Singapore Financial News

Investing.com-- Most Asian currencies fell slightly on Tuesday, while the dollar steadied at its highest levels for the year on growing bets that U.S. interest rates will rise further this year.

India are set to make their presence felt across multiple sporting events on September 26. With participants competing in everything from boxing and shooting to esports and sailing, Indian athletes are ready for action. The day commences early, at 5:30 AM, with equestrians like Hriday Chheda and Anush Agarwalla vying for medals in the Dressage Prix St-Georges event.

Tata SteelRatings agency Moody's Investors Service on Monday upgraded Tata Steel to investment grade and assigned a Baa3 long-term issuer rating.Delta CorpAshish Kacholia has sold stake in Delta Corp Ltd through bulk deals on Monday. The ace investor has offloaded about 15 lakh shares 0.56% in the company at Rs 144.65 apiece, according to exchange data.Read more: Here's the trading setup for today's sessionKM Sugar MillsK M Sugar Mills approved the re-appointment of L K Jhunjhunwala as the chairman of the company and Aditya Jhunjhunwala as the Managing Director.SMC Global SecuritiesSMC Global Securities has joined hands with Ujjivan Small Finance Bank to offer online trading services to the Bank’s customers.Welspun CorpWelspun Corp wholly-owned subsidiary Sintex BAPL has entered into an MOU with Telangana government to set up a manufacturing unit in the state with upto Rs 350 crore investment.Strides PharmaStrides Pharma's Singapore-based wholly owned step down subsidiary Strides Softgels Pte will acquire its CDMO business and Soft Gelatin business from its another wholly owned subsidiary Strides Pharma Global Pte (SPG).Century TextilesCentury Textiles arm Birla Estates launches residential project in Bengaluru.

By Iain Withers

non-basmati rice to Bhutan (79,000 tonnes), Mauritius (14,000 tonnes), and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL). "The Government of India has the commitment that in case of food insecure, vulnerable countries and neighboring countries request, it will provide with the required quantity of rice or wheat," he said.

India expect measured hiring rates over the next few months, according to Manpower Group’s employment outlook survey of 3,000 employees. The study reported a 37% net employment outlook (calculated by subtracting employers planning reductions versus those planning to hire) for the upcoming quarter. It showed that 49% of the companies anticipated an increase in hiring, 12% did not expect to hire, 34% would maintain the status quo and 5% were unsure of the outlook. This net hiring expectation in India was higher than the global average at 30%, and higher than the number in many countries. In the Asia-Pacific region, India and Singapore had the most positive hiring outlook for the upcoming quarter. Within the country, the highest net employment rates were in northern India followed by western India. In terms of sectors, the information technology sector — despite the news around layoffs, etc — continued to lead hiring expectations, said the analysis. This was followed by transport, logistics, automotive, healthcare, lifesciences, consumer goods and services industries.

Strides Pharma Science's Singapore-based wholly-owned step-down subsidiary Strides Softgels Pte on Monday announced that it will acquire its CDMO business and Soft Gelatin business from its other wholly-owned subsidiary Strides Pharma Global Pte (SPG). The announcement was made by the company ahead of the market closing. The stock settled at Rs 536 on the NSE, up Rs 37, or 7% over Friday's closing price.

Stablecoin issuer Tether has reportedly changed its terms of service (ToS) in Singapore. An email shared by the CEO of decentralized finance protocol Cake DeFi on Sept. 25 shows changes to the company’s ToS prohibiting certain customer bases from redeeming Tether (USDT).

SINGAPORE—As TikTok pushes to expand its e-commerce business globally, the viral short-video app is turning to a group of sellers for help: Chinese merchants. TikTok is hoping such vendors will expand its online retail offerings. However, the app’s background as a haven for catchy dances and lip syncs has confounded even experienced sellers, more accustomed to retailing on traditional shopping platforms such as Amazon.com.

Virgin Australia says the federal government’s “hard to understand” decision not to allow Qatar Airways to fly more services into Australia has undermined its ability to compete with Qantas.

BNP Paribas, Societe Generale, Citigroup Global Markets, and Nomura Singapore are foreign investors that participated in the anchor round. The company plans to raise about Rs 640 crore through the IPO, which closes on September 27. Analysts are dividend on the company's prospects. While they believe the company has successfully created a niche through marque clients, past acquisitions and operational efficiency, they remain concerned over the valuations. «The company has aimed for high margin through value-added services with the support of the latest technology in its portfolio.

Vedanta Resources' (VRL) bond restructuring plan has met with some resistance from investors seeking better terms. The proposed plan suggests making a 50% upfront payment for the $1 billion January 2024 bond, a 15% payment for the August 2024 bond, and a 10% upfront payment for the March 2025 bonds, with the remaining amounts to be restructured. However, VRL needs the approval of at least two-thirds of the bondholders for this plan to proceed. Initial feedback from investors in Singapore and Hong Kong reveals discomfort with the proposed restructuring, raising the possibility of opposition from a group of bond investors, two bondholder sources said. «A group of bondholders could oppose the proposed restructuring, setting the stage for a potential showdown,» a source said.

Swan Energy plans to raise ₹1,435 crore by issuing preferential shares to Singapore-based foreign portfolio investor GCP INAB Pte Ltd in a move partly aimed at financing the acquisition of Anil Ambani-promoted Reliance Naval and Engineering (RNEL), people with knowledge of the development told ET. Last Friday, Swan Energy's board passed a resolution to raise the money by issuing preference shares at a premium of ₹495 to GCP INAB, it said in a notice to the exchange. On Friday, the company recalled its June proposal to raise ₹690 crore from the same investor by issuing preference shares. Swan Energy did not respond to ET's request for comments. The pricing of the preference shares is at a 66% premium to Friday's closing price of ₹298.4 apiece. The pricing is at a significant markup over the 52-week high of ₹379 a share (on January 1, 2023). Last December, the National Company Law Tribunal (NCLT) approved a ₹2,108-crore resolution plan offered jointly by Hazel Mercantile and Swan Energy for RNEL. The winning resolution applicant had to pay lenders in six instalments, the first of which — at ₹292 crore — was due in March this year.

₹113 -119 and the bidding for the issue will be open from 25 to 27 September 2023, the company said in a press meet while announcing the IPO. “Some of the key details of the IPO are-the price band ₹113-119 with a bid lot of 126 shares, the total offer size ₹2,800 crore and the entire offering is primary," the company said.

Coinbase has secured an Anti-Money Laundering (AML) compliance registration from the Bank of Spain, making it a registered crypto exchange in the country.

The price band for the IPO has been fixed at Rs 113-119 a share. JSW Infrastructure is the fastest growing port-related infra company in installed cargo handling capacity and cargo volumes handled during FY21-23, and the second largest domestic commercial port operator by cargo handling capacity in FY23. Ahead of the IPO, the company raised Rs 1,260 crore through the allotment of shares to anchor investors. The company has allotted 10,58,82,352 shares to anchor investors at Rs 119 apiece. About 11 mutual funds participated in the pre-IPO placement through a total of 28 schemes. SBI Mutual Fund, ICICI Prudential MF, HDFC Mutual Fund, Nippon India MF, Aditya Birla Sun Life MF, Sundaram MF, Franklin Templeton, UTI MF, Tata AMC, and Baroda BNP Paribas MF are the mutual funds that participated in the anchor placement of shares. Among foreign portfolio investors, the Government of Singapore was allotted 5.6% of the total anchor placement.

Max Verstappen helped Red Bull clinch the Formula One constructors' championship and took a giant step towards his third straight drivers' title by winning the Japanese Grand Prix on Sunday. Runaway championship leader Verstappen finished ahead of McLaren pair Lando Norris and Oscar Piastri and can lift the title at next month's Qatar Grand Prix. Verstappen's win helped Red Bull clinch their second straight constructors' title even though teammate Sergio Perez retired from the race. «You have built a rocket ship of a car,» he told his team over the radio after crossing the line. Nearest challengers Mercedes were unable to stay in contention, with Lewis Hamilton finishing fifth and George Russell placing seventh.Ferrari's Charles Leclerc was fourth, while teammate Carlos Sainz was sixth. Verstappen was back to his breathtaking best after a disappointing fifth-place finish at last week's Singapore Grand Prix. He held off a double challenge from McLaren to take the lead ahead off Norris at the first turn. First the Dutchman veered right to squeeze out Piastri, who was starting from second on the grid, then moved left to stop Norris from darting through the gap. The safety car came out soon after, with Alfa Romeo's Valtteri Bottas and Zhou Guanyu taking damage at the start of the race. Perez got into trouble when he picked up a five-second penalty for a safety car infringement. The Mexican retired from the race a few laps later, telling his team «the car doesn't feel right». He later came back out, ensuring that he would not have to serve his time penalty at the next race. Russell and Hamilton tried to chase Leclerc but Sainz got himself in the mix by going past Russell late on. Bottas, Aston Martin's Lance Stroll and

Ather Energy posted a more than fourfold rise in operating revenue to Rs 1,783 crore in the financial year ended 31 March, even as net loss widened more than twofold to Rs 864 crore because of a sharp increase in expenses. The electric scooter maker, backed by Hero MotoCorp Ltd, had recorded an operating revenue of Rs 408 crore on loss of Rs 344 crore in FY22.

Chief Justice of India DY Chandrachud on Saturday said it was «utopian» to think that there could ever be a day when the «delivery of justice» will not be challenged. Addressing the inauguration of the International Lawyers' Conference 2023 in the national capital on Saturday, the CJI also underlined the «pivotal role» played by India in raising Supreme Court buildings in Mauritius and Bhutan. The CJI, however, said it is realistic to aspire to a world where nations, institutions and, most importantly, individuals are open to engaging with each other. «Each one of us has volumes to learn from different jurisdictions, perspectives, and most importantly each other..,» CJI Justice Chandrachud said at the inauguration of the International Lawyer's Conference on Saturday. Inaugurated by Prime Minister Narendra Modi at Vigyan Bhawan on Saturday, the inauguration was also attended by Union Law Minister Arjun Ram Meghwal. He said the programme will witness the participation of distinguished judges, legal professionals, and leaders of the global legal fraternity over the next two days. «It is utopian to think that there will be a day when we will find perfect solutions and no challenge to justice delivery.

The company allotted 10,58,82,352 shares to anchor investors at Rs 119 apiece. About 11 mutual funds participated in the pre-IPO placement through a total of 28 schemes. SBI Mutual Fund, ICICI Prudential MF, HDFC Mutual Fund, Nippon India MF, Aditya Birla Sun Life MF, Sundaram MF, Franklin Templeton, UTI MF, Tata AMC, and Baroda BNP Paribas MF are the mutual funds that participated in the anchor placement of shares. Among foreign portfolio investors, the Government of Singapore was allotted 5.6% of the total anchor placement. The Monetary Authority of Singapore received around 1% of the total placement. Morgan Stanley was allotted 3.5% of the total anchor placement, while Goldman Sachs got 0.4% of the total size. Besides these, Sunil Singhania-owned Abakkus Investment was allotted around 2% of the anchor portion. The Rs 2,800-crore IPO will open for subscription on Monday and close on Wednesday.

Check out what's clicking on FoxBusiness.com