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The decision is the second in less than a month by an appeals court that states have a role in regulating sports-related event contracts. View More
A Kalshi advertisement at a bus stop in Washington, DC, US, on Thursday, March 19, 2026. Daniel Heuer | Bloomberg | Getty ImagesThe 6th U.S. Circuit Court of Appeals ruled on Friday that states have a right to regulate sports-related event contracts on prediction market platforms, marking a second major legal defeat for the industry as a fight at the U.S. Supreme Court looms. In a unanimous decision, the three judge panel said that Ohio and Tennessee are permitted to apply their state gambling laws to Kalshi's sports-related event contracts. "We hold that Kalshi has not shown that its sports-event contracts satisfy the statutory definition of a 'swap' so as to fall within the scope of the CFTC's 'exclusive jurisdiction,'" the opinion said. Kalshi and other prediction market platforms argue all event contracts are swaps, a type of financial derivative that is regulated by the Commodity Futures Trading Commission. However, states assert that platforms' sports-related offerings amount to gambling, and thus should be regulated by their laws related to sports betting. This disagreement has spawned a legal battle across the country as states sue platforms for operating what they often claim are illegal gambling operations, while exchanges also sue states to block them from enforcing local laws on what they argue should be federally-regulated financial exchanges. The CFTC has sued nine states to defend what it believes is its exclusive right to regulate event contracts, given to it by the Commodity Exchange Act. But the 6th Circuit panel rejected that notion. "Even assuming that Kalshi's sports-event contracts are swaps, we alternatively hold that the CEA neither expressly nor impliedly preempts Ohio's or Tennessee's gambling laws," the opinion said. The decision overturns a Tennessee federal district court ruling that sided with Kalshi, and reaffirms a decision by a federal district court in Ohio that sided with the states' argument. "Kalshi attempted an end run around Tennessee law to avoid any of the rules or taxes associated with sports gambling. They failed," said Jonathan Skrmetti, Tennessee's attorney general. "Sports wagering is heavily regulated because it can do a lot of harm, and I'm glad we thwarted Kalshi's efforts to remove every safeguard and put Tennessee sports bettors at risk," he added.Kalshi spokesperson Dani Lever said that the platform disagreed with the decision, noting that "the ruling shows exactly why a state-by-state patchwork doesn't work.""Courts can't agree on the basics: Some say federal law covers these contracts, and others say it doesn't. Some recognize that sports have real economic impact, while others (incorrectly) claim they don't," she added. "Markets can't operate when the rules change at every state line, which is why Congress created a single federal regulator with nationwide rules."The CFTC did not immediately respond to a request for comment. CNBC has also reached out to the Ohio attorney general's office for comments. The latest ruling now means prediction market platforms have notched two losses in legal fights at the appeals court level. The 9th U.S. Circuit Court of Appeals ruled last month that Nevada has a right to regulate sports-related event contracts, stating that they were sports bets and not swaps. Meanwhile, the 3rd U.S. Circuit Court of Appeals ruled against New Jersey in April and said the CFTC has the exclusive right to regulate all swaps, no matter the contract type. New Jersey appealed that decision in a petition to the Supreme Court earlier this month. It is not clear whether the Supreme Court will take up the case now, or wait until further decisions from circuit courts on the issue of sports-related event contracts are delivered. Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
CEA V Anantha Nageswaran says India cannot afford to choose between global blocs and must build strategic buffers and forge partnerships with foreign technology firms View More
JSW Thermal Energy (JSW Thermal), a wholly owned subsidiary of JSW Energy, has entered into a contract with its associate company, Toshiba JSW Power Systems (Toshiba JSW) for the procurement of two steam turbine generators (TG) of 800 MW each for Phase 2 of its Salboni Thermal Project in West Bengal. View More
India is currently grappling with a host of challenges tied to its international relations, fluctuating energy prices, and evolving AI technology. V Anantha Nageswaran, the Chief Economic Adviser, highlighted the critical need to bolster manufacturing and attract foreign investments. He pointed out the ongoing goods trade deficit, urging for more robust policies to enhance capital inflows. View More
Integrum Energy Infrastructure has launched its initial public offering (IPO) to secure funds for diverse operational enhancements. The firm intends to bolster its working capital while also expanding its portfolio of renewable energy projects. A portion of the raised capital will be directed towards its subsidiary, Integrum Green Assets, primarily for procuring wind turbines and settling outstanding debts. This marks a renewed effort at listing, following a previous pause. View More
Integrum Energy Infrastructure has filed preliminary papers with markets regulator SEBI to raise funds through an initial public offering (IPO), as the renewable energy solutions provider looks to strengthen its working capital, expand its project portfolio and pare debt. The proposed IPO comprises a fresh issue of 1.58 crore equity shares and an Offer for Sale (OFS) of 82.42 lakh equity shares by promoters and existing shareholders, taking the total offer size to 2.41 crore equity shares, according to the draft red herring prospectus (DRHP) filed on Thursday. Proceeds from the fresh issue will be utilised towards funding the company's working capital requirements, investment in its subsidiary Integrum Green Assets Pvt Ltd for procurement of wind turbine generators and associated equipment, and repayment or prepayment of certain outstanding borrowings, draft papers noted. The Bengaluru-based company also plans to use the proceeds for making a strategic investment and acquiring a controlling interest in Stactiv Energy Services Pvt Ltd, besides meeting general corporate purposes. Earlier in 2025, Integrum Energy Infrastructure had filed draft papers for a proposed listing on the BSE SME platform. The IPO comprised a fresh issue of up to 49.50 lakh equity shares and an Offer for Sale (OFS) of up to 5.40 lakh shares by promoters. However, the company did not proceed with its proposed listing plans. Live Events The company is an integrated renewable energy and energy-management platform focused on serving commercial and industrial customers across the renewable energy value chain, with a focus on hybrid, wind and solar projects. As of August 31, 2026, the company had commissioned 263.19 MW of renewable energy capacity, comprising hybrid, wind and solar projects. Its executable order book stood at 241 MW across these technologies, with hybrid and wind projects accounting for the bulk of the order book and the remainder coming from solar projects. The book-running lead managers for the proposed IPO are Mefcom Capital Markets , Centrum Broking and Beeline Capital Advisors. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
The Rs 708-crore Varmora Granito IPO is expected to finalise its share allotment today. Once the allotment is announced, investors will be able to check online whether they have been allotted shares. The company’s stock is tentatively scheduled to list on both the BSE and NSE on Tuesday, September 29, 2026. View More
The basis of allotment of Varmora Granito IPO shares is likely to get finalised today, September 24. With the public issue receiving a 1.58-times subscription, attention has now shifted to the basis of allotment and the company’s upcoming stock market debut. The Rs 708-crore Varmora Granito IPO is expected to finalise its share allotment today. Once the allotment is announced, investors will be able to check online whether they have been allotted shares. The company’s stock is tentatively scheduled to list on both the BSE and NSE on Tuesday, September 29, 2026. Read more: NSE IPO Tracker: Catch all the highlights here Grey market trends, meanwhile, indicated muted interest, with the company’s unlisted shares trading flat, according to sources tracking unofficial market activity. The trend suggests that the stock could potentially make a muted debut on the bourses. However, the Grey Market Premium (GMP) is an unofficial indicator and can fluctuate before the shares begin trading. The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore. Live Events The issue was open for subscription from September 22 to September 24, 2026. The company’s shares are proposed to be listed on both the NSE and BSE on September 29. The IPO has a price band of Rs 140–148 per share, with a lot size of 101 shares. The public offer of Varmora Granito was subscribed 1.58 times, with investors placing bids for 5,34,85,762 shares against 3,39,02,899 shares on offer, according to NSE data. Read more: Runwal Enterprises IPO opens today: Check GMP and key details. Should you subscribe? Qualified Institutional Buyers (QIBs) led the demand, with the category subscribed 3.16 times. The institutional portion had 93.65 lakh shares on offer. The Retail Individual Investors (RIIs) category was nearly fully subscribed, receiving bids for 1,70,92,634 shares against 1,71,76,172 shares reserved for the segment. Meanwhile, the Non-Institutional Investors (NIIs) category was subscribed 92%, with 73.61 lakh shares available for subscription. JM Financial Ltd. , Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book-running lead managers for the issue, while Kfin Technologies Ltd. is the registrar. Varmora Granito IPO Allotment Status: How to Check Investors can check their allotment status through any of the following platforms: 1. Kfin Technologies — Registrar Visit the Kfin Technologies IPO allotment page.Select Varmora Granito from the drop-down menu.Enter your PAN, application number or DP/Client ID.Click Submit to view your allotment status. 2. NSE Visit the NSE IPO allotment page.Select Equity.Choose Varmora Granito from the list.Enter your application number and PAN to check the status. 3. BSE Visit the BSE IPO allotment link.Select Equity under Issue Type.Choose Varmora Granito from the drop-down menu.Enter your application number or PAN.Complete the captcha verification and click Search to view your allotment details. ALSO READ: The hype, the listing & the lessons: 5 takeaways for investors from the NSE IPO Varmora Granito IPO GMP Today The Varmora Granito IPO continued to trade on a flat note in the grey market, according to sources tracking unofficial market activity. Based on the current GMP, the company’s shares may make a muted debut on the bourses. GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and is not regulated or guaranteed by stock exchanges. GMP levels can change before the listing, and the actual listing price may vary significantly from estimates based on grey-market trends. Varmora Granito IPO Objective Varmora Granito Ltd. plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest. The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd., as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary. The company has allocated Rs 245 crore towards the issue, including the debt repayment component and general corporate purposes. The proceeds allocated to general corporate purposes will be used for the company’s general business requirements. Read more: Orient Cables IPO opens today: GMP signals 19% listing gain; check key details About Varmora Granito Incorporated in 1972, Varmora Granito is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The company operates across two segments: transformer manufacturing and EPC services. It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers. Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. 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In his address at the SBI Banking & Economics Conclave, Nageswaran touched upon various issues dominating Indian economic landscape such as trade disruption, rising bond yields and external headwinds View More
"India does not have the luxury of a binary choice between manufacturing and services. It has to do both" says Anantha Nageswaran Chief Economic Advisor View More
Ambit Insights reduced Emmvee Photovoltaic's rating to ‘Sell’ predicting significant challenges ahead. They are optimistic about Saatvik Green and maintain a 'Buy' on Suzlon Energy. View More