Enterprise Financial News

Reliance Jio, India’s telecom market leader, may launch its fixed wireless access (FWA) device offering – Jio AirFiber — for the consumer market in the festive quarter at an up to 20% discount from the current options in the market, industry executives and analysts said. This will be the first mainline effort by Jio to monetise 5G after the data top pack it introduced early this year. “We should hear the announcement during the upcoming AGM (annual general meeting). Traditionally, Jio has launched new products with big bang offers and this may be no different,” said a person in the know. Jio did not respond to queries sent on the matter by ET at press time. The telco is said to have started consumer trials across cities where its 5G rollout has completed and stabilised. It has also sent out devices to selected users, including employees, for testing in the home environment in preparation for the launch, those in the know added.

«I think it is an interesting trend, as you rightly put it, whenever the interest rates go up to significantly higher level, generally the assumption that all of us make is the cost of capital for companies will rise, therefore it will have an impact on the expansion and for the future growth and therefore the market generally tends to correct,» says A Balasubramanian, MD & CEO, ABSL AMC.So far so good, no one is complaining, I just want to bring your attention to what is happening in the world in terms of the global macro positioning, bond yields are at 15 year high, crude is on a boil again, US economy is doing well, dollar index is rising. When these factors come together, markets historically has gone down but so far both global markets and local markets have resisted the fall.I think it is an interesting trend, as you rightly put it, whenever the interest rates go up to significantly higher level, generally the assumption that all of us make is the cost of capital for companies will rise, therefore it will have an impact on the expansion and for the future growth and therefore the market generally tends to correct.

Adani Enterprises: Kempas Trade and Investment Ltd., a promoter of Adani group, has said that it increased its stake in the group's flagship Adani Enterprises buying a 2.22% stake in the company from the open market between 7 August and 18 August. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With the latest purchase, Kempas Trade and Investment’s promoter stake in Adani Enterprises has risen to 69.87% from 67.65%.

Adani Enterprises, Adani Power, Paytm, Tata Power, Union Bank of India are among stocks that will be in focus in today's trade.Asian equities ticked higher on Tuesday following the overnight rally in big tech that spurred a rebound in Wall Street stocks, though elevated Treasury yields kept risk sentiment in check.Tokyo stocks opened higher, with the benchmark Nikkei 225 index adding 0.92% in early trade, while the broader Topix index rose 0.71%. Shares advanced in South Korea as well, and Hong Kong stocks opened slightly higher after seven successive losses.Financial stocks may be under pressure after S&P Global Ratings downgraded the ratings of five US lenders on “tough" environment amid higher interest rates.Overnight on the Wall Street, The S&P 500 rose 30.06 points to 4,399.77 for its first gain in five days.

pension fund APG Asset Management, the World Bank's investment arm International Finance Corp (IFC) and Asian Infrastructure Investment Bank (AIIB) are in a race to invest up to $250 million (₹2,080 crore) in Mahindra Susten's renewable infrastructure investment trust (InvIT), said two people aware of the development. ET first reported on April 26 that several global investors including APG had evinced preliminary interest in investing in the Mahindra InvIT. Mahindra Susten's businesses include the Mahindra Group's renewable-focussed engineering, procurement and construction (EPC) unit (with more than 4 GW of capacity constructed) as well as an independent power production (IPP) unit with around 1.54 GW of operational solar plants. The entire 1.54 GW will be transferred to the InvIT. The portfolio has an enterprise value of about $1 billion, the sources said. «APG, IFC and AIIB are currently conducting due diligence on the assets that are part of the InvIT,» said one of the persons.

PaytmFintech giant Paytm said it is investing in AI to build an Artificial General Intelligence software stack.Adani EnterprisesThe promoter group increased stake in Adani Enterprises in August, buying 2.2% during the month.Welspun EnterprisesWelspun Enterprises has announced the successful acquisition of a 50.10% stake in Michigan Engineers.Union Bank The Board approved raising of funds up to Rs 5000 crore through issue of equity shares via qualified institutions placement.Read more: What changed the market while you were sleepingTata PowerTata Power Renewable Energy signs PPA for 9 MWp on campus solar plant with Tata Motors for Pantnagar plant in Uttarakhand.Jio FinancialShares of Jio Financial Services (JFSL) will move out of the trade-for-trade segment and be part of the rolling segment, effective September 4, BSE and NSE said via separate circulars.Adani PowerAdani Power targets 21,110 MW thermal capacity by fiscal 2029. Net senior debt is seen at Rs 26,690 crore in FY24.BHELBHEL has received an order from Mahan Energen, a unit of Adani Power.

Just as Goldman Sachs is looking to sell the remnants of United Capital Financial Partners, his old firm, Joe Duran is gingerly taking steps to reenter the registered investment advisor industry.

The crash of Russia’s Luna-25 spacecraft into the moon over the weekend isn’t just a setback for President Vladimir Putin’s ambitions to overcome war-related sanctions. It’s also an embarrassment for Chinese President Xi Jinping—Putin’s partner in building a proposed base on the moon meant to challenge the US and its space allies.

New Delhi: The National Financial Reporting Authority (NFRA) has imposed hefty penalty on the auditors of Tanglin Developments Ltd. (TDL), a group company of Coffee Day Enterprises Ltd. for alleged lapses in the audit of FY20 as part of a series of investigations into alleged financial irregularities in the group, showed an official order.

Adani Enterprises, by 2.22% through open-market purchases, as per a regulatory filing.Kempas Trade and Investment, a promoter group company, acquired 2.53 crore shares of Adani Enterprises between August 7 and August 18, raising the promoters' overall stake in the company to 69.87%. The purchased stake is worth ₹6,675 crore as of the stock's closing price on Monday.

NEW DELHI : The Union government is likely to press ahead with legislative reforms in the winter session of Parliament, targeting changes to the Insolvency and Bankruptcy Code (IBC) and the Companies Act on which substantial groundwork has already been done, a person familiar with the development said. Separately, an expert committee of the ministry of corporate affairs (MCA) is set to finalize its recommendations for a digital competition law, after which it will be circulated for inter-ministerial discussions and then for consideration by the Union cabinet, the person, who spoke on condition of anonymity, said.

MUMBAI : Kempas Trade and Investment Ltd, a promoter entity of Adani Group’s listed flagship Adani Enterprises Ltd, on Monday, said the entity has bought a 2.22% stake in the company from open market between 7 August and 18 August, according to regulatory filings. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With latest purchase, Kempas Trade and Investment’s promoter stake in AEL has risen to 69.87% from 67.65%.

By Milana Vinn and Anirban Sen

Steel Authority of India (SAIL), Metropolis Healthcare Ltd, Chambal Fertilizers and Chemicals, Gujarat Narmada Valley Fertilizers And Chemicals Limited, Delta Corp, Hindustan Copper, India Cements, Indiabulls Housing Finance, Punjab National Bank, Manappuram Finance, and Zee Entertainment Enterprises Ltd are the 11 stocks that are a part of the F&O ban list by the stock exchange for Tuesday. The NSE updates the list of securities in F&O ban for trade everyday. The derivative contracts in the mentioned securities have crossed 95 per cent of the market-wide position limit and have been currently put in the ban period by the stock exchange, said NSE.

Sahaj Fashions IPO: Sahaj Fashions' initial public offer (IPO) opens for subscription on Friday, August 25 and closes on Tuesday, August 29. The small-to-medium enterprises (SME) IPO is a fixed price issue and the issue size is ₹13.96 crore. Sahaj Fashions IPO is a fresh issue comprising 4,476,000 shares of the face value of ₹10, aggregating up to ₹13.43 crore.

₹3,031 crore in Q1FY24 from ₹2,910 crore in Q4FY23 mainly due to additional borrowing for the Ujjain project. While the management believes that net debt has peaked, analysts feel that an update/timeline on de-leveraging would be helpful. “Considering the capital expenditure (capex) lined-up for FY24 and FY25, we don’t expect faster debt reduction, thus weighing on free cash flow generation," said Mangesh Bhadang, senior vice-president, Centrum Broking Ltd.

MUMBAI : Kempas Trade and Investment Ltd, a promoter entity of Adani Group’s listed flagship Adani Enterprises Ltd., on Monday, said the entity has bought a 2.22% stake in the company from open market between 7 August and 18 August, according to regulatory filings. The stake purchase could be worth Rs. 6,348.12 crore according to the volume weighted average price of Adani Enterprises during the said period.

₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during the period. With the latest purchase, Kempas Trade and Investment’s total promoter stake in AEL has increased to 69.87% from 67.65% earlier.

TDL), a subsidiary of Coffee Day Enterprises Ltd. Besides, the auditing firm — Sundaresha & Associates — and the two auditors — C Ramesh and Chaitanya G Deshpande — have been barred from taking up auditing work for varying periods.

Cuba in early August announced it was taking a major step towards electronic banking and a «cashless» society, the offices of fledgling small businesses across the communist-run country were left scrambling to figure out how to respond. Most alarming to many budding entrepreneurs was a new 5,000 peso ($20) daily cap on cash withdrawals for businesses, one of several measures the government said were aimed at forcing Cubans to do their transactions electronically, via transfer, online payment and bank cards.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a power purchase agreement (PPA) for 9MWp on-campus solar plant with Tata Motors’ Pantnagar plant in Uttarakhand, the company said in a statement. This solar plant will be the largest on-campus solar facility in the state, it added. The solar installation includes an effective approach towards Tata Motors sustainable future goals, with an estimated carbon emission reduction of 25 tonnes of CO2/kWp in Uttarakhand.