Business
Pine Labs IPO Day 1 LIVE Updates: Issue Receives 0.13x Subscription, Retail Quota Booked Over 50%
Pine Labs IPO GMP Today, Price, Allotment & Listing Date: Fintech firm Pine Labs on Friday launched its initial public offering (IPO) to raise Rs 3,899.91 crore. The IPO, whose price has been fixed at Rs 210-221 apiece, will be closed on Tuesday, November 11. The company raised Rs 1,754 crore from anchor investors on Thursday, a day before the IPO.
The anchor book saw participation from 71 funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore Pte Ltd, Amundi Funds New Silk Road, Massachusetts Institute of Technology, BNP Paribas and Eastspring Investments, according to a circular uploaded on BSE’s website.
Pine Labs IPO GMP Today
According to market observers, unlisted shares of Pine Labs are currently trading at Rs 233 apiece in the grey market, which is a 5.43% premium (or GMP) at Rs 12 over the upper IPO price of Rs 221, indicating mild listing gains for investors.
The GMP was nearly 16% last week.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Pine Labs IPO: Should You Apply?
Brokerages have given a mixed response to the Pine Labs IPO, with views split between long-term optimism and near-term caution. While some see strong potential in its business model, others find the valuation steep given its loss-making status.
Cautious Voices
Arihant Capital advised investors to avoid the issue, citing losses at the PAT level and high employee and technology costs. Swastika Investmart also suggested avoiding the IPO for now, calling it “aggressively valued” with limited short-term visibility. Angel One rated it neutral, noting that the company remains loss-making and trades at a premium to peers on an EV/EBITDA basis, while warning of risks like regulatory uncertainty and intense competition.
Long-Term Optimism
On the other hand, SBI Securities gave a ‘subscribe for long-term’ rating, citing Pine Labs’ strong network of 9.8 lakh merchants and Rs 276 trillion market opportunity by FY29. It said the firm is well placed to deliver profitable growth. IDBI Capital also recommended ‘subscribe for long-term’, highlighting Pine Labs’ Rs 11,424.97 billion transaction volume in FY25 and its strategic acquisitions that strengthen its digital infrastructure ecosystem.
Pine Labs IPO: Opening, Closing, Allotment, Listing Dates
The IPO was opened on November 7 and will be closed on November 11. Its allotment will be finalised on November 12, while the stock listing is scheduled to take place on November 14 on both BSE and NSE.
Business
Airlines cancel more than 700 U.S. flights as FAA-ordered shutdown cuts begin
Travelers wait in line at a security checkpoint at O’Hare International Airport in Chicago, Illinois on November 7 2025.
Kamil Krzaczynski | Afp | Getty Images
U.S. airlines started cancelling hundreds of flights on Friday, hours after the Federal Aviation Administration ordered the cuts amid the more-than-monthlong government shutdown.
The cuts were ordered as air traffic controllers have missed their paychecks due to the government shutdown, now the longest in U.S. history. Air traffic control staffing shortages have been disrupting flights at several major U.S. airports, vexing travelers and airline executives alike.
Air traffic controller shortages were delaying flights at several major U.S. airports on Friday, including Newark Liberty International Airport in New Jersey, San Francisco International Airport and Hartsfield-Jackson International Airport in Atlanta.
The sudden flight cuts this week forced airlines to scramble with schedule adjustments and make sure crews are where they need to be despite the last-minute changes.
More than 700 U.S. flights were canceled as of 9 a.m. ET Friday, according to aviation data firm Cirium, about 3% of the total schedule for the day. That scale of disruption is fairly common for routine disruptions like major thunderstorms, but the Department of Transportation warned that cancellations could ramp up.
According to the FAA’s order, the flight cuts will increase to 10% over the next week, beginning with 4% on Friday, 6% by Tuesday, 8% by Thursday and finally 10% on Nov. 14.
Friday’s cancellation levels were the 72nd worst for the U.S. flights market since Jan. 1, 2024, according to Cirium. That period also included a Southwest Christmas meltdown after severe weather and mass delays at Delta Air Lines last summer in the wake of a CrowdStrike tech outage.
The financial impact of the latest disruptions isn’t immediately clear. The cancellations could help lift airlines’ unit revenue with customers competing for fewer seats, “but we also believe the prolonged shutdown and widespread cancelations will impact booking demand in the near term,” Scott Group, an airline analyst at Wolfe Research, wrote in a note Friday.
The cuts come during a generally low-demand period for travel ahead of the Thanksgiving holiday, but it still sent many travelers searching for alternatives. Rental car company Hertz said that reservations over the past two days for one-way rentals spiked more than 20% from the same period last year.
Major network airlines said the disruptions were largely centered on regional flights that fly to smaller cities. United Airlines, for example, said its hub-to-hub flying and its long-haul international flights wouldn’t be canceled because of the order.
American Airlines, for its part, said it was limiting disruptions to customers by avoiding cuts to routes it only flies once or twice a day. Instead, the airline is trimming a few flights a day from high-frequency markets – like reducing daily departures between its hub at Dallas Fort Worth International Airport to Northwest Arkansas National Airport from 10 to eight, and Boston Logan International to Ronald Reagan Washington National from 10 to nine.
The airline canceled 221 flights on Friday, according to CEO Robert Isom, who said the airline is “frustrated” with the reduction.
Isom said on CNBC’s “Squawk Box” that the airline is working to ensure flights to all destinations still remain in place, but that the frequency of those flight paths are decreasing.
“What we’ve done today is we tried to minimize the impact on all of our customers — there’s only 220 flights out of 6,200, flights, and we’ve done it in a way that really impacts our smaller aircraft,” Isom said. “This level of cancellation is going to grow over time, and that’s something that is going to be problematic.”
What passengers need to know
Airlines offered travelers alternative flights and waived change fees for affected customers.
Experts recommend staying on top of changing schedules by checking airline apps and websites, as well as checking the fine print on travel insurance.
AAA spokesperson Aixa Diaz said the company recommends arriving at the airport 2 hours early to avoid long lines and avoid checking in a bag if possible in case flights get canceled, though flexibility will be the most important for all travelers during this period.
Travel insurance experts warn that policies don’t always offer blanket protection for shutdown-related changes, and that refunds can often come down to the specific rationale used by the airline to determine the cause of delay or cancellation.
According to Lauren McCormick, a spokesperson for travel insurance platform Squaremouth, airlines sometimes won’t cite causes other than general delays even during a shutdown, which could make it harder to get a refund.
Here’s where flights are expected to be cut, per the FAA and DOT order:
Impacted airports:
- ANC – Anchorage International
- ATL – Hartsfield-Jackson Atlanta International
- BOS – Boston Logan International
- BWI – Baltimore/Washington International
- CLT – Charlotte Douglas International
- CVG – Cincinnati/Northern Kentucky International
- DAL – Dallas Love
- DCA – Ronald Reagan Washington National
- DEN – Denver International
- DFW – Dallas/Fort Worth International
- DTW – Detroit Metropolitan Wayne County
- EWR – Newark Liberty International
- FLL – Fort Lauderdale/Hollywood International
- HNL – Honolulu International
- HOU – Houston Hobby
- IAD – Washington Dulles International
- IAH – George Bush Houston Intercontinental
- IND – Indianapolis International
- JFK – New York John F. Kennedy International
- LAS – Las Vegas McCarran International
- LAX – Los Angeles International
- LGA – New York LaGuardia
- MCO – Orlando International
- MDW – Chicago Midway
- MEM – Memphis International
- MIA – Miami International
- MSP – Minneapolis/St. Paul International
- OAK – Oakland International
- ONT – Ontario International
- ORD – Chicago O’Hare International
- PDX – Portland International
- PHL – Philadelphia International
- PHX – Phoenix Sky Harbor International
- SAN – San Diego International
- SDF – Louisville International
- SEA – Seattle/Tacoma International
- SFO – San Francisco International
- SLC – Salt Lake City International
- TEB – Teterboro
- TPA – Tampa International
(The airport in Las Vegas was renamed the Harry Reid International Airport in 2021.)
— CNBC’s Greg Iacurci contributed to this report.
Business
US stock market today: Wall Street futures dip as tech slide deepens; Nasdaq set for biggest weekly drop since March – The Times of India
US stock futures edged lower on Friday, setting the stage for a rough weekly finish as worries about economic slowdown and stretched valuations in the technology sector dampened investor sentiment.The three major indexes — the Dow Jones Industrial Average, S&P 500, and Nasdaq, are all on track for steep weekly declines. The Nasdaq, which tumbled nearly 2% on Tuesday, is heading for its worst week since March, while the S&P 500 and Dow are both braced for their biggest weekly losses in four weeks.At 7.30 am ET, Dow futures were down 120 points, or 0.26%, S&P 500 futures slipped 19 points, or 0.27%, and Nasdaq 100 futures fell 90.5 points, or 0.36%.This year’s rally, driven by enthusiasm around artificial intelligence, has sent markets to record highs. But growing skepticism over AI’s profitability and excessive valuations has cooled sentiment in recent sessions.Tesla shares were steady in premarket trading after shareholders approved CEO Elon Musk’s record-breaking pay package. Intel gained 0.8% after Musk hinted at possible discussions to produce chips with the company.Of the 424 S&P 500 firms that have reported third-quarter results so far, 83% have beaten Wall Street expectations, the best showing since mid-2021, according to LSEG data. Typically, about two-thirds of companies surpass estimates.Sandisk shares rose 4% after strong first-quarter earnings, lifting other data storage stocks. However, payments firm Block plunged 15% after missing profit forecasts amid slowing growth and intensifying competition.Meanwhile, the ongoing US government shutdown has created gaps in official economic data, forcing traders and the Federal Reserve to rely on private indicators, which this week painted a mixed picture on jobs and layoffs.
Business
McDonald’s U.S. boss puts focus on ‘value and affordability’ as consumer spending splits
McDonald’s Meal Deal photographed in Washington, D.C., on Aug. 26, 2024.
Scott Suchman | The Washington Post | Getty Images
McDonald’s leadership is urging operators to stay the course on value offerings as the competition for consumers plays out across the restaurant space.
In a memo to U.S. operators following the company’s third-quarter earnings, McDonald’s U.S. President Joe Erlinger said the brand was “moving in the right direction” as it continues a more-than-yearlong push on value.
“Amid industry pressures, dynamic change, and aggressive competition, winning the fight for contracting traffic means staying customer-obsessed,” Erlinger wrote in the memo, which was viewed by CNBC. The company did not immediately respond to request for comment.
On Wednesday, McDonald’s reported earnings per share and revenue that came in below Wall Street expectations, but its same-store sales were a bright spot, posting positive growth across all segments.
U.S. same-store sales increased more than anticipated, up 2.4%, thanks to a boost from the $2.99 Snack Wrap launch and the introduction of its Extra Value Meals, which Erlinger said drew week-to-week growth.
“While we maintained a positive comp guest count gap, overall [guest counts] continue to decline– underscoring the need for disciplined pricing, value, and affordability,” he wrote in the memo.
Erlinger said the company has “the right plan in place” and said it was poised for a strong fourth quarter, including the benefit of annual comparisons to last year’s E. coli outbreak that dented burger sales.
“We still need to keep our foot on the gas– staying focused on the customer and what we can control,” he said.
CEO Chris Kempczinski told analysts this week that the fast-food chain is seeing signs of a bifurcated consumer base among quick-service restaurants.
He noted “QSR traffic from lower-income consumers declining nearly double-digits in the third quarter, a trend that’s persisted for nearly two years.
“In contrast, QSR traffic growth among higher-income consumers remains strong, increasing nearly double-digits in the quarter. We continue to remain cautious about the health of the consumer in the U.S. and our top international markets, and believe the pressures will continue well into 2026,” he said.
In a separate memo to global operators, Kempczinski said the brand will continue to focus on “sharpening value leadership to meet evolving consumer expectations and increase traffic.”
He added McDonald’s will be “investing in high-potential menu categories– especially Chicken and Beverages– to stay competitive and drive growth.”
McDonald’s is currently testing beverages in 500 restaurants across Wisconsin and Colorado that draw on learnings from its now-shuttered beverage concept, CosMc’s.
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