Enterprise Financial News

India is the best performing economy in current times because of policy interventions by the government and green shoots of recovery are emerging in the rural economy as inflation is becoming moderate, Sanjiv Puri, chairman and managing director of ITC, said on Thursday. "(The) Q2 GDP numbers are a testament to how well the economy is doing," Puri said at the Confederation of Indian Industry (CII) Global Economic Policy Forum here. And that is a result of the spirit of enterprise, resilience of people, «enabled by a lot of very timely and purposeful policy interventions over several years», he said. While the government has handled inflation — which has been high due to global challenges — well, all sectors, particularly export-oriented ones, are not doing so well, Puri said. Driven by uneven and scanty rain, annual retail inflation had hit a 15-month high of 7.44% in July with food price inflation at 11.5%, its highest in more than three and a half years. The government took several measures to put a lid on food prices such as prohibiting export of wheat, restricting export of sugar, onion and rice, importing pulses, disposing off wheat, rice, and vegetables such as onions from its own stocks, bringing food inflation down to 6.61% in October. The Indian economy grew 7.6% in the second quarter ended September, beating expectations.

On the BSE, Octaware Technologie(down 19.84 per cent), PayTM(down 18.69 per cent), Veerkrupa Jewellers(down 10.00 per cent), Money Masters(down 9.99 per cent) and Angel Fibers(down 9.84 per cent) stood among the top losers in today's trade. In the Nifty pack, 25 stocks closed in the green, while 24 stocks ended in the red.

General Elections. Union Finance Minister Nirmala Sitharaman while addressing CII Global Economic Policy Forum 2023 Summit on Thursday, December 7, said that the Union Budget 2024 scheduled to be presented on February 1 is unlikely to make any "spectacular announcements". “I don’t want to be a spoilsport, but the 1st February Budget is just a Vote on Account; a Budget to meet expenditure till the next government comes to power.

Ambuja Cement and New Delhi Television Ltd, ACC Ltd continued adding to their gains in the morning trades on Thursday on a day when benchmark indices were trading in the red. The combined market cap of the 10 Adani group listed companies had increased by about ₹27316 Crore in the morning trades.

Mint. Dressed in blue denims, she looked far younger than 50 years, her current age. As she posed smilingly for photographs, she held the stance of an athlete.

were among the top gainers. Uttam Sugar Mills(down 11.04%), BAJAJHIND(down 7.11%), AVADHSUGAR(down 6.82%), Triveni Engineering & Industries(down 6.15%), Dalmia Bharat Sugar & Industries(down 6.10%), EID Parry(down 6.03%), Ugar Sugar Works(down 5.81%), Balrampur Chini Mills(down 5.71%), MAGADHSUGAR(down 5.09%) and Shree Renuka Sugars(down 4.87%) were among the top losers.

Delta Corp, Indiabulls Housing Finance, The India Cements, Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in indices do not encounter a situation of security ban.

IRCON The union government has proposed to sell 8% equity in IRCON International through an offer for sale (OFS), which opens today. Network18 With a view to consolidate the television and digital news businesses, Network18 Group has proposed the merger of TV18 Broadcast Ltd with Network18 Media & Investments Ltd through a share swap deal. IDFC First Bank Global private equity firm Warburg Pincus is looking to sell $100 million worth of stake in IDFC First Bank through block deals on Thursday, according to news reports. Adani Ports The Board of Adani Ports will meet on December 12 to consider a fundraising proposal through issuance of non-convertible debentures and non-cumulative redeemable preference shares. RITES RITES has signed a memorandum of understanding (MoU) with Meghalaya Industrial Development Corporation Ltd (MIDC) to develop multi-modal logistics projects in Meghalaya. Brigade Enterprises The company has entered into a joint development agreement with the land owner to develop a premium ‘A Grade’ office space at Sankey Road in the Central Business District (CBD) of Bengaluru Dr Reddy’s Coya Therapeutics Inc and Dr Reddy’s Laboratories enter into an exclusive collaboration for development and commercialization of COYA 302, an investigational combination therapy for treatment of Amyotrophic Lateral Sclerosis (ALS). Bharat Electronics Bharat Electronics received an order of Rs 580 crore from Indian Army for AMC of radars. Paytm Paytm announced that it will expand credit distribution business to enhance focus on higher ticket loans for consumers and merchants in partnership with banks and NBFCs. Airtel Warburg Pincus to raise $211 million in Bharti Airtel block, ET Now reported.

Adani Ports and Special Economic Zone, India’s biggest maritime company by market capitalisation, is in advanced talks to acquire Shapoorji Pallonji Group’s (SP) Gopalpur Ports in Odisha for up to Rs 1,100-1,200 crore in equity value as part of a neatly woven string-of-pearls strategy that involves owning considerable facilities along both the eastern and western water margins. If successful, this will be Adani Port’s sixth acquisition of a multi-purpose facility on the eastern coast, where it already has approximately 247 million tonnes (MT) of capacity. The due diligence process is currently on, people aware of the talks told ET.

Religare Enterprises (REL) contends that the Burman family did not designate any representative to the board following criticism from the Burman family, a major stakeholder, about governance problems after the REL board's reluctance in incorporating shareholder members. «The Burman family has not put forth any nomination for the board of REL,» said an REL spokesperson. However, a Burman family spokesperson told ET that REL had assured shareholders seats on the board, but as of now, no appointments have been made. «We understand that apart from us, other large shareholders were also promised seats on the REL board, but no one has been put on the board to date despite raising this matter several times earlier,» he said. «The fact is that there is no shareholders' representation on the board even though REL is a 100% public shareholder-led company.» REL's current board comprises six members, including chairperson Rashmi Saluja, who has an executive role, and five independent directors. Burman's family had, through various entities, accumulated a 21.5% stake in REL by August.

Google on Wednesday introduced Gemini which it deemed the «most capable and general model» it has ever built. we’ve ever built. Google CEO Sundar Pichai said this new era of models represents one of the biggest science and engineering efforts Google has undertaken as a company. «We’re taking the next step on our journey (as an AI first company) with Gemini, our most capable and general model yet, with state-of-the art performance across many leading benchmarks,» Pichai said in a foreword to the blog post about the announcement. «Our first version, Gemini 1.0, is optimized for different sizes: Ultra, Pro, and Nano. These are the first models of the Gemini era and the first realization of the vision we had when we formed Google DeepMind earlier this year.»

New P2E project LandRocker has raised more than $1.7 million in its presale.

JSW Infrastructure Share Price Today: Shares of JSW Infrastructure were locked at 8 per cent upper circuit at ₹245 apiece on the BSE, hitting its 52-week high mark on Wednesday, December 6. Domestic brokerage firm JM Financials has reiterated its ‘buy’ rating for the stock and raised the target price by 2 per cent over the recent uptrend in share price. At a current market price (CMP) of ₹238, JM Financials has given a revised target price of ₹255 for JSW Infrastructure, which is 2 per cent higher than the previous target of ₹250 given in March 2023 and sees a potential upside of 12.3 per cent on the stock.

Shares of Godrej Properties Ltd.(up 1.53 per cent), Oberoi Realty Ltd.(up 1.41 per cent) and DLF Ltd.(up 0.43 per cent) ended the day as top gainers in the pack. On the other hand, Brigade Enterprises Ltd.(down 2.77 per cent), Sobha Ltd.(down 2.02 per cent), Phoenix Mills Ltd.(down 1.57 per cent), Macrotech Developers Ltd.(down 1.31 per cent) and Mahindra Lifespace Developers Ltd.(down 0.87 per cent) finished as the top losers of the day.

Rashtriya Chemicals & Fertilizers(up 12.63%), Madras Fertlizers(up 11.65%), Fertilizers & Chemicals Tranvancore(up 10.00%), Chambal Fertilisers & Chemicals(up 7.16%), National Fertilizer(up 6.94%), Aries Agro(up 6.52%), G S F C(up 5.01%), Deepak Fertilizers & Petrochemicals(up 4.96%), Nagarjuna Fertilizers & Chem(up 4.68%) and Khaitan Chemicals & Fertilizers(up 3.70%) stood among the top gainers. Madhya Bharat Agro Products(down 1.39%) and Krishana Phoschem(down 0.34%) were among the top losers of the day.

Gautam Adani has proved to be a windfall for emerging-market investor Rajiv Jain, just nine months after his firm GQG Partners Inc. bought into the Indian conglomerate. The combined market value of the 10 companies controlled by the Ahmedabad-headquartered Adani Group has increased by more than $79 billion since the purchase by GQG on March 2.

The NSE Nifty index ended the session 82.6 points up at 20937.7, while BSE Sensex rose 357.59 points to 69653.73. In the Nifty index, Wipro Ltd.(up 3.56 per cent), LTIMindtree Ltd.(up 2.77 per cent), ITC Ltd.(up 2.55 per cent), Larsen & Toubro Ltd.(up 2.32 per cent) and Tata Consultancy Services Ltd.(up 2.05 per cent) stood among the top gainers.

India’s personal computer market is projected to close 2023 as one of its dullest years, with shipments of 12-13 million units as against 14.8 million each in 2022 and 2021, according to estimates from International Data Corporation (IDC). Shipments of PCs including laptops were lower at 10.3 million units in 2020, when sales were disrupted by the pandemic.

Mint. The rural and semi-urban India focussed Mahindra Finance is keeping a sharp eye on its margins as it looks to building a prolific, diversified financial services business, Raul Rebello, MD & CEO designate told Mint in an exclusive interaction.

Gautam Adani has climbed to the 15th spot in the Bloomberg Billionaire Index (BBI) as of December 6, reaching within close distance of India's and Asia's richest man Mukesh Ambani. With net worth of $82.5 billion, the Adani Group founder is now the world's 15th richest person and the second richest Indian and Asian on the list. He has gained $12.3 billion from the last list position, but lost $38 billion year-to-date (YTD) – most of this loss can be attributed to the wealth bleed during the Hindenberg allegations.

Ambuja Cement and New Delhi Television Ltd but with the exception of ACC Ltd continued adding to their gains on Wednesday. The combined market cap of the 10 Adani group listed companies had increased by about ₹87,224 crore till noon on Wednesday. investor confidence got a boost post the news flow suggesting that US government agencies have found allegations levelled by Hindenburg against the Adani group as irrelevant and unsubstantiated.