Enterprise Financial News

Quess Corp will list its two new entities Bluspring Enterprises and Digitide Solutions in two months, the company founder-chairman Ajit Isaac told ET on Thursday. The Bengaluru-headquartered company with diverse businesses is moving swiftly to cement the independent identities of new firms. “We are among the few companies that have been on course on the demerger scheme,” Isaac said. The company began the process of demerger two years ago which helped it plan the leadership and governance structures well in advance. The two new companies are a result of the deployment of capital raised through an IPO about eight years ago. “This is a proof of our capital allocation strategy,” he added.

Subscribe to enjoy similar stories. Grade-A real estate companies have been expanding their footprints from top-tier cities to tier-2 cities lately. A combination of factors such as affordability, relatively higher growth potential in untapped regions, and improving infrastructure, is enticing realtors and homebuyers towards tier-2 cities such as Agra, Chandigarh, Goa, Jaipur and Nagpur.

Subscribe to enjoy similar stories. On 3 March, the Indian government announced that the Indian Railway Catering and Tourism Corporation (IRCTC) had been awarded ‘Navratna’ status, marking a defining moment in the company’s already remarkable journey. The stock has gained 3.5% since the announcement, signaling investor optimism, though it remains down 11% over the past month and 26% over the past six months.

Subscribe to enjoy similar stories. In recent years, the government’s policy on disinvestment has been cloudy. While it has in the past endorsed the mantra that ‘the government has no business being in business,’ its actions would suggest otherwise.

Subscribe to enjoy similar stories. After facing persistent selling pressure in the past sessions, the Indian stock market staged a strong recovery on Wednesday, bringing much-needed relief to investors. The benchmark indices closed on a positive note, signalling renewed optimism and a shift in sentiment.

Infrastructure major Larsen & Toubro (L&T) on Wednesday said one of its verticals has bagged 'significant' projects from a reputed developer to construct residential towers. The building and factories vertical of Larsen & Toubro will construct residential towers in Mumbai, Bangalore and Chennai, L&T said in a regulatory filing. All the projects are to be executed within stringent timelines, the filing said. According to Larsen & Toubro's classification, a 'significant order' refers to a project valued between Rs 1,000 crore and Rs 2,500 crore.

Nagarjuna Fertilizers and Chemicals Ltd.(up 12.93%), Rama Phosphates Ltd.(up 6.07%), Bohra Industries Ltd.(up 4.98%), Coromandel International Ltd.(up 4.70%), Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 4.51%), Chambal Fertilisers & Chemicals Ltd.(up 4.26%), Mangalore Chemicals & Fertilizers Ltd.(up 3.61%), Sikko Industries Ltd.(up 3.43%), Khaitan Chemicals & Fertilizers Ltd.(up 3.41%) and Gujarat State Fertilizer & Chemicals Ltd.(up 2.84%) were among the top gainers.

Subscribe to enjoy similar stories. New Delhi: The government is likely to raise about ₹10,000 crore from divestment proceeds in FY25, with a large bulk coming from the Offer for Sale (OFS) route, two people aware of the matter said. During the first 10 months of the ongoing fiscal, the Centre has raised about ₹8,625 crore through disinvestment transactions, the people mentioned above said.

Shares of Mahindra Lifespace Developers Ltd.(up 1.42 per cent), Raymond Ltd.(up 1.3 per cent), Brigade Enterprises Ltd.(up 0.89 per cent), Oberoi Realty Ltd.(up 0.58 per cent) and Prestige Estates Projects Ltd.(up 0.34 per cent) ended the day as top gainers in the pack.

Subscribe to enjoy similar stories. Shriram Finance has recently been in the news for all the right reasons. One, its fund-raising plans.

Indian Railway Finance Corporation (IRFC) surged as much as 3.7% on Tuesday to Rs 115.25 on the BSE after the Government of India granted the company a Navratna status, enhancing its financial and operational autonomy. The Department of Public Enterprises announced on Monday that IRFC and Indian Railway Catering and Tourism Corporation (IRCTC) have been accorded Navratna status, expanding the list of such Central Public Sector Enterprises (CPSEs) to 26. IRCTC shares also gained on Tuesday, rising as much as 0.7% to Rs 680.7 on the BSE.

Raymond Ltd.(up 3.51 per cent), Godrej Properties Ltd.(up 2.11 per cent), Mahindra Lifespace Developers Ltd.(up 1.39 per cent), Brigade Enterprises Ltd.(up 1.04 per cent) and Sobha Ltd.(up 0.75 per cent) were among the top gainers.

Subscribe to enjoy similar stories. Zoho Corp plans to make two artificial intelligence-based internal foundational models public by the end of the year, group chief executive officer Shailesh Davey said in an interview with Mint. The cloud software startup is also working on foundational models to support Indian languages, though it does not have a timeline on when they will be launched, Davey said.

Subscribe to enjoy similar stories. Early-stage venture capital firm Peak XV’s seed platform Surge has seen its global footprint expand to markets such as Australia, China, the UK, and the US, according to a top company executive. Peak XV’s managing director Rajan Anandan told Mint in an interview that the program, which started off with focus on India and Southeast Asia, has now expanded to support companies in other markets.

India Inc is investing heavily in an artificial intelligence (AI)-ready workforce. Companies such as Wipro, Genpact and Ericsson are creating personalised AI training programmes for employees, partnering with universities, setting up skilling academies and enhancing internal learning platforms to build a future-ready workforce. At Wipro, more than 55,000 employees have become advanced AI practitioners, and at Genpact, 60,000-70,000 employees dedicate eight to nine learning hours each month on new-age skills like AI.

Subscribe to enjoy similar stories. MUMBAI : Bharti Airtel, India’s second-largest telecom operator, has cemented its position as the industry’s most resilient player, outpacing rivals in subscriber additions, revenue growth, and profitability. But with its core wireless business maturing, the company is now eyeing a new growth frontier: home services.

Rana Sugars Ltd.(up 4.80%) and Mawana Sugars Ltd.(up 1.10%) were among the top gainers.

NTPC Green Energy Ltd.(up 1.01%), Adani Green Energy Ltd.(up 0.90%), Adani Power Ltd.(up 0.52%), Hitachi Energy India Ltd.(up 0.17%) and India Power Corporation Ltd.(up 0.09%) were among the top gainers.

Subscribe to enjoy similar stories. Piramal Enterprises Ltd is planning to sell its holdings in Shriram Group's insurance ventures for ₹4,000-5,000 crore, two people aware of the matter said, as it looks to sharpen focus on its core lending business. The Ajay Piramal-led group holds about 15% in Shriram General Insurance Co.

HPCL, the government headhunter struggled to find a suitable candidate for the top job at Bharat Petroleum, as most applicants were narrow specialists lacking multidisciplinary experience needed to run a large organisation. The Public Enterprise Selection Board (PESB) last month interviewed a dozen candidates including BPCL Director (Finance) Vetsa Ramakrishna Gupta and its Director (Refineries) S Khanna but found none suitable for the job of chairman and managing director of Bharat Petroleum Corporation Ltd (BPCL), according to a PESB order. It advised the administrative ministry «to choose an appropriate course of further action for selection including the search cum selection committee,» according to the order. Incumbent G Krishnakumar superannuates as chairman and managing director of BPCL on April 30 this year.

Piramal Enterprises said in an exchange filing on Friday that it had received a tax demand of 15.02 billion rupees (nearly $172 million) for the sale of its pharmaceutical business to Piramal Pharma in fiscal year 2021. A tax office in the state of Maharashtra has asked the financial services company to pay 18% Goods and Services Tax (GST) on the deal, the latter said in the filing. The tax bill amounts to about 15% of its revenue for the fiscal year ended March 31, 2024. Piramal Enterprises said it has solid grounds to challenge the «unjustified» demand.