Open Financial News

In less than 5 days, Open AI has had 3 CEOs. After...

The IPO offer of this state-owned company will close on November 23. It is the first IPO by a public sector enterprise after Life Insurance Corp's public issue in May last year. The Mini Ratna company is actively promoting, developing, and extending financial assistance for new and renewable energy projects as well as energy efficiency and conservation projects with a strong track record of growth, geared towards high-quality assets and diversified asset book and stable profitability, SMC said in an IPO note. Government's push towards renewable energy projects is expected to increase, SMC said even as it maintained that the company could suffer if it is unable to maintain and effectively manage the quality of its growing asset portfolio and NPAs. The IPO with a face value of Rs 10 consists a fresh issue of up to 40.3 crore equity shares and an offer for sale (OFS) of up to 26.8 crore equity shares by the government. About 50% of the IPO will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. The proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending. IREDA has an impressive track record spanning over 36 years in the field of fostering and providing financial support for fresh and sustainable energy (RE) projects, as well as energy efficiency and conservation (EEC) initiatives. The company is India's largest dedicated green financing non-banking financial company (NBFC). The organization offers a comprehensive array of financial products (fund and non-fund-based) and associated services, from project inception to post-completion,

By Tetsushi Kajimoto and Kentaro Sugiyama

Hinduja Group flagship firm Ashok Leyland is keen to get external investments for its electric vehicle arm Switch Mobility but only from 'the right strategic partner', and it will not shy away from investing on its own till such an ally is found, according to its MD and CEO Shenu Agarwal. While Switch India is likely to be cash neutral or cash positive going forward, on an operating level at least, for Switch UK some more investments may be required in FY25, with the European and UK markets still not going that strong, he told analysts. «We are very keen on getting external investments also, but we want to make sure that we have the right strategic partner with us. I mean, we do it at the right valuation.

FMCG and ayurvedic products maker Dabur is planning to set up a new factory in South India in less than a year's time, as its business scales in the region, according to company's CEO Mohit Malhotra. Dabur, which now gets 20 per cent of its domestic sales from South India with its business there doubling in the last 5-6 years, is identifying gaps and usages to launch products customised to the markets, he told PTI in an interview.

The board of ChatGPT-maker Open AI says it has pushed out its co-founder and CEO Sam Altman and replaced him with an interim CEO

TORONTO — Members of Canada’s increasingly frustrated fintech sector are calling on the federal government to move ahead with promised plans to give consumers more control over their financial data.

Narendra Modi. During its G20 presidency, India made strong interventions in strengthening the voice of the Global South by making the African Union a permanent member of the grouping, the minister added.

India (RBI) on Friday permitted banks to open additional current account for exports proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters. To provide greater operational flexibility to exporters, banks maintaining special rupee vostro account as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions, RBI said in a notification.

Nick Johnson, the founder of Ethereum Name Service (ENS), has raised serious concerns regarding Unstoppable Domains’ patent filings related to blockchain domain names. 

San Francisco-based cryptocurrency exchange Coinbase has introduced an open-source On-Chain Payments Protocol to its Coinbase Commerce product.

₹288 to ₹304 per equity share of face value of ₹5. Flair Writing IPO date of subscription is scheduled for Wednesday, November 22, and will close on Friday, November 24.

₹2,246.86 a quintal for fair average quality (FAQ) wheat against the reserve price of ₹2,150 a quintal pan-India. The weighted-average selling price of URS wheat was ₹2,232.35 a quintal against the reserve price of ₹2,125 a quintal.

By David Lawder

By Foo Yun Chee

The Dow Jones Industrial Average rose 79.02 points, or 0.23%, at the open to 34,906.72. The S&P 500 opened higher by 9.60 points, or 0.21%, at 4,505.30, while the Nasdaq Composite gained 52.89 points, or 0.38%, to 14,147.27 at the opening bell.

Religare Enterprises is “fair” even as they wait for regulatory approvals on their proposal. In an interview to ET, he said he hopes that shareholders will tender their shares in the open offer as the price presented is higher than Religare’s current market rate. Once the open offer is concluded, the Burman family, currently the largest shareholder of Religare, will nominate their directors to the board of the financial services company. Burman said he is surprised by the behaviour of the Religare board, which had backed the open offer but is now against it.

Tata Consultancy Services to the very top of the valuation leader-board at the country's most-valued conglomerate, which has a market capitalisation of about ₹25 lakh crore. Other details, including pricing of the nearly 61-million share issue at the Tata Motors-owned unit, will be announced closer to the IPO date. Tata Motors said Monday its engineering services subsidiary has filed its Red Herring Prospectus with the Registrar of Companies in Pune. This IPO will entirely be an Offer for Sale (OFS) by existing shareholders, with Tata Motors intending to sell up to 46.2 million shares in the IPO, representing 11.4% of Tata Technologies' equity. Alpha TC Holdings will offload 9.7 million shares, or 2.4% of the company's equity, and Tata Capital Growth Fund 1 will sell 4.9 million shares, representing 1.2% of its equity.

By Sruthi Shankar and Amruta Khandekar

general elections are scheduled. Companies look to complete their IPOs, obtain Securities and Exchange Board of India (SEBI) clearances, and initiate their offerings by the latest in February or March, even though this is still a few months away.

Delhi's air pollution deteriorating, authorities of Dr Ram Manohar Lohia Hospital, a government hospital in the city, have decided to establish a special Out-Patient Department (OPD) for pollution-related illnesses. «We have decided that a special OPD will run for pollution-related illnesses where comprehensive care can be given to the patients and will include a multi-departmental clinic because pollution affects multiple organs,» said Dr Ajay Shukla, Director of RML Hospital. He said that a special OPD has been made in view of the rising number of patients because of pollution. «Five departments, including ENT, skin, respiratory tract, eye, and psychiatric departments, will be there. The OPD will run on Monday afternoons from 2 pm to 4 pm...Special OPD has been made as there is almost a 30% rise in the number of patients because of pollution,» he added. Meanwhile, following the pollution review meeting with the officers of the Environment Department at the Delhi Secretariat, Environment Minister Gopal Rai on Monday announced that the anti-pollution measures under GRAP IV regulations will remain enforced in Delhi until the next order of the Commission for Air Quality Management (CAQM). Speaking to after the meeting, Rai said, «Anti-pollution measures under GRAP IV regulations will remain enforced in Delhi until the next order of CAQM.