Enterprise Financial News

₹23,000 crore FY 2023 from over ₹40,000 crore in 2019-20, said real estate consultant Anarock, citing cash flow improved on strong housing sales. Anarock even noted that the unfettered demand for housing across the country has enabled the leading large and listed developers to reduce their debt. The consultant analyzed financial performances of the top eight developers -- including DLF, Macrotech Developers (Lodha brand), Godrej Properties, Prestige Estates Projects, Sobha, Brigade Enterprises, Puravankara, and Mahindra Lifespace Developers Ltd -- engaged in the development of residential real estate.

IIFL Home Finance has raised a $50 million loan from US International Development Finance Corp (DFC) to grow its affordable housing finance portfolio with a special focus on sustainable housing. The fund was raised at a concessional 5.72% rate, which includes the hedging cost, IIFL Home Finance chief executive Monu Ratra told ET. Its average cost of funds is 8.4%.

For Danielle Funston, a partner at Maddocks law firm, watching Sam Kerr and the Matildas at this month’s World Cup does not just offer her a fun way to spend time with her two daughters.

housing sales, according to Anarock. Real estate consultant Anarock noted that the unfettered demand for housing across the country has enabled the country's leading large and listed developers to reduce their debt. Anarock analysed financial performances of the top eight developers engaged in the development of residential real estate.

Netweb Technologies will open for public subscription on Monday and closes on July 19. Ahead of the IPO, the company has raised Rs 189 crore from anchor investors. It had allocated about 37.80 lakh shares at Rs 500 per share, which includes a share premium of Rs 498 per share in the anchor round, which saw participation from marquee investors including Nomura Funds, Goldman Sachs Funds, ICICI Prudential MF and Life Insurance, HDFC MF, WhiteOak MF among others.

By  Samudhra Sendhil

India franchise business is expected to touch USD 140-150 billion in the next five years, helped by growth in the number of franchise opportunities and an increase in consumer spending, said a report. The Indian franchise industry is valued at around Rs 800 billion and is expected to continue growing in the coming years at a rate of 30 to 35 per cent per annum, said a report titled 'FranCast Whitepaper on Franchise Forecast 2023-24'. Presently «India is the second largest franchise market globally. Five years from now the franchise industry is looking to touch USD 140-150 billion», the report added. Currently, in India, there are 4,600 active franchisors across all sectors operating nearly 2 lakh outlets. More than 300 companies are starting franchising every year and 53 per cent of all franchises are by multi-unit franchisees, it added. In this, regional brand dominates with 50 per cent, 34 per cent from a national brand and rest 16 per cent is with the local brands.

IPO) of Netweb Technologies will open for subscription on July 17 and stay till July 19. The company's shares are expected to get listed on both the exchanges.

startups to 27% in 2022 from 39% in 2021. According to the DivHERsity Benchmarking Report 2022-2023, powered by HerKey (formerly JobsForHer), women's representation at India Inc increased to 50% in 2022 from 33% in 2021. Women's representation has surged significantly at large enterprises in the country from 34% in 2020 to 52% in 2022.

India and the UK are working to iron out differences on issues like intellectual property rights (IPRs) and rules of origin under the free trade agreement being negotiated by the two countries, a top government official said on Friday. The 11th round of talks is underway in the UK for the agreement. Negotiations for the trade agreement started in January 2021.

Multichain, a crypto project that connects different blockchains, said it's shutting down after learning that its founder was taken away by Chinese police. In a Twitter post on Friday, Multichain provided details around the sudden disappearance of its founder and chief executive, identified only by the name Zhaojun, in late May. Multichain is a so-called crypto bridge, which allows users to swap digital tokens across the various blockchains they run on. Speculation around Zhaojun's whereabouts has been swirling since his disappearance, fueled by Multichain's announcement on July 7 that it had seen an unexpected outflow of assets of more than $120 million. After that, Zhaojun's sister transferred remaining user assets to wallets she controlled before she was taken into custody as well, Multichain said on Friday.

Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum. Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24. The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted.

₹7.27 lakh per annum under the new tax regime. Nirmala Sitharaman also addressed skepticism raised in several quarters when the government decided to provide income tax exemption for those earning up to ₹7 lakh in the Union Budget for 2023-24. “So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn...

Union Finance Minister Nirmala Sitharaman said on Friday. Addressing an intellectuals' meet organised by the district unit of BJP in Udupi, she said the BJP rule was marked by «Seva, inclusion and improvement of Micro, Small and Medium Enterprises (MSMEs).» The reforms brought in by Prime Minister Narendra Modi-led union government in the financial sector has helped the ease of doing business, particularly in the small and medium sector in the country, she noted. She further said the Modi government has accorded priority to the growth of MSMEs by removing archaic laws and compliance burden.

 Retail Insights empowers clients to accelerate digital revenues through innovation and observability and is now equipped with VTEX's cutting-edge composable and complete digital commerce platform. This collaboration enables both companies to offer an enhanced omnichannel experience, driving business growth and profitability.Vishnuu Gullipalli, CEO at Retail Insights, said, "We are excited to welcome VTEX to the Retail Insights fold of partners.

Retirement services provider Ascensus announced Thursday that Nick Good will become president of the company effective Sept. 5.

By Irfan Ahmed Nazir

Cryptocurrency markets were trading higher, with the total global crypto market cap rising 6.3% to $1.26 trillion in Friday's trade. Bitcoin (BTC) rose 3% to $31,341, whereas Ethereum (ETH) was above the 2,000 level. Meanwhile, Ripple's XRP token rallied over 68% to $0.7949. A US District Judge ruled on Thursday that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a decision that sent the value of the token soaring by as much as 68% in the last 24 hours. «Crypto coins experienced a rise in value following a federal judge's decision in the SEC's lawsuit against Ripple Labs, which was seen as a victory for the industry in terms of defining securities,» said ZebPay Trade Desk.

₹26.94 crore. The company has fixed the price band for the issue at ₹51-52 per share. The lot size for Asarfi Hospital IPO is 2,000 shares and the minimum investment amount required for retail investors is ₹104,000.

RSI trading up. These stocks have witnessed an increase in their RSI values compared to their previous RSI levels. The RSI is a widely used technical indicator that measures the speed and change of price movements in a stock.

drone strike on Ukrainian President Volodymyr Zelenskiy's hometown, the central city of Kryvyi Rih, the regional governor said on Friday. The attack damaged a number of buildings in Kryvyi Rih but Ukraine's air force said 16 of the 17 Iranian-made Shahed attack drones launched by Russia overnight had been shot down in southern and eastern areas of the country.