Enterprise Financial News

There’s more than one way to shine a penny—or in this case, to grow your advisory business. While adding new clients is critical, when you’re building a legacy, it’s not the only important approach. Another way to create a sustainable practice is by developing new talent.

IPO listing: The shares of CPS Shapers Ltd made a strong debut in the Indian stock market exchanges on Thursday. CPS Shapers shares were listed at ₹450 apiece, a hefty premium of 147.56% to the issue price of ₹185 per share. CPS Shapers IPO listing date was fixed today, September 7, and the company’s shares were listed on NSE Emerge, a platform for Small and Medium Enterprises (SME) companies.

Nifty Metal index has gained approximately 5 per cent, while the benchmark Nifty has risen by about 2 per cent. With the exception of August, when the metal pack fell by 1.5 per cent, the index has witnessed significant gains since March this year, driven by hopes of a revival in demand both from China and domestically as economic growth picks up. Since September last year, the metal pack ended in the red only four times on a monthly basis.

Company Name: Bioprime Agrisolutions

₹51,000 crore for FY24 is lower than the previous year’s original target. The estimates for FY23 had been revised to ₹50,000 crore from an earlier target of ₹65,000 crore. As of September 2023, the government has been able to garner ₹5,600 crore, primarily from offers to sell a 3% stake in Coal India Ltd and 5.36% in Rail Vikas Nigam Ltd.

NEW DELHI : Taxation of share premium in unlisted businesses, an anti-evasion provision introduced in the tax law more than a decade ago to tackle corruption, has over the years become a key concern for startups, with the industry waiting to see how its expanded scope will be implemented on the ground. The finance ministry is set to come out with the final version of the five extra valuation methods for foreign investors in about a fortnight to ensure the worth of unlisted companies is accurately assessed for tax purposes after public consultation of the draft rules in May.

CCI has issued draft rules pertaining to value of transactions for combinations under the new competition law.

Artificial intelligence (AI), large language models (LLMs) and machine learning have infiltrated just about every aspect of our technology-connected lives. Tools like ChatGPT offer an array of helpful utilities, but they also come with a potentially dark side, as ChatGPT and other LLM chatbots are known to occasionally spit out information that is factually incorrect, potentially biased and possibly even harmful.

Israel’s Police National Cyber Crime Unit reportedly conducted a massive investigation into a local company, uncovering a crypto scam where hackers stole millions using malicious software.

Relative Strength Index (RSI). On September 5, Tuesday, StockEdge reported 30 stocks with a trending-up RSI, and we've selected 10 of these stocks for your consideration. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. RSI values range from 0 to 100 and are typically used to identify overbought or oversold conditions in a stock.

Chavda Infra Ltd has set a price band of Rs 60-65 per share for its initial public offering (IPO). The IPO will open for public subscription on September 12 and will conclude on September 14, while the bidding for the anchor investors will open on September 11, the company said in a statement on Tuesday. The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, it added. The IPO comprises of a fresh issue of 66.56 lakh equity shares with a face value of Rs 10 through the book-building route. The company intends to utilise the proceeds from the issue of up to Rs 27 crore for working capital requirements and the balance being used for general corporate purposes and issue expenses. Beeline Capital Advisors is the book-running lead manager to the issue.Chavda Infra has executed over 100 projects worth Rs 671 crore.

Zee Entertainment Enterprises Ltd, is known for stories from across the border, including shows like Humsafar, Zindagi Gulzar Hai, Aunn Zara besides originals such as Churails, Qatil Haseenaon Ke Naam, Dhoop ki Deewar and others. While it was launched in 2020 on Zee’s video streaming platform ZEE5, it has recently returned to television as a DTH value-added service provider.

Victoria’s biggest bus operator Ventura Group is understood to be fielding interest from at least two overseas bidders, despite questions raised around its ability to retain juicy government contracts come 2028.

Indiabulls Real Estate Ltd.(up 7.6 per cent), Brigade Enterprises Ltd.(up 1.96 per cent), Oberoi Realty Ltd.(up 0.54 per cent), Mahindra Lifespace Developers Ltd.(up 0.21 per cent) and Sobha Ltd.(up 0.16 per cent) were among the top gainers. Macrotech Developers Ltd.(down 2.1 per cent), Prestige Estates Projects Ltd.(down 0.88 per cent), Phoenix Mills Ltd.(down 0.62 per cent) and DLF Ltd.(down 0.19 per cent) were the top losers on the index. The Nifty Realty index was down 0.03 per cent at 576.0 at the time of writing this report. Benchmark NSE Nifty50 index was down 4.2 points at 19570.7, while the BSE Sensex was down 52.27 points at 65727.99. Among the 50 stocks in the Nifty index, 26 were trading in the green, while 24 were in the red. Shares of Reliance Power, Indian Railway Fin, JP Power, YES Bank and NBCC were among the most traded shares on the NSE. Shares of Fidel Softech, Artemis Medicare, HLV Ltd., Indian Card Clothing and Century Extrus hit their fresh 52-week highs in today's trade, while Bombay Metrics Suppl, Penta Gold, Sanco Industries, Tara Chand Logistic and Arvee Laboratories hit fresh 52-week lows in trade.

Jio Financial Services: Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, will be dropped from Nifty50, other indices, on September 7, the stock exchange NSE said on Tuesday. Shares of JFSL got listed on the stock exchanges on August 21 due to its spin-off from parent Reliance Industries. During the AGM, RIL announced that JFNSL will enter the insurance segment to offer life, general and health insurance products.

Competition Commission of India (CCI) has sought to widen the definition of deal value for big-ticket merger and acquisition (M&A) exercise to include «every valuable consideration, whether direct or indirect, immediate or deferred, cash or otherwise», according to its draft Combinations Regulations 2023. Experts said such regulations, once finalised, will likely impact deals in sectors, including technology, infrastructure and healthcare, and lead to a surge in filings with the competition regulator.

Interior designer startup Flipspaces on Tuesday said it has raised $4 million in a mix of equity and debt from a consortium of existing investors led by former IIFL AMC chief executive Prashasta Seth. Other family groups and funds also participated, as per a statement. Flipspaces operates a platform that manages interior designers, product suppliers and contractors for SME clients. “We’ve seen rapid growth in the US market combined with robust India numbers. Leveraging this momentum, our impetus is to enhance our focus on tech to enable processes at scale and double down on building on our supply chain capability to serve global demand,” Kunal Sharma, founder and CEO of Flipspaces, said.

Crustdata, a new idea brought to life by Abhilash Chowdhary, assists companies in achieving their elevated statuses while also helping them plan ahead of themselves. Strategy, timeline and development are crucial parts of a business and this reputable provider of data intelligence follows the data trails generated by companies and provides insightful information on them. They give users an advantage over their competitors by making these trails accessible for analysis on a single platform.

B2B software as a service (SaaS) companies globally, on Tuesday said it has appointed Gagan Josan as General Partner. The fund said Josan has a decade of leadership experience spanning across SaaS entrepreneurship and sales, which fortifies its commitment to help portfolio companies get to $10 million in annual recurring revenue (ARR). “The India SaaS story is just getting started. The next two decades will see unprecedented growth,” Josan said in a statement. “I was pulled towards Neon by their refreshing approach toward early-stage investments — not only working with the best SaaS startups across the country but going above and beyond to help accelerate their journey to $10 million ARR.”

Focus Financial Partners is looking ahead to a new era of growth following its acquisition by funds affiliated with Clayton Dubilier & Rice and Stone Point Capital.

A record selloff in Chinese stocks by global funds has pushed their positioning to the lowest since October, with money managers unswayed by the stimulus measures that have been coming through over the past few weeks.