Author: Staff Writer

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Corporate

KSH International IPO lists 4% below issue price

KSH International Limited made a subdued debut on the stock exchanges on Tuesday, December 23, 2025, with its shares listing at a discount of nearly 4 percent to the IPO issue price. The weak opening reflected cautious investor sentiment, modest subscription levels, and muted grey market cues ahead of the listing.

The initial public offering was priced in the range of ₹365 to ₹384 per share. The IPO comprised a fresh issue of equity shares along with an offer for sale by existing shareholders, aiming to raise around ₹710 crore. However, demand during the bidding period remained lukewarm, with overall subscription falling short of market expectations, particularly in the retail and non-institutional investor categories.

Ahead of the listing, the grey market premium (GMP) for KSH International shares stayed close to zero, signalling limited appetite for the stock in the unofficial market. Market participants had warned that the absence of a meaningful premium could translate into a flat or negative listing. Analysts also flagged valuation concerns, stating that the IPO appeared fully priced when compared with listed peers in the sector.

On debut, KSH International shares opened at around ₹370 on both the BSE and NSE, representing a discount of about 4 percent from the upper end of the price band. The stock remained under pressure in early trade as selling continued, reflecting cautious sentiment across broader markets and selective buying by investors.

KSH International operates in the manufacturing segment, supplying industrial products with a strong export orientation. A sizeable portion of its revenue is derived from international markets, including the US, UAE and Saudi Arabia. The company runs multiple manufacturing facilities in Maharashtra and has reported steady revenue growth over recent years, supported by long-term client relationships and global quality certifications.

Market experts say the stock’s performance in the coming sessions will depend on overall market stability and the company’s ability to maintain earnings momentum. Investors are advised to closely track quarterly results and margin trends before taking long-term exposure.

Also Read: Larry Ellison backs Paramount bid with $40.4 bn guarantee

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Corporate

Larry Ellison backs Paramount bid with $40.4 bn guarantee

Paramount Global has renewed its bid to acquire Warner Bros. Discovery (WBD), significantly strengthening its offer by securing a $40.4 billion personal financial guarantee from Oracle co-founder and billionaire Larry Ellison. The move is aimed at addressing concerns around deal certainty and financing, as competition intensifies for control of one of Hollywood’s largest media groups.

The revised proposal, disclosed in regulatory filings, includes an all-cash offer valuing Warner Bros. Discovery at about $108 billion, excluding debt. Paramount’s earlier approach had faced resistance from WBD’s board, which questioned whether the buyer had sufficient funding in place. Ellison’s backing is intended to remove those doubts.

Under the new structure, Ellison has agreed to personally guarantee the equity portion of the financing, making the offer one of the most heavily backed private pledges ever seen in the media sector. He has also committed not to move or reduce assets held in the Ellison family trust during the deal period, offering additional assurance to shareholders and regulators.

Paramount has further sweetened the proposal by raising its reverse breakup fee to $5.8 billion, matching the protection offered under a rival bid from Netflix. The company has also extended the deadline for shareholders to tender their shares until January 21, 2026, allowing more time for evaluation.

Despite the improved terms, Warner Bros. Discovery’s board continues to support Netflix’s competing offer, which combines cash and stock and values the company at around $72 billion. The board has argued that Netflix’s bid provides greater strategic clarity and execution certainty.

The market reacted swiftly to the developments. Shares of Paramount and Warner Bros. Discovery rose following the announcement, while Netflix stock saw a modest decline. Analysts said Ellison’s involvement significantly strengthens Paramount’s position but warned that regulatory scrutiny and shareholder approval remain major hurdles.

The battle for Warner Bros. Discovery underscores the growing consolidation pressures in the global media and streaming industry, where scale, content ownership, and financial strength are increasingly critical. With Ellison now firmly behind the bid, Paramount has signalled it is prepared for a prolonged and high-stakes takeover contest.

Also Read: Adani’s Ambuja Cements to merge ACC and Orient Cement

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Corporate

Adani’s Ambuja Cements to merge ACC and Orient Cement

Ambuja Cements Ltd, part of the Adani Group, has announced plans to merge ACC Ltd and Orient Cement Ltd into Ambuja Cements, marking a major step in consolidating the group’s cement business. The proposal, approved by the respective boards, aims to create a stronger and more efficient cement company with a pan-India presence. The merger is subject to regulatory, shareholder and tribunal approvals.

Following the announcement, shares of Ambuja Cements rose around 4 per cent, while Orient Cement shares rallied sharply in early trade. ACC shares, however, showed a more muted reaction, reflecting mixed investor sentiment on the merger terms.

Under the proposed scheme, the merger will be carried out through a share-swap arrangement, with no cash payout. ACC shareholders will receive 328 equity shares of Ambuja Cements for every 100 shares held, while Orient Cement shareholders will get 33 Ambuja shares for every 100 shares. Once completed, ACC and Orient Cement will cease to exist as separate listed entities and will be fully absorbed into Ambuja Cements.

The Adani Group said the move is part of its strategy to operate a “one cement platform”, allowing better use of assets, streamlined management and lower operating costs. By bringing multiple cement companies under one listed entity, the group expects to improve logistics efficiency, optimise plant operations and strengthen its competitive position in India’s cement market.

For shareholders, the merger is seen as largely neutral to mildly positive, according to analysts. Orient Cement investors are expected to benefit the most due to the premium implied in the swap ratio, while the impact on ACC shareholders is considered balanced. Ambuja Cements shareholders stand to gain from improved scale and long-term synergies.

Post-merger, Ambuja Cements will become one of India’s largest cement producers, with a significantly expanded manufacturing footprint and distribution network. The company has outlined ambitious capacity expansion plans and expects the consolidation to support growth, margins and return on capital over the medium to long term.

The merger, once completed, will further strengthen the Adani Group’s position in the building materials sector and align with its broader focus on operational efficiency and sustainable growth.

Also Read: Rupee slips 5 paise to 89.73 in early trade

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Beyond

Gold near ₹1.37 lakh, Silver above ₹2.12 lakh

Gold and silver prices edged higher across major Indian cities on Tuesday, staying close to record levels as strong global cues continued to support precious metals. The rise comes amid expectations of easier monetary policy in the US, a softer dollar and ongoing geopolitical uncertainties, all of which have boosted safe-haven demand.

In Mumbai, 24-carat gold was priced at around ₹1,36,820 per 10 grams, while 22-carat gold traded near ₹1,25,418 per 10 grams. In the national capital Delhi, 24-carat gold stood at approximately ₹1,36,590 per 10 grams, with 22-carat gold at ₹1,25,208.

Other major cities also reported elevated rates. In Chennai, 24-carat gold was quoted at about ₹1,37,220 per 10 grams, while Bengaluru saw prices near ₹1,36,930. Hyderabad and Kolkata recorded similar levels, reflecting firm demand and regional price variations linked to local taxes and logistics.

Silver prices showed a stronger momentum compared to gold, supported by both industrial demand and investment buying. In Mumbai, silver was priced at around ₹2,12,110 per kilogram. Prices in Chennai hovered near ₹2,13,100 per kg, while Hyderabad and Bengaluru saw silver trading between ₹2,12,600 and ₹2,12,800 per kg.

Market experts say the current rally in bullion is driven by expectations of interest rate cuts by the US Federal Reserve, which makes non-interest-bearing assets like gold and silver more attractive. Continued central bank purchases and supply constraints, especially in silver, have also added support.

While prices remain elevated, analysts advise investors to be cautious at current levels and consider staggered buying rather than lump-sum investments, as short-term volatility cannot be ruled out.

Also Read: Sensex trades sideways, Nifty slips below 26,200

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Corporate

Sensex trades sideways, Nifty slips below 26,200

The markets traded with a cautious tone on Tuesday, December 23, as the recent rally lost steam amid foreign fund outflows and the absence of strong fresh triggers. Both benchmark indices, the BSE Sensex and the NSE Nifty 50, ended marginally lower, reflecting profit-booking and subdued participation ahead of the Christmas and New Year holidays.

The Sensex slipped over 100 points during the session, while the Nifty hovered below the 26,200 mark for most of the day. Market sentiment remained fragile as foreign institutional investors (FIIs) turned net sellers after two sessions of buying, putting pressure on heavyweight stocks.

Sector-wise, information technology stocks emerged as key laggards, dragging the indices lower. Shares of major IT companies faced selling pressure as investors remained cautious about global demand outlook and currency movements. Select banking and FMCG stocks also saw mild declines, adding to the weakness.

However, the broader market showed pockets of strength. Cement stocks were among the top gainers after Ambuja Cements and Orient Cement rallied sharply following board approval for a major merger, which boosted investor confidence in the sector. Belrise Industries touched fresh 52-week highs after a large block deal signalled strong institutional interest. Infrastructure stock GPT Infraprojects also advanced after securing a significant road project from the National Highways Authority of India.

Mid-cap and small-cap stocks performed relatively better than the benchmarks, indicating selective buying despite overall caution. Oil and gas as well as metal stocks showed resilience, supported by firm global commodity prices.

Global cues were mixed, with Asian markets trading steady and US markets offering limited direction overnight. With no major domestic or global triggers lined up and liquidity thinning due to year-end holidays, experts expect markets to remain range-bound in the near term.

Also Read: Sensex jumps 638 points, Nifty tops 26,170 as markets end higher

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1 Minute-Read

UAE gives hope to SMA patients with gene therapy approval

The United Arab Emirates has approved Itvisma (onasemnogene abeparvovec), a pioneering gene therapy by Novartis, for children and adults aged two and above with spinal muscular atrophy (SMA).

The therapy replaces the faulty SMN1 gene, tackling the root cause of the disease rather than just symptoms. Administered as a single dose, Itvisma has shown improvements in muscle strength and motor function.

Dr. Fatima Al Kaabi, Director-General of the Emirates Drug Establishment, said the approval reflects the UAE’s commitment to rapid, safe access to advanced treatments. Novartis highlighted the therapy’s potential to transform the lives of SMA patients.

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Corporate

Sensex jumps 638 points, Nifty tops 26,170 as markets end higher

Indian equity markets closed firmly in the green on Monday, supported by positive global cues and steady buying in select sectors. The Sensex rose 638 points to close at 85,567, while the Nifty 50 gained 206 points to settle at 26,172.

Markets opened on a positive note after GIFT Nifty signalled a gap-up start, tracking overnight gains on Wall Street and a stronger trend across Asian markets. Investor sentiment remained upbeat through the session, helping benchmarks hold on to gains.

Among sectoral performers, IT and metal stocks emerged as top gainers, benefiting from firm global cues and stable commodity prices. Select auto stocks also traded higher. On the other hand, FMCG shares underperformed, while banking stocks showed mixed trends amid cautious buying.

In the broader market, mid-cap and small-cap stocks also ended higher, reflecting wider participation from investors. Market breadth remained positive with more stocks advancing than declining.

Analysts said the market continues to draw support from favourable global trends, though domestic triggers remain limited. They added that the Nifty is facing resistance near the 26,200–26,300 levels, while immediate support is seen around 26,000.

Also Read: Sensex rises over 450 points, Nifty crosses 26,100

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1 Minute-Read

Oil prices edge up after US intercepts Venezuelan tanker

Oil prices rose on Monday following the US interception of an oil tanker near Venezuela over the weekend, raising fears of potential supply disruptions.

Brent crude climbed about 0.7–0.9 percent to roughly $61 per barrel, while West Texas Intermediate also gained. The US Coast Guard is reportedly pursuing another tanker, reflecting increased enforcement of sanctions on Venezuelan oil. Analysts said geopolitical tensions, including these actions and broader global uncertainties, outweighed oversupply concerns, supporting the market.

Traders remain cautious as Washington maintains a firm stance on Venezuela’s energy exports.

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Beyond

US chases third Venezuelan oil tanker

The US Coast Guard is actively pursuing an oil tanker in international waters near Venezuela, marking the third such interception attempt in less than two weeks, officials said. The vessel,  identified by maritime trackers as the Bella 1,  is part of what Washington calls Venezuela’s “dark fleet” of ships accused of helping the South American nation evade sanctions. The tanker is reportedly flying a false flag and is under a US judicial seizure order, though it had not been boarded at the time of reporting.

The pursuit follows recent seizures of other tankers believed to be involved in transporting Venezuelan crude in defiance of sanctions. On December 10, the Coast Guard seized the large tanker Skipper, sanctioned for its alleged involvement in sanctions‑evasion networks. A second vessel, the Centuries, was intercepted and boarded by US forces just days ago.

These operations form part of a blockade ordered by the US president on all sanctioned oil tankers entering or leaving Venezuelan waters. The administration has positioned the crackdown as an effort to enforce sanctions on the Venezuelan government and cut off revenue it claims supports illicit activities, including narcotics trafficking and terrorism.

Officials argue that targeting these tankers is necessary to prevent sanctions evasion and deny revenue to Venezuelan President Nicolás Maduro’s government. They also assert that the actions are unlikely to significantly affect domestic oil prices, though global crude benchmarks rose modestly in early Asian trading amid the tensions.

The intensified maritime operations are occurring alongside a broader military presence in the Caribbean, including air and naval assets deployed under what officials describe as efforts against drug trafficking and sanctions runners. Critics,  including some lawmakers and international commentators, warn that the blockade and interceptions could increase geopolitical risks and strain diplomatic relations.

Venezuela’s government has condemned these actions as illegal and tantamount to piracy, promising to challenge the moves through international bodies such as the United Nations. Maduro has reiterated that Venezuela will continue its oil trade in the face of pressure.

Also Read: AI’s next leap will be memory, not reasoning, says Sam Altman

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1 Minute-Read

Indian in UK earns ₹18,000 an hour training AI models

Utkarsh Amitabh, a 34-year-old Indian entrepreneur in the UK, earns around ₹18,000 per hour training AI models for data-labeling startup micro1.

Starting in January 2025, he balances this work with family life and other professional commitments. Motivated by curiosity rather than money, he focuses on testing AI against complex business scenarios and refining prompts to enhance accuracy.

With prior experience at Microsoft and academic research on AI, Amitabh finds the role intellectually stimulating and complementary to his career, highlighting the growing demand for AI expertise worldwide.