PremiumThe market movements reflect hesitancy among investors ahead of closely-watched data and policy decisions in the US scheduled to be released next week. Meanwhile, trade data from China showed exports and imports contracted at steeper paces in November solidifying the fear of recession among traders.
The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. As per market observers, Uniparts India shares are available at a premium (GMP) of ₹55 in the grey market today.
The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. (Read More)
BharatPe has filed a case against its former managing director Ashneer Grover’s wife and former head of controls Madhuri Jain under Section 420, a person aware of the matter said.
The development comes months after Grover, along with his wife, were ousted by the BharatPe board over misappropriation of funds.
Section 420 of the Indian Penal Code (IPC) deals with the offence of cheating and dishonestly inducing the delivery of property. The maximum punishment for the offence is imprisonment for up to seven years and a fine. (Read More)
Vedantu Innovation Pvt. Ltd has laid off employees for the third time this year, reducing its workforce by 11.6% as the edtech firm prioritizes profitability over growth. The decision comes as funding for edtech companies dries up, and they face increasing pressure from investors to turn profitable.
The Tiger Global-backed firm laid off 385 employees on Wednesday. Bengaluru-based Vedantu is offering severance pay and placement opportunities to the affected employees, said a person aware of the development, adding that post-layoffs, the company’s workforce stands at over 3,300. (Read More)
State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised ₹348 crore from bonds to fund business growth.
The lender raised funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing.
The paper of face value ₹1 crore each carries a coupon rate of 8 per cent, it added.
The bonds will be listed on the Wholesale Debt Market segment of the BSE. (PTI)
The rupee pared initial losses and settled marginally higher at 82.47 against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 35 basis points.
Easing crude oil prices also supported the domestic unit, forex traders said.
At the interbank foreign exchange market, the local unit opened at 82.74 and touched an intra-day high of 82.40 and a low of 82.75 against the greenback.
It finally settled at 82.47, registering a rise of 3 paise over its previous close of 82.50.
"In line with expectation, the RBI raised rates by another 35 bps. It lowered its FY23 GDP forecast to 6.8 per cent from 7 per cent," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. (PTI)
The promoter of Triveni Engineering Industries Ltd Dhruv Sawhney will pare his stake in the company through a secondary placement. This will comprise 17 million shares or a 7.03% stake in the company at ₹280-285 apiece, a discount of 3.04-4.75% to the ₹293.95 closing price of the stock on NSE on Wednesday.
The size of the placement aggregates ₹476 crore at the bottom end of the price range and ₹484.5 crore at the top end. After the sale, the promoter stake will drop to 61.23% from 68.26% . The trade date for sale is 8 December while the settlement date is 12 December. (Read More)
Private lender Axis Bank on Wednesday announced it will raise funds by Tier II bonds aggregating to a total of ₹12,000 crore. The offer comprises of a base issue of up to 1,000 Bonds aggregating to ₹1,000 crores with a green shoe option to retain oversubscription of up to 11,000 Bonds aggregating to ₹11,000 crores, said Axis Bank in its regulatory filing. (Read More)
Wall Street ended a wobbly day of trading with more losses Wednesday, as a slide in technology companies helped pull stocks lower and Treasury yields fell broadly.
The S&P 500 slipped 0.2%, its fifth straight loss. The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5%, while the Dow Jones Industrial Average finished just barely in the green.
Economic updates later this week could give investors more insight into inflation’s path ahead and how the Fed will continue fighting high prices.
A growing number of analysts expect the U.S. economy to slip into a recession in 2023 but are unsure of its potential severity and duration. (AP)
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