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Published 14:55 IST, July 27th 2024

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

Watch this space for all the latest updates from the stock market and the business world.

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Ola Electric IPO | Image: Ola Electric
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14:55 IST, July 27th 2024

Ola Electric to launch IPO next week, valuation seen at around $4.4 billion

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.

Click here to read the full story.

14:52 IST, July 27th 2024

RBI fines Visa for unauthorised payment method

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.

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09:55 IST, July 27th 2024

Consumer businesses to contribute $25 bn in next 5 years: Kumar Mangalam Birla

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.

22:16 IST, July 26th 2024

Apple slashes iPhone price by up to Rs 6,000 after govt proposes import duty cut

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.

 

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20:45 IST, July 26th 2024

SEBI bans Vijay Mallya from securities trading

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.

20:17 IST, July 26th 2024

SBI Card’s Q1 profit remains steady amid rising delinquencies

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.

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19:31 IST, July 26th 2024

BHEL bags Rs 10k cr thermal project from Damodar Valley

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.
 

18:51 IST, July 26th 2024

Married traders outperform singles in profitability, SEBI finds

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.
 

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18:46 IST, July 26th 2024

KFin Technologies Q1 profit jumps 57% to Rs 68 cr

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.

 

18:46 IST, July 26th 2024

SAEL Group issues bonds worth $305 mn in international markets

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.
 

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16:31 IST, July 26th 2024

China boosts financing support for smaller innovative tech companies

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.

16:29 IST, July 26th 2024

Russian central bank hikes rates by 200 bps to 18%, highest in more than two years

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%.

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16:29 IST, July 26th 2024

IndusInd Bank misses Q1 profit view on slower loan growth

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.

14:46 IST, July 26th 2024

Paytm gets government nod for investment in Paytm Payment Services

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.

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14:16 IST, July 26th 2024

UK watchdog finds little evidence supermarkets' loyalty prices mislead shoppers

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.

14:16 IST, July 26th 2024

Capgemini forecasts surprise revenue fall on automotive, aerospace downturn

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%.

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14:15 IST, July 26th 2024

Goa government to amend employment act for hiring local people

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.

Click here to read the full report.

13:10 IST, July 26th 2024

Japan's Nikkei reverses gains, extends losing streak to eighth session

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.

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13:09 IST, July 26th 2024

Spain's unemployment rate falls to 11.27% in Q2

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.

12:33 IST, July 26th 2024

Sanstar shares surge nearly 15% on debut

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.

Click here to read more.

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12:14 IST, July 26th 2024

Think you’ve got extra time for filing your taxes? The deadline is still July 31

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.

Click here to read more.

12:13 IST, July 26th 2024

Tech Mahindra shares tank nearly 6% despite beating Q1 revenue estimates

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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11:28 IST, July 26th 2024

ITR update: Over 3.26 crore returns filed, 3.05 crore verified for AY 24-25

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.

Click here to read the full report.

11:27 IST, July 26th 2024

Rupee slips to all-time low, traders expect gradual depreciation to persist

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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10:45 IST, July 26th 2024

Mercedes-Benz reports 27% drop in Q2 car earnings

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.

10:29 IST, July 26th 2024

Godrej family arm Anamudi Real Estates to divest 5% stake in Sobha Ltd

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.

Click here to read the full report.

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10:28 IST, July 26th 2024

OpenAI enters search arena with SearchGPT, challenging Google’s dominance

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.

Click here to read the full report.

10:27 IST, July 26th 2024

Nifty, Sensex open higher; IT, metals lead the rally

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.

Click here to read more.

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09:21 IST, July 26th 2024

Rupee declines to all-time low amid outflows, tepid risk

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.

08:51 IST, July 26th 2024

Japan's Nikkei rebounds from three-month low but set for weekly drop

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.

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08:02 IST, July 26th 2024

Budget 2024: What new capital gains tax rates mean for your mutual funds

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.

Click here to read more.

08:01 IST, July 26th 2024

Billionaire tax: G20 agrees to implement effective taxation for the ultra-rich

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.

Click here to read the full report.

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08:00 IST, July 26th 2024

Mankind Pharma to acquire Bharat Serums and Vaccines for Rs 13,630 crore

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.

Click here to read the full report.

07:23 IST, July 26th 2024

Business News Live

Good morning and welcome to our rolling news coverage of the day. Watch this space for all the latest news and updates from the stock market and the business world.

For detailed reports, analysis, and opinions, visit Republic Business.

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07:24 IST, July 26th 2024

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