Enterprise Financial News

Arundhati Bhattacharya, Chairperson & CEO, Salesforce India, spoke to ET Now at the sidelines of Deloitte-Arohan event. Bhattacharya also says: Exponential growth cannot be brought about only by the government. It cannot be top-down. At the end of the day, it needs the participation of all stakeholders, the grassroots people, the consumers, the businesses that serve them and the government. On the empowering roleof IT IT enables you to make houses out of bricks because it provides you the ability to connect and therefore it is very empowering. It is very empowering because things that you could not possibly deliver in the brick and mortar physical way, can be delivered through IT and therefore we see the increasing use of it in every single walk of our lives. I personally believe that no enterprise, whether it be business, government or in the social sector, can be sustainable or scale up without a very strong IT backbone.

Persistent Systemsas its top pick of the week. This is on the back of accelerating demand for ER&D services, robust demand for product engineering services, and hopes that digital solutions will accelerate revenue growth. The brokerage has a ‘buy’ recommendation on the stock with a target price of ₹7,115, indicating an upside of 10 percent from its current market price of ₹6,526.

Vedanta (down 20 percent) and Adani Enterprises (down 26 percent). All others have been in the green. Meanwhile, 2 have given multibagger returns this year with Jindal Stainless surging 128 percent and Welspun Corp up 123 percent.

In today’s expansive Web3 realm, choosing the right Wallet-as-a-Service (WaaS) provider is a decision of paramount importance for modern, forward-thinking enterprises. In this regard, Magic Labs, a WaaS provider helping businesses onboard users into web3 with instant non-custodial wallet creation, recently unveiled a detailed guide that offers invaluable insights to assist businesses and individuals in selecting the most suitable WaaS solution for them.

internet boom and quit his high-paying job to launch Amazon. The internet was growing at the rate of 2,300% a year back then, so you can see what enticed Bezos to start what is now the world’s fifth-largest company. While we can’t all leave our jobs to follow a fast-growing trend, what we can do is invest in companies that drive such trends.

Reliance Industries (RIL) is in talks with Walt Disney Co to merge their Indian media operations, according to a report by The Economic Times. A newly-formed unit of Reliance's Viacom18 will reportedly absorb Disney's Star India through a share swap deal in January as per the discussions.

PhonePe has built a full-stack payments solution for ecommerce platforms and, armed with an in-principle approval from the Reserve Bank of India for the payment aggregator business, is scaling up its presence in online commerce. For the Walmart-backed company, which has around 500 million registered users availing of Unified Payments Interface payments and 37 million offline merchants using QR codes, ecommerce is the next target.

Adam Selipsky is shepherding Amazon’s cloud unit at one of the most important moments in tech history

MUMBAI : Driven by foreign institutional inflows, the Sensex hit the 70,000-mark for the first time on Monday, with 70% of its last 10,000-point sprint taking just 31 days. The feat, reflecting the bullish momentum in the markets, was achieved a session after the Nifty 50 tested the 21,000-mark. Both the Sensex and the Nifty closed a tad off their intraday highs, gaining over one-tenth of a per cent each at 69,928.53 and 20,997.10.

Bank of India (RBI), witnessed a threefold increase in wilful defaults in the past one year to ₹416 crore, according to data from TransUnion Cibil. This surge in defaults may have exacerbated its challenges in the lead-up to regulatory action. These are accounts of ₹25 lakh or more where the bank has initiated legal action for wilful defaults.

Religare Enterprises (REL), raising eyebrows. Proxy Advisory Firm InGovern Research raised concerns, alleging a “vested interest" and regulatory breaches in the remuneration provided to REL’s chairperson; media reports refer to employee stock option programme (ESOP) benefits exceeding ₹480 crore doled out by REL and its health-insurance subsidiary CARE, in addition to other perks, despite their financial challenges. It has been alleged that ESOP shares of CARE were issued despite rejection by India’s insurance-sector regulator (bit.ly/3uWmkTp), which has raised questions on it.

NEW DELHI : The Supreme Court has issued notices to two promoter companies of Zee Entertainment Enterprises Ltd, agreeing to hear a plea filed by IDBI Trusteeship Services for insolvency proceedings. IDBI Trusteeship had challenged a recent order of the National Company Law Appellate Tribunal rejecting IDBI Bank’s plea to initiate insolvency proceedings against Cyquator Media Services and Direct Media Distribution Ventures. The apex court has now granted the two promoter companies four weeks to respond to its notices.

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BSE PSU index, reflecting public sector enterprise performance, surged by 46.43% this year so far, surpassing the 14.93% return of the benchmark BSE Sensex index. Out of the 55 constituents of the BSE PSU index, an impressive 53 have achieved double-digit returns in CY23, with power-related companies leading the way. Rural Electrification Corporation (REC) topped the list with a remarkable 250% return in CY23, marking its most substantial yearly gain since 2009.

The NSE Nifty index ended the session 27.7 points up at 20997.1, while BSE Sensex rose 102.93 points to 69928.53. In the Nifty index, UPL Ltd.(up 2.94 per cent), UltraTech Cement Ltd.(up 2.73 per cent), Adani Enterprises Ltd.(up 1.19 per cent), LTIMindtree Ltd.(up 1.09 per cent) and Power Grid Corporation of India Ltd.(up 1.03 per cent) stood among the top gainers.

equity investment received by new-age ventures since the terrible performance in the third quarter of 2016 Indian startups raised $1.5 billion between July and September this year, Tracxn Geo's quarterly report said, adding that the number was about $957 million in October and November 2023, CNBC TV reported. The report stated that LetsVenture, Accel, and Blume Ventures have been the top active investors in 2023 to date.

ITC’s pivot to fast moving consumer goods (FMCG) has helped the company to not just diversify and reduce dependence on its traditional tobacco business, but to also give a clear road map on its next stage of growth. A look at ITC’s top line shows the revenue share of its tobacco business has nearly halved—from 62% in FY14 to 37% in FY23. This change can’t come about unless you understand the Indian consumer. Sanjiv Puri, chairman and managing director of ITC, is among the few executives who has a finger on their pulse.

NEW DELHI : Bhashini, India’s national language database platform, has begun showcasing beta-stage deployment of its multi-model generative artificial intelligence services, a step towards taking the benefits of the technology to the vast majority of non-English-speaking populations. Demonstrating its abilities at the 2023 Mint AI Summit on Friday, Amitabh Nag, chief executive of Bhashini—an undertaking of the ministry of electronics and information technology (Meity)’s National Language Translation Mission—demonstrated the ability of Bhashini in conducting voice-driven contactless digital payments through UPI.

BJP) victory in three key states in the Hindi heartland. Significantly higher week-on-week (WoW) action in terms of prominent block deals was witnessed over the five sessions where more than three dozen listed companies reported sizable deals worth Rs 25,289 crore, which included both buying and selling action. In the largecap segment, 15 companies witnessed significant block deals on the screen which were worth Rs 12,612 crore led by Reliance Industries (RIL) with a 12 block count, totalling to Rs 2,874 crore.

SourceFuse expects to cross Rs 200 crore revenue mark this fiscal driven by its machine learning solution segment, a senior company official said. SourceFuse co-CEO and cofounder Gautam Ghai told PTI that the company plans to increase headcount by about 25% to 700 people next year from around 560 at present as it looks to broaden customer base and diversify offerings. «In a year marked by widespread sluggish growth, companies globally have faced various challenges. At SourceFuse, we have proactively addressed this trend by intensifying efforts to broaden our customer base and diversify offerings. We are making a strategic bet on Gen AI to drive revenue growth and expand its footprint in the market,» Ghai said.