SEBI Bans Futures Trading In Seven Commodities

The Securities and Exchange Board of India (SEBI) has banned futures trading on seven commodities. The commodities are paddy (non-basmati), wheat, chana, mustard seeds and their derivatives, soya bean, crude palm oil, and moong. The move comes in the wake of the opposition that the incumbent government is facing in the wake of the country’s rising inflation rates. The food inflation in India has gone up from 0.85% in the previous month to 1.87%. 

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Shriram Properties Shares List at 24% Discount, Manage To Recover

Real estate developer Shriram Properties got listed today at 20% lower than its issue price of Rs 94. Shriram Properties’ issue price was Rs 118. The share price recovered, touching Rs 102-Rs 103 and closing at Rs 98. Shriram Properties posted a loss of Rs 60.03 crore in the six months ended September 2021. In FY21, the company’s loss narrowed to Rs 68.17 crore from Rs 86.39 crore a year ago. The company’s revenue decreased to Rs 431.5 crore from Rs 571.96 crore during the same period.

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Axis Bank to Raise Rs 5,000 Crore Using Bonds

Axis Bank will raise up to Rs 3,500 crore by issuing bonds. The board of directors had recently voted to allow the bank to borrow up to Rs 35,000 crores using debt instruments, perpetual debt instruments, AT-1 bonds, infrastructure bonds, Tier II capital bonds, etc. “We now wish to inform you that the Bank proposes to raise funds by issuing Senior Unsecured Taxable Redeemable Non- Convertible Debentures (Series – 6) of Rs.10 lakh each for cash at par with a base issue size of Rs 2,000 crore and Greenshoe option to retain oversubscription of Rs. 3,000 Crore thereby aggregating up to Rs. 5,000 crore”, said Axis Bank in a regulatory filing. 

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Supriya Lifescience IPO Oversubscribed 71x On Final Day

On its final day, Supriya Lifescience IPO has oversubscribed nearly 71 times. The public issue subscribed 55.76 times in the retail category, 31.83 times in the Qualified Institutional Buyers (QIB) category, and 161.22 times in the Non-Institutional Investor (NII) category. The Basis of Allotment would be decided on Dec 23, 2021. The shares will tentatively list on Dec 28, 2021.

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Royal Enfield Recalls 26,300 Units Of Classic 350 Due To Potential Brake Issue

Eicher Motors-owned Royal Enfield has recalled nearly 26,300 units of its 2021 variant of Classic 350 motorcycles citing a potential issue with the brakes. The company said in an official statement that a higher braking load applied on the rear brake pedal can potentially damage the reaction bracket. Local dealerships and service stations may call consumers whose Vehicle Identification Number (VIN) falls within September 1 to December 5, 2021. Consumers can check out the website or reach out to the nearest workshop. 

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Vedanta Acquires Nicoment, Becomes Only Nickel Producer In India

Vedanta Ltd has acquired Goa-based Nicoment, a leading nickel, and cobalt producer, making it the sole Nickel producer in India.  Currently, India imports 100% of its nickel requirement from abroad. Nicolet has a capacity to produce 7.5 tonnes per annum of nickel and cobalt. With an ambitious plan in the place, Vedanta plans to meet 50% of India’s Nickel requirements.

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Equitas Small Finance Bank Becomes banking partner for Maharashtra Govt.

Equitas Small Finance Bank announced on Monday that it is now empanelled as the banking partner for the Government of Maharashtra. The move will enable Equitas to open salary accounts for all existing employees and pension accounts for pensioners for the Government of Maharashtra. The other three banks assigned with the role of disbursing salaries are Bandhan Bank, Karur Vysya Bank, and The South Indian Bank.

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ITI Limited receives ₹433 cr worth order from Tamil Nadu Govt.

Indian Telephone Industries Limited (ITI) has received an order from TANFINET (Tamil Nadu Fibrenet Corporation Limited) (A Govt. of Tamil Nadu Undertaking) regarding BharatNet Phase-II. The contract would amount to Rs 433 crore. Under the project, ITI will be covering 10 districts, 109 blocks, 3103 Gram Panchayats, 845 Revenue villages across Tamil Nadu, providing a minimum of 1 Gbps bandwidth service.

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Wipro to acquire cybersecurity firm Edgile for $230 million

Wipro Limited has decided to acquire Texas-based headquartered Edgile for a consideration of $230 million. Edgile is a cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity. Together, Wipro and Edgile will develop Wipro CyberTransform, an integrated suite that will help enterprises enhance boardroom governance of cybersecurity risk, invest in robust cyber strategies, and reap the value of practical security in action.

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