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GNG Electronics IPO saw strong demand, subscribed 15.11 times by Day 2. Retail and NII participation was robust, and GMP indicates a 42% listing premium. The company, Indias top refurbisher, posted strong growth with a 46% revenue CAGR. Brokerages recommend subscribing, citing scale, market leadership, and formalisation trends.
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Shares of Reliance Infrastructure and Reliance Power declined after the Enforcement Directorate (ED) conducted searches at premises linked to Anil Ambani. The investigation revolves around an alleged Rs 3,000 crore loan fraud involving Yes Bank, with the ED suspecting money laundering and diversion of funds to shell companies.
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The Australian government says it has not compromised on its strict biosecurity laws.
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