India (SEBI) has put the approval process on hold due to an old case involving Sajjan Jindal, who controls the cement maker, and his siblings, people familiar with the development said. SEBI is examining an alleged regulatory violation involving the inter-se transfer of investments held by Hexa Securities and Finance Co., in which several Jindal family members, including JSW Group chairman Sajjan Jindal, were holding director positions, the people said, requesting anonymity. (Read More)

The Securities Appellate Tribunal (SAT) has postponed the hearing of Zee Entertainment Enterprises' Subhash Chandra's plea against the Securities and Exchange Board of India (Sebi) in the alleged fund diversion case, according to a report by Business Standard. Chandra's lawyer requested additional time, which Sebi's counsel opposed. Chandra's legal team asked for a later hearing date, while Sebi's counsel urged the tribunal to treat this as the final extension, pointing to recent developments and public statements made by Chandra. The case is now expected to be heard later this month, the report stated.

According to a report by Business Today Television, the GST panel, composed of state and central revenue officials, has postponed making a final decision on how to address the outstanding tax liabilities of online gaming companies. Although the panel recommended delaying the decision, the issue is expected to be revisited during the 54th GST Council meeting on September 9. Several online gaming companies have reached out to the Ministry of Finance, pointing out that the industry's total tax liabilities amount to Rs 1.5 lakh crore, with casino tax liabilities surpassing ten times their annual revenues.

Senapathy ‘Kris’ Gopalakrishnan, Chair - GFF 2024; Chairman, Axilor Ventures; and, Co-founder, Infosys, is an eternal optimist. For someone who has closely seen and contributed to building India’s $250-billion tech services industry over the past four decades, a new technology shift, like artificial intelligence (AI), is only a wave that will take the industry forward. (Read More)

• Why did ICICI pay the TDS on ESOP on behalf of Madhabi Puri Buch?
• Does it follow the same protocol for all its past and present employees?
• Why did ICICI not offer this TDS amount as taxable income of Madhabi Puri Buch? Is this not a clear non-compliance of the Income Tax Act? (Read More)

On ICICI Bank's ESOP policy, the Congress said, "the only ESOP policy by ICICI has publicly disclosed on its website, is the one uploaded on the US Securities Exchange Commission website, and it clearly states that former employees can exercise their ESOPs within maximum of 3 months following their voluntary termination."

In backdrop of this, the party raised more questions:

Where is this "revised policy"  - under which Madhabi Puri Buch was able to exercise ESOPs 8 years after voluntary termination of her services - officially documented?

A day after the ICICI Bank issued clarification regarding the fresh allegations over the income drawn by SEBI chief Madhabi Puri Buch, the Congress launched fresh attacks on Tuesday. Addressing media in New Delhi, Congress spokesperson Pawan Khera asked, "how can a person's 'retiral benefit' be more than her salary as an employee." The party also said that the clarification issued by the ICICI Bank is "confirming" their charges.

According to a report by the Economic Times, Tata Sons is considering new board appointments following the retirement of Bhaskar Bhat and the upcoming departure of Ralf Speth. Bhaskar Bhat might stay on in an advisory capacity until the merger of Air India and Vistara is complete. The board is also set to review new management appointments due to several executives retiring or leaving. Tata Sons experienced a 57% increase in profit in FY24.

The September 9 meeting of the GST Council is likely to give relief to Infosys, reports CNBC-TV18. The report also added that there is likely to be some clarification on issues related to cloud computing and software service providers.

Raymond Lifestyle was demerged from its parent company, and shareholders received four shares with a face value of Rs 2 each for every five shares they owned in the parent company, which had a face value of Rs 5 each. Following the demerger, the group will have two listed entities: Raymond and Raymond Lifestyle.

Raymond Ltd intends to list its apparel and real estate divisions by 2025 to enhance shareholder value, according to a Bloomberg report. This strategy seeks to break up its conglomerate structure, which has resulted in lower valuations. Raymond Lifestyle, renowned for its men's suits, plans to grow in the Indian market and the wedding wear segment, aiming for substantial growth and the opening of new stores, the report stated.

Daikin Industries Ltd., the world's largest air conditioner manufacturer, plans to expand in India due to increasing demand, a Bllomberg report says. The company aims to build a new plant near its existing factory in southern India. Daikin targets to double its sales in India by 2025 and increase production for global exports by 2026.

At present, Bajaj Housing Finance GMP is somewhere around Rs 55. The IPO, which is slated to hit the market on September 9, will include fresh share sale of Rs 3,560 crore.

Chairman Sanjiv Bajaj and MD Atul Jain announce Bajaj Housing Finance IPO at a press conference.

The recent uptrend in the PSU pack has taken a breather, sending the share of BSE PSU Index in the total market capitalization to a seven-month low of 15.14 percent in August, data has showed. The decline in the m-cap share of PSU index marks a drop from a high of 16.24 percent, recorded in May 2024. Such has the surge in the space that the share of index in the overall market cap has stayed in double digits since December 2022. (Read More)

A rise in income is leading the rainy day funds revive from a record low in the two years of slump and, Reserve Bank of India Deputy Governor Michael Patra hopes that the Indian homes are back on course to rebuild their financial assets.

“Going forward, boosted by rising incomes, households will likely build back their financial assets," Patra said in his address at the Confederation of Indian Industry’s (CII) Finance Summit on September 3 and recalled that the financial assets of households reached a peak of 15 percent of the gross domestic product (GDP) in the early years of the 2000s right up to the financial crisis of 2008. Read more.

GE Power India on Tuesday said it has entered into a settlement agreement with Navayuga Engineering Company Ltd (NECL).

As part of the full and final settlement, NECL has agreed to pay a sum of Rs 31,45,26,287, a BSE filing said.

Under this agreement, the instalments are spread across on a quarterly basis and the last instalment will be received in 2026, it stated.

Recommend three-pronged approach towards achieving $1 tn merchandise export target by reducing trade costs, lowering trade barriers and deepening trade integration.

Nora Dihel and Ran Li, Senior Economists, co-authors of World Bank report said, "With rising costs of production and declining productivity, India's share in global apparel exports has declined from 4% in 2018 to 3% in 2022. To create more trade related jobs, India can integrate more deeply into global value chains which will also create opportunities for innovation and productivity growth."

Precision component maker Gala Precision Engineering's initial public offering (IPO) has received a robust demand from investors, entering into its second day of bidding on September 3.

The IPO was subscribed 21.20 times, with investors placing bids for 4.7 crore equity shares against the total offer size of 22.2 lakh, data from exchanges showed. More here.

Will acquire balance shares in Helios for Rs 177 cr, says Emami to CNBC-TV18

Samvardhana Motherson is likely to raise $1 billion through a Qualified Institutional Placement (QIP), reported CNBC TV18, citing unidentified sources. The QIP by the auto components maker is likely to be launched soon, and the proceeds may be utilised either for an acquisition or to reduce its existing debt, the report said. (Read More)

"India's robust growth prospects along with declining inflation will help to reduce extreme poverty. India can boost its growth further by harnessing its global trade potential. In addition to IT, business services and pharma where it excels, India can diversify its export basket with increased exports in textiles, apparel, footwear, electronics and green technology," says World Bank Country Director. (Read More)

• World Bank expects India's medium term outlook to remain positive. Growth is estimated to remain strong in FY26 and FY27, says Kouame
• Debt to GDP ratio is projected to decline from 83.9% in FY24 to 82% by FY27, says World Bank Country Director
• The current account deficit is expected to remain at 1-1.6% of GDP up to FY27, says Kouame
• World Bank says post-pandemic reconfiguration of global value chains has created opportunities for India
• India has boosted its competitiveness through National Logistics policy and digital initiatives that are reducing trade costs, adds Kouame
• India has had proactive approach to free trade agreements. Important for India to have comprehensive FTAs to include digital trade, says World Bank Country Director

• FY24 saw improvement in headline inflation, says World Bank Country Director
• Central level consolidation contributed to narrowing fiscal deficit in FY24, says Kouame
• Central level consolidation contributed to narrowing fiscal deficit in FY24, adds Kouame
• India needs to diversify its export basket and leverage global value chains to reach $1 tn merchandise exports by 2030, says World Bank Country Director
• Urban employment has improved since the pandemic, especially for female workers, adds Kouame
• With narrowing current account deficit and strong FPI inflows, foreign exchange reserves reached an all time high of $670.1 billion in early August, says World Bank Country Director

World Bank has upgraded its estimate of India's growth from earlier 6.6% to 7% for Fy25. World Bank Country Director India Auguste Tano Kouame says, " Indian economy growing at a good pace, building in past momentum." Global growth is projected to remain muted compared to pre-pandemic levels, says World Bank.

Kaynes Semicon, the chip-making arm of Kaynes Technology, aims to deliver its first commercial product from its upcoming outsourced semiconductor assembly and test (OSAT) facility in Sanand, Gujarat, in March 2025. The company, which has three key partnerships, expects to generate revenue this fiscal year and reach $250 million in sales within four years from 10-12 customers, Kaynes Semicon chief executive Raghu Panicker said in an interview after the company’s Rs 3,300-crore facility got government approval under the Rs 76,000-crore India Semiconductor Mission on September 2. (Read More)

The upcoming GST Council meeting is likely to issue clarity on car and two-wheeler seats, CNBC-TV18 reports. As per the TV report, GST Council had nominated fitment committee recommendations regarding rate parity on car and two-wheeler seats. The fitment panel has recommended increase in GST on car seats from current 18 percent to 28 percent.

Latest buzz says that Bajaj Housing Finance IPO is likely to debut on NSE and BSE on September 16. Also, the allotment of shares basis will be finalised on September 12. A day later, on September 13, Bajaj Housing Finance will commence the refunds. It should be noted that the shares will be credited to the allottees' demat accounts on September 13 itself.

Mumbai-based Sarvagram, a rural household-focused digital lending firm, is in advanced talks to raise nearly $50 million in funding from new as well as existing investors, sources close to the development have told Moneycontrol. (Read More)

Bajaj Housing Finance plans to raise a total of Rs 6,560 crore through its primary stake sale. This includes issuing fresh shares worth Rs 3,560 crore and an offer-for-sale (OFS) of Rs 3,000 crore from its promoter, Bajaj Finance Ltd. The anchor book for the issue is set to open on Friday, September 6.

Bajaj Housing Finance was founded in 2008. It is a non-deposit-taking housing finance company. In 2015, it was registered with the National Housing Bank. Since 2018, it has been offering mortgage loans to the customers. Bajaj Housing Finance is part of the Bajaj Group.

The initial public offering (IPO) of Bajaj Housing Finance is set to open for bidding on Monday, September 9. The company, part of the Bajaj Group, will offer its shares at a price range of Rs 66-70 each. Investors can apply for a minimum of 214 equity shares, with applications to be made in multiples of that number. The bidding period for the issue will close on Wednesday, September 11.

Vdeal System share price listed at Rs 170 per share on the NSE SME against the issue price of Rs 112 at a premium of 51.79%.

Premier Energies shares had an impressive start on their stock market debut on September 3, listing at Rs 991, which is a substantial 120 percent premium over the IPO issue price of Rs 450 per share. These listing gains exceeded the grey market expectations, where the shares were trading at a 108 percent premium. The grey market is an informal platform for trading IPO shares before they officially list. (Read More)

Premier Energies shares make a strong stock market debut, listing at a premium of Rs 991 per share on the BSE.

Those investors, who got the shares in the IPO allotment of Premier Energies, should look for GMP and other critical cues to understand the listing price.

The shares of Premier Energies are part of the Special Pre-open Session SPOS. That is why these shares will be made available for traders from 10:00 am onwards today.

A Bombay Stock Exchange notice says, “Trading Members of the Exchange are hereby informed that effective from Tuesday, September 3, 2024, the equity shares of Premier Energies Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”

Premier Energies is set to list its IPO today, September 3. The IPO began on August 27 and ended on August 29. The allotment of shares was finalized on August 30, and the company confirmed that the IPO listing date would be September 3.

Premier Energies will use the fresh issue's net proceeds for investment in Premier Energies Global Environment Private Limited. This subsidiary, the company says, will support the development of a 4 GW Solar PV TOPCon Cell and Module manufacturing plant located in Hyderabad. Apart from this, the net proceeds will be used in general corporate areas.

Premier Energies has as many as five manufacturing units that are located in Hyderabad, Telangana.

Ahead of the listing, here's what you need to know about Premier Energies. The company has specialisation in manufacturing integrated solar panels and solar cells. Apart from these, Premier Energies also offers solutions in monofacial and bifacial modules, solar cells, O&M and EPC.

"The company’s substantial investments, including a new 4 GW TOPCon solar cell line, and its improved Return on Capital Employed (ROCE), which rose from 3.6 percent in FY22 to 25.6 percent in FY24, reinforce its strong market position, and a listing of 80-90 percent is on the cards," Akriti Mehrotra, research analyst StoxBox, said.

Qualified institutional buyers led the subscription by bidding for 216.67 times their allotted portion. Retail investors subscribed to 7.33 times their quota, while employees subscribed to 10.84 times their reserved shares. Non-institutional investors subscribed 49.81 times their allocated portion.

The offer, consisting of both a fresh issue and an offer-for-sale, saw strong investor demand over three days, with the issue being subscribed 74.14 times the available shares. Investors bid for 330.98 crore shares, whereas only 4.46 crore shares were on offer.

According to grey market estimates, the company's shares could list with a 100 percent gain, as they were trading at a substantial premium of 111 percent, as per data from Chittorgarh. The grey market is an informal platform where shares begin trading well before the offer opens for subscription and continue to trade until the listing day.

Premier Energies is making its Dalal Street debut with Rs 2,830-crore IPO today. Ahead of the listing, robust subscription figures and current trends in the grey market signal at a stellar show.

• Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya.
• Brent crude futures were down 37 cents, or 0.48%, to $77.15 a barrel by 0156 GMT.
• U.S. West Texas Intermediate crude, which did not have a Monday settlement because of the U.S. Labour Day holiday, was 28 cents up from its Friday close of $73.55.
• "Oil remains under pressure given lingering Chinese demand concerns. Weaker than expected PMI data over the weekend would have done little to ease these worries," said Warren Patterson of ING. (Reuters)

Bond yields drifted higher on Tuesday, while currencies and Asia's stock markets steadied as investors waited on a raft of data to determine how deeply the U.S. can cut interest rates.

Ten-year Treasury yields were slightly higher at 3.919% and two-year yields rose a basis point to 3.935% as trade resumed in Asia following a U.S. holiday overnight.

Upbeat spending figures on Friday led markets to trim the chance of a half-point easing from the Federal Reserve. The U.S. ISM manufacturing survey due later in the day and particularly jobs data due on Friday will be crucial for the Fed's decision. (Reuters)

• France is at risk of running a substantially bigger budget deficit than planned this year if extra savings are not found due to a shortfall in tax revenue, French media reported on Monday.
• The finance ministry sent lawmakers an update on Monday on the budget situation that they had been demanding for weeks, centrist member of parliament Charles de Courson told Reuters.
• The document indicated that the public sector budget deficit is at risk of reaching 5.6% of economic output this year rather than the 5.1% targeted by France's current caretaker government, newspaper Le Monde and Les Echos reported.
• Value added sales tax, income tax and corporate tax were all coming in weaker than expected, Le Monde quoted the document as saying.

The dollar held close to a two-week high against the yen and the euro on Tuesday as investors geared up for a slew of economic data, including Friday's U.S. payrolls, that will influence the size of an expected interest rate cut from the Federal Reserve.

The euro was last at $1.1060, not far from the two week low of $1.1042 it touched in the previous session, while the yen fetched 147.10 per dollar in early trading, close to the two-week low of 147.16 hit on Monday.

Investor focus this week will squarely be on the U.S. payrolls data due on Friday after Fed Chair Jerome Powell last month endorsed an imminent start to interest rate cuts in a nod to the worries over the labour market. (Reuters)

Bajaj Housing Finance Ltd has set a price band of Rs 66-70 a share for its initial public offering that will start on September 9.

The anchor bidding will start on September 6 and the issue will close on September 11. Basis of allotment will be on September 12, refunds will be made on September 13 and the stock will list on exchanges on September 16. More here.

Premier Energies is set to list on the stock market today, September 3, 2024. Analysts anticipate that Premier Energies' shares will list at a significant premium, driven by the strong demand and robust subscription levels seen during the company's IPO. The grey market premium (GMP) for Premier Energies' IPO also suggests a favorable listing, indicating positive market sentiment.

The initial public offering (IPO) of Vdeal Systems Limited concluded on August 29, 2024. As per the 'T+3' listing rule, the shares of the company will be listed on the National Stock Exchange's Emerge platform today, September 3, 2024. Investors who participated in the IPO can now trade their shares in the secondary market.