Enterprise Financial News

Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released earlier this month, Deloitte said India will need at least 6.5 per cent growth every fiscal to become the world's third largest economy by 2027, with its Gross Domestic Product (GDP) crossing USD 5 trillion.

Shares of Prestige Estates Projects Ltd.(up 2.59 per cent), Brigade Enterprises Ltd.(up 0.5 per cent) and DLF Ltd.(up 0.03 per cent) ended the day as top gainers in the pack. On the other hand, Indiabulls Real Estate Ltd.(down 3.26 per cent), Godrej Properties Ltd.(down 1.85 per cent), Phoenix Mills Ltd.(down 1.49 per cent), Sobha Ltd.(down 1.16 per cent) and Oberoi Realty Ltd.(down 1.12 per cent) finished as the top losers of the day.

Zensar Technologies, a mid-sized IT services company and part of the RPG Enterprise Group, dropped 5.6% to ₹519.25 apiece during Wednesday's trade after the company posted its Q2 FY24 earnings. The company posted a consolidated net profit of ₹174 crore, a 205% surge compared to ₹57 crore posted in Q2 FY23. On a QoQ basis, net profit showed an 11.53% increase, while revenue growth remained relatively flat, with a slight YoY uptick of 0.5% and a QoQ increase of 1.1% to reach ₹1,240 crore.

₹274.7 crore) in a Series C funding round, led by existing investor Nexus Venture Partners. The round also saw participation from California-based early-stage investor Uncorrelated Ventures. The Chicago-based company will use the proceeds to accelerate adoption within larger enterprise customers.

₹450 for the stock, indicating an upside of 18 percent. This comes after a 25 percent fall in the stock in the last 1 year. It lost over 23 percent in 2023 YTD, giving negative returns in 7 of the 10 months so far in the current calendar year.

Piramal Enterprises Limited on Wednesday said it plans to raise Rs 1,000 crore from maiden issuance of Non Convertible Debentures (NCDs) to fund business growth. The tranche I comprises the base issue size of Rs 200 crore and a green-shoe option of up to Rs 800 crore, aggregating up to Rs 1,000 crore, which is within the shelf limit of Rs 3,000 crore.

Bharti Airtel has launched an integrated omni-channel cloud platform called Airtel CCaaS (contact centre as a service) under its Airtel IQ vertical, it said in a statement Wednesday. The new platform gives end to end solutions for contact centres including voice, cloud, and software.

Fingerprint, a startup that helps developers to build security solutions through device intelligence application programming interfaces (APIs), has raised $33 million in a Series C funding round led by Nexus Venture Partners, taking the company’s total funding to $77 million. The round also saw participation by Uncorrelated Ventures. The Chicago-based company said that the funding comes at a time when the decline of cookies and the increased use of virtual private networks (VPNs) has heightened the importance of precise device identification. It claims to identify 99.5% of returning users in less than 500 milliseconds of processing time.

cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the US Securities and Exchange Commission (SEC) asked a court to freeze its assets. «In the event that customers wish to withdraw US dollar funds from their account, they may do so by converting US dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn,» the terms page said. Binance.US did not immediately respond to Reuters request for comment.

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors. «Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements,» the Basel Committee said in a statement. Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said.

Sony Group Corp's India unit and Zee Entertainment Enterprises Limited (ZEEL) expect to close the pending merger deal — billed as one of the biggest in the country's media industry — as early as next month, multiple people familiar with the progress of the proposed transaction told ET. One of the sources said that despite financial institutions and lenders such as Axis Finance and IDBI having appealed the National Company Law Tribunal's (NCLT) decision approving the merger scheme before the National Company Law Appellate Tribunal (NCLAT), the union could still happen by as early as the first half of November. Another source said the Boston Consulting Group (BCG), which was tasked with completing the integration process, is working overtime to complete the responsibilities associated with the merger. «Our aim is to finish the merger by early November. The teams on both sides are working incredibly hard to finish the merger-related formalities,» said a senior official, who declined to be named. Legal & regulatory formalities Corroborating this information, another source said that the merger is nearing completion, even as a media report suggested that Tokyo-based Sony Group Corp has held exploratory talks with Walt Disney to acquire its India assets due to the delay in completing the merger deal with ZEEL. «While we are targeting to conclude the merger early next month, there is always a possibility of a delay considering the legal and regulatory formalities that are involved,» said the second executive cited above. Both Sony and Zee declined to comment.

The renewed threat of strikes at two huge Chevron-run liquefied natural gas plants in Western Australia has been averted after a deal struck with unions little more than 24 hours before industrial action was due to start.

Karnataka Bank is set to recover more than half its dues this month-end from the debt sale of Coffee Day Global, said people aware of the development. The unlisted company operates the Cafe Coffee Day chain across India. The bank has received a binding offer from Rare Asset Reconstruction Company (ARC), triggering a Swiss challenge auction.

The global microfinance market has shown consistent growth prospects from 2014 to 2030, according to ResearchAndMarkets . The report focuses on lending activities by both banks and non-bank entities, targeting small enterprises, solo entrepreneurs, and micro-enterprises. This trend emphasizes the role of microfinance in advancing financial inclusivity and supporting entrepreneurial ventures globally.

On the morning of October 4, 2023, a significant legal event will unfold as Judge Kaplan begins the criminal trial against Sam Bankman-Fried (SBF), a name that has become synonymous with the crypto exchange FTX. The anticipation surrounding the trial has caught the attention of top executives at Coinbase, a leading competitor to FTX. Brian Armstrong, CEO of Coinbase, and Paul Grewal, the Chief Legal Officer, shared their insights on the impending court proceedings through a series of Twitter exchanges on October 3, 2023.

Sygnum Singapore's announcement on 3rd October 2023 concerning its acquisition of a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS) echoes a burgeoning narrative of regulatory evolution in the city-state's digital asset sector. This development not only broadens Sygnum Singapore's service suite but also augments the city-state's stance as a burgeoning hub for digital asset enterprises.

Ripple's Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully secured its MPI license for digital payment tokens (DPTs) from the <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. The license comes on the heels of the regulatory body's in-principle approval of Ripple's application in June 2023. Singapore has been a pioneer in establishing a robust regulatory framework for DPTs through its Payment Services Act. This license enables Ripple to continue offering regulated digital payment token services in Singapore, a market that has been pivotal for the company's global operations.

Supreme Court ruling on Monday on treating annual licence fees paid by telecommunication companies as capital expenditure is likely to create a hump in their tax outgo. But the effects over the entire licence period should not be significant. This is because the switch in accounting will raise future amortisation and depreciation charges.

Revolt Motors is looking to scale up sales infrastructure, roll out new products as part of its growth plans over the next few years, a top company official said. The company, which was acquired by RattanIndia Enterprises earlier this year, also plans to enter international markets. In an interaction with PTI, RattanIndia Enterprises Business Chairperson Anjali Rattan said the company is expanding to ensure that the electric revolution reaches every corner of the country.

₹235 per share for Religare is far lower than the company’s board anticipated, sparking a debate on whether they undervalued the company for their own benefit or whether REL’s leader Dr. Rashmi Saluja, who has been pivotal in turning around its fortunes, can take it to greater heights by preventing the Burmans from checking in. The Burmans are a co-promoter of Aviva Life Insurance, and own 19.9% of Universal Sompo General Insurance Co.

We offer flexible and well-equipped office spaces for businesses of all sizes. We concentrate on promoting a productive and collaborative work environment through the provision of easily accessible workstations, conference rooms, and common areas. Our goal is to foster a network of various enterprises and professionals under one roof, encouraging knowledge exchange, networking, and potential partnerships, says Sanjay Choudhary, Founder and CEO, Incuspaze, a chain of managed & co-working office spaces having presence in major Tier-1 and Tier-2 cities across India.