Profit 360 | Hyundai India gets SEBI Approval For IPO | NDTV Profit
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00:00Burman family pushes for Rashmi Saluja's removal from her position at care health insurance
00:08cites action by regulatory agency against her.
00:14The Supreme Court rebukes Andhra government says no proof that adulterated ghee was used
00:18to make laddus adds that contamination should have been confirmed before making a public
00:23statement.
00:26Veteran actor Mithun Chakravorty is to be given India's highest film award to be honoured
00:30with the Dadasaheb Phalke Award for Cinematic Excellence.
00:46Good evening and welcome.
00:47You are watching Profit360 on NDTV Profit and I am Nupur Talwar Suri.
00:50We begin with a look at how the markets have fared today.
00:53Nifty and the Sensex recorded their worst day in nearly two months and have fallen for
00:57the second straight day.
00:59Neeraj Shah is joining in with a quick wrap of all that took place in the markets.
01:05The markets had a bit of a iffy day, actually not iffy, a day sulled, but mid caps and small
01:11caps did better.
01:12So while the large caps were down over 1.4% for all the key indices, look at what mid
01:18caps and small caps did and they fared a lot better.
01:21The small cap index 0.22%, lower 150, the small cap about, you know, actually marginally
01:27in the green.
01:28So, therefore, the broadening of the spectrum was okay, but large caps where the pressure
01:32wasn't because some of the heavyweight stocks, Reliance, HDFC Bank, ICICI Bank, were in the
01:39red and look at the list of losers and you will see autos and banks, so, and Reliance
01:44of course.
01:45So, Reliance down 3%, but between an axis, ICICI, there is also HDFC Bank lurking in
01:50the list of losers somewhere here.
01:52So, a lot of banking heavyweights and Reliance being down and that thwarted any kind of optimism
01:59that came in from metal names.
02:00So, you had the likes of JSW Steel, Hindalco, etc. in the green, but that left, you know,
02:06the weightage leaves a bit to be desired when it comes to these stocks.
02:10Now, the question is whether some of the recovery can happen and I think it would depend really
02:17on what the Semi Board Meet outcome is and what the global markets do, but the broader
02:21market of the spectrum as well fared a tad bit better and which is where you take heart
02:28from.
02:29So, yes, the list of stocks was kind of all over the place.
02:32You didn't see the normal usual suspects too well.
02:34Suddenly, I mean, JM Financial was probably the most talked about, but otherwise, Acai
02:38India, Sanofi, Tube Investments, it was a very interesting defensive bent at the mid-cap
02:44end of the spectrum.
02:45Now, on the losing side, stocks like Macrotech and some real estate names came off in the
02:50session.
02:51Sapphire Foods came off, Adani Green came off, Shopper's Top was the top loser.
02:55So, it's a bit all over the place.
02:57The question only is whether this recovery will be showing or no.
03:02You know, you can make out that the market was not in a mood to give great moves because
03:06Manba Finance, the new kid on the block, which got listed and was the second highest subscribed
03:12IPO in the calendar year, really didn't have a great listing and a very good outcome, just
03:17about a 26% odd uptick.
03:19So, really didn't quite set the stage on fire.
03:22All in all, a quiet start to the week ahead of the SEBI board meet.
03:27Let's wait and watch what the meet brings about and therefore, what happens to the markets
03:31tomorrow.
03:32Of course, we are still awaiting the outcome of the SEBI meeting, Neeraj, but stay with
03:37us.
03:38Neeraj, earlier you were talking about the market volatility that we are seeing in the
03:42past couple of days.
03:43Now, what are the factors that are pushing the markets into uncertainty?
03:48Well, the markets are clearly nervous because of two reasons.
03:52One, of course, remember the global markets have a bit of an overhang of the Japanese
03:59yen appreciation and recent memories or recent scars of the kind of impact that came in when
04:04the yen carry trade saw a bit of a flutter.
04:08Because of the Japanese election impact on the Japanese yen, I think there was a bit
04:12of an overhang in the minds of the market too.
04:15I think the markets would have been cautious ahead of the SEBI board meeting.
04:18Now, one doesn't know what will come about.
04:20Maybe from a market impact perspective, the board meet results would not have any bearing
04:25and it will return to normalcy.
04:27So maybe that could also be the case.
04:29But could it be assumed that the market was a bit worried or anxious or nervous ahead
04:35of the board meet?
04:37I think you could argue yes.
04:38I mean, various permutations and combinations during the round.
04:40So I don't want to get into the rumor game because what if the expiries get reduced a
04:44little bit?
04:45What if there are higher margins for F&O trading?
04:49Who knows what comes?
04:50It's safe to talk about it now that the markets are over.
04:54And therefore, once we get to know what the SEBI's recommendations are for derivative
04:59markets and for other markets, is when we can comfortably say whether they are market
05:05moving or not.
05:06But certainly, the market was anxious because of, to my mind, two key reasons, the JPY move,
05:11the Japanese Yen move and ahead of the SEBI board meet, a bit of a caution.
05:15All right, Neeraj, thank you for joining us.
05:18Now, the market is likely to see high volatility in the next six to nine months and international
05:22markets are unlikely to give returns over the same period.
05:26Is what EM Capital CEO has said about the global market behavior?
05:29Here's his outlook.
05:32I very respectfully disagree that the world is in a good shape.
05:36I think U.S. is in a very difficult shape.
05:40We saw the consumer confidence data collapse in the last month's print.
05:45We've seen Chinese profit data collapse, 18% fall in Chinese profits after a huge collapse
05:51for many years.
05:53So my point, if I look at Europe, if I see the advisories that have come out of the large
05:58European autos, everyone is saying we were expecting 2% growth.
06:04Now we're going to be down 5% or 7% or 9%.
06:07And two, the profits are going to collapse.
06:09I don't think this is in market horizons.
06:11If I see what the markets are saying, I think there's a disagreement between what the markets
06:15are saying and where I think the world is heading.
06:18It's just where I'm coming in and saying, I think the global economy looks really, really
06:23difficult.
06:24Data will show you in the next six months that things don't look good.
06:28The rate cut was clearly needed.
06:32Maybe 50 is not enough, maybe you need another 50 by December.
06:35I think you saw the Swiss National Bank yesterday cut.
06:39I think you're going to have a synchronous rate cut cycle globally, including India by
06:45the end of the year.
06:48The market regulator SEBI has approved the IPOs of Hyundai Motors, Mamta Machinery, Acme
06:52Solar, Vishal Meghamath and InnoVision.
06:56The Hyundai IPO is specifically on our radar.
06:58Tushar, in fact, is joining us to give us more details about this much-awaited IPO.
07:03Hi, Tushar.
07:04Give us more details about what you are expecting now.
07:07Is this likely to be a pre-Diwali IPO?
07:11Yeah.
07:12Hi.
07:13Good evening, Nopur.
07:14So essentially, what we reported a few days ago citing sources that the Hyundai India
07:18IPO, which is potentially India's largest, has been approved by SEBI that has come to
07:21fruition at this point of time.
07:23So it's basically a SEBI stamp on perhaps what will be India's largest IPO.
07:29What we know so far is that the size of the IPO is about $3 billion, or about 20,000 crore
07:34rupees.
07:35That puts it neck and neck to the LIC IPO that happened a few years ago.
07:39The valuation is seen at about $20 billion, which is about half of what the parent company
07:45in South Korea is valued at.
07:48You also have to remember that it's a pure offer for sale by the Korean parent.
07:53So all the proceeds will go to the Korean parent.
07:55But there will be some involved, at least some outlay that will go towards actually
08:00setting up, increasing the output, so to speak, from India.
08:04What we are hearing from sources now is that the red herring prospectus is likely before
08:09Diwali.
08:10So essentially, a listing will not be far away after the RRSP comes out.
08:14Nopur.
08:15All right, Tushar.
08:16Thank you very much for joining us and giving us those details.
08:20Moving on now.
08:21Manba Finance shares hit the markets with a solid opening listing at 25% premium over
08:26the issue price of Rs.120.
08:27Now, the stock opened at Rs.150 per share on the BSE and debuted at Rs.145 on the NSE
08:34at 20.8% premium.
08:36Now, the company's initial public offering received an overwhelming response with a subscription
08:41rate of 224.10 times, marking the second-highest subscription of the year.
08:47Manba Finance plans to raise up to Rs.150 crore through this fresh issue of 1.26 crore
08:53shares.
08:54Well, markets, of course, are also keeping a very close watch on SEBI's board meeting
09:01that began earlier this morning.
09:03Now, though the agenda of the meeting is still unclear, NDTV Profit had previously reported
09:08that the regulator may bring up issues pertaining to F&O trading, introduction of a new asset
09:12class, or SEBI's employees' dissatisfaction with the regulator.
09:17And Charu Singh is joining us on what's expected.
09:19Hi, Charu.
09:20Take us through what we are expecting to come out of this meeting.
09:24The board meeting of the Securities and Exchange Board of India has been on for a while now
09:29and there are several things that could be on the agenda.
09:32As we reported earlier, there could be curbs coming on the F&O trading segment because
09:36of the huge amount of losses faced by the investors.
09:38There have been some reports on the same thing coming out of SEBI since January this year.
09:43Apart from this, there could be an introduction of new asset class between the mutual funds
09:46and the PMS.
09:47And there could also be discussions about the employee dissatisfaction and the allegations
09:51that followed the Hindenburg fiasco.
09:53Apart from this, there could be several policy-related issues, for example, MF flight regulations
09:58and summary proceedings for the violation of security regulations.
10:02Apart from this, there could be relaxations in the qualifying criteria of the research
10:06analysts and investment advisors.
10:08And there could be other things involving regulations for insider trading as well.
10:12So, let's see what comes out.
10:14All right.
10:15Thank you for that.
10:16And Vinit Bulinchkar, the head research of Ventura Security, spoke to us about what he
10:22expects from today's SEBI meeting.
10:25I believe that there is a knee-jerk reaction because it is going to impact volumes in the
10:30short run.
10:31However, if you go to see empirical evidence, if you draw from the PMS quantum increase
10:38from the minimum 25 lakhs to 50 lakhs, the market has only grown.
10:42Earlier also, there have been points in time when the size of the contracts has been increased
10:48and we have seen participation go up.
10:52So I think these measures which the SEBI is getting into the market, it is to protect
10:59the retail investor and who do not understand the, you know, the wild fluctuations where
11:05they've all been losing money.
11:06So only the serious players will be left into the market.
11:11Well, also now on to another NDTV Profit Exclusive.
11:14The government is likely to announce new external members of the RBI's Monetary Policy Committee
11:18by Tuesday and Srimi Chaudhary joins in with more.
11:22Srimi, give us more details on in terms of who these members are likely to be, I beg
11:29your pardon.
11:30What are your sources telling you?
11:31Yeah, the suspense on the new external members of Monetary Policy Committee is going to be
11:38over soon as government is expected to put out names by tomorrow, that is October 1st
11:43is what we are picking up from our sources.
11:46The names are not known yet to us, however, they are renowned economists and people from
11:51the finance world.
11:53The selection panel led by RBI Governor Shaktikanta Das has decided and rather finalized the name
11:59and this also somewhere indicate that the upcoming policy meeting is going to be well
12:03within the timeframe which is slated for October 7th and go until October 9th for the final
12:09outcome.
12:10This particular meeting assumes significance as the new members is going to hold this meeting
12:15and they will take a call on the interest rate cut.
12:18However, RBI has been maintaining the status quo and in the October meeting also there
12:24would be not much change from the previous stance because panel members being new in
12:31the system, they will take some time to sort of understand the scenario.
12:35But in the December meeting, we will see some sort of rate decision and it's not completely
12:40ruled out.
12:41So, we are tracking the story and we are looking at who is going to be the new member of the
12:47MPC.
12:48All right, Charu, thank you, Srimi rather, thank you for that.
12:52Now in a significant development, the Burman family is demanding Rashmi Saluja's removal
12:57from her position at Care Healthcare Insurance.
12:59Now a letter outlining this demand has been sent to Care Health and Kedara Capital, the
13:05Burman site, regulatory scrutiny surrounding Saluja as the primary reason for their request.
13:11And Charu Singh has more details on this and joins us now.
13:16As we know, there have been a lot of regulatory action against Saluja and ReliCare in the
13:20recent past.
13:21There have been proceedings and notices from Security and Exchange Board of India, appeals
13:25before the Securities Appellate Tribunal, cases before Delhi High Court, ED proceedings.
13:30And in the light of all of these regulatory actions, Burman family has come out with a
13:33letter to Kedara Capital as well as Care Health Insurance Limited to remove Saluja
13:39from her position, saying that these regulatory reasons are the reason for this demand.
13:44However, it has also been disclosed to NDTV Profit that there are some other actions that
13:48can be expected now that the AGM is over and ReliCare has not yet come out with a statement
13:54or has not given their stance about the issue yet.
13:58Bharat Pay has now officially settled its long-standing legal dispute with the former
14:03co-founder Ashneer Grover.
14:06As part of the settlement, Ashneer Grover will no longer have any ties to Bharat Pay
14:12and neither will he hold any shares in the company.
14:15Grover, in a statement on X, said that he will transfer some of his shares to the Resilient
14:20Growth Trust for the company's benefit and his family trust will manage his remaining
14:24shares.
14:26Now, this, of course, comes after months of wrangling between the two sides to come out
14:32with a solution.
14:38At the Rajasthan Investors Meeting, aimed at attracting industry to the state, the state's
14:42Chief Minister, Bhajanlal Sharma, has promised that they will double Rajasthan's economic
14:47growth in the next five years.
14:55Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
15:25Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
15:32Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
15:39Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
15:46Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
15:53Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:00Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:07Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:14Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:21Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:28Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:35Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:42Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:49Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
16:56Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
17:03Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
17:10Bhajanlal Sharma, Chief Minister of Rajasthan, Bhajanlal Sharma, Chief Minister of Rajasthan,
17:17Well, in a major development in the coal scam case, Delhi's Rouse Avenue Court has convicted all accused in the 17th case related to the scam.
17:25Now, those convicted included the owners of Roongta Projects.
17:29Investigations revealed that incorrect information was provided to the Coal Ministry regarding the company's capacity and land.
17:35The court will announce the sentence on the 7th of October.
17:38The case is related to the allocation of coal blocks of Uttar Sector C and Hurilong Coal in Jharkhand.
17:46Well, in a rather amusing turn of events, two unidentified men were arrested for duping an Ahmedabad-based bullion trader using fake notes.
17:54The notes featured Bollywood actor Anupam Kher's face instead of Mahatma Gandhi's.
17:59The counterfeiters had pasted the actor's picture on the 500 rupee notes worth 1.6 crore rupees.
18:06Besides the picture, the notes had resold Bank of India printed on them.
18:12Needless to say, the images went viral with Anupam Kher himself responding to the incident on social media saying, anything can happen.
18:24Several parts of Bihar are facing floods as incessant rains continue to cause havoc.
18:29Bihar's Sitamarhi is flooded after the embankment of the Bhagmati River was breached due to torrential rains.
18:35NDTV's Prabhakar Kumar sent in a ground report.
18:38Floods have caused devastation in around 13 districts of Bihar, especially rivers like Kosi, Gandak and Bhagmati.
18:47They have caused devastation, they have breached embankments at several places.
18:51We are right now in the Belsand region of Sitamarhi district in Bihar and this is where the Bhagmati River has caused devastation.
18:59It has breached one of the embankments and has flooded the entire region.
19:04This entire region, this is a subdivision of Sitamarhi, Belsand.
19:07And you can see out here the people, we are in one of the villages out here.
19:13The river, the water, the water of, this is the water, what you are seeing is the Bhagmati River flowing into their homes and villages.
19:22And as you move ahead, the water level will keep on rising.
19:26So these kind of devastation, these kind of scenes is being reported not only from Sitamarhi where I am standing,
19:33but also from Supol where a few of the embankments have been breached by river Kosi.
19:39And also in Darbhanga where Kosi again has caused devastation.
19:46Well, deadly rain-related landslides have also engulfed Nepal, causing floods that have killed nearly 200 people since Sunday,
19:53with at least 30 people still missing.
19:55The capital city Kathmandu has been under severe stress as flash floods and extensive damage were reported all across.
20:02The Indian Embassy in Nepal has begun rescue operations of Indian citizen standard in the country.
20:12At least keep the gods away from politics.
20:14That is what the Supreme Court's observation has been earlier today as it heard petitions related to the Tirupati Temple Laddu controversy.
20:21Now joined by Sunil Prabhu who has more on the apex court's pointed observations.
20:28The Supreme Court came down heavily against the Andhra Pradesh Chief Minister N. Chandrababu Naidu
20:33for speaking out, going ahead of the investigation that he ordered.
20:38The SIT has asked the Solicitor General Tushar Mehta to assist the court in deciding how they will go about this probe,
20:46whether it will be done by an SIT or an independent agency.
20:49But before doing that, it heard for nearly an hour both the petitioner as well as the Andhra Pradesh government,
20:56the petitioner saying that this hurts the religious sentiments, this is being done deliberately,
21:01which will really shake the faith.
21:04And it's in that backdrop that the Andhra Pradesh government was prodded by the two judges,
21:09Justice Gawai as well as Justice Vishwanath, asking and saying that there is no proof that the adulterated ghee was used in the laddus.
21:18That is a matter under investigation, there is nothing to show that animal fat has been used.
21:24They said please don't mix religion with politics, keep the gods away from politics,
21:29and saying that prima facie they haven't seen any evidence that adulterated ghee was used in the laddus.
21:37More importantly that there have been five vendors who have been supplying ghee to the TTT trust,
21:46and when they are mixed, how do you find out, how do you identify which one has been adulterated.
21:52It's in that backdrop now that the Supreme Court will hear the matter early on Thursday.
22:02Moving on to international news now, Israel has launched an airstrike on central Beirut in Lebanon.
22:07Over a thousand people were killed including Hezbollah leader Hassan Nasrallah.
22:11Videos from the scene show ambulances and crowds gathered near the destroyed buildings.
22:16Hezbollah deputy chief Naeem Qasim delivered his first address after Nasrallah's death.
22:21He said that Israel won't achieve its target and that the battle will be long.
22:25The Hezbollah will choose a new leader soon.
22:28Lebanon's health ministry also says that the fighting may have displaced up to a million people.
22:33Moving on to Japan now, where Shigeru Ishiba's victory in the prime ministerial race has sent shockwaves through the markets.
22:43With the Nikkei falling over 4% on Monday, the yen strengthened sharply, raising concerns about economic repercussions.
22:51This comes at a time when China's markets are on the rise.
22:55Ishiba has stated that he will call a national election on the 27th of October after assuming office.
23:06Golden Bullet has officially signed Olympic medallist Manu Bhakar as their brand ambassador.
23:11In an exclusive interview with NDTV, Manu Bhakar shared her thoughts on the partnership.
23:15She also spoke about her special moments from the Olympics, revealing that initially she wasn't very confident.
23:24While in the finals, while two steps away from the medal, I just kept telling myself, just one shot at a time.
23:30Just have focus right now, have faith right now and try and do your best.
23:35So truly, I'm honestly, I'm really honored to be a part of this team.
23:39And I feel like we have some things in common, such as like we all we both strive for precision quality.
23:47And actually, we want to deliver the best of the best things.
23:51So for me, also in my sport, it actually matters a lot to me.
23:56The precision, the quality and the dedication and everything, the longevity also in my career.
24:04So personally, I also strive for that.
24:07And the Golden Bullet brand also strives for that.
24:09So I feel like this is a great, great brand.
24:13And I'm really honored to be a part of it.
24:15And I hope like we make it together for a long, long time.
24:19Actually, truly, I will tell you that I did not know much about, you know, hand tools and fastener expo.
24:26But when I came here, I really wanted to know more about it because a developing nation we are.
24:32And I think every sector is developing and having such brilliant tools in this industry also.
24:40And how Golden Bullet has been doing so far in its journey.
24:44I mean, it's tremendous and absolutely brilliant efforts by the Golden Bullet brand.
24:51Well, actor-politician Mithun Chakraborty will be awarded the prestigious Adasaheb Phalke Award,
24:56which is the highest government honor accorded for contribution in the field of cinema.
25:00The actor will be felicitated at the 70th National Film Awards ceremony, which will be held on the 8th of October.
25:07The veteran actor dedicated the award to his family and fans.
25:11Sir, I will tell you the truth, I don't have any words.
25:15Neither can I laugh, nor can I cry with joy.
25:20It's such a big thing.
25:22From where I am coming from Kolkata, from such a blind land,
25:28I have fought and come here.
25:32I can't even think of such a big honor for that boy.
25:38Literally, I am overwhelmed.
25:41That's all I can say. I am dedicating this to my family and my fans all over the world.
25:50Wherever they are, to all of them.
25:55Well, that's all we have time for on this edition of Profit360.
25:58Thank you very much for joining us.
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