Enterprise Financial News

Wipro may skip giving hikes to «top performers with higher compensation» in its largest business line in the upcoming round of salary revisions in December, according to an internal memo seen by Reuters. The move comes at a time when India's No.4 software services exporter is dealing with a plethora of problems ranging from weak client spending to tough competition from larger rivals.

Apollo Hospitals Enterprises on Thursday posted a consolidated net profit of Rs 233 crore for the quarter ended September 2023, up 14% year-on-year (YoY) from Rs 204 reported by the company in the corresponding quarter of the last financial year.

TBO Tek, a leading travel distribution platform, has filed a draft offer document with market regulator Sebi to raise funds through an IPO. The issue includes fresh equity of Rs 400 crore and an offer for sale of up to 1.56 crore shares. Under the OFS, promoters Gaurav Bhatnagar, Manish Dhingra, LAP Travel and other selling shareholders TBO Korea, Augusta TBO will offload the shares. TBO simplifies the business of travel for suppliers such as hotels, airlines and retail buyers such as travel agencies and enterprise buyers that include tour operators, and travel management companies through the two-sided technology platform that enables suppliers and buyers to transact seamlessly with each other. The platform connects over 1,47,000 buyers across more than 100 countries with over one million suppliers, as of June 2023.

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Apollo Hospitals Enterprise Ltd is expected to continue benefiting from the rising occupancy levels, improving average revenues per operating bed (APROB) as higher non covid revenues are also adding to profitability. Analysts expect revenue to grow, marking a recovery, post the muted trend in occupancy seen in Q1FY24 seen in Q1 for industry as a whole.

Balrampur Chini Mills(up 0.86%), EID Parry(up 0.59%), Ponni Sugars(Erode)(up 0.36%) and DCM Shriram Industries(up 0.20%) were among the top gainers. BAJAJHIND(down 4.12%), Ugar Sugar Works(down 3.45%), Shree Renuka Sugars(down 3.29%), MAGADHSUGAR(down 2.42%), K.M.Sugar Mills(down 2.36%), Kothari Sugars & Chemicals(down 1.85%), Triveni Engineering & Industries(down 1.39%), AVADHSUGAR(down 1.16%), Rana Sugars(down 1.13%) and Vishwaraj Sugar Industries(down 1.12%) were among the top losers.

Pokarna(up 5.84%), Gujarat Mineral Dvpt Corporation(up 1.97%), Orissa Minerals Development Company(up 1.38%), Aro Granite Industries(up 0.74%), Oriental Trimex(up 0.70%) and Coal India(up 0.25%) were among the top gainers. Lexus Granito(down 4.63%), KIOCL(down 3.67%), MOIL(down 2.45%), Ashapura Minechem(down 2.03%), Madhav Marbles and Granites(down 0.60%), NMDC Ltd(down 0.25%) and Sandur Manganese & Iron Ores(down 0.07%) were among the top losers.

The NSE Nifty index traded 19.75 points down at 19423.75, while BSE Sensex was down 53.13 points at 64922.48 as of 10:49AM(IST)on November 09. In the Nifty index, Mahindra & Mahindra Ltd.(up 2.40 per cent), Apollo Hospitals Enterprise Ltd.(up 1.86 per cent), Tata Motors Ltd.(up 1.50 per cent), IndusInd Bank Ltd.(up 1.49 per cent) and Hero MotoCorp Ltd.(up 1.19 per cent) were among the top gainers.

Chambal Fertilisers & Chemicals(up 2.47%), Agro Phos(up 1.24%), Aries Agro(up 1.10%), Mangalore Chemicals & Fertilizers(up 0.85%) and Coromandel International(up 0.48%) were among the top gainers. Gujarat Narmada Valley Fertilizers (down 2.51%), Krishana Phoschem(down 2.16%), National Fertilizer(down 1.51%), Khaitan Chemicals & Fertilizers(down 1.45%), Fertilizers & Chemicals Tranvancore(down 1.39%), G S F C(down 1.39%), Rashtriya Chemicals & Fertilizers(down 1.23%), Sikko Industries(down 1.12%), Deepak Fertilizers & Petrochemicals(down 0.80%) and Southern Petrochemicals Industries(down 0.73%) were among the top losers.

DPSC(up 7.60%), Jaiprakash Power Ventures(up 5.42%), Reliance Power(up 4.89%), Orient Green Power Company(up 4.79%), RTNPOWER(up 4.52%), KPI Green Energy(up 2.82%), Adani Power(up 1.55%), JSW Energy(up 1.12%), Suzlon Energy(up 1.07%) and KEC International(up 0.84%) were among the top gainers. Tata Power Company(down 2.31%), Inox wind(down 1.99%), SJVN(down 1.56%), Alstom T&D India(down 1.45%), GE Power India Limited(down 1.40%), Hitachi Energy India(down 1.13%), Karma Energy(down 0.87%), ADANIGREEN(down 0.60%), Adani Energy Solutions(down 0.38%) and Inox Wind Energy(down 0.25%) were among the top losers.

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Religare Enterprises, a report said. The Burman Family has responded saying that the allegations by Religare Directors were baseless and devoid of any merit, CNBC-TV18 reported.

Zee Entertainment Enterprises, Muthoot Finance, BEML, among many others will be in focus today as these companies will announce their earnings for the second quarter of FY24. A total of 719 companies will release their Q2 results today, as per data available on BSE.

Elevation Capital and McKinsey India suggests. The report, shared with ET, estimates that by FY30, the number of affluent Indians will grow to around 30 million from around 10 million now, in turn doubling the revenue pool in this space to $80-100 billion.

Religare Enterprises Ltd (REL) have written to regulators such as RBI, Sebi and the insurance watchdog, levelling allegations of fraud and other breaches against the Burmans, which had made an open offer in September to acquire firm's control. That sets the stage for a potentially long-drawn takeover battle over a business that holds coveted licences to lend, sell insurance and operate as an intermediary in the stock market.

₹12.5 trillion to develop infrastructure projects in the year starting 1 April, building on substantial increases in recent years to spur economic growth, two people with direct knowledge of the matter said. The government stepped up its capex budget in recent years to improve India’s creaking infrastructure, create jobs and accelerate economic growth. It budgeted ₹10 trillion to develop infrastructure in the current fiscal year, marking a 37% increase from the previous year, with growth rates of 24% in FY23 and 40% in FY22.

BENGALURU : India’s co-working sector, also called the flex workspace sector, modelled itself on WeWork Inc., the SoftBank-backed startup that filed for bankruptcy in the US this week. How does this development impact WeWork India and other companies? Mint explains: WeWork disrupted the commercial office market with its unique co-working model where it took office spaces on lease and rented them to tenants on a short term. This worked well for a few years.

Gujarat Mineral Dvpt Corporation(up 12.83%), MOIL(up 8.85%), Ashapura Minechem(up 4.30%), Orissa Minerals Development Company(up 1.11%) and Coal India(up 1.00%) stood among the top gainers. KIOCL(down 3.85%), Aro Granite Industries(down 2.96%), Pokarna(down 1.79%), Sandur Manganese & Iron Ores(down 1.69%), Madhav Marbles and Granites(down 1.66%), Lexus Granito(down 1.60%), Oriental Trimex(down 0.70%) and NMDC Ltd(down 0.40%) were among the top losers of the day.

Axon (AXON), a company specializing in law enforcement technology, reported better-than-expected financial results for the third quarter of the year.

Rajshree Sugars & Chemicals(up 4.95%) and EID Parry(up 3.06%) stood among the top gainers. Simbhaoli Sugars(down 7.29%), MAGADHSUGAR(down 4.53%), AVADHSUGAR(down 3.27%), Uttam Sugar Mills(down 2.91%), Ugar Sugar Works(down 2.18%), Ponni Sugars(Erode)(down 1.98%), Sakthi Sugars(down 1.80%), DCM Shriram Industries(down 1.65%), K.M.Sugar Mills(down 1.45%) and Kothari Sugars & Chemicals(down 1.19%) were among the top losers of the day.

Jyothy Labs(up 3.76%), Tasty Bite Eatables(up 3.10%), ADF Foods(up 1.87%), Varun Beverages(up 1.78%), Hindustan Foods(up 1.16%), Mrs Bectors Food Specialities(up 1.16%), Patanjali Foods(up 1.15%), Colgate Palmolive(India)(up 0.98%), Hindustan Unilever(up 0.92%) and Zydus Wellness(up 0.79%) stood among the top gainers. Future Consumer(down 5.88%), Bajaj Consumer(down 1.30%), Hatsun Agro Product Ltd(down 1.27%), Nakoda Group(down 0.97%), Dangee Dums(down 0.96%), Prataap Snacks(down 0.79%), Marico(down 0.78%), Heritage Foods(down 0.62%), TATA CONSUMER PRODUCTS(down 0.62%) and Godrej Consumer Products(down 0.57%) were among the top losers of the day.