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Episode 274

Business News at 09:30 am on 6th December 2022

Listen to the latest business and finance news by the Financial Express where today we talk about the share market, increase in Rabi sowing by 70% in Gujarat and the cloud over FPI debt taxation, among other things. We will also talk about India’s services sector PMI touching 3-month high in November and the economists’ call for larger pension and maternity benefits in Budget for FY24.

Today’s Latest Business News at 09:30 am on 6th December 2022.

[Disclaimer: This transcript is auto-generated]
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Let’s begin with some IPO-related news. Dharmaj Crop Guard IPO received an encouraging response from investors as the overall issue was subscribed 35.49 times. The portion set aside for qualified institutional buyers and high net worth individuals was subscribed 48.21 times and 52.29 times, respectively. The agrochemical company will announce the IPO share allotment by 5th December. Investors can check their share allotment status either on the BSE website or the portal of the IPO registrar. Dharmaj Crop Guard shares will debut on stock exchanges BSE and NSE on 8 December. Dharmaj Crop Guard, which is primarily engaged in manufacturing, distributing, and marketing of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilisers and antibiotics to the B2C and B2B customers, launched its Rs 251.15 crore public issue for subscription earlier this week. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites.

Meanwhile, Shares of NDTV have jumped more than 16 per cent since the Adani group launched its takeover bid for the media group, a rally that also comes at a time when bullish sentiments are dominating the broader market. The diversified Adani group started off with a hostile takeover bid for NDTV by indirectly snapping up 29.18 per cent stake in the broadcaster and followed up with an open offer to purchase an additional 26 per cent shareholding. On the BSE, shares of NDTV have gained 16.19 per cent during the period from August 23, the day when the Adani group announced the takeover bid, till December 1. The open offer started on November 22 and would close on December 5.So far, 53,27,826 shares were tendered under the open offer, according to data available with the BSE till 10:30 am on Friday.

Moving on. DCB Bank is offering up to 8.25% interest to senior citizens on FDs of 36 months. The bank is offering 8.25% interest also on deposits of more than 700 days to less than 36 months. The Fixed Deposit calculator shows that senior citizens can earn Rs 27,760 as interest on an investment of Rs 1 lakh in DCB Bank FD for three years. In a statement on Thursday (December 1), DCB Bank said that its latest Fixed Deposit interest rates provide senior citizens with a much-needed financial cushion with an opportunity to earn attractive returns in their golden years. The bank said that the senior citizen FD offers higher earnings for individuals aged 60 years and above. On deposits of less than Rs 2 crore for 700 days with DCB Bank, Senior Citizens can earn 7.60% per annum interest. The bank provides an even higher interest rate of 8.25% per cent to senior citizens on FD for a duration of over 700 days to less than 36 months.

On to the technology sector, Hive, the newly popular Twitter alternative is fully shutting down servers for a few days. This is due to concerns that came in from researchers who discovered some security issues. Other applications like Tumblr, Mastodon, Post along with Hive grew in terms of user numbers recently after Elon Musk took over as the new owner and CEO of Twitter, making numerous changes to the micro-blogging application. Zerforschung, a German research team, started to analyse Hive earlier this month and reported their findings to the company privately last week according to a report from TechCrunch. According to the research, attackers might be able to access users’ private data and information, edit their posts by posing as the user and find deleted direct messages.

In some good news for automobile lovers, German luxury carmaker Mercedes-Benz has launched the all-new three-row GLB SUV in India, priced at Rs 63.8 lakh onwards ex-showroom. The newly-launched Mercedes-Benz GLB is available in three variants and their pricing is as follows. The new Mercedes-Benz GLB is the carmaker’s second seven-seater offering in India after the GLS and is sold as a CBU. In terms of design, the new GLB features a familiar Mercedes look, more like a scaled-down version of the GLS. The GLB gets an upright front fascia with a flat bonnet and roof line, large, squarish headlights, squared wheel arches, and similar tail lamps as the GLS. The Mercedes-Benz GLB diesel can be had a front-wheel-drive only, or specced to an all-wheel-drive version with the carmaker’s 4Matic AWD system.

Lastly, the stock market. Indian benchmark indices BSE Sensex and NSE Nifty 50 snapped an eight-day rally, ending in the red and giving up Thursday’s gains. BSE Sensex ended at 62,868, down by 415 points while NSE Nifty closed at 18,696, over 0.66% points lower from yesterday’s close. The broader markets ended on a mixed note, but the Nifty Midcap closed 0.88% and Nifty Smallcap indices ended 0.6% up. All of Nifty’s sectoral indices shifted between gains and losses.

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Business News at 09:30 am on 6th December 2022