Business News Highlights: August Exports Drop By 6.86%, Trade Deficit Down To $24.16 Billion
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On Thursday, the two benchmark indices, Sensex and Nifty, closed with little changes after reaching new all-time highs earlier in the trading session. The S&P BSE Sensex, which reached a peak of 67,771 points, moderated its gains to finish at 67,519 points, marking a 52-point increase. Meanwhile, the NSE Nifty50, which surged to 20,168 points, concluded the day at 20,103 points, with a 33-point uptick.
Meanwhile, The data released by the Ministry of Commerce and Industry on Thursday, showed that India's wholesale price-based inflation has remained in negative territory for the fifth consecutive month, with the Wholesale Price Index (WPI) registering -0.52 per cent in August. A consistent negative trend since April when it was at -4.18 per cent, with a slight improvement to -1.36 per cent in July.
In other news, the European Central Bank (ECB) on Thursday raised its key interest rate by 25 basis points. This decision is aimed at combatting inflation, which the ECB anticipates will persist at elevated levels for an extended period. In its statement, the ECB emphasised its commitment to bringing inflation back to its 2 per cent medium-term target within an appropriate timeframe. The central bank believes that the current levels of its key interest rates if maintained for a sufficient duration, will significantly contribute to achieving this goal.
Travel services provider Yatra Online Limited will commence its initial public offering (IPO) for public subscription on September 15, with anchor investor staring the bid. The offering will close on September 20, featuring a price band of Rs 135-142 per equity share. Investors can bid for a minimum of 105 equity shares in one lot and in multiples thereafter.
The IPO comprises a fresh issue of equity shares worth Rs 602 crore by the company, along with an offer for sale (OFS) of up to 1.21 crore equity shares. Promoter THCL Travel Holding Cyprus Ltd will sell 1.17 crore equity shares, and investor Pandara Trust – SCHEME I, represented by Vistra ITCL (India), will divest its entire 4 lakh equity shares via the OFS.
The company conducted a pre-IPO placement of Rs 62 crore via a rights issue, allocating 26 lakh equity shares to THCL. The fresh issue size has been reduced to Rs 602 crore, and the net proceeds will be utilized for strategic investments, acquisitions, technology, customer acquisition, and other growth initiatives, along with general corporate purposes.
SBI Capital Markets Ltd, DAM Capital Advisors Ltd, and IIFL Securities Ltd are serving as the book-running lead managers for the IPO, with Link Intime India as the registrar.
Yatra Online IPO Subscribed 11% On First Day Of Bidding
Yatra Online's IPO on Friday saw a lukewarm response from investors, with a subscription rate of just 11 per cent. Investors purchased 33.64 lakh equity shares out of the offered 3.09 crore shares, reported Moneycontrol. Retail investors showed more interest, buying 55 per cent of their allotted quota (10 per cent of the total issue size). High net worth individuals (HNIs) subscribed to 3 per cent of their reserved portion (15 per cent of the IPO size).
Qualified institutional buyers (QIBs), with a 75 per cent reservation, have yet to submit their bids, the report said. Yatra Online aims to raise Rs 775 crore through the IPO priced in the range of Rs 135-142 per share.
Zaggle Prepaid Ocean Services IPO 43% Subscribed On Second Day Of Bidding
Zaggle Prepaid Ocean Services' IPO saw a lackluster response from investors on the second day of bidding with a subscription rate of just 43 per cent, reported Moneycontrol. Bids were received for 82.98 lakh equity shares against the offered size of 1.93 crore shares. Retail investors showed stronger support, subscribing 1.9 times their reserved portion (10 per cent of the IPO size). However, high net worth individuals (HNI) and qualified institutional buyers (QIB) had a tepid response, subscribing to 29 per cent and 0.02 per cent, respectively.
On the first day of bidding, September 14, the subscription rate was 19 per cent. Zaggle Prepaid Ocean Services aims to raise Rs 563.38 crore through its IPO, comprising a fresh issuance of shares worth Rs 392 crore and an offer-for-sale (OFS) of 1.04 crore shares worth Rs 171.38 crore by selling shareholders. The IPO is priced in the range of Rs 156-164 per share.
RR Kabel IPO Garners 18.69 Times More Bids On Final Day Of Offer
RR Kabel IPO received strong investor interest on the final bidding day, September 15. The subscription rate reached 18.69 times, with investors buying 24.89 crore equity shares against an IPO size of 1.33 crore shares, reported Moneycontrol.
As per the report, Qualified institutional buyers (QIB) and high-net-worth individuals bid for shares 52.26 times and 13.23 times their allotted quota, respectively.
While the retail investors purchased 2.13 times the portion set aside for them. The employees secured shares at a discount of Rs 98 per share to the final issue price. RR Kabel aims to raise Rs 180 crore through its fresh issue and Rs 1,784.01 crore via an offer-for-sale (OFS) portion, at the upper price band.
The price band for the offer of the issue was fixed at Rs 983-1,035 per share.
Ashok Leyland To Set Up Bus Manufacturing Facility In UP, Its First Plant In The State
Ashok Leyland on Friday said that it will set up a new integrated commercial vehicle bus manufacturing facility in Uttar Pradesh with an initial investment of Rs. 200 crores. The Hinduja group flagship firm said that it has inked a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant, the company's first in the state.
The company in an exchange filing said the proposed capacity of the manufacturing facility will be 2500 buses per annum which may be expanded to 5,000 vehicles.
Uttar Pradesh, Chief Minister Yogi Adityanath Said, “The Government of Uttar Pradesh is eager to attract private-sector investments aligned with our Net Zero mission. Mitigating emissions through cleaner public and freight transport is a vital step in that direction.”
The firm said, that with this partnership, Ashok Leyland will predominantly concentrate on the production of electric buses, with the flexibility to also assemble other vehicles powered by currently available fuels as well as emerging alternative fuels.
Gold Prices Jump To Rs 59,810 Per 10 Grams, Silver Climbs Rs 700
Gold price in New Delhi jumped Rs 210 to Rs 59,810 per 10 grams on Friday amid strong global cues, according to HDFC Securities, reported PTI. The yellow metal had settled at Rs 59,600 per 10 grams in the previous trade. Silver also jumped Rs 700 to Rs 73,700 per kilogram during the trade.
In the global markets, gold and silver were trading higher at $1,916 per ounce and $23.02 per ounce, respectively, the report said.
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