Business
Yes Bank Rises 2% After CCI Nod For Sumitomo Mitsui’s 25% Stake Buy
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Yes Bank shares rose after the CCI approved Sumitomo Mitsui Banking Corporation’s plan to acquire up to a 25% stake in the lender.
Yes Bank SMBC Deal
Yes Bank Shares Rise: Shares of Yes Bank gained 2 per cent to Rs 20 on September 3 after the Competition Commission of India (CCI) approved Japan’s Sumitomo Mitsui Banking Corporation’s (SMBC) plan to acquire up to 24.99 percent in the private sector lender.
In its release, the CCI confirmed that the deal “relates to the acquisition of share capital and voting rights of Yes Bank by Sumitomo Mitsui Banking Corporation.” SMBC, a wholly-owned subsidiary of Sumitomo Mitsui Financial Group (SMFG), is Japan’s second-largest banking group with total assets of around $2 trillion as of December 2024 and a significant global footprint.
This clearance follows the Reserve Bank of India’s (RBI) approval last month for SMBC’s proposal to pick up nearly a quarter of Yes Bank’s equity. The transaction originates from Yes Bank’s May 9, 2025, announcement that SMBC would acquire a 20 per cent stake via a secondary purchase. The deal involves buying 13.19 percent from the State Bank of India (SBI) and 6.81 per cent collectively from seven other lenders, including Axis Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank, and IDFC First Bank.
Once completed, the transaction will make SMBC the single-largest shareholder in Yes Bank, marking a significant milestone in the bank’s turnaround journey following its restructuring in recent years. Market participants see the entry of a global player like SMBC as a boost to Yes Bank’s capital strength and credibility.
In a separate development, the RBI has cleared the reappointment of Rama Subramaniam Gandhi as part-time Chairman of Yes Bank. Gandhi, a veteran central banker with 37 years of experience, previously served as RBI Deputy Governor between 2014 and 2017. His new tenure will run from September 20, 2025, to May 13, 2027.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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Business
Vikran Engineering IPO Sees Muted Listing, Stock Lists At 2% Premium: Should You Buy, Sell Or Hold?
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Vikran Engineering IPO Listing: The stock lists at a premium of around 2% at Rs 99 apiece on the NSE, compared with the IPO issue price of Rs 97.
Vikran Engineering IPO Listing.
Vikran Engineering IPO Listing: Vikran Engineering Ltd made a muted stock market debut on September 3. The stock was listed at a premium of around 2% at Rs 99 apiece on the NSE, compared with the IPO issue price of Rs 97. However, the stock declined into the red and traded down by 2.32% at Rs 94.7 apiece as against the issue price.
The stock had risen in the morning immediately after the listing and hit the day’s high of Rs 101.77 apiece on the NSE, which was 4.5% higher than the IPO price, before plunging into the red.
On the BSE, the stock opened at Rs 99.7 apiece, which is 2.78% higher than the issue price. The stock is currently trading in red, down by over 2.5%.
The company’s market capitalisation (mcap) stood at nearly Rs 2,600 crore.
The initial public offering (IPO) of Vikran Engineering Ltd was open between August 26 and August 29. It received a strong overall subscription of 24.87 times.
Vikran Engineering IPO Listing: Should You Buy, Sell Or Hold?
“Vikran Engineering Ltd made a modest debut on the stock market with a listing gain of about 2.7% over its issue price of Rs 97, opening at around Rs 99.70. The company operates as a leading EPC player in power transmission, water infrastructure, and railway electrification projects with an asset-light model and a strong execution track record,” said Shivani Nyati, Head of Wealth at Swastika Investmart Ltd.
It enjoys robust growth visibility backed by a Rs 2,442 crore order book, supported by government infrastructure spending, she added.
“Investors are recommended to hold their holdings with a stop-loss near Rs 89 to safeguard against volatility, as execution of the strong order pipeline could drive medium-term upside,” Nyati said.
Brokerage firm Master Capital Services in its note said the Vikran Engineering IPO had a debut with a muted listing performance. The stock opened at Rs 99.70, offering a slight premium of 2.7% over its issue price of Rs 97. The IPO saw solid demand, with an overall subscription of 24.87 times, led by exceptional non-institutional buyer interest (61.77x).
Vikran has a good growth opportunity in the infrastructure space, is in demand with a healthy order book and a good execution model with a diversified order book of Rs 24,424 crore as of June 30, 2025, and has a pan-India presence in 16 states. It also has good advantages from government initiatives like the Jal Jeevan Mission and the Revamped Distribution Sector Scheme (RDSS), it added.
“While the current valuation appears to be stretched and cash flow issues remain a concern, the solid running history of execution and a good order book provide a positive long-term outlook on patience for investors,” Master Capital Services said.
The IPO is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter.
The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes.
Vikran Engineering provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis.
As of June 30, 2025, the company completed 45 projects across 14 states with a total executed contract value of Rs 1,920 crore. It has 44 ongoing projects across 16 states, aggregating orders worth Rs 5,120 crore.
Vikran Engineering’s revenue from operations increased 16.53 per cent to Rs 916 crore in FY25 from Rs 786 crore in the previous financial year, and profit after tax rose 4 per cent to Rs 78 crore in FY25 from Rs 75 crore in FY24.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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Pritti Mistry & Simon BrowningBusiness reporters, BBC News
Getty ImagesUK cement production has fallen to its lowest level since 1950, putting the government’s house building plan at risk, a trade body has warned.
Cement is the key binding ingredient in concrete, which is the most widely used material in the construction industry, and mortar.
The Mineral Products Association (MPA) said production levels were “increasingly under threat” due to high energy, regulatory and labour costs.
The Department for Business and Trade said it recognised challenges in the sector and its Industrial Strategy was increasing help for energy-intense companies, which include cement manufacturers.
The Labour government has pledged to build 1.5 million new homes in England by 2029 as part of efforts to solve the housing crisis and boost economic growth.
Under a separate investment strategy unveiled in June, Chancellor Rachel Reeves pledged to pour £725bn over the next decade into maintaining existing infrastructure and building new projects.
But the UK made just 7.3 million tonnes of cement in 2024, according to the MPA, which represents manufacturers of products such as asphalt and cement.
The trade body said that was about half of that produced in 1990 and similar to production levels seen when rationing was still in place following the World War Two.
MPA executive director Dr Diana Casey said the decline threatened to derail the government’s ambitions for housing, infrastructure and clean energy projects.
“[You] can’t build houses, bridges or railways without us,” she told the BBC.
“So the fact production has declined so much at a level since 1950 is worrying,” she continued, adding that it “could impact government targets like homes and hospitals and power plants that are due to be built”.
The MPA said a project such as the Sizewell C nuclear power plant could need up to 750,000 tonnes of cement and a new hospital would require nearly 8,000 tonnes.
A traditional four-bedroom home needs between three and five tonnes.
The MPA said production had fallen due to rising costs and changes to carbon taxation, which reduced market competitiveness and was a major concern to the sector.
It also highlighted the growth of cheaper cement import sales nearly tripling over the past 16 years, from 12% in 2008 to 32% in 2024.
Ms Casey said more action was needed to cut electricity prices, which were “disproportionately affecting the industry”.
“[The] UK is uncompetitive because of high costs – energy particularly – and regulatory burden because of carbon, therefore it is cheaper to import cement,” she said.
“We’re calling on the government to help put domestic production on a level playing field so that it can compete fairly with imports.”
In a statement, the Department for Business and Trade said: “We recognise the cement sector faces challenges which is why our modern Industrial Strategy is increasing support for energy-intensive firms through our Supercharger scheme, which will slash energy prices for eligible businesses.”
According to the MPA, about 40% of British cement is manufactured in the Peak District, with the rest of the production spread across the UK.
The trade body fears jobs could be at risk and “disappear in the future” if imports rise.
Rico Wojtulewicz, head of policy and market insights at the National Federation of Builders, said it was getting harder for construction firms, because there were many stalled projects which meant there was a reduced need for locally manufactured cement.
Building costs had also continued to rise, he added, which was pushing smaller builders out of the sector and driving others to find savings.
“They are all looking for better priced materials,” he said.
New Delhi: GST Council Meeting Today: The 56th meeting of the GST Council will kick off on Tuesday. The 2-day meet between September 3-4 is expected to start at 11 am today. The GST Council will decide on the Group of Minister’s (GoM) proposal to retain two slabs — 5 percent and 18 percent.
As per Indian GST rules, currently a four-slab GST system is followed — 5 percent, 12 percent, 18 percent, and 28 percent — along with an additional cess on sin and luxury goods.
(Also Read: 45% Of Indian Midle-Class Salaries Gone In EMI)
Under the new structure, ‘merit’ goods and services will attract 5 per cent GST, while most other items (standard) will come under an 18 per cent standard rate. A higher 40 per cent levy will remain on a small set of so-called sin goods. Examples include alcohol, tobacco, drugs, gambling, soft drinks, fast food, coffee, sugar, and even pornography.
A sin tax is a special tax that the government puts on such goods. The purpose is to discourage people from using them and to reduce the harm they can cause.
Marking his 12th Independence Day address, Prime Minister Narendra Modi promised a “double Diwali” for citizens this year, hinting at a major economic announcement.
(Also Read: A Few Allowance May Be Abolished In 8th Pay Comission– Here’s Why)
GST Council Meeting: GST Rate Rationalisation 2025
Key areas identified for next-generation reforms include the rationalisation of tax rates to benefit all sections of society, especially the common man, women, students, middle class, and farmers.
Reforms will also seek to reduce classification-related disputes, correcting inverted duty structures in specific sectors, ensuring greater rate stability, and further enhancing ease of doing business. These measures would strengthen key economic sectors, stimulate economic activity, and enable sectoral expansion.
Key Pillars of the Centre’s Proposed GST Reforms:
Pillar 1: Structural reforms:
1. Inverted duty structure correction: The correction of inverted duty structures to align input and output tax rates so that there is a reduction in the accumulation of input tax credit. This would support domestic value addition.
2. Resolving classification issues: Resolve classification issues to streamline rate structures, minimise disputes, simplify compliance processes, and ensure greater equity and consistency across sectors.
3. Stability and Predictability: Provide long-term clarity on rates and policy direction to build industry confidence and support better business planning.
Pillar 2: Rate Rationalisation:
1. Reduction of taxes on common: man items and aspirational goods: This would enhance affordability, boost consumption, and make essential and aspirational goods more accessible to a wider population.
2. Reduction of slabs: Essentially move towards simple tax with 2 slabs – standard and merit. Special rates only for select few items.
3. Compensation Cess: The end of compensation cess has created fiscal space, providing greater flexibility to rationalise and align tax rates within the GST framework for long-term sustainability.
Pillar 3: Ease of Living:
1. Registration: seamless, technology-driven, and time-bound, especially for small businesses and startups.
2. Return: Implement pre-filled returns, thus reducing manual intervention and eliminating mismatches.
3. Refund: Faster and automated processing of refunds for exporters and those with inverted duty structure.
Finance Ministry has said that GST Council meets will deliberate on the recommendations of #GoM, and every effort will be made to facilitate early implementation so that the intended benefits are substantially realised within the current financial year.
Vikran Engineering IPO Sees Muted Listing, Stock Lists At 2% Premium: Should You Buy, Sell Or Hold?
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