Business News Highlights: Yatra Online IPO Subscribed 1.61 Times On Final Day Of Offer
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Byju's has appointed Arjun Mohan, a long-time company executive, as the new CEO of its India business. Mohan is replacing Mrinal Mohit, how departing from the company due to personal aspirations, as per the company statement, reported Moneycontrol.
It's worth noting that Mohit had been overseeing Byju's India operations since May of the previous year, when Byju Raveendran, the company's co-founder and CEO, shifted his focus to the company's international endeavors, the report said. The edtech major is also looking to strengthen its senior leadership and streamline operations as it grapples with financial and operational issues.
“Arjun's return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global edtech landscape," the company Co-founder Byju Raveendran said in a statement, as per the report.
The government will sell 4.92 per cent stake in SJVN at a floor price of Rs 69 per share through a two-day offer for sale (OFS). The sale of a 4.92 per cent stake, equivalent to over 9.66 crore shares, is expected to yield more than Rs 650 crore.
"Offer for sale in SJVN opens tomorrow for non-retail investors. Retail investors can bid on Friday. Government will divest 4.92 per cent equity including a Green Shoe option of 2.46 per cent," DIPAM Secretary Tuhin Kanta Pandey said X.
On Wednesday, SJVN shares surged by 9.31 per cent, reaching a 52-week high of Rs 83.69. The stock ultimately closed at Rs 81.75 per share on the BSE, marking a gain of 6.78 per cent.
Visual effects (VFX) studio Digikore Studios Ltd has announced a price range of Rs 168-171 per share for its upcoming Initial Public Offering (IPO), reported PTI. The IPO is scheduled to open on September 25 and will close bidding on September 27,
The public issue includes a fresh issue of 12.6 lakh equity shares and an Offer for Sale (OFS) of 5.21 lakh equity shares. The funds raised through the fresh issue will be utilised to enhance the company's operations, expand its capabilities, and support its growth trajectory.
Founded in 2000 by Abhishek More, Digikore Studios is among a select few VFX studios in the country to have worked on over 200 Hollywood films and TV series, including 'Thor: Love and Thunder', 'Black Panther: Wakanda Forever', 'Deadpool', 'Star Trek', 'Jumanji', 'Stranger Things and Game of Thrones'.
Venture capital and private equity funds' investments surged to $5.2 billion across 67 deals in August, according to an EY report published on Wednesday. This marks a increase from the $2.3 billion recorded in August 2022, despite a decrease in the number of transactions compared to the 32 deals in the same period last year, the report said.
A monthly report jointly published by the Indian Private Equity and Venture Capital Association (IVCA) and consulting firm EY said that in August, there were 13 large deals exceeding $100 million each, totaling $4.5 billion, marking a 416 per cent increase from the last year. Growth investments also saw a significant rise, with 14 deals amounting to $2.4 billion compared to $176 million in nine deals in August 2022.
However, investments in startups declined by 62 per cent to $387 million across 27 deals in August 2023, down from $1 billion across 63 deals in August 2022.
Yatra Online IPO was subscribed 1.61 times on the last day of subscription on Wednesday. The initial share sale, valued at Rs 775 crore, garnered bids for 4,98,92,325 shares against allocated 3,09,42,356 shares, according to NSE data, reported PTI.
Among the different categories, Retail Individual Investors (RIIs) subscribed at a rate of 2.11 times, while Qualified Institutional Buyers (QIBs) achieved a subscription rate of 2.05 times. Non-institutional investors subscribed to 42 per cent of their allotted portion.
The IPO consisted of a fresh issue of up to Rs 602 crore and an offer for sale of up to 1.21 crore equity shares. The price range for the offer was Rs 135-142 a share.
On September 14, Yatra Online said it had mobilised Rs 348.75 crore from anchor investors.
The GST Network has introduced a geocoding function for the 'additional place of business' addresses of GST-registered companies in all states and union territories. This measure is intended to combat fraudulent registrations in the Goods and Services Tax (GST) system, where fictitious addresses are provided to fraudulently claim Input Tax Credit (ITC).
"GSTN is pleased to inform that the geocoding functionality for the 'Additional Place of Business' address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place of business, operational since February 2023," GST Network said in an advisory.
To date, GSTN has successfully geocoded more than 2.05 crore addresses for both principal and additional places of business.
Since March 2022, a new process has been implemented where all newly registered business addresses are geocoded right at the point of registration, ensuring a consistent level of accuracy and standardisation from the outset.
The Initial Public Offering (IPO) of real estate company Signature Global (India) saw a 54 per cent subscription rate on Wednesday. Data from the NSE revealed that on the first day of bidding, the public issue received bids for 60,34,704 shares against the total offering of 1,12,43,196 shares, reported PTI.
Among the different categories, non-institutional investors subscribed 1.42 times the allotted portion, while Retail Individual Investors (RIIs) reached an 89 per cent subscription rate.
The overall size of the IPO amounts to Rs 730 crore, including a fresh issue of shares valued at up to Rs 603 crore and an Offer for Sale (OFS) of up to Rs 127 crore. The IPO is open for subscription until September 22, with a price band set at Rs 366-385 per share.
Signature Global, headquartered in Delhi-NCR, secured Rs 318.5 crore from anchor investors, including Nomura. In a regulatory filing, the company disclosed that the Anchor Investors portion saw the subscription of 82,72,700 equity shares at a price of Rs 385 per share.
The Initial Public Offering (IPO) of the ethnic apparel retailer Sai Silks was subscribed upto 7 per cent on the first day of the offer on Wednesday. The IPO received bids for 26,16,752 shares against the total of 3,84,86,309 shares available, reported PTI citing NSE data.
Among the different categories, Retail Individual Investors (RIIs) subscribed at 12 per cent, while non-institutional investors subscribed at 3 per cent of the allotted quota. The public issue comprises a fresh issue of up to Rs 600 crore and an offer for sale (OFS) of up to 2.70 crore equity shares. The price range for the offering is set at Rs 210-222 per share.
At the upper end of the price band, the IPO is expected to raise approximately Rs 1,201 crore.
Sai Silks had previously announced that it raised over Rs 360 crore from anchor investors on Monday.
Infosys on Wednesday said that it will train and certify 50,000 employees in NVIDIA AI technology. This initiative aims to enhance the company's ability to offer expertise in NVIDIA AI technology to its customers across various industries. This move comes as part of the extended collaboration between Infosys and chipset company NVIDIA, focused on delivering generative AI-based solutions to enterprises globally.
"Infosys plans to set up an NVIDIA Centre of Excellence, where it will train and certify 50,000 of its employees on NVIDIA AI technology to provide generative AI expertise to its vast network of customers across industries," Infosys and NVIDIA said in a joint statement.
Central trade unions, including Bharatiya Mazdoor Sangh and All India Trade Union Congress, have called for a three-day strike if their demands for salaries are not met. The non-executive employees at Coal India are demanding salaries in accordance with the latest wage agreement, NCWA XI.
In a regulatory filing, Coal India Ltd (CIL) said it "is in receipt of joint strike notice from Central Trade Unions - BMS / INTUC / HMS / AITUC / CITU for observing 3-day strike from October 5 to 7, 2023 in Coal CIL and its subsidiaries."
CIL said it has already addressed a letter to the Chief Labour Commissioner (Central) requesting to take necessary action and seize the matter under conciliation, in order to safeguard the interest of the company as well as the country.
Shares of R R Kabel Ltd ended trade with a premium of nearly 16 per cent over the issue price of Rs 1,035 in its market debut session on Wednesday. The wire and cable manufacturer R R Kabel made history by becoming the first company to list on exchanges in the T+2 timeline.
The stock started trading at Rs 1,179 on the BSE, a 13.91 per cent increase from the issue price. It reached a high of Rs 1,212.80 during the day and closed at Rs 1,196.65, marking a gain of 15.61 per cent. On the NSE, it commenced trading at Rs 1,180, rising by 14 per cent, and concluded at Rs 1,186.05 per share, reflecting a 14.59 per cent increase.
Updater Services Ltd IPO has been scheduled to open for public subscription on September 25. The three-day Initial Public Offering (IPO) will conclude on September 27, while the bidding for anchor investors will open on September 22, reported PTI citing the Red Herring Prospectus (RHP).
The IPO of integrated facilities management company comprises of fresh issue of equity shares aggregating up to Rs 400 crore and an Offer for Sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders, the report said.
Tangi Facility Solutions Private Ltd, India Business Excellence Fund-II and India Business Excellence Fund-IIA will be selling shares of the company in the OFS section.
Proceeds from the fresh issue will be used for payment of debt, funding working capital requirements, pursuing inorganic initiatives and general corporate purposes, the Red Herring Prospectus said.
The company provides integrated facilities management and business support services across various sectors, including FMCG, manufacturing, BFSI, healthcare, IT/ITes, automobiles, logistics, airports, ports, infrastructure, and retail.
IIFL Securities Ltd, Motilal Oswal Investment Advisors Ltd, and SBI Capital Markets Ltd are the lead managers for the issue.
Real estate major Godrej Properties on Wednesday announced that it successfully raised Rs 1,160 crore through the issuance of non-convertible debentures (NCDs) via private placement. According to a regulatory filing, the allotment committee of the Board of Directors has given its approval for the issuance and allotment of these Non-Convertible Debentures (NCDs).
Godrej Properties said that the company has allocated one hundred thousand rated, listed, unsecured, and redeemable NCDs with a face value of Rs 1,00,000 each, totaling Rs 1,000 crore.
For these series I NCDs, the maturity date is March 19, 2027 with a coupon rate of 8.3 per cent. Separately, it has allotted 16,000 NCDs of face value of Rs 1 lakh each, aggregating to Rs 160 crore. For these Series II NCDs, the date of maturity is September 20, 2028 and the coupon rate is 8.5 per cent. The interest for all NCDs will be paid annually.
India Ratings and Research have raised their FY24 real GDP growth forecast to 6.2 per cent, up from the previous expectation of 5.9 per cent. This upward revision is attributed to several factors, including increased government capital expenditure, improved financial positions of corporations and banks, lower global commodity prices, and the potential for increased private capital spending.
However, domestic ratings also highlighted certain challenges that could impact Gross Domestic Product (GDP) growth in the current fiscal year leading up to the general elections.
"All these risks will continue to weigh and restrict India's GDP growth to 6.2 per cent in FY24, and the quarterly GDP growth, which came in at 7.8 per cent in the June quarter, is slated to slow down sequentially in the remaining three quarters of FY24," its principal economist Sunil Kumar Sinha said.
The two key equity benchmarks, Sensex and Nifty, closed lower for the second consecutive session at heavyweights dragged the market. Analysts believe widespread sell-off in global markets impacted domestic markets. There was apprehension in anticipation of the upcoming announcement from the US Federal Reserve, which further weighed down market sentiment. At 3.30 PM, the S&P BSE Sensex was down 796 points or 1.18 per cent at 66,800.84, while the Nifty declined 231.90 points or 1.15 per cent to 19,901.40.
On the 30-share platform, HDFC Bank ( down 4 per cent), JSW Steel, Reliance, UltraTech Cement and Tata Steel were among the top losers. On the flip side, PowerGrid, Asian Paints, Sun Pharma, Axis Bank and NTPC took the lead. The major losers on the Nifty50 included HDFC Bank, JSW Steel, Reliance Industries, BPCL, and SBI Life Insurance, while the gainers were Power Grid Corporation, Coal India, ONGC, Sun Pharma, and Asian Paints.
The rupee recovered 23 paise to close at 83.09 (provisional) against the US dollar on Wednesday. The domestic unit opened at 83.26 against the American dollar in early trade.
The Employees’ State Insurance Corporation added 19.88 lakh new members in it’s health insurance scheme ESI in July 2023, a statement from the labour ministry revealed on Wednesday. The statement added that about 27,870 new establishments registered under the social security umbrella of ESIC in the month, and more jobs were generated for the youth. Out of the total 19.88 lakh new employees added during July 2023, 9.54 lakh individuals were up to the age of 25 years, reported PTI. Gender-wise, the payroll data indicates that about 3.82 lakh female members were enrolled in the scheme in the period, while 52 transgender employees were registered under the Employees State Insurance (ESI) scheme in July.
State-owned power producer SJVN Ltd announced on Wednesday that it has entered into an agreement with the Power Finance Corporation to get funds for it’s projects worth Rs 1.18 lakh crore. The company revealed in an exchange filing that it has signed a Memorandum of Understanding (MoU) with PFC for financial assistance to several projects, including primarily the Renewable Energy projects and thermal generation projects to be set up at a cost of nearly Rs 1,18,826 crore. The term loan financial assistance has been proposed at 70 per cent of the project cost, which is liable to be increased for specific renewable energy projects as per requirement, reported PTI.
Flexible office space stock is expected to grow 52 per cent to 81 million square feet by 2025 on increasing demand from corporates, real estate consultant Vestian’s report revealed on Wednesday. Currently, flexible office space operators have a portfolio of 53.4 million square feet. In the report, titled ‘Flexing the Workspace-Back to Office’, the consultant highlighted flexible office sector will make up to 25 per cent of the overall office space absorption by 2025. Some prominent flex space operators include WeWork India, Smartworks, Urban Vault, The Office Pass, Avanta India, and BHIVE Workspace, reported PTI.
Garden Reach Shipbuilders and Engineers (GRSE) revealed on Wednesday that it entered into non-binding MoUs with foreign companies to develop a hydrogen fuel cell ferry and for the sale and service of medium-speed engines, specifically for the Indian Navy and the Indian Coast Guard. The defense shipbuilder informed via an exchange filing, that it has signed two Memorandum of Understanding (MoUs) with Llyod’s Register to develop a hydrogen fuel cell ferry and with Caterpillar Inc. to collaborate on the sale, and service of medium-speed engines. These agreements were signed at the Defense and Security Equipment International (DSEI) Exhibition in London, reported PTI.
Adani Green Energy and France’s TotalEnergies SE inked an agreement over a new joint venture, the Adani Group announced on Wednesday. Total will invest $300 million to form a new joint venture company in a 50:50 partnership with Adani Green Energy, the company revealed in an exchange filing. The venture will hold a blend of solar and wind power projects.
Asia Healthcare Holdings announced on Wednesday that it acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU). The company stated that it will invest Rs 600 crore in the institute through a mix of primary and secondary infusions.
Wires and cable manufacturer R R Kabel Ltd made it’s debut in the stock markets on Wednesday with a premium of 14 per cent against the issue price. The stock debuted at Rs 1,179 on the Bombay Stock Exchange, and at Rs 1,180 on the National Stock Exchange, registering an increase over the issue price of Rs 1,035. The company became the first to debut on the stock market within two days of the issue closing.
The two key equity benchmarks, Sensex and Nifty, opened trading with significant losses on Wednesday. The BSE Sensex opened almost 500 points lower at 67,080.18, while the NSE Nifty50 opened below the 20,000 mark, losing over 150 points. At 9.46 am, the BSE Sensex was trading at 67,160.53, down by over 400 points. On the other hand, the NSE Nifty50 index was trading at 20,004.90, down by more than 100 points.
On the 30-share Sensex platform, NTPC, Power Grid, IndusInd Bank, M&M, and Tata Steel were some of the early gainers. On the downside, HDFC Bank, Reliance, Bharti Airtel, and Maruti emerged as some of the major losers. Among individual stocks on the Nifty50, HDFC Bank’s shares dropped over 3 per cent marking it as one of the major laggards in the index in early trade hours. Bajaj Auto, NTPC, Power Grid, and ONGC turned out to be the biggest gainers among the Nifty50.
The rupee appreciated 6 paise to 83.26 against the US dollar in early trade on Wednesday. Earlier on Monday, the domestic unit opened at 83.09 against the American dollar. It finally settled at 83.29 against the US dollar, registering a fall of 13 paise over previous close.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
Indian equity market remained shut on September 19 on the occasion of Ganesh Chaturthi. In the previous trade, Sensex and Nifty ended their winning run after opening in red and spent the trading day trying to narrow the losses. The S&P BSE Sensex closed 241 points lower to 67,596.84. On the other hand, the Nifty50 settled almost 60 points lower at 20,133.30.
This profit-taking was in line with expectations due to the substantial rally witnessed since the beginning of the current month, according to a Moneycontrol report on Tuesday. It further said that analysts anticipate this period of consolidation will persist, with support levels around 20,000-19,900. Should the index regain strength following this consolidation phase and move beyond 20,200, it could potentially ascend to the 20,500 level, as per expert opinions.
Apart from the technical view, market analysts expect the outcome of the US Federal Reserve (US Fed) meeting to make an impact on the market. Global markets remained focused on the US Fed’s meeting starting Tuesday. The two-day meeting will be chaired by Federal Reserve Chairmen Jerome Powell. Fed policymakers will announce their interest rate decision on Wednesday.
The US Federal Reserve has been gradually increasing interest rates since March 2022, and it appears that there is a strong likelihood of the Fed maintaining last meetings pause for the second time. While a pause is highly probable, the chances of a rate cut at this point are extremely slim.
In other news, wires and cables manufacturer R R Kabel is set to become the first company to debut on the stock market within two days of the issue closing. Following the subscription, RR Kabel's shares are set to list on stock exchanges on Wednesday. Under the new SEBI listing timeframe, IPO firms are required to complete their listing process within three working days (T+3) from the conclusion of the IPO.
R R Kabel's Initial Public Offering (IPO) consists of a fresh issue amounting to Rs 180 crore and an offer-for-sale (OFS) segment comprising up to 1.72 crore equity shares. The IPO, valued at Rs 1,964 crore, garnered a subscription rate of 18.69 times. It was open for subscription from September 13 to September 15, with a price range of Rs 983 to Rs 1,035 per share.
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