The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got subscribed 2.37 times on the third day of the bidding on Thursday, helped by institutional buyers. This is the largest IPO in the country, surpassing LIC’s initial share sale of Rs 21,000 crore. The Rs 27,870 crore initial share sale got bids for 23,63,26,937 shares against 9,97,69,810 shares on offer, translating into 2.37 times subscription, as per NSE data.
Posts tagged Rediff
Ready to pay entire money to lenders, if…: Byju (17-10-2024)
Troubled edtech firm Byju’s founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him. During a two-and-a-half-hour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues. “If they are willing to work with me, I am willing to give them money back before I take a single rupee out.
Challenges India faces from its rising population (17-10-2024)
India is poised to be the third largest global economy by 2030 but rising population presents mounting challenges in basic service coverage and growing investment needs to maintain productivity, S and P Global Ratings said on Thursday. It said emerging economies have high ambitions for the next decade and beyond with India aiming to become a $30 trillion economy by 2047, from the current $3.6 trillion. India is currently the fifth largest economy.
Will CNG become costlier in Mumbai, Delhi? (17-10-2024)
The government has slashed by up to a fifth the supplies of cheaper gas to city gas entities that retail CNG to automobiles, increasing their dependence in costly imported fuel. Buying costly imported gas to make up for the shortfall should result in a hike in CNG price but given the ensuing assembly elections in Maharashtra, that may be put off for now. Indraprastha Gas Ltd and Mahanagar Gas Ltd in regulatory filings stated that supplies of domestically produced gas, which was available at a capped rate which is half of the imported price, has been cut.
Infosys Q2 net profit rises 4.7% (17-10-2024)
Infosys Ltd on Thursday reported a 4.7 per cent rise in the September quarter net profit and raised revenue guidance after broadbased growth. Net profit of Rs 6,506 crore in July-September was up 4.7 per cent when compared to Rs 6,212 crore earnings in the same period last year. It was 2.2 per cent higher quarter-on-year, according to a company statement.
Wipro Q2 net climbs 21.2%; announces 1:1 bonus share (17-10-2024)
IT company Wipro on Thursday reported a 21.2 per cent increase in its consolidated net profit to Rs 3,208.8 crore for the second quarter of FY25. It had reported a profit of Rs 2,646.3 crore in the year-ago period. The revenue from operations for the reporting quarter was Rs 22,301.6 crore, a 0.95 per cent decline from Rs 22,515.9 crore in Q2 FY24.
Markets in bear hug; Sensex sinks 495 points (17-10-2024)
Mahindra and Mahindra, UltraTech Cement, Bajaj Finserv, Titan, Maruti, Axis Bank and Tata Steel were among the other big laggards. However, Tech Mahindra, Infosys, Power Grid, Larsen and Toubro and State Bank of India were among the biggest gainers.
Kanda Express to bring 1,600 tonnes of onions to Delhi (17-10-2024)
In a significant move to control spiralling onion prices ahead of the festive season, the government will transport 1,600 tonnes of buffer stock via railways from Maharashtra to Delhi – the first such initiative using rail transport for the kitchen staple. The special rake, dubbed ‘Kanda Express’, will depart from Maharashtra’s Lasalgaon Railway Station and reach Delhi’s Kishanganj Railway Station on October 20, Consumer Affairs Secretary Nidhi Khare announced on Thursday. The government expects this bulk movement to help stabilise prices in the Delhi-NCR region, where buffer stock onions are currently being sold at a subsidised rate of Rs 35 per kg.
India to award leases to top up strategic oil reserves (17-10-2024)
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India’s strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country’s three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
Specialised skills to push growth in IT fresher hiring (17-10-2024)
Fresher hiring, which has been subdued as Indian information technology (IT) services firms scaled back their recruitment, is set for a turnaround. The IT sector’s fresher hiring is expected to rise by 20-25 per cent for 2024-25 (FY25). Additionally, the global capability centres are projected to boost their fresher hiring by 40 per cent compared to last year, according to a TeamLease Digital analysis.