Enterprise Financial News

Investors in Adani stocks, who were used to making astonishing returns by betting on Gautam Adani's business acumen, were in for a rude shock in 2023 when the combined market capitalisation of the conglomerate fell by around Rs 6 lakh crore because of the Hindenburg controversy. At the end of 2022, the total market value of all 10 listed Adani companies was Rs 19.6 lakh crore which has now fallen down to Rs 13.6 lakh crore. While many Adani stocks have managed to recoup a part of their Hindenburg-led losses, Adani Total Gas remains 74% down on a year-to-date (YTD) basis. The stock, which had gone close enough to nearly touch the Rs 4,000-mark is now struggling to inch above the Rs 1,000 mark. Shares of Adani Energy Solutions are also down 61% YTD.

There is a rather telling story behind why Google’s ‘ChatGPT-killer’ was christened Gemini. Jeff Dean, chief scientist at Google and the former head of Google Brain, explained on X (formerly Twitter): “The Gemini effort came about because we had different teams working on language modelling, and we knew we wanted to start to work together. The twins are the folks in the legacy Brain team (many from the PaLM/PaLM-2 effort) and the legacy DeepMind team (many from the Chinchilla effort) that started to work together on the ambitious multimodal model project we called Gemini, eventually joined by many people from all across Google." (bit.ly/46XO1sk).

Indian Venture and Alternate Capital Association, or IVCA, is reportedly in discussions with central government officials to help ease the wide-ranging curbs the banking regulator imposed earlier this week on Alternative Investment Funds (AIFs), potentially choking institutional fund flows to a high-risk and hitherto lightly regulated investment vehicle experts believe could be misused to evergreen doubtful corporate loans. SIDBI, which loans funds to small industries, and various AIFs are simultaneously seeking clarity or relief amid the sudden changes in AIF investments ordered by the Reserve Bank of India (RBI). «The industry association had a meeting with senior government officials and expects some relief or clarity within the next 30 days,» said a source at the grouping that represents the interests of private equity and venture funds.

LIC The Department of Economic Affairs has decided to grant a one-time exemption to Life Insurance Corp to achieve 25% minimum public shareholding (MPS) within 10 years from the date of listing. GMR Airports NIIF will invest up to Rs 675 crore in the upcoming greenfield airport at Bhogapuram, Andhra Pradesh being developed by GMR Airports. Lupin LupinLife, the consumer healthcare business of Lupin, announced the launch of Softovac Liquifibre, a 100% Ayurvedic liquid laxative. Read more: Here's the trade setup for today's session Maruti Suzuki NCLAT adjourned the CCI matter and listed for next hearing on February 2, 2024. Brigade Enterprises Brigade Group leased office space to Sidvin Core-Tech India. The 10-year agreement is for Grade A office space at Brigade Deccan Heights in Northwest Bangalore. MOIL MOIL production has surpassed 16 lakh tonnes on 20 December.

The time-honoured 60/40 asset allocation debate is alive and kicking as we head for the turn of the year.

The McCombs family has purchased a share of the San Antonio Spurs, returning after 30 years to the organization their patriarch helped establish and once owned

Hovnanian Enterprises Chairman, CEO and President Ara Hovnanian reacts to rising homebuyer confidence due to declining mortgage rates on The Claman Countdown.

Crypto miner Core Scientific will emerge from bankruptcy in January, according to a press release from the company on Thursday.

Also Read: LIC gets GST demand and orders worth ₹183 crore for Telangana Capital markets regulator Securities and Exchange Board of India (SEBI) has granted a period of five years to large cap companies for achieving the MPS limit. However, media reports said earlier this year that the government is likely to extend the 25 per cent public float exemption for the life insurer much beyond five years.

Zee Entertainment Enterprises share price jumped 6 per cent in early trade on BSE on Thursday, December 21, a day after the company in an exchange filing signalled that Sony Pictures Entertainment and Zee Entertainment Enterprises will give themselves some more time for the proposed merger. "The company is now in receipt of a communication from Sony Pictures Networks India Private Limited (CMEPL) and Bangla Entertainment Private Limited (BEPL) that they will enter into good faith negotiations as required under the Merger Cooperation Agreement (MCA) entered amongst the parties, the company, CMEPL and BEPL, to discuss the extension of the date required to make the scheme effective by a reasonable period," said Zee in a BSE filing on Wednesday, December 20.

ZEE Sony Pictures Networks has agreed to enter into negotiations to discuss a possible extension of the date to complete the merger deal with Zee Entertainment Enterprises. Ultratech The company has entered into a share subscription and shareholders agreement to acquire 26% equity shares of Clean Max Terra. ICICI Bank RBI has approved the re-appointment of Sandeep Batra as Executive Director of the Bank with effect from December 23. Read more: Here's the trade setup for today's session Mazagon Dock The union government has signed a contract worth Rs 1,615 crore with Mazagon Dock for buying 6 next generation offshore patrol vessels for the Indian Coast Guard. Cochin Shipyard The company has signed a contract with MoD for a value of Rs 488.25 crore.

Zee Entertainment Enterprises Ltd have chosen to give themselves some more time, two persons directly aware of the matter said. The development comes after Sony and Zee failed to find common ground despite protracted discussions, securing regulatory approvals, and spending over ₹300 crore in merger-related expenses. An agreement between Sony’s India business (Culver Max Entertainment Pvt.

IDBI Bank, Shipping Corp. of India Ltd, BEML Ltd and Container Corp. of India Ltd.

NEW DELHI : The Central Board of Direct Taxes (CBDT) has amended the Income Tax rules to liberalize the 'safe harbour' norms that allow multinational companies to avoid rigorous audit of their cross-border transactions by following certain requirements. The changes introduced through the Income-tax (Twenty-Ninth Amendment) Rules, 2023 will be effective from 1 April 2024, showed an official order. Cross-border transactions of MNCs among their group entities are an area tax authorities keep a close watch on due to the potential of these transactions for artificial shifting of profits from one jurisdiction to another.

₹1,322 crore worth of shares while domestic institutional investors (DIIs) net purchased shares worth ₹4,754.34 crore, implying that retail investors would have sold much more to account for the fall. Stocks that faced the worst selling on Wednesday included the Adani twins—Adani Ports and flagship Adani Enterprises—which fell around 6% each, and commodity stocks such as Coal India, UPL and Tata Steel which tanked 4–5%.

Sony Pictures Networks has agreed to enter into negotiations to discuss a possible extension of the date to complete the merger deal with Zee Entertainment Enterprises. “The company is in receipt of a communication from CMEPL and BEPL that they will enter into good faith negotiations…with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” Zee Entertainment said in an exchange filing. The deadline to complete the merger announced 2 years back was December 21. CMEPL is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). BEPL is also an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. Last week, Zee Entertainment had informed that the company has sought an extension from Sony Pictures to complete the merger deal. «SPNI is required to start those conversations but has not yet agreed to a deadline extension,» Sony Pictures had then said in a statement. «We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions,» it said. The proposed $10-billion merger of Zee Entertainment and Sony Pictures received regulatory approvals from the Competition Commission of India, bourses NSE and BSE, shareholders and creditors of the company. In August this year, the Mumbai Bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger of Zee Entertainment and Sony Pictures. As per the agreements, Zee Ent’s MD & CEO Punit Goenka has to lead the merger entity.

Sameera Agro And Infra Limited IPO: The initial public offering (IPO) of of small and medium-sized enterprises (SME) Sameera Agro And Infra Limited will be opening for subscription on Thursday, December 21. It comprises a fixed price issue with a price band set at ₹180 per share at a face value of ₹10 per share. The SME IPO will close on Wednesday, December 27, 2023.

₹1,380, up 7% on Wednesday. BevCo holds franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini, and distribution rights for Namibia and Botswana.

seventh economic census is yet to receive approval from a majority of states for the ministry to finalise nationwide results, according to the ministry. Of the 35 states and UTs participating in the Census, 22 are yet to grant approval. “As regards to results of the 7th Economic Census, 12 States/UTs have not approved the provisional results, and it is pending in 10 States/UTs for decision on approval. Therefore, the nationwide 7th Economic Census results could not be finalised,” Rao Inderjeet Singh, Minister of State (independent charge) of the Ministry of Statistics Planning and Programme Implementation, informed Lok Sabha on Wednesday. He further pointed out that West Bengal was the only state not participating, despite consultation and communications with state government officials. The government last released the sixth economic census in 2016, based on data collected between 2013-14. The data collection for the seventh economic census began in 2019 and took two years to complete owing to Covid.

stood among the top gainers. Simbhaoli Sugars(down 6.96%), BAJAJHIND(down 6.17%), MAGADHSUGAR(down 6.03%), AVADHSUGAR(down 5.21%), Kothari Sugars & Chemicals(down 5.09%), Rajshree Sugars & Chemicals(down 4.91%), Sakthi Sugars(down 4.82%), Shree Renuka Sugars(down 4.52%), Dhampur Sugar Mills(down 4.42%) and Triveni Engineering & Industries(down 3.98%) were among the top losers of the day.

The fall was sharper in the Nifty Midcap and Nifty Smallcap indices — each of them tumbled around 2%. FMCG was the only sectoral index trading in the green, while banks and IT indices were trading around 0.5% lower. The fall was sharper in auto, media, metal, PSU banks, and realty stocks. In percentage terms, today's decline in Nifty was the biggest single-day loss since October 26.