Business
PNB Shares Recover After Fall After It Reported Rs 2,434 Crore Loan Fraud
Mumbai: Shares of state-owned lender Punjab National Bank on Monday recovered after an earlier fall, after it reported a loan fraud of Rs 2,434 crore last week, allegedly committed by former promoters of SREI Equipment Finance Ltd (SEFL) and SREI Infrastructure Finance Ltd (SIFL).
PNB’s shares had fallen as much as 3.1 per cent to Rs 116.6 apiece earlier in the day, but were trading at Rs 120.55, up 0.15 per cent at 11:44 am.
The PSU lender reported the loan fraud of Rs 2,434 crore to the Reserve Bank of India, alleging in a regulatory filing that the erstwhile promoters of SREI Equipment Finance Ltd and SREI Infrastructure Finance Ltd committed frauds of Rs 1,240.94 crore and Rs 1,193 crore, respectively.
The bank has made 100 per cent provisions against the entire outstanding amount, the filing added. The RBI, in October 2021, superseded the boards of SIFL and its wholly-owned subsidiary SEFL.
However, Srei group has challenged the forensic audit report as the basis for the fraud classification, noting the matter is subjudice.
Other banks such as Punjab &Sind Bank, Bank of Baroda, and Union Bank of India have also earlier declared a loan fraud in connection with Srei companies.
SEFL and SIFL, which carried combined financial debt of about Rs 32,700 crore, went through resolution under the Insolvency and Bankruptcy Code and were acquired by National Asset Reconstruction Company Ltd in December 2023.
The PSU’s shares showed robust performance across YTD, 1‑year, 3‑year and 5‑year horizons up 17.43 per cent, 18.84 per cent, 117.60 per cent and 263 per cent respectively, despite a decline of 3.17 per cent in one month.
PNB reported a 14 per cent rise in standalone net profit to Rs 4,904 crore for the September quarter of FY26 up from Rs 4,303 crore a year earlier.
The boss of cinema chain Everyman has stepped down less than three weeks after the company warned trading had been weaker than expected.
Everyman Media Group said on Monday that Alex Scrimgeour was leaving with immediate effect and would be replaced on an interim basis by non-executive director Farah Golant.
His sudden departure comes after the firm issued a trading update on 10 December where it cut its forecasts for revenue and earnings, sending its shares down 20%.
The cinema chain runs 49 venues across the UK and is known for its luxury seating and gourmet menus.
Mr Scrimgeour became chief executive of Everyman Media Group in January 2021 after heading French restaurant chain Cote Brasserie since 2015.
In its trading update earlier this month, the firm said trading at the end of the year had been “weaker than anticipated”. As a result, it expected revenues of £114.5m for 2025 and underlying earnings of at least £16.8m, down from previous forecasts of £121.5m and £19.9m respectively.
Chairman Philip Jacobson said Mr Scrimgeour had “played a pivotal role in the team that successfully led the business through its recovery from Covid, more than doubling revenue”.
Dan Coatsworth, head of markets at AJ Bell, said the outgoing boss had to “deal with a succession of crises from day one” including the cost-of-living, as well as the the pandemic.
However, he added: “The share price fell by 76% during his tenure and time had run out.
“While the cinema industry did manage to regain some of its sparkle post-pandemic, Everyman lost its edge in the market.”
Mr Coatsworth said the upmarket chain had once offered “a unique proposition”, but had since been copied by rivals, including Vue and Odeon, which have installed reclining seats and “also rolled out bars inside their cinemas”.
He added that it would be interesting to see if Blue Coast Private Equity, which owns a 29% stake in Everyman, would buy the chain, “opting to remove it from the public spotlight to enact a turnaround programme”.
Business
E to E Transportation Infra IPO Day 2: GMP At 83%; Issue Receives 123.77x Subscription So Far
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Unlisted shares of E to E Transportation Infra are trading at Rs 319 apiece in the grey market, which is 83% premium over the issue price of Rs 174, indicating a strong listing.
E to E Transportation Infrastructure IPO.
E to E Transportation Infrastructure IPO GMP: The initial public offering (IPO) of E to E Transportation Infrastructure Ltd witnessed its second day of bidding today, Monday, December 29. The price band of the Rs 84.22-crore IPO has been fixed in the range of Rs 164 and Rs 174. Till 5:40 pm on the second day of bidding on Monday, the IPO received a total of 123.77 times subscription, garnering bids for 39,83,49,600 shares as against 32,18,400 shares on offer.
Its retail category got a 166.21x subscription, while its non-institutional investor (NII) quota got a 181.29x subscription. Its qualified institutional buyer (QIB) category has received a 6.32x subscription.
E to E Transportation Infrastructure IPO GMP Today
According to market observers, unlisted shares of E to E Transportation Infrastructure Ltd are currently trading at Rs 319 apiece in the grey market, which is a 83.33 per cent premium over the issue price of Rs 174, indicating a strong listing. Its listing will take place on January 2, Friday, on the NSE’s SME platform.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
E to E Transportation Infrastructure IPO: More Details
E to E Transportation Infrastructure’s Rs 84.22-crore initial public offering is a book-built issue consisting entirely of a fresh issuance of 0.48 crore equity shares. The IPO opened for subscription on December 26, 2025, and will close on December 30, 2025, with allotment expected to be finalised on December 31. The company is slated to make its debut on the NSE SME platform on January 2, 2026.
The price band for the issue has been fixed at Rs 164-Rs 174 per share. Investors can apply in lots of 800 shares. At the upper end of the band, retail investors are required to invest a minimum of Rs 2.78 lakh for two lots (1,600 shares), while high-net-worth individuals must bid for at least three lots (2,400 shares), translating to an investment of Rs 4.18 lakh.
Hem Securities Ltd is acting as the book-running lead manager to the issue, while MUFG Intime India Pvt Ltd has been appointed as the registrar. Hem Finlease Pvt Ltd will serve as the market maker.
Incorporated in 2010, E to E Transportation Infrastructure is an ISO 9001:2015-certified company that provides system integration and engineering solutions for the railway sector.
The company reported a 47% jump in revenue and a 36% rise in profit after tax in FY25 compared with the previous financial year.
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December 29, 2025, 10:23 IST
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Business
Industrial production at two-year high! IIP records 6.7% growth in November; fueled by mining, manufacturing sectors – The Times of India
The country’s industrial output reached a two-year highk, growing by 6.7 per cent in November, according to the official Index of Industrial Production (IIP) data released Monday.This marks an improvement from the 5 per cent growth recorded in November last year, according to data released by the National Statistics Office (NSO). The surge was largely because of strong performances in mining and manufacturing sectors. “The growth is led by Manufacture of basic metals and fabricated metal products, pharmaceuticals and motor vehicles,” stated the ogvernment press release.The manufacturing sector led the growth surge, expanding by 8 per cent, up from 5.5 per cent in the same month last year. Mining also recorded huge gains, rising by 5.4 per cent compared to 1.9 per cent a year ago.However, not all sectors showed growth. The electricity sector faced challenges, with production dropping by 1.5 per cent, as compared to the 4.4 per cent growth seen in the same period last year.Looking at the broader picture, the NSO also revised October industrial production growth slightly upward to 0.5 per cent from the earlier estimate of 0.4 per cent. The current growth rate is still below the 11.9 per cent peak of November 2023.The overall industrial growth for April-November has slowed down. The growth rate stands at 3.3 per cent, slightly lower than the 4.1 per cent recorded in the same period last year.
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