Enterprise Financial News

Adani CBI investigation: It was reported by PTI that the CBI has concluded its investigation into allegations of irregularities in the contract awarding process for the supply of imported coal to the Andhra Pradesh Power Generation Corporation, which involved Adani Enterprises and a former chairman of the National Cooperative Consumer Federation. The central agency has filed the closure report for the 2020 case, which also included bookings for senior adviser S C Singhal and then-NCCF managing director G P Gupta, before a special CBI court, according to PTI report.

lending rate by 10 basis points. However, it surprised analysts by keeping the five-year rate unchanged. Analysts expected both rates to go down by 15 basis points (bps) as China, the world's second-largest economy, is facing problems like falling property prices, less spending, and decreasing credit growth.

CBI has closed its case against Adani Enterprises and a former National Cooperative Consumer Federation chairman for alleged irregularities in the award of a contract for supplying imported coal to the Andhra Pradesh Power Generation Corporation, officials said. The central agency has filed before a special CBI court the closure report in the case registered in 2020 in which it had also booked the then NCCF managing director G P Gupta and senior adviser S C Singhal.

IREDA has set a target of achieving Rs 4,350 crore revenue from operations during the current financial year. In the next fiscal, it aims to touch a revenue of Rs 5,220 crore from operations, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement on Monday.

Supreme Court of India upheld the order of the Patna High Court where it dismissed a writ petition filed by a taxpayer against a GST assessment order. In the case of Vishwanath Traders, the order has wide ramifications for Small Medium Enterprises (SMEs), Micro, Small & Medium Enterprises (MSMEs), ‘small business persons’ and professionals. This occurred because several of them approach the high courts directly for remedy against a demand notice which is due to a delay in filing an appeal from their side.

Wipro appoints Brijesh Singh to Senior Vice President and Global Artificial Intelligence (AI) Head for Wipro Enterprise Futuring. Singh brings to Wipro over 30 years of experience in the technology consulting space and was previously a Senior Partner at Deloitte where he was responsible for driving AI and data-led transformation.

More hearings this month and in September are set for Summit Carbon Solutions' proposed $5.5 billion, 2,000-mile pipeline network

SJS Enterprises shares fell 4.5% to Rs 310.9 in Monday's trade on BSE after the marquee investor Ashish Kacholia sold part of his stake in aesthetic solutions provider for Rs 11.6 crore through the open market on Friday. Kacholia offloaded 1.8 lakh shares of SJS Enterprises for Rs 640 apiece in a bulk deal.SJS Enterprises makes aesthetic products for two-wheelers, passenger vehicles, commercial vehicles, consumer durables/appliances, medical devices, farm equipment, and sanitary ware industries. Earlier on August 16, in an exchange filing, the company said, SJS Enterprises will buy Suryaurja Two, a power generation company for Rs 20 lakh, said the firm on August 16.

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. The Russian spacecraft was aiming to be the first to land near the south pole, the intended location of a joint base that space agencies in China and Russia announced in 2021 they had agreed to build together.

pharma companies or the allied health sector". As per a TOI report, under the new guidelines, doctors found violating this rule could face a suspension of their medical license for up to three months.

Adani Power shares gained 5% to the day's high of Rs 321.90 on the NSE in Monday's trade, maintaining a two-session winning streak, following an 8.1% stake sale to the US-based investment firm GQG, along with other investors in a $1.1 billion deal last week. The other nine stocks from the Adani Group stable were also up in the morning session, riding on the positive sentiments. In the Nifty pack, Adani Ports & Special Economic Zone was the top gainer, up 2.4% while Adani Enterprises was higher by 2%.

Adani group share price: Adani group shares have been in uptrend for the last few sessions. After bulk deal buzz by GQG partners, Adani Power share price has been rising for the last three sessions. In this time, Adani Power share has surged from ₹280 to ₹323 apiece levels, logging near 15 per cent rise in this time.

Delta Corp, Gujarat, Narmada Valley Fertilizers & Chemicals, Granules India, Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank (PNB), Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). The F&O contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

Day trading guide for today: On account of weak global cues on China's Evergrande Group's bankruptcy crisis, Indian stock market ended lower for second straight session on Friday last week. NSE Nifty lost 55 points and ended at 19,310 levels, BSE Sensex shed 202 points and closed at 64,948 mark whereas Bank Nifty index corrected 40 points and finished at 43,851 levels. Infosys contributed the most to the Nifty 50 index decline, while Hero MotoCorp had the largest percentage drop falling by 2.1 per cent.

SJS EnterprisesMarquee investor Ashish Kacholia sold part of his stake in aesthetic solutions provider SJS Enterprises for Rs 11.6 crore through the open market on Friday.Jio FinancialJio Financial Services, which recently demerged from parent Reliance Industries, will get listed on stock exchanges on August 21.Kotak Mahindra BankKotak Mahindra Bank's chairman Prakash Apte said the attrition challenge for the bank is concentrated at the junior management level.Read more: What changed the market while you were sleepingPNB Housing FinancePNB Housing Finance said through its focussed and multi-pronged resolution strategy, it has successfully resolved and fully recovered a large corporate non-performing account of Rs 784 crore.TitanTitan will acquire an additional 27.18% of equity shares in its subsidiary CaratLane Trading for Rs 4621 crore.Ashok LeylandAshok Leyland will issue Rs 870 crore corporate guarantee to cover lender facilities of two subsidiaries Optare Plc and Switch Mobility UKM&MMahindra & Mahindra announced proactive inspection of select XUV products.KEC InternationalKEC International, an RPG Group Company, has secured new orders of Rs 1,007 crore across its various businesses.ONGCONGC Videsh has secured a three-year extension from Vietnam to explore 'Block 128' in the South China Sea.

Sorin Investments, a technology-focussed fund, co-founded by former KKR India head and private equity veteran Sanjay Nayar and Angad Banga, has raised a corpus of over Rs 1,000 crore for the second close of its maiden fund. It had raised around $100 million (approximately Rs 800 crore) in its first close last year. The tech-focused investment firm’s fundraise comes at a time when the Indian tech startup ecosystem is facing a funding crunch that has seen several investors slash down the valuations of several major Indian tech companies. Investors in the fund include Henry Kravis, George Roberts and other partners of the American global investment firm KKR & Co as well as Hero Enterprise chairperson Sunil Kant Munjal and a few other global and Indian family offices. Nayar and Banga were formerly associated with KKR. Nayar founded Sorin after a four-decade career spanning banking and private equity. Nayar and Banga have also invested a significant amount of their personal capital in the fund as sponsor commitments, they said in an earlier interview without disclosing the sum. The fund focuses on early-stage technology startups across various industries like fintech, edtech, software as a service (Saas), logistics, clean technologies and direct-to-consumer products and brands. It aims to invest between $2-10 million in target companies.

5G networks in India from the second half of 2024, said a senior executive of Finnish telecom gear maker Nokia. «You will see some early adopters this year, and then I think by the second half of 2024, there will be a big growth in the enterprises,» said Sanjay Malik, head of the India market for Nokia. He was speaking at ETTelecom's fourth edition of Digital Telco event — 2023, organised with the TRAI Centre for Studies and Research.

Bank recoveries are likely at their peak and trending lower as the addition of lumpy corporate non-performing assets (NPAs) has slowed. Recoveries are expected to normalise as fresh slippages will mostly come from retail and micro, small and medium enterprises (MSME), accounts that are by nature smaller loans. Bank earnings analysed by ET after the first-quarter results show that bank recoveries have been sliding over the last one year. Recoveries for all large banks were lower than a year ago and down from what they were in March. For example, State Bank of India’s (SBI) recoveries and upgrades were at Rs 3,607 crore in June 2023 down from Rs 5,208 crore a year ago and Rs 4,200 crore reported in March 2023. The trend is the same for Punjab National Bank (PNB), Bank of Baroda (BoB), ICICI Bank, HDFC Bank and Axis Bank. “Bank upgrades and recoveries are trending lower as lumpy recoveries from corporate accounts are few and far between. Also, recoveries from legacy accounts, which were strong for the past few quarters, have started normalising, partly on account of the stock and flow effect,” said ASV Krishnan, senior vice president at HDFC Securities. Krishnan was referring to the improvement in asset quality across the banking sector which has reduced the stock of NPAs, likely impacting recoveries in the future. Take SBI, the bellwether of Indian banking which has seen its gross NPA ratio come down to a decadal low of 2.76% and from a peak of 10.91% in March 2018.

The move is aimed at drawing greater private capital into public infrastructure and reducing delays in project implementation, according to the person, who said the focus will also be on improving the fund flow into sectors such as urban infrastructure, railways and roads, where private participation remains either minimal or far from impressive. The ministry is planning to roll out in this financial year a new public-private partnership (PPP) architecture and a standard model concession agreement (MCA) framework for various infrastructure sectors.

BlueRock hashired Ad Astra and Clearsight Advisors, the corporate adviser’s affiliate in the United States, to advise on a capital raise and find a capital partner to help it supercharge its growth, Street Talk can reveal.

Steel Authority of India (SAIL), Granules India 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 Monday. 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.