Business news updates: Loss-making Thyssenkrupp Steel to slash 11,000 jobs by 2030

From customer support service to specific functions like workflow automation, the generative artificial intelligence revolution isn't just knocking at the door of SaaS companies – it's already transformed their businesses, said multiple SaaS founders at the Moneycontrol Global AI Conclave held on November 22 in Bengaluru. Read more

Thyssenkrupp Steel plans to cut 5,000 jobs by 2030 and an additional 6,000 jobs through the sale of business activities or transfer to external service providers, the company said on Monday. Germany's largest steelmaker is under pressure from cheaper Asian competitors, high power prices and a cooling global economy, leading to operating losses in four of the past five years. Read more

Information technology major Wipro on November 25 appointed Omkar Nisal as its new Europe Chief Executive Officer, succeeding Pierre Bruno. Read more

After 38 consecutive sessions of selling, FIIs turned net buyers on November 25 after both benchmark indices gained on positive market sentiment post the elections in Maharashtra. Domestic institutional investors (DIIs) net sold shares worth Rs 6,908 crore, while on the other hand, foreign institutional investors (FIIs) net bought shares worth Rs 9,948 crore, provisional data from NSE showed. Read more

Recently-listed Niva Bupa Health Insurance Company turned profitable in the second quarter of FY2025, reporting a net profit of Rs 13 crore under I-GAAP standards, compared to a net loss of Rs 7.6 crore in the same quarter last year. Read more

Kalpataru and Unimech Aerospace have received approval from the capital markets regulator Sebi to go ahead with their IPO plans, while the issuance of observations on the draft papers of Rs 4,000-crore JSW Cement offer remained in abeyance. Read more

A daunting task awaits the new chief minister of Maharashtra as the incoming government will have to find around Rs 9,000 crore extra to fulfil promises laid down in the election manifesto in FY25 and over Rs 35,000 crore in the next fiscal, according to a Moneycontrol analysis. Read more

The board of Hindustan Unilever has granted an in-principle approval to the demerger of its ice cream business into a separate entity, which will eventually be listed independently, the company informed stock exchanges on November 25. Read more

Kia India on Monday said it is eyeing markets in the Middle East and Africa as it aims to double the export of completely knocked down (CKD) units by 2030. Read more

Tata Motors Ltd is doubling down on its electric vehicle (EV) ambitions with the rollout of Tata.ev showrooms designed to offer an improved experience for customers, even as the EV market has hit a speed bump. These dedicated retail outlets, initially launched in six locations – two each in Gurgaon and Kochi and one each in Thrissur and Kannur, are designed to address the specific needs of electric vehicle buyers in a crowded market. Read more

Piyush Goyal: We need to think of adopting environment friendly construction techniques to benefit the environment. This can help us reduce AQI levels.

Piyush Goyal: Real estate projects should be looking at Holistic development. Parking is becoming a major issue in some of the cities. There should be ev charging infrastructure in every bulding that we build.

Piyush Goyal: It’s time that we look at greater formalisation of real estate sector such as digital payments and enrolling Employees on EPFO as it will help the sector grow much faster. I appeal CREDAI and the real estate sector, do not encourage cash payments and do not accept cash payment and provide salaries in digital payments only.

Kalpataru and Unimech Aerospace have received approval from the capital markets regulator Sebi to go ahead with their IPO plans, while the issuance of observations on the draft papers of Rs 4,000-crore JSW Cement offer remained in abeyance.

The regulator has issued observation letter on the preliminary papers of Unimech Aerospace and Manufacturing on November 21 and Kalpataru on November 22. The issuance of observation letter means the company can launch its initial share sale for fund raising, within the next one year.

Mumbai-based Kalpataru had filed draft red herring prospectus with the regulator on August 14. It plans to raise Rs 1,590 crore through its IPO which consists of entirely fresh issue. This means the entire issue proceeds (excluding offer expenses) will be received by the company.

The real estate developer may consider raising Rs 318 crore through pre-IPO placement before the IPO launch. If it undertakes the pre-IPO placement, the said amount will be reduced from the fresh issue.

Piyush Goyal at CREDAI 25th Foundation Day event at Aerocity:- In last 10 years there has been a concentrated effort to clean up processes and to make it easier to do business and encourage honest business persons to grow. I remember when we introduced RERA there was quite a bit of opposition. Measures such as RERA, GST registration etc has contributed to the organised growth of the real estate sector. Real estate sector contributes tremendous amount in GDP.

Electric vehicle (EV) maker Wardwizard Innovations & Mobility Ltd has signed an initial pact with EV charging services provider Ampvolts Ltd for developing advanced charging infrastructure in domestic and overseas markets, the company said on Monday.

As part of this strategic collaboration, Wardwizard Innovations & Mobility said it will help identify strategic locations for setting up EV charging stations and serving as the front-end partner for key projects.

Besides, the company will also ensure the provision of necessary resources, including financial support, to bolster the development of a comprehensive EV ecosystem, Wardwizard Innovations & Mobility said.

• India's economy likely grew at its slowest pace in one-and-a-half years in the three months to end-September as weak consumption offset a strong recovery in government spending, which for years has helped drive growth, a Reuters poll found.
• Asia's third-largest economy grew more than 8.0% in the fiscal year to end-March but has since slowed sharply as skyrocketing food inflation drives up the cost of living and forces households to cut spending. (Reuters)

TotalEnergies SE said on November 25 that it will not make any new financial contribution as part of its investments into the Adani Group firms amid an US federal indictment against Chairman Gautam Adani and his nephew. "Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group of companies," the company said in a statement. (Read More)

• The US Commerce Department said on Monday it is finalizing nearly $60 million in government subsidies for BAE Systems to build chips used in jets and satellites, and for Rocket Lab to build compound semiconductors used in satellites and spacecraft.
• The department is finalizing $35.5 million to BAE to quadruple production in New Hampshire for key semiconductor chips used in F-35 fighter jets and commercial satellites. The investment will cut the company’s planned modernization timeline in half, Commerce said.
• The Pentagon plans to spend $1.7 trillion on the F-35 program including buying 2,500 planes in the coming decades. The chips are critical to F-15s and F-35s. (Reuters)

Facing the media for the first time months after taking over as the managing director and chief executive of DCB Bank in April, Praveen Kutty said the change of guard was only a procedural development as the fundamentals and building blocks of the organisation remained intact. In an exclusive interaction with Moneycontrol, Praveen revealed that if something could be done better by the bank, it would be about improving engagement with its customers. While he answered this after much of nudging and with a bit of reluctance because he felt happy about taking over a steady ship, what came out from him without any hesitation was that the gross non-performing assets (NPA) at 3 percent or upwards should reduce. (Read More)

India expects food inflation to ease in the coming months, helped by a bumper summer crop harvest, the government said in its monthly economic report released on Monday.

• Enviro Infra Engineers IPO was subscribed 8.01 times on the second day of the offer on Monday. The initial share sale of the company involved in development of turnkey projects of sewage treatment plants and sewerage system, got fully subscribed on the first day of the offer on Friday.
• Enviro Infra Engineers IPO received bids for 24.67 crore shares against 3.07 crore shares on offer, according to NSE data till 1:40 pm. (Read More)

• Cyberattacks have cost British businesses around 44 billion pounds ($55.08 billion) in lost revenue in the past five years, with 52% of private sector companies reporting at least one attack in that time, insurance broker Howden said on Monday.
• Cyberattacks cost businesses 1.9% of their revenue on average, Howden said, with companies generating an annual revenue of over 100 million pounds most likely to suffer an attack.
• The most common causes of cyberattacks were compromised emails, at 20%, and data theft, at 18% of cases, Howden said. (Reuters)

NTPC Green Energy IPO's latest grey market premium is Rs 3.50. As per investorgain.com data, the expected percentage gain/loss per share on listing day is 3.24%.

• The Indian rupee opened higher on November 25, supported by a firm trend in domestic equities, and bond yield dropped after the BJP-led Mahayuti Alliance’s landslide win in Maharashtra assembly polls, the result of which were declared over the weekend.
• The rupee opened at 84.37 against the US dollar after closing at 84.46 in the previous trading session. (Read More)

• Gold prices dropped over 1% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next U.S. Treasury Secretary.
• Spot gold fell 1.52% to $2,671.29 per ounce as of 0501 GMT, while U.S. gold futures shed 1.5% to $2,672.90. Spot prices had hit their highest since Nov. 6 earlier in the session.
• Gold's five-day rally pauses due to some profit-taking and Trump's pick of Scott Bessent as U.S. Treasury Secretary, hinting at tempered use of tariffs and easing U.S.-China trade uncertainty, said IG market strategist Yeap Jun Rong.

A review committee formed by Bangladesh’s interim government on Sunday recommended engaging an investigation agency to examine power agreements signed by deposed prime minister Sheikh Hasina’s regime with different business groups, including one with India’s Adani Group.  (Read More)

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• NTPC Green Energy serves as the umbrella company for the green business initiatives of the state-owned power generation firm NTPC. It executes projects through both organic and inorganic approaches.
• The company is positioned to lead NTPC’s green energy transition, aiming to achieve an ambitious target of 60 GW by the financial year 2031-32.

Shares of NTPC rose by 3% to Rs 377 in morning trade on November 25, marking gains for the second consecutive trading session. The rally followed Bernstein's decision to maintain an 'outperform' rating on the stock while raising its target price. (Read More)

Before the IPO launch, NTPC Green Energy raised Rs 3,960 crore by allocating 36.7 crore shares to anchor investors at Rs 108 per share. The anchor investors included LIC, ICICI Prudential MF, SBI Life Insurance, and HDFC Life Insurance.

In the IPO, NTPC Green Energy shares were offered for bidding at a price band of Rs 102-Rs 108 per share, with bids required in multiples of 138 shares. This translates to a cost of Rs 14,076-Rs 14,904 per lot.

• Qualified institutional buyers (QIBs) 3.3 times
• Employees 78%
• Retail individual investors (RIIs) 3.4 times
• Non-institutional investors (NIIs) 81%
• Total 2.4 times

• Step 1: Visit the KFin Technologies website at https://kosmic.kfintech.com/ipostatuswebsite or https://kosmic.kfintech.com/ipostatus/.
• Step 2: Select "NTPC Green Energy" from the options.
• Step 3: Enter your PAN details and click "Search" to proceed.

• Step 1: Go to the Application Check page on the BSE website.
• Step 2: From the drop-down menu, select "NTPC Green Energy."
• Step 3: Enter your application number or PAN number to proceed.

The shares of NTPC Green Energy, a subsidiary of the state-owned power generation company NTPC, are tentatively scheduled to be listed on the BSE and NSE on November 27, following the expected finalization of allotment today.

NTPC Green Energy's initial public offering (IPO), aimed at raising up to Rs 10,000 crore, concluded on Friday with an overall subscription of 2.4 times. By the end of the three-day bidding process, shares were offered within a price band of Rs 102-Rs 108 per share. According to provisional exchange data, the IPO received bids for 142.7 crore shares against the 59.3 crore shares available.

The NTPC Green Energy IPO was open for subscription from November 19 to November 22, spanning three trading days. If you participated in the IPO and want to check your allotment status, here’s an easy step-by-step guide to do it online.

Good morning and welcome to our live coverage of today's top business news. To start with, we are tracking the latest on allotment status of the mega public issue of NTPC Green Energy. Stay with us for step-by-step guide to check allotment status online and other IPO buzz, corporate updates.