Business News Live: Turtlemint Fintech IPO opens today; GMP signals modest listing gains

Live Now Turtlemint Fintech Solutions' Rs 882.67 crore IPO opened for subscription on Friday. The issue comprises a fresh issue worth Rs 660.72 crore and an offer-for-sale of Rs 221.95 crore, with a price band of Rs 144-152 per share. Grey market trends suggest a cautious debut, with unlisted shares trading around Rs 154.25, implying a premium of about 1.5% over the upper end of the price band. Founded in 2015, Turtlemint operates a technology-led insurance distribution platform connecting customers, advisors and insurers. HDFC Mutual Fund sells 9.12 mln shrs in Sapphire Foods, cuts stake to 6.76% Sapphire Foods India Ltd. Friday said HDFC Mutual Fund sold 9.12 million shares, or 2.84% stake, in the company through open market transaction, as per an exchange filing by the company. With this, HDFC Mutual Fund's shareholding in the company has now come down to 6.76% from 9.60% earlier. For the March quarter, the company reported a consolidated net loss of INR 126.05 million on a revenue of INR 7.92 billion. At 1054 IST, shares of the company traded largely flat at INR 185 on the National Stock Exchange. VA Tech secures Rs 1,000 crore-plus desalination project from Kuwait government IT sector has a weightage of 8.5% on Index; IT stocks pull Nifty down by over 120 points Infosys, Wipro ADRs tumble after Accenture cuts growth outlook, flags weak demand American Depository Receipts (ADRs) of Indian IT giants Infosys and Wipro fell sharply overnight after Accenture lowered its revenue growth forecast and flagged a challenging demand environment. Infosys ADRs ended nearly 10% lower at $10.57, while Wipro ADRs lost almost 4% to close at $2.39. The declines followed a steep sell-off in Accenture shares, which plunged nearly 18% on the New York Stock Exchange after the company released its quarterly results and revised guidance. Accenture cut its revenue growth forecast for FY26 to 3-4% from the earlier 3-5%. Excluding the impact of its US federal business, the company expects revenue growth of 4-5%, compared with its previous outlook of 4-6%. The IT services giant reported May-quarter revenue of $18.72 billion, up 6% year-on-year in dollar terms. However, the figure came in slightly below analysts' expectations, according to FactSet data. Crude palm oil slips on weaker crude prices, softer ringgit cushions losses Crude palm oil futures on Malaysia's Bursa Derivatives Exchange traded lower on Friday, tracking a decline in NYMEX crude oil prices, though losses were capped by a weaker ringgit. The benchmark August crude palm oil contract was down 0.3% at 4,561 ringgit per tonne as of 0807 IST. Palm oil prices often move in tandem with crude oil because the edible oil is widely used in biodiesel production. A weaker Malaysian ringgit helped cushion the fall. Currency depreciation makes ringgit-priced commodities cheaper for overseas buyers, supporting export demand. According to a note from the Malaysian Palm Oil Council cited by Dow Jones, crude palm oil prices are expected to remain in the 4,400-4,650 ringgit per tonne range in July. The outlook is supported by tightening supply prospects in Indonesia and growing concerns over the possible impact of El Niño weather conditions. Reliance Industries AGM 2026: Five key things investors will watch for Oil-to-telecom conglomerate Reliance Industries' 49th Annual General Meeting (AGM) will be held later today, on June 19. Investors and market participants will keenly be awaiting fresh details on the listing of the telecom arm, progress on the new energy firm, and watch for any update on the company’s plans in the area of artificial intelligence (AI). Read here the top five expectations that the industry is looking forward to. Reliance AGM today; Jio listing, AI roadmap top investor watchlist Reliance Industries will hold its 49th Annual General Meeting (AGM) today, with investors closely watching for updates on a potential Reliance Jio IPO, the conglomerate's artificial intelligence ambitions, energy projects and future growth plans. The AGM, scheduled to begin at 2 PM, comes at a crucial time for the Mukesh Ambani-led group as reports suggest Reliance Jio Platforms is preparing for what could become India's largest-ever stock market listing. Reuters has reported that Jio may raise up to $4 billion through an IPO, while Jefferies previously valued the telecom and digital services giant at around $180 billion. The company's AI roadmap is also expected to take centre stage. Reliance recently deepened its partnership with Meta Platforms to develop a 168-megawatt AI-focused data centre in Jamnagar, Gujarat, which will serve as Meta's first AI-enabled data centre in India. Investors will look for fresh announcements on AI infrastructure, data centres and the group's strategy to compete in the global AI race. Reliance Retail's expansion plans under Executive Director Isha Ambani are also likely to draw attention after the retail business reported growth in revenue and profit in the March quarter. Shareholders will vote on proposals to appoint Reliance Jio Infocomm Chairman Akash Ambani and Anant Ambani as directors on the Reliance Industries board. The company is also expected to announce a dividend of Rs 6 per equity share. At last year's AGM, Reliance outlined its AI vision, reaffirmed Jio's IPO plans and provided updates on major renewable energy projects, including its electrolyser giga factory and large-scale solar developments in Gujarat.