Business News Live: Ola electric IPO set to open on August 2: key details

SoftBank-backed Ola Electric's IPO will open for retail subscription on August 2, the Indian electric scooter maker announced on Saturday. According to two sources, the stock offering is expected to value the company between $4.2 billion and $4.4 billion. The IPO will be available for institutional investors starting a day earlier, on August 1, and will close for retail subscriptions on August 6, as detailed in the final IPO prospectus filing. Ola founder Bhavish Aggarwal will offload 37.9 million shares in the IPO, which is about 20 per cent lower than the estimate in the draft IPO prospectus.

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The Reserve Bank of India imposed a penalty of Rs 2.41 crore on Visa V.N in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday.  "It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI," the central bank said in a statement, without providing details on the transgression.

Aditya Birla Group is looking at its consumer businesses to touch almost $25 billion in the next five years, buoyed by diversification and strengthening of its portfolio, its Chairman Kumar Mangalam has Birla.

Apple has slashed iPhone prices in India in the range of Rs 300-6,000 after the government reduced import duty on mobile phones. According to the rate list issued by Apple, the imported iPhone Pro model will now cost Rs 5,100-6,000 less. Apple was earlier selling iPhone 15 Pro and iPhone 15 Pro Max at a starting price of Rs 1,34,900 and Rs 1,59,900 each.

The financial markets regulator, Securities and Exchange Board of India (SEBI), has imposed a three-year trading ban on business tycoon Vijay Mallya, prohibiting him from participating in the country’s securities market and associating with any listed company. This action marks a significant development amid ongoing efforts by the government to extradite Mallya, who resides in Britain.

SBI Cards and Payment Services reported flat net profits of Rs 594 crore for the first quarter of the fiscal year, despite facing increased impairment losses due to rising delinquencies. The SBI-promoted credit card issuer had posted a net profit of Rs 593 crore during the same period last year.

State-owned BHEL on Friday said it has bagged a thermal project worth Rs 10,000 crore from Damodar Valley Corporation (DVC). The 2x800 MW Koderma Thermal Power Station Phase-II project will be set up in Jharkhand, the company said in a regulatory filing.
 

The Securities and Exchange Board of India (SEBI) has uncovered intriguing insights into the trading behaviours and outcomes of intraday traders in the equity cash segment, focusing on relationship status and gender. The study revealed that married traders tend to fare better than their single counterparts, while female traders often outperform male traders.
 

Financial services firm KFin Technologies on Friday reported 57 per cent jump in profit after tax (PAT) at Rs 68.07 crore for June quarter 2024-25 driven by strong performance across business segments. The company had posted a PAT of Rs 43.38 crore for the same quarter a year ago, KFin Technologies said in a statement.

Domestic renewable player SAEL Group on Friday said it has issued green bonds worth $305 million in the international markets.

The bonds have been issued for investors from the US, Europe and several Asian countries, the company said in a statement.

"The $305 million (approximately worth Rs 2,500 crore) green bond was jointly issued by SAEL along with 5 wholly-owned subsidiaries together referred to as 'The Restricted Group'," the statement said.
 

China will enhance support for small and medium-sized technology enterprises through its national financing guarantee fund, the finance ministry said on Friday, in a bid to leverage more funding for the technology and innovation sector.  Beijing is working towards achieving technological self-reliance and is fostering innovation in key industries.

Russia's central bank hiked its key interest rate by 200 basis points to 18% on Friday as it grapples with high inflation and an overheated economy, bringing the cost of borrowing to its highest in more than two years.  The regulator also revised its inflation forecast for 2024, raising it to 6.5–7.0%. It sees annual inflation declining to 4.0–4.5% in 2025, in line with its target of 4%.

IndusInd Bank reported first-quarter profit below estimates on Friday, hurt by slower loan growth, while lending margins shrunk slightly.  The private bank posted a net profit of Rs 2,152 crore ($257.1 million) for the quarter ended June 30, up 1.3% from last year.

One97 Communications-owned Paytm has received government approval for Rs 50 crore investment in its subsidiary Paytm Payment Services. 

Paytm can now approach the Reserve Bank of India to seek a payment aggregator license which the bank will evaluate, Financial Services Secretary Vivek Joshi told Reuters.

Britain's competition regulator said on Friday its ongoing review of supermarket loyalty prices was unlikely to identify widespread evidence of promotions that mislead shoppers.  Loyalty schemes have proved hugely successful for the UK's biggest supermarkets, offering significantly lower prices for members. The vast majority of customers now use the schemes and an increasing number of products are covered by them.

French IT group Capgemini CAPP.PA forecast a surprise fall in annual revenue on Friday, citing a downturn in the automotive and aerospace sectors, sending its shares tumbling more than 9%.

Goa Chief Minister Pramod Sawant announced on Friday that the state's Employment Exchanges Act would be amended to prioritise local candidates in private-sector recruitment. Speaking to the legislative assembly, Sawant stated that the current legislation does not allow the government to mandate the hiring of local candidates by private industries.

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Japan's Nikkei share average closed lower on Friday, reversing early gains and extending its losing streak to an eighth session, as investors adjusted positions amid uncertainties about Wall Street following a fickle session.

Spain's unemployment rate fell to 11.27% in the second quarter of 2024 from 12.29% in the previous quarter, data from the National Statistics Institute showed on Friday.

Shares of Sanstar Ltd, a leading manufacturer of plant-based specialty products, surged nearly 15 per cent on their debut trade on Friday, reflecting strong investor interest and a robust initial public offering (IPO). The stock debuted at Rs 106.40 on the BSE, marking a 12 per cent increase from the issue price of Rs 95. It further soared by 33.15 per cent to reach Rs 126.50 during the trading session. On the NSE, Sanstar shares opened at Rs 109, representing a 14.73 per cent jump.

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Are you feeling a bit too relaxed about your income tax filing, thinking the deadline has been extended? Think again! The Income Tax Department has issued a stern warning against false news claiming the deadline for ITR filing has been pushed to August 31. The real deadline remains firmly set for July 31, 2024.

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Shares of India's Tech Mahindra fell nearly 6 per cent on Friday, despite the company surpassing revenue expectations for the first quarter of the fiscal year. The decline was driven by a combination of investor reactions to broader market trends and concerns over the company's revenue performance relative to its historical figures. 

On Thursday, Tech Mahindra reported its smallest revenue decline in four quarters, with consolidated revenue falling by 1.2 per cent to Rs 13,005 crore. This figure exceeded analysts' average estimate of Rs 12,945 crore, according to LSEG data. The performance was bolstered by stronger results in the company's manufacturing and healthcare segments, and a positive sign of returning client spending in its key US market.

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As the tax filing season for the assessment year 24-25 gains momentum, official data reveals that a notable number of returns have already been processed. 

According to recent statistics released by tax authorities, a total of 3,26,83,601 returns have been filed as of July 18, with an additional 3,05,64,664 returns verified for the same period.

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The Indian Rupee declined to its weakest level on record on Friday, pressured by dollar demand from local oil companies, custodial banks, and tepid risk sentiment. As of 10:35 am, the Rupee INR=IN was at 83.7175 against the US dollar, having slipped to a record low of 83.7250 in early trade. The currency had closed at 83.6975 in the previous session.

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Mercedes-Benz's MBGn.DE on Friday reported a 27.5% fall in second-quarter adjusted earnings in its core car division as the German luxury automaker continues to struggle amid model changeover and a subdued market environment in Asia.

Anamudi Real Estates, part of the Godrej family conglomerate, plans to offload a 5 per cent stake in Sobha Ltd, valued at approximately Rs 1,000 crore based on current market prices, according to sources. Currently, Anamudi Real Estates holds a 9.99 per cent stake in the Bengaluru-based real estate developer, Sobha Ltd. With a market capitalisation of around Rs 20,000 crore, Sobha Ltd’s total valuation highlights its prominence in the sector.

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OpenAI is stepping into Google's long-held domain with the debut of SearchGPT, a new AI-powered search engine designed to deliver real-time internet information. SearchGPT marks OpenAI's first foray into the search engine market, putting it in direct competition with Google's established dominance, as well as Microsoft's Bing, which benefits from a partnership with OpenAI, and other emerging AI-driven search services like Perplexity.

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Stock market news: Benchmark indices edged higher on Friday as investors took advantage of recent dips to buy stocks, despite weakness in heavyweight financials tempering gains. By 9:41 am, the NSE Nifty 50 had risen 0.47 per cent to 24,522.3, while the S&P BSE Sensex had added 0.4 per cent to 80,358.63.

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The Indian Rupee slipped to an all-time low against the US dollar on Friday amid weak risk appetite and persistent dollar demand from oil companies and custodial banks.  The rupee INR=IN declined to 83.7250 to the dollar, slipping past the previous all-time low of 83.72 hit on Wednesday.

Japan's Nikkei share average traded higher on Friday, snapping a seven-day losing streak, as investors scooped up stocks that appeared undervalued after the long decline.  The Nikkei .N225 inched up 0.5 per cent by the midday break, recovering from a three-month low reached in the previous session. The index is set to fall 5 per cent for the week.

Finance Minister Nirmala Sitharaman's Union Budget 2024 has introduced updates to Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxes, which will significantly impact mutual funds. The LTCG tax rate has been raised from 10% to 12.5%. For STCG, the rate on equity mutual funds has increased from 15% to 20%. Additionally, the exemption limit for LTCG has been increased to Rs 1.25 lakh per annum.

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he G20, the group of the world's 20 largest economies, agreed to collaborate on ensuring effective taxation of the ultra-rich, on Thursday. The declaration, set to be published on Friday, was a top priority for Brazil, which is chairing the G20 talks this year. Brazilian President Luiz Inacio Lula da Silva, a former factory worker, has been advocating for the inclusion of the "billionaire tax" on the G20 agenda.

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Pharmaceutical sector mergers: Mankind Pharma has announced its acquisition of Bharat Serums and Vaccines (BSV) from private equity investor Advent International for approximately Rs 13,630 crore, marking one of the largest deals in the pharmaceutical sector. This strategic acquisition positions Mankind Pharma as a leader in the Indian women's health and fertility drug market and grants access to high-entry barrier products in critical care, supported by advanced R&D technology platforms.

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