Enterprise Financial News

Bharti Airtel has bought an additional 20.6% stake in Bengaluru-based technology startup Lavelle Networks, taking its holding to 45.6%. The company did not share financial details of the deal. In January last year, Airtel acquired around 25% equity stake in Lavelle Networks. «Agreement has been entered for acquisition of additional 20.6% stake on the basis of price determined by the valuation report. The said valuation has not been disclosed due to the reasons of confidentiality,» Airtel said in a regulatory filing Wednesday. Founded in 2015, Lavelle Networks is a networking software startup that delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks. Airtel, through its startup accelerator program, aims to support growth of early-stage Indian tech startups and partner with them in building significant scale to achieve its vision.

₹66,660.67 crore in the June quarter—the best-ever for any first quarter, Mint research showed. The amount was 29% higher than the ₹51,574.08 crore raised a year earlier from new investors. Bulk deals, qualified institutional placements (QIPs), offers for sale (OFS) and initial public offerings (IPOs) aim to raise money from new investors, unlike rights issues that are reserved for existing investors.

Hindalco Industries Limited has approved a proposal to sell a land parcel at Kalwa, Maharashtra, for ₹595 crore. The land parcel is located in the Kalwa MIDC area and has a total area of 12.95 acres. The sale of the land parcel is part of Hindalco's strategy to focus on its core businesses and reduce its debt.

HCL Technologies were muted, broadly missing Street estimates. India’s third largest IT services firm reported 7.6 per cent year-on-year growth in consolidated net profit in the first quarter of fiscal 2024 ended on June 30, 2023. The IT major's profit after tax (PAT) declined by 11.27 per cent in Q1FY24 as against a profit of ₹3,983 crore recorded in the preceding March quarter of fiscal 2022-23.

By Foo Yun Chee

HCL Tech Q1 results: HCL Technologies earned a consolidated net profit of ₹3,534 crore, which is attributable to shareholders, in the first quarter of FY24, rising by 7.65% year-on-year. The tech player missed street estimates across parameters. A year ago, the company's PAT stood at ₹3,283 crore in the same quarter.

BSE MidCap stocks exhibited exceptional strength on July 12, surpassing their previous 52-week highs. These companies demonstrate their potential for growth and market resilience. Let's delve into the companies that achieved this significant milestone and their notable contributions to their respective industries.

₹10,000 crore through non-convertible debentures (NCDs). The company filed the prospectus on 6 July with the BSE. The public issue of secured, rated, listed, and redeemable NCDs will have a face value of ₹1,000 each and will be issued in one or more tranches.

Incitec Pivot confirmed its fertilisers business has been the subject of unsolicited interest from potential buyers amid doubts over whether its plan to spin-off the asset into a standalone company will succeed.

The $450 million penalty handed to Crown Resorts for breaches of anti-money laundering and counter-terrorism laws is pointing to a lower-than-expected fine for its ASX-listed rival, Star Entertainment.

Nifty 50 settled at 19,384.30 lower by 55.10 points or 0.28%. Talking about the current market performance, Vinod Nair, Head of Research at Geojit Financial Services, said, "The range-bound movement in the Indian indices was influenced by the likelihood of subdued IT earnings. While optimism about moderation in US inflation supported the broad index." Further, Nair added, "An uptick in domestic food inflation on the back of higher mandi prices trending above MSP and muted Kharif sowing forced the investors to be cautious.

The NSE Nifty index ended the session 55.1 points down at 19384.3, while BSE Sensex fell 223.94 points to 65393.9. In the Nifty index, Oil And Natural Gas Corporation Ltd.(up 1.85 per cent), Eicher Motors Ltd.(up 1.19 per cent), JSW Steel Ltd.(up 1.04 per cent), Nestle India Ltd.(up 0.91 per cent) and Kotak Mahindra Bank Ltd.(up 0.62 per cent) stood among the top gainers.

Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as ” prospective” buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said.

Bajaj Auto, Coal India, Housing Development Finance Corporation Ltd (HDFC) and Life Insurance Corporation of India (LIC) were among the top ten largecap stocks that mutual funds bought during the month of June. According to a report by ICICI Direct, fund houses bought 27.20 crore of HDFC worth ₹76,767 crore in June 2023.

alliance between America and Japan would face several tests. If America came to Taiwan’s defence—itself hardly a given—it would need approval from Japan to use its bases there, which host 54,000 American troops. Would Japan accede? China might offer not to harm Japan if it refused.

ICICI Bank and state-owned enterprise (SoE) banks like IndusInd Bank, Bank of Baroda (BOB), and State Bank of India (SBI) in particular to record strong earnings in Q1FY24 (April–June). According to the brokerage's analysis, ICICI Bank will likely post significant volume growth for both loans and deposits. Given that SoE banks' margins are declining slowly than private banks', that their loan costs are lower, that their operating costs are dropping sequentially, and that their treasury profits are larger, they should also record healthy profitability.

China’s economy can grow faster than America’s. The answer will affect far more than factory orders or personal incomes. It will shape the world order.

The Canadian human rights watchdog is conducting a probe into the subsidiary of a prominent global sportswear company, Nike, as well as a gold mining company. As per media reports, the investigation stems from claims that either their supply chains or operations in China are involved in utilizing or profiting from the forced labour of Uighur individuals.

Adani group stocks aggressively in the month of June with three of the conglomerate's companies — Adani Green, Adani Transmission, and Adani Enterprises — featuring among the top buys of fund houses. For Adani Green, mutual funds have added 4 lakh shares, taking their total holding to 18 lakh shares as of June, that is valued at Rs 167 crore. Meanwhile, domestic fund houses have added 3 lakh shares in Adani Transmission and further 19 lakh shares in the group's flagship entity Adani Enterprises.

The NSE Nifty index was trading 23.15 points up at 19462.55, while BSE Sensex was up 73.59 points at 65691.43 at the time of writing this report. In the Nifty index, Oil And Natural Gas Corporation Ltd.(up 1.88 per cent), Eicher Motors Ltd.(up 1.48 per cent), NTPC Ltd.(up 1.14 per cent), State Bank of India(up 0.95 per cent) and Sun Pharmaceutical Industries Ltd.(up 0.82 per cent) were among the top gainers.

Future Enterprises has received resolution plans from Jindal (India) Ltd, Reliance Retail Ventures and GBTL Ltd under the corporate insolvency process, according to disclosures made by the company to the stock exchange. The National Company Law Tribunal admitted Kishore Biyani’s Future Enterprises for corporate insolvency on February 27. The newly appointed resolution professional Avil Menezes disclosed the names of these three entities as a 'provisional list of prospective resolution applicants'.