Business News at 05:30 pm on 14th March, 2024

Let’s begin – Markets regulator Securities and Exchange Board of India’s plans to bring in additional disclosures to curb price manipulation in SME initial public offerings and share trading may have a short-term bearing on SMEs’ sentiment looking to go public, according to experts. SEBI Chairperson Madhabi Puri Buch speaking at the Association of Mutual Funds event on March 11 in Mumbai had highlighted instances of price manipulations in certain SME issues based on the feedback received from the market about some entities misusing the framework established to facilitate SME IPOs. While SEBI enables a relatively lesser regulated SME listing environment than the mainboard to encourage SMEs to take the IPO route for fundraising, experts see a temporary impact in the market.
Meanwhile – In a significant move to bolster the Electronics and Information Technology sector, India and Peru are forging a path towards a collaborative future, leveraging the strengths of both nations to create a synergy that promises to revolutionize the industry. Recently, after concluding the visit of the ESC India Business Delegation to Brazil and Paraguay, Rajesh Revankar, Regional Chairman (South), Electronics and Computer Software Export Promotion Council (ESC) visited another South American nation Lima, Peru to explore the market opportunities and further technology cooperation. During his discussions with Revankar, Vishvas Vidu Sapkal, Ambassador of India to Peru shared insights about how Peru is opening opportunities across technology, smart cities, and the government’s digital infrastructure that could be avenues for Indian companies to explore.
In a separate development – The Ministry of Information & Broadcasting has initiated measures to block 18 OTT platforms for showcasing obscene and vulgar content and in some cases pornographic content as well. As many as 19 websites, 10 apps, and 57 associated social media accounts across India have been disabled for public access. A substantial portion of content available on these platforms was deemed to be “obscene, vulgar, and portrayed women in a demeaning manner”. The content often contained sexual implications and, in some cases, extended sequences of explicit and pornographic scenes lacking any thematic or societal significance.
In another development – To harness the potential of India’s infra landscape, IRB Infrastructure Developers Limited has acquired the 24% stake in IRB Infrastructure Trust by Cintra, a subsidiary of Ferrovial, from GIC Affiliates. IRB Infrastructure is India’s first Integrated multi-national transport infrastructure developer in the roads & highways segment. The collaboration is aimed at bringing the synergies among the country’s transport infrastructure developer, a global financial investor, and a global strategic partner to optimise project planning along with maximising value creation. Commenting on the collaboration, the CMD of IRB Infrastructure Developers Ltd, Virendra Mhaiskar said, this is a vindication of the value creation IRB has been able to do in Trust.
Now news related to industry – Reliance Industries stocks surged over 1% during Thursday morning trading, propelled by the announcement of Paramount Global’s decision to divest its 13% stake in its Indian TV business. The deal, valued at Rs 4,286 crore, has been finalized through a binding agreement between Reliance and two subsidiaries of Paramount Global. On Bombay Stock Exchange, Reliance’s shares soared by 1.13% to reach Rs 2,897.35, while on the National Stock Exchange, they climbed 1.14% to Rs 2,897.05. This development contributed to the company’s market valuation, which stood at an impressive Rs 19,52,171.94 crore during early trading hours. According to filings made with stock exchanges and US Securities and Exchange Commission, Reliance disclosed its agreement to acquire significant stake in Viacom 18 Media Private Limited, a subsidiary of TV18 Broadcast Ltd. Paramount Global expressed that closure of this transaction hinges upon fulfilling customary conditions, including regulatory approvals, and the completion of a joint venture involving Reliance, Viacom18, and Star Disney.
In another development – Daimler India Commercial Vehicles has appointed Alexander Schoen as Chief Financial Officer with effect from March 1. He replaced former DICV CFO, Manish Thakore who moved tp a new role at Daimler Truck Financial Services North America. The Company stated that Schoen’s responsibilities will include steering DICV’s financial strategies and play a pivotal role in fostering strategic partnerships, optimizing financial performance and ensuring financial sustainability. Alexander Schoen has held various leadership roles within Daimler Truck. Starting his career in 1999, Alexander has demonstrated keen ability to lead financial operations, manage complex projects, and drive efficiency improvements across board.
Lastly – The benchmark equity indices ended Thursday’s trading session in positive territory. The NSE Nifty 50 gained 148.95 points or 0.68% to settle at 22,146.65, while the BSE Sensex jumped 335.39 points or 0.46% to 73,097.28 Bank Nifty index ended lower by 191.35 points or 0.41% to settle at 46,789.95. The broader indices ended in positive territory, with gain led by Smallcap and Midcap stocks. IT and Metal stocks outperformed among other sectoral indices while PSU Banks and Financial Services stocks shed.