Business news highlights (December 30): Finance Ministry clarifies DigiYatra data is not being used to crack down on tax evaders

Income Tax news live: Finance Ministry clarifies DigiYatra data is not being used to crack down on tax evaders

Budget news live: Sitharaman chairs pre-Budget meeting

• Indian companies' fundraising through corporate bonds hit a record high in 2024, aided by declining yields and stronger appetite for long-term notes, and investors expect issuances to remain robust in 2025.
• Indian firms raised 10.67 trillion rupees ($124.81 billion) through the sale of bonds till Dec. 27, a 9% jump over 2023, data from information provider Prime Database showed.
• "Fundraising has seen a boost with corporates seeing a need to diversify, and bank lending seeing some moderation with slower deposit growth," said Vinay Pai, head of fixed income at investment banking firm Equirus. (Reuters)

The upcoming IPOs in India this week and coming weeks are Indo Farm Equipment Ltd IPO, Technichem Organics Ltd IPO, Leo Dryfruits & Spices Trading Ltd IPO. (Read More)

• Increase capex in FY26 by 15 percent over the Rs 11.11 lakh core budgeted in 2024-25
• Rationalise multiple TDS/TCS rates by converging them into a simple two or three-tier rate structure
• Stop imposing TDS/TCS on transactions that are subject to GST since the relevant information is already available through GST filings
• FICCI recommends increasing health sector allocation to 2.5% of GDP by 2025
• Review Priority Sector Lending framework to include climate adaptation, climate risk mitigation activities such as EVs

• Increase capex spending by 25 per cent over the Rs 11.1 lakh crore budgeted for FY25
• Reduce excise duty on fuel to reduce overall inflation, boost disposable incomes
• Reduce marginal tax rates for personal income upto Rs 20 lakh per annum to boost consumption
• Increase minimum wage rate under MGNREGS from Rs 267/day in FY24 to Rs 375
• Target fiscal deficit of 4.5% in FY26 as a sharper contraction may impact demand
• PLI 2.0 for ready-made garments, expedited FTAs with countries like EU and UK, lower duties on imports of raw material like cotton
• -- Divest government stakes in select PSEs to retain 51% to unlock about Rs 10 lakh crores

The price band for the Indo Farm Equipment IPO is set at Rs 204 to Rs 215 per share. The minimum lot size for an application is 69 shares. Retail investors must invest a minimum of Rs 14,835. For sNII investors, the minimum investment is 14 lots (966 shares), amounting to Rs 2,07,690, while for bNII investors, it is 68 lots (4,692 shares), totaling Rs 10,08,780.

US President-elect Donald Trump's appointment of Indian-American venture capitalist Sriram Krishnan as Senior Policy Advisor on Artificial Intelligence (AI) last week has brought back the debate over US immigration policies. After tech leaders and co-leads of the newly-established Department of Government Efficiency (DOGE) Elon Musk and Vivek Ramaswamy defended the existing visa system, Trump also expressed support for skilled foreign worker visas in a recent interview. (Read More)

At a pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman and other officials, the representatives of PHD Chamber of Commerce & Industry (PHDCCI) suggested a few key measures, including abolishment of Securities Transaction Tax (STT). (Read More)

• The Indo Farm Equipment IPO is a book-built issue worth Rs 260.15 crores. It comprises a fresh issue of 0.86 crore shares totaling Rs 184.90 crores and an offer for sale of 0.35 crore shares amounting to Rs 75.25 crores.
• The IPO opens for subscription on December 31, 2024, and closes on January 2, 2025. The allotment is expected to be finalised on Friday, January 3, 2025, and the shares are set to list on the BSE and NSE on Tuesday, January 7, 2025 (tentative).

The latest Grey Market Premium (GMP) for Indo Farm Equipment's IPO is Rs 80, according to data from investorgain.com. With a price band of Rs 215.00, the estimated listing price for the IPO is Rs 295 (cap price + today's GMP), indicating an expected gain of 37.21% per share.

Indo Farm Equipment's IPO opens on December 31, with a grey market premium of 35%. The offer consists of 86 lakh fresh shares and 35 lakh shares for sale. The funds raised will be used for debt repayment and capital investment.

Unlike revised returns, filing updated returns comes with penalties. If the updated return is filed within 12 months from the end of the relevant assessment year, the penalty will be 25% of the total tax and interest payable. If the return is filed within 24 months from the end of the assessment year, the penalty increases to 50%.

Haier Appliances India plans to set up a third manufacturing facility in South and is now zeroing in on the location for the new plant. It will primarily cater to the domestic market and explore export opportunities once it starts operations by 2027. (Read More)

• If you missed the December 31 deadline for filing a revised return, you can still choose to 'update' your return. This option is available if you have missed filing returns, provided incorrect information, or failed to declare any income.
• Introduced in Budget 2023, this option is available under section 139(8A), where taxpayers must provide the details in Form ITR-U. This provision allows taxpayers to file updated returns, even if they have already filed the original, belated, or revised return for the relevant assessment year (subject to certain conditions).
• You must complete this process within 24 months from the end of the relevant assessment year. For example, you can file an updated return for the financial year 2023-24 (Assessment Year 2024-25) by March 31, 2027. The key condition is that you should have a tax liability, meaning you owe tax dues to the Income Tax Department.

Shares of Vodafone Idea rose over 5 percent on December 30 as government waived bank guarantees for past spectrum auctions. At 11:10 am on December 30, Vodafone Idea shares were trading at Rs 7.88. (Read More)

• Common errors taxpayers make that may require revising the original return:
• Errors in personal information
• Incorrect bank account details
• Wrong selection of ITR form
• Failure to declare all incomes
• Not claiming eligible deductions

If you have any tax due, you will incur simple interest under Section 234A of the Income Tax Act at a rate of 1% per month or part thereof for the delay. This interest is calculated from August 1 until the date you file your returns.

Be prepared for late-filing fees and interest on any payable tax. Late filers face a penalty of Rs 5,000 for the delay. However, if your total income is below Rs 5 lakh, the penalty is capped at Rs 1,000.

For salaried individuals and other taxpayers without audit obligations, the due date for filing returns for the relevant Assessment Year (2024-25) is July 31. However, they can still file their returns until December 31 of the same year, subject to certain conditions.

Despite repeated reminders from the Income Tax (IT) department to file returns on time, many taxpayers miss the deadline. Anyone with a total income exceeding the basic exemption limit is required to file returns. Under the old tax regime with exemptions, the threshold is Rs 2.5 lakh for individuals below 60, Rs 3 lakh for senior citizens above 60, and Rs 5 lakh for those above 80. In the new tax regime, the basic exemption limit for FY 2023-24 (Assessment Year 2024-25) is Rs 3 lakh.

Missed the July 31 deadline for filing your income tax returns for FY 2023-24? You can still file them by December 31, but late-filing fees will apply. (Read More)

Even as the SME IPO segment remained under the regulatory scanner in the recent past, the BSE SME IPO index surged significantly during the year and outpaced almost all the other benchmarks globally and domestically and even across asset classes including commodities like gold, silver and crude. (Read More)

Shares of JSW Energy jumped over 6% on December 30 after its wholly-owned subsidiary, JSW Neo Energy, finalized a definitive agreement to acquire O2 Power, a renewable energy platform co-founded by Swedish asset manager EQT Partners and Singapore's Temasek Holdings. Analysts viewed the acquisition positively, citing its potential to enhance JSW Energy's growth prospects. (Read More)

Carrara India Ltd shares had a subdued stock market debut on December 30, listing at Rs 651 per share on the NSE, 7.5% below the IPO price. (Read More)

Ventive Hospitality shares debuted on the stock market today, listing at ₹716 on the NSE, achieving a modest 11% premium over the IPO price of Rs 643 per share. The listing aligns closely with market expectations, following an overall subscription of 9.80 times during the IPO. (Read More)

Senores Pharmaceuticals shares had a strong debut on the stock market today, listing at Rs 600 on the NSE—a premium of over 53% compared to the IPO price of Rs 391 per share. The impressive listing highlights the robust demand during the IPO, which was oversubscribed by 93.41 times. (Read More)

The IPO assigns the company an implied market capitalisation of approximately Rs 1,800 crore, valuing it at five times its projected annual revenue for FY25 and 37.6 times its projected annual earnings for the same period.

The company's aggressive valuation, particularly given its smaller size and unique business model within the highly competitive pharmaceutical sector, warrants careful consideration. Long-term investors seeking exposure to a niche pharma company may find the issue appealing. However, they should be mindful of the risk that the company might face challenges in maintaining the strong growth momentum observed in the first half of FY25.

The listing of Carraro India stocks will take place at 10 am. Ahead of the market debut, the pre-indicative levels show Carraro India stocks trading at Rs 660 apiece on BSE.

IPO Share Price Live: Listing ceremony of Carraro India underway at NSE - Check live link

The latest Grey Market Premium (GMP) for the Senores Pharmaceuticals IPO is Rs 284, according to the updated data by investorgain.com. With a price band of Rs 391.00, the estimated listing price is Rs 675 (cap price + today’s GMP), indicating a potential gain of 72.63% per share.

IPO Share Price Live: Listing ceremony of Ventive Hospitality underway - Check live link

• Analysts have recommended subscribing to the Ventive Hospitality IPO, highlighting it as an opportunity to invest in the luxury hotel business catering to both business and leisure segments.
• The IPO is seeking a market capitalization of ₹15,016 crore. Based on FY24 earnings, the issue is priced at a P/E ratio of 90x, which is considered fully valued.
• "We believe the company is well-positioned to capitalize on rising demand in the hospitality sector, coupled with limited new supply in key markets and a growing tourism industry. Therefore, we assign a 'subscribe for long-term' rating to the issue," said Anand Rathi.

The latest reported Grey Market Premium (GMP) for the Ventive Hospitality IPO is Rs 70, as per investorgain.com. With a price band of Rs 643.00, the estimated listing price is Rs 713 (cap price + today's GMP). This suggests a potential gain of 10.89% per share.

Ahead of the 10:00 am listing, the shares of Ventive Hospitality are available in pre-open trade. As per the current level on the Bombay Stock Exchange, the stocks of Ventive Hospitality are trading at Rs 680 in pre-open.

Ahead of the 10:00 am listing, the stocks of Senore Pharma are available in pre-open trade. As per the current level on the Bombay Stock Exchange, the stocks of Senore Pharma are trading at Rs 699 in pre-open.

Ahead of its share listing, the grey market premium (GMP) for Ventive Hospitality IPO shows a positive trend, indicating a strong debut. Analysts also anticipate that Ventive Hospitality shares will list at a premium to the IPO price.

Ventive Hospitality shares will be included in the Special Pre-open Session (SPOS) on Monday, with the stock available for trading starting at 10:00 AM.

“Trading Members of the Exchange are hereby informed that effective from Monday, December 30, 2024, the equity shares of Ventive Hospitality Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” the BSE circular said.

Ventive Hospitality shares are set to make their stock market debut today, December 30, following a strong response to its initial public offering (IPO). The company’s equity shares will be listed on both the BSE and NSE.

• Investment in the subsidiary, Havix Group, Inc. (doing business as Aavis Pharmaceuticals), to support capital expenditure for setting up a manufacturing facility for sterile injections at the Atlanta Facility.
• Repayment or pre-payment, in full or in part, of certain borrowings availed by the Company.Investment in Havix for the repayment or pre-payment, in whole or in part, of certain borrowings availed by the subsidiary.
• Funding the working capital requirements of the Company.
• Investment in the subsidiaries, Senores Pharmaceuticals Inc. (SPI) and Ratnatris Pharmaceutical Private Limited (Ratnatris), to meet their working capital needs.
• Supporting inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

Senores Pharmaceuticals Limited reported a 457% increase in revenue and a 288% rise in profit after tax (PAT) for the financial year ending March 31, 2024, compared to the previous year ending March 31, 2023.

As of September 30, 2024, Senores Pharmaceuticals has launched 55 products in key therapeutic areas, including antibiotics and anti-fungal treatments. The company has also formed partnerships with distributors and hospitals across various states in India.

• Founded in December 2017, Senores Pharmaceuticals Limited specializes in the development and manufacturing of a diverse range of pharmaceutical products, primarily targeting regulated markets in the US, Canada, and the UK, while also catering to emerging markets.
• The company’s product portfolio includes a variety of tablets and capsules, such as Amphetamine Sulfate Tablets, Hydroxychloroquine Sulfate Tablets, Ketoconazole Tablets, Butalbital, Acetaminophen and Caffeine Capsules, Mexiletine Hydrochloride Capsules, Ketorolac Tromethamine Tablets, Diclofenac Potassium Tablets, Nicardipine Hydrochloride Capsules, Escitalopram Tablets, Prochlorperazine Maleate Tablets USP, Terazosin Capsules USP, Morphine Sulfate Tablets, Methadone Hydrochloride Tablets, Cyclobenzaprine Hydrochloride Tablets, Irbesartan Tablets, Risperidone Tablets, Topiramate Capsules, and Ivermectin Tablets, all formulated for regulated markets.

Senores Pharmaceuticals IPO raised Rs 260.63 crore from anchor investors. The anchor bid date for the IPO was December 19, 2024.

The book-running lead managers for the Senores Pharmaceuticals IPO are Equirus Capital Private Limited, Ambit Private Limited, and Nuvama Wealth Management Limited. Link Intime India Private Ltd has been designated as the registrar for the issue.

The price band for Senores Pharmaceuticals IPO was set at Rs 372 to Rs 391 per share. The minimum lot size for retail investors is 38 shares, with a minimum investment of Rs 14,858. For Small and Non-Institutional Investors (sNII), the minimum lot size is 14 lots (532 shares), requiring an investment of Rs 2,08,012. For Big Non-Institutional Investors (bNII), the minimum lot size is 68 lots (2,584 shares), amounting to Rs 10,10,344.

• The Senores Pharmaceuticals IPO is a book-built issue valued at Rs 582.11 crores. It comprises a fresh issue of 1.28 crore shares totaling Rs 500.00 crore and an offer for sale of 0.21 crore shares amounting to Rs 82.11 crore.
• Bidding for the Senores Pharmaceuticals IPO began on December 20, 2024, and concluded on December 24, 2024. The IPO allotment was finalized on Thursday, December 26, 2024. The shares were officially listed on the BSE and NSE on December 30, 2024.

Employee attrition in private sector banks has witnessed an increase to about 25 per cent and this high turnover rate poses significant operational risk, according to the latest Report on Trend and Progress of Banking in India 2023-24. (Read More)

• The Confederation of Indian Industry (CII), in its budget recommendations for 2025-26, has proposed reducing excise duty on fuel to stimulate consumption, particularly among lower-income groups, emphasizing that fuel prices play a significant role in driving inflation.
• CII also suggested lowering the marginal tax rates for individuals earning up to Rs 20 lakh annually. According to the industry body, such a move could spark a virtuous cycle of increased consumption, higher economic growth, and enhanced tax revenue.
• Highlighting the disparity between the highest marginal tax rate for individuals at 42.74% and the standard corporate tax rate of 25.17%, CII pointed out that inflation has eroded the purchasing power of lower and middle-income households, necessitating measures to provide relief and bolster demand. (Read More)

Let’s dive into the latest updates from the stock market. From substantial investments and major deals to new order wins and noteworthy acquisitions, here’s a roundup of the stocks likely to be in the spotlight in today’s trading session. (Read More)

• Unimech Aerospace is set to make its stock market debut, with its shares expected to be listed on the exchanges on Tuesday, December 31, 2024. The company’s initial public offering (IPO) garnered an extraordinary response from investors, achieving an overall subscription of over 175 times by the close of the bidding period.
• This remarkable level of interest highlights strong investor confidence in Unimech Aerospace’s growth potential and future prospects. The upcoming listing is highly anticipated, with market participants eager to see how the shares perform on their first trading day.

Anya Polytech & Fertilizers is gearing up for its stock market debut, with shares scheduled to be listed on Tuesday, January 2, 2025. The company’s initial public offering (IPO) opened for bidding on December 26 and will close today, providing investors with an opportunity to participate in this offering. As the subscription period continues, market watchers are closely monitoring the response to the IPO and its potential to generate significant interest ahead of the listing.

Senores Pharmaceuticals is set to make its highly anticipated debut on the stock exchanges today. The company’s initial public offering (IPO) received an overwhelming response from investors, with the issue being subscribed an impressive 93.41 times by the end of the bidding period. This extraordinary level of subscription highlights strong market confidence in Senores Pharmaceuticals, reflecting robust demand from retail, institutional, and high-net-worth investors alike. Such a remarkable oversubscription underscores the company’s growth potential and investor faith in its business model and future plans.

Carraro India is preparing for a significant milestone as its shares are scheduled to be listed on Monday, December 30, 2024. The company’s initial public offering (IPO) garnered notable interest from investors, achieving a subscription rate of 1.18 times. This level of subscription reflects a healthy demand for Carraro India's shares, with both retail and institutional investors showing confidence in the company’s growth prospects. The IPO marks an important step in Carraro India's journey, paving the way for greater visibility and expansion opportunities in the market. As the listing date arrives, stakeholders and market enthusiasts eagerly await to see how the shares perform on the stock exchanges.

Ventive Hospitality is all set to make its debut on the stock exchanges this Monday, December 30, 2024. The company’s shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), marking a significant milestone in its journey. The IPO bidding process for Ventive Hospitality commenced on December 20, 2024, giving investors a five-day window to place their bids. This period concluded on December 24, generating considerable interest and participation from a wide range of investors.

It’s the final Monday of 2024, and D-Street is gearing up for a dynamic session. Three IPOs are set to make their stock market debut at 10:00 AM: Senores Pharma, Ventive Hospitality, and Carraro India. Stay tuned for live updates on their share prices, including the latest grey market premiums, price bands, subscription figures, and more.