Enterprise Financial News

GQG Partners has ramped up its shareholding in two Adani group companies to more than 5 per cent in signs of its confidence in the group despite the damning report of a US short seller. On June 28, GQG bought USD 1 billion (Rs 8,265 crore) worth of additional stakes in the group's flagship Adani Enterprises Ltd and renewable energy firm Adani Green Energy Ltd.

HDFC Chairman Deepak Parekh, who has announced his retirement, is one of those who are penny wise — as well as pound wise. When Parekh was doing his articleship in London after studying accountancy, he planned to celebrate his 21st birthday with three friends. He prepared the budget for the party: two shillings and six pence for each of the three guests. Shilling was a British coin one-twentieth of a pound which was discontinued in 1971. A shilling had 12 pence. In today's rupee terms, it translates to nearly 12.5 rupees for each. He told them that they could have whatever they wanted within that budget. But when drinks started flowing, Parekh's meticulous budget all went awry. He ended up with a 'grand' bill of 13 shillings. His friends had to shell out the difference, and, till date, they hold him to ransom for that party. That value of frugality and that strict measure of money stayed forever with Parekh. Unlike his birthday party budget, his home mortgage business, which he joined nearly a decade later, never went awry. At 78, when he is retiring from HDFC, it is merging with its arm HDFC Bank, turning into a Rs 1,600 crore financial behemoth, the second biggest company by market cap in India after Reliance Industries and the fourth biggest bank in the world.

Adani Enterprises, Mphasis, Biocon, Ashok Leyland, and Axis Bank will trade ex-dividend, while Kansai Nerolac Paints and Aptech will trade ex-bonus this week. The ex-dividend date is when the price of the equity shares of a company gets adjusted for the dividend payout.

Bitcoin registered a second straight quarterly gain, tightening its grip on crypto markets as smaller tokens nurse losses. The largest digital asset rose 7% in April through June, aided by optimism about increasing demand if BlackRock Inc., Fidelity Investments and others succeed in their efforts to start spot Bitcoin exchange-traded funds in the US. In contrast, smaller tokens have been weighed down by the US Securities and Exchange Commission’s growing list of coins viewed as unregistered securities, a designation that can make those assets harder to trade. Bitcoin doesn’t face a similar overhang because American officials view it as a commodity. An index comprising the bottom half of the top 100 tokens by market value dropped 25% this quarter. The divergence between Bitcoin’s performance over the period and the latter gauge was the widest since the last three months of 2020. That’s even with an end-of-quarterly rally in tokens such as Bitcoin Cash and Litecoin.

India’s merchandise exports have undergone a major shift in recent years. The change has been rather silent except for the occasional buzz about export of iPhones. But it is not just about Apple’s flagship product. India’s share in the global export of machinery, phones, automobiles and petroleum has grown significantly between 2015 and 2022. Meanwhile, there has been a marked decline in India’s share in its traditional export items such as gems and jewellery, apparel, meat and leather articles. Exports of textiles, clothing and made-ups, for instance, fell by about 17% y-o-y in FY2023. Is this change temporary or will this be a permanent feature of our trade order? An analysis of the data by Delhi-based trade think tank Global Trade Research Initiative (GTRI) shows India’s exports in the category called electronics, telecom, mobile phone etc., jumped from $7.9 bn in 2015 to $26.6 bn in 2022 — from 0.41% share of world market to 0.71%, a 73% rise. In machinery, India’s global market share rose from 0.75% to 1.05%, a growth of 40%. The analysis for the same period lists other performing sectors such as petroleum (share in global trade went up from 1.87% in 2015 to 2.45% in 2022) and automobile and its components (from 1.11% to 1.32%). All figures pertain to calendar year.

Sebi has penalised Cyquator Media Services, a promoter entity of ZEE Entertainment Enterprises Ltd (ZEEL), for certain disclosure lapses. A fine of Rs 4 lakh has been imposed on Cyquator for failing to make adequate disclosures regarding certain trades in shares of ZEEL.

MSME sector, which contributes to 30% of India’s GDP and nearly 50% of India’s exports. As India aims to become a $5 trillion economy by 2026, it has never been more critical than now to expand support to the MSME sector, and particularly provide differentiated support for the micro-MSMEs.Institute new classification Micro-MSMEs are categorised as having less than Rs. 5 crores in turnover, however, over half of micro-MSMEs have less than Rs.

Adani Transmission through open market transactions to raise about ₹2,666 crore. US-headquartered investment firm GQG Partners — which had bought about $1-billion shares of two other Adani firms on Wednesday — purchased the entire lot, market participants said. According to NSE bulk deals data, Fortitude Trade and Investment, a promoter of Adani Transmission, sold 33.9 million shares, or a 3.04% stake, in the company for ₹2,666.47 crore at ₹786.19 apiece.

Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a significant milestone for its Singapore subsidiary, Ripple Markets APAC Pte Ltd. The company has obtained in-principle approval for the Major Payments Institution License application from the Monetary Authority of Singapore (<dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>MAS). This approval will enable Ripple to offer regulated digital payment token products and services within Singapore, while also expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.

Financeit Canada Inc. is expanding its share of the Canadian home improvement financing market by acquiring rival Simply Group Financial.

Compass Datacenters will be acquired by a consortium run by Brookfield Infrastructure Partners L.P. and existing shareholder Ontario Teachers’ Pension Plan.

The NSE Nifty index ended the session 216.95 points up at 19189.05, while BSE Sensex rose 803.14 points to 64718.56. In the Nifty index, Mahindra & Mahindra Ltd.(up 4.20 per cent), Infosys Ltd.(up 3.26 per cent), IndusInd Bank Ltd.(up 3.04 per cent), Sun Pharmaceutical Industries Ltd.(up 2.92 per cent) and Hero MotoCorp Ltd.(up 2.88 per cent) stood among the top gainers.

On the BSE, Tarini International(down 13.96 per cent), Wagend Infra(down 11.27 per cent), Enterprise Intnl(down 9.97 per cent), Nalin Lease Fin(down 9.71 per cent) and Sun Tech Over(down 9.57 per cent) stood among the top losers in today's trade. In the Nifty pack, 41 stocks closed in the green, while 9 stocks ended in the red.

Avanta India, India’s leading co-working space provider, is on an expansion spree. It has acquired a new space spread across a 10,000 sq. ft area at its Nehru Place premises due to an increase in demand.

French hardware wallet maker Ledger has ventured into the institutional trading technology market with the launch of the custodial trading platform Ledger Enterprise TRADELINK.

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The U.S. government has established a new task force for targeting crypto crime consisting of five investigators from different federal agencies.

Ukraine’s State Bureau of Investigation says it has uncovered an illegal crypto mining farm in a state-owned enterprise in the Western region of Lviv.

Singapore-based Enjin, a pioneer in the blockchain ecosystem for Non-Fungible Tokens (NFTs) and digital assets, has launched the Enjin Blockchain. The innovative new blockchain, dedicated to NFTs, is built on the open-source Substrate framework, distinguishing it from others by integrating NFT-related transactions directly into its foundational code, rather than relying on smart contracts.

AMSTERDAM, Netherlands — At last year's Money 20/20 — Europe's marquee event for the financial technology industry — investors and industry insiders were abuzz with talk about embedded finance, open banking, and banking-as-a-service.