Enterprise Financial News

India is one of the biggest edtech centres in the world and is among the key markets of US-based Anthology, its recently-appointed CEO Bruce Dahlgren said. Anthology, a global edtech company, is operational in 80 countries and has 150 million consumers. It is present in India since 2000 and has three offices — two in Bengaluru and one in Chennai. «I made it a point to ensure that I come to India in my first few weeks itself because of the importance of technology and the people here,» Dahlgren, who is visiting the country for the first time after taking charge of the Florida-based company a few weeks earlier, told PTI. Without sharing details about its India presence, the company said they are among the global leaders in the edtech sector. Dahlgren said more than 25 per cent of its employees are Indian. «Much of the innovation and concepts around the future come from India.

digital economy and exports, including a cross-border logistics partnership with India Post. According to a report by ET Government, the plan extends e-commerce export opportunities to numerous small enterprises, while also collaborating with Indian Railways for faster delivery. Reportedly, Amazon aims to introduce AI-based seller assistance and open logistics capabilities for D2C brands.

The banking co-operative in June announced that it was working with more than a dozen financial institutions and market infrastructures to test the use of its messaging network as a means to instruct the transfer of tokenised value over a range of public and private blockchain networks.Participants in the project include Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX) and The Depository Trust & Clearing Corporation. Web3 services platform Chainlink was used as an enterprise abstraction layer to securely connect the Swift network to the Ethereum Sepolia network, while Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enabled interoperability between the source and destination blockchains.Transfers of simulated tokenised assets took place - between two wallets on the same public distributed ledger technology network; between two wallets on different public blockchains; and between a public and private blockchain network.Tom Zschach, chief innovation officer at Swift says the findings have the potential to remove significant friction slowing the growth of tokenised asset markets and enable them to scale globally as they mature."For tokenisation to reach its potential, institutions will need to be able to seamlessly connect with the whole financial ecosystem," he says.

Microsoft will stop packaging its Teams videoconferencing app with its Office software in Europe in an effort to head off antitrust penalties by regulators

₹35,000 crore in a day. Data show that the overall mcap of all 10 stocks in the previous session was about ₹10.84 lakh crore in the previous session which dropped to nearly ₹10.49 lakh crore today, eroding about ₹35,000 crore in a single session. Barring the shares of ACC (up 0.47 per cent) all stocks of the group ended in the red, falling up to 4 per cent.

The NSE Nifty index closed 93.65 points down at 19253.8, while BSE Sensex ended down 255.84 points at 64831.41. On the other hand, Adani Enterprises Ltd.(down 3.73 per cent), Adani Ports & Special Economic Zone Ltd.(down 3.24 per cent), Bharat Petroleum Corporation Ltd.(down 3.24 per cent), Eicher Motors Ltd.(down 2.03 per cent) and Britannia Industries Ltd.(down 1.82 per cent) were among the top losers of the day.

Digital Commerce (ONDC) is set to disrupt digital commerce in the B2B space, especially in the retail, financial services, manufacturing and agricultural sectors, as per a report by Deloitte. ONDC, a government initiative, aims to create an interoperable marketplace for small and medium-scale sellers and democratising the ecommerce market. The buyer and seller can be on different platforms and still trade as long as their platforms are on the ONDC network. Commenting on the report, Sathish Gopalaiah, president, consulting, Deloitte South Asia, said that India's upcoming growth phase will be marked by empowered consumers and small and medium-sized enterprises (SME), which aligns with ONDO's goals. “With a unique proposition built around agility, security and profitability at the same time, ONDC streamlines value chains, bridges gaps and endorses innovation, paving the way for the next generation to explore novel paths,” he said. Currently, ecommerce contributes to 4.3% of the retail commerce sector and ONDC is expected to boost the sector, especially in manufacturing, agriculture and financial services. ONDC paves the way for brands to connect with retailers and help distributors find new markets.

MOIL(up 4.22%), Lexus Granito(up 2.14%), Ashapura Minechem(up 1.00%), Oriental Trimex(up 0.68%), KIOCL(up 0.68%) and Coal India(up 0.57%) stood among the top gainers. Pokarna(down 1.48%), Gujarat Mineral Dvpt Corporation(down 1.35%), Aro Granite Industries(down 1.15%), Madhav Marbles and Granites(down 0.94%), NMDC Ltd(down 0.40%) and Orissa Minerals Development Company(down 0.35%) were among the top losers of the day. The NSE Nifty50 index ended 93.65 points down at 19253.8, while the 30-share BSE Sensex closed down 255.84 points at 64831.41. Maruti Suzuki India Ltd.(up 2.11%), Cipla Ltd.(up 1.73%), HDFC Life Insurance Company Ltd.(up 1.2%), Titan Company Ltd.(up 0.72%), Hindalco Industries Ltd.(up 0.67%), Tata Steel Ltd.(up 0.65%), Coal India Ltd.(up 0.56%), Tech Mahindra Ltd.(up 0.39%), LTIMindtree Ltd.(up 0.38%) and UltraTech Cement Ltd.(up 0.38%) stood among the top gainers in the Nifty pack. On the other hand, Adani Enterprises Ltd.(down 3.73%), Bharat Petroleum Corporation Ltd.(down 3.23%), Adani Ports & Special Economic Zone Ltd.(down 3.23%), Eicher Motors Ltd.(down 2.03%), Britannia Industries Ltd.(down 1.82%), Tata Consumer Products Ltd.(down 1.65%), UPL Ltd.(down 1.45%), Bajaj Finance Ltd.(down 1.44%), Bajaj Auto Ltd.(down 1.3%) and Apollo Hospitals Enterprise Ltd.(down 1.23%) closed in the red.

Nifty settled lower on the last day of August on Thursday, tracking weak global cues, while investors awaited India's gross domestic product (GDP) data for the April-June quarter of current fiscal (2023-2024) which is expected later today. India's GDP likely moved up to 7.7 per cent in the first quarter, recording the fastest annual pace in a year, supported by robust government capital expenditure and a strong services sector. However, some economists and rating agencies expect India's Q1 GDP print to beat the 8 per cent forecast of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).

Karma Energy(up 5.00%), RTNPOWER(up 4.62%), Alstom T&D India(up 4.14%), Voltamp Transformers(up 3.02%), Kalpataru Projects International(up 2.91%), KEC International(up 1.63%), GE Power India Limited(up 1.46%), NLC India(up 1.36%), DPSC(up 1.08%) and PTC India(up 0.83%) stood among the top gainers. Reliance Power(down 5.20%), Suzlon Energy(down 5.03%), ADANIGREEN(down 4.31%), Adani Energy Solutions(down 3.53%), Inox wind(down 3.27%), Transformers and Rectifiers(India)(down 2.78%), Adani Power(down 2.16%), Jaiprakash Power Ventures(down 1.84%), JSW Energy(down 1.64%) and NHPC(down 1.47%) were among the top losers of the day. The NSE Nifty50 index ended 93.65 points down at 19253.8, while the 30-share BSE Sensex closed down 255.84 points at 64831.41. Maruti Suzuki India Ltd.(up 2.11%), Cipla Ltd.(up 1.73%), HDFC Life Insurance Company Ltd.(up 1.2%), Titan Company Ltd.(up 0.72%), Hindalco Industries Ltd.(up 0.67%), Tata Steel Ltd.(up 0.65%), Coal India Ltd.(up 0.56%), Tech Mahindra Ltd.(up 0.39%), LTIMindtree Ltd.(up 0.38%) and UltraTech Cement Ltd.(up 0.38%) stood among the top gainers in the Nifty pack. On the other hand, Adani Enterprises Ltd.(down 3.73%), Bharat Petroleum Corporation Ltd.(down 3.23%), Adani Ports & Special Economic Zone Ltd.(down 3.23%), Eicher Motors Ltd.(down 2.03%), Britannia Industries Ltd.(down 1.82%), Tata Consumer Products Ltd.(down 1.65%), UPL Ltd.(down 1.45%), Bajaj Finance Ltd.(down 1.44%), Bajaj Auto Ltd.(down 1.3%) and Apollo Hospitals Enterprise Ltd.(down 1.23%) closed in the red.

Real Estate Development Council has forecast that India's GDP could grow to a size of $33 trillion to $40 trillion by 2047, with the real estate sector estimated to contribute over 15%, amounting to $5.8 trillion. The report has also projected a need for 230 million residential units by that year. One might or might not accept these precise figures.

Reliance Industries Ltd. for some three decades, having grown the company from a net profit of $665 million in 2002, to well over $9 billion today. Those are some big shoes to fill.

Zee Entertainment Enterprises Limited (ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings against the company. IDBI Bank, in its plea, said it was unable to recover unpaid dues of around ₹150 crore from Zee. The tribunal instructed both parties to submit replies and rejoinders, acknowledging that the case requires consideration.

George Soros, one of the backers of the Organised Crime and Corruption Reporting Project (OCCRP), has been vocal against both Gautam Adani and Prime Minister Narendra Modi. The man who has been critical of the Adani Group has linked Modi as a close ally of the Ahmedabad-based business following the Hindenburg report in January this year. «Modi and Adani are close allies...their faith is intertwined.

Vinit Bolinjkar, Head of Research, Ventura Securities, says “the stock that needs to be bought definitely is Adani Ports, Adani Enterprises, followed by Adani Energy Solutions. My reasoning for these three stocks to be picked up is very simple. Adani Ports is clearly a trade on India's burgeoning exports, especially since China is collapsing. We have already become the fifth largest exporter globally and we are on the threshold of accelerating our exports. Also, the stock has got significant margins, EBITDA margins are one of the best in the world.”Should markets dismiss this new set of allegations against the Adani Group?See, it is actually one A and one B of the same news.

Catch all Adani News LIVE Updates “Finally, the loop is closed. The Financial Times and OCCRP report that offshore funds owning at least 13% of the free float in multiple Adani stocks were secretly controlled by associates of Vinod Adani, masking the relationship with 2 sets of books," tweeted Hindenburg Research in response to the OCCRP report. Notably, Hindenburg has highlighted the stock manipulation by the Adani Group.

India, 30th August 2023: Swarna Aditya Gold Refinery and Resources Pvt Ltd, the company behind the largest e-waste management refinery in India is seeking to boost its e-waste management operations by opening its door to new investors in a forthcoming expansion. The invitation for new stakeholders comes after the top management of the Shri Balaji Group recently decided to double down on the company’s sustainability efforts, leading the venture to make a more significant positive impact towards the environment.

₹215 crore) belonging to two prominent Indian diamond companies, Reuters has reported citing government sources. These funds were frozen in relation to alleged trade connections with the Russian diamond giant Alrosa, which has been subjected to sanctions by the US Treasury's Office of Foreign Assets Control in April 2022. It was the first instance of punitive actions being taken against any Indian business in the aftermath of Russia's military intervention in Ukraine, coupled with subsequent sanctions imposed on Russian entities by Western nations.

Piramal Enterprises share buyback is offered at ₹1250 per share and buyback of shares will be done through tender route. Piramal Enterprises Ltd aims to use up to ₹1,750 crore from its capital reserves for buyback of shares. Piramal Enterprises has already informed Indian stock market bourses about the buyback of shares citing, "The Board of Directors of the Company have approved the buyback of up to 1,40,00,000 (One Crore Forty Lakh only) fully paid-up equity shares of the Company of face value of Rs.2/- (Rupees Two only), for an aggregate amount not exceeding Rs.

The new documents provided by OCCRP states group's close allies Chang Chung-Ling and Nasser Ali Shaban Ahli as two of the most significant investors in the broader scheme outlined by Hindenburg.The company responded on the fresh claims by OCCRP and regarded them as “another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report."Despite rejection by Adani group, the OCCRP report on offshore funding impacted share value of Adani firms. All Adani group stocks tumbled within few minutes after market opening on Thursday.Adani Power shares fell by 3 per cent during early trade, whereas, Adani Transmission share price plunged by 3.3 per cent in morning.

We categorically reject these recycled allegations. These news reports appear to be yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report. In fact, this was anticipated, as was reported by the media last week. These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Hon'ble Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds. Notably, these FPIs are already part of the investigation by the Securities and Exchange Board of India (SEBI). As per the Expert Committee appointed by the Hon’ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices. It is unfortunate that these publications, which sent us queries, chose not to carry our response in full. These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Hon’ble Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process. We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate