City Hyderabad Financial News

Brightcom Group share price was locked in its lower circuit as the stock opened at its 5 per cent lower price band of ₹16.08 on BSE on Friday. Shankar Sharma portfolio stock Brightcom Group has been hitting the lower circuit for the last eight consecutive sessions. On a monthly scale, the stock fell 20 per cent in July and 33 per cent in August.

Ministry of External Affairs has issued a stern advisory to combat the growing misuse of Indian Passports as advertising platforms, a senior official said here on Thursday. It highlighted the alarming trend where travel agents have been defacing the cover of Indian Passports by pasting their agency or company stickers, said Dasari Balaiah, Regional Passport Officer and Head of MEA Branch Secretariat, Hyderabad in a release. The practice not only undermines the sanctity of the passport, but contravenes Union Government guidelines pertaining to passport maintenance, it said. «The outer cover of the Indian Passport carries the national emblem with the Ashoka Chakra on it and incorporates several security features aimed at ensuring its authenticity and integrity.

theme parks KidZania, is planning to spend $50 million over the next 5-10 years to launch five new theme parks in cities like Bengaluru, Ahmedabad, Pune, Hyderabad, and Chennai, a top company official said. The company currently operates two KidZania branded theme parks in Mumbai and Delhi spread across 70,000 sq ft and 95,000 sq ft, respectively. The two centres used to draw an annual footfall of 400,000 persons prior to the pandemic, which has dropped to 300,000 post the pandemic. «We are expecting about $50 million of investment to launch the five new centres,» said Paras Chandaria, founder and promoter, KidZania India, adding that the company is open to working with strategic partners to realise its ambitious expansion plans in the country.Chandaria's Kidz Inc Pte owns a 74% stake in Imagination Edutainment while Khan holds the remaining 26%.

ISRO is likely to visit the Jadavpur University campus in Kolkata in the first week of September in most probability for the implementation of a surveillance system at Jadavpur University, in the backdrop of the death of a first-year undergraduate student at the varsity. West Bengal Governor CV Ananda Bose has recently approached ISRO for technology to curb ragging at Jadavpur University and all other colleges and university campuses. A team from ISRO has expressed interest in visit Jadavpur University campus, following the initiative by the Governor. Bose has recently approached ISRO for technology to curb ragging at Jadavpur University and all other colleges and university campuses.

₹142.50 apiece on the BSE SME as against the issue price of ₹75.00 per share. Bondada Engineering doubled IPO investors money on debut as the shares were locked at 5% upper circuit at ₹149.62 after listing, leading to gains of 99.49% from issue price. Bondada Engineering IPO was an SME IPO and was open from August 18 to August 22.

GMR Goa International Airport is looking to raise ₹2,480 crore by issuing non-convertible debentures to repay existing debt and fund capex. The securities have a tenor of five years and will be raised at 10.25%.JP Morgan will help raise the debt. The paper is rated BBB+ by Care Ratings and has a call option after three years. Proceeds of the paper will be used to repay the existing senior debt of ₹1,520 crore, repay the external subordinated debt of ₹227 crore, repay the group-level debt of ₹269 crore and fund capex, according to an indicative term sheet seen by ET. GMR Goa International Airport, which is a 100% subsidiary of GMR Airports, is a special purpose vehicle (SPV) set up to establish the greenfield international airport at Mopa in the northern part of Goa, on a design, build, finance, operate and transfer basis.

bomb threat received by the Rajiv Gandhi International (RGIA) Airport here by e-mail turned out to be a hoax, police said on Tuesday.

August bank holiday list August 29 (Tuesday)- Thiruvonam- Banks are closed in Kerala. August 30- (Wednesday)- Raksha Bandhan- Banks are closed in Rajasthan, Himachal Pradesh. August 31- (Thursday)- Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol- Banks are closed in Uttarakhand, Assam, Kerala, Uttar Pradesh.

The Indian Express, this specialized K9 team comprises 34 explosive detection dogs that were obtained as puppies from a kennel in Hyderabad specifically for the Summit. Following their training at the ITBP camp in Bhanu, Chandigarh, they were deployed to the city. Additionally, the team includes 13 trained dogs that were acquired from the Indian Army's RVC (Remount and Veterinary Corps) unit.

Ikea expects its Hyderabad store, the first in the country to achieve operational breakeven soon, the company said on Monday without providing the revenue details. Hyderabad store which was opened in 2018 has witnessed a footfall of three million during the last 12 months period against 2.90 million a year before. However, the figures are not comparable as last year and period before that witnessed a lot of movement restrictions due to COVID-19 pandemic. Speaking to media, Ikea India CEO Susanne Pulverer said the firm is exploring different formats of stores in terms of size, to penetrate the market and get closer to people where they live.

Brigade Enterprises has purchased land worth Rs 1,300 crore over the past year across the Southern market, to strengthen its position in the residential segment. In a recent purchase, the company bought a piece of land in Neopolis, Kokapet, Hyderabad for Rs 660 crore for a 9.7-acre plot, which translates to around Rs 68 crore per acre. The company will primarily build residential properties on this expanse of land spanning one million square feet. “We had already paid the first tranche, and we will primarily build residential on the recently purchased land. It may have some elements of other asset classes, too.

Skyroot Aerospace, which launched India's first private rocket in 2022, aims to double its planned launches starting next year on a likely boost to the country's fledgling private space sector from the success of the Chandrayaan-3 moon mission. The Hyderabad-based company, backed by Singapore's sovereign wealth fund, GIC, is also aiming to raise more money by the end of next year, co-founder Pawan Kumar Chandana told Reuters in an interview. «From 2024 and later, we're looking at at least two launches per year and will probably ramp up as we move further,» said Chandana, whose company is set to send its second rocket to space by the end of the year. Chandana, a former scientist at the Indian Space Research Organisation, said he was receiving «a lot of messages from global and domestic investors» who want to understand Skyroot's business ever since India became the first country to achieve a safe landing on the lunar south pole. The company conducted India's first private rocket launch looking to cut satellite launch costs in an industry fast getting crowded as various firms build out networks to deliver broadband services, which need small satellite launches.

«We are definitely excited by the new launch of Reliance Retail on the Yousta. So, first store has already come out in Hyderabad and we expect around 200 stores opening in FY24,» says Abneesh Roy, Nuvama.Who wants to start first?We are definitely excited by the new launch of Reliance Retail on the Yousta.

Reliance IndustriesShares of Reliance Industries Ltd (RIL) will be in focus today ahead of the company's AGM.

Priyank Kharge on Sunday discussed rolling out free public wifi zones in Bengaluru. “We plan to have about 5,000 public hotspots in Bengaluru,” Kharge told ET, saying it was a project he initiated as IT/BT Minister over five years ago, but was still stuck where it was. “We will start talking to telecom service as well as broadband service providers,” the IT/BT Minister said, adding that the government planned to roll it out by December. The long pending project is part of the Digital Karnataka goal, aiming to provide wifi access to everyone. With no investment from the government, the earlier plan was to give data free for the first 30 minutes or an hour and charge for use beyond that. In November 2019, the BBMP and ACT Fibernet signed an MoU to make public wifi available in nine months, but it remains a non-starter.

generative technology and may consider raising funds early next year to support expansion plans. Ramineni, during his India visit spoke to PTI about the rapid growth in AI and startups in India and the Silicon Valley.

Brightcom Group Ltd, as well as at the residences of Chairman and Managing Director M. Suresh Reddy and Chief Financial Officer S.L.N Raju in Hyderabad. The searches were conducted as part of the investigation conducted by the Securities and Exchange Board of India (Sebi) regarding impairment of assets worth Rs 868 crore by the company through its international subsidiaries. The inquiry by the ED revealed that Brightcom Group violated provisions of Foreign Exchange Management Act (FEMA). “It was revealed that Brightcom itself financed the preferential issues by round-tripping funds through subsidiaries and conduit entities; that Brightcom falsely claimed to have received full payment for preferential shares/warrants by providing ‘forged and fabricated bank statements’ to SEBI,” the ED said. Further, more than Rs 300 crore advanced as loans to subsidiaries were partly siphoned off or remained unaccounted. The ED also conducted searches at the residence of the company’s statutory auditors P.

Enforcement Directorate (ED) on Saturday conducted searches under the provisions of FEMA, 1999 at 5 locations in Hyderabad at residences of Brightcom Group Ltd’s CEO and CFO, and premises of the company’s auditor P Murali Mohana Rao, news agency ANI reported.

Artificial intelligence (AI) is going to augment human ingenuity, not replace it, said Shantanu Narayen, chairman and chief executive of $17.61-billion Adobe Inc. The Hyderabad-born executive, who has been at the helm of the Nasdaq-listed company for the last 15 years, cautioned that a rush to regulate AI and «arbitrarily limiting advancements may be harmful».

Artificial intelligence (AI) is going to augment human ingenuity, not replace it, said Shantanu Narayen, chairman and chief executive of $17.61-billion Adobe Inc. The Hyderabad-born executive, who has been at the helm of the Nasdaq-listed company for the last 15 years, cautioned that a rush to regulate AI and «arbitrarily limiting advancements may be harmful». In a wide-ranging conversation with ET's Surabhi Agarwal & Bodhisatva Ganguli, he also talked about the role that Adobe India is playing in building the next-gen AI-led products and the monetisation opportunities for the company arising out of the AI boom. Narayen, 60, who is among the original crop of the ever-growing list of Indian-origin CEOs leading American multinationals (MNCs), also said that the future of India is «very bright» because of the right combination of demographics, talent and technology and what the government has done with the digital public goods is incredible.