Business news Highlights (December 16): China’s Internet of Things vendors under India radar? Centre mulling national security directive for IoT ecosystem: Report

The Centre is exploring the possibility of bringing new changes in the national security directives to cover Chinese Internet of Things ecosystem, a media report said on Monday. According to a report by Economic Times, the Centre is mulling to introduce a mandate similar to what is present in the telecom sector. (Read More)

• Commerce Secretary Sunil Barthwal: Overall exports for November as well as for April-November have grown
• Barthwal: Goods exports have seen a positive growth April-November
• Barthwal: Unprecedented fall in petroleum products prices have pulled down goods exports in November alone
• Barthwal: Holding meetings with different missions on pushing exports to certain countries
• Barthwal: Have identified 20 countries where India can push up exports
• Merchandise exports in November at 32.11 billion US dollars
• Merchandise imports in November at 69.95 billion US dollars
• November merchandise trade gap widens to 37.84 billion US dollars

• Waaree Energies on Monday said it has bagged two module supply orders, aggregating 398 MW in the domestic market.
• The orders, comprising projects of 249 MW and 149 MW, respectively, have been awarded by a renowned customer engaged in owning, developing, and operating renewable power projects in India, the company said in a statement.
• "The contracts include the supply of Waaree's flagship high-efficiency Glass N-type Topcon modules, rated at 580/585Wp," it added. (PTI)

• Tech giant Google on Monday announced the appointment of Preeti Lobana as the new country manager and vice president for India.
• She succeeds Sanjay Gupta, who recently transitioned to an elevated role as President of the Asia Pacific region at Google.
• As the new Country Manager and Vice President for India, Lobana will play a key role in shaping Google's strategy to bring the transformative power of Artificial Intelligence (AI) to all customers, fostering innovation, a Google release said. (PTI)

• Fitment committee may clarify on applicability of 22% cess on certain UVs on or after July 26, 2023
• Fitment committee recommendations to help put to rest claims of GST dues raised on SUVs
• Several central and state GST authorities had raised claims to auto companies
• SIAM had made representations to finance ministry, CNBC-TV18 had earlier reported

• Founded in 2006, Inventurus Knowledge Solutions Limited (IKS Health) specializes in delivering administrative and support services to healthcare organizations. The company enables doctors and healthcare providers to concentrate on patient care by handling their paperwork and administrative tasks.
• IKS Health’s services encompass clinical support, medical documentation management, virtual medical scribing, and more. As a healthcare technology firm, it strives to optimize workflows, minimize administrative burdens for providers, and improve patient access to quality care.

The Rs 2,498-crore public offering is a book-built issue, comprising a total of 1.88 crore shares, entirely through an offer for sale. The share allotment for the IPO is expected to be finalized on December 17, with a tentative listing date on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) set for December 19. The company will not receive any proceeds from this offering, as all funds (net of offer-related expenses) will go to the selling shareholders.

• It will not be easy to compete with a manufacturing sector that's 20 years ahead of you. This is a problem that the world is facing: Rajesh Agrawal, Additional Secy, Department of Commerce
• Consumers across the world are getting tired and they all want change. We need to start thinking differently: Agrawal
• Today, 40 percent of world trade is in intermediates. We need a trade environment which is predictable. FTAs ensure that supply chains can work better: Agrawal
• Supply chains are not about big companies but MSMEs. The MSME sector, thus, needs to be strong. We have a long way to go to become part of GVCs: Agrawal
• COVID has taught us that cost is not everything, it's one of the variables but not the variable. We need to look at GVCs in critical areas, so that we are resilient against any shocks: Agrawal

• Qualified Institutional Buyers (QIBs) - 16.33 times
• Non Institutional Investors(NIIS) - 13.68 times
• Retail Individual Investors (RIIs) - 9.58 times
• Employee Reserved - 3.70 times
• Total - 14.31 times

• Food inflation tad below expectations, says ICRA
• MoM food prices momentum is mixed right now, says ICRA
• Rabi outlook favorable at this time, says ICRA
• Expect YoY food inflation number to be higher in December, says ICRA
• Expect higher GDP growth in Q3 and Q4, says ICRA

• Solar-powered agricultural water pump systems provider GK Energy Ltd has filed preliminary papers with markets regulator Sebi to garner funds through an initial public offering (IPO).
• The proposed IPO of the Pune-based firm is a combination of fresh issue of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of 84 lakh equity shares by selling shareholders, the draft red herring prospectus (DRHP) showed. (PTI)

In a surprise move, HDFC Bank, India’s largest private sector bank, has restarted talks with Japan’s financial giant Mitsubishi UFJ Financial Group (MUFG) for a sizeable stake sale in its non-lending subsidiary, HDB Financial Services. Sources aware of the matter said the norms proposed by the Reserve Bank of India, which were unveiled on October 4, may have forced HDFC Bank to rethink a possible stake sale ahead of HDB Financial’s initial public offering (IPO). (Read More)

Inflation news live: Wholesale inflation eases to 1.9% in November compared with 2.4% in previous month

Mobikwik IPO latest GMP is Rs 165, as per Investorgain.com. With the price band of 279.00, Mobikwik IPO's estimated listing price is Rs 444. This indicates at a positive market debut for Mobikwik with a premoum of nearly 60 percent.

Visit the KFin Technologies IPO page.

Select 'Sai Life Sciences' from the dropdown menu.

Enter your PAN, application number, or DP/Client ID.

Click 'Submit' to view your allotment status.

• Go to the BSE IPO allotment page.
• Select 'Equity' as the issue type.
• Choose 'Sai Life Sciences' from the dropdown menu.
• Enter your application number or PAN.
• Click 'Search' to check your allotment status.

Budget carrier SpiceJet, which recently raised Rs 3,000 crore through a qualified institutional placement (QIP) of shares after a near-death experience, aims to go cash-flow positive by March 2025, according to Chairman and Managing Director Ajay Singh.  In an exclusive interaction with Moneycontrol, Singh shared that the struggling airline’s efforts to turn around has been making steady progress with sustained support from stakeholders and customers. (Read More)

PMI Data Live: Business activity picks up to a four-month high in December, HSBC Flash PMI at 60.7

• The Indian rupee weakened slightly on Monday, tracking weakness in regional peers, while the dollar-rupee overnight swap rate jumped on the back of cash dollar inflows and tight rupee liquidity, pushing up the implied rupee yield on overnight swaps above 10%.
• The rupee was at 84.8250 as of 10:00 a.m. IST, down 0.04% from its close at 84.7875 on Friday.
• Asian currencies were mostly weaker on the day, with the offshore Chinese yuan down 0.1% after data showed that retail sales in the country were weaker than expected in November. The dollar index was little changed at 106.8. (Reuters)

• GST Council likely to discuss GST hike for small petrol and diesel cars to 18% from current 12%
• Fitment panel recommends raising GST on used EVs to 18% from 12%
• Petrol cars over 1,200cc, diesel cars over 1,500cc, and SUVs already taxed at 18%
• New EVs currently taxed at 5% GST but used EVs are taxed at 12% GST

Vedanta is scheduled to decide on its fourth interim dividend for FY2024-25 today, with the record date set for December 24. This comes after the company has already declared interim dividends totaling Rs 35 per share. In Q2 FY25, Vedanta reported a profit of Rs 5,603 crore, despite a marginal decline in revenue.

Billionaire Anil Agarwal-led Vedanta is set to review and announce its fourth interim dividend for FY2024-25 on Monday, December 16, 2024. In an exchange filing, the mining giant stated, "The meeting of the Board of Directors of the Company is proposed to be scheduled on Monday, December 16, 2024, to consider and approve the Fourth Interim Dividend on equity shares, if any, for the Financial Year 2024-25."

MobiKwik shares are likely to be allotted to successful bidders today following an overwhelming response on the final day of bidding, driven by strong participation from retail and non-institutional investors. The public issue of One MobiKwik Systems Ltd was oversubscribed 119.38 times within a price range of Rs 265-Rs 279 per share. Investors placed bids for over 141 crore shares against the 1.18 crore shares on offer, generating a total demand worth Rs 39,542 crore. (Read More)

• Initial public offerings (IPOs) in 2024 reported unprecedented anchor investments from institutional investors — foreign institutional investors (FIIs) and mutual funds (MFs)— marking a significant milestone. Their combined investment surpassed Rs 45,650 crore, exceeding the previous record of Rs 42,558 crore set in 2021.
• FII investment in anchors stood at Rs 25,300 crore in the current year, the highest since 2021 when their investment crossed Rs 29,000 crore, as per data from Prime Database. Similarly, MFs have contributed Rs 20,351 crore, a historic high. The MFs investment was more than three times, as compared to last year. The previous record for MFs was Rs 13,528 crore in 2021, driven by robust inflows into equity schemes. (Read More)

•  To check the allotment status on the KFin Technologies Limited web portal, follow these steps:
• Visit the KFin Technologies web portal: KFin Technologies Allotment Status.
• Select the IPO: Choose the IPO from the dropdown menu (it will appear only if the allotment is finalized).
• Choose a Mode: Select one of the three options — Application number, Demat Account number, or PAN ID.
• Select Application Type: Choose between ASBA and Non-ASBA.
• Enter Details: Provide the required details based on the mode selected in Step 3.
• Fill the Captcha: Accurately complete the captcha for security verification.
• Submit: Click the "Submit" button to view the allotment status.

•  Investors who applied for the Vishal Mega Mart IPO can check their allotment status on the Bombay Stock Exchange (BSE) website by following these steps:
• Visit: BSE Allotment Status Page.
• Select Issue Type: Choose "Equity."
• Select Issue Name: From the dropdown, select "Vishal Mega Mart Limited."
• Enter Application Details: Provide your application number.
• Add PAN: Enter your PAN card details.
• Verify: Click "I am not a Robot" to complete the verification.
• Search: Press the "Search" button to view your allotment status.

Bitcoin climbed to a record high, extending a rally sparked by President-elect Donald Trump’s support for digital assets and his plan to turn the US into the dominant force in the sector.

The largest token rose more than 3% at one point on Monday in Asia to an unprecedented $106,493, exceeding its previous peak from Dec. 5. The advance helped to boost sentiment in the wider crypto market.

Trump is moving toward creating a friendly regulatory backdrop for digital assets, undoing a crackdown imposed by President Joe Biden’s outgoing administration. The Republican has also backed the idea of a strategic national Bitcoin stockpile, though many question the feasibility of the latter idea.

Once the Vishal Mega Mart IPO allotment status is announced, applicants can check their application status online via the BSE website or through the official registrar, KFin Technologies Ltd. For ease of access, they can use the direct BSE link at bseindia.com/investors/appli_check.aspx or the KFin Tech link at kosmic.kfintech.com/ipostatus to check the allotment status.

As noted earlier, the IPO allotment date for Vishal Mega Mart is expected to be announced today, 16th December 2024.

The retail segment of the public issue by Vishal Mega Mart was subscribed 2.31 times, while the Non-Institutional Investor (NII) category saw 14.25 times subscription. The Qualified Institutional Buyer (QIB) portion, however, garnered an impressive 80.75 times bidding.

As per BSE data, the Vishal Mega Mart IPO was subscribed 27.28 times by the close of its third day. The bidding was largely driven by Qualified Institutional Buyers (QIBs), followed by Non-Institutional Investors (NIIs). While retail investors achieved full subscription, their participation was relatively modest compared to other categories.

Following a robust subscription to the Vishal Mega Mart IPO, the grey market is indicating a significant premium for its listing. According to stock market analysts, Vishal Mega Mart Limited shares are currently trading at a premium of Rs 20 in the grey market.

Following the three-day bidding process for Vishal Mega Mart Limited's initial public offering (IPO), applicants are now awaiting the announcement of share allotments. As per the 'T+3' listing rule, the public issue must be listed within three days of the allotment finalization. With the bidding having concluded on 13th December 2024, the allotment is likely to be finalized tomorrow, Monday, 16th December 2024.

Good morning and welcome to our live coverage of today's latest business news. We are starting the day with current buzz around the allotment status of three mainboard IPOs - Vishal Mega Mart, Mobikwik and Sai Life Sciences