Finshorts
The market capitalization of BSE-listed firms reached an all-time high of ₹460 lakh crore on Tuesday, driven by a record rally in equities. The BSE Sensex closed up 99.56 points at 81,455.40, with an intra-day high of 81,815.27. The NSE Nifty edged up 21.20 points to 24,857.30, hitting a high of 24,971.75. In three sessions, … Read more
Adani Energy Solutions is launching a ₹6,000 crore Qualified Institutional Placement (QIP) on July 30, with demand already exceeding three times the offer. Likely investors include GQG, ADIA, Qatar Fund, and various US-based funds. The floor price is expected to be ₹1,025 per share with a maximum 5% discount. Nomura, SBI Capital Markets, and ICICI … Read more
Commerce Minister Piyush Goyal clarified on Tuesday that there is no reconsideration on supporting FDI from China, despite the Economic Survey’s suggestion. He emphasized that the Survey’s ideas are not binding. India had made government approval mandatory for FDI from neighboring countries, including China, in 2020. Despite minimal FDI from China, bilateral trade grew to … Read more
Prime Minister Narendra Modi stated on Tuesday that global investors are keen on India, urging the domestic industry to seize this “golden chance” to achieve Viksit Bharat by 2047. Speaking at a CII post-budget conference, Modi emphasized India’s 8% growth rate and predicted it will soon become the third largest economy. Highlighting budget measures for the … Read more
Sebi has returned the IPO draft documents of four firms, including Vishal Mega Mart, Avanse Financial Services, Sai Life Sciences, and BMW Ventures, for non-compliance with Regulation 7(1)(a) of Sebi ICDR Regulations, 2018 as of July 24, 2024. Vishal Mega Mart submitted its draft on July 12, while Avanse aimed to raise Rs 3,500 crore. … Read more
The government collected Rs 98,681 crore from long-term capital gains (LTCG) tax on listed equities in 2022-23, marking a 15% increase over the previous year. Minister of State for Finance Pankaj Chaudhary shared this in Parliament. The LTCG tax was introduced in April 2018 at 10%, with gains up to Rs 1 lakh exempt. Collections … Read more
Prof. Krishnamurthy Subramanian, IMF Executive Director, highlighted the 2024 Indian Budget measures to enhance India-US economic engagement at an event organized by the Consulate General of India in New York and the US-India Strategic Partnership Forum (USISPF). Key measures include reducing corporate tax from 40% to 35% and removing the Angel Tax. These changes are … Read more
Ola Electric Mobility, backed by SoftBank, has set the IPO price band at Rs 72-76 per share for its Rs 6,100 crore public offering, starting on August 2. The IPO includes a fresh issue of up to Rs 5,500 crore and an offer for sale of 8.49 crore shares. Founder Bhavish Aggarwal will sell about … Read more
Ola Electric, backed by SoftBank, is set for a $740 million IPO this week, marking India’s first electric vehicle maker’s public offering. Fidelity, Nomura, and Norges Bank are among the major investors, with Fidelity bidding $75 million and the others $100 million each. Indian mutual funds like SBI, HDFC, UTI, and Nippon India will also … Read more
Bharti Airtel announced on Monday it has started reallocating its mid-band spectrum to support growing 5G traffic. This involves re-farming spectrum in the 1800, 2100, and 2300 MHz bands. The company has tested 5G capabilities in Rewari, Chennai, and Bhubaneswar, achieving positive results. This move will enable standalone and non-standalone 5G modes, enhancing network performance … Read more