Enterprise Financial News

Account Aggregator framework was expected to be a watershed moment, not unlike UPI, for financial services. So far, its enormous impact has been evident in consumer lending, but with the inclusion of Goods and Services Tax Network (GSTN) on the Account Aggregator framework, credit access to micro, small and medium enterprises (MSMEs) is also expected to be eased. The MSME sector has long been denied adequate credit due to a variety of reasons.

₹13,000 crore allocation made to the scheme is a recognition of the immense contribution of our traditional and skilled artisans and craftsmen toward nation-building, and the economic potential of this sector. The Vishwakarma Yojana aims to empower our craftsmen by improving the quality and reach of their products and services. It will also revive their skills, not just to conserve India’s rich cultural heritage, but also to provide them with a dignified source of livelihood.

Bitcoin extended its rally from last week, rising above $27,000 for the first time since August. Other digital assets followed suit, with smaller tokens such as Solana, Litecoin and Bitcoin Cash rallying. The largest digital token had ended positive on Sunday for the first week in five, and increased as much as 3.7% to $27,418 on Monday. Solana gained around 6%, Litecoin rose 6.5% and Bitcoin Cash jumped 8%. The price increases come with the Federal Reserve expected to keep borrowing rates steady when policy makers meet this week. Higher rates tend to reduce the allure of higher risk assets such as cryptocurrencies. “After a prolonged struggle at the psychological support of $25,000, Bitcoin managed to hold steady. Range traders will now be looking to take profits just above $30,000,” said Mati Greenspan, chief executive officer of Quantum Economics. Some analysts are questioning how long this latest rally will last and as reported previously the level investors are watching on Bitcoin is $28,800.

Enso Oils & Lubricants, a leading subsidiary of Enso Group, will specialize in the importation and distribution of Gazpromneft-Lubricants' high-quality oils, lubricants, and technical fluids that cater to a wide array of industries.Vinay Maloo, Chairman, Enso Group said, “Enso is proud to be the strategic partner of Gazpromneft for their products and am sure that the relationship will bring positive gains to both entities."“Gazpromneft-Lubricants has world-class products in both automotive and industrial segments to fulfill the requirements of the Indian customers," said Radhakrishnan Ramarathnam, CEO, Enso Oils & Lubricants.The partnership will supplement the supply of specialized lubricants to India's largest manufacturers of industrial equipment and machinery, as well as other enterprises. For modern passenger vehicles manufactured in India, Gazpromneft-Lubricants will supply premium lines of engine and transmission oils with improved characteristics for reliable engine operation in hot climates.

Joshi takes over the baton from Akhil Gupta, Chairman of Bharti Enterprises, who served as Chairman of the industry body since 2011. In a statement, DIPA named Sandeep Girotra, CEO of American Tower India, as the new vice chairman of the association. The changes in the leadership management will come into effect from October 1, 2023. The telecom industry body concluded its annual general body meeting for 2022-23, with the announcements of its leadership for the term 2023-24.

Shares of Punjab National Bank(up 3.7 per cent), Bank of Baroda(up 3.1 per cent), State Bank of India(up 0.86 per cent) and IndusInd Bank Ltd.(up 0.47 per cent) ended the day as top gainers in the pack. On the other hand, HDFC Bank Ltd.(down 1.96 per cent), IDFC First Bank Ltd.(down 1.48 per cent), Federal Bank Ltd.(down 1.45 per cent), Bandhan Bank Ltd.(down 1.1 per cent) and Kotak Mahindra Bank Ltd.(down 0.85 per cent) finished as the top losers of the day. The Nifty Bank index closed 0.54 per cent down at 45979.85. Benchmark NSE Nifty50 index ended down 59.05 points at 20133.3, while the BSE Sensex stood down 241.79 points at 67596.84. Among the 50 stocks in the Nifty index, 27 ended in the green, while 23 closed in the red. Shares of YES Bank, JP Power, Vodafone Idea, Central Bank and UCO Bank were among the most traded shares on the NSE. Shares of KIOCL, IOB, PTL Enterprises, UCO Bank and Ramco Systems hit their fresh 52-week highs in today's trade, while J B Chemicals, Setubandhan Infra, Viaz Tyres, Penta Gold and Ratnaveer Precision hit their fresh 52-week lows.

Shares of Tata Consultancy Services Ltd.(up 0.21 per cent) and HCL Technologies Ltd.(up 0.03 per cent) ended the day as top gainers in the pack. On the other hand, Persistent Systems Ltd.(down 2.12 per cent), Coforge Ltd.(down 1.31 per cent), Infosys Ltd.(down 1.3 per cent), L&T Technology Services Ltd.(down 1.28 per cent) and Wipro Ltd.(down 1.12 per cent) finished as the top losers of the day. The Nifty IT index closed 0.68 per cent down at 33129.5. Benchmark NSE Nifty50 index ended down 59.05 points at 20133.3, while the BSE Sensex stood down 241.79 points at 67596.84. Among the 50 stocks in the Nifty index, 27 ended in the green, while 23 closed in the red. Shares of YES Bank, JP Power, Vodafone Idea, Central Bank and UCO Bank were among the most traded shares on the NSE. Shares of KIOCL, IOB, PTL Enterprises, UCO Bank and Ramco Systems hit their fresh 52-week highs in today's trade, while J B Chemicals, Setubandhan Infra, Viaz Tyres, Penta Gold and Ratnaveer Precision hit their fresh 52-week lows.

National Fertilizer(up 2.05%), Rashtriya Chemicals & Fertilizers(up 1.46%), Paradeep Phosphates(up 1.41%) and Deepak Fertilizers & Petrochemicals(up 0.17%) stood among the top gainers. Gujarat Narmada Valley Fertilizers (down 5.05%), Fertilizers & Chemicals Tranvancore(down 3.71%), Coromandel International(down 2.41%), Nagarjuna Fertilizers & Chem(down 2.29%), Rama Phosphates(down 2.02%), Chambal Fertilisers & Chemicals(down 1.64%), Madras Fertlizers(down 1.28%), ZUARIAGRO(down 1.20%), Agro Phos(down 1.19%) and Sikko Industries(down 0.98%) were among the top losers of the day. The NSE Nifty50 index ended 59.05 points down at 20133.3, while the 30-share BSE Sensex closed down 241.79 points at 67596.84. Power Grid Corporation of India Ltd.(up 3.09%), Titan Company Ltd.(up 2.79%), Mahindra & Mahindra Ltd.(up 2.52%), HDFC Life Insurance Company Ltd.(up 2.33%), Bharat Petroleum Corporation Ltd.(up 2.29%), NTPC Ltd.(up 2.11%), Hero MotoCorp Ltd.(up 1.62%), Bajaj Finserv Ltd.(up 1.42%), Britannia Industries Ltd.(up 1.39%) and Tata Motors Ltd.(up 1.0%) stood among the top gainers in the Nifty pack. On the other hand, Hindalco Industries Ltd.(down 2.42%), HDFC Bank Ltd.(down 1.96%), Adani Ports & Special Economic Zone Ltd.(down 1.7%), Bharti Airtel Ltd.(down 1.7%), Dr.

Industrial action is set to disrupt operations from Thursday at one of Queensland’s biggest power stations, posing a fresh threat to the east coast’s electricity grid already under strain due to an extended unit closure.

Small Industries Development Bank of India (SIDBI) has announced 100% funding for green and clean projects of MSMEs, marking a significant step towards green financing. SIDBI is the country's primary financial institution for promoting, developing and financing MSME (Micro, Small and Medium Enterprise) sector. “We invite MSMEs to avail of SIDBI’s financial schemes for installing solar energy and adopting energy efficient machineries and business processes. SIDBI extends 100% loans at interest rate as low as 7%-8% depending on the credit rating of MSMEs for installing rooftop and ground mounted solar rooftop power projects.

EarnKaro also provides an avenue for this. Born out of its parent company CashKaro in 2019, EarnKaro enables users to earn a commission every time someone buys something from the user’s Earnkaro links. Founded by Swati Bhargava and Rohan Bhargava, EarnKaro lets users generate a “profit link” from a product deal from any e-commerce sites — Amazon, Flipkart, Myntra, etc. The users can share this link with their friends and family.

Sobha Ltd.(up 0.83 per cent), Brigade Enterprises Ltd.(up 0.6 per cent), DLF Ltd.(up 0.46 per cent), Prestige Estates Projects Ltd.(up 0.33 per cent) and Oberoi Realty Ltd.(up 0.18 per cent) were among the top gainers. Phoenix Mills Ltd.(down 1.41 per cent), Indiabulls Real Estate Ltd.(down 0.89 per cent), Godrej Properties Ltd.(down 0.73 per cent), Mahindra Lifespace Developers Ltd.(down 0.41 per cent) and Macrotech Developers Ltd.(down 0.04 per cent) were the top losers on the index. The Nifty Realty index was down 0.16 per cent at 586.0 at the time of writing this report. Benchmark NSE Nifty50 index was down 15.6 points at 20176.75, while the BSE Sensex was down 101.48 points at 67737.15. Among the 50 stocks in the Nifty index, 30 were trading in the green, while 20 were in the red. Shares of Vodafone Idea, YES Bank, JP Power, Suzlon Energy and IOB were among the most traded shares on the NSE. Shares of KIOCL, GMR Power and Urban, IOB, UCO Bank and Adroit Infotech hit their fresh 52-week highs in today's trade, while J B Chemicals, Setubandhan Infra, Penta Gold, Sri Adhikari and CMI Ltd hit fresh 52-week lows in trade.

Adani Enterprises’ daily trend is sideways. The RSI for monthly, weekly and daily is showing sideways momentum.

data center major Colt DCS is looking to invest over $1.3 billion in India to develop hyperscale and enterprise solution data center campuses over the next 3-4 years, said a top official of the company. The London-headquartered company is looking to develop two campuses including one in Mumbai region and one in Chennai as per its India growth plan to begin with and in other key cities of the country in the years to come. For the Mumbai region project, the investment amounts to $115 million in the first phase, and the overall estimated investment for this campus stands at around $750 million. «Colt DCS' entry into the Indian market reaffirms our commitment to become the leading customer-centric data centre operator in the industry. Our strategic expansion is only set to continue with new sites expected across the country as we look to provide high quality data centre services,” Niclas Sanfridsson, CEO, Colt DCS, told ET. In Navi Mumbai’s Airoli locality, the company is setting up a 120 MW hyperscale data center spread over 15 acres.

corporate zombification has once again been on an upward trend globally, says a recent study by Bruno Albuquerque and Roshan Iyer at the International Monetary Fund. This, the researchers say, leads to “congestion effects.” Healthy firms experience lower investment, employment and productivity growth as unviable rivals waste resources. Better-quality enterprises also suffer faster exits, and new entrants are slower to arrive.

NEW DELHI : Three large bidders have entered the last lap for acquiring solar projects totalling 350 megawatts (MW) from O2 Power, promoted by Singapore’s Temasek and European alternative asset manager EQT, two people close to the development said. These include Gentari Sdn Bhd, a unit of Malaysia’s state-run oil and gas company Petroliam Nasional Bhd; Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy Ltd; and private equity firm Actis Llp, the people said on condition of anonymity. The transaction, having an equity and enterprise value of $50 million and $200 million, respectively, is being managed by EY, with these three bidders shortlisted from around a dozen non-binding offers (NBOs) that were submitted.

Lok Sabha polls, Prime Minister Narendra Modi launched the Rs 13,000-crore Vishwakarma scheme extending benefits to artisans primarily belonging to the Other Backward Classes (OBCs) of the lower strata and the Dalit castes. It’s estimated the scheme will benefit about three million families of traditional artisans and craftsmen across one and a half dozen small-time occupations. They include weavers, goldsmiths, blacksmiths, laundry workers, barbers, carpenters, boat-makers, small tool makers, potters, cobblers and masons. Inaugurating the scheme and a modern India International Convention and Expo Centre ‘Yashobhoomi’ in Dwarka here on Vishwakarma Day, the prime minister said he was dedicating it to “every labourer, every Vishwakarma (artisan) of the country”. The day also marked Modi’s 73rd birthday. The prime minister underlined that his government was committed to giving due recognition to the marginalised people.

NEW DELHI : The Union government is working on a production-linked incentive (PLI) scheme worth ₹12,000 crore for heavy machinery used in mining and construction, two people aware of the development said. The heavy industries ministry is currently seeking industry inputs on product coverage, implementation and quantum of incentives, the people said on condition of anonymity. The scheme size may vary between ₹8,000 crore and ₹12,000 crore, but discussion on this is yet to conclude.

Zee Entertainment Enterprises Ltd. The non-bank lender moved the National Company Law Appellate Tribunal (NCLAT) on 14 September against NCLT’s 10 August order approving the deal. “The adjudicating authority (NCLT) has failed to appreciate that the scheme is ex-facie illegal, unfair and unjust," said Axis Finance’s 43-page petition, a copy of which was seen by Mint.

NEW DELHI : The union health ministry may shortly notify proposed amendments to rules in order to make good manufacturing practice (GMP) mandatory for all pharmaceutical firms after a spate of scandals linking Indian-made drugs to children’s deaths abroad. With the Indian drugs failing quality checks in other countries, the government recently made GMP mandatory for micro, small and medium enterprises manufacturing drugs.

₹3 lakh in two tranches under the Vishwakarma scheme will be identified through a three-layer verification process, one each by gram panchayats, district collectors and state-appointed committees, finance minister Nirmala Sitharaman said on Sunday. The Ministry of Micro, Small and Medium Enterprises (MSME) will also provide skilling camps and toolkits, and facilitate access to these local products in domestic and international markets, Sitharaman added at the launch of the new central scheme on Sunday. The MSME ministry will extend collateral-free loans to recipients of the scheme.