Enterprise Financial News

Dhateras business for traders: Traders’ body Confederation of All India Traders (CAIT) on Friday said more than Rs 50 crore business was expected across the country on Dhanteras festival which marked the beginning of the five-day Diwali celebrations including Choti Diwali or Narak Chaturdashi, Diwali and Govardhan Puja. The festive week will culminate with Bhai Dooj next week. In Delhi alone, Rs 5,000 crore trade was estimated on Dhanteras, CAIT said.

Q2 result: Apollo Hospitals Enterprise that reported performance for the quarter ending September, also announced its expansion plans. Apollo Hospitals Enterprise announced a 250-bed new hospital in Pune (expandable to 425 beds in 2 years) at an overall cost of ₹675 crores. The Hospital is expected to be commissioned by Ql FY25.

Bitcoin is finally back to where it traded before the event that precipitated the last crypto crash. The dominant cryptocurrency rose as much as 6.7% to $37,973 on Thursday before paring the gain. That was the highest since May 5, 2022 — just before the TerraUSD stablecoin collapsed and ignited a daisy chain of failures across the cryptoasset space. Bitcoin completed its full recovery from that debacle almost exactly to the year after the rout reached its nadir when Sam Bankman-Fried’s exchange FTX filed for bankruptcy. “With Bitcoin trading back above the level when the Terra stablecoin imploded, crypto traders have officially moved on from those psychological scars,” said Markus Thielen, head of research at Matrixport. Unlike in previous boom cycles, Bitcoin staged this year’s recovery in fits and starts, with sharp advances interspersed with long lulls of low volatility. To get here, it had to overcome the steepest monetary tightening by the Federal Reserve in four decades, along with increasingly stringent industry regulations.

company's Q2 results. Domestic brokerages seems to have mixed views post Zee Entertainment Enterprises Q2 earnings.

Mangalore Chemicals & Fertilizers(up 2.54%), Gujarat Narmada Valley Fertilizers (up 1.95%), Nagarjuna Fertilizers & Chem(up 1.18%), Paradeep Phosphates(up 0.80%), Madhya Bharat Agro Products(up 0.70%), Khaitan Chemicals & Fertilizers(up 0.70%) and Aries Agro(up 0.55%) were among the top gainers. Krishana Phoschem(down 1.73%), G S F C(down 1.26%), Fertilizers & Chemicals Tranvancore(down 1.17%), Deepak Fertilizers & Petrochemicals(down 0.98%), Rama Phosphates(down 0.84%), Madras Fertlizers(down 0.71%), Chambal Fertilisers & Chemicals(down 0.36%), Agro Phos(down 0.28%), National Fertilizer(down 0.22%) and Coromandel International(down 0.22%) were among the top losers.

Oriental Trimex(up 2.88%), KIOCL(up 1.24%), Coal India(up 0.56%), MOIL(up 0.26%), Orissa Minerals Development Company(up 0.20%) and Pokarna(up 0.19%) were among the top gainers. Lexus Granito(down 2.86%), Aro Granite Industries(down 1.90%), Sandur Manganese & Iron Ores(down 1.67%), Gujarat Mineral Dvpt Corporation(down 1.45%), NMDC Ltd(down 0.55%), Ashapura Minechem(down 0.14%) and Madhav Marbles and Granites(down 0.10%) were among the top losers.

Vedant Fashion, Jefferies has a hold rating on Nazara Technologies, CLSA maintained a buy on Zee Entertainment and Jefferies maintained an underperform rating on Piramal Enterprises. We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Morgan Stanley on Vedant Fashion: Overweight| Target Rs 1418 Morgan Stanley maintained an overweight rating on Vedant Fashion at a target price of Rs 1418. The global investment bank believes that the share price will rise relative to the country index over the next 60 days. The global investment bank expects the company to deliver strong H2 top-line growth, aided by a higher number of wedding dates and festive season. The management has seen good traction in sales, footfalls, and conversions during the Navratri period. Analysis of credit card spend also indicates that festive spending is strong.

Tata Motors Moody's has upgraded the corporate family rating of Tata Motors and Jaguar Land Rover to “Ba3” from “B1”, while maintaining a positive outlook. ZEE Zee Entertainment Enterprises (ZEE) Thursday reported 9% growth in its consolidated net profit to Rs 123 crore in the September quarter. Read more: Here's the trade setup for today's session LIC, ONGC, Coal India, M&M, Eicher Motors, BSE, Hindalco Shares of LIC, ONGC, Coal India, M&M, Eicher Motors, BSE, and Hindalco will be in focus as the companies will announce their second quarter results. Aurobindo Pharma Aurobindo Pharma reported net profit of Rs 757 crore for the quarter ended September. Revenue from operations stood at Rs 7,219 crore. ICICI Bank ICICI Bank said ICICI Securities will be its wholly owned subsidiary following the approval of the Reserve Bank of India. Muthoot Finance Muthoot Finance posts net profit of Rs 991 crore in the second quarter.

India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to government securities and treasury bills. «We have received some recommendations after deliberations with all stakeholders, including banks and trade bodies,» an official said.

₹1,512 crore in Indian stocks today.The initial public offering (IPO) of ESAF Small Finance Bank Limited is scheduled to be listed on the stock exchanges today, 10th November 2023. According to the BSE notification, the equity shares of ESAF Small Finance Bank Ltd will be listed and made available for trading on the Exchange under the 'B' Group of Securities.

ESAF Small Finance Bank: ESAF SFB has finalized its share listing on the stock exchange for November 10, with the shares priced at ₹60 per share. The allotment of shares took place on November 9. Market observers note that ESAG Small Finance Bank shares are currently trading at a premium of ₹21 in the grey market.

Zee Entertainment Enterprises Ltd and Sony Pictures Networks India (SPNI) have stalled over the latter’s last-minute demand that its executive lead the merged entity instead of Punit Goenka as agreed before. According to two people aware of the matter, failure to reach an agreement by the 21 December deadline may derail the merger, the biggest in India’s entertainment industry.

Religare Enterprises Ltd, violated insider trading laws by selling shares of the financial services company immediately before the launch of their open offer on 25 September. A Religare spokesperson rejected the allegation, saying the sale was pre-planned. In a 7 November letter to the Securities and Exchange Board of India (Sebi), four investment firms of the Burman family flagged Saluja’s trades on 21 and 22 September, since they had not received any response after raising the issue with the board of Religare.

Broadband India Forum (BIF), a lobby for tech companies, has slammed the telcos’ stand against the use of OTT platforms such as WhatsApp, for enterprise communications, saying operators are only trying to thrust a technologically inferior and user-unfriendly product like SMS through regulatory/administrative intervention. The Broadband India Forum (BIF) said the SMS route is often unreliable due to lapses in network coverage, which is why telco customers prefer app-based messaging platforms like WhatsApp over SMS. “The telcos’ action is analogous to insisting on transportation by bullock cart when modern and more affordable automotive transportation is available and permitted,” T V Ramachandran, president, BIF, told ET. The tech forum counts Amazon, Meta (which owns WhatsApp), Microsoft, Intel, Qualcomm, and Google among its key members. The BIF president added that WhatsApp and Telegram are perfectly legal and permissible products and it’s absurd to allege that some corporates are circumventing and bypassing the legal telecom route by using apps. The popularity of OTT communication platforms among users, he said, is the result of better experience.

REC on Thursday said it has inked a pact with RailTel to finance up to Rs 30,000 crore for infrastructure projects in telecom, IT and railway signalling. "REC Limited signed an MoU with RailTel on 9th November 2023 to extend financial assistance up to Rs 30,000 crore for infrastructure projects to be executed by RailTel in next 5 years," an REC statement said.

₹30,000 crore in funding to RailTel Corp. of India. The agreement, formalized through a memorandum of understanding (MoU) signed on Thursday, will support various projects over the next five years, including telecom, IT services, and railway signaling systems, and the KAVACH train collision prevention system.

ZEEL Q2 Results: Zee Entertainment Enterprises Limited (ZEEL) released their July-September quarter results on Thursday and the company posted 9% year-on-year increase in their consolidated net profits which were recorded at ₹123 crore from ₹113 crore during the same quarter last fiscal.

Apollo Hospitals, Enterprise, India's largest private healthcare provider on Thursday said it will be investing Rs Rs 3435 crore on expanding its bed capacity. Apollo said it will be adding 2300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing, the company added. The new expansion will mainly come in West, East and North India, where Apollo is strengthening its foothold. Apollo is traditionally dominant in the South. As part of the expansion plan, the company announced a 250-bed new hospital in Pune expandable to 425 beds in 2 years at an overall cost of Rs 675 crores.

InterGlobe Enterprises on Thursday said it along with Archer Aviation plans to launch an all-electric air taxi service across India in 2026. Once launched, the InterGlobe-Archer flight will aim to take passengers from Connaught Place in the national capital to Gurugram in Haryana in approximately 7 minutes whereas by road, the 27-kilometre-long trip will take 60-90 minutes, according to a release. Both companies have entered into a Memorandum of Understanding (MoU) with the goal of partnering to launch and operate an all-electric air taxi service in India, subject to appropriate regulatory approvals and clearances.

The NSE Nifty index closed 48.2 points down at 19395.3, while BSE Sensex ended down 143.41 points at 64832.2. On the other hand, Adani Enterprises Ltd.(down 2.00 per cent), Hindustan Unilever Ltd.(down 1.69 per cent), Adani Ports & Special Economic Zone Ltd.(down 1.53 per cent), Tata Consumer Products Ltd.(down 1.47 per cent) and Oil And Natural Gas Corporation Ltd.(down 1.36 per cent) were among the top losers of the day.

Wipro may not give hikes to "top performers with higher compensation" as salary revisions are made in December. The move will affect workers in the company's largest business line. Employees will receive their raises on December 1.