Sebi cuts listing time to T+3 working days for debt securities issue

by Hansraj Agrawal | Sep 26, 2024 | Share Market

2 min read Last Updated : Sep 26 2024 | 7:09 PM IST

Sebi on Thursday decided to reduce the timeline for listing of public issue of debt securities to three working days from six days at present, to facilitate faster access to funds.

This new timeline will be optional for the first year and mandatory thereafter.

“It has been decided to reduce the listing timeline in case of public issue of debt securities and NCRPS to T+3 working days from the existing timeline of T+6 working days,” the Securities and Exchange Board of India (Sebi) said in a circular.

The move would help in enabling faster access to funds for issuers.

Also, the move would align the listing timeline in case of the public issue of debt securities and non-convertible redeemable preference shares (NCRPS) with that of non-convertible securities issued on a private placement basis and specified securities.

Further, to ensure ease of compliance for issuers, the listing timeline of T+3 working days will be applicable on a voluntary basis to public issues of debt securities and NCRPS opening on or after November 1, 2024, and on a mandatory basis from November 1, 2025.

Earlier this week, Sebi streamlined the application process for public issues of debt securities by asking individual investors applying for amounts up to Rs 5 lakh through intermediaries to use only UPI to block funds.

Further, investors will continue to have the choice of availing other methods like applying through Self-Certified Syndicate Banks or the stock exchange platform for making applications.

Before that, Sebi amended rules to reduce the period for seeking public comments on the draft offer documents from 7 working days to one day for issuers whose specified securities are already listed and five days for other issuers.

Also, the minimum subscription period has been cut from 3 to 2 working days. Further, in case of revision in the price band or yield, the bidding period disclosed in the offer documents, can be extended by one working day instead of three working days.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 26 2024 | 7:09 PM IST

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Biocon signs licensing and supply agreement with Tabuk Pharmaceutical

by Hansraj Agrawal | Sep 26, 2024 | Share Market

Last Updated : Sep 26 2024 | 7:16 PM IST

To commercialize its GLP-1 products in MENA region

Biocon announced the signing of a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company (a fully-owned subsidiary of Astra Industrial Group), a leading pharmaceutical company in the Middle East and North Africa (MENA) region, to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.

Under the terms of this agreement, Biocon will develop and manufacture the products and Tabuk Pharmaceuticals will hold the marketing authorization rights, and be responsible to register, import, and promote them in the region. The agreement also provides for a provision to expand to other GLP products, as well as the option of a tech transfer that will enable localized manufacturing at a later stage.

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First Published: Sep 26 2024 | 7:00 PM IST

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Netweb receives Intel Partner Award for Outstanding Growth – Data Center & AI Group

by Hansraj Agrawal | Sep 26, 2024 | Share Market

Last Updated : Sep 26 2024 | 7:04 PM IST

Netweb Technologies India announced that Intel Corporation has recognized the company with an Intel Partner Award in the category of Outstanding Growth – Data Center & AI Group.

The company has been delivering AI-ready solutions for enterprises focusing on the AI-First strategy to provide exceptional capabilities for its customers and improve overall organisation efficiency. The company is also actively pursuing setting up a Private AI lab for universities and research institutions looking to leverage AI’s power to effect transformative changes. Furthermore, Netweb has a complete stack and platform for sovereign AI cloud with its Make in India Servers.

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First Published: Sep 26 2024 | 6:58 PM IST

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Tejas Networks inaugurates Center of Excellence for Wireless Communication

by Hansraj Agrawal | Sep 26, 2024 | Share Market

Last Updated : Sep 26 2024 | 6:16 PM IST

Also launches its indigenous Massive MIMO Radio

Tejas Networks today announced that Jyotiraditya M. Scindia, Hon’ble Union Minister of Communications and Development of North Eastern Region inaugurated Tejas Center of Excellence for Wireless
Communications at their Bangalore Headquarters. As a part of the visit, the Hon’ble Union Minister also launched the company’s indigenously designed 32T32R Massive MIMO radio capable of delivering 1+ Gbps download speeds using 5G mid-band spectrum.

The Tejas Center of Excellence for Wireless Communications at Tejas Networks seeks to advance research in frontier technologies, standards and architectures that will underpin next-generation mobile networks as they evolve towards 6G and beyond. The Center of Excellence houses state-of-the-art modeling tools and test infrastructure to design, prototype and commercialize innovative wireless products and solutions that will support emerging usage scenarios and applications as envisaged in ITU-R’s IMT-2030 (International Mobile Telecommunications) framework. The center currently focuses on contributions in emerging
areas such as AI/ML, Integrated Sensing and Communications (ISAC), Massive MIMO, Terahertz Communications, Reconfigurable Intelligent Surfaces (RIS), Sub-band Full Duplex (SBFD) among others.

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First Published: Sep 26 2024 | 6:05 PM IST

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Nifty October futures trade at premium

by Hansraj Agrawal | Sep 26, 2024 | Share Market

Last Updated : Sep 26 2024 | 4:50 PM IST

NSE India VIX tumbled 7.12% to 11.84.

The Nifty October 2024 futures closed at 26,285.25, a premium of 62.20 points compared with the Nifty’s closing 26,216.05 in the cash market.

In the cash market, the Nifty 50 added 211.90 points or 0.81% to 26,216.05.

The NSE’s India VIX, a gauge of market’s expectation of volatility over the near term, dropped 7.12% to 11.84.

Tata Motors, Reliance Industries and State Bank of India were the top traded individual stock futures contracts in F&O segment of NSE.

The October 2024 F&O contracts will expire on 31 October 2024.

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First Published: Sep 26 2024 | 4:24 PM IST

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Linc rallies after inking JV agreement with SILKA

by Hansraj Agrawal | Sep 26, 2024 | Share Market

Last Updated : Sep 26 2024 | 4:04 PM IST

Linc jumped 3.22% to Rs 748.90 after the company entered into joint venture agreement with Silka Kirtasiye Imalat Sanayi Ve Ticaret (SILKA) to carry out manufacturing of Writing Instruments in Turkiye.

The company has proposed Joint venture company (JVC), Silka Linc Imalat Anonim Sirketi. The initial capital of the company shall be $1 million or equivalent amount.

As per the terms of the agreement, both INC and SILKA have right to appoint 2 directors each at the JVC. The chairman of the board of the JVC shall be a director nominated by LINC, managing director of the JVC shall be nominated by SILKA, LINC have the right to appoint Auditors at the JVC.

The shareholding of SILKA and LINC in the JVC will be 50% each.

Meanwhile, the company has also entered into joint venture agreement with Mitsubishi Pencil Company (Mitsubishi) to carry out manufacturing and sales of high quality yet affordable writing instruments tailored for Indian consumer.

The company has proposed joint venture company, Uni Linc. The initial paid-up capital of the company shall be an amount of Rs 20 crore. Mitsubishi will hold a 51% stake in the joint venture company, while Linc will hold a 49% stake.

As per the term of the agreement, 2 (two) directors shall be nominated by MITSUBISHI and 1 director shall be nominated by LINC in the JVC, LINC nominee director shall be appointed as the chairman of the JVC, one of the MITSUBISHI nominee directors, shall be appointed as the managing director of the JVC, MITSUBISHI have the right to appoint auditors at the JVC.

Deepak Jalan, managing director of Linc Limited, stated – We are excited to strengthen our long-term partnership with Mitsubishi Pencil Company, with whom we have shared over 30 years of exclusive collaboration. This joint venture allows us to offer advanced Japanese technology at more affordable price points, creating a unique synergy between innovation and market expertise. We are confident that this partnership will set a new benchmark in the Indian writing instruments industry and open up new avenues in global markets as well.

Linc, Indias leading manufacturers and exporters of writing instruments and allied stationery products

The companys standalone net profit jumped 13.28% to Rs 8.36 crore in Q1 FY25 as compared with Rs 7.38 crore in Q1 FY24. Net sales increased 14.2% YoY to Rs 127.75 crore in Q1 FY25.

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First Published: Sep 26 2024 | 3:55 PM IST

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