CEO Financial News

(Reuters) -Western Digital said on Monday it would split itself into two companies that would focus on the hard drive and flash memory markets, days after talks of a merger with Japan's Kioxia stalled.

In the third quarter of 2023, India’s top Tier-1 cities witnessed a 7% surge in commercial real estate supply, amounting to a total of 14.61 million square feet, according to a PropEquity study. This can be attributed to the government’s proactive measures to stimulate growth in the IT sector through tax incentives and infrastructural improvements.

The festive season is a time of joy and celebration, often accompanied by unplanned expenditures due to a deluge of enticing discounts. These discounts can lead to unexpected high spending, which may strain your finances. This festive season is no exception, as brands entice customers with various discounts and convenient repayment options.

Fractional ownership of real estate is fast emerging as a promising investment instrument in India for investors, particularly HNIs, and even end-users, which may help them earn steady returns of 8-10 per cent from the booming real estate market, opine industry experts.

Advisor Credit Exchange have added two former UBS senior leaders as its new CEO and COO.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon plans to sell shares currently worth about $141 million, the first such transaction since he took the helm at the Wall Street giant almost 18 years ago.

Seurat Technologies, a 3D metal-printing startup, on Monday hinted at potentially going public in the medium term and said it had raised $99 million in a funding round co-led by chip designer Nvidia's venture capital arm. With the latest series C funding round, the company's valuation will approach $350 million, said a source who asked not to be named.

Spacetech company Skyroot Aerospace on Monday said it has raised $27.5 million in a pre-Series C funding round led by Temasek, a global investment company owned by the government of Singapore. The startup plans to utilise the newly acquired capital to build its infrastructure and technology, attract talent and enhance its launch frequency and capabilities.

ALSO READ: Narayana Murthy pitches for change in India's work culture, says ‘youngsters should work for 70 hours a week if…’ Meanwhile, Marico Group Chairman Harsh Mariwala has differed with Narayana Murthy's '70-hour work week' suggestion and backed the idea of throwing challenges to the youngsters to boost growth and learning. Taking to X, he wrote, "Undeniably, hard work is the backbone of success, but it is not about the hours clocked in.

LT Foods Ltd on Monday reported a 64.86 per cent rise in consolidated net profit to Rs 157.26 crore for the second quarter ended September 30, helped by expansion in domestic and foreign markets. It had reported a net profit of Rs 95.39 crore for the July-September quarter a year ago, according to a regulatory filing by LT Foods Ltd, which owns basmati rice brands — Daawat and Royal. Its revenue from operation increased 14.66 per cent to Rs 1,977.78 crore during the quarter under review.

₹372 crore in the September quarter. The company's consolidated total income rose 53.7% year-on-year to ₹2,589 crore from ₹1,684 crore in the July-September quarter. The firm said it clocked an 87% rise in energy sales from a year ago to 5,737 million units backed by strong capacity addition and improved CUF across solar, wind and hybrid portfolios.

Nitish Mittersain, Founder, Joint MD & CEO, Nazara Tech, says “the online money gaming business is today just 4% of our revenues and is impacted due to the new GST taxation rules that came in from October 1st but we expect that business to recover and stabilise in the next couple of months. More importantly from Nazara perspective, getting clarity on taxation was a very important thing. I think that has largely been achieved.” Start by telling us a little bit more about this plan to launch the new game publishing division. How revenue accretive do you believe it is going to be? Nazara Publishing, which is a new initiative of Nazara, is basically meant for the game developers who are trying to bring high quality games across platforms such as mobile, PC, even new technologies such as Web3 and VR.

NSW has “no choice” but to build the new transmission lines needed to support renewable energy zones despite fierce pockets of resistance from local communities, says James Hay, head of the state company in charge of rolling out the controversial plans.

An Australian regenerative medicine company is preparing for a major expansion in the US with a unique “collagen Velcro” sourced from high-quality pigs that repairs severed nerves.

Lodha, listed at Macrotech Developers, is set to exceed its full year guidance of Rs 17,500 crore worth Gross Development Value (GDV) for new project additions in the current financial year, said a top company official. The company has already added projects with development value of Rs 14,300 crore or over 80% of its full year guidance in the first half of the financial year and expects to surpass the guidance soon, Abhishek Lodha, MD & CEO, Macrotech Developers, told ET. “Given how much we have already achieved in the first half and the pace of new project additions and strengthening the pipeline of business development opportunities, we are well on our way to exceed our full-year guidance,” Lodha said. The company will continue to operate with its ‘supermarket’ strategy that involves undertaking a development every 3-5 kilometres across key core property markets including Mumbai and Pune. “The ‘supermarket’ strategy is part of our diversification. We believe that Indian homebuyers typically do not shift beyond 3-5 kilometres away from where they currently live.

In the world of cryptocurrency, excitement continues to ripple through the market as Bitcoin holds steady at $34,274, registering a 0.75% increase on this Monday.

Zee Entertainment rose 3.6% to Rs 258 in Monday's trade on BSE after the Securities Appellate Tribunal (SAT) set aside market regulator SEBI's order barring Zee Entertainment's CEO Punit Goenka from holding key directorship in listed entities over an alleged fund-diversion case. In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies. SEBI’s investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit. “Appellant (Goenka) will cooperate in the investigation.

Even Narayana Murthy isn't always on point: youth must work smarter, not longer Defending Murthy's statement former Infosys CFO Mohandas Pai has shared data on how many hours urban men work in each state. Pai asserted that 'Prosperity needs hard work, data shows'. Also read: Mint Explainer: Why Narayana Murthy's call for a 70-hour work week won't fly According to the map that Mohandas Pai shared, the average working hours in India is 61.6 per week.

AU Small Finance Bank lost over 8 percent in intra-day deals on Monday, after the lender announced that its board has approved the merger with Fincare Small Finance Bank. The firm will acquire Fincare Small Finance Bank in an all-stock transaction valued at ₹4,411 crore. The move is aimed at extending the bank's footprint in southern India and entering the microfinance sector, it said.

Former Kansas City Federal Reserve Bank president and CEO Thomas Hoenig joins 'Maria Bartiromo's Wall Street' to discuss the Federal Reserve's next move.

investor accounts across the country in recent times. One is the increased participation of the younger generation, while the other pertains to account additions from areas that have not historically participated in the equities boom. Over the past 30 months, 12.7 million accounts have been opened by members of Generation Z, specifically those between 18 and 20 years old. According to BSE data, the number of accounts held by individuals aged 18-20 has risen to 16.1 million as of September 30, 2023, from a mere 3.4 million as of March 2021.