Business news Highlights (December 3): IndiGo sues Mahindra Electric Auto for using ‘6E’ in its new car called Mahindra BE 6E

• India's edible oil imports in November jumped to their highest level in four months as refiners raised purchases of palm oil, soyoil and sunflower oil to replenish inventories after robust demand during festival season, five dealers said.
• Higher palm oil imports by India, the world's biggest buyer of vegetable oils, would help in bringing down inventories in producing countries and support benchmark Malaysian palm oil futures trading near their highest in over two years. (Reuters)

Indian Family Business Awards live updates: The eagerly anticipated Indian Family Business Awards are back for their electrifying third edition, reaffirming their role in celebrating the monumental contributions of family businesses to India's economy. (Check live updates)

• Cons loss at Rs 625.5 crore vs loss of Rs 657 crore (YoY) vs Rs 611 crore (QoQ)
• Revenue at Rs 3,601 crore vs Rs 2,763.3 crore (YoY) vs Rs 3,222 crore (QoQ)
• EBITDA loss at Rs 555 crore vs loss of Rs 624 core (YoY) vs Rs 544 crore loss (QoQ)
• Food delivery revenue (GU)22% YoY & (GU)4% (QoQ) at Rs 1,577 crore
• Food delivery EBIT Rs 122 crore vs Rs 44 crore EBIT loss (YoY) & vs Rs 67 crore EBIT (QoQ)
• Quick-Commerce revenue (GU)136% (YoY) & (GU)31% (QoQ) at Rs 490 crore
• Quick-Commerce EBIT loss at Rs 317 crore vs Rs 320 crore loss YoY & vs Rs 280 crore loss QoQ

IndiGo sues Mahindra Electric Auto for using ‘6E’ in its new car called Mahindra BE 6E, reports Bar & Bench

Union Finance Minister Nirmala Sitharaman has introduced 12 amendments to banking laws in the Lok Sabha during the ongoing Winter Session of Parliament.

• The Indian rupee declined to a lifetime low on Tuesday, pressured by the U.S. dollar's rally against its major peers and on concerns over the Asian country's slowing growth rate.
• The rupee dipped to a record low of 84.7425 against the dollar, inching past its previous all-time low of 84.7050 hit on Monday. Its Asian peers were mostly weaker, with the offshore Chinese yuan dropping to its lowest in a year, while the dollar index rose to 106.50 on back of weakness in the euro.
• The decline in the rupee from 84.50 to the current level "has been without much resistance, relatively speaking", a currency trader at a bank said. (Reuters)

• France is at a turning point due to uncertainty over the country's budget and the future of the government, Finance Minister Antoine Armand said on Tuesday.
• Expectations that Prime Minister Michel Barnier's government will collapse due to opposition to his budget have hit the stock and bond markets of France, the euro zone's second-biggest economy which is under pressure due to its rising deficit.
• "The country is at a turning point," Armand told France 2 TV, adding politicians had a responsibility "not to plunge the country into uncertainty". (Reuters)

• Demand in the primary market remained largely subdued in the month of November as average subscription levels, both in the mainboard and SME IPO segments, witnessed a significant decline when compared from the earlier months.
• Data from Prime Database shows that the average subscription level for mainboard IPOs in November fell to 1.9 times, a sharp decline from 16 times in October and 76 times in September. (Read More)

• One of India’s worst GDP growth misses in recent memory is suddenly adding more pressure on central bank Governor Shaktikanta Das, who still hasn’t gotten an extension even though his term expires next week.
• Economists are speculating over the future of Das in the wake of data showing the South Asian economy expanded 5.4% from July to September, a seven-quarter low and far below the Reserve Bank of India’s 7% projection. While Das has been widely expected to extend his six-year run as governor, Prime Minister Narendra Modi’s government has yet to provide clarity on his position while stepping up calls for a interest rate cut. (Read More)

• Qualified Institutional Buyers(QIBs) - 2,13,61,600 (Number of shares bid for)
• Non Institutional Investors - 23,26,56,000 (Number of shares bid for)
• Retail Individual Investors(RIIs) - 39,92,48,000 (Number of shares bid for)
• Total - 65,32,65,600 Number of shares bid for)

Wipro shares traded ex-date on Tuesday after the company announced a 1:1 bonus issue. The IT giant had set December 3 as the record date for this corporate action. Under the 1:1 bonus issue, shareholders are entitled to receive one additional equity share for every share they hold. (Read More)

• Vivro Financial Services Private Limited is the book-running lead manager for the issue, and Link Intime India Pvt Ltd serves as the registrar.

Oil prices were little changed on Tuesday, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week.

Brent crude futures were up 14 cents, or 0.19%, at $71.97 a barrel by 0404 GMT, after a 1-cent drop in the previous session. U.S. West Texas Intermediate crude climbed 8 cents, or 0.12%, to $68.18, following a 10-cent gain at Monday's close.

"Investors are in wait-and-watch mode ahead of the OPEC+ meeting," ANZ analysts said in a note.

Shares of PepsiCo bottler Varun Beverages cracked 5% in the morning deals on December 3, a day after report suggested the GST rate on aerated beverages might be hiked to 35%, up from the current 28%.

At 9.40 am, Varun Beverages shares were quoting Rs 621.45, lower by 1.7% on the NSE after trimming some of its early losses. Read more

C2C Advanced Systems shares listed on the NSE SME Emerge platform with a premium of 90 percent on December 3. The share listing took place following the postponement of the company's earlier listing date due to regulatory concerns. The shares were allotted to the successful bidders a day earlier on Monday. Read more

The Ministry of Finance is gearing up for ‘big ticket’ reforms in the Union Budget 2025, including a comprehensive review of the Income Tax Act and a reclassification of the Customs Act. These initiatives aim to simplify tax laws, resolve disputes, and modernise India’s fiscal framework to align with the evolving economic landscape. Read more

The Biden Administration on Monday notified the Congress of its decision to approve the sale of MH-60R Multi-Mission Helicopter Equipment and related ones at an estimated cost of USD1.17 billion.

The proposed sale will improve India’s capability to deter current and future threats by upgrading its anti-submarine warfare capabilities, the Defense Security Cooperation Agency said in a notification to the Congress.

In the grey market, unlisted shares of Ganesh Infraworld were last traded at a premium of 60.24% (₹133) against the issue price of ₹83 (upper price band). Today's GMP is higher than last Friday's expected listing gain of 42.17%. The stock is set to be listed on the NSE's SME platform, Emerge, with the tentative listing date scheduled for December 6.

Arihant Capital Markets recommends a 'Subscribe' for the Ganesh Infraworld IPO. The company has 41 projects in its order book as of August 24, spanning road, rail, water, electricity, and civil infrastructure, ensuring sustainable growth and strong income visibility. With a strategic focus on efficient working capital management and the prudent allocation of IPO proceeds for long-term goals, the company aims to expand operations, secure larger contracts, and strengthen its leadership in the infrastructure sector. At the upper price band of ₹83, the issue is valued at a P/E ratio of 22.81x based on FY24 EPS of ₹3.64, and at a P/E ratio of 9.61 based on annualized FY25 earnings.

Ganesh Infraworld is a construction company offering a variety of construction-related services. The public issue of this SME IPO is scheduled to close today. Check the latest GMP here.

Over the past three fiscal years (FY22-FY24), the company reported consolidated total income of ₹225 crore, ₹193 crore, and ₹222 crore, respectively. During this period, it achieved an average EPS of ₹3.27 and an RoNW of 11.05%.

"I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Nippon Steel of Japan," US President-elect Donald Trump wrote on his social-media platform Truth Social

• Intel CEO Pat Gelsinger Steps Down: Intel Corp. CEO Pat Gelsinger was forced out after the board lost confidence in his turnaround plans for the company.
• Tensions with the Board: The conflict escalated during a meeting last week where Gelsinger presented Intel's progress on regaining market share and catching up with Nvidia Corp.
• Retirement Announcement: Gelsinger was given the choice to retire or face removal. He opted to announce his retirement from Intel.
• Confidential Proceedings: These developments were disclosed by sources familiar with the matter, who requested anonymity as the discussions were not public.

The company's operations are concentrated in the eastern region of India, which restricts its market reach. Considering the high pricing of the issue, we recommend avoiding this IPO.

India’s largest consumer finance company, Bajaj Finance, is said to have put a hold on its co-branding credit cards business in the near-term. The lender will not be signing up for fresh contracts with banks for credit cards, said people aware of the matter. If regulatory approvals come through, Bajaj Finance may launch its own line of credit cards instead of partnering with bank, said sources who didn't want to be named. (Read More)

The Suraksha Diagnostic IPO was subscribed 25% within the first two days of bidding. The retail investor category saw a subscription of 45%, while the Non-Institutional Investors (NIIs) category reached 13%.

JSW Group Chairman and Managing Director Sajjan Jindal anticipates significant growth in the renewables sector as it becomes more economically viable, and has  plans for increased capital investment in both renewables and thermal power in the coming years. Speaking exclusively to Moneycontrol, Jindal said, "I believe that once renewables are both economically viable and green, they will become a critical part of India’s energy future." (Read More)

The Group of Ministers on GST rate rationalisation has proposed increasing the tax on aerated beverages, cigarettes, tobacco, and other 'sin' products from the current 28% to 35%, according to sources cited by CNBC-Awaaz and PTI News on December 2. (Read More)

The share allotment for the Suraksha Diagnostic IPO is set to be finalised on December 4, with the listing scheduled for December 6.

The IPO is a complete offer for sale, with valuations appearing notably high. Investors interested in this sector might find better opportunities among existing listed companies, making it prudent to steer clear of this IPO for the time being.

The company has set a price band of Rs 420-Rs 441 per share, with investors able to bid for a minimum of 34 shares per lot and in multiples thereof.

Good morning and welcome to our live coverage of top business news today. It's a hectic day today with all eyes on the final day subscription trend of Suraksha Diagnostic IPO. We will also be tracking the buzz around upcoming GST meet and RBI MPC. Stay with us for top business news from India and around the world.