Enterprise Financial News

Sikko Industries(up 4.97%), Paradeep Phosphates(up 1.36%), Mangalore Chemicals & Fertilizers(up 1.03%), Deepak Fertilizers & Petrochemicals(up 0.76%), Nagarjuna Fertilizers & Chem(up 0.59%), KRISHANA(up 0.41%) and National Fertilizer(up 0.15%) were among the top gainers. Khaitan Chemicals & Fertilizers(down 2.75%), Agro Phos(down 1.99%), Coromandel International(down 1.51%), Southern Petrochemicals Industries(down 1.34%), Aries Agro(down 0.97%), ZUARIAGRO(down 0.83%), Chambal Fertilisers & Chemicals(down 0.82%), Madras Fertlizers(down 0.79%), Rashtriya Chemicals & Fertilizers(down 0.73%) and Rama Phosphates(down 0.51%) were among the top losers. The NSE Nifty50 index was trading 27.3 points down at 19320.15, while the 30-share BSE Sensex was down 38.54 points at 65048.71 at around 10:50AM. Maruti Suzuki India Ltd.(up 1.58%), Hindalco Industries Ltd.(up 1.57%), LTIMindtree Ltd.(up 1.37%), Tech Mahindra Ltd.(up 1.26%), HCL Technologies Ltd.(up 1.22%), UltraTech Cement Ltd.(up 0.96%), Titan Company Ltd.(up 0.8%), Infosys Ltd.(up 0.61%), Coal India Ltd.(up 0.59%) and Tata Consultancy Services Ltd.(up 0.56%) were among the top gainers in the Nifty pack. On the other hand, Adani Enterprises Ltd.(down 3.25%), Adani Ports & Special Economic Zone Ltd.(down 2.71%), Bharat Petroleum Corporation Ltd.(down 1.36%), Eicher Motors Ltd.(down 1.34%), Bajaj Finance Ltd.(down 1.13%), Nestle India Ltd.(down 1.11%), Tata Consumer Products Ltd.(down 0.98%), Asian Paints Ltd.(down 0.96%), Britannia Industries Ltd.(down 0.89%) and UPL Ltd.(down 0.75%) were trading in the red.

Aro Granite Industries(up 2.88%), Oriental Trimex(up 1.36%), KIOCL(up 0.86%), MOIL(up 0.57%) and Coal India(up 0.55%) were among the top gainers. Gujarat Mineral Dvpt Corporation(down 1.84%), NMDC Ltd(down 1.50%), Pokarna(down 0.90%), Orissa Minerals Development Company(down 0.83%), Madhav Marbles and Granites(down 0.63%), Lexus Granito(down 0.27%) and Ashapura Minechem(down 0.20%) were among the top losers. The NSE Nifty50 index was trading 23.35 points down at 19324.1, while the 30-share BSE Sensex was down 23.32 points at 65063.93 at around 10:44AM. Maruti Suzuki India Ltd.(up 1.5%), Hindalco Industries Ltd.(up 1.46%), LTIMindtree Ltd.(up 1.32%), HCL Technologies Ltd.(up 1.19%), Tech Mahindra Ltd.(up 1.14%), UltraTech Cement Ltd.(up 0.89%), Titan Company Ltd.(up 0.77%), Infosys Ltd.(up 0.62%), Tata Consultancy Services Ltd.(up 0.6%) and Coal India Ltd.(up 0.59%) were among the top gainers in the Nifty pack. On the other hand, Adani Enterprises Ltd.(down 3.43%), Adani Ports & Special Economic Zone Ltd.(down 2.74%), Eicher Motors Ltd.(down 1.41%), Bharat Petroleum Corporation Ltd.(down 1.25%), Bajaj Finance Ltd.(down 1.2%), Nestle India Ltd.(down 1.04%), IndusInd Bank Ltd.(down 0.95%), Asian Paints Ltd.(down 0.92%), Tata Consumer Products Ltd.(down 0.92%) and Britannia Industries Ltd.(down 0.8%) were trading in the red.

The NSE Nifty index traded 1.35 points down at 19346.1, while BSE Sensex was up 54.34 points at 65141.59 as of 10:09AM(IST)on August 31. In the Nifty index, HCL Technologies Ltd.(up 1.27 per cent), LTIMindtree Ltd.(up 1.22 per cent), Tech Mahindra Ltd.(up 1.21 per cent), Hindalco Industries Ltd.(up 1.00 per cent) and Power Grid Corporation of India Ltd.(up 0.77 per cent) were among the top gainers. On the other hand, Adani Enterprises Ltd.(down 3.84 per cent), Adani Ports & Special Economic Zone Ltd.(down 2.79 per cent), Eicher Motors Ltd.(down 1.19 per cent), Bharat Petroleum Corporation Ltd.(down 0.91 per cent) and Sun Pharmaceutical Industries Ltd.(down 0.74 per cent) were among the top losers.

Adani Group shares today fell up to 3% as George Soros-backed Organised Crime and Corruption Reporting Project (OCCRP) attempted an ambush on Adani Group by claiming that two men who secretly invested in the conglomerate have close ties to the Adani family. Shares of Adani Power, Adani Energy Solutions and Adani Green led the downside by dropping 3% each.

China's factory activity contracted for a fifth straight month in August, official data showed on Thursday, as pressure mounts on Beijing to offer more policy support to bolster its sluggish economy. The reading is the latest to indicate the nation's post-Covid recovery is running off the tracks owing to a decline in overseas demand as well as a drop-off in consumption at home. The official manufacturing purchasing managers' index (PMI) — a key measure of factory output — came in at 49.7 in August, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics (NBS). Still, the reading was slightly higher than the July reading and also beat forecasts. The non-manufacturing PMI, which includes activity in the construction and services sectors, fell to 51.0, from 51.5 in July, according to NBS data.

Organised Crime and Corruption Reporting Project (OCCRP) on Adani family's partners using 'opaque' funds to invest in its stocks, the Adani Group on Thursday said the the timing of these news reports is suspicious, mischievous and malicious. «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.

IDBI bank's plea against Zee Entertainment related to insolvency proceedings on Thursday. "Learned Counsel for Appellant prays for and is allowed a week’s time to file the Additional Affidavit," said the NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, reported PTI. In its plea, the IDBI bank had challenged the orders of the Mumbai bench of the NCLT, which rejected the private lender's plea to begin the insolvency proceedings against Zee Entertainment Enterprises Ltd.

India's billionaire businessman Gautam Adani's family secretly invested millions of dollars in its own companies via “opaque" Mauritius funds, reported the Organised Crime and Corruption Reporting Project (OCCR) in its latest article. These funds “obscured" the involvement of alleged business partners of the Adani family.

ZomatoMarquee investors including Morgan Stanley, Nomura, Kotak Mahindra MF, among others picked up stake in Zomato in block deal on Wednesday.ZEEQuant Mutual Fund has sold 48.1 lakh shares in Zee Entertainment Enterprises through bulk deals on Wednesday.Sula VineyardVerlinvest Asia Pte is looking to offload up to 12.5% stake in Sula Vineyard through block deals on Thursday, according to reports.Read more: What changed the market while you were sleepingMahindra LogisticsThe company's board has approved the appointment of Saurabh Taneja, as Chief Financial Officer and Key Managerial Personnel with effect from September 1.Natco PharmaNatco Pharma has invested $2 million in Delaware-based ISCA for bio control of pests.BHELBHEL has secured an order from NTPC for setting up the 2x800 MW supercritical thermal power project stage-II at Lara in Chhattisgarh through international competitive bidding.Fortis HealthcareFortis Healthcare has reached an agreement to acquire a multi-speciality hospital in Haryana for Rs 225 crore.NTPC The Board of NTPC has approved Rs 15,530 crore investment for 1,600 MW lara super thermal project.

Australia Post has delivered a $200 million loss, its first major structural loss in more than 30 years, with the losses forecast to continue unless the federal government drastically cuts services.

Zhongrong International Trust, potentially paving the way for a state-led rescue of the troubled shadow lender, according to people familiar with the matter.Citic Trust, a unit of conglomerate Citic Group, and CCB Trust will lead the effort to stabilize operations at Zhongrong. The plan underscores growing concern among policymakers about the $2.9 trillion trust sector's impact on financial stability amid disappointing economic growth and a worsening property slump. It’s also another sign of how Beijing is leaning on stronger state-owned companies to shore up the economy and keep risks in check.

private equity firms holding stake in Indian IT services companies has doubled between 2019 and 2022 to more than 50 now, data by Avendus Capital show. Institutional shareholding in IT services companies listed in India has also increased — by 9% for large-cap players, and 16-18% for mid-cap and small-cap firms over the last 12 months. There has also been a spate of acquisitions led by PE firms such as ChrysCapital and Carlyle. With Indian IT services becoming an increasingly attractive investment area for a spectrum of investors including PE firms, many more M&A deals are in the works, said experts. This even as the startup ecosystem in the country has somewhat soured.

NEW DELHI : OpenAI, the US-based artificial-intelligence (AI) research firm, has fired its latest salvo towards seeking to monetize its widely popular chatbot, ChatGPT, by launching ChatGPT Enterprise. Through the latter, OpenAI seeks to address one key concern that enterprises and analysts have raised over time—that of ChatGPT using business data to train their large language models (LLMs).

Securities Appellate Tribunal (SAT) on Wednesday directed the Securities & Exchange Board of India (Sebi) to file its response by September 4 in an appeal filed by Zee Entertainment Enterprises promoter Punit Goenka against an order of the regulator. The tribunal also scheduled for September 8 the hearing of Goenka's plea, challenging Sebi's confirmatory order barring him from holding any directorship or managerial position in any listed company or their subsidiaries. Goenka, who is the MD and CEO of Zee, approached the appellate tribunal through law firm Economic Laws Practice. He has submitted that Sebi's order be set aside. A division bench of Justice Tarun Agarwala and technical member Meera Swarup, while allowing Sebi to file its response, observed that it was not satisfied with the regulator's timeline of eight months to complete the probe against alleged wrongdoings by the Zee promoters. The bench also referred to the merger deal between Zee and Culver Max Entertainment (Sony) that has received all the requisite approvals, including from the National Company Law Tribunal, Competition Commission of India and stock exchanges. «The merger has happened with the consensus of the shareholders.

IndiaRF), a special situations investment platform sponsored by Piramal Enterprises and Bain Capital Credit, has started talks with its limited partners (LPs) to raise its second fund that seeks to garner up to $1 billion, sources aware of the development told ET. The first fund had a corpus of $629 million with two main LPs — Canadian pension fund manager Canada Pension Plan Investment Board (CPPIB) and World Bank arm IFC. CPPIB had committed $225 million to the fund, while IFC invested $100 million. Piramal group and Bain Capital Credit invested $100 million each as sponsors. «Bain and the two main limited partners CPPIB and IFC are on board with the plans for the second fund.

Piramal Enterprises plans to double its loan book by FY28, with close to 70% of the portfolio comprising retail loans, said its chairman, Ajay Piramal. In an interview to ET's Deborshi Chaki, he said as part of the growth strategy, the company plans to reduce the ticket size of its wholesale book, lend to mid-sized corporates and exit its legacy wholesale book. Edited excerpts:

anti-dumping duty worth $41.8-243 per metric ton of toughened glass for home appliances imported from China. The proposed duty is for toughness glass having thickness between 1.8-8 mm and area of 0.4 SqM or less. The Directorate General of Trade Remedies (DGTR) made this recommendation based on an application filed by the Federation of Safety Glass on behalf of GSC Glass (P) Ltd.

Stratos Wealth Holdings has bolstered its senior leadership team with a new chief operating officer.

Blockchain tech company Paxos published a blog post on Tuesday illustrating how Web3 can empower enterprises in the financial sector, and kickstart a “new era” of digital sovereignty.

Jan Dhan Yojana (PMJDY) accounts and facilitate storage facility for apple growers in Jammu & Kashmir and Himachal Pradesh. At a review meeting of the RRBs of the Northern region in the capital, Sitharaman said that banks should map RRBs with MSME (micro, small & medium enterprise) clusters and put greater thrust on increasing the network of rural branches in cluster areas identified by the Ministry of Micro, Small & Medium Enterprises.

Mazagon Dock Shipbuilders, Mumbai, on September 1, marking a major step in the country's defence indigenisation programme, the defence ministry said. Mahendragiri, named after a mountain peak in Eastern Ghats located in the state of Odisha, is the seventh ship of the Project 17A Frigates.