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

Let’s begin. Tata Technologies, a subsidiary of Tata Motors, marked a significant milestone on Thursday as it debuted on the market at a remarkable 140% premium to its issue price of Rs 500. The stock opened at Rs 1,200 on the NSE and ₹1,199.95 on the BSE, and made an intraday high of Rs 1400, almost 180% up. The shares of Tata Technologies listed with a market capitalization of Rs 56,000 crores, more than Tata Elxi, which is valued at Rs 52,000 crores. Industry analysts attribute Tata Tech’s exceptional debut to its robust subscription numbers, solid financial performance, strong parentage within the Tata Group, and optimistic growth prospects in the engineering services sector. In some more market news, Fedbank Financial Services shares were listed at a 1.60% discount at Rs 137.75 on the BSE and at Rs 138 on the NSE, compared to the issue price of Rs 140. The public issue was subscribed to 2.24 times on the last day of the offering. The Fedbank Financial Services IPO opened for subscription from November 22, 2023, until November 24, 2023. The public was subscribed 2.24 times. The portion for non-institutional investors received 1.49 times subscription, Retail Individual Investors quota got oversubscribed by 1.88 times and 3.48 times in the Qualified Institutional Buyers category. Fedbank Financial Services collected Rs 1,722.18 crore from the public issue. The IPO comprises a fresh issue of shares aggregating up to Rs 600.77 crore. Over to industry. The real estate landscape of Asia-Pacific is expected to showcase optimistic performance in 2024, with a projected growth of 43.7 percent in Asia-Pacific logistics supply, offering a respite from the tight supply conditions that have characterized the region, said the New Horizon Outlook 2024 by Knight Frank. Despite this surge, the average rent is expected to maintain an upward trend, furthermore, at a more moderate pace, owing to resilient demand. In the APAC region, it said, India along with China will lead Grade-A office supply in 2024 and together, it will constitute almost two-thirds of the expected 10 million sqm of office supply. The report attributed the increased interest from homebuyers to favourable dynamics around homeownership, stable mortgage rates, and rising property prices. Meanwhile, Sam Altman, the co-founder and former CEO of OpenAI, has been reinstated as the company’s CEO, just days after his abrupt dismissal. Altman’s reinstatement marks a dramatic conclusion to a series of internal conflicts and public controversies that have plagued the non-profit research organisation. Altman’s initial firing on November 17 stemmed from a dispute with the OpenAI board over his alleged lack of transparency in communications regarding the company’s research and partnerships. This decision sparked widespread debate within the AI community, with many expressing concerns about the board’s motives and the potential impact on OpenAI’s mission. Following Altman’s dismissal, a group of prominent leaders at OpenAI threatened to join Altman at Microsoft. In response, the board initiated a review, which led to Altman’s reinstatement. Moving on. Unsecured retail loans are likely to witness slower growth of 20-30 per cent in comparison to 45 per cent as non-banking financial companies alter their strategies due to the recent regulatory measures issued by the Reserve Bank of India, said Crisil Ratings. It further added, quote, “Assets under management of non-banking financial companies are set to log a healthy 14-17 per cent growth next fiscal on the back of continued strong credit demand across retail loan segments. Growth may be moderately lower than 16-18 per cent expected in the current fiscal, as unsecured retail loans, the fastest growing segment in the NBFC AUM pie so far, are likely to see a relatively slower growth,” unquote. Next up, technology. Redmi K70 series has officially been launched in China. We’ve covered the Redmi K70 Pro and Redmi K70 at length, and in this report, we’ll dive deeper into the most affordable smartphone of the lot, the Redmi K70E. The K70E is essentially a Redmi K70 Lite in spirit and speculation is rife that it may launch internationally as the Poco X6 Pro. For now, it remains a China-only affair much like the Redmi K70 and Redmi K70 Pro models. The Redmi K70E has a 6.67-inch OLED display with a 1.5K resolution and a 120Hz refresh rate. The panel tops out at 1,800 nits and supports HDR10+ and Dolby Vision playback. Lastly, the share market. Benchmark indices ended higher in the volatile session on November 30 with Nifty above 10,100. At close, the Sensex was up 86.53 points or 0.13 percent at 66,988.44, and the Nifty was up 36.60 points or 0.18 percent at 20,133.20. About 1838 shares advanced, 1752 shares declined, and 130 shares unchanged. UltraTech Cement, HDFC Life, Sun Pharma, Apollo Hospitals and Eicher Motors were among top gainers on the Nifty while losers were IndusInd Bank, Adani Enterprises, Adani Ports, Reliance Industries and Power Grid Corporation.