Enterprise Financial News

Kazakhstan has started the process of acquiring ArcelorMittal SA's local business after dozens died in a fire at the company's mine on Saturday. Kazakhstan President Kassym-Jomart Tokayev ordered the government to stop investment cooperation with ArcelorMittal Temirtau after the accident at the Kostenko mine near the city of Karaganda, Interfax reported. The government said on Saturday that it has reached a preliminary agreement with the shareholders of ArcelorMittal Temirtau and is preparing the transaction to transfer ownership of the enterprise in favor of the Republic of Kazakhstan.

The Biden administration is contemplating measures to plug a loophole that has been enabling Chinese firms to acquire U.S. artificial intelligence (AI) chips through overseas channels, as reported by Reuters on October 13, 2023. This move underscores Washington's ongoing effort to curb China's burgeoning AI capabilities which are significantly anchored on U.S. chip technology.

On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Monetary Authority of Singapore (<dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>MAS) for a Major Payment Institution (MPI) licence, marking a pivotal step in the firm's journey to fortify its digital asset venture in the region. This provisional approval allows Upbit Singapore to persist in rendering regulated Digital Payment Token services in alignment with the Payment Services Act 2019, while awaiting the issuance of the full license.

The discovery of numerous Bitcoin mining operations with ties to China on American soil has flagged serious national security concerns among US authorities. A comprehensive report published by The New York Times on October 13 unveils a substantial presence of Bitcoin data centres in the US, traceable back to the Chinese government. The proximity of some of these operations to critical military and infrastructure sites further exacerbates the apprehensions. A notable case is a mining operation in Wyoming, situated adjacent to a Microsoft data center, pivotal in supporting various Department of Defence initiatives.

G20 Summit in New Delhi, commenced on Saturday from the city, according to a release. The initiative taken by a local NGO, Jagriti Sewa Sansthan in collaboration with G20 Startup 20, and supported by the State Bank of India and SIDBI, will focus on inclusive enterprise and women-led development with other themes from the Delhi Declaration, it said. The 8000-km long yatra will be undertaken across the country and will conclude in Mumbai on November 10, it said. Through the Yatra, participants will gain exposure to the international startup ecosystem, acquiring insights into inclusive practices and global networking, it stated. «We are happy to collaborate with the Jagriti G20 Startup20 Yatra, as it resonates deeply with SBI's commitment to fostering entrepreneurship in the country and participating in Women-led developmental initiatives,» SBI Chairman Dinesh Khara was quoted as saying in the release. «This initiative mirrors our focus on creating a diverse and inclusive entrepreneurial ecosystem, driving economic growth and social progress,” he added. The Yatra will promote the 5 pillars of the Delhi Declaration which include inclusive growth, green development, technological transformation and digital public infrastructure, women empowerment and culture as a transformative driver, as per the release. These key tenets of the Delhi Declaration will be amplified through seven mega events that are planned across Mumbai, Bengaluru, Varanasi, Deoria, Delhi (two events), and Gandhinagar, as part of the Yatra, it said. »This Yatra is being supported by SIDBI as a 'Green Partner, which has prioritised digitization and greening the enterprise ecosystem.

Elon Musk recently announced he would provide connectivity support to internationally recognized humanitarian organizations operating in Gaza through his satellite communication system, Starlink. He stated on the social media platform known as X (formerly Twitter) in response to a statement from the U.S. Representative Alexandria Ocasio-Cortez. She had raised concerns about the communication blackout in Gaza. Following the extensive Israeli military operations, including airstrikes and ground incursions, aid organizations faced significant challenges. They reported a breakdown in phone and internet services, hampering their ability to maintain contact with their teams operating in the Gaza Strip. Following the Russian invasion of Ukraine in February 2022, Starlink, under the management of SpaceX, Elon Musk's company, was rapidly established within Ukraine. This communication network, essential for advanced military personnel operating in regions with impaired communication infrastructure, became an important asset for Kyiv in the field of battle.

Microsoft Teams, businesses in India will soon gain enhanced flexibility to connect with customers nationwide via fixed-line internet connections, claims Airtel. Abhishek Biswal, Business Head, Airtel IQ, said in a statement, “We are delighted to partner with Microsoft to bring an agile, flexible and innovative solution to ease one of the biggest issues facing Indian enterprises today.

workspace marketplace and brokerage platform Qdesq has raised fresh funding from Gruhas, a VC with focused investments in PropTech. The company had earlier raised fund from JLL, and has now raised Rs 30 crore till date. Along with Qdesq, the company is building an enterprise SaaS platform called Qudify, which upgrades and digitizes enterprises and workspaces with QR-based visitor management, meeting rooms and complaint management system. “This is our second investment from a venture capital firm after JLL Spark.

Akash Ambani, chairman, Reliance Jio, Sunil Mittal, chairman, Bharti Enterprises, and Kumar Mangalam Birla, chairman, Aditya Birla Group (the co-parent of Vodafone Idea), also told delegates at Asia’s biggest technology event, the India Mobile Congress, that they will double down on investments to ensure broader rollout of 5G in the country. “Country after country as well as World Bank, United Nations, WTO, the Africa Union, the EU, G20, BRICS – everyone is chanting that the digital infrastructure model that India has built can accelerate the world economy, especially in those countries which have lack of infrastructure,” Mittal said. Echoing the sentiment, Jio’s Ambani said using the latest technology can improve the lives of people and the best example of it is India’s digital public infrastructure, purpose-built on an integrated technology backbone that helps the state achieve its stated objective of financial inclusion for the underprivileged. “Millions of youngsters like me are inspired by your work in making Digital India a means to build a more innovative, inclusive and sustainable world,” Ambani said, referring to Prime Minister Narendra Modi. Speaking at the inauguration of India Mobile Congress, Ambani and Mittal also underlined their readiness to offer broadband-from-space services. Kumar Mangalam Birla, additional director of Vodafone Idea, added that India has emerged as a champion of the global south, with many countries from the global south now eager to adopt “India’s path breaking digital public infrastructure assets across identity, payments, and data management.” Mittal also highlighted the success India has achieved in manufacturing in the last few years with players ranging from Apple to

Mumbai: The Indian Hotels Co. Ltd which operates the Taj brand of hotels besides SeleQtions, Vivanta and Ginger Hotels, reposted a consolidated net profit of ₹167 crore in the September quarter, up 37% from a year earlier. Its revenue grew 18% to ₹1,481 crore, while consolidated earnings before interest, taxes, depreciation and amortization (ebitda) was up 26% to ₹402 crore.

solar projects are set to get a fillip with the introduction of the 'distributed renewable energy' segment in the latest renewable purchase obligations (RPO). This means that power distribution companies will have to mandatorily purchase renewable energy from rooftop solar projects among others included in the segment. The government recently changed the mix of renewable energy sources for mandatory purchase by distribution companies and open-access consumers, while keeping the total obligation unchanged at 2022 levels.

Union Bank of India Q2 results: The government lender reported a whopping 90% rise in its net standalone profit to ₹3,511 crore in the September quarter of Financial year 2023-24. The bank reported a profit of ₹1,847.7 crore in the September quarter of FY 2022-23. Union Bank of India's net NPA reduced to 1.30% in the quarter under review from 2.64% in the year-ago period.

Axis Bank is working on augmenting small-ticket loans, crop loans to small and marginal farmers and microfinance business loans for women borrowers from low-income households during the year, managing director and CEO Amitabh Chaudhry said on Friday. The bank has created a distinctive 'Bharat Bank' unit with tailored rural products, an increased footprint through branches and a digital presence, partnerships with facilitators like Common Services Centers (CSCs), and village-level entrepreneurs enabled by multiple agri-commodity-focused ecosystems, he said.

Hexaware Technologies, owned by global private equity firm The Carlyle Group, has appointed former Infosys and Tredence executive Girish Pai as the global head of its data and AI service line. “Hexaware expects to make rapid strides toward data and AI leadership. His leadership promises to unlock new horizons and drive innovation in the ever-evolving landscape of technology solutions,” the Mumbai-headquartered information technology (IT) services firm said in a statement.

Orissa Minerals Development Company(up 6.26%), Pokarna(up 5.12%), KIOCL(up 4.99%), Coal India(up 2.85%), Gujarat Mineral Dvpt Corporation(up 1.92%), Ashapura Minechem(up 1.65%), NMDC Ltd(up 1.55%), Oriental Trimex(up 1.54%), Aro Granite Industries(up 1.07%) and Lexus Granito(up 0.26%) stood among the top gainers. MOIL(down 0.74%) and Madhav Marbles and Granites(down 0.51%) were among the top losers of the day.

Shriram Finance, a non-banking financial company (NBFC), experienced a notable 12.9% surge in its stock price, hitting a new all-time high ₹2,029.7 per share during Friday's trading session, propelled by its impressive Q2FY24 performance. In its quarterly report released on Thursday, the NBFC reported a consolidated net profit of ₹1,792 crore, marking a 13% increase compared to ₹1,578.56 crore in Q2 FY23.

Urban Vault, one of the leading managed office space providers in India, has announced the addition of 10,000 desks across major micro-markets of Bengaluru as part of the company’s strategy to expand its portfolio to meet the rising demand for flexible workspaces.

The Enforcement Directorate (ED) has called Vaibhav Gehlot, the son of Rajasthan’s Chief Minister Ashok Gehlot, for questioning in connection with a foreign exchange violation case on October 30.

India will be a leader in telecom technologies in years to come with the investments being made by the country in 5G and 6G and domestic equipment manufacturing, telecom minister Ashwini Vaishnaw said. He was speaking during the inaugural session of the India Mobile Congress 2023. “Today, the whole world is watching India expectantly.

Buy or sell stocks for today: Indian stock maket fell for the sixth consecutive session on Thursday even as a series of poor corporate results in the US cast a shadow on the global risk appetite already impacted by the conflict in the Middle East. Nifty 50 index lost 264 points and ended at 18,857 levels, BSE Sensex dipped 900 points and closed at 63,148 mark while Bank Nifty index corrected 551 points and finished at 42,280 levels.

Canara Bank: Canara Bank reported a growth of 43 per cent in net profit to ₹3,606 crore, compared to ₹2,525 crore in the corresponding period last year. The public sector lender's net interest income (NIIs) – the difference between interest earned and interest expended- in the second quarter of the current fiscal rose 19.8 per cent to ₹8,903 crore, compared to ₹7,433.8 crore in the year-ago period. Shriram Finance: The NBFC on Thursday reported a 19.7% yoy increase in AUM to ₹2.03 trillion.