Manufacturing Financial News

Gandhar Oil Refinery India will open for subscription today and remain open until November 24. The company aims to raise ₹302 crore via the issuance of fresh equity shares, whereas existing shareholders and promoters will offload 11,756,910 shares, aggregating to ₹198.69 crore. The total size of the IPO was ₹500.69 crore.

Also Read: Tata Technologies IPO vs IREDA IPO vs Gandhar Oil Refinery IPO: Which upcoming IPO is better? The products were sold in more than 100 countries worldwide as of June 30, 2023. With the support of our extensive global supplier base and manufacturing operations in India and the United Arab Emirates, Gandhar Oil Refinery India served over 3,500 customers in the Financial Year 2023, including well-known Indian and international businesses like Procter & Gamble (P&G), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, and Amrutanjan Healthcare, as per Red-herring prospectus (RHP).

₹3,042.51 crore from the IPO which is entirely an offer for sale (OFS) of 6.09 crore equity shares by the promoter and investors. Promoter Tata Motors will offload 4.62 crore equity shares worth ₹2,313.75 crore in the OFS, while investors Alpha TC Holdings Pte Ltd will sell 97.17 lakh shares and Tata Capital Growth Fund I will offload 48.58 lakh shares in the Tata Technologies IPO. Also Read: Tata Tech IPO fully subscribed in less than an hour of opening; retail section gets full subscription Tata Technologies IPO price band has been set at ₹475 to ₹500 per share.

regulatory approval processes in the UK impact India's exports of medical devices to the British market, think tank GTRI said on Wednesday. To promote exports of these devices, it said, India should negotiate a Mutual Recognition Agreement (MRA) to expedite the entry of these equipment into the UK market, particularly for devices with CDSCO (Central Drugs Standard Control Organisation ) licence or Quality Council of India's Indian Certification of Medical Devices (ICMED) certification.

US Federal Reserve showed that the US central bank would proceed "carefully and only raise interest rates if progress in controlling inflation faltered". Gold eased below the key $2,000 level on Wednesday in international markets. Softer bond yields and the dollar capped the losses for the yellow metal.

Tata Technologies IPO: The Tata Group's much-awaited initial public offering (IPO) is all set to open for subscription today (November 22, 2023). Tata Technologies IPO has gripped the pulse on D-Street, being the first issue from the group firm after nearly 20 years. Tata Consultancy Services (TCS) was the last IPO from the Tata Group which got listed on the bourses in 2004.

Venugopal Garre, MD, Bernstein, says “the top private banks would be the priority at this juncture because I do not have too many regulatory risks to contend with, for that particular pack. That will be still at the top of the pack, which is what we are essentially playing at this juncture. I have not been too confident around NBFC models in general, especially the larger ones. Some of the SMIDs (small and midcaps) have done really well, but the way to play that for me was my, through my SMID allocation. That is the way I am approaching the financial sector, especially over the next 12 months.” There is really something special happening in the US tech space, looking at the valuations of Nvidia or Microsoft or for that matter, even, Apple now, market caps of trillions of dollars are getting created. If one has to look at that as the mega trend where IT is where all the action and excitement is, what is the best way to participate in India? Indian IT largecaps do not offer this play. But when such exciting things are happening in the tech world, how can Indian investors participate in that? I would say this is a very important question, but very tough to answer because of the nature of opportunities you get in India.

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says both the dominant segments where Tata Technology is involved are supposed to be exploding at this stage. Tata Technology will benefit from a credible management, fantastic track record, and a great parentage. The valuation at which it is coming is also very reasonable compared with its peers. The Tata Tech IPO will open on November 22 after a hiatus of almost 18 to 19 years from the Tata stable. The IPO price band has been decided at Rs. 475-500. Despite that, the implied valuation turns out to be around Rs 20,000 odd crore. Tata Tech's valuations are around 25 to 30 times forward earnings and that compares with an L&T Tech which is upwards of 35 times. KPIT Tech which is trading at 60 times forward earnings. Tata Elxsi is close to 65-70 times. What is your view on Tata Tech? Well, I am extremely positive.

Flair Writing IPO: The initial public offering (IPO) of Flair Writing Industries Limited has opened today and the book build issue will remain open for bidding till 24th November 2023. The stationary brand has fixed Flair Writing IPO price at ₹288 to ₹304 per equity share. The public issue worth ₹593 crore is proposed for listing on BSE and NSE.

Gandhar Oil Refinery IPO: The initial public offering (IPO) of Gandhar Oil Refinery Ltd has hit primary market today and it will remain open for bidding till 24th November, 2023. The white oil manufacturer has fixed Gandhar Oil IPO price at ₹160 to ₹169 per equity share. The oil maker aims to raise ₹500.69 crore from its initial public offer and it is proposed for listing on both BSE and NSE.

By Chavi Mehta, Max A. Cherney and Stephen Nellis

Bank of India (RBI) has increased the cost of funds for banks and non-bank financial companies (NBFCs), by increasing the risk weight of such loans. Currently at 100% risk weight, loans to consumers will see an increase to 125%, excluding loans for housing, education, vehicles and against gold. Banks create money, so RBI regulates their growth by a Capital Adequacy Ratio (CAR)—a function of how much the bank can lose of its own money, as a percentage of its loan exposure.

MUMBAI : The government wants to replace the ‘use-and-throw’ design philosophy of products with a ‘right to repair’ framework. Benefits are many. Mint explains the concept, its need and how this move may disrupt the way businesses operate.

Bitcoin and Render are making notable advancements within the dynamic realm of cryptocurrencies. However, Rebel Satoshi stands out as a leading cryptocurrency to buy, demonstrating impressive growth during its presale. Can $RBLZ usurp top crypto coins like BTC and RNDR? Let’s find out.

₹177 crore from 23 anchor investors by allocating 58,51,972 equity shares at the price band of ₹304 (including share premium of ₹299 per equity share). “Out of the total allocation 58,51,972 Equity Shares to the Anchor Investors, 27,70,264 Equity Shares (i.e. 47.34% of the total allocation to Anchor Investors) were allocated to 6 domestic mutual fund have applied through a total of 14 schemes," the company informed the exchange houses.

Flair Writing Industries Ltd, on Tuesday, said it has mopped up Rs 178 crore from anchor investors. The company has allocated 58.52 lakh equity shares to 23 funds at Rs 304 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Those that participated in the anchor book include — SBI Mutual Fund (MF), Aditya Birla Sun Life MF, Tata MF, ICICI Prudential Life Insurance Company, SBI Life Insurance Company, Troo Capital and Winro Commercial (India) Ltd.

Investing.com — Nvidia (NASDAQ:NVDA) shares were slightly lower in early U.S. trading on Tuesday, as investors awaited quarterly earnings from the world’s most valuable chipmaker and its updated outlook for demand in China. 

(Reuters) — Car companies with production facilities in the United States are bumping up pay for their non-union workers after the United Auto Workers (UAW) secured record wage hikes and benefits for union workers at the Detroit Three automakers.

Tata Technologies on Tuesday raised about Rs 791 crore in the anchor round ahead of the issue opening on Wednesday. The IPO, which closes on November 24, is the first from Tata Group since the debut of TCS. The Board in consultation with book-running lead managers JM Financial, Citigroup Global Markets and BofA Securities finalised the allocation of 1.58 crore shares to anchor investors at Rs 500 apiece. Some of the marquee funds which participated in the anchor round include Fidelity, HSBC, Goldman Sachs, JM Financial MF, Kotak MF, Axis MF, Motilal Oswal, Edelweiss MF, Mirae Asset among others. The IPO was priced in the range of Rs 475-500, where investors can bid for a minimum of 30 shares in one lot. At the upper price band, the issue size is about Rs 3,042 crore. The public offer is entirely an offer for sale (OFS) of 6.08 crore shares, under which, Tata Motors, Alpha TC Holdings and Tata Capital Growth Fund will participate. The weighted average of the cost of acquisition for Tata Motors is Rs 7.40 per share and Rs 25.10 for investors Alpha TC Holdings and Tata Capital Growth Fund I. About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

Sitharaman on Tuesday said food certification should be done only by governmental agencies, and not by non-governmental organisations. In a press conference, replying to a query on the Uttar Pradesh government banning the production, storage, distribution and sale of food products with halal certification, she said it is not right for any organisation other than the government ones to give certification.

Gandhar Oil Refinery Gandhar Oil Refinery shares are commanding a premium of Rs 61 in the unlisted market, according to market analysts. The price band of this public issue is fixed at Rs 160-169. If the trends are sustained, the stock is expected to list at a healthy premium of 36%. The offer comprises a fresh equity issue of Rs 357 crore and an offer for sale (OFS) of Rs 143 crore.