No change in petrol and diesel prices today: BharatPe signs agreement with Ashneer Grover, SEBI approval to Vishal-Megamart and Swiggy for IPO

Yesterday’s big news was related to SEBI. SEBI has objected to the funds raised through PO being used to repay the loan of the promoter or promoter group. BharatPe has reached a conditional settlement with its former co-founder Ashneer Grover over the disputes.

Before tomorrow’s big news, today’s major events to keep an eye on…

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1. Companies are repaying promoter’s loan by raising funds from IPO: Market regulator SEBI expressed objection, many IPO applications stuck.

Securities Exchange Board of India i.e. SEBI has objected to the funds raised through Initial Public Offering (IPO) being used to repay the loan of the promoter or promoter group. Market regulator SEBI has asked many companies applying for IPO to change the purpose of using their IPO funds.

Besides, companies have also been asked to take recourse to other financial mediums to repay the promoter loan. Due to this, many IPO applications are getting delayed in getting approved. This information has been received from media reports.

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2. SEBI approval to Vishal-Megamart and Swiggy for IPO: Total 5 companies allowed to issue, Swiggy can launch IPO in November.

Market regulator Security and Exchange Board of India (SEBI) has given permission to total 5 companies including Swiggy and Hyundai Motor India to launch their Initial Public Offering i.e. IPO.

The market regulator today (Monday, September 30) also gave approval to Acme Solar Holdings, Vishal Mega Mart and Mamta Machinery to go ahead with their IPO schemes.

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3. India’s current account deficit widens in Q1 FY25: Reaches $9.7 billion in April-June quarter, 1.1% of GDP

India’s current account deficit (CAD) has increased marginally to $9.7 billion in the first quarter (April-June) of the financial year 2024-25, which is 1.1% of GDP. It was $8.9 billion (1.0% of GDP) in the April-June quarter of FY 2023-24.

At the same time, there was a surplus of $ 4.6 billion (0.5% of GDP) in the fourth quarter of the financial year 2023-24. The Reserve Bank of India has released these figures on September 30. RBI said the growth in CAD on an annual basis was due to an increase in the merchandise trade deficit. This increased to $65.1 billion in the first quarter of FY2025, from $56.7 billion in the first quarter of FY2024.

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4. BharatPe reached a settlement with Ashneer Grover: Both parties withdrew the case, had to leave the company after controversies in 2022.

Fintech company BharatPe has reached a conditional settlement with its former co-founder Ashneer Grover over disputes. Under the terms, Grover will not be associated with the company in any way nor will he be a part of its shareholding.

BharatPe said in an official statement on Monday that some of Grover’s shares will be transferred to the ‘Resilient Growth Trust’ for the benefit of the company and his remaining shares will be managed by his family trust.

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5. Diffusion Engineers IPO filled 27.74 times in two days: Subscribed 34.85 times in retail category, today is the last day of bidding.

Today is the last day to bid for the Initial Public Offer i.e. IPO of Diffusion Engineers Limited. This issue was opened on 26 September. In the last two trading days, Diffusion Engineers’ IPO was subscribed a total of 27.74 times.

The issue was subscribed 34.85 times in the retail category, 0.28 times in the Qualified Institutional Buyers (QIB) category and 47.39 times in the Non-Institutional Investors (NII) category. The company’s shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 4.

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6. Updated Citroen Aircross SUV launched, starting price ₹ 8.49 lakh: Features like 6 airbags and automatic AC in the car, competes with Hyundai Creta.

Citroen India has launched the updated version of Citroen C3 Aircross in the Indian market. The company has introduced the car with the name Aircross SUV. It was recently showcased at the launch event of the Basalt SUV coupe.

The updated SUV has been updated with features like LED projector headlights, 6 airbags and automatic AC. Apart from this, the company has also given the option of a new naturally aspirated petrol engine in the car.

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No change in the interest rates of Small Saving Scheme: Rates have not changed since December-2023, Sukanya Samriddhi will continue to get 8.2% interest.

The government has not made any changes in the interest rates of small savings schemes for the October-December quarter for the third consecutive quarter. On Monday (September 30), the Finance Ministry issued a notification giving this information.

Earlier, there was no change in interest rates in the April-June (Q1FY25) and July-September (Q2FY25) quarters. That is, the interest rates on all small savings schemes including Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) will remain unchanged for the Q3FY25 quarter.

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