CEO Financial News

MUMBAI : The integration of the IDBI Mutual Fund schemes with those of LIC MF could push up the ranking of the latter by a notch to 22 after the transfer concludes on 29 July, said a top official of LIC MF. The ranking is by assets under management (AUM). “We should get around ₹3,700 crore of AUM from IDBI MF, which when added to our AUM of upwards of ₹18,400 crore, gives a combined AUM of around ₹22,200 crore, which is dynamic depending on the market movement," said T.

NEW DELHI : Packaged consumer goods company Marico Ltd has signed a definitive agreement to acquire a majority stake in Satiya Nutraceuticals Private Ltd that owns plant-based nutrition brand Plix for ₹369 crore. “In line with our strategy to accelerate our diversification journey, the investment in Plix not only expands our total addressable market in value-added wellness foods and nutrition segments, but also brings another digital-first brand with a distinct value proposition into our fold," Saugata Gupta, MD and CEO, Marico, said in a filing with the exchanges. The acquisition of 32.75% of the paid-up share capital of Satiya Nutraceuticals on a fully diluted basis, through primary infusion and secondary buyouts, was completed on 26 July 2023; acquisition of remaining 25.25% of the paid-up share capital of the company will be completed in one or more tranches by May 2025, subject to terms and conditions of the definitive agreements, the company said in its filing.

Twitter handle defunct. Elon Musk, the CEO of Tesla, SpaceX and also the owner of Twitter, as part of the rebranding took over the account of one Gene X Hwang, a photographer from San Francisco. What is noteworthy here is, the Twitter handle @X belong to Hwang for the past 16 years, but Twitter sent him a mail saying it was now their property.

Northern Arc Capital has announced that its machine learning (ML)-based analytical tool, Nu Score will aid the underwriting and risk assessment for Gujarat-based NBFC, Pahal Financial Services. With this real-time insights from Nu Score, Pahal Financial Services foresees disbursements of Rs 2,000 crore to its 6.5 lakh borrowers in the 2024 fiscal.

GreenH Electrolysis on Wednesday announced its plans to set up an electrolyser manufacturing plant with a capacity of 1 gigawatt (GW) in India. GreenH Electrolysis is a joint venture company between Spain-based H2B2 Electrolysis Technologies and GR Group of India. «GreenH Electrolysis announces its first, 1 GW, state-of-the-art, PEM electrolyser manufacturing plant in India,» the company said in a statement.

Coca-Cola Company on Thursday said it has registered growth in the beverage market in India despite having a challenging summer with rains, its Chairman and CEO James Quincey said. In the June quarter, China was affected due to specific local conditions and recovery was slowed in the second quarter. Consumer confidence is below the pre-pandemic level, he added.

China this month showed its post-pandemic surge was quickly fading, raising expectations that the government needs to bring out more stimulus measures to drive activity and bolster shaky consumer confidence. British consumer goods giant Unilever said on Tuesday that China's declining property market and exports had sent its consumer sentiment to a historic low, having earlier this year forecast a Chinese "consumption boom".

congressional committee is set to vote this week on several bills that would develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies.

Dr Reddy's on Wednesday said it plans to use net surplus cash for acquisitions and product innovations targeting India, emerging markets and US. The drug maker has a net cash surplus of Rs 5000 crore as of June 30, 2023. «A part of it would be used for India and emerging markets primarily for licensing and product acquisitions,» said Erez Israeli, CEO of Dr.

GST) Council may meet again next week to iron out some technical issues like repetitive taxation in determining the face value for online gaming and casinos before clearing the draft amendment in the goods and services tax law in the upcoming monsoon session. The discussion will be restricted to the «technical issues» regarding implementation of the GST council decision and there will be no re-consideration and further discussion on the council’s decision to impose 28% on horse racing, casinos and online gaming companies on full face value, irrespective of whether it is game of skill or game of chance, ET has learnt.

ReNew Power and clean energy solutions provider Gentari on Wednesday announced a strategic collaboration to form a 50:50 joint venture for exploring avenues to invest in 5 GW renewable capacity in India. The collaboration between the parties follows Gentari's initial investment for a 49 per cent equity stake in ReNew's 403 MW Peak Power project in May this year, a company statement said.

A month after launching a new digital marketplace for alternative investments, iCapital is rolling out a new tool to help advisors incorporate alts and structured products into client portfolios.

Jio Financial Services Ltd (JFS) and BlackRock have signed an agreement to form a 50:50 joint venture to offer investment solutions. JFS and BlackRock are targeting initial investment of $150 million each in the joint venture, to be named Jio BlackRock.

Rio Tinto has wiped $1.22 billion off the value of its Australian alumina refineries to account for the cost of the Albanese government’s new carbon policy as lower commodity prices drove a 43 per cent slump in half-year earnings.

Cipla said it is confident about ending FY24, with 23-23.5% earnings before interest, tax, depreciation and ammortisation (EBITDA) margins and 10% odd revenue growth, led by robust sales growth across key geographies of US, India and South Africa. The company also said it is seeing stabilisation of price erosion in the US market along with moderation of logistics and raw material costs to boost margins. The company said in the US market it will maintain a quarterly revenue rate of $210-$215 million for US business.

₹996 crore that grew 45.1% year-on-year (YoY) beat Bloomberg consensus analysts' estimates of ₹860.4 crore. The company's income from operations at ₹6,329 crore was up 17.7% YoY. The reported Ebitda at ₹1,494 crore also grew 30.7% YoY.

A month after the world’s largest crypto exchange Binance faced rejection of its crypto custody license request from the German regulator BaFin, the exchange has reportedly withdrawn its license application.

₹273.7 crore which was 31% higher than ₹209.7 crore reported during the corresponding quarter in the last fiscal year. Colgate's sales grew 10.8% to ₹1314.7 crore during the quarter ending June 2023. The revenue of Colgate rose from ₹1,208.3 crore in Q1FY23 to ₹1,338.6 crore during the quarter ending June 2023.

Last night, both Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) delivered the solid earnings numbers bulls were counting on. While the Bill Gates-founded giant topped analysts’ EPS expectations by 5.5%, the Google parent company did it by a slightly wider margin of 7.3%.

LONDON — NatWest Group CEO Alison Rose resigned after a media storm over the termination of Brexit figurehead Nigel Farage's bank account by sister lender Coutts.

renewable energy portfolio comprising of solar, wind and energy storage projects. This comes in the backdrop of ReNew lining an ambitious ₹35,000 crore capital expenditure plan. Mint reported about the proposed partnership on 8 August last year for setting up green energy projects in India in JV mode.