#1. Platform for small and medium businesses sees slew of initial public offers

A trading platform for small and medium enterprises is seeing a flood of public offerings. In 2023, 100 SME firms have raised a record Rs 2,600 crore from the SME board, smashing the previous record of Rs 2,287 crore in 2018 by 141 firms. In comparison, 19 companies have raised around Rs 14,500 crore on the main board. These 100 IPOs saw a demand for about Rs 1.44 lakh crore, with 11 subscribed between 200 and 400 times and 13 of them between 100 and 200 times.

Why it’s important: The surge in demand for public offers by small and medium businesses is due to higher liquidity since there has been no big-ticket IPOs in recent months. The secondary market has also become less affordable, fueling the surge.

#2. Ambani scions enter Reliance boardroom, Mukesh Ambani to remain for five more years

The board of Reliance Industries has approved the appointment of Isha Ambani, 31, Akash Ambani, 31, and Anant Ambani, 28, as non-executive directors. Mukesh Ambani said at the annual general meeting that he will be at the helm for five more years, during which he will mentor his children to run the conglomerate.

Why it’s important: This marks the entry of the third generation of the Ambani family into the $200 billion business empire started by Dhirubhai Ambani. Mukesh Ambani had spoken about the succession last year for the first time.

#3. Government to review 2023-24 capital spending plan in October-November

The central government may review its capital expenditure plans for the current financial year during pre-budget meetings scheduled to start in October-November. For now, it plans to stick to the provisions made in the 2023-24 annual budget and doesn’t have any plan to exceed the provisioned capital spending worth Rs 1.18 lakh crore.

Why it’s important: There are expectations that the incumbent administration will launch populist schemes to drum up support ahead of the 2024 general elections that would require additional fiscal support.

#4. IBM says India should develop independent artificial intelligence infrastructure

India, like other countries, must develop sovereign capability in artificial intelligence, including large language models, IBM CEO Arvind Krishna has said. The tech giant had suggested that the Indian government create a national AI computing center.

Why it’s important: The recent rapid progress in artificial intelligence promises to transform governance and business. India will do well to develop data and computing infrastructure to keep pace.

#5. Jio Financial set to enter insurance business, will partner global firms

Jio Financial Services is set to launch a smorgasbord of insurance products, most likely in partnership with global companies, Reliance Industries chairman Mukesh Ambani has said. The company will use predictive data analytics to co-create contextual products with partners, Ambani said.

Why it’s important: Jio Financial is being seen as a disruptor in the financial services space in line with the runaway success of Reliance’s telecom business. It might not be as easy since the finance sector is more tightly regulated.

#6. El Nino responsible for scanty rains in August, to remain strong till at least December

The El Nino weather phenomenon that developed in July has remained weak but still affected rainfall in August in India due to changes in atmospheric conditions, India Meteorological Department chief Mrutyunjay Mohapatra has said. It will turn moderate in September and remain strong till December.

Why it’s important: The southwest monsoon has been extremely erratic this year and may impact the autumn harvest. This could impact rural demand and keep food prices elevated.

#7. ONGC in talks to partner Gentari for joint venture in energy storage

State-run Oil and Natural Gas Corporation is in talks with global entities, including Malaysia’s Gentari, to form a joint venture in energy storage, chairman and CEO Arun Kumar Singh has said. ONGC would look at both battery storage and pump storage projects. Gentari is the green energy arm of Petronas.

Why it’s important: Like other fossil fuel firms, ONGC is trying to make space for itself in India’s pathway to green energy transition. Energy storage is critical for expanding renewables capacity in the country.

#8. Market regulator faults Adani Group on technical breaches in disclosures

An investigation of the Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. The violations are of a technical nature that would attract no more than a monetary penalty once the investigation by the Securities and Exchange Board of India is complete.

Why it’s important: The regulator’s probe in the Adani Group has yielded anemic results although the conglomerate faced a market rout following sensational allegations by short seller Hindenburg Research. Adani has steadfastly denied wrongdoing.

#9. Ikea likely to begin online sales in national capital region by December 2024

Swedish firm Ikea is set to start e-commerce operations in the national capital region ahead of opening two large shopping centers in the next two years. E-commerce operations will begin by the end of 2024, according to Susanne Pulverer, chief executive at Ikea India.

Why it’s important: The iconic furniture maker is entering the next phase of growth in India, marking its presence across major metros, and scaling up local sourcing. It could provide the right impetus to the rapidly expanding domestic market.

#10. Annual in-app gaming purchases in India breach $250 million

Indian gamers are spending around $250 million a year on in-app purchases of popular games such as Battleground Mobile India and Free Fire, industry insiders said. The spending surpasses the combined revenues of over-the-top streaming platforms from their entire subscriber base in India. Out of the around 400 million mobile gamers in India, one-fourth are serious players spending fairly heavily.

Why it’s important: India’s gaming industry is in the early stages but has the potential for explosive growth. Gaming firms are smelling an opportunity.