Enterprise Financial News

Shares of Oberoi Realty Ltd.(up 5.62 per cent), Phoenix Mills Ltd.(up 5.58 per cent), Brigade Enterprises Ltd.(up 4.7 per cent), Prestige Estates Projects Ltd.(up 3.51 per cent) and Sobha Ltd.(up 2.89 per cent) ended the day as top gainers in the pack. On the other hand, finished as the top losers of the day.

Investment banking has developed significantly over the years to adapt to shifting market dynamics, regulatory settings, and technological improvements. This change has altered the way firms operate. Investment banking services are not confined to major corporations and established enterprises; they also play an important role in assisting startups in their growth and development. Startups, with their creative ideas and lofty aspirations, frequently necessitate specialist financial services.

Mohit Burman, Chairman, Dabur Group, says “we are decent people. We are doing everything by the book. So, we will continue getting our approvals and then at the end of the day the shareholders can decide whether they want to tender their shares into the open offer or not. I mean, all the other options which can cause any sort of problems to the acquisition, we are not looking at those.” What is your next plan of action? We will continue getting our regulatory approvals. We have already applied to the CCI, that should come in the next few weeks. Then, we have SEBI, IRDA and RBI. As I said, we have already met the fit and proper test for most of these regulatory bodies. So, I do not see any problem; however, with all these allegations being thrown at us, we are tackling them. The other point is that a lot of other chunky shareholders. Have you interacted with them? Are they okay with your strategy informally? Informally, we believe all shareholders are okay and are fine with this.

The collapse of TPG Telecom’s $6.3 billion deal with Vocus Group shows the difficulty of spinning off telecommunications infrastructure from businesses that sell services to consumers, analysts say.

Orissa Minerals Development Company(up 2.33%), KIOCL(up 1.46%), Sandur Manganese & Iron Ores(up 1.31%), Coal India(up 0.79%), Oriental Trimex(up 0.71%), Pokarna(up 0.68%), 20 Microns(up 0.58%), Gujarat Mineral Dvpt Corporation(up 0.45%), Madhav Marbles and Granites(up 0.30%) and Ashapura Minechem(up 0.30%) were among the top gainers. NMDC Ltd(down 3.34%), MOIL(down 1.92%), Aro Granite Industries(down 1.13%) and Lexus Granito(down 0.37%) were among the top losers.

CIE Automotive India: Buy at ₹485.20, target ₹525, stop loss ₹470;2] HBL Power: Buy at ₹324.85, target ₹350, stop loss ₹315; and3] BEL: Buy at ₹143.40, target ₹155, stop loss ₹137. (Read More)Mohit Burman, Member, Burman Family and Chairman, Dabur India, is unfazed by the Religare Enterprises Ltd board's resistance to his family's open offer, after initially welcoming it. He says that acquiring Religare will add a crucial piece to the Burman family's growing bouquet of financial products and that the company needs a promoter to re-enter the lending business.In a lengthy interview conducted over two days, Burman stopped short of commending Religare chairperson Rashmi Saluja for the company's recovery while giving "full marks" to the management team for the turnaround.

Tata Consultancy Services to the very top of the valuation leader-board at the country's most-valued conglomerate, which has a market capitalisation of about ₹25 lakh crore. Other details, including pricing of the nearly 61-million share issue at the Tata Motors-owned unit, will be announced closer to the IPO date. Tata Motors said Monday its engineering services subsidiary has filed its Red Herring Prospectus with the Registrar of Companies in Pune. This IPO will entirely be an Offer for Sale (OFS) by existing shareholders, with Tata Motors intending to sell up to 46.2 million shares in the IPO, representing 11.4% of Tata Technologies' equity. Alpha TC Holdings will offload 9.7 million shares, or 2.4% of the company's equity, and Tata Capital Growth Fund 1 will sell 4.9 million shares, representing 1.2% of its equity.

Wall Street analysts are dialing back on the compliments paid to Corporate America at the fastest clip in years. «Good quarter,» «congratulations» and similar plaudits are drying up on quarterly earnings calls for S&P 500 companies, setting up 2023 for the biggest such annual decline since the Great Recession. The drop is even more pronounced when compared with the pandemic era, running 35% below the average pace in the previous three years. Analysts have gone cold on corporate executives as they climb a wall of worry that includes soaring labour costs, surging prices for raw materials, rising borrowing rates and heightening geopolitical tensions that have shown no signs of abating. «Fewer companies are doing well,» said Alex Zukin, an analyst covering software companies at Wolfe Research.

Dabur group on Tuesday refuted the allegations of being involved in the Mahadev online betting app scam after members of the promoter family were named in two first information reports (FIR) filed within a week in Mumbai. A group spokesperson said the FIRs were “false and baseless", and part of an attempt to block the acquisition of Religare Enterprises Ltd. The first FIR, filed on 7 November, alleged that the Burmans, who co-own the IPL team Punjab Kings, are part of a cricket betting racket.

Dabur India, is unfazed by the Religare Enterprises Ltd board's resistance to his family's open offer, after initially welcoming it. He says that acquiring Religare will add a crucial piece to the Burman family's growing bouquet of financial products and that the company needs a promoter to re-enter the lending business. In a lengthy interview conducted over two days, Burman stopped short of commending Religare chairperson Rashmi Saluja for the company's recovery while giving "full marks" to the management team for the turnaround.

Teck Resources (NYSE:TECK) shares lifted 5% in early trading Tuesday after agreeing to sell its steelmaking coal business, Elk Valley Resources, to Glencore (OTC:GLNCY) and others at an enterprise value of US$9.0 billion. Today's agreement follows an unsuccessful attempt by Glencore over the past year and a half to acquire all of Teck Resources for US$23 billion.

Dabur group have issued a rebuttal after reports linked its chairman and director to the Mahadev betting app case. The Mumbai Police has reportedly booked 32 people – including Mohit Burman and Gaurav Burman – under various sections of fraud and gambling. A spokesperson for the Burman family however dubbed it a ‘baseless’ accusation that happened to coincide with their bid to acquire Religare Enterprises.

Glencore has agreed to buy a majority stake in Teck Resources’s coal business for $US6.93 billion ($10.9 billion), ending a months-long saga and setting the stage for the commodity giant to spin off its own coal unit.

private capex is concentrated only in a few industries and is yet to get more broad-based, economists said. Fixed asset investment grew faster in the construction and consumer-facing sectors like retail, finance, and consumer durables than the average growth registered across 1,420 industries, showed an ET analysis of data compiled by Bank of Baroda. Auto, power, and telecom were laggards, according to Bank of Baroda data, growing slower than the 7.1% growth registered across enterprises in the first half of FY23. “It can be concluded that investment activity is not yet broad-based. It is in limited pockets.

tech companies — or telco to a techco — is inevitable and is being driven by an existential crisis stemming from lower average revenue per user (ARPU), increasing capital expenditure and evolving consumer needs, said a top executive of US-based open-source solutions provider, Red Hat. “It’s a universal trend. It’s not necessarily India, but in India, there are probably a few more levels.

office space every year amid growing demand from both domestic and foreign firms, said its founder Neetish Sarda. The company aims to clock revenue of Rs 2,000 crore in 2024-25, a two-thirds increase from Rs 1,200 crore it expects to earn in this financial year, he said. “Almost 70-80% of the employees have returned to work and there has been a surge in demand from corporates who are looking for campus-like infrastructure. Our expansion strategy is in line with the demand,” Sarda told ET. The company has a total portfolio of about 8 million sq ft and plans to increase it to 25 million sq ft in four years.

UAE. The Singapore-headquartered transportation solutions enterprise, BoxcoWorld FZE, on November 1 inked a memorandum of understanding with Dubai-based global maritime major DP World to invest $28 million to construct a modern warehouse in the Jebel Ali Free Zone, a free trade zone in the UAE. The deal was signed by Abdulla Al Hashmi, COO of Parks & Zones, DP World, UAE Region, and Vir Kotak, Founder of BoxcoWorld. DP World is an multinational logistics company specialising in cargo logistics, port terminal operations, maritime services and free trade zones.

A small group of startups have embarked on this quest, pursuing their own variations on this theme — different lasers, different techniques to set off the fusion reactions, different elements to fuse together. «There has been rapid growth,» said Andrew Holland, CEO of the Fusion Industry Association, a trade group lobbying for policies to speed the development of fusion. Private enterprise promises quick innovation, but it was a breakthrough achieved by a big, costly and ponderous government-run project that spurred this wave of attention to laser fusion. Last December, after years of trying, the National Ignition Facility, or NIF, at Lawrence Livermore National Laboratory reported that it had finally lived up to its middle name: ignition. For the first time anywhere, a laser-induced burst of fusion produced more energy than that supplied by the incoming lasers. «We're really excited by the NIF results,» said Kramer Akli, who manages the internal fusion energy sciences program at the U.S.

NEW DELHI : Retail inflation fell to a four-month low of 4.87% in October as food prices eased, prompting expectations that the central bank may yet again keep policy rates unchanged at its monetary policy review next month. Consumer Price Index (CPI)-based inflation stood at 5.02% in September, remaining within the Reserve Bank of India’s (RBI’s) comfort zone of 2-6% for the second consecutive month. In October 2022, retail inflation stood at 6.77%.

NEW DELHI : The government plans to tap the offer-for-sale (OFS) route for disinvestments in listed public sector enterprises during the rest of the fiscal year instead of initiating fresh strategic sales, a government official said. “Towards the end of the fiscal year, there are usually a few OFS," the official said, adding this would not be done with the aim of meeting budget targets. “Some PSUs (public sector undertakings), where the minimum shareholding norms have to be met, may be considered," the official said on condition of anonymity.

NEW DELHI : Finnish telecom gear manufacturer Nokia is expecting the next wave of 5G site deployment to stem from increasing broadband reach, fixed wireless access, as well as a surge in 5G smartphone use. This comes as telecom firms plan to cut capital expenditure on 5G sites for the short term, having successfully launched the fastest 5G network globally within a year, starting October 2022. “There will be some moderation in 5G rollout.