Top headlines: TMB IPO to open on Sep 5; rupee sees biggest gain in 1 year

Govt likely to invite preliminary bids for IDBI Bank stake sale next month

The government is likely to invite preliminary bids for selling a stake in IDBI Bank next month and the discussions with the RBI are at the final stages, an official said. "There are still some pending issues that need to be discussed with the Reserve Bank of India and Securities and Exchange Board of India. We are hopeful of issuing the EoI by September," the official told PTI. Read more

Gautam Adani becomes world's third-richest person, first Asian to do so

Few outside of India had heard of Gautam Adani just a few years ago. But the Indian businessman, a college dropout who first tried his luck as a diamond trader before turning to coal, this week became the world’s third-richest person. It’s the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index -- fellow citizen Mukesh Ambani and China’s Jack Ma never made it that far. Read more

Rupee marks biggest gain in one year on strong foreign inflows

The Indian rupee notched its biggest one-day gain in a year on Tuesday against a wobbly dollar as local equities saw a rush of foreign investor inflows. The partially convertible rupee surged 0.6% to 79.45 in its best session since Aug. 27, 2021. The currency had hit a record low of 80.12 on Monday, but closed at 79.9625. Read more

TMB sets price band of Rs 500-525 a share: IPO to open on September 5

Tuticorin-based Tamilnad Mercantile Bank (TMB) has set a price band of Rs 500-525 a share for its Rs 800 crore initial public offering (IPO) that opens on September 5 and closes on September 7. Axis Capital, Motilal Oswal, SBI Capital Markets are the lead managers to the issue. Read more