Business News at 10:00 am on 20th December 2023

Let’s begin – In a year marked by Lok Sabha elections, the central government releases an interim Budget instead of a regular Union Budget. An outgoing government presents only an interim Budget or seeks a vote on account, and leaves it to the next government to present the full Budget. So what’s Vote on Account? As defined by Article 116 of the Indian Constitution, a vote on account is an advance grant to the government from the Consolidated Fund of India to cover short-term expenditure requirements until the new financial year begins. The Consolidated Fund of India, defined in Article 266 of the Constitution, stores all the revenue generated by the central government, and this includes taxes, interest on loans, and a portion of state taxes.

Moving on – COVID-19 cases are rising in India again. The Centre has directed all the states to remain vigilant and ensure adequate testing in all districts, with a high proportion of RT-PCR tests. Union Health Secretary Sudhanshu Pant issued a letter to all the states and asked them to send all positive samples for whole genome sequencing to the laboratories of INSACOG. The states have also been asked to regularly report cases of influenza-like illnesses, allowing for detecting rising trends early. According to media reports, the sub-variant was first identified in Luxembourg and it is a descendant of the Pirola variant, which itself stems from the Omicron sub-variant. Reportedly, the variant carries mutations in the spike protein that may increase its infectivity and ability to evade immune responses.

Up next – Sony Group Corp’s Indian unit said on Tuesday that it has not yet agreed to prolong a merger deadline with India’s Zee Entertainment Enterprises, days after the latter sought an extension. Shares of Zee Entertainment were down 4.2%. The merger to create a $10 billion media and entertainment powerhouse, which was announced in 2021, had a December 21 deadline to close. Sony Pictures Networks India said in a statement that the notice from Zee triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline. Sony Pictures further said that it would hear Zee’s proposals and how it plans to complete the remaining critical closing conditions.

In another development – The recently inaugurated Varanasi-New Delhi Vande Bharat train, flagged off by Prime Minister Narendra Modi, maintains the traditional white and blue color scheme, similar to the first one. This comes as a deviation from the brochures distributed by the Northern Railway a day before the launch, which showcased the train in saffron and grey hues. Emphasising the onboard offerings, the Northern Railway in the brochures stated that the train boasts superior passenger amenities, including on-board WiFi infotainment, a GPS-based passenger information system, luxurious interiors, and bio-vacuum toilets with touch-free conveniences. Additionally, the statement highlighted features such as diffused LED lighting, charging points located beneath every seat, individual touch-based reading lights, and concealed roller blinds.

Meanwhile – RBZ Jewellers, a prominent player in the gold jewellery industry, is set to kick off its ₹100-crore Initial Public Offering today, with a price band of ₹95-100 per share. The IPO, which closes on December 21, comprises an entirely fresh issuance of one crore shares, aimed at financing the company’s working capital requirements and supporting general corporate purposes. The market lot for this offering is set at 150 shares. As part of the IPO, RBZ Jewellers successfully garnered Rs 21 crore from anchor investors on Monday. The company allocated 21 lakh shares at Rs 100 per share to three anchor investors: PGIM India Equity Growth Opportunities Fund, BOFA Securities Europe SA, and Negen Undiscovered Value Fund.

Moreover – Happy Forgings, a leading Indian manufacturer specializing in heavy forgings and high-precision machined components, is set to launch its Initial Public Offering with shares priced in the range of Rs 808-850 per share. The lot size is fixed at 17 equity shares, and the IPO will be open for subscription from December 19 to December 21. The Anchor book for the issue opens today, December 18. The Grey Market Premium for Happy Forgings IPO is currently at Rs 411 per share, reflecting a robust demand. This premium represents a substantial 50.59% increase over the issue price of Rs 1,280 apiece in the grey market.

Lastly – With three premium models– Interceptor, Continental GT and Continental GT— already on sale– Royal Enfield is further expanding its flagship 650cc lineup. The next in line is the Shotgun 650. First introduced as the pre-production concept SG650 at EICMA 2023, the Shotgun made its maiden appearance as a fully production model at the recently concluded Royal Enfield Motoverse. Last week, Royal Enfield officially unveiled the Shotgun 650 for the global markets. Ahead of its launch, expected early next year, let us look at all major highlights from Royal Enfield’s upcoming 650cc bobber.