The International Gemmological Institute (India) Ltd's IPO was subscribed 72% on its second day. Retail investors showed strong interest, while institutional investors lagged. The IPO aims to raise ₹4,225 crore, with a portion going towards acquiring IGI Belgium and IGI Netherlands. The offer closes December 17.
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Indo Farm Equipment's IPO gets nearly 6 times subscription on opening day. Retail investors subscribed 8.54 times, and non-institutional investors 7.61 times, while QIBs received 1% subscription. The company plans to use the proceeds for manufacturing capacity expansion, debt payment, and investment in its NBFC subsidiary.
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance.
Air India expanded its wireless in-flight entertainment service, 'Vista Stream,' to its single-aisle fleet. Passengers can now stream over 1600 hours of content, including movies, documentaries, music, and children's programs, directly to their personal devices on both domestic and international flights. The service also offers a live flight tracking map.
A Sebi committee has declined a settlement offer from Zee Entertainment, former chairman Subhash Chandra, and former MD Punit Goenka regarding listing norm violations. Instead, Sebi's adjudicating officer must incorporate new findings from the investigation and issue a fresh show cause notice.
The National Restaurant Association of India (NRAI) plans to take legal action against food delivery companies Zomato and Swiggy, alleging unfair market advantages through private labelling and separate ventures like Blinkit Bistro and Swiggy Snacc. NRAI claims these practices violate marketplace neutrality and threaten the restaurant ecosystem.
India's foreign exchange reserves fell by $4.112 billion to $640.279 billion for the week ending December 27. This decline follows an earlier drop of $8.478 billion. The decrease is largely due to revaluation and RBI's forex market interventions. Foreign currency assets dipped by $4.641 billion, while gold reserves increased by $541 million.
IndianOil chairman Arvinder Singh Sahney stated that recent US sanctions on Russian oil exports will not impact India's energy security. India diversifies its crude procurement from multiple sources such as the Gulf, Africa, and the Americas. Additionally, new suppliers like Brazil and Guyana are emerging, ensuring supply stability. IndianOil posted a 64% drop in net profit in the recent quarter.
The Indian government is reviewing the import basket to consider sourcing certain items from the US, aiming to improve trade balance amid Trump's concerns over high import tariffs. India targets sectors like pharma and electronics as potential beneficiaries due to increased tariffs on Chinese imports and security restrictions on China.
Murata Manufacturing Co. is considering shifting some production to India due to growing demand and business continuity. They plan to begin capacitor packaging and distribution there by fiscal 2026, addressing infrastructure limitations while leveraging local workforce benefits and future incentives.
India and the US are negotiating a bilateral trade agreement, with India willing to lower tariffs on items of interest while seeking similar concessions from the US. Sectors like apparel, engineering goods, and gems and jewelry have identified specific products where tariff reductions could be beneficial.