Discover the top business headlines that are trending across the world today!
Opening at 114% premium, the Bajaj Housing Finance shares made a fierce debut today. Compared to its issue price of Rs 70, the stock was listed at Rs 150 on both NSE and BSE. Prior to the listing, the company’s shares had been trading at a grey market premium (GMP) of 120% above the issue price. With its demand surpassing supply nearly 67 times, Bajaj Housing Fimnace’s rs 6,560 crore IPO is the largest public offering of the year hitherto. Being the largest non-deposit-taking housing finance company supported by Bajaj Finance, the company’s Assets Under Management (AUM) stands at Rs 97,100 crore as of the Financial Year 2025. The company’s AUM surged 31% between FY22 and FY24, while its profits skyrocketed by 56%. For FY24, Bajaj Housing Finance reported a net profit of Rs 1,731 crore, reflecting a 38% rise from Rs 1,258 crore in FY23. Net income for the same period increased 34% year-on-year, reaching Rs 7,618 crore.
Following the announcement made by Adani Power Ltd. and Adani Green Energy Ltd. regarding the securing of a Letter of Intent (Lol) for the supply of 6,600 MW of hybrid thermal and solar power to Maharashtra State DISCOM, the shares of both the Adani group companies surged by 5% on Monday. While Adani Power will provide 1,496 MW of thermal energy from its latest 1,600 MW ultra-supercritical facility, Adani Green Energy will deliver 5 GW (5,000 MW) of solar energy from its Khavda project. After the announcement, Adani Power’s stock witnessed a surge of 5.10%, touching down to rs 665.90 on the BSE. However, the price remains 5% down over the past month. On the other hand, Adani Green Energy’s shares also increased by 4.59%, reaching a peak of Rs 1,870. For their respective supply commitments, both companies are expected to sign individual contracts with MSEDCL.
As per sources, Indian food-delivery titan Swiggy Tld. is gearing up to file its Initial Public Offering (IPO) as early as this week. Although the precise size and timing of the offering are still under discussion and could be altered, it's known from sources that the Bnegaluru-basecd company is anticipated to raise more than $1 billion through the IPO. To go ahead with the filing, approval is awaited by the company from the Securities and Exchange Board of India (Sebi). As of FY 2024, nearly $7.8 billion has been raised through IPOs in India, outpacing totals from the last two years. According to Bloomberg data, more listings are expected in the forthcoming months.
As the probability of a 50-basis-point rate cut by the US Federal Reserve soars, the Indian rupee will most possibly witness a surge on Monday. The rupee will open flat to somewhat higher from the last session’s level of 83.8875 against the US dollar, as indicated by the one-month non-deliverable forward. For more than a month, the value of rupee had been pinched to a mere 2 paisa range. As a result of the cooling labour market and decelerating inflation, it is widely expected that the Fed will initiate its rate-cut cycle on Wednesday. Although the likeliness of a 25-basis-point or 50-basis-point cuts continues to be uncertain, as suggested by recent media reports the Fed may choose a larger cut, causing investors to rethink their previous expectations. The possibility of a 50-bps rate cut is now higher than a 25-bps decrease.
