Enterprise Financial News

Last week Prosus, one of the largest technology investors in the world, issued a statement on Byju’s. It said that since it first invested in Byju’s in 2018, the ed-tech company had grown considerably, but “its reporting and governance structures" haven’t evolved sufficiently. Byju’s is India’s most valuable unicorn, or a startup with a valuation of more than a billion dollars.

China has launched a slew of new projects as part of its Belt and Road Initiative (BRI), which aim to open new avenues of collaboration with Southeast and South Asian nations through Nepal, where India has huge strategic interests. The projects—clubbed under a platform called the ‘Silk Roadster’—were launched earlier this month to commemorate the 10th anniversary of Chinese President Xi Jinping’s most important initiative, the BRI.

Bank loans rose 16.3 percent in June as retail and large corporate loans accelerated while credit to the small and medium enterprises slowed, RBI data showed. Also bank loans to NBFCs continued to post a strong growth. Retail loans rose 20.9 per cent (y-o-y) in June 2023 compared to 18.1 per cent a year ago, mainly supported by ‘housing’ and ‘vehicle’ loans.

Dr Ajey Lele

New Delhi: Federal indirect tax body, the Goods and Services Tax (GST) Council should discuss the compliance burden on small businesses and the extent of fraud that is taking place around GST, Amit Mitra, principal chief advisor to West Bengal chief minister Mamata Banerjee urged the union finance minister and GST Council Chairperson Nirmala Sitharaman. In a letter written to Sitharaman on Friday, Amit Mitra has said he has deep concerns about the GST related frauds taking place and the “web of regulations" which he said was overpowering for micro, small and medium enterprises.

Nifty witnessed significant buying that contributed to the indices' higher closing prices amid overall strong global clues. Rates were raised last week by the US Federal Reserve and the European Central Bank.

cryptocurrency markets were trading mixed in Monday's trade. Bitcoin and BNB were trading with gains, while Ethereum, Tron, Dogecoin, and Polkadot were trading with cuts. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.04% in the last 24 hours. «After an eventful weekend, Bitcoin’s value slightly rose to the $29461 level. Bitcoin continues to trade in a range between $29000 and $29500 as it has over the last week,» Edul Patel, Co-founder and CEO at Mudrex, said. «The market seems to have digested the news about Curve Finance being the victim of an exploit. Curve’s CRV token price fell by over 15.87% over the last 24 hours. Ethereum successfully breached the threshold level of $1850 and is now trading at around $1871,» Edul added.

Piramal Enterprises tanked 8% to Rs 986 in Monday's trade on BSE after the firm reported its June quarter earnings and Rs 1,750 crore share buyback announcement. For the June quarter, the company posted a profit of Rs 508.78 crore compared with Rs 8,155.47 crore in the year-ago quarter. The company had recorded an exceptional gain of Rs 7,613.96 crore on demerged Pharma undertakings in the year-ago quarter.

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Siemens Ltd stock rose 4.5% on the National Stock Exchange in Monday’s early trade to touch a new 52-week high of ₹4,068.85. This positive reaction comes after most of its minority shareholders voted against selling its low-voltage motors and geared motors business to Siemens Large Drives India, a subsidiary of Siemens AG. Analysts point out that the proposal was not lucrative for minority shareholders.

The NSE Nifty index was trading 48.65 points up at 19694.7, while BSE Sensex was up 176.36 points at 66336.56 at the time of writing this report. In the Nifty index, NTPC Ltd.(up 2.86 per cent), Tata Steel Ltd.(up 2.49 per cent), Adani Ports & Special Economic Zone Ltd.(up 2.32 per cent), Tech Mahindra Ltd.(up 2.16 per cent) and Hindalco Industries Ltd.(up 1.99 per cent) were among the top gainers.

₹705 to ₹741 per equity share of face value of ₹1 each. Concord Biotech IPO lot size is 20 equity shares and in multiples of 20 equity shares thereafter. Rakesh Jhunjhunwala backed Concord Biotech IPO consists of a pure offer-for-sale by Helix Investment Holdings Pte Ltd.

Brigade Enterprises Ltd, Eih Associated Hotels Ltd, Fairchem Organics Ltd, Igarashi Motors India Ltd, Jindal Worldwide Ltd, Voltamp Transformers Ltd, and VRL Logistics Ltd among others will be under investors’ radar on Monday as they will trade ex-dividend today. Today, 8 stocks will trade ex-dividend. The ex-dividend date is the day on which the equity share price adjusts to reflect the next dividend payout.

shipping industry, with the world’s third-largest container line saying freight rates remain weak and a steep slump in US demand for goods out of China isn’t over. “The transport and logistics market remains depressed,” the French company controlled by billionaire Rodolphe Saade and his family said in an earnings statement Friday. Sluggish economic growth and persistent inflation is expected to weigh on consumer spending for the rest of the year, while deliveries of new vessels in the market could hurt rates.

IDFC First BankIDFC First Bank profit rose 61% YoY to Rs 765 crore in the first quarter. Total income grew 43% to Rs 8,282 crore.NTPCState-owned power producer NTPC reported a 9% rise in net profit to Rs 4,066 crore in Q1.

TCS: Tata Consultancy Services (TCS) has announced a change in senior management positions (SMP). TCS executive vice-president K Ananth Krishnan will no more remain in SMP due to his upcoming retirement. As per the exchange filing, TCS informed that Ananth Krishnan will be no longer in SMP from 31st of July 2023 due to his retirement falling in October 2023.

Private sector lender IDFC First Bank posted a 61% rise in net profit in the June quarter on the back of 36% growth in net interest income. Its loan book and deposit book grew by 25% and 44%, respectively, over a year ago. It also expects to continue growing at a steady pace.

TCS revamps group structure with new CEO New Delhi Tata Consultancy Services (TCS), India’s top software services company, has revamped its organizational structure by creating business groups based on industry sectors and geographies under new chief executive officer and managing director, K. Krithivasan who took charge on 1 June. These business groups such as banking, financial and insurance (BFSI), healthcare, retail and energy, would be led by senior executives appointed with effect from 1 August.

tax sops and concessions for its proposed economic hubs — -which seek to transform the existing export-focussed special economic zones (SEZs) — as India pushes to become a part of the global value chains and attract manufacturing into the country. The finance, commerce and industry ministries have firmed up the contours of Development of Enterprise and Service Hubs, or DESH, which could allow companies to defer their import duty liabilities, among other concessions, officials privy to the deliberations told ET.

Indian equities ended Friday’s session in the red even as the broader markets outperformed. Sensex after falling below 66,000 levels in intraday trade, recouped some of the losses and ended with a cut of 107 points at 66,160, while Nifty ended marginally lower at 19,646.

Maruti Suzuki and Kotak Mahindra Bank will trade ex-dividend, while Piramal Pharma's rights issue's ex-date is fixed this week. The ex-dividend date is when the price of the equity shares of a company gets adjusted for the dividend payout. It is one or two working days before the record date. All the shareholders whose names appear in the company's list by the end of the record date will be eligible to receive dividends.Brigade Enterprises (Rs 2/share), EIH Associated Hotels (Rs 5/share) Voltamp Transformers (Rs 60/share) and VRl Logistics (Rs 5/share) will trade ex-dividend on Monday 31st July. Whereas, DB Corp (Rs 3/share), Exide Industries (Rs 2/share), JK Cement (Rs 15/share), Rupa & Company (Rs 3/share), Sharda Cropchem (Rs 3/share) and SRF (Rs 3.6/share) will trade ex-dividend on Tuesday 1st August. On Wednesday 2nd August, Ador Welding (Rs 17.5/share), Bajaj Consumer Care (Rs 5/share), Crisil (Rs 8/share), Data Pattern (Rs 4.5/share), Hawkins Cookers (Rs 100/share), L&T (Rs 6/share), and Styrenix Performance Materials (Rs 24/share) will trade ex-dividend. Meanwhile, United Breweries (Rs 7.7/share), UPL (Rs 10/share), Bata India (Rs 13.5/share), Coforge (Rs 19/share), Honeywell Automation (Rs 95/share), Maruti Suzuki (Rs 90/share) and Usha Martin (Rs 2.5/share) will trade ex-dividend on 3rd August 2023. Also, Aditya Birla Sun Life AMC (Rs 5.25/share), Ajanta Pharma (Rs 25/share), Apar Industries (Rs 40/share), Kirloskar Industries (Rs 13.5/share), Berger Paints (Rs 3.2/share), BSE (Rs 12/share) and Kotak Mahindra Bank (Rs 1.5/share), Symphony, Timken India, and Kalyan Jewellers will trade ex-dividend on 4th August 2023.