RBI Governor News Live: Sanjay Malhotra to be new RBI Governor, announces Centre

• On December 4, Sanjay Malhotra, speaking at the 67th Foundation Day of the Directorate of Revenue Intelligence (DRI), had urged officers to target the masterminds behind smuggling syndicates while considering the broader economic impact before issuing high-value notices in cases of commercial fraud.
• Malhotra emphasised the importance of focusing efforts on dismantling major smuggling operations and apprehending key players. He also highlighted the need for the DRI to enhance its skills and manpower to keep pace with technological advancements.
• While advocating decisive action against large-scale offenders, he advised caution when dealing with traders or businesses potentially involved in commercial fraud, ensuring that enforcement actions align with the interests of the economy. (Read More)

• Malhotra has over 33 years of experience across diverse sectors, including finance, power, IT, taxation, and mining.
• He has held senior positions at both central and state levels.
• Prior to becoming Revenue Secretary in December 2022, he served as Secretary in the Department of Financial Services.
• In his role as Secretary, he played a pivotal role in:
• Driving financial reforms.
• Strengthening the banking sector.

Revenue Secretary Sanjay Malhotra will be the next RBI Governor for a period of three years, as per a notification issued by the DPoT dated December 9. (Read More)

Sanjay Malhotra currently serving as revenue secretary, belongs to 1990 IAS batch from the Rajasthan cadre.

Malhotra, an alumnus of IIT Kanpur, also holds a master's degree in public policy from Princeton University, USA.

Malhotra, a former chairman and managing director of the state-run REC, has played a key role in driving the recent surge in tax collections. He will now focus on reviewing tax-related proposals for the upcoming Budget.

Sanjay Malhotra to be new RBI Governor, announces Centre. \\Malhotra, who is currently serving as Revenue Secretary, has been appointed as RBI Governor for next three years.

• Sources: Further stake sale in LIC will be decided by Dipam
• LIC has sent its suggestions for 100% FDI to govt, it has no objections
• Composite licensing good for industry, no objections to it. It will not be mandatory

• Siddhartha Mohanty, Chairperson, LIC: Total outlay on PM sakhi scheme depends on how much women we enrol each year
• Targeting to enrol 1 lakh women in first year in bima sakhi, says Mohanty
• In 3 years aim to enrol 3 lakh women in bima sakhi, says Mohanty
• Target for each sakhi will be to sell 24 insurance policies per year, says Mohanty
• Siddhartha Mohanty, Chairperson, LIC: If sakhi is not able to fulfill target of selling 2 insurance policies monthly, the stipend will not stop, we will review annual target
• Siddhartha Mohanty, Chairperson, LIC: Broad criteria is 10th pass, and between 18-70 years of age. The women will also be judged on their knack for marketing
• We will review the scheme time to time, Mohanty
• The scheme will address underemployment and unemployment issues, Mohanty
• Siddhartha Mohanty, Chairperson, LIC: In first year cost of stipend at Rs 840 crore
• Expect 5 times of the stipend cost as premium income in first year, Mohanty
• Siddhartha Mohanty, Chairperson, LIC: Objective is to have 1-woman Bima Sakhi in every panchayatThey will sell easy to sell policies initially, says Mohanty

• PM: India continuing with the aim to become a developed nation by 2047
• PM: Women being enrolled in police, companies, in large numbers
• PM: Jan Dhan accounts have facilitated women to avail mudra loans
• PM: Expansion of insurance sector will be spearheaded by women via the scheme
• PM: Every LIC agent roughly earns Rs 15,000 a month
• PM: Insurance for all is the aim for social security, to reduce poverty to become developed nation
• The Bima sakhi scheme will promote the aim of insurance for all

• Even after 60-65 years of independence, most women did not have bank accounts, meaning they were excluded from banking facilities.
• That is why our government first ensured that mothers and sisters got their Jan Dhan accounts opened. Today, I am proud that more than 30 crore women have opened accounts under the Jan Dhan Yojana.

• FM: So far out of 100, 28 insurance agents are women
• FM: 25000 women will be appointed as Bima Sakhi who have passed class 10th
• FM: The women will get Rs 7000 stipend in the 1st year, Rs 6000 in 2nd year, Rs 5000 in 3rd year after appointment as Bima Sakhi by LIC
• FM: Women in age groups 18-70 years can be appointed as Bima Sakhi. IRDAI may give training to these women to become permanent development agent after clearance of an exam
• FM: All India Armed forces , navy, Airforce enrolling women in combat roles
• FM: Out of 54 crore Jan dhan accounts, 55% are of women
• FM: Under PM Awas yojana, 17% houses in rural areas are in women's name
• FM: By Nov, 2024, 1.15 crore women have been enrolled under lakhpati didi program. The target is of 3 crore women
• FM: 47% Atal pension yojana subscriptions are of women
• FM: 62700 women enrolled under lakhpati didi scheme PM launches LIC Bima sakhi yojana

PM Modi has launches LIC Bima Sakhi Yojana in Panipat. (Read More)

• Visit the registrar's website: Go to the Skyline Financial Services Private Ltd website.
• Select the IPO: From the menu, choose "Usha Financial Services IPO."
• Choose a method: Select how you want to check your allotment status—via PAN, Demat account, or application number.
• Specify application type: Choose "ASBA" or "Non-ASBA" under the "Application Type" option.
• Enter details: Provide the required information such as your application number, PAN (Permanent Account Number), or Demat Account number.
• Verify and submit: Complete the CAPTCHA to confirm you're not a robot, then click "Submit" to view your allotment status.

The Nisus Finance Services IPO closed on Friday, November 6, with an exceptional subscription rate of 192.29 times after a three-day bidding period that began on Wednesday, November 4.

• Gold prices gained on Monday, with support from top consumer China's central bank resuming gold purchases after a six-month hiatus, while investors awaited U.S. inflation data this week for clues into the Federal Reserve's next move.
• Spot gold gained 0.5% at $2,646.69 per ounce, as of 0741 GMT. U.S. gold futures were up 0.3% to $2,668.20.
• Gold is supported by headlines that China's central bank resumed purchasing gold in November, which could be "good news for gold bulls" in knowing that they have the People's Bank of China (PBOC) behind them to underpin some strength for bullion prices, IG market strategist Yeap Jun Rong said. (Reuters)

China has decided to implement a more proactive fiscal policy and said it will follow a 'moderately loose' monetary policy next year, in a shift in stance for the first time since 2011, the country's top decision-making body said on December 9. (Read More)

Lloyds Metals to enter mines development and operations business, reports CNBC-Tv18

Import authorisation scheme for laptop, PCs likely to be extended beyond Dec 31, Commerce Ministry to issue notification shortly to notify extension, reports CNBC-TV18

• Meity secretary S Krishnan is speaking at IIGF 2024.
• Krishnan: We have 995 million internet users in India alone
• Krishnan: The way india consumes internet is very different from the way the world consumes it. In india, most of it is consumed through mobile data, whereas worldwide, it is consumed through broadband
• Krishnan: We need to improve in the way we offer connectivity, the infrastructure. It needs to be more reliable
• Krishnan: There are large number of cables that bring internet into the country. What happens if there is any disruption? These are questions that go towards the subject of internet resiliency.
• Krishnan: Meity is also working on issues surrounding Power availability , data centre capacity for internet related issues. We are working with the power ministry on this
• Krishnan: When it comes AI regulation, I believe the current legislative framework is sufficient

The Centre on Monday gave nod to Adani Krishnapatnam Port to import petroleum into India by sea. In a notification issued on Monday morning, the Centre said that, "the Central Government, in consideration of the necessity to import petroleum in public interest, hereby extends the notification for Krishnapatnam Port in Andhra Pradesh {M/s Adani Krishnapatnam Port Limited; for importing petroleum into India by sea in accordance with operations permitted in Navigational Safety at Ports Committee (NSPC) certificate."

• ⁠India became 5th largest economy in 10 years, says PM Modi
• ⁠Exports and FDI have also doubled since 2014, says PM Modi
• It is India's core to work toward human rights and stay democratic, says PM Modi
• Skilled youth will be a dominating factor in coming years, says PM Modi
• Number of internet users rose 4x in the last 10 years, says PM Modi
• ⁠Digital transactions are breaking records, but this is just the beginning, says PM Modi
• India is demonstrating to the world the power of democracy, demography, and data, says PM Modi

• Cumulative investment is at Rs 50,000 crore in Rajasthan, says KM Birla
• UltraTech has capacity of 20 mtpa, says Birla
• Fashion retail business has massive footprint, says Birla
• ⁠Will invest Rs 50,000 crore in 2 years across sectors, says Birla
• Of total Rs 50,000 crore, Rs 10,000 crore invest to be focused on renewables, says Birla

• Every global expert is bullish on India, says PM Modi
• Global investors excited about the India opportunity, says PM Modi
• Exports have gone up. In the last decade, the size of Indian economy has doubled, says PM Modi

The upcoming IPO lineup features prominent names such as LG Electronics’ India arm, Vishal Mega Mart, Mobikwik, and Canara Robeco Asset Management Company, along with several SME offerings. (Read More)

Vishal Mega Mart IPO's latest grey market premium is Rs 23, as per the data by investorgain.com. With the price band of 78.00, Vishal Mega Mart IPO's estimated listing price is Rs 101 (cap price + today's GMP).The expected percentage gain/loss per share is 29.49%.

• Jitin Prasada, MoS Meity is addressing IIGF 2024.
• Prasada: Our vision is to make AI in India and to make AI work for India and also to make AI work for all
• Prasada: We must address concerns such as cybersecurity, misinformation
• Prasada: Key to achieving success here lies in collaboration
• Prasada: Our representation in the global policy forums which shapes internet governance is underepresented

Vishal Mega Mart serves as a one-stop destination for middle and lower-middle-income consumers in India. It offers a diverse product range, including in-house and third-party brands, across three main categories: apparel, general merchandise, and fast-moving consumer goods (FMCG).

Vishal Mega Mart's RS 8,000 crore IPO is poised to be one of the year’s largest, following significant launches by Hyundai Motor India, Swiggy, and NTPC Green Energy. Market analysts indicate a current GMP of Rs 19, reflecting a 24% premium over the issue price.

Paytm share price gained over 3 percent in December 9 trade to hit the fresh 52-week high on board's nod to sell stake in Japan's PayPay for Rs 2,364 crore. Read more

Mishtann Foods shares were locked in 20 percent lower circuit for a second session in a row on December 9 as investors dumped the stock after the company received a show cause notice from the market regulator, Sebi. Read more

Shares of fast moving consumer goods (FMCG) players witnessed a strong selloff on December 9 after a weak quarterly update from industry major Godrej Consumer sparked concerns of an industry-wide demand slowdown.

Industry bellwether Hindustan Unilever recorded its worst fall in six weeks as it plunged 4 percent, followed by Dabur, Marico and Tata Consumer Products, Britannia and Colgate--that were down 2-4 percent. However, it was Godrej Consumer Products that saw the steepest decline as it dived over 9 percent following its quarterly update. Read more

• The basis of allotment for the Inventurus Knowledge Solutions IPO is tentatively scheduled to be finalized on Tuesday, December 17.
• Refunds will be initiated on Wednesday, December 18.
• Shares will be credited to the demat accounts of allottees on the same day as the refund, December 18.
• IKS Health shares are expected to be listed on the BSE and NSE on Thursday, December 19.

The Inventurus Knowledge Solutions IPO has reserved at least 75% of the shares for Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for retail investors. Additionally, the employee portion is reserved for up to 65,000 equity shares.

The floor price and cap price are 1,265 times and 1,329 times the face value of the equity shares, respectively. The price-to-earnings ratio based on diluted EPS for fiscal 2024 at the upper end of the price band is 60 times. The IKS Health IPO lot size is 11 equity shares, with subsequent lots in multiples of 11 shares.

The IKS Health IPO will open for subscription on Thursday, December 12, and close on Monday, December 16. The allocation to anchor investors is set for Wednesday, December 11.

Inventurus Knowledge Solutions, backed by Rekha Jhunjhunwala, has set the IPO price band at Rs 1,265-Rs 1,329 per share.

Flipkart’s IPO is anticipated by late 2025 or early 2026, with the company securing internal approvals to relocate its domicile from Singapore to India. The valuation could reach $36 billion. (Read More)

The latest GMP for the Dhanlaxmi Crop Science SME IPO stands at ₹28, according to investorgain.com. Based on the price band of Rs 55, the estimated listing price is Rs 83 (cap price + current GMP). This suggests a potential gain of 50.91% per share.

According to the Red Herring Prospectus (RHP), the company's listed peers include Mangalam Seeds Ltd, with a P/E ratio of 16.67, and Upsurge Seeds of Agriculture Ltd, with a P/E ratio of 25.39.

Dhanlaxmi Crop Science Ltd. recorded a 37% growth in sales and a 55% rise in profit after tax (PAT) between the fiscal years ending March 31, 2023, and March 31, 2024.

The company’s seeds are specifically designed to perform well across various agroclimatic conditions throughout India, considering factors such as water availability, crop duration, and soil characteristics. This focus on quality and adaptability establishes the company as a leader in addressing the diverse agricultural requirements of Indian farmers.

• The company is a forward-thinking, technology-driven seed enterprise.
• Specializes in the development, production, processing, and sale of seeds for field crops and vegetables.
• Brings over 18 years of expertise in the Indian seed industry.
• Combines traditional breeding techniques with advanced biotechnological methods.
• Focuses on producing high-quality hybrid and open-pollinated seed varieties.
• Offers seeds with:
• Increased yields
• Superior product quality
• Enhanced resistance to pests and diseases compared to natural varieties.

The IPO allocation includes 50% of the net issue for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for Non-Institutional Investors (NIIs).

Dhanlaxmi Crop Science's SME IPO opens today, targeting Rs 24 crore by offering 43.28 lakh shares priced at Rs 52-55 each. The company focuses on seed development and processing and plans to list on the NSE SME platform. The IPO, with a grey market premium of Rs 28, will close on December 11, and the expected listing date is December 16.

The board of Vodafone Idea will consider on December 9, Monday, a proposal to raise up to from entities belonging to the promoter Vodafone Group.

" … a meeting of the Board of Directors of the Company is scheduled to be held on Monday, 9 December 2024, inter-alia, to consider proposal for raising of funds not exceeding Rs 2,000 crore, by way of issuance of equity shares and / or convertible securities on a preferential basis to one or more entities belonging to Vodafone Group," the company said in a filing on December 4. Read more

Read more

Flipkart, India's largest e-commerce platform, is gearing up for an initial public offering (IPO) within the next 12-15 months, The Economic Times reported citing unidentified sources. The Walmart-owned company, valued at $36 billion, has reportedly secured internal approvals to shift its domicile from Singapore to India, a significant step toward listing on Indian stock exchanges. Read more

Inventurus Knowledge Solutions Ltd has set the price band for its upcoming initial public offering (IPO) at Rs 1,265–Rs 1,329 per share, with subscriptions open from December 12 to December 16, 2024.

Anchor investor bidding will commence on December 11, and the company plans to finalize the allotment by December 15, with refunds and equity share credits scheduled for December 18. The stock is set to list on exchanges on December 19.

The IPO is a pure offer-for-sale (OFS), with existing promoters and shareholders selling shares worth up to Rs 2,497 crore.

Asian shares struggled with a slide in South Korea on Monday ahead of a packed week of central bank meetings that should see borrowing costs take a step lower, while U.S. inflation data are the last hurdle to a further policy easing there.

Chinese figures out on Monday showed the consumer price index fell a surprisingly large 0.6% in November, pulling annual inflation down to just 0.2% and underlining the need for more drastic policy stimulus.

Beijing's Central Economic Work Conference, where policymakers are expected to chart the course for the country's economy in 2025, is also scheduled for this week, though markets are not sure if any new policies will be announced.

Political tumult in France and South Korea was joined by the fall of Syrian President Bashar al-Assad's regime, which complicated an already fraught situation in the Middle East.