Enterprise Financial News

Netweb Technologies will open for subscription on July 17 and close on July 19. The subscription will open for anchor investors on July 14. Netweb had filed its draft papers with Sebi in March this year and received regulatory approval for the same earlier this month.

Sebi has issued notices to seven entities asking them to pay Rs 4.3 crore within 15 days in a case concerning diversion of funds of Religare Finvest, an arm of Religare Enterprises. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The seven entities that received notices are — Torus Buildcon, Artifice Properties, Rosestar Marketing, Oscar Investments, Ad Advertising, Zolton Properties, and Saubhagya Buildcon.

Supreme Court has deferred further hearing in the Adani-Hindenburg case to August, media reports said. Hearing the case on July 11, the CJI asked about the status of the investigation, to which the solicitor-general said that Sebi has time till August to conclude the investgations.

The Australian International Pilots Association has told the Federal Court that Qantas should have to pay its pilots if it bypasses them to hire from outside the company to fly its biggest planes, saying the pilots “reasonably” considered the airline’s request before declining it.

The nation’s financial crimes agency is in danger of being a “soft touch” because it has always reached an agreement with companies found to have acted inappropriately, the Federal Court has warned.

On July 8 the Indian government amended provisions of the Prevention of Money Laundering Act (PMLA) to allow the Enforcement Directorate and the Financial Intelligence Unit to share information with the GST Network. News reports have tended to view the development as the government bringing the GST Network under the purview of PMLA, complete with its arbitrary powers of investigation and arrest. This is a disquieting development.

₹200 crore extortion case registered by the Economic Offence Wing (EOW) of Delhi Police.  In addition, the court also dismissed the bail petitions of two accused Kamlesh Kothari and B Mohan Raj in the same case, according to the news agency ANI.  Sukesh Chandrasekhar, Leena Maria Paulose and others are presently in judicial custody since last year in the case for allegedly duping Aditi Singh, wife of the former promoter of Ranbaxy, Shivinder Singh, of ₹200 crore. Justice Dinesh Kumar Sharma on Tuesday dismissed all three bail petitions filed in the matter.

Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money. A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said. The watchdog, in a coordinated operation with other law enforcement agencies, inspected 34 locations suspected of hosting crypto ATMs since the start of this year and «disrupted» 26 machines. «If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals,» Steve Smart, joint executive director of enforcement and market oversight at the FCA, said in a statement.

Standard Chartered said on Monday, predicting the recent jump in its price could encourage bitcoin «miners» to hoard more of the supply. Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called «crypto winter» was over, but one of the bank's top FX analysts, Geoff Kendrick, said there was now 20% «upside» to that call. «Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,» Kendrick said in a report. Bitcoin's price has leapt 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021.

Zee Entertainment Enterprise and Sony Pictures (Culver Max Entertainment).Financial creditors such as Axis Finance, IDBI Bank, and JC Flower ARC have opposed the merger due to Zee's outstanding dues to them.During the proceedings, senior counsel Janak Dwarkadas, representing ZEE, highlighted that ZEE has a public shareholding of 96.01%, with 70% of it owned by public institutions. (Full Report)Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has recommended three intraday stocks for today:1] GRSE: Buy at ₹579.50, target ₹607, stop loss ₹570;2] REC: Buy at ₹166.50, target ₹172, stop loss ₹165; and3] Adani Enterprises: Buy at ₹2410, target ₹2530, stop loss ₹2370.

Vedanta: Foxconn Technology Group has pulled out of its joint venture with Vedanta Ltd which had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit. The 60:40 partnership could have set up the country’s first semiconductor manufacturing unit under the $10 billion government-backed financial incentive scheme and was once estimated to be ahead of two other consortia in the fray for getting the sops.

Buy or sell stocks for today: After trading range-bound for the entire Monday session, Indian stock market ended mixed as Nifty and Sensex finished with some marginal gains while Bank Nifty closed lower. NSE Nifty ended 24 points higher at 19,355 while BSE Sensex closed 63 points higher at 65,344 levels.

Supreme Court in the Adani Group case that since custodians were not legally mandated to keep granular details of all underlying investors with ownership in entities below a threshold, there was a possibility that one individual or entity could hold significant stakes in overseas funds through multiple platforms, each individually below the limit for identification as a beneficial owner (BO). The Securities and Exchange Board of India (Sebi) has filed an application in the Supreme Court detailing its response to various suggestions made by the apex court-appointed expert committee in the wake of the Hindenburg report against the Adani Group on potential breaches of securities laws.

Based on the recent job numbers, the so-called Great Resignation appears to be over, or at least in its final stages.

Mumbai bench of the National Company Law Tribunal (NCLT) has reserved its order on the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (Sony). The division bench of judicial member HV Subba Rao and technical member Madhu Sinha, while reserving the order on the scheme matter, allowed parties to file their written submissions.

Stocks that are trading heavily or have substantial price changes Monday: FMC, Outset Medical fall; Iovance, Helen of Troy rise

Check out the companies making headlines in midday trading.

The New York Times said it is dismantling its sports desk and will rely on the Athletic for its daily sports coverage, part of an effort to further integrate the publication it bought for $550 million last year. Current sports staff will be offered other roles within the Times newsroom, Executive Editor Joseph Kahn and Deputy Managing Editor Monica Drake said in a memo to staff Monday, a copy of which was viewed by The Wall Street Journal. They also said the Times would form a group within its business section focused on covering money and power in sports.

Experience, as Vernon said, is a hard teacher because it takes the test first and gives the lesson afterwards. Fortunately, first principles of leadership are fungible and can be learnt without paying the heavy price of experience. A few weeks ago, I had such a moment at the feet of a legendary mountaineer Gopal Sharma, known in the mountaineering fraternity as Guruji.

Tata Communications International Pte Ltd., a wholly owned unit of Tata Communications, has signed a share purchase agreement to buy the remaining nearly 42% stake of Oasis Smart Sim Europe SAS for Rs 99.3 crore ($ 12 million). Tata Communications had acquired a majority stake (58.1%) in Oasis Smart Sim Europe SAS in 2020. “The transaction enables TCIPL to gain complete 100% equity shareholding in Oasis Smart SIM Europe enabling Tata Communications to accelerate and augment Tata Communications MOVE platform roadmap for global markets,” the company said in a stock exchange notice Monday.

Tokenization, today, is no longer a buzzword but a phenomenon that needs more comprehension. Over the years, on-chain tokenized securities have gained acceptance among the big shots of the finance sector that want to leverage it for newer investment opportunities.