India’s Largest IPO: Jio Platforms sets ₹1,065-1,119 price band, below street estimatesthehindubusinessline.com
Reliance Industries technology subsidiary Jio Platforms set a price band of ₹1,065 to ₹1,119 per equity share for its upcoming initial public offering. The public issue will open on October 21 and close on October 23, with anchor investor bidding scheduled for October 19. The fresh issue of up to 27 crore equity shares aims to raise funds to reduce borrowings of about ₹27,500 crore. The offering includes share reservations worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for Reliance shareholders.
US stocks: Nasdaq ends sharply lower as hot inflation data stirs rate-hike worrieseconomictimes.indiatimes.com
US stocks closed sharply lower on Wednesday, led by a steep decline in the Nasdaq index following hotter-than-expected September inflation data. The Bureau of Labor Statistics reported an acceleration in consumer prices driven by surging gasoline costs, raising market concerns over potential Federal Reserve interest rate hikes. Major technology and artificial intelligence-related stocks, including Oracle, CoreWeave, and Nebius, experienced significant sell-offs as traders adjusted expectations for future borrowing costs.
Copper Edges Lower After World’s Biggest Mine Averts Strikelivemint.com
Copper prices edged lower after BHP Group averted a potential strike at its Escondida mine in Chile, the world's largest copper producer. Two unions at Antofagasta Plc's Centinela mine remained on strike for about a week, adding to ongoing labor and weather disruptions in Chile. Copper settled 0.6% lower at $14,490.50 a ton in New York following recent record highs driven by heavy shipments to the US and strong demand from data centers.
India's data centre policy in works, says Jitin Prasadaeconomictimes.indiatimes.com
The Indian government is formulating a comprehensive national data centre policy to streamline approvals and grant infrastructure status to the sector. Minister of State for Electronics and Information Technology Jitin Prasada announced the initiative during a power sector brainstorming session on artificial intelligence. The framework aims to manage power consumption efficiently while supporting hyperscale data centre investments, complemented by a tax holiday until 2047 for eligible foreign cloud providers.
SEBI plans sweeping SME IPO rule changes, raises profit threshold to ₹3 crorethehindubusinessline.com
Capital markets regulator SEBI proposed sweeping revisions to small and medium enterprise initial public offerings, including raising the minimum profitability threshold to an average operating profit of ₹3 crore over three years. SEBI also proposed replacing paid-up capital eligibility criteria with post-issue market capitalisation thresholds and lifting the minimum application value to ₹1 lakh. Issuers valued between ₹1,000 crore and ₹4,000 crore would have the option to list on the SME platform under stricter reporting standards. Public comments on the consultation paper are open until November 4.
Bank of America hired 1,000 contractors to patch software flaws exposed by Anthropic's Mythoscnbc.com
Bank of America hired 1,000 third-party contractors to assist 3,000 internal staff in patching software vulnerabilities exposed by advanced artificial intelligence models like Anthropic's Mythos. CEO Brian Moynihan stated that the urgent code remediation and anti-money laundering compliance costs added hundreds of millions of dollars to third-quarter expenses. While defensive patching created short-term financial pressure, the bank expects remediation costs to decline and projects that its 130 internal AI projects will generate $700 million in savings next year.