Business

17

Oct

By The Press Editor

Business

India’s largest IPO in the making: How Jio Platforms is set to reshape the stock market landscape

Reliance Jio is officially setting the stage for India's largest initial public offering (IPO) in history, with a size projected between Rs 30,200 crore and Rs 37,700 crore. Significantly, all proceeds from the offering represent new capital flowing directly into Jio and not to existing shareholders selling out. According to the red herring prospectus, proceeds will go toward prepaying borrowings of Reliance Jio Infocomm, the telecom subsidiary, and general corporate purposes. Moreover, the Jio Platforms IPO is set to be much larger than LIC and Paytm. Upon its market debut, Jio is projected to sit comfortably among India's top four…

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16

Oct

By The Press Editor

Business

Ahead of IPO, Isha Ambani reveals how a slow internet connection led to the birth of Jio

Ahead of the much-awaited initial public offering (IPO) of Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, Isha Ambani revealed how a failed attempt at uploading a college assignment back in 2009-10 because the "internet did not work" sparked the conversations that eventually led to the creation of Jio. Addressing a press conference ahead of the Jio Platforms' IPO, at a cap price that works out to over Rs 30,200 crore and India's largest public market offering so far, Isha recalled how she and her brother Akash started deep conversations about why India should not be left…

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16

Oct

By The Press Editor

Business

Tech Mahindra share price jumps nearly 8% as Q2 profit rises 33%, board recommends 1:1 bonus shares

Shares of IT services firm Tech Mahindra are in action after the company reported a 32.74 per cent jump in consolidated net profit. The stock has gained even as benchmark indices remained volatile. The counter opened with a gap up at Rs 1,714.95, up 4.02 per cent from the previous close of Rs 1,648.70 on the BSE. Amid firm buying, the stock gained further and touched the intraday high of Rs 1,777.25, representing a gain of Rs 128.55 or 7.79 per cent. Last seen, the stock traded at Rs 1761.70, up Rs 113 or 6.85 per cent. The market cap of the company…

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16

Oct

By The Press Editor

Business

Jio Platforms IPO pricing is ‘attractive’, investors can make strong returns: Uday Kotak

Veteran banker Uday Kotak said the upcoming Jio Platforms initial public offering (IPO) is priced "attractive" for investors, adding that the parent, Reliance Industries, has believed this since its own public issue in 1977. "Jio platforms, on a relative basis, have made it attractive for investors," Kotak, the founder-director of private sector lender Kotak Mahindra Bank, said. The company is issuing 270 million new equity shares in a price band of Rs 1,065 to Rs 1,119 per share. According to Kotak, based on estimated earnings for fiscal year 2025-26, Jio's valuation is approximately 34 times, while its top competitors are…

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16

Oct

By The Press Editor

Business

Tesla’s ‘flying car’ claims under fire as expert says cars cannot fly like rockets

Tesla on Friday unveiled its new Roadster sports car, which can thrust itself up in the air. But drivers shouldn't expect to take it for a spin anytime soon. The new car has attracted widespread attention. In the video shared on social media, the car climbs a curved ramp, flips, and after remaining airborne for a while, lands safely on the ground. It is being presented as a flying car. However, automobile experts have raised questions about this demonstration. They say that the acrobatics shown in the video are difficult to achieve on a production level. Elon Musk's electric car…

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16

Oct

By The Press Editor

Business

Akash Ambani outlines Jio Platforms’ strategy ahead of IPO, says scaling up services will boost revenue

Ahead of what is set to be India's largest initial public offering, Jio Platforms Managing Director Akash Ambani said that the company plans to drive revenue per customer by selling more services rather than lifting tariffs. "We always have the ability to take up prices," Ambani said at a press conference in Mumbai, but added the company would rather offer more services and charge for them than rely on price per gigabyte as its main lever. Ambani said Jio charges about Rs 4.9 per gigabyte, below the industry average of Rs 7.5, with customers using 43.7 GB a month. Emphasis…

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16

Oct

By The Press Editor

Business

This jewellery stock jumps 18% to hit fresh 52-week high: What is behind today’s strong rally?

Shares of PC Jeweller surged more than 18 per cent to a fresh 52-week high after Aditya Kumar Halwasiya, Chairman and Managing Director of Cupid Limited, bought 5.10 crore shares of the company. The shares were purchased after paying Rs 14.43 per share, and the total value stood at around Rs 73.59 crore. The counter opened with a 3.73 per cent gain at Rs 15. Amid firm buying, the stock jumped to an intraday high of Rs 17.13, a gain of 18.46 per cent from the previous close. This is also its fresh 52-week high. The stock's 52-week low is…

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16

Oct

By The Press Editor

Business

Air India, IndiGo extend cancellation of Saudi Arabia flights until late October, check dates

Amid worsening security conditions and escalating conflict, major Indian carriers, Air India and IndiGo, have announced a further extension of flight suspensions to Saudi Arabia. IndiGo has cancelled flights to Riyadh, Jeddah, Dammam, and Medina until October 24, 2026, while Air India has extended suspensions to and from Riyadh, Dammam, and Jeddah until October 20. Sharing the details on social media platform X, IndiGo said it made the decision after assessing the evolving situation in Saudi Arabia. The airline is notifying affected passengers through the contact details provided at the time of their booking.  Akasa Air too extends suspension Akasa…

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16

Oct

By The Press Editor

Business

DDA Karmayogi Awas Yojana offers 25% discount on ready-to-move flats, apply by October 31

New Delhi: Good news for government employees dreaming of owning a home in Delhi. Under the Delhi Development Authority's (DDA) Karmayogi Awas Yojana, serving and retired government employees can avail themselves of a special 25 per cent discount on ready-to-move flats. Bookings are being accepted on a First Come, First Served (FCFS) basis, giving eligible applicants an opportunity to secure a home without waiting for construction to be completed. However, the deadline is approaching. Interested applicants have until October 31, 2026, to apply under the scheme. Who can apply under DDA Karmayogi Awas Yojana? The Karmayogi Awas Yojana has been…

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16

Oct

By The Press Editor

Business

Stock markets extend recovery for second consecutive session, IT stocks led the gains

Benchmark indices Sensex and Nifty extended the recovery for the second straight session as buying interest in select heavyweights, particularly technology stocks, picked up after a flat open. The rupee also strengthened against the US dollar, offering some relief to domestic sentiment. The 30-share BSE Sensex closed 413.66 points or 0.56 per cent higher at 74,729.27. During the day, the benchmark hit a high of 74,778.78 and a low of 74,012.99, gyrating 765.79 points. Similarly, the 50-share NSE Nifty gained 148.80 points or 0.65 per cent to close at 23,146.15. However, the broader market ended the session in the red. The BSE…

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