Business news highlights (November 28): Airfares have moderated in 2024 from 2023, says Civil Aviation minister in Lok Sabha

Minister of State for Civil Aviation, Murlidhar Mohol, informed the Rajya Sabha that airfares in 2024 have moderated compared to 2023, with a significant reduction in ticket prices on various routes during this year's festive seasons. He emphasized that airfares in India are dynamic and influenced by demand and supply.

• State-owned Oil and Natural Gas Corporation (ONGC) has made four more discoveries since it first made an oil field near Asokenagar in West Bengal six years back but is still awaiting the state government's nod for a petroleum mining lease to develop them, Oil Minister Hardeep Singh Puri said on Thursday.
• ONGC notified the first Asokenagar discovery in Block WB-ONN-2005/4 on September 24, 2018, Puri said in a written reply to a question in Lok Sabha. (PTI)

• This is in response to today’s news flash on a leading news channel regarding potentialchanges to bancassurance regulations by the Insurance Regulatory and DevelopmentAuthority of India.
• The news flash is based on rumours and speculation, and we would like tocategorically state that the information mentioned is inaccurate.As an organisation, we believe that regulatory changes of such significance are typicallypreceded by detailed industry consultations.
• HDFC Life has a well‐diversified distribution network which enables us to increase insurancepenetration in our country and adapt to the evolving business environment.
• We remain focused on serving our customers and partners with commitment and excellence.

US president-elect Donald Trump announced on Monday that he will sign an executive order on January 20 targeted at  three of his country's largest trading partners, imposing 25 percent additional tariffs on all imports from Canada and Mexico and an additional 10 percent on inbound shipments from China. These measures, the incoming administration says, are meant to curb issues around dumping of drugs and migrant inflows. (Read More)

Rupee falls 9 paise to close at 84.49 (provisional) against US dollar.

The Life Insurance Corporation of India has clarified on the reports of the company picking up 50 percent stake in Manipal Cigna. “Life Insurance Corporation of India evaluates and explores various strategic opportunities on an ongoing basis in various sectors including health insurance segment, for growth, diversification of its business and investment opportunities. At this stage, there is no material information / event that require disclosure under Regulation 30 of the Listing Regulations. The Corporation will make appropriate disclosure in compliance with applicable laws, as and when required,” the company said in a regulatory filing.

Piyush Goyal: Indian industry needs to give first preference to Indian manufacturers like seen in Korea, as seen in EU and US under incoming Trump government where they are priorities their domestic producers

• Piyush Goyal: Will not include any retrospective steps in Jan Vishwas 2.0 that can hurt industry
• Goyal: Another thing which I mention on many occasions to CII. Last time it was not taken nicely, so I don't know where I should remind you again. But I do believe the national single window system we have created needs inputs from all of you without which I am almost inclined to abort the idea. The choice is now with you. I am spending a lot of money on it and I have come to a stage where I am almost inclined to abort.
• Goyal: Unless each one of you (CII) engages with the national single window, tries to get approvals through that and gives feedback. For us it seems the industry has no interest in the national single window. I am not suggesting it is perfect, but to make it better I need inputs

Enviro Infra Engineers IPO latest grey market premium is Rs 49. With the price band of 148.00, Enviro Infra Engineers IPO's estimated listing price is Rs 197 (cap price + today's GMP).The expected percentage gain/loss per share is 33.11%.

Borosil Renewables approves appointment of Melwyn Moses as CEO effective December 2, as per exchange filing.

• British Prime Minister Keir Starmer on Wednesday opened London's first Google-funded AI Campus which aims to help young people develop skills in the rapidly developing technology.
• The centre, based in Camden, an area which Starmer represents in parliament and which is also home to Google's future offices in Kings Cross, has already started a two-year pilot project for local students. (Reuters)

NTPC commissions 1st part of 55 MW out of 105 MW Shajapur Solar Project (unit-1) of NTPC RE

• I welcome Mr Son's announcement to increase investment in India. He's a bold investor who believed in India story and PM Modi: Goyal
• India does not believe that this is time for war and I welcome the ceasefire and urge same for all other conflicts around the world: Goyal
• Trump's a friend and this friendship will only blossom and grow further: Goyal
• Some sectors in PLI have low gestation period, but some take time. We should not look at the amount given in subsidy as a reference point: Goyal
• I strongly raised the issue of CBAM and expressed India's disappointment with CBAM with my French counterpart: Goyal

The Grey Market Premium (GMP) for Enviro Infra Engineers' IPO stands at ₹49 today, reflecting a ₹1 drop from Wednesday's GMP of ₹50. This decline is attributed to weaker sentiment in the grey market following a halt in the Indian stock market's two-day rally on Tuesday. Notably, the IPO's GMP had surged from ₹23 to ₹55 over five consecutive sessions by Monday. However, after the bidding process concluded, the GMP slid from its peak of ₹55 to ₹49.

• Make in India programme has assured people that India can be self-sufficient: Piyush Goyal, CIM
• We are producing most of the things in defence sector, leading to exports as well: Goyal
• Manufacturing and export-led growth has got a push during this regime: Goyal
• We are emerging as a quality conscious country: Goyal
• There is an interconnected ecosystem that has emerged in India: Goyal
• We will have 5G across the use country by next year: Goyal
• Digital India ensured internet connectivity, data availability increased. We have the cheapest data available. US pata $7 per GB, India provides data at 17 cents. Global average is $3 per GB: Goyal
• We have created the largest interconnected energy grid, which has ensured cheaper energy. Power sector's chronic issues have been addressed: Goyal
• We are the most attractive destination for AI, data centres, and GCCs: Goyal
• Opposition is busy in defaming the country: Goyal
• UK elections have seen a regime change. We have received an indication on resumption of talks, we will take forward the talks with the UK post Parliament session: Goyal
• India doesn't need to do everything, we should be targetting areas where we have a competitive advantage
• We will cross $800 billion of exports, despite having inherited such a weak economy: Goyal
• I do not foresee any problem with Trump administration whatsoever. PM Modi has managed good relationships across countries: Goyal
• India's relationship with the US have gotten better over the last decade: Goyal
• We will look how to further strengthen our economic partnership with the US: Goyal
• To my knowledge there has been no talks regarding Tesla or Starlink: Goyal

• CBIC Chairman Sanjay Agarwal at Global Authorised Economic Operator (AEO) Conference:
• India continues commitment to digital and sustainable trade facilitation
• AIM to ensure collaboration between pvt sector, customs to improve trade, says Agarwal
• Clearance time for AEO clients is 40% lower, says Agarwal
• India’s AEO program is digital to Expedite processes, faster Clearance in trade ecosystem
• Substantial portion of AEO certified Businesses are MSMES

HDFC Bank market cap crosses Rs 14 lakh crore for the first time ever

• India’s finance ministry evaluating relevance of windfall tax, says source
• India’s finance ministry looking at windfall tax mop up numbers, crude price trend
• Finmin has received recommendation from Oil and Gas ministry to include Natural gas under GST, says source

The share allotment for the Enviro Infra Engineers IPO was finalized on Tuesday after the bidding process concluded. Following the 'T+3' listing rule, the IPO is expected to list on Friday, November 29, 2024. Applicants can check the Enviro Infra Engineers IPO allotment status online by visiting the BSE website or the official website of Bigshare Services, the registrar of the IPO.

Shares of Ujjivan Small Finance Bank climbed over 2 percent to ₹34.5 per share on November 28 following the board's approval to sell non-performing assets and written-off loans valued at over ₹270 crore to an asset reconstruction company (ARC). According to a regulatory filing, the bank has finalized the sale of a stressed loan portfolio, including a written-off loans pool with an outstanding value of ₹270.35 crore as of September 30, 2024. The sale was conducted under the Swiss Challenge Method, fetching a consideration of ₹40.55 crore. (Read More)

President-elect Donald Trump’s decision to impose a 25 percent tariff on Canada and Mexico after assuming office in January 2025 could end up helping India, among other countries, especially on items that are India’s top exports to the United States, a Moneycontrol analysis of US trade data for last 10 years shows. (Read More)

State Bank of India’s plan to sell its 24% stake in Yes Bank appears to have encountered a setback. Sources indicate that two major Japanese lenders, MUFG and Sumitomo Mitsui Banking Corporation (SMBC), which had previously shown interest in acquiring a majority stake in Yes Bank, may have reconsidered and are no longer pursuing the deal. (Read More)

Shares of Life Insurance Corporation of India (LIC) rose by 1% to Rs 927 apiece on November 28, following reports that the insurer is planning a major entry into the health insurance sector. LIC is reportedly in advanced talks to acquire a significant stake in ManipalCigna Health Insurance, with sources indicating a potential target of a 50% stake in the company. (Read More)

Godrej Properties QIP size has been increased from Rs 4,000 crore to Rs 6,000 crore, CNBC-TV18 reports citing sources. Godrej properties is seeking to sell 5.5% equity (1.54 crore shares) of the company via QIP.

The Rajputana Biodiesel IPO consists of 19,00,000 shares, allocated as follows: 3,45,000 shares (18.16%) for QIBs, 2,70,000 shares (14.21%) for NIIs, 6,29,000 shares (33.11%) for RIIs, and 5,15,000 shares (27.11%) for Anchor Investors.

Investors can place bids starting with a minimum of 1,000 shares and in multiples thereafter. The table below outlines the minimum and maximum investment requirements for retail investors and HNIs in terms of shares and investment amounts.

GYR Capital Advisors Private Limited serves as the book-running lead manager for the Rajputana Biodiesel IPO. Maashitla Securities Private Limited is the registrar for the issue, while Giriraj Stock Broking acts as the market maker.

The price band for the Rajputana Biodiesel IPO is set at Rs 123 to Rs 130 per share. The minimum application size is 1,000 shares, requiring a minimum investment of Rs 130,000 for retail investors. For HNI investors, the minimum application size is 2 lots (2,000 shares), translating to an investment of Rs 260,000.

• The Rajputana Biodiesel IPO is a book-built offering worth ₹24.70 crores, comprising a fresh issue of 19 lakh shares.
• The subscription period for the IPO opened on November 26, 2024, and concludes today, November 28, 2024. The allotment of shares is anticipated to be finalized on Friday, November 29, 2024. The IPO is scheduled to debut on the NSE SME platform, with the tentative listing date set for Tuesday, December 3, 2024.

Good morning and welcome to our live coverage of business news today i.e. November 28, 2024. Among top business trends at the moment, we are tracking the final day subscription status of Rajputana Biodiesel IPO, NTPC Green Energy share price and latest from Life Insurance Corporation of India and much more.