Enterprise Financial News

crypto exchange FTX Group may emerge as soon as next year, potentially injecting a jolt of activity back into a market that's been largely subdued since the platform's collapse. More than 75 bidders have been contacted by the FTX estate since May to gauge industry interest in backing a relaunch of the exchange, according to a presentation filed in a Delaware court. Several parties have submitted bids that are now undergoing due diligence and information sharing, managers of the estate said, with a deadline for any new bids set for September 24. FTX was one of the world's largest digital-asset trading platforms prior to its bankruptcy in November. It was a key part of the crypto empire controlled by its now-jailed chief executive Sam Bankman-Fried, who is set to stand trial on fraud and other charges next month. FTX's failure, along with sister platforms FTX.US and Alameda Research, triggered an industry-wide fallout that left billions of dollars in assets locked up in customer claims. Bankman-Fried has pleaded not guilty to all the counts against him.

elite jury led by Kotak Mahindra Bank founder and director Uday Kotak will meet virtually on Tuesday to pick the winners of the ninth edition of India’s most coveted prize for entrepreneurial excellence – The Economic Times Startup Awards (ETSA). Joining Kotak on the jury will be Ranjan Pai, chairman of Manipal Hospital; Shekhar Kirani, partner at Accel; Supam Maheshwari, cofounder & CEO of FirstCry; Deepinder Goyal, cofounder & CEO of Zomato; Kalyan Krishnamurthy, CEO of Flipkart group; Renuka Ramnath, founder of Multiples PE; Harshil Mathur, cofounder & CEO of Razorpay; Roshni Nadar Malhotra, chairperson of HCLTech; Satyan Gajwani, vice chairman at Times Internet; and Arjun Sethi, cofounder of Silicon Valley-based Tribe Capital, who will also be a part of the high-powered panel.

ET Startup Awards 2023 jury meeting today, the elite panel sums up what they look for in a winner. Uday Kotak shares his views on what makes a winner standout.Uday Kotak, founder and director, Kotak Mahindra Bank We are looking for people who dream that they can change the world… I look forward to creativity, enterprise and sustainability.

With a nod toward LPL Financial Holdings Inc.’s recent successes in both recruiting financial advisors as well as signing up large outside firms like banks to use its platform, Barclays Equity Research slapped a brand-new “overweight” rating on shares of LPL Financial (LPLA).

MUMBAI : Investors added ₹3.37 trillion in wealth on Monday as National Stock Exchange (NSE) of India Ltd’s Nifty index breached the psychologically significant 20,000 mark before ending trading slightly lower. The index soared to an intraday high of 20,008.15 before ending at a record 19,996.35, surpassing its previous high of 19,991.85 made 36 sessions earlier amid persistent institutional flows.

renewable energy. She will be leaving for a tour of Spain and Dubai on Tuesday, PTI reported citing a senior official. The singer-turned-politician will continue to hold the information technology portfolio besides his new responsibility of renewable energy.

MUMBAI : State-owned Indian Renewable Energy Development Agency Ltd has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise funds through its initial public offering (IPO). Indian Renewable Energy Development Agency’s IPO is first by a public sector enterp-rise after Life Insurance Corp.’s issue in May 2022. The IPO will comprise a fresh issue of up to 403.16 million shares and an offer for sale (OFS) of up to 268.78 million equity shares by the President of India, acting through the ministry of new and renewable energy.

₹1,473.09 crore from the market. FII bought shares worth ₹11,469.51 crore and sold around ₹9,996.42 crore in the market. Maintaining a consistent streak, Domestic Institutional Investors (DII) pumped in shares worth ₹366.24 crore in the market.

IREDA) has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an IPO. It is the first IPO by a public sector enterprise after Life Insurance Corporation's public issue in May last year. The IPO with a face value of Rs 10 consists of fresh issue of up to 40.3 crore equity shares and an offer for sale (OFS) of up to 26.8 crore units by the government The offer includes a reservation for eligible employees. About 50% of the IPO will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. The proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending. IREDA has an impressive track record spanning over 36 years in the field of fostering and providing financial support for fresh and sustainable energy (RE) projects, as well as energy efficiency and conservation (EEC) initiatives. The company is India's largest dedicated green financing non-banking financial company (NBFC). The organization offers a comprehensive array of financial products (fund and non-fund based) and associated services, from project inception to post-completion, for RE projects and related activities like equipment manufacturing and transmission. As of June, its portfolio of outstanding term loans stood at Rs 47,206 crore, reflecting its diverse investment ventures.

By Davit Kirakosyan

₹47,000 crore in a single day. As Mint reported earlier, the Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on a strategy to recover from the effects of the damaging reports. Shares of Adani Ports jumped 7.10 per cent on NSE while those of the group's flagship firm Adani Enterprises rose 3.68 per cent.

The NSE Nifty index ended the session 176.4 points up at 19996.35, while BSE Sensex rose 528.17 points to 67127.08. In the Nifty index, Adani Ports & Special Economic Zone Ltd.(up 6.96 per cent), Adani Enterprises Ltd.(up 3.80 per cent), Power Grid Corporation of India Ltd.(up 2.26 per cent), Apollo Hospitals Enterprise Ltd.(up 2.22 per cent) and Axis Bank Ltd.(up 2.05 per cent) stood among the top gainers. On the other hand, Coal India Ltd.(down 1.12 per cent), Oil And Natural Gas Corporation Ltd.(down 0.57 per cent), Bajaj Finance Ltd.(down 0.26 per cent), Larsen & Toubro Ltd.(down 0.26 per cent) and IndusInd Bank Ltd.(down 0.09 per cent) were among the top losers of the day.

Tesla (NASDAQ:TSLA) stock can surge thanks to its Dojo Supercomputer says Morgan Stanley analysts after upgrading the rating to Overweight from Equal Weight.

Adani Ports and Special Economic Zone Ltd (up 7.10%), Adani Enterprises Ltd (up 3.68%), Axis Bank Ltd (up 2.32%), Apollo Hospital Enterprises Ltd (up 2.19%), and Power Grid Corporation of India Ltd (up 2.18%)were among the top gainers of Nifty 50. Coal India Ltd (down 1.15%), Bajaj Finance Ltd (down 0.28%), Oil & Natural Gas Corporation Ltd (down 0.27%), and Larsen & Toubro Ltd (down 0.18) were among the laggards today.

Flex is emerging now as a prominent asset class in the CRE (commercial real estate) segment. Today, even big enterprises and MNCs are going for flex spaces and for some global companies, the flex segment is a platform to expand their footprints in new markets. This is evident from the segment’s growth story over the last 2-3 years, says Ashish Agarwal, Co-founder & CEO, Enzyme Office Spaces, a leading chain of co-working spaces located across Bangalore.

Bino Pathiparampil of Elara Capital, says: “We have identified the cheapest stocks on a PEG basis and from among them, we have identified a few lists of stocks, which potentially look pretty attractive. Those include among the midcaps – Power Finance Corporation, Samvardhana Motherson, NHPC; among pharma names, Lupin and Aurobindo; among cement names, Dalmia Bharat and JK Cement, Zee Enterprises etc. “In the smallcap space that includes SJV and Bharat Dynamics, PVR Inox, J&K Bank, PNC Infratech, Marksans Pharma and Gabriel India. These valuations are still not stressed on a growth-adjusted basis, and we see potential for rerating from significant capital inflows into the mid and smallcap space.”What do you think is the cause of the stellar rally that we have witnessed? Do you think it is just a pullback from the earlier underperformance? Is it here to stay?We have seen a great rally in the small and midcaps in the last few months in this calendar year. We did some analysis to see how the outperformance of the rally pans out over a longer period. If we look at a 10-year timeframe, the smallcaps and midcaps have outperformed the Nifty by about 600 to 600 bps on the mid-cap index and 300 plus bps annualised for the smallcap index. But this outperformance comes down significantly if you look at the last five-year timeframe.

CA Rudramurthy BV, Founder, Vachana Investments, says “I feel personally that in railways, power, the big move has already happened. I would definitely suggest at least partial profit booking, if not full profit booking and no shorting any of these counters whatsoever. But you have to find good stocks like Power Finance Corporation, REC which were all very good at 120, 130 levels but not so after 150% up move. I will be cautious in these areas and I will book profit.”Right now, are you bullish or cautious?Definitely cautious because we have already seen a very swift move from 19,200 to now levels closer to 20,000. No doubt at index level still, we might be left out with some more steam but I do not want to play the last 5-10% kind of a move on index on the long side. Rather, it is better to be cautious but I do not suggest you any shorting because I do not find any trigger for the market to come down.

Awfis Space solution has added 11 new properties totaling 8,000 seats across major markets in South India as it looks to strengthen its foothold in the growing flexible and managed office space in the country. The firm has signed prime properties across Bengaluru, Hyderabad, Chennai, and Kochi with the region contributing around around 45% of the company's portfolio. Amit Ramani, CEO and Founder, Awfis, said, «The region presents numerous opportunities through its expanding real estate landscape. This expansion aligns with our strategic approach to target emerging business hubs, offering an enhanced workspace experience through our diverse range of products and services.

midcap stocks surged to reach new all-time highs. Notable midcap stocks include Indian Railway Finance Corporation (IRFC), JSW Energy, Tata Communications, Devyani International, NHPC, REC, Oberoi Realty, Bharat Forge, Federal Bank, and Shriram Finance. The data was sourced from StockEdge at 2:00 p.m., and the updates from the real-time data could come with a lag. The below data also pertains only to the time at which it was taken.

Coinbase is set to discontinue its operations in India, the firm has informed some customers through email. According to a TechCrunch report, the crypto exchange has now warned customers in India that the Coinbase crypto exchange is about to discontinue its operations in India, and users will be able to use the app only till September 25. “Please note that you will be able to access Coinbase.com or Coinbase app until September 25, 2023, and should withdraw funds held in your account by such date,” the email said, as cited by the TechCrunch report. Coinbase has also disabled users in India from signing up to its exchange, and asking them to download Coinbase Wallet, the report said on Monday.

Atul Goyal, CFO, Brigade Enterprises, says “mid-income housing is doing very well. I will say houses in a price range of around Rs 50-60 lakh to Rs 1.5 crore or so. Our luxury housing is also doing well. There is a lot of demand for that. But 62% to 65% of sales today is in mid-income housing and we think that they should do well going forward and there are reasons for that because there is interest there.”Just wanted to get in a view as to what the outlook is when it comes to the festive season fast approaching. What are the expectations this time around as compared to last year?Expectation is very good.