Business News: Emcure Pharma IPO, Sensex at 80K, Delhi Airport, Bansal Wire, RBI Report, CBDT Impact

The Bain Capital-backed Emcure Pharmaceuticals Ltd opened its Rs 1,952 crore IPO for subscription on July 3 until July 5, to be priced in a Rs 960-1,008 per share band. The Initial Public Offering of the company received a subscription of 31% in the first hour. Experts said that one can subscribe for it considering long-term gains looking at strong market position and growth potential of Emcure. The proceeds would be used for retiring debt and other general corporate purposes. The shares are likely to list on BSE and NSE on July 10. The IPO includes fresh equity and Offer For Sale by promoters and Bain Capital.

Indian markets opened at an all-time high but saw some correction on July 3. Some of the key stocks which would be in focus are YES Bank, DMart, Kotak Bank, Zomato and Hindustan Zinc ahead of fresh developments. DMart posted revenue growth while YES Bank posted mass 15% growth in loans, the metal production at Hindustan Zinc rose by 2%. Zomato withdrew its application for NBFC and FII holding in HDFC Bank fell. Apart from this, Rail Vikas Nigam won an order worth Rs 132.6 crore, while Britannia inducted new independent directors including former RBI Governor Urjit Patel.

July 3 was another record high for benchmark indices in India, with Sensex trading above 80,000 and the Nifty50 at 24,292. Today's rally was driven by a likely increase in the weight of HDFC Bank in the MSCI Emerging Markets Index. Its stock gained 3 percent to a new 52-week high. Other top gainers were Kotak Bank, Bajaj Finance, and M&M. Among the major losing stocks were Tech Mahindra, TCS, and Infosys. Meanwhile, stock markets also went up worldwide on the back of some positive comments by Jerome Powell, the US Federal Reserve chair.

The roof collapse at Indira Gandhi International's Terminal 1D brought to light the discrepancies between Delhi Airport Master Plan 2006 and the revised Master Plan 2016. While the 2006 plan had expension plans for new terminals and runways by 2026, most of them, like Terminals 4, 5, and 6, were shelved in the 2016 revision. In lieu of this, DIAL has resorted to renovation of existing terminals and infrastructural improvement. The revision of the very ambitious plan envisioned for the development of the airport is an outcome of the changes.

The Rs 745-crore IPO of Bansal Wire Industries opened for public subscription on July 3 and will close on July 5. The price band is fixed in the range of Rs 243-256 per share. By 12:30 pm on the first day, the IPO got 92 per cent subscription. The investment to be made at a minimum will be Rs 14,848. Experts suggest subscribing to the offer, stating the potential of growth in the company and plans to reduce debt. The net proceeds from the IPO would be utilized for repayment of debt, working capital, and general corporate purposes. Its financial performance is marked by steady revenue and profit growth of the company.

Operating profit margins of large sectors improved at 14.4 % for manufacturing, 22.4 % for non-IT services, and 22.7 % for IT companies for the financial year ended March 31, 2024. The annual sales growth rate of listed private non-financial companies, however, moderated to 4.7 per cent from 19.8 per cent in the previous year, showed RBI data. Manufacturing and IT and non-IT services recorded sales growth of 3.5 percent, 5.5 percent and 7.9 percent, respectively. If automobile and electrical machinery industries did well, so did pharmaceuticals, the overall performance of the manufacturing sector got pulled down by chemicals and petroleum industries.

The newly appointed chairman, Ravi Agrawal, has called upon officials of the Income Tax Department to come up with action plans for the next 100 days, keeping in view their impact on the country's economy, ease of doing business, and international transactions. Professionalism, taxpayer sensitivity, and tech integration are what he raised in writing to them. He emphasized engaging with stakeholders, making use of modern technology, and balancing professional and personal responsibilities. Agrawal also called upon the officials to focus on the short, medium, and long-term plans for further improving the efficiency and effectiveness of the department.

Indian refiners imported 2.13 million barrels per day of Russian crude in June, according to data from analytics firm Vortexa, the highest since May 2023, pushed by price differentials and disruptions in Middle Eastern supplies that pumped record volumes of Moscow's Urals grade. At a time when refiners there showed an increasing preference for Russian oil, lured by its cost advantage, the flow from Saudi Arabia eased to its lowest in over a decade. The US also increased crude exports to India—to stay at the forefront of a strategic shift driven by changing global oil dynamics.