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Sebi chief was drawing salary from ICICI, Congress alleges, targets PM

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Sebi Chairperson Madhabi Puri Buch
 
 

New Delhi,UPDATED: Sep 2, 2024 18:04 IST

In Short

  • Congress accuses Sebi Chairperson of conflict of interest
  • Buch allegedly received Rs 16.8 crore from ICICI Bank
  • Congress asks PM Modi to come clean on her appointment

The Congress on Monday accused Sebi Chairperson Madhabi Puri Buch of conflict of interest, alleging that she was drawing regular income from a private bank while being a full-time member of the markets regulatory body. The opposition party also asked Prime Minister Narendra Modi to come clean on her appointment.

At a press conference in Delhi, the Congress alleged that since the current Sebi chairperson took office in 2017, she has not only been drawing a salary from Sebi but has also been holding an office of profit at ICICI Bank and its holdings, continuing to receive income from them to this very day.

“When you work at one company, you take a salary from there only. However, when the Sebi Chairperson was a whole time member of Sebi, she was receiving regular income from ICICI Bank, prudential, and ESOP from 2017-2024. Someone sitting in such a higher position in a regulatory body was receiving a payment from somewhere else. This is completely a violation of Section 54 of Sebi,” said Congress leader Pawan Khera during the press conference.

According

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Buch was a whole-time member of Sebi from April 5, 2017 to October 4, 2021 before she assumed the role of Sebi Chairperson from March 2022.

In its press release, the Congress alleged that the total amount received by Buch from ICICI from her time of joining Sebi in 2017 up until today totals to Rs 16.8 crore, which is “shockingly 5.09 times the income she received from Sebi during the same period which amounts to Rs 3.3 crore”.

 

Congress general secretary in-charge communications Jairam Ramesh said serious questions have been raised over the conflict of interest of the Sebi chairperson in the regulatory body’s Supreme Court-mandated investigations into violations of securities laws by the Adani Group.

 

“These questions seem to have been simply brushed aside by the Government of India. Now comes this fresh revelation of shocking illegality,” Ramesh said in a post on X.

“The non-biological PM, who has been complicit in providing cover to the SEBI chairperson through his silence, must come clean and answer the following questions What is the fit and proper criteria for appointment of heads of regulatory bodies?” he asked.

The Congress’s allegations come days after US-based short-seller firm Hindenburg Research claimed that Madhabi Puri Buch and her husband Dhaval Buch had a stake in some obscure offshore entities used in the alleged Adani money siphoning scandal.

The Buchs denied the allegations, saying that their investment in the fund, which Hindenburg claimed is linked to the alleged Adani stock manipulation, was made two years before Madhabi joined Sebi.

On Monday, Madhabi Puri Buch attended a Confederation of Indian Industry. At the event, Buch said she could talk about investing in real estate investment trusts (REIT) but she would get accused of conflict of interest.

 

“So, it would be better for me to abstain,” she said.

Buch was hinting at the allegation by Hindenburg Research that she had promoted REITs to investors as her favourite asset class at industry conferences after her husband, Dhaval Buch, was appointed in 2019 as a senior advisor in global investment firm Blackstone

India Bets Big on Newly Sanctioned Public Infrastructure Projects, Smart Industrial Cities

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India has approved 12 new industrial smart cities and other infrastructure projects aimed at boosting India’s manufacturing ecosystem. The smart city projects under the National Industrial Corridor Development Programme (NICDP) will entail an investment of INR 286.02 billion (US$3.41 billion), while three railway projects across four states will seek to optimize logistics networks. Finally, a new hydro-power initiative seeks to upgrade power infrastructure in the Northeast region of the country.

On August 28, 2024, India’s Cabinet Committee on Economic Affairs (CCEA), led by Prime Minister Narendra Modi, approved 12 new smart city projects under the National Industrial Corridor Development Programme (NICDP) with an investment of INR 286.02 billion (US$3.41 billion). These projects are expected to attract INR 1.52 trillion (US$18.12 billion) in investments from large industries and MSMEs, creating 1 million direct and 3 million indirect jobs.

Industrial hubs in 12 new smart cities: What we know

The new industrial smart cities aim to strengthen India’s domestic manufacturing ecosystem, attract foreign investments, and boost job creation. They are part of the country’s wider strategy to drive economic growth and enhance the country’s global competitiveness.

Eleven of the 12 projects will be developed in the below locations:

  • Khurpia, Uttarakhand
  • Rajpura-Patiala, Punjab
  • Dighi, Maharashtra
  • Palakkad, Kerala
  • Agra and Prayagraj, Uttar Pradesh
  • Gaya, Bihar
  • Zaheerabad, Telangana
  • Orvakal and Kopparthy, Andhra Pradesh
  • Jodhpur-Pali, Rajasthan

One location remains undisclosed due to the Model Code of Conduct in election-bound states like Haryana, Maharashtra, Jharkhand, Delhi, and Jammu & Kashmir.

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These cities will be built as smart industrial hubs under the NICDP, with modern infrastructure based on sustainable concepts such as ‘plug-and-play’ and ‘walk-to-work’. The NICDP will support both large industries and MSMEs, facilitating India’s goal of achieving US$2 trillion in exports by 2030. The hubs will focus on industries such as technical textiles, electric vehicles, aero logistics, food processing, and tourism, and are expected to be completed within three years.

India’s Commerce and Industry Minister Piyush Goyal described the plan as a “necklace of industrial cities” connected by the Golden Quadrilateral national highway network. Some of these cities could also be developed in partnership with countries like Switzerland and Singapore.

Meanwhile, Rajat Saini, CEO of the National Industrial Corridor Development Corporation (NICDC), noted that Hyundai has already committed to establishing an automobile hub on 450 acres in Zaheerabad, Telangana, prior to Cabinet approval.

These projects are aligned with the PM GatiShakti National Master Plan, aiming for seamless multi-modal connectivity to improve the movement of goods, services, and people. On July 23, 2024, Union Finance Minister Nirmala Sitharaman announced plans to create “plug-and-play” industrial parks near 100 cities under NICDP.

New railway projects

The CCEA has approved INR 64.56 billion (US$769.9 million) for three railway projects aimed at improving logistics. These projects will extend across four states—Odisha, Jharkhand, West Bengal, and Chhattisgarh—marking a significant expansion of the Indian Railways network. The approved initiatives consist of two new railway lines and a multi-tracking project, collectively adding around 300 km to the network and impacting seven districts within these states.

These are essential routes for transportation of commodities such as agriculture products, fertilizer, coal, iron ore, steel, cement, limestone, etc.

 

Project line

State

Route length

Project cost

Jamshedpur-Purulia-Asansol (Chandil-Anara-Damodar) 3rd Line

Jharkhand (East Singhbhum), West Bengal (Purulia & Bardhaman)

121 km

INR 21.7 billion
(US$258.7 million)

Sardega-Bhalmuda New Double Line

Odisha (Sundargarh), Chhattisgarh (Raigarh)

 

31 km

INR 13.6 billion
(US$162.18 million)

Bargarh Road-Nawapara Road New Line

Odisha (Bargarh, Nuapada)

 

138 km

INR 29.26 billion
(US$348.9 million)

Source: Press Information Bureau

Hydro-power projects

The Union Cabinet has approved equity support of INR 41.36 billion (US$493.2 million) to India’s northeastern states for developing hydro-power projects totaling 15,000 MW in capacity over the next eight years.

These initiatives are expected to generate substantial employment, drive economic growth, and promote environmentally sustainable practices.

(US$1 = INR 83.85)

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Buffett’s Birthday Magic: How $100 turns into a whopping 4,384,748% gain

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This puts Berkshire alongside tech giants Apple, Microsoft, and other trillion-dollar companies like Nvidia, Alphabet, Amazon, and Meta.

 
If you had invested $10,000 in Berkshire 60 years ago, it would now be worth $438 million.

If you had invested $10,000 in Berkshire 60 years ago, it would now be worth $438 million.

Right before his 94th birthday, investing guru Warren Buffett’s Berkshire Hathaway joined the ultra-exclusive $1 trillion market-cap club.

From 1965 to the end of 2023, Berkshire Hathaway’s stock skyrocketed by 4,384,748 percent, easily outpacing the S&P 500’s 31,323 percent gain.

 

If you had invested $100 in Berkshire 60 years ago, it would now be worth $4.38 million. In contrast, the same $100 invested in the S&P 500 would have grown to about $31,323 today.

On August 28, two days before the Oracle of Omaha Warren Buffett’s birthday, Berkshire Hathaway shares soared, pushing the company’s market value past $1 trillion, making it the first non-tech US-based company to reach this level.

This achievement places Berkshire alongside tech giants Apple and Microsoft, both valued at over $3 trillion, and other trillion-dollar companies like Nvidia, Alphabet, Amazon, and Meta.

 

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  • Warren Buffett's Berkshire sitting on record $277 billion cash pile after selling spree
    Warren Buffett’s Berkshire sitting on record $277 billion cash pile after selling spree

Berkshire Hathaway latest entrant into $1 trillion m-cap club RAmong these companies, Berkshire Hathaway also took the longest to reach the $1 trillion mark, trading over 44 years before crossing the finish line. On the other hand, Meta clocked the record in just nine years since its debut on the bourses.

Berkshire Hathaway latest entrant into $1 trillion m-cap club R4

In his annual letter to investors, right before Berkshire Hathaway’s annual shareholders’ meeting, Buffett wrote that skyrocketing outperform will not be seen anymore. “We have no possibility of eye-popping performance,” he said.

 

“Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital. Anything beyond ‘slightly better,’ though, is wishful thinking,” added Buffett.

However, the company’s stock has climbed 28 percent so far this year, outperforming the S&P 500’s 18 percent gain. Berkshire Hathway’s Class A shares, which are hovering around $700,000 each, are the most expensive stocks in the world, as the company has never undergone a stock split. This is to keep its focus away from attracting retail investors and speculators.

So like everyone’s favorite investment wizard, believe in the power of compounding!

Disclaimer: The views and investment tips expressed by investment experts on economicstrends.com are their own and not those of the website or its management. economicstrends.com advises users to check with certified experts before taking any investment decisions.

Karur Vysya Bank jumps 4% after RBI greenlights SBI Mutual Fund’s 10% stake buy

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Karur Vysya Bank

Over the past three months, the stock, based in Tamil Nadu, has risen by over 67 percent

Shares of Karur Vysya Bank surged by over 4 percent to Rs 231 on August 26 after the Reserve Bank of India (RBI) approved SBI Mutual Fund’s (SBI MF) acquisition of up to 9.99 percent of the bank’s paid-up share capital or voting rights.

This approval comes with conditions, including compliance with the Banking Regulation Act of 1949, guidelines on share acquisition, and the Foreign Exchange Management Act, 1999.

The bank clarified that SBI MF must acquire the majority shareholding within a year from the date of the RBI’s approval, else the approval will be revoked.

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SBI MF must also ensure its shareholding in Karur Vysya Bank does not exceed 9.99 percent of the bank’s paid-up share capital or voting rights. If their shareholding drops below 5 percent, SBI MF will need to obtain fresh approval from the RBI to increase its stake again.

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In the June quarter, Karur Vysya Bank reported a 27.86 percent year-on-year growth in net profit, reaching Rs 459 crore compared to Rs 359 crore a year ago. The bank’s net interest income also grew by 14.27 percent year-on-year to Rs 1,025 crore in Q1FY25, up from Rs 897 crore. However, the net interest margin decreased slightly to 4.13 percent, down 6 basis points year-on-year, due to rising deposit costs, which increased by 52 basis points to 5.48 percent in Q1FY25.

Currently, 11 brokerage firms are covering the stock, with 10 recommending a ‘Buy’ on Karur Vysya Bank and one recommendation of a ‘Hold.’

Over the past three months, the stock of the Tamil Nadu-based lender has risen by over 67 percent, significantly outperforming the Nifty 50’s 9 percent gain.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Bajaj Housing finance IPO Upcoming 8 to 11 Setpember

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 Overview of Bajaj Finance

Bajaj Finance Limited  is one of India’s leading non-banking financial companies (NBFCs), a subsidiary of Bajaj Finserv Limited, which is itself a part of the Bajaj Group, one of the oldest and most respected business conglomerates in India. Bajaj Finance offers a diverse range of financial products and services across various sectors, including consumer finance, SME (small and medium enterprises) finance, commercial lending, and wealth management.

Historical Background

–  Founding : Bajaj Finance was established in 1987, initially focusing on providing finance for consumer durables.
–  Growth Trajectory : Over the years, Bajaj Finance expanded its offerings to include various financial products and services, rapidly becoming one of India’s most successful and profitable NBFCs. It has been a significant player in the retail finance space and has diversified its portfolio to include products catering to different segments of the market.

 Business Segments

1. Consumer Finance :
–  Personal Loans : Bajaj Finance offers personal loans for various needs, such as home renovation, medical expenses, weddings, and travel.
–  Consumer Durables Finance : One of its flagship products, this includes financing options for a wide range of consumer electronics and durables like smartphones, TVs, and refrigerators.
–  Lifestyle Finance : Covers financing for lifestyle-related products and services, including fitness, healthcare, and education.

2. SME Finance :
– Business Loans : Tailored loans for small and medium enterprises to meet their working capital needs, purchase equipment, or expand operations.
–  Loan Against Property (LAP) : Secured loans offered against residential or commercial property for business expansion or other financial needs.
– Professional Loans : Loans specifically designed for self-employed professionals like doctors, chartered accountants, and architects.

3. Commercial Lending :
– Working Capital Loans : To meet the short-term financial needs of businesses.
– Infrastructure Finance : Financing for infrastructure projects, including roads, ports, and urban development.
– Vendor and Distributor Finance : Solutions for managing the cash flow needs of vendors and distributors in various sectors.

4. Rural Finance :
– Focused on providing financial products to rural and semi-urban areas, including two-wheeler loans, gold loans, and personal loans.

5. Wealth Management :
– Mutual Fund Distribution : Offering a wide range of mutual funds to cater to different risk appetites.
– Insurance : Distribution of life and non-life insurance products.
– Fixed Deposits : Bajaj Finance also offers fixed deposit products with competitive interest rates.

6. Digital Products and Innovation :
– Bajaj Finserv App : A comprehensive app providing various services, including loan applications, EMI payments, insurance purchases, and investment tracking.
– EMI Card: Bajaj Finance’s EMI Network Card allows customers to purchase products and repay in easy EMIs across a wide network of partner stores.Financial Performance

– Revenue and Profitability : Bajaj Finance has consistently demonstrated strong financial performance, with robust revenue growth and profitability. The company’s focus on maintaining a diversified product portfolio and prudent risk management has helped it navigate market fluctuations effectively.
– Loan Book : Bajaj Finance’s loan book has grown significantly over the years, reflecting its ability to expand its customer base and deepen its penetration in the financial services market.

 Key Strengths

1. Strong Brand and Trust : Bajaj Finance has built a strong brand reputation in the Indian market, backed by the Bajaj Group’s legacy. This trust has translated into a loyal customer base.

2. Wide Product Range : The company’s extensive product portfolio caters to a broad spectrum of customers, from individuals to businesses, providing it with a diversified revenue stream.

3. Innovation and Technology : Bajaj Finance has been at the forefront of adopting technology to enhance customer experience and operational efficiency. Its digital initiatives, including the Bajaj Finserv App and online EMI network, have been pivotal in driving growth.

4. Risk Management : The company’s prudent risk management practices, including stringent credit assessment and robust collection mechanisms, have helped maintain asset quality even during economic downturns.

5. Strong Distribution Network : Bajaj Finance has an extensive distribution network across India, with a presence in both urban and rural areas. This wide reach allows it to cater to a diverse customer base.

 Challenges

1. Regulatory Risks : As a financial services company, Bajaj Finance is subject to various regulatory risks, including changes in interest rate policies, regulatory compliance requirements, and evolving guidelines from the Reserve Bank of India (RBI).

2. Competition : The NBFC sector in India is highly competitive, with numerous players vying for market share. Bajaj Finance faces competition from both other NBFCs and traditional banks.

3. Economic Cycles: Like all financial institutions, Bajaj Finance’s performance is sensitive to economic cycles. Economic downturns can impact loan demand, repayment rates, and overall financial performance.

Recent Developments

– Expansion Plans : Bajaj Finance continues to expand its product offerings and geographical presence, focusing on deepening penetration in both urban and rural markets.
– Digital Transformation : The company is investing heavily in digital transformation to enhance customer experience, improve operational efficiency, and drive future growth.
– Subsidiary Performance : Subsidiaries like Bajaj Housing Finance have been performing well, contributing to the overall growth of the parent company.

Future Outlook

Bajaj Finance is well-positioned to continue its growth trajectory, driven by its strong brand, diversified product offerings, and strategic focus on innovation. The company’s ability to adapt to changing market conditions, coupled with its robust risk management practices, should enable it to sustain profitability and expand its market share in the coming years.

Would you like more specific information about any particular aspect of Bajaj Finance, such as their recent financial results, digital initiatives, or management strategies?

Upcoming IPO’s List 2024 india

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Tata Passenger Electric Mobility Limited (TPEML) is a subsidiary of Tata Motors, focused on the electric vehicle (EV) segment. Established to spearhead Tata’s efforts in the rapidly growing EV market, TPEML plays a crucial role in developing and promoting electric mobility solutions in India.

Key highlights of TPEML include:

1. Portfolio : TPEML is responsible for the development and launch of various electric vehicles under the Tata Motors brand. This includes models like the Tata Nexon EV, Tata Tigor EV, and the upcoming electric versions of other Tata models.

2. Market Leadership : Tata Motors, through TPEML, has become a leader in India’s electric passenger vehicle segment. The company has captured a significant market share, driven by its affordable pricing, widespread service network, and strong brand reputation.

3. Technology : TPEML is committed to advancing EV technology, including battery development, charging infrastructure, and vehicle software. Tata Motors is also exploring partnerships and collaborations to enhance its EV offerings.

4. Sustainability : TPEML aligns with Tata Group’s broader sustainability goals, focusing on reducing carbon emissions and promoting green energy. The company aims to contribute to India’s transition to electric mobility, which is essential for reducing the country’s dependence on fossil fuels.

5. Future Plans : TPEML has ambitious plans for the future, including the expansion of its electric vehicle lineup, development of new EV platforms, and investments in EV infrastructure. The company is also exploring international markets as part of its growth strategy.

TPEML is a significant player in the electric vehicle space in India, with a strong commitment to innovation, sustainability, and market expansion.

Reliance Retail, a subsidiary of Reliance Industries Limited (RIL), is India’s largest retailer and one of the most anticipated IPOs in the Indian market. As of now, the company has not officially announced the IPO details, but here’s what is generally expected and known:

 Overview of Reliance Retail
– Parent Company : Reliance Industries Limited (RIL), led by Mukesh Ambani.
– Sector : Retail, including grocery, electronics, fashion, lifestyle, and digital commerce.
–  Market Position : Reliance Retail operates a vast network of stores across India and has a strong presence in both physical and digital retail. It has also expanded through acquisitions and partnerships.

Anticipated IPO Details
1. IPO Size : The IPO is expected to be one of the largest in India’s history, potentially raising several billion dollars. The exact size will depend on market conditions and final valuations.

2. Valuation : Reliance Retail is expected to be valued at a high premium, given its dominant position in the Indian retail market. Analysts have estimated valuations ranging from $75 billion to $100 billion.

3. Use of Proceeds : The proceeds from the IPO are likely to be used for business expansion, debt reduction, and strategic investments in technology and e-commerce platforms.

4. Stake Dilution : Reliance Industries might dilute a portion of its stake in Reliance Retail, offering it to public investors. The extent of dilution and the percentage of equity offered will be determined closer to the IPO date.

5. Strategic Investors : Before the IPO, Reliance Retail has already attracted significant investments from global private equity firms and strategic investors, including Silver Lake, KKR, General Atlantic, and others, highlighting strong confidence in the company’s growth potential.

6. Growth Prospects : Reliance Retail is rapidly expanding its footprint across India, with a focus on omnichannel retailing. The company is also investing in digital platforms like JioMart, aiming to tap into the growing e-commerce market in India.

Potential Timeline
While there is no official timeline, the IPO could happen within the next 1-2 years, depending on market conditions and regulatory approvals. The process will involve SEBI (Securities and Exchange Board of India) filings, roadshows, and other preparatory activities.

 Strategic Importance
The IPO of Reliance Retail is highly anticipated as it represents a significant opportunity for investors to participate in India’s booming retail sector. It also aligns with Mukesh Ambani’s broader strategy of unlocking value from the various businesses under the Reliance Industries umbrella.

Risks and Considerations
Investors should consider potential risks such as competition from other retail giants, regulatory challenges, and the impact of economic conditions on consumer spending in India. The company’s ability to maintain its growth trajectory post-IPO will be crucial for its long-term success.

Overall, Reliance Retail’s IPO is expected to be a landmark event in the Indian stock market, offering substantial opportunities for investors.

NTPC Green Energy Limited (NGEL) is a subsidiary of NTPC Limited, India’s largest energy conglomerate. NGEL was established to focus on the development and management of renewable energy projects, reflecting NTPC’s commitment to sustainable energy solutions and reducing its carbon footprint.

 Key Highlights of NTPC Green Energy Limited (NGEL)

1. Formation and Purpose
– NGEL was formed to spearhead NTPC’s green energy initiatives. The company focuses on renewable energy sources such as solar, wind, and hydroelectric power, aiming to significantly increase NTPC’s capacity in these areas.
– The creation of NGEL aligns with India’s broader goals of increasing renewable energy capacity and reducing dependency on fossil fuels.

2. Current Projects and Capacity :
– NGEL is involved in various large-scale renewable energy projects across India, including solar parks, wind farms, and hybrid energy projects.
– As of the latest updates, NTPC has set an ambitious target to achieve 60 GW of renewable energy capacity by 2032, and NGEL plays a central role in this mission.

3. Strategic Partnerships and Collaborations :
– NGEL has been actively seeking partnerships and collaborations with domestic and international players to expand its renewable energy portfolio. These collaborations are essential for technology transfer, funding, and scaling up operations.
– NGEL has also been exploring opportunities in green hydrogen, energy storage solutions, and electric mobility, aligning with global trends in sustainable energy.

4. IPO and Investment Plans :
– There has been speculation about a potential IPO for NGEL, as NTPC looks to unlock value in its green energy business and raise funds for further expansion. However, as of now, there has been no official announcement regarding the timing or details of such an IPO.
– The company is expected to attract significant interest from investors, given the global focus on renewable energy and NTPC’s strong track record in the energy sector.

5. Future Plans :
– NGEL plans to aggressively expand its renewable energy portfolio in the coming years, with several projects in the pipeline. This includes increasing solar and wind capacities and exploring newer avenues like offshore wind farms and green hydrogen production.
– The company is also focused on improving the efficiency and cost-effectiveness of its projects, leveraging advanced technologies and innovative solutions.

6. Sustainability Goals :
– NGEL’s activities are a part of NTPC’s broader sustainability goals, which include reducing carbon emissions, enhancing energy security, and contributing to India’s commitments under the Paris Agreement.
– NTPC aims to transition from a predominantly coal-based power producer to a more diversified energy company with a substantial share of renewables in its portfolio.

Impact and Importance
NTPC Green Energy Limited is a critical component of India’s energy transition strategy. Its growth and success will not only contribute to NTPC’s overall sustainability goals but also play a significant role in India’s efforts to combat climate change and meet its renewable energy targets.

NGEL represents a strategic shift for NTPC, as it balances its traditional fossil fuel-based operations with a growing focus on clean and sustainable energy sources.

Navratna Staus Railtel, Satluj Jal Vidyut Nigam, NHPC, and Solar Energy Corp.

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  • The Navratna status grants these central public sector enterprises greater autonomy, allowing them more room for investments without government approval. These companies can now also form joint ventures or alliances and set up overseas subsidiaries.

 

Solar Energy Corp. of India has joined the growing ranks of Central public sector enterprises that are granted Navratna status based on their financial and market performance. (Bloomberg)
Solar Energy Corp. of India has joined the growing ranks of Central public sector enterprises that are granted Navratna status based on their financial and market performance. (Bloomberg)
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Railtel Corporation of India, Satluj Jal Vidyut Nigam, National Hydroelectric Power Corp., and Solar Energy Corporation of India Ltd have been upgraded to Navratna status, the finance ministry’s department of public enterprises announced on Friday.

These companies join the ranks of ONGC Videsh Ltd, Shipping Corp. of India Ltd, and Hindustan Aeronautics Ltd among India’s top-tier Central public sector enterprises, taking the total count of Navratna entities to 25.

The Navratna status is granted to government-owned companies that were previously under the ‘miniratna’ category I status based on their financial and market performance.

The Navratna status grants public sector enterprises greater autonomy, allowing them to invest up to 30% of their net worth in a year, with a cap of ₹1,000 crore, and assign investments of up to ₹1,000 crore to projects without needing government approvals.

 

They can also form joint ventures or alliances and set up overseas subsidiaries.

National Hydroelectric Power Corp., a public sector enterprise under the Union ministry of power, reported an annual turnover of ₹8,405 crore and a net profit of ₹3,744 crore for FY 2023-24. Satluj Jal Vidyut Nigam, also under the same ministry, had a turnover of ₹2,833 crore and a profit of ₹908 crore. 

Solar Energy Corporation of India, under the ministry of renewable energy, recorded an annual turnover of ₹13,035 crore with a net profit of ₹436 crore for FY24. Railtel, which falls under the ministry of railways, had an annual turnover of ₹2,622 crore and a profit of ₹246 crore.

 

The government recently awarded the Navratna status to Indian Renewable Energy Development Agency Ltd, which was listed on the Indian stock exchanges in November. The company’s stock has more than doubled from its listing price, but ended Friday 5% lower on BSE at ₹241.95 per share.

Railtel ended Friday nearly unchanged at ₹490.80 per share, while the BSE’s Sensex index inched up 0.28%, or 231.16 points, to 82,365.

Paytm shares turn multibagger! Stock up 104% from record lows; is the worst behind?

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Paytm share price: I think the worst is behind, a market expert said.Paytm share price: I think the worst is behind, a market expert said.

Shares of One 97 Communications Ltd (Paytm‘s parent) saw a massive spike in Friday’s late trading session. The stock zoomed 13.86 per cent to hit a day high of Rs 631.30. At this price, the stock has turned multibagger by rebounding 103.64 per cent from its all-time low value of Rs 310, a level seen on May 9 this year.

 

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The digital payments firm recently sold its entertainment ticketing business to online food aggregator Zomato for Rs 2,048 crore. The fintech firm has been under tremendous pressure since Reserve Bank of India (RBI) announced restrictions on Paytm Payments Bank’s operations last year amid persistent non-compliance and continued material supervisory concerns.

“Regulatory concerns and risks will remain the same. Only risky investors can bet right now with a medium- to long-term,” Prashanth Tapse, Senior VP (Research) at Mehta Equities, told Business Today TV.

“I think the worst is behind. We may see some volatility because of the RBI intervention and scrutiny of the IPO money. So, not a buyer at this point of time but any dip will be a good buying opportunity,” Tapse also said.

 

On technical setup, analysts largely suggested booking profits at current levels. With that being said, a decisive close above Rs 650 level is required for more upside.

“Paytm has recently experienced a series of higher highs, particularly after reaching a low point in May, and has maintained this trend until now. At present, Rs 530-520 is likely to cushion the trend. On the higher end, as the counter enters a broad bearish gap, there is no specific resistance. Therefore, it is advisable to trail profits till the momentum persists,” said Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One.

Investors should consider booking profits around Rs 630 levels, said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking. Support will be at Rs 610, Singh added.

 

“Support will be at Rs 600 and resistance at Rs 650. A decisive close above Rs 650 level may trigger a further upside towards 685. The expected trading range will be between Rs 600 and Rs 700 for the short term,” said Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock’s 14-day relative strength index (RSI) came at 72.55. A level below 30 is defined as oversold while a value above 70 is considered overbought.

As per BSE, the stock has a negative price-to-equity (P/E) ratio of 17.92 against a price-to-book (P/B) value of 2.86. Earnings per share (EPS) stood at (-)30.95 with a return on equity (RoE) of (-)15.95.

Jio Financial advances BlackRock partnership, readies tech stack for market entry

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July 2023, the company had announced a joint venture with BlackRock for an asset management firm, and subsequently, in April 2024, it expanded the partnership to include wealth management and broking services.

Jio Financial Services is advancing its asset management joint venture with BlackRock, having appointed key leadership, besides developing its technology infrastructure
Jio Financial Services is advancing its asset management joint venture with BlackRock, having appointed key leadership, besides developing its technology infrastructure(REUTERS)
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Jio Financial Services Ltd is advancing its asset management joint venture with BlackRock, having appointed key leadership besides developing its technology infrastructure, said managing director and chief executive officer Hitesh Sethia.

“We are hopeful of receiving the necessary approvals for this business from the regulator at the appropriate time, and commencing operations thereafter,” Sethia said at the company’s first annual general meeting (AGM) post-listing.

“Our understanding of the Indian market and consumer, and distribution reach; coupled with BlackRock’s renowned expertise in asset management will help us bring world-class investment products to Indians—spanning mutual funds, wealth management services and broking,” he added.

Also read | For Reliance Industries, Jio remains the jewel in the crown

In August 2023, Jio demerged its financial services businesses and delisted the unit as Jio Financial Services. In July 2024, the company received an approval from the Reserve Bank of India (RBI) to convert into a core investment company (CIC).

 

In July 2023, the company had announced a joint venture with BlackRock for an asset management firm, and subsequently, in April 2024, it expanded the partnership to include wealth management and broking services.

“This is a demonstration of the faith that both JV partners have in the prospects of the Indian market, at a time when the financialization of household savings in India is growing at a rapid clip,” said Sethia.

BlackRock, the world’s largest asset manager, oversees over $10 trillion in assets.

As a new-age, digital-first financial services institution, Jio Financial’s technology stack will be a key differentiator and provide cost advantages, said Sethia, adding that company is not “weighed down by legacy technology” and has successfully implemented a modular, scalable and cloud-first technology stack.

 

Also read | Jio Finance app debuts in Paris by offering seamless payments at Eiffel Tower, shares in green

“Our tech backbone will support our distribution approach, which will be direct to customer, digital or at the point of sale embedded in the customer journey.” Data analytics—utilizing data from credit bureaus, account aggregators, and other sources—will also play a central role, he added.

The Jio Finance application, launched in May 2024, has surpassed one million downloads, he said. Current services on the app include loans on mutual funds, savings accounts, UPI bill payments, digital insurance and recharges. More products to be added soon, Sethia added.

Jio Financial’s business focuses on four pillars—borrow, transact, invest, protect—which comprises lending and leasing, payment solutions and payments bank, insurance broking and mutual funds, as well as wealth management and broking services.

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Premier Energies IPO allotment date likely today. Latest GMP, steps to check allotment status online

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Premier Energies IPO Allotment: The initial public offering (IPO) of Premier Energies Ltd received strong demand from investors as seen in the subscription status. As the bidding period has ended, investors await Premier Energies IPO allotment which is expected to be finalised today.

Premier Energies IPO allotment date is August 30 and the equity shares of the company will be listed on September 3.

Investors can check Premier Energies IPO allotment status online through the BSE website or the official portal of IPO registrar. Kfin Technologies Limited is the Premier Energies IPO registrar.

The company will fix the basis of share allotment today and credit the shares into the demat accounts of eligible investors on September 2. The unsuccessful bidders will get their refunds on the same day.

 
Also Read | Rapid Multimodal Logistics opens with 22.62% premium at ₹103 apiece on BSE SME

Premier Energies IPO allotment status check can be done online. Investors must follow certain steps mentioned below to check their Premier Energies IPO allotment status.

Premier Energies IPO Allotment Status Check

Step 1] Visit IPO registrar website on this link –https://kosmic.kfintech.com/ipostatus/

Step 2] Choose ‘Premier Energies Limited’ from the ‘Select IPO’ dropdown menu

Step 3] Select among Application No., Demat Account or PAN

Step 4] Enter the details as per the option selected

Step 5] Enter the Captcha code and click on Submit

Your Premier Energies IPO allotment status will be displayed on the screen.

Also Read | Baazar Style Retail IPO Day 1: GMP, review, subscription status. Apply or not?

Premier Energies IPO Subscription Status

Premier Energies IPO has been subscribed 74.38 times as the issue received bids for 332.02 crore equity shares against 4.46 crore shares on offer, according to data available on NSE.

 

The retail category saw a subscription of 7.69 times, while Non-institutional investors’ quota was subscribed by 50.04 times. The qualified institutional buyers (QIBs) portion received a subscription of 216.67 times, and the employee portion was subscribed 11.43 times.

Premier Energies IPO GMP

Premier Energies shares are commanding a strong premium in the unlisted market. Premier Energies IPO GMP today, or grey market premium today, is ₹425 per share, according to stock market observers. This indicates that Premier Energies shares are trading at ₹875 apiece in the grey market, a premium of 94% to the issue price of ₹450 per share.

Also Read | Premier Energies IPO subscribed over 74 times on day 3, QIBs steal the show

Premier Energies IPO Details

Premier Energies IPO opened for subscription on Tuesday, August 27, and closed on Thursday, August 29. The IPO allotment date is today, August 30 and the IPO listing date is September 3. Premier Energies shares will be listed on both, BSE and NSE.

 

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Premier Energies IPO price band was ₹427 to ₹450 per share. The company raised ₹2,830.40 crore from the IPO which is a combination of fresh issue of 2.87 crore shares worth ₹1,291.40 crore and offer for sale of 3.42 crore shares aggregating to ₹1,539.00 crore.

Kotak Mahindra Capital, J.P. Morgan India and ICICI Securities are the book running lead managers of the Premier Energies IPO, while Kfin Technologies Limited is the IPO registrar.