Brent crude rises to 80/bbl for the first time since August

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

Brent crude rises to 80/bbl for the first time since August. Brent rose more than 8% last week while WTI soared 9.1% on the possibility that Israel could strike Iranian oil infrastructure in response to Iran's Oct. 1 missile attack on Israel.

Cholamandalam Investment and Finance in an exchange filing stated that Ravindra Kumar Kundu has assumed office as Managing Director of the company with effect from today, the 7th October 2024.

Ola Electric's company secretary and compliance officer, Pramendra Tomar, steps down

Home-grown FMCG major Emami expects four to five-fold growth in sales through quick commerce channels in the next two years, the company's Vice Chairman & MD Harsha V Agarwal said on Monday. Besides, it is also looking for more acquisition opportunities in D2C (direct-to- consumer) segments in sectors like nutrition, pet care or health food.

The Kolkata-headquartered company is quite encouraged by a good monsoon this season and is "optimistic" for good festive season sales, even from the rural markets, which were lagging.

"The major orders received include EMI shelters, AMC for Integrated Air Command and Control system nodes, Upgrade / spares for gun systems, spares for radars, communica- tion system etc. With these orders, BEL has now accumulated orders totaling Rs.7,689 Cr. in the current financial year," BEL said in a regulatory filing.

State-owned Bank of India (BoI) on Monday said it has posted a credit growth of 14.4 per cent at Rs 6.21 lakh crore for the second quarter ended September. Total advances were at Rs 5.43 lakh crore at the end of September 30, 2023, BoI said in a regulatory filing.

The lender reported a 10.1 per cent increase in total deposits to Rs 7.75 lakh crore as against Rs 7.03 lakh crore at the end of the second quarter of the previous financial year.

The Central Government has re-appointed M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India for a period of one year with effect from October 09, 2024, or until further orders, whichever is earlier, RBI said in a press statement.

Jewellery retailer Kalyan Jewellers on Monday said its revenue from India operations witnessed an on-year growth of around 39 per cent during the second quarter of 2024-25, led by robust footfalls across markets with a healthy same-store-sales-growth.

"Our India operations witnessed revenue growth of approximately 39 per cent during the second quarter of FY25, compared to the same period of FY24, led by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23 per cent," Kalyan Jewellers said in a regulatory BSE.

Hi- Tech Pipes in an exchange filing said that the board has  approved the floor price for the issue, being Rs194.98 per Equity Share (“Floor Price”).

Heidelburg Cement has issued clarification on the Rs 10,000 crore buyout. According to an exchange filing the company clarified that In this regard, we wish to inform you that HeidelbergCement India Limited (“the Company”) is unaware about any such development and we do not comment on market speculations.

• India is expected to provide 25% of growth in (global) energy demand for the next two decades. The availability of energy and the need to ensure that availability combined with affordability is firmly anchored in the green transition. I think that is the challenge, says Oil minister Hardeep Singh Puri at a public event
• Investment in oil infrastructure is required even today. If the energy transition doesn't take place at a calibrated, accelerated way, you could have a major energy crisis.
• India will continue to be reliant on traditional energy sources for some time. We have no choice but to step up exploration and production (EnP).

• Established in 2005, Shiv Texchem is a leading importer and distributor specializing in hydrocarbon-based chemicals. Its expertise spans a range of products, including acetyls, aromatics, nitriles, alcohols, glycols, phenolics, monomers, isocyanates, and ketones.
• These chemicals serve as essential raw materials for various industries, such as specialty polymers, paints, coatings, agrochemicals, printing inks, and pharmaceuticals.

• As part of Shiv Texchem's IPO allocation, 28,99,200 equity shares (including the Anchor Reservation) are reserved for Qualified Institutional Buyers (QIBs), 8,70,400 shares are allocated to High Net-worth Individuals (HNIs), and 20,30,400 shares are set aside for retail investors. Additionally, as an SME IPO, a minimum of 3,05,600 equity shares are designated for market makers.
• The reservation breakdown of the net issue is as follows: 15% for Non-Institutional Investors (NIIs), 35% for Retail Individual Investors, and 50% for QIBs.

The subscription period for Shiv Texchem's IPO will open from October 8 until October 10. The allotment of shares is expected to be completed by Friday, October 11, 2024, with the proposed listing date on the BSE SME platform set for Tuesday, October 15, 2024.

The IPO involves a fresh issue of 61.05 lakh shares, raising a total of Rs 101.35 crore. There is no offer-for-sale (OFS) component in this initial share sale.

The Shiv Texchem IPO will open for subscription on Tuesday, October 8, and close on Thursday, October 10. The company, which operates as an importer and distributor of hydrocarbon-based chemicals, has set its price band at Rs 158 to Rs 166 per share.

Samsung Electronics is not interested in spinning off its contract chip manufacturing business as well as its logic chip designing operation, its chairperson Jay Y. Lee told Reuters on Monday. Analysts say the two businesses are incurring billions of dollars of annual losses due to weak demand and have been dragging down the overall performance of the South Korean company, which is the world's largest memory chipmaker. Samsung has been expanding into logic chip designing and contract chip manufacturing to lower its reliance on bread-and-butter memory chips. Logic chips are used to process data. (Reuters)

Toyota Kirloskar Motor (TKM) was on Monday allotted 827-acre land for a new manufacturing plant in Maharashtra's Chhatrapati Sambhajinagar, an official said. TKM on July 31 signed an agreement with the state government to set up a greenfield manufacturing facility for electric and hybrid cars. "A greenfield smart industrial city was set up in the joint partnership of the Central and Maharashtra governments through a SPV (Special Purpose Vehicle) named the Maharashtra Industrial Township Limited (MITL). The nodes of Shendta and Bidkin are being developed," the Delhi-Mumbai Industrial Corridor (DMIC) official told PTI. (PTI)

Union Minister Piyush Goyal addressed the press conference for 12th meeting of India UAE High Level Task Force on Investment in Mumbai today. "Two wars are going on and the Red Sea crisis is not over. There is a chance of widening conflict, which is having a bearing on trade and business confidence," Goyal said. He further added that "Reviewed the progress on $75 billion investment, that was planned from UAE to India, which would fructify into $100 billion investment in manufacturing and other forms of investment."

India's central bank is likely to keep rates steady on Wednesday, with a small number of investors betting on the probability of a change in stance to neutral, opening the door to rate cuts as economic growth slows and global rates ease. The Reserve Bank of India (RBI) is seen maintaining the repo rate at 6.5% for a 10th straight meeting with more than 80% of the 76 economists in a Reuters poll forecasting no change in rates. It has held the repo rate steady since February 2023. A dozen economists predicted a 25 basis-point cut, while one anticipated a drop to 6.15%. Nomura economists said they see a 55% probability of a rate cut in October while acknowledging it would be a close call.

Potential issues related to the rudder control system must be included as a required topic in Recurrent Training sessions and Instrument Rating/Proficiency Checks (IR/PPC) during Pre-Simulator Briefings, the DGCA's advisory said. (Read More)

Operators have been directed to incorporate specific exercises into Recurrent Training and IR/PPC that simulate scenarios involving a jammed or restricted rudder control system, including rollout procedures. Flight crews should practice appropriate responses and mitigation strategies during these exercises.

Aviation watchdog DGCA has issued warning for Boeing 737 Aircraft ' jammed rudder control system'. "All operators must conduct a Safety Risk Assessment for aircraft to evaluate and mitigate the risk associated with the Rudder control system," the regulator said. A CNBC-TV 18 report said that Air India, Akasa and SpiceJet have Boeing 737 aircraft in their fleet.

Shares in Ubisoft Entertainment rose by as much as 5% in early session trade on Monday after the company issued a statement saying it was reviewing its strategic options. The video game maker said on Monday it "regularly reviews all its strategic options" after Bloomberg News on Friday reported that major shareholder Tencent and the Guillemot family, Ubisoft's founders, were considering a buyout of the French video game company. Ubisoft said it would inform the market if and when appropriate. (Reuters)

The basis of allotment for shares in the Garuda Construction and Engineering IPO is expected to be finalised on Friday, October 11. Refunds will be processed by the company on Monday, October 14, and shares will be credited to the demat accounts of allottees on the same day. It is anticipated that Garuda Construction shares will be listed on the BSE and NSE on Tuesday, October 15.

Nestle India CMD Suresh Narayanan is set to retire in July next year, the company said in an exchange filing on Monday. Narayanan, who has been associated with the company for past 26 years, will retire on July 31 2025, the company added. Manish Tiwary is in the race for the top job. Tiwary's appointment, if approved, will come into effect from August 1 2025. (Read More)

• Lead Manager and Registrar for Garuda Construction IPO: Corpwis Advisors Private Ltd is the sole lead manager for the book running, while Link Intime India Private Ltd is the registrar for the issue.
• Garuda Construction IPO Reservation: The company has reserved 50% of the shares for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for retail investors.

The latest GMP for the Garuda Construction and Engineering IPO is Rs 10. With a price band of Rs 95.00, the estimated listing price for the IPO is ₹105 (cap price plus today's GMP). This reflects an expected percentage gain of 10.53% per share.

Hitachi Energy on Monday announced plans to invest Rs 2,000 crore in India over the next 4-5 years. The investment will boost capacity, portfolio, and talent, supporting India's sustainable energy future, the company said in an exchange filing. To commemorate this milestone, Hitachi Energy India will host a two-day technology symposium, Energy & Digital World 75 (EDW75), focused on advancing India's Net-Zero journey.

The funds raised from the fresh offering will be utilized to meet the company's operational funding needs and for general business purposes, including potential non-organic acquisitions.

The allocation for anchor investors in the Garuda Construction IPO is set to occur today, Monday, October 7.

The lot size for the Garuda Construction and Engineering IPO is set at 157 equity shares, with subsequent purchases available in multiples of 157 shares.

Aviation Minister with the Guillaume Faury, CEO of Airbus SE and President of GIFAS and Rémi Maillard, President of Airbus India and Managing Director of the South Asia region attended the French-Indian Seminar in New Delhi today. Speaking at the event, Faury spoke about French companies and their growing presence in the Indian market. "Over 60 French companies are in India to help develop the Indian airspace industry indigenously," Faury said. On the growth prospects, Faury added, "The tremendous growth of India's commercial aircraft fleet will need 1000s of aircraft technicians in India which Airbus will work with Indian companies to develop." He also added that "India has an enormous potential to develop SAF and green hydrogen." On the green hydrogen mission, Faury added that "Airbus is working with Indian companies to develop SAF in India and is looking to tie up with India's green hydrogen mission to manufacture green hydrogen."

The price band for the Garuda Construction IPO has been set between Rs 92 and Rs 95 per equity share, with a face value of Rs 5 each.

The Garuda Construction and Engineering IPO will open for subscription on Tuesday, October 8, and close on Thursday, October 10.

The company's listed peers, as mentioned in the Red Herring Prospectus (RHP), include PSP Projects Ltd with a P/E ratio of 20, Capacite Infraprojects Ltd with a P/E ratio of 23.61, Vascon Engineers Ltd with a P/E ratio of 22.66, Ahluwalia Contracts (India) Ltd with a P/E ratio of 22.97, and B L Kashyap & Sons Ltd with a P/E ratio of 48.67.

In fiscal 2022, the company's revenue from operations was Rs 7,702.08 lakhs, which increased to Rs 15,417.83 lakhs by fiscal 2024, resulting in a Compound Annual Growth Rate (CAGR) of 26.03%. Similarly, the profit after tax grew from Rs 1,878.22 lakhs in fiscal 2022 to Rs 3,643.53 lakhs in fiscal 2024, reflecting a CAGR of 24.72%.

The Narendra Modi government has approved the re-appointment of Reserve Bank of India deputy governor M Rajeshwar Rao for a period of one year starting October 9 or until further orders. Rao was first appointed deputy governor in September 2020 for a period of three years and was given a one-year extension in 2023. With the latest re-appointment, Rao would serve a total of five years in the position. At present, Rao is in charge of the RBI's departments of regulation, risk monitoring, communication, enforcement and legal. (Reuters)

Garuda Construction and Engineering aims to increase its capacity for executing civil construction projects across a range of sectors, including residential, residential-cum-commercial, infrastructure, commercial, and industrial. The company also seeks to secure larger contracts with developers outside of their group entities and expand their client base.

The Bilateral Investment Treaty (BIT) between the Government of India and the Government of the United Arab Emirates (UAE) was signed on February 13, 2024, in Abu Dhabi, UAE, and came into effect on August 31, 2024. This new BIT ensures continued investment protection for investors from both nations, following the expiration of the previous Bilateral Investment Promotion and Protection Agreement (BIPPA) signed in December 2013, which ended on September 12, 2024. The signing and enforcement of this Treaty highlight the shared commitment of both countries to strengthening economic ties and establishing a more robust and resilient investment framework. It is expected to boost bilateral investments, benefiting businesses and economies in both India and the UAE.

Garuda Construction and Engineering’s IPO will open for subscription on October 8, with a price band ranging from Rs 92 to Rs 95 per share. The company intends to strengthen its civil construction capabilities, focusing on securing larger projects and expanding its client base.

Shares of Saj Hotels were off to a dismal start on the bourses on its stock market debut on October 7 after listing at Rs 55, a discount of 15 percent over the issue price of Rs 65 per share on the NSE SME platform. The company's shares were trading without a premium in the grey market. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. (Read More)

HVAX Technologies Share Price Live: HVAX Technologies lists at Rs 486.00 apiece with 6% premium. (Read More)

Ambuja Cements shares opened strong on Monday, rising over 1 percent, while HeidelbergCement India stock jumped over 13 percent, after a news report said that the Adani Group is in discussions to acquire HeidelbergCement India and Zuari Cement from the German parent firm. The acquisition could be valued at around Rs 10,000 crore, reported The Economic Times, citing unidentified sources. (Read More)

HVAX Technologies Share Price Live: HVAX Technologies settle at Rs 486.00 apiece in pre-open

• The Saj Hotels IPO was priced at Rs 65 per share, with a minimum lot size of 2,000 shares per application. Retail investors were required to make a minimum investment of Rs 130,000. For High Net Worth Individuals (HNIs), the minimum lot size was set at 2 lots (4,000 shares), amounting to an investment of Rs 260,000.
• Corpwis Advisors Private Limited served as the book-running lead manager for the Saj Hotels IPO, while Satellite Corporate Services Private Limited acted as the registrar. Nnm Securities was the designated market maker for the issue.

While we track the listing of HVAX Technologies, there is another NSE SME IPO that's making market debut today. Saj Hotels IPO is a fixed price issue of Rs 27.63 crores, consisting entirely of a fresh issue of 42.5 lakh shares. The bidding for the Saj Hotels IPO began on September 27, 2024, and concluded on October 1, 2024. The allotment for the IPO was finalised on Thursday, October 3, 2024.

In the pre-open session, HVAX Technologies' shares settled at Rs 458.00 per share. This initial pricing sets the stage for the stock's performance as it prepares for its official market debut.

After the subscription concluded, the company finalised the IPO's share allotment status on October 3. The shares were credited to the Demat accounts of successful bidders on October 4, along with the initiation of refunds for non-allottees. Shares of HVAX Technologies Ltd. are slated to list on the NSE SME platform Emerge, today - October 7.

The initial public offering of HVAX Technologies Ltd was subscribed over 10 times as of Tuesday, the final day of bidding. The IPO saw a subscription of 2.43 times on Monday and 1.13 times on Friday. The overall subscription tally stood at 34.16 times, as per investorgain.com

According to investorgain.com, the latest grey market premium for HVAX Technologies SME IPO stands at Rs 25. Based on the upper price band of Rs 458, the estimated listing price is Rs 483 (cap price + current GMP), indicating an expected gain of 5.46% per share.

Kfin Technologies Ltd. serves as the registrar, and Aftertrade Broking is the market maker for this NSE SME IPO. The company has appointed Fedex Securities Pvt. Ltd. as the book-running lead manager for the offering.

The book-building offer, valued at Rs 33.53 crore, comprises a fresh issue of 7.32 lakh shares. The price band is set between Rs 435 and Rs 458 per share. Retail investors are required to bid for a minimum of 300 shares per lot, bringing the minimum investment to Rs 1,37,400 per application.

According to the company, the net proceeds from the public offering will be allocated to funding working capital requirements and general corporate purposes.

The company has evolved from its roots as an HVAC project contractor and has gained expertise in executing turnkey projects involving the engineering, procurement, and implementation of controlled environment infrastructure and cleanrooms.

HVAX Technologies will make its stock market debut today. The firm's issue had a price band of Rs 435 to Rs 458 per share and the allotment was finalised on October 3.