Enterprise Financial News

Burman family, which is seeking to take over Religare Enterprises Ltd (REL), has accused the latter’s management of blocking its planned open offer in a letter to the Reserve Bank of India (RBI). Religare denied receiving any intimation from the central bank about any communication regarding this matter. REL led by chairperson Rashmi Saluja has sought to obstruct the applications that need to be sent to the regulators for changes in shareholding, control and management of REL, said the letter by the Burmans, promoters of the Dabur Group.

India Electronics & Semiconductor Association (IESA) and the India SME Forum- have supported the continuation of prohibition of imposing customs duties on electronic transmissions at the World Trade Organization (WTO), citing it to be important for supply chain resilience post Covid. The two industry bodies made this submission to the global trade watchdog as part of a consortium of around 170 global associations. The submission comes amid India and South Africa pushing hard for the prohibition to end as it leads to revenue loss and are keen on an outcome on the issue before the WTO's 13th ministerial conference (MC13) later this month. The moratorium on customs duties on electronic transmissions is in place since 1998. Around 105 countries, including the US, the UK, Australia, China, and Japan favour this prohibition. «Continuation of the moratorium is also important to supply chain resilience for manufacturing and services industries,» the associations said.

Paytm by the central bank. The listed fintech behemoth is in the eye of a storm due to its poor governance standards. Having spent 20 years as an investment banker, Bhargava joined Lightspeed in 2021.

Mumbai (Maharashtra) [India], February 8: Skillmine, a leading IT Services and Product Engineering company, has proudly completed a decade of innovation and excellence. With a relentless focus on problem solving and making technology better, faster and cheaper, Skillmine is emerging as a challenger within technology enterprises. Taking its cutting-edge services and solutions further in AI/ML Engineering, manufacturing 2.0, Data, Cyber and Regulatory challenges, Skillmine's products not only address significant business challenges but also provide scalable solutions at competitive and value-driven pricing.

SJVN, Amber Enterprises, NBCC (India), HUDCO, IRB Infrastructure Developers, Indian Overseas Bank and MCX India were among the drags on the smcallcap index as they fell in the range of 9% - 20%. In the Nifty Midcap 100 index, NHPC, IRFC, Bharat Dynamics, RVNL, and Yes Bank shares declined the most with a loss of around 8% - 12%. Also Read: NHPC share price declines 10% ahead of Q3 results today. Should you Buy, Sell or Hold the stock? Analysts have raised concerns about the frothy valuations of the broader market and find safety in large-caps for the long-term perspective.

By Martin Coulter

BSE Sensex surged by 167 points to reach 71,595, while the Nifty 50 climbed by 64 points to hit 21,783. This movement was accompanied by the formation of a bullish candlestick pattern with a lower shadow on the daily charts, suggesting a strong buying interest at lower levels. Additionally, the index maintained its position above the 21-day EMA (exponential moving average) at 21,670, which could act as immediate support for the index.

software industry group which counts enterprise firms like Microsoft as its clients said in its representation to the ministry of electronics and information technology (MeitY). Washington DC-headquartered software industry group BSA The Software Alliance said that business-to-business and enterprise software services may not pose the same risk to user safety and public order and that the government should consider content authenticity solutions. Public policy solutions to address the issue of deep fakes remain unclear and continue to elude policymakers, said BSA in a letter to the ministry of electronics and IT earlier this month. The government plans to amend the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 to include regulations for deep fakes.

Satya Nadella, chairman and chief executive officer (CEO) of Microsoft that has toppled Apple as the most valuable company, believes that India with its robust developer community will be able to compete with any developed country in the use of artificial intelligence (AI) and generative AI (GenAI) in enterprises. In an interview during his visit to India last week, Nadella, who has completed 10 years as the company’s CEO, underscored the importance of keeping “humans in the loop" in AI-enabled projects, the value of India-specific large language models (LLMs), the need to regulate AI, and the need to create new value from technology to stay ahead.

Income Tax Act — whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as 'micro' or 'small' (MSE) within 45 days of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of 'actual payment'. Thus, deduction disallowance for unpaid outstandings would increase the taxable income and tax of companies for FY24. In grappling with the new statute, companies and vendors are trying to escape its impact in different ways — some of which may not later stand the scrutiny of the auditors and tax office.

Large central public-sector entities – companies and undertakings (CPSEs) – achieved 83% of their combined capital expenditure target for FY24 in April-January by spending Rs 6.09 trillion, supporting the public capex-led economic growth revival.

NEW DELHI : A large number of Union ministries had utilised only about two-thirds of their revised budgetary allocations for 2023-24 in the first nine months of the financial year. The actual total expenditure between April and December was ₹30.41 trillion, against the revised allocation of ₹44.90 trillion for 56 ministries, the Union finance ministry said in a statement on ministry-wise utilisation of the Budget allocation for FY24. The statement was a part of the government’s response to questions at the Rajya Sabha last week.

₹115-128 per share. At the upper end of this price band, the company anticipates raising ₹44.80 crore. The book-running manager for the issue is Ekadrisht Capital.

Muthoot Finance, Siemens, Hindalco Industries will be revealing their results this week. The earning season commenced in January with technology giants Infosys and TCS setting the initial tone.

Jana Small Finance Bank IPO: GMP, how to check status as focus shifts to allotment date "The surge in domestic capital influx, robust growth of Indian entrepreneurial endeavors, advancements in governance standards, and the active engagement of conscientious institutional investors collectively contribute to the sustained momentum expected in the IPO market throughout 2024. This week, commencing February 22nd, 4 mainboard IPOs Appejay Surrendra Park Hotels, Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance closed to raise cumulative of 2,613 crores," said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Pvt. Ltd.

“Public sector enterprises (PSEs) have performed well in this market rally, there could be some froth in that space, further a lot of SME stocks are also skyrocketing, and therefore a caution is advised in that space as well,” says Rakesh Pujara, Founder and Managing Partner at Compounding Wealth Advisors LLP. In an interview with ETMarkets, Pujara said: “The beauty of bubble is to ride it and one must have some rule-based framework to get a timely exit from the hope trade,” Edited excerpts:

The Nifty Small-cap 250 dropped 1.3% and the Nifty Mid-cap 100 declined 0.9%, while the Nifty Public Sector Enterprises (PSEs) index slipped 2.7%. All three indices erased a portion of the losses earlier in the trading session tracking the rebound in the benchmark indices — Sensex and Nifty, which ended 0.3% higher.

Q3 results today on February 10: Investors will be on edge with some of the major companies releasing their Q3 earnings. A slew of companies, including ONGC, Divis Labs, Aurobindo Pharma, and Multi Commodity Exchange of India (MCX), will be the focus today as they release their Q3 results.

Police, meanwhile, have hauled away drivers with headsets on while their cars run on autopilot. Every twist and turn in this futuristic saga is being captured on viral social media posts since the mixed-reality headset from Apple reached consumers earlier in February, only a fortnight after the technology giant had announced pre-orders for the Vision Pro, marking its latest product release after the Apple Watch in 2015.

Healthcare Global Enterprises declared their Q3 FY24 results on 08 Feb, 2024. The topline increased by 10.62% & the profit decreased by 24.4% YoY.

Vikram lander's soft landing near the lunar south pole last year, India became a league of its own. And, yet, it ranks 40th on the Global Innovation Index. Isro-like successes remain isolated. R&D expenditures in India have stagnated at about 0.6% of GDP. While there is a need to increase public sector spending on R&D, it is often argued that private sector should step up its investments. Paradoxically, while MNCs are increasingly leveraging India as their innovation hub, the broader innovation ecosystem's output leaves much to be desired, and local enterprises lament limited availability of well-trained R&D professionals. There is limited clarity on the modalities of the Anusandhan National Research Foundation that came into effect on Monday, and the ₹1 lakh crore corpus for research and innovation announced in the interim budget. While these are welcome experiments in innovation financing, publicly supported industry consortia remain largely underutilised.