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IPO Rush: The Street is busy this September, and the future looks jam-packed

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The companies that hit the market recently ranged from sewage player EMS, which saw its IPO subscribed 75x, to RR Kabel, Goldman Sachs-backed Samhi Hotels, fintech player Zaggle Prepaid Ocean Services, and Yatra. And it’s not just this month, the Street has been busy since January, with 29 IPOs worth over Rs 20,954 crore launching their IPOs. And the buzz is here to stay.

The initial public offering (IPO) lane will continue to be busy in September — with just this week seeing offers worth close to Rs 5,000 crore open for subscription.

The companies that hit the market ranged from water and sewage infra player EMS, which saw its IPO subscribed 75x, to wire and cable manufacturer RR Kabel, Goldman Sachs-backed hotel company Samhi Hotels, fintech player Zaggle Prepaid Ocean Services, and online travel agency Yatra.

Company IPO Amount Closing date and subscription
EMS Rs 321 crore Subscribed 75x
RR Kabel Rs 1,964 crore Closes on September 15
SAMHI Hotels Rs 1,370 crore Closes on September 18
Zaggle Prepaid Ocean Services Rs 563.38 crore Closes on September 18
Yatra online Rs 775 crore Closes on September 20

(Source: Prime Database)

The Street also saw two companies, that raised Rs 655 crore cumulatively, listed on the main board this week as well. Rishabh Instruments, the manufacturer of testing and measuring instruments, raised Rs 490 crore and saw its IPO subscribed over 31x and stainless steel product manufacturer Ratnaveer Precision Engineering saw a strong subscription of 94x raising Rs 165 crore.

Both stocks are off the highs seen post-listing. While Rishab Instruments is close to its issue price of Rs 441, Ratnaveer Precision Engineering is still holding an over 15 percent premium to its issue price of Rs 98.

Company Trading
Rishabh Instruments Trading with a 2 percent premium to issue price of Rs 441.
Ratnaveer Precision Engineering Trading with an 18 percent premium to issue a price of Rs 98.

(Source: Prime Database)

The interest in the IPO market does not seem to be dwindling this month as the market will see a diverse set of companies tap the market over the next fortnight looking to raise over Rs 5,000 crore collectively.

This ranges from real estate company Signature Global’s Rs 730-crore IPO to South-based jeweller Vaibhav Gems ‘N’ Jewellers and Jewellers to textile company Sai Silk’s Rs 1,200 crore IPO, and the largest of them all, JSW Infrastructure looking to raise just shy of Rs 3,000 crore.

Company Amount
Signature Global Rs 730 crore IPO
Vaibhav Gems ‘N’ Jewellers Rs 270 crore IPO
Sai Silk Rs 1,201 crore IPO
JSW Infrastructure Rs 2,900 crore IPO

(Source: Prime Database)

However, it’s not just September which saw so much IPO activity. Data from Prime Database indicates that 29 IPOs worth over Rs 20,954 crore have hit the market from January to September 2023.

What’s in the future

The pipeline too is robust, with around 30 companies getting SEBI approval for IPOS where they will collect Rs 40,740 crore and around 38 companies with IPO size of Rs 43,659 crore still awaiting approval from SEBI and have filed offer documents.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Zoomed Out | Citizen training against cyber crime — here’s how crucial is this for India at this juncture

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

What all the digitisation has also brought in its wake is increased risks of cyber crime and the urgent need for cyber security. In this context, the lack of technological savvy amongst ordinary citizens is a worrying factor and it is this situation which is exploited by the unscrupulous elements, writes Najib Shah, a former bureaucrat and ex. Chairman, Central Board of Indirect Taxes & Customs.

The Prime Minister in his address to the nation on the 77th Independence Day spoke among other things about digitally empowered India. The Digital India programme launched in 2015 is an unqualified success. Digital services, digital access, digital inclusion, digital empowerment have resulted in substantially bridging the digital divide. The success of public digital platforms like Aadhaar, UPI, Digi locker, UMANG have been phenomenal.

The Union Home Minister while addressing the inaugural session of the G-20 Conference on Crime & Security on the theme of ‘NFTs, AI and the Metaverse’, highlighted the need for cooperation to build cyber-resilience in an increasingly connected world. He pointed out that 840 million Indians have an online presence, that internet connections have increased 250 percent in the last 9 years, that the cost of per GB of data has reduced by 96 percent. He also stated that India leads in global digital payments with 90 million transactions in 2022, that 46 percent of the global digital payments are done in India.

What all the digitisation has also brought in its wake is increased risks of cybercrime and the urgent need for cybersecurity. The Home Minister spoke of ransomware attacks, sale of critical data, online harassment, child abuse, fake news —all these are instances of the bad world of cyber crime. And we should never forget that cyber crime has huge national security implications.

It is in this background that one should view the report of the Jayant Sinha headed Standing Committee on Finance on ‘Cyber Security and rising incidence of Cyber/White Collar Crimes’ submitted on July 27, 2023. The major observations and recommendations cover the whole gamut —from highlighting the problems to suggesting possible solutions.

Also ReadViews | Cyber Security: What makes cyber shields indispensable in India?

The Committee has noted that third-party service providers are not being sufficiently controlled. It suggested that regulatory powers should be enhanced to ensure oversight. Similarly, the Committee has pointed out that critical payment systems are not regulated currently. They suggested that regular security assessments would be required.

The Committee suggested a comprehensive legal framework establishing a protocol of policy, risk assessments, framing rules and bringing a new cyber security legislation. It may be recalled that cyber crimes being a new class of crimes, the Information Technology (IT) Act 2000 was enacted with the objective of creating a conducive environment for commercial use of Information Technology.

The IT Act specifies the types of activity which are punishable —tampering with computer source documents, hacking of computer systems, publishing obscene information, unauthorised access to protected systems, breach of confidentiality among others. It may be noted that cyber crimes are also punishable under the provisions of the Indian Penal Code. Thus, sending threatening messages, defamatory messages, email spoofing or abuse creating bogus websites attract the provisions of the IPC.

The Committee recommended the creation of a Cyber Protection Authority as a central authority with the mandate of developing robust cyber security policies and guidelines. The Committee noted the lackadaisical way which the  smaller financial institutions approach the issue; higher number of cyber security breaches take place in such institutions.

The Committee emphasised the need for search engines and big tech companies to share data and information on all applications and also the creation of a Central Negative Registry which could consolidate information on fraudsters accounts that could be shared with financial institutions. The Committee recommended that financial institutions be made responsible to compensate customers in cases of frauds. It was also observed that IT Act had inadequate powers and that most of the offences are bailable in nature and thus there was a need for stricter penal provisions.

It is not clear as to how many of these recommendations would be accepted by government. It is also not very clear whether the solution to the problem of cyber crime lies in the creation of yet another regulatory body. The laws as they stand today are powerful —where the investigations are done with a sense of purpose and urgency, we have had convictions too. (The Sony Sambandh case of 2013).

But the Standing Committee having examined this troubling problem, which is only going to increase, is a step in the right direction. As per the last data as per newspaper reports (quoting the National Crime Records Bureau (NCRB)) more than 50,000 cases were registered in 2022 —a rise of nearly 12 percent over the previous year. India has seen one of the biggest attacks recently when the All-India Institute of Medical Sciences (AIIMS) was targeted in a ransomware attack.

Also Read: ‘Ransomware attack’ on AIIMS Delhi server, government agencies begin probe

In fact, healthcare worldwide is among the most targeted industries. Access to confidential medical information makes individuals easy prey. Norton LifeLock, a cybersecurity software company claims that more than 27 million Indian adults have been victims of identity theft, and that most are not aware as to how to defend themselves against cybercrime.

The lack of technological savvy amongst ordinary citizens is a worrying factor —a situation which is exploited by unscrupulous elements. The ordinary citizen knows enough technology to use digital products, but not enough technology to defend himself against cyber-attacks. MHA has launched a National Cyber Crime Reporting Portal to create a centralised system to report all sorts of cyber crimes.

The home page of the site has links under the head of ‘Resources’ on cyber safety tips and cyber awareness-links which could empower the ordinary citizen. Unfortunately, neither of these links (when accessed as on 15.08. ’23), appear to be currently operational; the authority concerned would do well to ensure this is operationalised, updated, and always maintained.

The government is said to have created an online course called ‘CyTrain’ portal which is said to be the world’s largest training programme in the field of cyber security. Such training is required both for ordinary citizens as also for enforcement officials. The Indian Computer Emergency Response Team (CERT-in) under the Ministry of Electronics & Information Technology (MeitY) tasked with preventing  attacks against the country’s cyber space also has a critical role to play.

 

The author, Najib Shah, is former Chairman, Central Board of Indirect Taxes & Customs. The views expressed are personal.
Read his previous articles here 
 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Stock Market Highlights: Sensex, Nifty 50 end rangebound session off lows, Nifty IT falls 4%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Share Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty 50 ended a rangebound session in red, breaking a nine day gaining streak. Fall in IT and financial shares led the headline indices lower. FMCG and oil, gas shares, however, ended in the green. Infosys and HDFC Bank shares remained in focus on quarterly numbers.

Share Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty 50 ended a rangebound session in red, breaking a nine day gaining streak. Fall in IT and financial shares led the headline indices lower. FMCG and oil, gas shares, however, ended in the green. Infosys and HDFC Bank shares remained in focus on quarterly numbers.

Catch highlights of the April 17 session here:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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DPDP Bill 2022: Here’s what the role of co-regulation in developing India’s privacy compliance and enforcement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The concept of co-regulation has already had its taste of success in regulatory models across various sectors in India, and it would be a shame if the same was not applied to the DPDP Bill, writes GV Anand Bhushan and Swasti Gupta, Faculties at Jindal Global Law School.

Nearly half a decade after the Supreme Court’s 2017 Puttaswamy judgement recognised privacy as a fundamental right, India has a new iteration of the Digital Personal Data Protection (DPDP) Bill. At a cursory glance, the bill’s simplicity immediately catches the eye. With streamlined provisions, easy-to-understand language and clear illustrations, the draft bill strives to serve a comprehensive legal framework while retaining the fundamentals of its predecessors to regulate digital personal data in the country.

Refreshingly, the bill acts as a panacea to some of the pain points of the previous versions. Nonetheless, the bill is not without room for improvement.

Also ReadData protection bill | Govt can access personal data only in exceptional situations, says minister

In a world of increased Internet penetration and a technology-fueled digital economy, there is a need to rethink traditional tools and practices of regulation and devise an agile regulatory framework that promotes innovation and disruption. One such tool that could help in the enforcement of the current bill is a co-regulatory model. On a broad spectrum of regulation with a top-down approach of government legislation on one end and bottom-up solutions of self-regulation on the other, co-regulation serves as a fine balancing act in the middle. It envisages active participation from the government, industry experts, specialised groups, civil society organisations and citizens in framing and enforcing standards and best practices.

Each of these stakeholder groups are equipped with specific information about the data economy which, if combined, could result in the creation of a data protection framework that is consistently informed by empirical data and practical challenges. Such a multi stakeholder engagement will pave the way for an efficient feedback loop in enforcing intricate laws impacting the ever-so-dynamic technology landscape.

Also ReadDPDP Bill 2022: An opportunity for startups

The concept of co-regulation has already had its taste of success in regulatory models across various sectors in India, and it would be a shame if the same was not applied to the DPDP Bill.

The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 envisage a three-tier grievance redressal system for news publishers and OTT platforms on digital media based on the co-regulatory model. At the first tier, an aggrieved person can file a complaint with the platform. At the second and the third tier, the complainant can appeal to a self-regulatory body created by an association of intermediaries followed by approaching the Interdepartmental Committee set up by the Ministry of Electronics and Information Technology.

Additionally, time and again the Reserve Bank of India has promoted industry self-governance by issuing frameworks for establishing Self-Regulatory Organisations (SROs) in the digital payments ecosystem such as for Payment System Operators and Non-banking Finance Corporations. The Stock Exchange Board of India also operates on the SRO model while retaining substantial oversight over the SROs. Another example of co-regulation in India is in the real estate sector, where the government has set up the Real Estate Regulatory Authority (RERA) to oversee the regulation of the industry, but states like Maharashtra have introduced the concept of SROs for developers and builders to follow self-regulation codes of conduct established by industry associations.

Such hybrid self-regulatory models wherein the government outlines a framework for the industry players to set their guidelines and implement their own standards along with creating oversight mechanisms serve as success cases of co-regulation. Co-regulation is also becoming a defining feature of Internet and media regulations in international jurisdictions. The EU GDPR espouses a collaborative approach where the private industry players can draft codes of conduct, for ease of compliance with the law, which are monitored by data protection authorities. In a similar vein, Canada’s recent Bill C-11, enacted to reform the privacy laws in the country, provides a framework to industry players for creating their own codes of practice in assuring compliance with the privacy act.

The upsides of co-regulation are clear. It will fulfil the appetite for standardised industry action and deeper community involvement while working in tandem with the government. The principles that emanate from such consultative processes will serve as a guiding force for effective implementation of the data protection laws in the long haul. It will also lead to enhanced transparency, legal certainty, and compliance with the bill by various actors in the data chain. Most importantly, the co-regulatory model can be tailor-made to suit the regulatory landscape of India by learning from its domestic application in different sectors and international experience.

The need of the hour is for India to adopt an innovative way forward that would equip the country to effectively deal with the unique regulatory challenges posed by the data economy.

 

The authors, GV Anand Bhushan, is a Fulbright Scholar and Visiting Professor, Jindal Global Law School, and Swasti Gupta, is Faculty of Law, Jindal Global Law School.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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BLS International shares rise after ZMPL acquisition aids 92% revenue growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The company’s EBITDA jumped more than two-fold to Rs 66.3 crore from Rs 25.6 crore in the year-ago quarter.

Global outsourcing services provider BLS International shares climbed over 3 percent in intraday trade on Tuesday after the company posted a 62 percent jump in its profit after tax (PAT) in the December quarter on a recovery in visa and consular business and higher contribution from its newly acquired entity Zero Mass Pvt. Ltd. (ZMPL).

The company, which provides outsourcing services in visa, passport, consular, citizen, e-governance, attestation, biometric, and e-visa domain along with retail services, reported a 92.9 percent growth in operational revenue in the December quarter at Rs 437.90 crore compared to Rs 227 crore in the year-ago quarter.

The company’s EBITDA jumped more than two-fold to Rs 66.3 crore from Rs 25.6 crore in the year-ago quarter.

Margins also improved to 15.1 percent as against 11.3 percent in the corresponding quarter a year ago.

Profit after tax rose by 62 percent to Rs 45.84 crore in the December quarter as against Rs 28.3 crore a year ago.

Operating revenue was boosted by Zero Mass Pvt. Ltd. (ZMPL), which contributed Rs 42.2 crore in the December quarter as against Rs 40 crore in the September quarter.

BLS International announced the acquisition of business correspondent services provider ZMPL for Rs 120 crore in June last year. ZMPL operates the largest business correspondent network for the State Bank of India.

BLS International works with over 46 client governments including Diplomatic Missions, Embassies, and Consulates to provide visas, passports, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services.

Shares of BLS International are trading 3.23 percent higher at Rs 186.90.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

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Market Highlights: Sensex ends 241 pts lower, Nifty below 18,150 dragged by financial shares

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 ended lower for the second straight session on Thursday. The market opened higher earlier in the day tracing positive cues from global markets. Financial stocks dragged the indices lower. Shares of Sula Vineyards debuted on the bourses today. 21.9 lakh shares or 1.7 percent equity of Ajanta Pharma changed hands via block deal today. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Tata Motors board gives approval for partial divestment of Tata Technologies through IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Shares of Tata Motors ended at Rs 414.10, up by Rs 0.75, or 0.18 percent on the BSE.

Home-grown automaker Tata Motors on Monday said its board has given in-principle approval for partial divestment of the company’s investment in Tata Technologies via the initial public offering (IPO) route.

In a regulatory filing, Tata Motors said the IPO Committee of the company, which met on December 12, 2022, has given its in-principle approval.

The Mumbai-based company said, “We wish to inform you that the IPO Committee at its meeting held on December 12, 2022, has accorded
its in-principle approval to explore the possibility of partial divestment of the company’s investment in Tata Technologies, a subsidiary of the company, through an IPO route at an opportune time.”

Also Read: Paytm loan distribution jumps 150% in October-November to 6.8 million

The company will make further announcements of all material developments relating to IPO, as and when required, as per SEBI Regulations and other applicable laws, it said.

Tata Technologies is a global engineering and product development digital services firm. It offers services to industries across automotive, aerospace, industrial heavy machinery and others.

As per information available on the company’s website, Tata Technologies had clocked a revenue of $473.5 million in FY22.

Also Read: Macrotech Developers raises nearly Rs 3,550 crore through QIP issue

It is a strategic supplier to Airbus and had recently inaugurated its innovation centre in Toulouse, France, as part of its strategy to cater to the product engineering and digital requirements of the global aerospace and defence sector.

In June, Tata Technologies joined the Foxconn-initiated MIH Consortium to promote the development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

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Shreehas Tambe appointed as managing director and CEO of Biocon Biologics

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Shares of Biocon Ltd ended at Rs 279.05, down by Rs 4.65, or 1.64 percent on the BSE.

Biocon Ltd on Monday said its subsidiary Biocon Biologics Ltd (BBL) has appointed Shreehas Tambe as the managing director and chief executive officer of the company from December 5, 2022.

Presently, Tambe is serving as deputy chief executive officer of Biocon Biologics. He will lead BBL in realising its goal of being a global biosimilar leader. Tambe takes over from Dr Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the board of BBL, the company said in an exchange filing.

As deputy CEO of Biocon Biologics since March 2021, Tambe has played an important and very effective role in supporting Dr Arun Chandavarkar to steer the company towards sustainable growth and build a strong foundation for the future, it said.

ALSO READ: Four-day work week is here but will it work for Indian companies?

Both have also played an integral role in Biocon Biologics’ historic acquisition of Viatris’ global biosimilars business and the strategic alliance with Serum Institute Life Sciences (SILS), which will drive BBL’s future growth and create long-term value for all its stakeholders.

Kiran Mazumdar-Shaw, the executive chairperson of Biocon and Biocon Biologics, said Tambe’s demonstrated track record of business success, and deep technical and operational expertise provide him with proven leadership capabilities to assume this role.

Mazumdar-Shaw said Shreehas will be aided by a highly experienced executive leadership team in building a future-ready, world-leading biosimilars player and a well-recognised global brand that is committed to impacting global healthcare.

ALSO READ: These two cement companies have commissioned new capacities

Tambe has been with Biocon since 1997 and has held diverse leadership and operational roles. Over the past 25 years, he has helped build and shape Biocon’s biosimilars business and spearheaded the Group’s strategic capital investments, including its first overseas facility in Malaysia.

Tambe said it has been an absolute privilege to have participated in the evolution of Biocon from an enzyme company to a global biopharmaceutical enterprise. As a company, Biocon has always pushed boundaries, challenged status-quo, and Dared to Dream – Big! The recent acquisition of Viatris’ global biosimilars business, is a game-changing event in our journey.

Tambe has also been instrumental in securing regulatory approvals and enabling the successful launch of several of the company’s biosimilar assets in global markets such as the US and EU.

ALSO READ: NTPC Green Energy likely to get strategic investor by March 2023

He holds a master’s degree in Bioprocess Technology from the Department of Chemical Technology (UDCT), University of Mumbai and has also studied Pharmaceutical Sciences & Technology at the University of Pune. He was conferred the coveted Distinguished Alumnus Award (Professional) by his alma mater, the prestigious ICT, Mumbai, in 2020.

Dr Arun Chandavarkar, the outgoing MD of Biocon Biologics, said, “It’s been my privilege to have led Biocon and now, Biocon Biologics through many pivotal moments and pioneering achievements over my three-decade association with the company.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Stock Market Highlights: Sensex snaps 3-day winning streak, down over 400 points; Reliance, Kotak Bank, Infosys biggest drags

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Stock Market LIVE Updates: Indian equity benchmarks BSE Sensex and NSE Nifty50 started Tuesday’s session in the red, retreating from nearly one-month highs, as Dalal Street tracked a lacklustre trend across Asia following a holiday on Wall Street. Financial and IT shares were the biggest drags on the headline indices, though gains in auto shares lent some support. Broader markets, however, managed to cross the flatline, with the Nifty Midcap 100 and Nifty Smallcap 100 indices edging up 0.2 percent each in early deals. Globally, investors however remained optimistic on bets of a possible slowdown in US monetary tightening and easing of the pandemic-related restrictions in China. All eyes are now on India’s official GDP data for the January-March period due later in the day.

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 snapped a three-day winning streak to end lower on Tuesday. Sensex closed 359 points lower at 55,566 while the broader Nifty shut shop at 16,585, 77 points lower. Major selling was seen in power and financial sectors while buying was seen in realty, metals and auto stocks. The BSE midcap and smallcap indices ended with gains of half a percent each. Sun Pharma, Kotak Bank, HDFC, SBI, Reliance Industries, Shree Cement, and HDFC Life, down up to 3.5 percent, were the major laggard on the indices. All eyes are now on India’s official GDP data for the January-March period due later in the day.

Catch minute-by-minute updates on the stock market, and more, here:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

10 things to know before opening bell on May 30

stocks, markets
Wall Street, us stock market, us stocks, us equities, 10 things to know before the opening bell
Wall Street | The Dow Jones Industrial Average ended 1.76 percent higher while the S&P 500 gained 2.47 percent and the Nasdaq Composite closed 3.33 higher on Friday. Economic data showed that consumer spending was better-than-expected and inflation might have peaked which drove the key US indices to settle higher.
Asian equities, nikkei, kospi, shanghai, chinese stocks, hang seng, hong kong, japan, south korea
Asian Equities | Taking cues from the US market, benchmark indices in Asia rose on Monday. MSCI’s broadest index of Asia-Pacific stocks outside Japan was gained nearly 1 percent earlier today. Japan’s Nikkei 225 jumped 1.9 percent, Hong Kong’s Hang Seng rose 0.9 percent, South Korea’s Kospi surged 1 percent and China’s Shanghai Composite was up 0.3 percent.
D street, sensex, nifty, dalal street, nse, bse, closing bell
D-Street | On Friday, Nifty50 ended at 16352.45, up 1.1 percent while Sensex closed 1.2 percent higher at 54884.66.
Closing Bell, Sensex Close, Nifty Close, Market Close, Sensex, Nifty, Market News, NSE, BSE, BSE Sensex, NSE Nifty50, Stock Markets Today, Stock Prices, Share Trading, Rupee Vs Dollar, Brent Crude Oil Prices
SGX Nifty | Nifty futures traded on the Singapore Exchange rose 0.8 percent to 16,461 points as of 7:45 am, indicating a positive open for Dalal Street.
crude oil, oil prices, stock market india, 10 things you should know before opening bell
Crude Oil | Oil prices rose to two-month highs today as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine, reports said. Brent crude futures gained 46 cents, or 0.4 percent, to $119.89 a barrel while US West Texas Intermediate crude futures jumped 60 cents, or 0.5 percent, to $115.67 a barrel, extending solid gains from last week.
Dollar, usd, currency
Dollar | The dollar nursed last week’s losses and was headed for its first monthly drop in five months today as investors have scaled back bets that rising US rates will spur further gains and as fears of a global recession have receded a little, as per reports.
gold price, gold, commodity
Gold | Gold prices firmed in choppy trading on Monday, as a weakening dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia. Spot gold was up 0.2 percent at $1,856.86 per ounce, as of 0152 GMT. U.S. gold futures edged 0.1 percent higher to $1,859.40.
stock market, stocks, investing, stocks to watch, top stocks
Stocks to watch | Stocks such as Mahindra & Mahindra, Oil and Natural Gas Corporation, Tata Motors and Nykaa among others will be on investors’ radar. (Read the complete list of today’s stocks to watch here)
Stock market, fiis, diis, inflow, outflow
FII and DII data | As per provisional data available on the NSE, foreign institutional investors (FIIs) have net sold shares worth Rs 1,943.10 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,727.47 crore worth of shares on Friday.
crypto currencies, bitcoin, cardano, binance
Cryptocurrency | Major cryptocurrencies traded in the green early on May 29 as the global crypto market cap increased 0.70 percent to $1.20 trillion over the last day. Bitcoin traded above Rs 23 lakh while Ether traded at Rs 1.44 lakh. Cardano gained 2 percent while Binance Coin was trading 1 percent higher.