Enterprise Financial News

Bharti Airtel reported healthy subscriber additions and a 1.5% quarter-on-quarter rise in ARPU, brokerages maintained a buy rating on the stock saying that moderating capex will support deleveraging of $7 billion over FY25-26 which should add to stock returns. «Bharti's encouraging performance continued in 2Q with higher postpaid/4G subscriber additions, higher margin in India, higher growth in Africa and strong FCF generation being the key highlights. We maintain our rev/Ebitda estimates and expect Bharti to deliver 16/17% India revenue/EBITDA CAGR over FY24-26,» Jefferies said. The stock was trading 0.5% down on BSE on Wednesday at Rs 910 after the company reported a 37% year-on-year fall in its net profit to Rs 1,341 crore.

RattanIndia Enterprises, the flagship company of Rattanindia Group, zoomed 11% to ₹57.40 apiece in Wednesday's early trade. This sharp uptick in shares came after the company received DGCA’s certification for its drone product.

Aussie Broadband’s wholesale telecommunications business, which provides services to third parties to resell, will account for almost a third of its operations after it sealed a deal to buy software group Symbio for $262 million.

Freshworks forecast annual revenue and profit above expectations as it sees sustained demand for its relatively inexpensive software products for enterprises in a tough economy. The company competes with larger rivals such as Salesforce and Zendesk for a share of customer relationship management pie, while attracting small- and medium-sized enterprise customers with cheaper offerings.

Institutional-focused crypto custody firm Bastion has obtained money-transmitter licenses (MTLs) in New Hampshire and Arkansas.

NEW DELHI : Consulting firm Deloitte is set to introduce a practice to help businesses measure the extent of trust regulators, investors, customers and the public place in them to help them identify areas for improvement and raise their trustworthiness among stakeholders. The consulting firm is currently assessing the top 1,000 companies by size in India, including listed ones, based on about 90 parameters to figure out where they stand in terms of stakeholder trust.

Patanjali Foods, the listed consumer packaged foods arm of Patanjali Ayurveda, would be moved out of the additional surveillance measure (ASM) framework from November 1, as per a circular issued by the stock exchanges on October 31. Apart from Patanjali Foods, a number of other securities including Lakshmi Precision Screws, Reliance Capital, Goenka Diamond and Jewels, Digjam, Sumeet Industries, Sintex Plastics Technology, Future Enterprises, Future Supply Chain Solutions, Eastern Silk Industries, Metalyst Forging and Educomp Solutions would be moved out of the ASM framework, according to the circulars issued by the bourses. Notably, the ASM is an initiative of the Securities and Exchange Board of India (SEBI) to put certain securities under a monitoring framework.

Consolidated net profit (after exceptional items) for India’s second-largest telco fell for the second consecutive quarter to Rs 1,340.7 crore in the July-September quarter from Rs1,612.5 crore in the preceding quarter and Rs 2,145.2 crore a year earlier. Airtel’s net income (before exceptional items), though, rose 44.2% on-year and 2% sequentially to Rs 2,960 crore. “This decision (court ruling) does not alter the total amount of VLF allowed as deduction over the licence period but creates a timing difference wherein later years would have a higher deduction,” the company said in its earnings statement Tuesday. As a result, Airtel has made a tax provision of Rs 226.3 crore and included the interest charge on the matter amounting to Rs 1,350 crore as part of the exceptional items, it added. “Additionally, exceptional items include a charge of Rs 2,203 million (Rs 220.3 crore) on account of re-assessment of regulatory levies.

Shark Tank panellist Namita Thapar has entered the debate on working 70 hours per week. Thapar took to Twitter to express her concerns about the impact of such long working hours on family time.

AIFs for startups, SMEs: Alternative investment firm focusing on startups and SMEs Anicut Capital, on Tuesday, announced it has received a commitment of over Rs 30 crore from the asset management company HDFC AMC’s Fund of Fund with a likely additional allocation in the near future. According to a release by Anicut Capital, the investment will be made from HDFC AMC’s Select AIF FOF-I, which invests in category I and II venture capital/private equity-oriented AIFs

kiranas, dominate with a 90% share of the Indian grocery retail market. Meanwhile, organized retail, or modern trade, introduced about two decades ago, has gradually expanded due to its vast product range, self-service, and shopping experience. The differences between modern and traditional retail centre on store formats, product range, technology, and digital integration.

IKS Health announced the acquisition of AQuity Solutions as its wholly-owned subsidiary for $200 million, the company said in a media release. While IKS Health (Inventurus Knowledge Solutions Limited) provides administrative, clinical, and operational services in the healthcare domain, AQuity Solutions is tech-enabled clinical documentation, medical coding and revenue integrity solutions provider for the healthcare sector. «IKS Health’s market leadership in the ambulatory market will be coupled with AQuity’s market leadership in the acute care market to create an entity that enables clinicians and their enterprises to deliver better, safer, more efficient care across the continuum of care delivery,» the media release said. The combined company, which will operate as IKS Health, will likely have annual revenues of over $330 million with a global workforce of over 14,000 employees serving over 150,000 clinicians across hospitals, health systems, and specialty groups in the US, as per the claims made by the company. “US healthcare is in crisis, one that is deepening from all sides.

«We exited March almost at 70% of our capacity at Rs 550 crore a month. And we wanted to demonstrate the operating leverage. And we said that for this full year, this is the range of volume we will do for the whole year,» says Shachindra Nath, Vice Chairman & MD, U GRO Capital. It was a solid show yet again from you. The AUM is up 74%. Net disbursements continue to be quite high. Quite a bit of improvement on the profitability front as well. Talk to us about sustainability of all of this? Let us say, as far as AUM is concerned, what is the target for FY24? As I have said this to you in our last quarter result as well, that we built up our capacity in last two and a half years. We are almost five-year-old company. In last two and a half year, we heavily invested into both our distribution and liability infrastructure and data technology which drives revolution which we are trying to bring in MSME financing in India. We exited March almost at 70% of our capacity at Rs 550 crore a month. And we wanted to demonstrate the operating leverage. And we said that for this full year, this is the range of volume we will do for the whole year.

Bitcoin was trading 0.18% lower at $34,278, while its largest peer, Ethereum, was trading at $1,797, up 0.44% at around 12.49 p.m. Bitcoin is up 27% in October and looks to close the month above $34,000 with substantial gains. Based on 2019, the previous year before halving, November might encounter a brief pullback to keep the market healthy. $33,200 is the strong support level that Bitcoin must hold to surge ahead. Bitcoin dominance has experienced a minor decline this week as Solana, Polkadot and XRP register gains on the daily, said Vikram Subburaj, CEO of Giottus Crypto Platform. Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin has been hovering at the $34,300 level over the past 24 hours as traders anticipate the US Federal Reserve's decision on interest rates scheduled for Wednesday. For Bitcoin to maintain its upward trajectory, it will need to overcome the $34,700 resistance, or it may risk seeking support near $34,000.»

China's state-backed chip investment fund has invested 14.56 billion yuan ($1.99 billion) in a memory chip company called Changxin Xinqiao, records showed. The deal saw China Integrated Circuit Industry Investment Fund, also known as the «Big Fund», contribute to 33.15% of the total registered capital of Changxin Xinqiao, according to an update dated Oct. 26 to the company's registration information on the National Enterprise Credit Information Publicity System. According to company registration website Qichacha, Changxin Xinqiao was founded in 2021 in Hefei city, in the eastern Anhui province. Its general manager is Zhao Lun, who is also the chairman and general manager of Changxin Memory Technology, which is one of China's leading memory chip companies. Changxin Xinqiao and the Big Fund did not immediately respond to Reuters' requests for comment. The Big Fund's latest investment comes after it invested 13 billion yuan into Yangtze Memory Technologies (YMTC) earlier this year, marking one of its largest investments in recent years. YMTC, China's only player in the global NAND memory market, has been aggressively expanding production capacity and R&D with the help of state subsidies.

MOIL(up 3.57%), Orissa Minerals Development Company(up 2.48%), Lexus Granito(up 1.54%), Aro Granite Industries(up 1.06%), NMDC Ltd(up 0.97%), Madhav Marbles and Granites(up 0.92%), Oriental Trimex(up 0.76%) and Coal India(up 0.19%) were among the top gainers. KIOCL(down 2.64%), Pokarna(down 2.29%), Gujarat Mineral Dvpt Corporation(down 2.25%) and Ashapura Minechem(down 0.59%) were among the top losers.

When Enterprise started to see automobile supply problems after the pandemic hit in 2020, the car and truck rental, fleet management and mobility company decided to cater to its long-term customers

Britney Johnson is among the thousands of Ford Motor Co. workers who went on strike to force the automaker to improve pay for all

Lenders are backing Australia’s retirement living sector.

₹2 crore from high-net-worth individuals (HNIs) by being the first NGO to list on India’s Social Stock Exchange (SSE). The NGO will look at zero coupon bonds to attract investment from foundations and HNIs tilting towards social impact causes. “The HNI community have said that this listing should happen in India.

Insurance Corporation (LIC) of India initial share sale in May last year would be a disappointed lot today. As against the issue price of ₹949 apiece, the stock closed at ₹605 on the BSE on Monday. This implies that state-run LIC has lost more than a third of its value since then.