Enterprise Financial News

The NSE Nifty index ended the session 8.96 points down at 24610.05, while BSE Sensex 1.59 points to 81510.05.

The NSE Nifty index closed 8.96 points down at 24610.05, while BSE Sensex ended 1.59 points at 81510.05.

MOIL Ltd.(up 3.59%), Ashapura Minechem Ltd.(up 1.60%), Gujarat Mineral Development Corporation Ltd.(up 1.23%), Aro Granite Industries Ltd.(up 1.22%), NMDC Ltd.(up 1.02%) and Coal India Ltd.(up 0.02%) stood among the top gainers.

Sanjay Malhotra from the Ministry of Finance in New Delhi to the Reserve Bank of India in Mumbai has left a key position vacant, just seven weeks before Finance Minister Nirmala Sitharaman is set to present the Union Budget. This development poses a unique challenge as the government has yet to announce Malhotra's successor for a role that demands extensive expertise in both direct and indirect taxation. Historically, the government has refrained from extending terms of finance officials even in the crucial lead-up to the budget. The vacancy now highlights the delicate balance required to ensure seamless coordination within the finance ministry, which comprises six departments—Revenue, Expenditure, Economic Affairs, Financial Services, DIPAM, and Public Enterprises. Of these, Revenue, Expenditure, and Economic Affairs play critical roles in shaping the Union Budget. This year's scenario is further complicated by recent changes in leadership. DIPAM Secretary Tuhin Kanta Pandey, now serving as the Finance Secretary due to his seniority, is juggling multiple responsibilities, including overseeing the Department of Public Enterprises and the Department of Personnel. For Expenditure Secretary Manoj Govil and Financial Services Secretary M. Nagaraju, the upcoming budget will be their first experience in such a high-stakes exercise.

Bajaj Consumer Care Ltd.(up 10.15%), Hatsun Agro Products Ltd.(up 7.58%), Emami Ltd.(up 3.21%), Hindustan Foods Ltd.(up 2.82%), Bikaji Foods International Ltd.(up 2.58%), Zydus Wellness Ltd.(up 2.44%), Tasty Bite Eatables Ltd.(up 1.80%), Euro India Fresh Foods Ltd.(up 1.72%), Colgate-Palmolive(India)Ltd.(up 1.61%) and Gillette India Ltd.(up 1.44%) stood among the top gainers.

Poonawalla Fincorp, a Cyrus Poonawalla Group-promoted non-banking finance company, has announced the appointment of Salil Hajarnis as chief technology officer (CTO), said a statement issued today. His appointment was approved by the board of directors on September 11, 2024, and will take effect on December 10, 2024. He will lead the company's technology strategy, focusing on digital transformation and AI-driven customer solutions. With over two decades of experience in technology leadership, he has worked in roles spanning enterprise architecture, software engineering, and AI integration. At Fiserv, as head of technology for India, he led major initiatives including AI and API-enabled solutions, real-time integrations, and platform modernisation across key markets in India, ASEAN, and Australia.

Subscribe to enjoy similar stories. From sandalwood to the smell of the first rain, niche home and personal care companies are looking to fill a gap in the mass-premium segment of the fragrances market as consumers across age groups experiment and spend on high-quality Indian products, typically in the ₹1,000-2,000 range. Isak Fragrances, a Lucknow-based company, is expanding its product range across sizes and price points to offer Indian consumers a local perfumery alternative, its sixth-generation entrepreneur-founder Vidushi Vijayvergiya said.

First was the presence of legendary designer — famous for his stiletto footwear with its signature red-lacquered soles — Christian Louboutin at the annual Hornbill Festival in Nagaland. Louboutin, on his second visit to the state, had already earlier shared his discovery of 'exceptional savoir-faire and great artisans in Nagaland'. As a guest this time, he investigated Naga fabrics and patterns, and Nagaland's potential for providing high-end couture creations for a global clientele. On a similar note of highlighting an underrated aspect of northeastern enterprise, at last week's Ashtalakshmi Mahotsav in New Delhi, which showcases the region's textile, artisanal and geographical indication products, Union communications minister Jyotiraditya Scindia and MoS for education Sukanta Majumdar — also Scindia's colleague in the northeastern region development ministry — walked the ramp in off-white regional 'designer' jackets with scarf and cravat.

Subscribe to enjoy similar stories. Indus Towers Ltd is set to get some relief from Vodafone Plc’s announcement that it will sell its stake of 3% in the company. Out of the estimated proceeds worth ₹2,800 crore, an amount of ₹1,900 crore would be used to repay Vodafone Idea Ltd’s (Vi) past dues to Indus, which stood at ₹3,500 crore in September.

DLF Ltd.(up 1.43 per cent), Sobha Ltd.(up 0.79 per cent), Oberoi Realty Ltd.(up 0.52 per cent), Godrej Properties Ltd.(up 0.38 per cent) and Prestige Estates Projects Ltd.(up 0.33 per cent) were among the top gainers.

Ceat’s acquisition of Michelin's off highway tyre (OHT) brand Camso will help the RPG Group company boost margins by raising the share of these more-profitable tyres in the overall mix to 25-30% from the current 15%, Anant Goenka, vice chairman, RPG Enterprises told ET. Ceat signed a definitive agreement with the French tyre maker for acquiring the Camso brand for $225 million, the company said in a statement on Friday. OHT includes agriculture tyres, harvester tyres, power sports tracks and material handling tyres. “The acquisition will be margin accretive for us. The margins of this business are higher than the CEAT margins,” said Goenka. The entire category (OHT) margins are fairly high—at 15-20% compared to 12% for regular tyres, especially those that are operating or have the manufacturing in South Asia, he said.

RBI) will have to infuse more liquidity into the banking system through additional measures as the expected impact of the 50-basis-point cash reserve ratio (CRR) cut announced Friday will likely wane within a few months, economists said. The central bank will likely use other liquidity instruments, like open market operations (purchases), foreign exchange swaps, and long-term variable rate repo auctions (VRR), they said. The RBI in its policy statement on Friday said that it will continue to be 'nimble and proactive' in its liquidity management operations to ensure that money market interest rates evolve in an orderly manner. Speaking to the media soon after announcing the policy, Governor Shaktikanta Das declined to give more details on the likely liquidity operations by the RBI.

Nirmala Sitharaman chaired another pre-Budget meeting, this time with the stakeholders from Micro, Small and Medium Enterprises, to gather their inputs and suggestions for the upcoming Budget for 2025-26. The meeting was also attended by Union Minister of State for Finance Pankaj Chaudhary; Finance Secretary; DIPAM Secretary; Department of Economic Affairs Secretary; Chief Economic Adviser; among others. Members from Association of Women Entrepreneurs of Karnataka (AWAKE); Karnataka SC and ST Entrepreneurs Association; Plant-Based Food Industry Association (PBFIA); Ambala Scientific Instruments Manufacturers Association (ASIMA); Rajasthan Footwear Manufacturers Association; The All-India Plastics Manufacturers Association; All India Manufacturers Association; Gujarat Chamber of Small Industries Association; Federation of Associations of Cottage and Small Industries (Based in West Bengal); Federation of Andhra Pradesh Small and Medium Association; and Laghu Udyog Bharati were among the participants at the meeting.

Quant Small Cap Fund, the largest fund managed by Quant Mutual Fund, added 10 stocks to its portfolio in November. Of these 10, five were PSU stocks including SBI, HUDCO, Mazagon Dock Shipbuilders, MOIL, and ONGC. Apart from these five PSU stocks, the smallcap fund added Cochin Shipyard, Welspun Corp, Welspun Enterprise, Om Infra, and Punjab Alkalies and Chemicals. Also Read | Explainer: What are different types of SIPs available for mutual fund investors and who should use them

food processing sector received foreign direct investment (FDI) of USD 368.37 million till September of the current fiscal year, Parliament was informed on Thursday. Minister of State for Food Processing Industries Ravneet Singh Bittu in a written reply to the Lok Sabha said, Ireland invested USD 83.84 million, Singapore USD 48.45 million, Mauritius USD 41.65 million, the United States USD 38.60 million, Australia USD 20.18 million, and Mexico USD 9.59 million in April-September FY25. In FY24, FDI in food processing was USD 608.31 million.

On the BSE, Ganga Pharmaceutical(down 11.11 per cent), Navoday Enterprises(down 10.46 per cent), Ashiana Ispat(down 10.41 per cent), KK Shah Hospitals(down 10.02 per cent) and IO System Ltd(down 9.99 per cent) stood among the top losers in today's trade.

Subscribe to enjoy similar stories. The 19 amendments to banking laws that were passed by the Lok Sabha on Tuesday remove various niggles in extant provisions, straighten out some others and make life easier for bank customers, especially a tweak that allows four nominees per account. Under the present system of a single nominee, couples tend to nominate each other; should they both pass away together, say, in a road accident, their heirs would have a tough time accessing their inheritance.

The NSE Nifty index traded 79.8 points up at 24536.95, while BSE Sensex was 301.66 points at 81147.41 as of 10:44AM(IST)on December 04.

HDFC Bank, Hero MotoCorp, Reliance Industries, Manappuram Finance, Muthoot Finance, Brigade Enterprises, Canara Bank and Greaves Cotton among others planning listings, with more to follow, bankers said. Subsidiary public issues enable independent capital raising, benchmark readiness and cash generation for parents via offers for sale, aiding deleveraging, capital expenditure or dividend payouts. Investors gain access to focused, growth-driven, pure-play businesses, according to bankers.

Healthcare Global Enterprises Ltd (HCG), the country’s largest speciality cancer care hospital chain, from another private equity firm CVC Capital Partners, said people aware of the matter. The development comes less than six months after KKR made a return to the Indian hospital sector, after a gap of two years The private equity firms are aiming to sign binding documents this month, latest early January. Trumping a rival bid by Bain Capital, KKR entered into an exclusivity pact in late October with CVC for bilateral negotiations to acquire CVC’s 60.36% stake at a price of Rs 425-450 per share. This is at a 10-15% discount to the Rs 509.85 of Tuesday closing price, which translates into a market value of Rs 7,106.63 crore. But the stock has surged 43% in the last six months on the back of a strong financial performance and expectations of a sale. In the past month alone, HCG shares have risen 14%.

GMR Infra Enterprises by a trust linked to the Abu Dhabi Investment Authority (ADIA). In a statement, the regulator said Platinum Stone A 2014 Trust (acting through its trustee Platinum Rock B 2014 RSC) had proposed to subscribe to unlisted and unrated optionally convertible debentures (OCDs) of GMR Infra Enterprises. GMR Group had in October said it had secured Rs 6,300 crore debt funding from ADIA and that the proceeds will be utilised for refinancing loans of GMR Enterprises, the promoter of GMR Airports.