Enterprise Financial News

Microsoft India president Puneet Chandok has set for himself, to accelerate the Seattle-headquartered technology giant's cloud and artificial intelligence push in the country. “The plan in the next 90 days is to do 100 boardroom conversations with top enterprises in India and demystify AI,” Chandok told ET in his first media interview after joining the company in September. He added that he had already met 100 customers over the last 100 days.

India Inc. joined the cheer for the New Year. Taking to X (formerly Twitter) on Monday, Anand Mahindra, shared a long note on why 1st January continues to hold such a fascination among the masses across cultures.

₹766.47 crore for 5,338 projects across sectors during January-November 2023. "The corporation assisted around 5,338 projects, with total sanctions & disbursements of ₹766.47 crore and ₹547.11 crore respectively, in diverse sectors – education & training, food processing, handlooms & handicrafts, healthcare, hotels & tourism, microfinance etc.

Agro Phos(up 11.74%), Sikko Industries(up 4.99%), Bohra Industries(up 4.90%), Nagarjuna Fertilizers & Chem(up 2.79%), ZUARIAGRO(up 2.72%), Madras Fertlizers(up 1.00%), Coromandel International(up 0.96%), Gujarat Narmada Valley Fertilizers (up 0.53%), Deepak Fertilizers & Petrochemicals(up 0.53%) and Krishana Phoschem(up 0.18%) stood among the top gainers. Mangalore Chemicals & Fertilizers(down 2.25%), Chambal Fertilisers & Chemicals(down 2.11%), Aries Agro(down 1.99%), G S F C(down 1.63%), Rama Phosphates(down 0.58%), Khaitan Chemicals & Fertilizers(down 0.50%), Fertilizers & Chemicals Tranvancore(down 0.35%), Southern Petrochemicals Industries(down 0.19%), Paradeep Phosphates(down 0.15%) and Madhya Bharat Agro Products(down 0.12%) were among the top losers of the day.

On the BSE, Sailani Tours N Trav(down 11.85 per cent), W H Brady(down 11.60 per cent), Hilton Metal(down 11.17 per cent), Dipna Pharmachem(down 9.97 per cent) and Eastern Logica Infow(down 9.91 per cent) stood among the top losers in today's trade. In the Nifty pack, 20 stocks closed in the green, while 30 stocks ended in the red.

NMDC Ltd(up 1.21%) and Sandur Manganese & Iron Ores(up 0.63%) stood among the top gainers. Ashapura Minechem(down 1.81%), KIOCL(down 1.81%), 20 Microns(down 1.76%), Coal India(down 1.30%), Pokarna(down 1.03%), MOIL(down 0.98%), Orissa Minerals Development Company(down 0.76%), Gujarat Mineral Dvpt Corporation(down 0.71%), Oriental Trimex(down 0.53%) and Aro Granite Industries(down 0.41%) were among the top losers of the day.

Sensex closed flat in a highly volatile market on the first session of 2024 as gains from IT and energy stocks were offset by banking, auto and financial stocks. The 30-share BSE benchmark Sensex rose 32 points or 0.04% to settle at 72,272. The broader NSE Nifty gained 10 points or 0.05% to end at 21,742.

The NSE Nifty index ended the session 47.3 points down at 21731.4, while BSE Sensex fell 170.12 points to 72240.26. In the Nifty index, Tata Consumer Products Ltd.(up 4.40 per cent), Tata Motors Ltd.(up 3.46 per cent), Bajaj Auto Ltd.(up 1.40 per cent), Adani Enterprises Ltd.(up 1.39 per cent) and Nestle India Ltd.(up 1.26 per cent) stood among the top gainers.

KPI Green Energy(up 10.00%), Kalpataru Projects International(up 7.85%), Transformers and Rectifiers(India)(up 7.60%), Inox Wind Energy(up 5.00%), Alstom T&D India(up 5.00%), Indo Tech Transformers(up 4.99%), Power & Instrumentation(Gujarat)(up 4.91%), Reliance Power(up 4.25%), Jaiprakash Power Ventures(up 3.72%) and Inox wind(up 2.96%) stood among the top gainers. Energy Development Company(down 1.66%), Gujarat Industries Power(down 1.58%), PTC India(down 1.17%), NTPC(down 0.88%), Power Grid Corporation of India(down 0.79%), NHPC(down 0.54%), DPSC(down 0.51%), GE Power India Limited(down 0.48%), SJVN(down 0.38%) and KEC International(down 0.28%) were among the top losers of the day.

BSE Midcap index, and BSE Smallcap index surged to new all-time highs. Sensex opened 22 points lower at 72,218.39 and traded in the negative territory for the most part of the day. However, the index touched its fresh all-time high of 72561.91 during the session.

artificial intelligence’s impact on our public consciousness better than leading dictionary publishers Collins naming the abbreviation of the term — ‘AI’ — as their word of the year. Yet, we are still only at the advent of this technology revolution. With many rapid developments in GenAI tech, tools and proof of concepts, 2024 is poised to be the year of acceleration.

₹3,910 crore and have garnered subscriptions between 12 and 173 times. 2023 has been the year of initial public offerings (IPOs), with 173 small and medium-sized enterprises (SMEs) and 52 mainboard listings to date, along with some outstanding debuts and subscriptions from both. “I believe that 2024 will continue to see a great number of IPOs—possibly even better than 2023—given the expectation of GDP growth, the India manufacturing story, and the feeling that the current ruling dispensation will return to power based on the recent state elections’ performance," said Venkatraghavan S., Managing Director, Investment Banking, at Equirus.

BSE Sensex rose around 20 per cent in 2023, their second-best year since 2017, and were among the top-performing stock indexes globally. The bull run was supported by sustained domestic mutual fund inflows, foreign capital inflows, better-than-expected economic growth, and robust corporate earnings.

By Kiran Menon

Wedbush analysts said the firm believes the tech sector is set up for an acceleration around cloud and AI spending that is still being significantly underestimated by the Street.

₹1.21 lakh crore in 2022, foreign portfolio investors (FPIs) returned as buyers in 2023, buying Indian equities worth ₹1.65 lakh crore. This was the highest FPI inflow since 2020 when buying stood at ₹1.7 lakh crore. This came on the back of improving macros, markets on a record-high streak, declining inflation, hopes of a rate cut in 2024, and the possibility of the incumbent government returning for a third term in the general elections next year.

investors, it is important to ensure that market bubbles are avoided through policy, regulation, education and supply of good quality securities, said Uday Kotak, founder, Kotak Mahindra Bank. Outlining a financial sector model for 9% annual growth and a GDP of $30 trillion by 2047 on microblogging platform X, Kotak said on Friday that a tussle between the «saver/borrower» and «issuer/investor» model was currently underway. «Many investors have joined post Covid. They have mainly seen upside.

It was a tumultuous 2023 for the Chinese economy

Wedbush analysts said the firm believes the tech sector is set up for an acceleration around cloud and AI spending that is still being significantly underestimated by the Street.

Wipro and Tech Mahindra are likely to see a decline in their respective year-on-year (YoY) and quarter to quarter (QoQ) revenue in the December quarter, according to a report by Kotak Institutional Equities. “We expect a weak quarter for IT Services companies as furloughs, weak discretionary spending and project cuts impact performance. Three of the big five IT services companies should report a yoy and qoq decline in revenues in the December 2023E quarter, while growth for the other two will trickle down to low-single digits," the report said.

Also Read- Tata Consumer becomes sixth Tata Group stock to surpass ₹1 lakh crore market cap The broader markets too have not only seen handsome gains during 2023 but outperformed the benchmark with Nifty Mid cap index gaining more than 50%. PFC, REC IRFC with gains of more than 200% were biggest mid cap gainers. Nifty Bank rose for the third consecutive year but relatively underperforms, up 12.34%.