Enterprise Financial News

Yudiz Solutions IPO listing: After strong response by retail investors, Yudiz Solutions share price opened today on NSE at ₹185 per share levels, delivering ₹20 per share listing premium to its lucky allottees against the upper price band of the IPO. The public issue was launched at a price band of ₹162 to ₹165 per equity share on 10th August 2023.

₹44 apiece, a premium of 10% to the issue price of ₹40 per share. The initial public offering (IPO) of Gujarat-based multi-specialty healthcare services provider Sangani Hospitals was subscribed 4.54 times in total during August 4 to August 8, according to subscription data on the stock exchanges. The public issue was subscribed 6.17 times in the retail category, 11.42 times in Qualified Institutional Buyers’ (QIB) category, and 1.38 times in the Non-Institutional Investors’ (NII) category.

The Chinese shadow banking giant whose liquidity crisis has fanned fears about financial contagion is planning to restructure its debt and has hired KPMG to conduct an audit of its balance sheet, people familiar with the matter said.

A massive wildfire in northern Canada is approaching the capital of the Northwest Territories and could reach Yellowknife's outskirts by the weekend if rains doesn't come. This year, Canada is facing its worst wildfire season ever, with over 1,000 active fires, including 230 in the Northwest Territories. Thousands have evacuated from remote communities, and the hamlet of Enterprise near Alberta was almost entirely destroyed by a recent blaze, a Reuter report cited Northwest Territories Premier Caroline Cochrane urged people to remain calm and cautioned that highways could close suddenly because of the fire risk.

promoter entities of Adani Power Ltd sold shares worth more than ₹8,710 crore (over $1 billion) to US-based investment firm GQG Partners, its co-investors, and others on Wednesday in block deals. Worldwide Emerging Market Holding Ltd and Afro Asia Trade and Investments Ltd, the two promoter entities, together sold 312 million shares translating to an 8.1% stake. Adani Power, the thermal power generation arm of the Adani Group, closed 2.3% lower at ₹279.30 on the BSE Wednesday.

MUMBAI : Promoters of the Adani group have generated ₹39,400 crore through stake dilutions in group companies since a damning report by US short-seller Hindenburg Research in January drove flagship Adani Enterprises Ltd to withdraw its ₹20,000 crore follow-on public offering. The group has denied the allegations. Market veterans believe this liquidity could be used as growth spending and to repay any near-term debt obligations of group companies if needed.

MUMBAI : The promoters of Adani Group on Wednesday raised around ₹9,000 crore by selling 8.1% of their holding in the energy-generation arm Adani Power Ltd, marking billionaire Gautam Adani’s largest equity capital-raising through a share sale in a single entity. After amassing stakes worth at least ₹26,445 crore ($3.18 billion) in multiple Adani group firms through secondary market transactions since March, India-born Rajiv Jain-led investment management firm GQG Partners Llp bought an additional stake worth over $1.1 billion from the promoters of Adani Power.

Zee Entertainment Enterprises, Granules India Ltd, India Cements Ltd, Chambal Fertilizers and Chemicals, Gujarat Narmada Valley Fertilizers And Chemicals Limited, Steel Authority of India (SAIL), Hindustan Copper, Manappuram Finance, Delta Corp, Balrampur Chini Mills, Indiabulls Housing Finance are the 11 stocks that are a part of the F&O ban list by the stock exchange for Thursday. The NSE updates the list of securities in F&O ban for trade everyday.

Coinbase said it's received regulatory approval to bring federally regulated crypto futures trading to eligible customers in the US, sending shares sharply higher before the opening bell Wednesday. In June, the US Securities and Exchange Commission filed lawsuits against Binance and Coinbase, saying that the companies were in violation of the the law because they were operating as securities exchanges without registering with the agency. Coinbase said Wednesday that it had secured regulatory approval from the National Futures Association to operate as a futures commission merchant. The cryptocurrency exchange said that it filed its application with the association in 2021. Now that it has received approval, Coinbase says eligible US customers will be able to access regulated derivatives products through Coinbase Financial Markets, subject to the oversight of the Commodity Futures Trading Commission and the NFA. The company tweeted that it can now offers cryptocurrency futures contracts in bitcoin and ether. Futures are derivative contracts to buy or sell an asset at a later date at a price previously agreed to under a contract.

Microfinance has partnered Chennai-based fintech firm IppoPay to power digital lending to micro, small and medium enterprises (MSMEs) in rural and semi-urban micro-markets of Tamil Nadu, Andhra Pradesh, Telangana and Karnataka. Coinbase Ventures and Better Capital-backed startup Ippopay offers payments solutions to about 400,00 merchants.

Indian Railway Finance Corp (IRFC) through an offer for sale (OFS) in the current fiscal, PTI reported Wednesday, citing official sources. The Indian government currently holds an 86.36% stake in the financing arm of the Indian Railways. The PTI reported that an inter-ministerial group (IMG) having senior officers from the Department of Investment and Public Asset Management (DIPAM) and the Railways Ministry has started consultations to decide on the quantum of stake dilution.

Telecom services industry is expected to report moderate revenue growth of around 7-9% in FY2024 over FY2023 due to muted average revenue per user (Arpu) expansion in the absence of tariff hikes, ratings agency ICRA said today. The capex levels of telecom firms will remain elevated as they expand 5G coverage and this would keep the debt levels of the industry high at around Rs 6.1-6.2 lakh crore as of March 2024.

₹4,171.44 crore. This is against the outflow of ₹1,880 crore in large-cap funds during the same period. The month also saw notable changes in the sector and stock allocation of funds.

Religare Enterprises share price rallied more than 10% to touch a 52-week high of ₹242.55 apiece on the BSE Wednesday amid several media reports that the Burman family is likely to have bought anywhere around 5% to 7% stake in the company via a block deal. The Burman family owns over 14% stake in the diversified financial services company through different entities and as per ET NOW report, the family is likely to have bought additional 7.6% stake in Religare Enterprises.

MSME representatives have called upon the government to take steps to reduce the cost of litigation for them. In a seminar organised recently by the Federation of Indian Micro and Small & Medium Enterprises (FISME), several industry observers raised the growing issue of MSMEs facing legal disputes, especially concerning supplies to government departments and public sector undertakings (PSUs). Time is of the essence for MSMEs when it comes to payments.

Pact Group’s bruising share price slide over the past two years, which cut the value of Rich Lister Raphael Geminder’s 49 per cent stake in the packaging company by $1.3 billion, partially reversed on Wednesday after a $160 million asset sale.

Grit has raised $7 million in a seed round, the startup said on Tuesday. Founders Fund and Abstract Ventures led the round, with participation from Quiet Capital, 8VC, A* Capital, AME Cloud Ventures, SV Angel, Operator Partners, CoFound Partners, and Uncorrelated Ventures.

SaaS) startups that continue to attract investors despite a funding winter are ramping up hiring in a job market flooded with resumes amid layoffs by bigger tech players. Founders of enterprise software and SaaS startups that ET spoke with confirmed active hiring as access to talent across functions of engineering, product, sales and marketing of technology products has increased significantly in recent months.

Listed packaging solutions business Pact Group Holdings has sold half of its crate pooling business to infrastructure investor Morrison & Co for a $380 million enterprise valuation.

telcos are expected to add up to 25% more to their existing headcount in FY24, on the back of a 35% addition in FY23, as they double down on 5G coverage expansion and monetisation and deepen 4G coverage. Industry executives and experts said hiring activity by the three telcos picked up in FY23 after a slowdown in FY22 as the pressures of the pandemic wore off.

A year after the $18 billion registered investment advisor Signature Estate & Investment Advisors said it was selling a portion of the firm to Reverence Capital and Advisor Group, now Osaic, the RIA announced Tuesday that its new broker-dealer will be up and running on Sept. 1.