Business News at 05:30 pm on 29th November 2023

Let’s begin. The Tata Technologies listing on November 30 is one of the most talked-about Dalal Street debut in recent times. The grey market activity over the last 43 sessions signals an upward trend in the GMP, with current range between ₹240 -414, reinforcing the anticipation of a robust listing for Tata Technologies shares. The IPO, which closed on November 24, witnessed an overwhelming subscription of 69.43 times, underscoring the robust demand for Tata Technologies shares. Retail investors showed keen interest with a subscription rate of 16.50 times, while the Non-Institutional Investors portion was subscribed 62.11 times. The QIB portion saw an unprecedented subscription of 203.41 times. The employee portion and the shareholder portion also attracted significant attention, being subscribed 3.70 times and 29.19 times, respectively.
In some more market news, IREDA shares listed at 56.25 % premium over IPO price on bourses amid a bullish domestic market. The share debuted at Rs 50 on the NSE as well as on the BSE, surpassing the issue price of Rs 32. The investors have made a profit of Rs 18 per share as the scrip gave more than 56% return to investors on the listing. Shivani Nyati, Head of Wealth, Swastika Investmart, said that IREDA’s strong financial performance and focus on the burgeoning renewable energy sector make it an attractive investment proposition. She added that the listing was above the market expectations, reflecting the strong fundamentals and growth potential of the company.
Meanwhile, India’s merchandise exports were up 6.2 per cent YoY in October 2023 and 2.4 per cent on YoY basis in Aug-Oct’23 period, recovering slightly ahead of the rest of Asia’s exports, said a report by ICICI Securities. South Korea’s exports grew by 5.1 per cent on-year in October 2023 after 13 consecutive months of contraction, while Taiwan’s exports declined only 2.8 per cent YoY in Aug-Oct’23, although they were down 12.8 per cent YoY in Jan-Oct’23. China, however, was a slight exception with its goods exports declining 8.2 per cent YoY in Aug-Oct’23, worse than its Jan-Oct’23 contraction of 5.2 per cent YoY, similar to India’s 4.9 per cent YoY decline for Jan-Oct’23.
Moving on. The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules. The Hinduja Group is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth.
Next up, industry. Bharat Heavy Electricals Limited announced that it has signed a Memorandum of Cooperation with Electricité de France S.A., France, a French state-owned company and a nuclear operator. The MoC will enable the two companies to explore the opportunity to maximize the local content of the Jaitapur Nuclear Power Plant Project to be established by NPCIL in India. The companhy in a regulatory filing said, quote, “BHEL and EDF, a French state-owned company and largest nuclear operator worldwide, have signed a Memorandum of Cooperation to explore the opportunity to maximize the local content of the Jaitapur Nuclear Power Plant Project to be established by NPCIL in India,” unquote.
Over to economy. The Union Cabinet has approved a central scheme for providing drones to 15,000 women Self Help Groups, with an outlay of Rs 1,261 crore for two years beginning 2024-25 fiscal year. A decision in this regard was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi on Tuesday, Information and Broadcasting Minister Anurag Thakur told reporters on Wednesday. Thakur said, quote, “The scheme aims to provide drones to 15,000 selected women SHGs during the period 2024-25 to 2025-2026 for providing rental services to farmers for agriculture purpose,” unquote. The approved initiatives under the scheme will provide sustainable business and livelihood support to 15,000 SHGs and they would be able to earn additional income of at least Rs 1,00,000 per annum.
Lastly, the share market. Benchmark indices ended on a strong note on November 29 with Nifty above 20,000 for the first time after September 20, 2023. Top gainers on the Nifty were Hero MotoCorp, M&M, Axis Bank, Wipro and Tata Motors, while losers included ONGC, Nestle India, Eicher Motors, Adani Enterprises and Divis Lab. Except realty, all other sectoral indices ended in the green with auto, bank, Information Technology and oil & gas up 1 percent each. BSE Midcap index up 0.8 percent and smallcap index up 0.4 percent.