Enterprise Financial News

By Summer Zhen

State-backed Russian hackers breach Microsoft's email system, says tech giant According to a report by The Information, Microsoft has formed a new team to develop conversational AI that requires lower processing power compared to OpenAI's technology. The report also notes that Microsoft has moved several top developers from its research group to the new-Gen AI team.

(Reuters) -German software firm SAP SE (ETR:SAPG) unveiled on Tuesday a 2 billion euro ($2.2 billion) restructuring programme for 2024 that will affect 8,000 roles, as it seeks to better focus on growth in artificial intelligence (AI)-driven business areas.

Q3 results today: Bajaj Auto, Tech Mahindra, Tata Steel, others to announce Q3 earnings Motilal Oswal said Tech Mahindra's revenue might decline 7 per cent year-on-year (YoY) in the Indian rupee terms, following the dip in Q2 as CME and enterprise remain under pressure due to seasonality. The brokerage firm expects a 1.1 per cent QoQ decline in constant currency (CC) revenue for Q3FY24. Adjusted PAT, as per the brokerage firm, may drop 39.3 per cent YoY and 19.5 per cent quarter-on-quarter (QoQ).

“Investors should taper their returns expectation, focus a lot more on the quality of businesses in portfolio and the valuations they command,” says Sahil Kapoor, Market Strategist & Head — Products, DSP Mutual Fund. In an interview with ETMarkets, Kapoor said: “Over the last 3 years, investors have been able to record nearly 20% CAGR returns which are unlike our long-term returns,” Edited excerpts:

TCS, Infosys and HCL Tech, investors are eagerly awaiting the quarterly numbers from Tech Mahindra, which will report its earnings today. However, the expectations from the company seem to be modest for the third quarter.

REC will lend up to ₹1.2 trillion for the installation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana. Speaking to the media on Tuesday, the chairman and managing director (CMD) of REC, Vivek Kumar Dewangan said that the company has been designated as the programme implementation agency for the implementation of the scheme and its board of directors has approved letters of credit of about ₹15,000 crore each for eight central public sector undertakings would set up the rooftop panels across states.

By Marc Frank

Religare Enterprises by entities controlled by the Burman family, as well as a subsequent open offer to buy up to another 26% of the financial services firm. The provisions have been approved under the Securities and Exchange Board of India Regulations, 2011, the competition watchdog said in a statement. In September 2023, the Burman family, which owns consumer goods company Dabur India, signalled its intention to acquire a 5.27% stake in the financial services company for ₹407 crore, which would take their shareholding to over 26%, triggering an open offer.

₹108 per share for its upcoming initial public offering (IPO). The small and medium enterprises (SME) IPO will open for subscription on January 29, 2024 and closes on January 31, 2024. Mayank Cattle Food IPO is a fixed price issue of ₹19.44 crores.

₹79 per share for its upcoming initial public offering (IPO). The small and medium enterprise (SME) IPO will open for subscription on January 25, 2024 and closes on January 30, 2024. Docmode Health Technologies IPO is a fixed price issue of ₹6.71 crores.

quantum computing hubs in the country in a public-private partnership mode, the minister of state for electronics and information technology Rajeev Chandrasekhar said. “The quantum (of funds) is more than Rs 10,000 crore. It will be presented before the cabinet for approval soon. The IT ministry is proposing this and this will include setting up of GPUs (graphics processing units) in PPP mode with data centres in the private space and public data centres under CDAC (Centre for Development of Advanced Computing),” Chandrasekhar told reporters on Tuesday.

₹156 apiece. Brisk Technovision IPO lot size consists of 800 shares.

Tech Mahindra is expected to see a sequential decline in revenue in the December quarter due to weakness in the communication vertical segment and higher furloughs. The company will report its third earnings on Wednesday, January 24.

Zee Entertainment Enterprises Ltd. traded at Rs 166.25 on BSE at 02:10PM (IST) on Tuesday, down 28.26 per cent from previous close.

Zee Entertainment Enterprises share price saw sharp decline of more than 25% on the NSE and the BSE, post Sony ended its merger agreement and demanded $90 million in termination fee. As the stock erased more than ₹5000 Crore market-cap, all investors including Mutual funds were at the receiving end.

MUMBAI : Shares of Zee Entertainment Enterprises Ltd may open 10% lower on Tuesday and fall further, market participants said, as the termination of its merger with Sony Corp. group’s Indian entity sparks block deals and liquidation of long positions. Mutual funds including Aditya Birla Sun Life MF, Kotak MF, ICICI Prudential MF and Nippon India MF, hold 32.49% of Zee’s equity, while insurance companies like Life Insurance Corp., SBI Life and HDFC Life Insurance Co., hold 10.66% and foreign portfolio investors, including Norges Bank and Vanguard, etc., hold 28.19% as of the December quarter end.

Axis Bank: The lender is set to announce its third quarter results for FY24 on January 23. Kotak Institutional Equities estimates the bank to announce Net Interest Income (NII) of ₹124,553 million for Q3FY24, up 8.6% compared to the corresponding period last year. Net profit for Q3FY24 is projected to stand at ₹62,120 crore, up 6% year-on-year.

Axis Bank, ZEE, Cipla among others will be in focus due to various developments and quarterly numbers. Here's a complete list of stocks for investors to track.

Sony Group's decision to call off its deal with Zee Entertainment Enterprises and seek a termination fee of $90 million (Rs 748 crore) is likely to trigger a messy legal war, with both companies filing cases against each other in multiple judicial forums, lawyers said. After this announcement, both parties can approach an arbitration tribunal as per their contractual agreements, or a high court for any interim relief, they said. On Monday, Zee informed stock exchanges that Sony Group companies Culver Max Entertainment and Bangla Entertainment terminated the merger co-operation agreement and invoked arbitration to get several reliefs. After the approval of the scheme by the National Company Law Tribunal, any dispute relating to changes in the key terms of the merger scheme shows that there are attempts to seek more than what the parties had already agreed under the deal, said Ashish Pyasi, partner of law firm Aendri Legal. «As the parties have already exercised their negotiation option as per the agreement and are now opting for an arbitration dispute, then the termination of the agreement can also be challenged on grounds including non-performance of any conditions of the agreement before the arbitral tribunal,» said Pyasi. «In such an event, the tribunal will decide the issues after considering all the facts to see whether the respective terms have been complied with or not, and whether there is a breach of the agreement or not as alleged.»

Zee Entertainment Enterprises CEO & MD Punit Goenka and the promoter family he belongs to from continuing to call the shots with a tiny equity stake, if other shareholders in the company once again choose to give him a long rope. Our Bureau explains: Will that change? So far, it hasn't and chances are it won't — at least for some time.