Business news highlights (October 18): 'Interest rate cut at this stage will be premature & very, very risky,' says RBI Governor Shaktikanta Das

'Interest rate cut at this stage will be premature & very, very risky,' says RBI Governor Shaktikanta Das. (Read More)

• From January 2022 till now, Indian rupee depreciation vis-a-vis a dollar is 11-11.5 percent, the dollar has appreciated during this period by 8-8.5 percent.
• We are not managing exchange rate, rupee is depreciating against the dollar. We buy dollars whenever there is an opportunity.

• Kotak Mahindra Bank will acquire the personal loan book of Standard Chartered Bank India, which has a total outstanding of around Rs 4,100 crore, in an effort to expand its retail lending business.
• The proposed deal, announced by Kotak Bank on October 18, will consist of loans classified as 'Standard Loans', and is expected to be completed over next three months, subject to regulatory approvals. (Read More)

• Corporate bond market has grown in a decade. RBI have taken a lot of measures for corporate bond market. There are issues to be addressed and we have to be taking more numbers of measures.
• We need more of institutional investors to come in corporate bond market. This is a one area where FPIs can come in.
• We are working on robust secondary market of corporate bonds

• RBI Governor Shaktikanta Das is speaking at India Credit Forum hosted by Bloomberg: "We are watching .and very closely we maintain vigil on credit market and when it is necessary we take actions," says Das.
• "I agree that this is India's moment because India's growth story is intact, inflation has come very much within the target range, it is expected to moderate but there are significant risk, but we are monitoring the outlook on both," says Das
• "We get complaints from FPI on KYC related issues and knowing the beneficial owners of investment. This is not something is our creation, but this is FATF requirements," says Das

• TTK Prestige, India’s leading and trusted brand in the kitchen appliances industry, is pleased to announce the promotion of Venkatesh Vijayaraghavan to Managing Director (MD). Previously serving as CEO of TTK Prestige, Venkatesh will succeed Chandru Kalro, the outgoing MD, further strengthening the company’s leadership team.
• With Venkatesh at the helm, the company is set for continued growth, focusing on consumer satisfaction and category-leading innovation. This leadership change highlights TTK Prestige’s commitment to enhancing senior management to drive innovation, operational efficiency, and long-term growth.
• Before joining TTK Prestige, Venkatesh held leadership roles at Cavinkare and Airtel.

The book-running lead managers for Waaree Energies' IPO include Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Ltd. Additionally, Link Intime India Private Ltd has been appointed as the registrar for the IPO.

The board of Japan's Fuji Soft has decided to stick with a 558.4 billion yen ($3.72 billion) buyout offer from KKR, the Nikkei newspaper said on Friday, despite having received a higher counter-offer from Bain. The board is expected to announce its opinion on Bain's bid at a later date, the Nikkei said. The Yokohama-based IT company has become the focus of a tug-of-war between KKR and Bain, two of the giants of global private equity, both of which have been active in Japan for some years. (Reuters)

The company states in its RHP that it will not receive any proceeds from the offer for sale. However, Waaree Energies plans to use the net proceeds from the fresh issue to partially fund the establishment of a 6 GW manufacturing facility for ingots, wafers, solar cells, and solar PV modules in Odisha, India, through its wholly owned subsidiary, Sangam Solar One. The remaining funds will be allocated for general corporate purposes.

• Mahindra & Mahindra (M&M) is set to announce a major partnership with Škoda Auto Volkswagen India Pvt Limited (SAVWIPL) to develop electric vehicles (EVs), people familiar with the matter told Moneycontrol. The joint venture (JV) details, expected to be revealed early in November, will in the initial stages focus on building electric sports utility vehicles (e-SUVs) based on Volkswagen’s MEB (modular electric drive) platform.
• The MEB platform, developed by the Volkswagen Group, is a flexible base designed specifically for electric cars. It has been used for several popular EV models worldwide, including the Volkswagen ID.4, Audi Q4 e-tron, and the Škoda Enyaq iV. This platform helps carmakers build different electric vehicles using the same core technology, keeping costs down and speeding up production. (Read More )

The Initial Public Offering (IPO) seeks to raise up to Rs 4,321 crore through the issuance of new equity shares. In addition, there will be an offer for sale of up to 4.8 million equity shares, each with a face value of Rs 10.

Waaree Energies Limited experienced a 70% increase in revenue and a 155% surge in profit after tax (PAT) during the fiscal years ending on March 31, 2024, and March 31, 2023.

The company's listed peers include Websol Energy System Ltd and Premier Energies Ltd, which boasts a P/E ratio of 151.13.

Waaree Energies offers a diverse range of solar energy products, including multicrystalline modules, monocrystalline modules, and TopCon modules. Their lineup features flexible bifacial modules (Mono PERC) available in both framed and unframed versions, as well as building-integrated photovoltaic (BIPV) modules.

As per GMP monitoring site investorgain.com, Waaree Energies IPO's latest GMP is Rs 1,275. With the price band of 1503.00, Waaree Energies IPO's estimated listing price is Rs 2,778.The expected percentage gain per share has been pegged around 85 per cent

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Jaypee Healthcare after the financial creditors' dues were settled by Max Healthcare. The appellate tribunal's direction to close the Corporate Insolvency Resolution Process (CIRP) against Jaypee Healthcare Ltd (JHL) came after the financial creditor submitted that they had received the amount of Rs 1,035.29 crore as part of the settlement and no claim had survived. (PTI)

Waaree Energies Limited, founded in December 1990, is an Indian company specializing in the production of solar PV modules, with a total installed capacity of 12 GW.

The Waaree Energies IPO has allocated 50% of the shares for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. Additionally, the portion reserved for employees includes a maximum of 650 million equity shares.

The Waaree Energies IPO is scheduled to open on Monday, October 21, and close on Wednesday, October 23. Information about the allocation to anchor investors will be released today, Friday, October 18, in the evening. The price band for the Waaree Energies IPO has been set between Rs 1,427 and Rs 1,503 per equity share, with a face value of Rs 10.

Lower-rated Indian companies and first-time borrowers will benefit the most from the market regulator's recent move that will provide liquidity into the corporate bonds market, three merchant bankers said. Companies issuing listed bonds can give investors a buyback option for a certain amount a year after the issue, which would provide buyers liquidity, the Securities and Exchange Board of India said on Wednesday.This liquidity window, effective Nov. 1, will be of "immense utility" to investors, SEBI said, in a market that is perceived as illiquid due to low levels of secondary market transactions.

Shares of IT giant Infosys slipped as much as 4 percent in opening trade on October 18, a day after the company delivered a slight miss in its Q2 earnings. The company reported a consolidated net profit of Rs 6,506 crore for Q2FY25, reflecting a 2.2 percent sequential increase, though it fell short of Moneycontrol's estimate of Rs 6,769 crore. Revenue from operations grew 4.2 percent quarter-on-quarter to Rs 40,986 crore, slightly missing the forecast of Rs 40,857 crore. (Read More)

The late Ratan Tata appointed lawyer Darius Khambata and close friend and associate Mehli Mistry as executors of his will, alongside his half-sisters Shireen and Deanna Jejeebhoy, according to a report by the Economic Times. Tata passed away on October 9 at the age of 86, and his half-brother, Noel Tata, has taken over as chairman of Tata Trusts.

RBI’s crackdown on Manappuram Finance’s subsidiary Asirvad Microfinance led to brokerages scrambling to downgrade their ratings on the gold financier. On October 17, the Reserve Bank of India took action against four NBFCs and NBFC-MFI citing material supervisory concerns, and asked these entities to cease and desist sanction and disbursal of loans. These companies are Asirvad Micro Finance Ltd, Arohan Financial Services Ltd, DMI Finance, and Navi Finserv, as per RBI’s notification. (Read More)

• Hyundai Motor India, a subsidiary of Hyundai Motor Group, ranks as the world's third-largest automobile original equipment manufacturer (OEM) by passenger vehicle sales in calendar year 2023.
• Since fiscal year 2009, it has consistently held the position of the second-largest OEM in India's passenger vehicle market, based on domestic sales volumes, as noted in the CRISIL Report.

Hyundai Motor India shares are set to debut on the BSE and NSE on Tuesday, October 22, 2024. If current grey market trends continue, the shares may experience a weak listing, potentially opening around Rs 1,930, reflecting a discount of just Rs 30 or 2% from the upper end of the issue price.

According to a Fox Business report, Facebook parent Meta has dismissed around two dozen employees from its Los Angeles office for misusing their $25 meal vouchers to purchase non-food and household items. The story, originally reported by the Financial Times (FT), cites sources stating that Meta took action after discovering that the food credit system was being "abused" for buying items like detergent, wine glasses, and acne pads, instead of the intended daily food allowance. Some employees even pooled their vouchers to send meals home rather than using them in the office. Meta has not yet responded to the reports.

One of Amazon's top executives defended the new, controversial 5-day-per-week in-office policy on Thursday, saying those who don't support it can leave for another company. Speaking at an all-hands meeting for AWS, unit CEO Matt Garman said nine out of 10 workers he has spoken with support the new policy, which takes effect in January, according to a transcript reviewed by Reuters. Those who do not wish to comply can quit, he indicated. (Reuters)

HMIL began operations in India in 1996 and currently offers 13 models across various segments. (Read More)

As the public issue is entirely an OFS, Hyundai Motor India Ltd, the second-largest carmaker in India after Maruti Suzuki, will not receive any proceeds from the IPO.

The initial public offer (IPO) consists entirely of an offer for sale (OFS) of 14,21,94,700 equity shares by the promoter, Hyundai Motor Company (HMC), with no fresh issue component.

This marks the first initial share sale by an automaker in over two decades, since the listing of Japanese carmaker Maruti Suzuki in 2003. On Monday, Hyundai Motor India Ltd (HMIL) raised ₹8,315 crore from anchor investors.

• Open the Bombay Stock Exchange (BSE) website.
• Navigate to the 'Investors' section.
• In the 'Investor Services' dropdown, select 'Status of Issue Application.'
• Click on 'Application Status Check.'
• Choose 'Equity' as the issue type.
• Enter the necessary details, including the 'Issue Name.'
• Input your PAN number and click 'Search' to view the status.

• Open the direct link to the registrar at KFin Technologies.
• Choose the company from the dropdown menu.
• Enter the required details such as PAN, Application number, or DP client ID to check the allotment status.
• Click the "Submit" button.
• The allotment status will be displayed on the screen.

Subscribers can check the allotment status through the official website of the IPO's registrar, KFin Technologies, or via the BSE website.

Investors who subscribed to the Hyundai Motor India IPO can expect the share allotment to be completed today. The shares are scheduled to be listed on the BSE and NSE on Tuesday, October 22.

During the three-day bidding period, investors closely monitored the grey market premium (GMP), often seen as a gauge of potential listing performance. The GMP saw a steep drop of nearly 80 percent since tracking began, suggesting a subdued listing ahead. However, GMP trends do not necessarily predict actual market outcomes, and the official listing price is yet to be determined.

The subscription window, which closed on Thursday, saw a surge of interest on the final day, with qualified institutional buyers (QIBs) submitting a flurry of bids. Earlier demand had been muted, influenced by market volatility and a bleak outlook for the auto sector. Thursday's trading session was marked by significant selloffs across the market, particularly in auto stocks, further dampening investor sentiment.

Hyundai Motor India's initial public offering (IPO), the largest in India's history, ended on a strong note, with the issue being subscribed 2.37 times by the final day. The Rs 27,870 crore public offering received bids for 23.63 crore shares, significantly exceeding the 9.98 crore shares available, largely due to institutional investors stepping in after a slow start.

We welcome all our readers who are joining us just now. Currently, we are tracking the latest on the allotment buzz around India's largest-ever public offer - Hyundai Motor India IPO. Stay with us for direct links, steps to check the allotment status and much more.

China's economy expanded 4.6% in the third quarter from a year earlier, official data showed on Friday, slightly beating analysts' expectations, maintaining pressure on policymakers as they consider more stimulus measures.

Economists polled by Reuters had expected third-quarter gross domestic product to have grown 4.5% from a year earlier, slowing from 4.7% in the previous three months.

Asian stocks traded cautiously on Friday after a mixed reading on the health of China's economy, while Japanese markets were buoyed by a weaker yen.

Mainland Chinese blue chips sank 0.25% as of 0207 GMT, with property shares weighing, after data showed new home prices falling at the fastest pace since 2015.

Hong Kong's Hang Seng traded 0.42% higher, lifted mostly by technology shares following solid earnings a day earlier from Taiwanese chipmaker and Nvidia supplier TSMC. Taiwan's equity benchmark climbed 2.57%.

Australia's benchmark sagged 0.82% and South Korea's KOSPI slipped 0.38%. Japan's Nikkei added 0.37%.

Hyundai Motor India IPO subscribers can expect the allotment of shares to be completed today. The shares are set to list on the BSE and NSE on October 22. For those who subscribed to the issue, the allotment status can be checked through the official website of the IPO’s registrar, KFin Technologies or the BSE website. Read more

The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got subscribed 2.37 times on the third day of the bidding on Thursday, helped by institutional buyers.

This is the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore.

The Rs 27,870 crore initial share sale got bids for 23,63,26,937 shares against 9,97,69,810 shares on offer, translating into 2.37 times subscription, as per NSE data.

The demand was led by Qualified Institutional Buyers (QIBs) who bid for 6.97 times the shares earmarked for them. The portion meant for non-institutional investors fetched 60 per cent subscription and Retail Individual Investors (RIIs) received 50 per cent subscription.