Thu Sep 26 09:44:51 UTC 2024: ## Business News Headlines: Forge Auto IPO Opens, Ambuja Joins Decarbonization Alliance, Paytm Sees Large Trade

**Mumbai, September 26, 2024:** The Indian market saw a flurry of activity today, with news of IPOs, mergers, and large trades dominating headlines.

**Forge Auto International** kicked off its IPO today, seeking to raise capital at a price band of Rs 102-108 per share. The minimum investment for retail investors stands at Rs 129,600, while HNIs need to invest at least Rs 259,200. The IPO is expected to list on the NSE SME on October 4th.

In a significant move towards sustainability, **Ambuja Cement** became the first cement company to join the alliance for industry decarbonization. The company plans to invest Rs 10,000 crore in renewable energy projects.

Meanwhile, the market buzzed with speculation about the acquisition of **Novartis India** by **Alkem Labs**. CNBC-TV18 reported that the deal could be worth around Rs 2,000 crore. However, other pharmaceutical companies like DRL and Zydus are also reportedly in the race.

**Paytm** saw a large trade today, with 0.8% of the company’s equity being sold for Rs 327.8 crore. This translates to 47.2 lakh shares changing hands at an average price of Rs 701 per share.

Other notable developments include:

* **KRN Heat Exchanger IPO** witnessed a strong grey market premium of Rs 251, suggesting a potential listing gain of 114.09%.
* **Tata Electronics** and **Powerchip Semiconductor** signed an agreement to set up a semiconductor fab in Gujarat’s Dholera.
* **SEBI** approved the public offer of **Hyundai Motor India**, paving the way for what could be the largest IPO in India’s history.
* **ITC** hit a record high of Rs 522.50 today, boosting its market cap beyond Rs 6.5 lakh crore.
* **SpiceJet** cleared pending salary dues after raising Rs 3,000 crore via QIP.
* The **IMF** approved a $7 billion bailout package for **Pakistan**, releasing the first tranche of less than $1.1 billion.

These developments are expected to keep the market abuzz in the coming days, as investors navigate these opportunities and challenges.

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