Business News Highlights: Net direct tax collection jumps 18% to Rs 11.25 lakh crore

Zomato’s independent director Gunjan Tilak Raj has resigned due to increased work commitments, the food and grocery delivery company said in an exchange filing on October 11.

The resignation will be effective after the close of business hours on October 11, the statement said.

Following the resignation, she will step down from the risk management committee and corporate social responsibility committee.

Soni has confirmed that there are no material reasons for her resignation other than those mentioned in the resignation letter.

Global stocks were higher and poised for a weekly gain while longer-dated U.S. Treasury yields rose after a reading on inflation and consumer confidence kept expectations for the path of Federal Reserve interest rate cuts intact.

The U.S. producer price index for final demand was unchanged in September, slightly below the forecast of economists polled by Reuters for a gain of 0.1% and follows an unrevised 0.2% increase in August, indicating inflation continues to cool and giving the Fed leeway to continue cutting interest rates.

In the 12 months through September, the PPI increased 1.8% versus the 1.6% estimate.

Nearly two years of elevated food inflation in India is leaving less in the lunch boxes of impoverished children, as government funded school meals suffer cutbacks because of rising prices of vegetables, fruits and pulses.

The three-decades old programme, intended to draw poor children into school and provide them with basic nutrition, throws into sharp relief the inflationary impact of food on the nation's most needy and the widening inequality in the world's fastest growing major economy.

Reuters interviews with 21 school teachers across four states, a dozen families and researchers show schools have been forced to scrimp on key ingredients as the meal budget under the scheme has not increased for the last two years despite soaring food prices.

The programme covers an estimated 120 million children across a million government and government-aided schools up to class 8, data available on the scheme's website showed. Teachers and school administrators manage the quality of food provided.

"Budget for the mid-day meal scheme is not indexed to inflation regularly as it should be, compromising the quality of the meal," said Dipa Sinha, an independent development economist and researcher who works with the 'Right For Food' campaign, an informal non-government network of organisations and individuals.

"While the government provides free grain for these meals, that does not compensate for a cut-back in other nutritious ingredients like vegetables, pulses, milk and eggs due to inadequate budgets," said Sinha.

For a businessman who perpetually struggles with broken promises, Elon Musk gave himself quite a to-do list Thursday night at Tesla's long-awaited Hollywood unveiling of its driverless robotaxis.

After traversing the fake streets of the Warner Bros movie studio set in a sleek, silver two-door "Cybercab" prototype, Musk promised that the company's popular Model 3 and Model Y vehicles would be able to operate without driver supervision in California and Texas by next year.

Musk said the company would start building the fully autonomous Cybercab by 2026 at a price of less than $30,000, and showed off a robovan capable of transporting 20 people around town - which he said would reshape cities by "turning parking lots into parks."

Later came the dancing humanoid robots that also mixed drinks at the bar, which Musk said Tesla will also eventually sell for $20,000 to $30,000 a piece. "I think this will be the biggest product ever, of any kind," he declared.

Thursday night's electronic dance music-infused event had the signature trappings of Musk's salesmanship, but some Tesla investors and experts said they were hoping for more concrete details on how the company plans to transform from an automaker into an autonomous driving and artificial intelligence titan with a solid business plan.

Markets regulator Sebi on Friday decided to conduct a detailed investigation into the disclosures made by SME firm Trafiksol ITS Technologies Ltd in its draft IPO documents and instructed BSE not to proceed with the company's share listing.

In its interim order, Sebi has asked BSE to ensure that the IPO proceeds are kept in an interest-bearing escrow account, with no access allowed to Trafiksol or its affiliates until further notice

Drug firm Wockhardt on Friday said the national drug regulator has accorded a favourable recommendation for its novel antibiotic developed for the treatment of community-acquired bacterial pneumonia (CABP) in adults.

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO) has provided a favourable recommendation for Miqnaf (nafithromycin), the drug firm said in a statement.

The SEC recommendation is based on CDSCO's comprehensive review of the product dossier consisting of non-clinical, US/EU Phase 1, Global Phase 2 and India Phase 3 clinical studies conducted over the last 15 years, it added.

The upcoming Rs 27,870 crore initial public offering of the Indian arm of South Korean automaker Hyundai, the first such instance of the company listing its subsidiary in an overseas market, is aimed to further Indianise operations, a senior company official said on Friday.

Hyundai Motor India Ltd's initial public offering (IPO), the largest in the country's history, will open for public subscription on October 15 and conclude on October 17. Anchor investors will bid on October 14.

"We have been in India now for more than 26 years. We have a very high market share. We are at number two position in India in the passenger vehicle space. We have got so much love and affection from the people of India. So we believe this is the right time to take one step forward and even further Indianise our operations," Hyundai Motor India Ltd (HMIL) COO Tarun Garg told PTI.

The central Delhi District Consumer Dispute Redressal Commission has directed a travel and tour company to refund Rs 3.25 lakh to a senior citizen, and pay a fine of Rs 25,000 for causing her mental agony and harassment.

The Central Delhi Consumer Disputes Redressal Forum's bench comprising president Inder Jeet Singh and member Rashmi Bansal was hearing a complaint alleging deficiency in service by the tour operator for its failure to refund the amount for a cancelled tour and travel package in 2021.

JPMorgan on Friday reported that its net income fell 2% in the third quarter as the bank had to set aside more money to cover bad loans.

Net income fell to $12.9 billion from $13.2 billion in the year-ago quarter. However, the New York bank’s earnings per share rose to $4.37 from $4.33 because there are fewer outstanding shares in the latest quarter. That beat Wall Street analysts’ forecasts, which called for a profit of $3.99 a share, according to FactSet.

JPMorgan set aside $3.1 billion to cover credit losses, up from $1.4 billion in the same period a year ago.

Total revenues rose to $43.3 billion from $40.7 billion a year ago.

JPMorgan CEO Jamie Dimon said the bank continues to monitor geopolitical tensions that he called “treacherous and getting worse.”

Realty firm Arkade Developers Ltd, which got listed on the stock exchanges recently, has reported a more than four-fold jump in its consolidated net profit to Rs 30.21 crore for the first quarter of this fiscal year.

Its profit stood at Rs 6.57 crore in the year-ago period.

Total income doubled to Rs 125.51 crore during the April-June period of this fiscal from Rs 62.01 crore in the corresponding period of the preceding fiscal.

The profitability of small finance banks, measured in terms of return of assets (RoA), will moderate around 40 basis points to about 1.7 per cent this fiscal from 2.1 per cent in last financial year due to lower net interest margins (NIM) and higher credit costs, said a report. That said, RoA for small finance banks (SFBs) will still be higher than that for the overall banking system by 50-60 bps on account of the relatively higher yielding nature of their loan book, Crisil said in the report. (PTI)

Since 1892, Tata Trusts, India’s oldest philanthropic institution, has been at the forefront of creating lasting impact among communities. Rooted in the visionary philanthropy of our Founder, Jamsetji Tata, the Trusts remain resolute in catalysing transformative change and leading advancements that uplift communities across the nation. Our enduring commitment to innovation, inclusivity, and sustainability is interwoven into our work. We have facilitated tangible and sustainable growth across various sectors, spanning health, nutrition, education, water, sanitation & hygiene, livelihood, urban habitat, social justice, environment & energy, skill development, sports, and arts & culture. Tata Trusts empowers communities through strategic partnerships, and visionary grantmaking, consistently introducing innovative solutions that address our country's evolving needs.

“I am deeply honoured and humbled by the responsibility that has been cast on me by my fellow Trustees. I look forward to carrying on the legacy of Mr. Ratan N. Tata and the Founders of the Tata Group. Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building,” Noel Tata said in the statement after appointed as the Chairman of Tata Trusts.

• Ratan Tata brought Europe and India together: Piyush Goyal, commerce and industry minister formation of the Federation of European Business in India
• We don't only look to double our trade, but look exponentially beyond: Goyal
• FEBI will be the largest group in India's FTA with the EU, it should target 1,000 members. It can be voice of business: Goyal
• An outcome-oriented trade agreement requires a two-way commercially meaningful agreement; we are confronted with unfair rules of deforestation and CBAM, disrespecting the Paris Agreement, this is sought to be demolished: Goyal
• We are negotiating irrational duties against WTO laws for 5-6 years on steel and aluminium: Goyal
• We may have to take other measures, which won't be good. We are looking at larger business, built on commonality and understanding: Goyal
• Indian companies face labour issues in EU countries, we have one issue in 10 years: Goyal
• We have assured we won't have retrospective taxation: Goyal

Noel Tata is married to Aloo Mistry, the sister of former Tata Sons Chairman Cyrus Mistry, and the son-in-law of Pallonji Mistry, the largest individual shareholder in Tata Sons.

Noel Tata holds several prominent roles within the Tata Group, serving as the Chairman of Trent and Tata Investment Corporation, Managing Director of Tata International, and Vice Chairman of both Titan Company and Tata Steel.

Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in short-term funding, three sources familiar with the matter said, as the cash-strapped Swedish battery maker seeks to stabilise its finances. The talks have been taking place this week, one of the sources said, adding that the company still aims to raise a larger amount of capital for the long-term. The sources declined to be identified because the matter is confidential. (Reuters)

In June 1999, Noel Tata became the managing director of Trent, the Tata Group’s retail arm, founded by his mother. He held the position for 11 years and has served as chairman of the Trent board since 2014. Under his leadership, Trent expanded from a single store in 1998 to 823 stores today, making it the fourth largest company in the Tata Group, after TCS, Titan, and Tata Motors.

Following the passing of Ratan Tata on October 9, Noel Tata was appointed chairman of Tata Trusts on October 11. Ratan Tata, who never married and had no children, had not named a successor for Tata Trusts. (Read More)

Maharashtra Deputy Chief Minister Devendra Fadnavis announced that the first test landing has been successfully completed at Navi Mumbai International Airport. He added that the airport is set to begin commercial operations in the coming months.

Bandhan Bank's shares surged nearly 10% after the RBI approved Partha Pratim Sengupta as the new CEO, bringing much-needed management stability. Analysts view his appointment as a positive, following recent exits. The bank also received a payout from a government loan guarantee audit, adding to its financial stability. This is expected to boost its FY 2025 profits by 15%, according to Macquarie.

Gold dealers in India charged premiums for the first time in two months as the Dussehra and Diwali festivals prompted jewellery buying. Domestic gold prices hit a record high of ₹76,331 per 10 grams this week, leading to reduced sales volume despite bullish sentiment, according to Saurabh Gadgil, chairman of PNG Jewellers.

Indian dealers charged premiums of up to $3 per ounce, a reversal from the $21 discount seen last week. However, rising prices have tempered expectations of a lucrative festival season. In China, gold was sold at discounts due to weak post-holiday demand.

Ahluwalia Contracts (India) announced that it has bagged a significant order worth ₹1,094.67 crore (excluding GST and Labour Cess) from DLF City Centre. The project involves civil and composite steel works, including rough finishing for Block 5, 6, and 7 at Downtown, Phase 2, Sector-25A, Gurugram.

According to the company's exchange filing, the project is for a commercial complex, and the completion timeline is set for 21 months.

Hyundai Motor Co. announced the price range for the IPO of its India unit, set between 1,865 rupees ($22.21) and 1,960 rupees per share. The parent company plans to sell up to 142.2 million shares, representing a 17.5% stake. At the highest price point, Hyundai Motor India would be valued at approximately $19 billion.

BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among those that have made bids to buy stock in Hyundai Motor India Ltd.’s $3.3 billion initial public offering, according to people familiar with the matter. (Bloomberg)

Bangladesh is likely to set aside pricing concerns and retain a power purchase pact with India’s Adani Power, in the face of supply worries and gloomy prospects for a legal challenge, two sources with direct knowledge of the matter said. The new government has set up a panel to gauge whether its predecessor's contracts adequately protected the nation's interests, particularly projects faulted for lack of transparency that were initiated under a special expediting law. (Reuters)

The adjudicating authority of the Enforcement Directorate recently imposed a hefty fine of Rs 2,146 crore on an NBFC for allegedly running loan app with links to some Chinese companies. According to a report by Times of India, PC Financial Services has been fined over violations of FEMA regulations. (Read More )

Tata Trusts may meet today in Mumbai to discuss succession, reports Bloomberg. The development comes a day after Ratan Tata was laid to rest with full state honours in India's financial capital.  On October 9, Ratan Tata passed away at the age of 86. (Read More)

Corpwis Advisors is serving as the merchant banker for the issue, while Link Intime India acts as the registrar for the offer.

Investors can begin trading shares of Garuda Construction starting October 15. Prior to its market debut, IPO shares were observed to be trading at approximately a 5 percent premium over the upper price band in the grey market, according to market observers. The grey market is an unofficial platform where shares can be bought and sold until they are officially listed.

In terms of financial performance, the company's revenue from operations grew from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, representing a Compound Annual Growth Rate (CAGR) of 26%. Meanwhile, profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, with a CAGR of 25%.

Mumbai-based Garuda Construction is currently involved in the civil construction of six residential projects, two commercial projects, one industrial project, and one infrastructure project, with an order book totaling Rs 1,408.27 crore.

Proceeds from the fresh issuance, amounting to Rs 100 crore, will be used for working capital requirements, with the remaining funds allocated for general corporate purposes, including potential unidentified inorganic acquisitions.

• Go to the official BSE website at bseindia.com.
• Select the issue type as "Equity."
• Choose "Garuda Construction and Engineering Limited" from the dropdown menu.
• Enter your application number or PAN (Permanent Account Number).
• Complete the CAPTCHA for verification.
• Click the "Search" button to view your allotment status.

• Visit the official website of Link Intime India.
• Select "Garuda Construction and Engineering Limited" from the dropdown menu (the name will appear once the share allocation is finalised).
• Choose one of the following options for verification:PANApplication NumberDP/Client IDAccount Number/IFSC
• Enter the required information based on your selection.
• Click the "Submit" button to check your allotment status.

The Garuda Construction IPO allotment will be finalized on October 11, with the company's shares set to be listed on the BSE and NSE on October 15.

Investors can check the Garuda Construction IPO allotment status on the official websites of the IPO registrar, Link Intime India Pvt. Ltd., and the Bombay Stock Exchange's official website.

Garuda Construction and Engineering announced on Monday that it has raised Rs 75 crore from anchor investors.

The IPO consists of a fresh issue of 1.83 crore equity shares and an offer for sale (OFS) of 95 lakh equity shares by the promoter, PKH Ventures. The company set a price band of Rs 92-95 per share for the offering.

On day 1, Garuda Construction and Engineering IPO was subscribed 1.91 times and day 2, subscription rose to 4.10 times.

The category reserved for Qualified Institutional Buyers (QIBs) was subscribed 1.24 times.

The portion reserved for Retail Individual Investors (RIIs) was subscribed 10.81 times, while the quota for non-institutional investors saw a 9.03 times subscription.

According to data from the NSE, the Rs 264 crore IPO received bids for 15,03,44,299 shares, compared to the 1,99,04,862 shares on offer.

The initial public offering (IPO) of Garuda Construction and Engineering Ltd. was subscribed 7.55 times on its third and final day of bidding, Thursday.

Good morning and welcome to our live coverage of business news from India and around the globe. We will be tracking this Garuda Construction IPO allotment status, Hyundai IPO GMP and Q2 numbers and much more.