Enterprise Financial News

Piramal Enterprises Ltd and Bain Capital Credit surrendered the licence for their asset reconstruction company (ARC), India Resurgence Asset Reconstruction Company, to the Reserve Bank of India, a development that shows growing challenges in the distressed assets market, said people aware of the development. Launched in 2018, the fund had invested in stressed assets using a mix of debt and equity. Regulatory hurdles, including restrictions on equity sales and difficulties in providing exits to equity investors, have now made the business of ARCs less attractive.

Nilesh Jain of Centrum Broking says there could be possibility of some selling pressure if at all we see any pullback, reason being F&O gives you a good opportunity to short the stock so that may have some negative impact, but I see more or less from a broader perspective that is a positive move and if at all we see inclusion of these stocks that will certainly have more addition in term of the numbers, so that is certainly a positive from our long-term point of view.

Subscribe to enjoy similar stories. Small businesses are ramping up adoption of managed cybersecurity services to take on an increasing volume of cyber threats, with security providers using artificial intelligence (AI) to reduce the cost of their services.

Subscribe to enjoy similar stories. New Delhi: A mind-boggling 600 million cyber attacks are conducted daily, and artificial intelligence (AI) can play a critical role in securing billions of electronic devices by assessing attack patterns and developing autonomous defences over time, a top Microsoft official said.

Murugappa Group has signed a deal to acquire German specialty chemicals firm Hubergroup for an enterprise value of $310 million, a move that will help it expand in the global print and packaging sector. The acquisition was finalised this week and will see Murugappa, along with investment firm Avenue Capital Group, take full ownership of Hubergroup from Cornelius Treuhand Holding, pending regulatory approval. The transaction includes $160 million to refinance Hubergroup's debt and a $150-million equity infusion from Murugappa besides working capital, according to sources familiar with the matter.

IRB Infrastructure Trust has made a non biding offer to IRB InvIT Fund to transfer five toll assets having an enterprise value of Rs 15,000 crore as of September 2024, according to an exchange filing on Thursday. In a statement, IRB said it plans to re-invest the proceeds raised from the deal in upcoming opportunities in the infrastructure sector. IRB Infrastructure Trust is IRB Infrastructure and Developers' private InvIT (infrastructure investment trust) with 51 per cent stakeholding, while IRB InvIT Fund is a publicly listed InvIT platform in which the infrastructure player has a 15 per cent share. «IRB Infrastructure Trust, an associate, has announced a non-binding offer to transfer five matured highway assets to the IRB InvIT Fund,» IRB Infrastructure Developers Ltd (IRB) said in a statement.

LISBON, Portugal — It's a tough time for the venture capital industry right now as a dearth of blockbuster initial public offerings and M&A activity has sucked liquidity from the market, while buzzy artificial intelligence startups dominate attention.

Indosat Ooredoo Hutchison and its biggest tech company GoTo Gojek Tokopedia launched on Thursday the development of Sahabat-AI, a large language model ecosystem in Indonesian languages. Sahabat-AI would enable Indonesians to build artificial intelligence-based services and applications in Bahasa Indonesia and various other local languages, with the understanding of local context, the companies said in a joint statement. It is supported by AI Singapore and India's Tech Mahindra, which used Nvidia AI Enterprise software including Nvidia NeMo to train the model and enhance its general language understanding, according to the statement. Several universities and media groups will contribute to optimise it for local context and cultural relevance, it added.

Bajaj Hindusthan Sugar Ltd.(up 3.25%), Kothari Sugars & Chemicals Ltd.(up 2.45%), DCM Shriram Industries Ltd.(up 2.15%), Triveni Engineering & Industries Ltd.(up 2.10%), EID Parry(India)Ltd.(up 2.04%), Mawana Sugars Ltd.(up 1.96%), Rana Sugars Ltd.(up 1.85%), Dalmia Bharat Sugar and Industries Ltd.(up 1.59%), Vishwaraj Sugar Industries Ltd.(up 1.51%) and Rajshree Sugars & Chemicals Ltd.(up 1.50%) were among the top gainers.

Subscribe to enjoy similar stories. New Delhi: Highway developer Ceigall India Ltd is planning to sell its five road projects under the hybridannuity model (HAM) in a deal having an enterprise value of $540 million, two people aware of the development said. Out of the five, work has started on two, while the other three are awaiting clearances.

earnings season is underway and as many as 1203 companies will announce their quarterly numbers for the July-September 2024 period today. Key results to watch out for include that of HAL, Grasim, Hero MotoCorp, Honasa Consumer and Delhivery. Apart from the above, Akar Auto Industries, ABC India, Ace Engitech, Acme Resources, ADS Diagnostic, Aimco Pesticides, Ajanta Soya, Bajaj Healthcare, Bharat Forge, Coffee Day Enterprises, Deep Polymers, Delta Industrial Resources, Dalmia Industrial Development, Flora Corporation, Generic Engineering Construction, Glittek Granites, Hindustan Urban Infrastructure, Jaypee Infratech, Lemon Tree Hotels and a few others will also announce their quarterly results.

venture capital firm, has made the final close of its Pavestone Technology Fund, securing a total corpus of Rs 816 crore. The firm, which initially targeted raising Rs 600 crore, raised the corpus twice through the green shoe option, eventually revising it to Rs 900 crore. Through this fund, Pavestone plans to invest in 14-15 early growth-stage business-to-business (B2B) technology companies with an average cheque size of $5-10 million.

Burman family to acquire Religare Broking, the broking arm of the holding company Religare Enterprises (REL). The move is a part of the open offer for REL launched by entities controlled by the Burman Family and comes after a nod from the competition regulator and the insurance watchdog.

Trump’s return to the White House, chief economic adviser (CEA) V Anantha Nageswaran said on Wednesday, cautioning against any “kneejerk reaction” to the current bout of stock market volatility. The CEA was in conversation with economist Prachi Mishra at the ET India Ascends event. While capital has flooded into the US markets over the past week in the aftermath of Trump’s victory, “I'm not entirely sure that this will sustain over a very long term,” he said. “Because even before this election happened, US stocks were somewhat elevated in valuation, etc., and the Federal Reserve is cutting interest rates. So I think we can give some time for the financial markets to take a breath….”

Tata Consultancy Services (TCS) employee, exemplifies the entrepreneurial spirit that turns dreams into reality. Today, with a net worth of approximately Rs 13,501 crore (around $1.6 billion USD), Desai’s story is both inspiring and instructional for aspiring entrepreneurs.

earnings season is underway and as many as 540 companies will announce their quarterly numbers for the July-September 2024 period today. Key results to watch out for include that of Vodafone Idea, Eicher Motors and GRSE. Apart from the above, Optiemus Infracom, Panacea Biotech, Pasupati Fincap, MRO-Tek Realty, MPDL, Monind, Kaveri Seed Company, Jagatjit Industries, Gita Renewable Energy, Emerald Leisures, Arkade Developers, Aayush Wellness, Brigade Enterprises, Crane Infrastructure and a few others will announce their quarterly results.

Indian Railways has utilised 61% of its budgeted allocation — till October-end — through a ₹1.63 lakh crore capital expenditure (capex) for the current fiscal. According to officials aware of the development, earnings of the national transporter were at an upswing with ₹1.02 lakh crore earnings from freight and ₹46,374.5 crore from passengers during the months under review. «Total revenue stood 6.1% higher at ₹1.49 lakh crore this fiscal,» a senior official told ET. For the full fiscal, the Railways has earmarked ₹2.65 lakh crore as capex. It also expects to rake in ₹80,000 crore from passengers, and ₹1.80 lakh crore as freight revenue.

Among the key beneficiaries are companies tied to law enforcement, private prisons, and the cryptocurrency sector.

Religare Enterprises on Tuesday reported a 70 per cent jump in consolidated net profit to Rs 68.49 crore for the second quarter ended September 2024. The financial services firm had a consolidated net profit of Rs 40.35 crore in the July-September quarter of 2023-24. Its total revenue stood at Rs 1,971 crore during the second quarter of the current fiscal year, up from Rs 1,586 crore in the corresponding period of the last year.

Vardis J

Shares of Macrotech Developers Ltd.(up 4.51 per cent), Phoenix Mills Ltd.(up 2.1 per cent) and Brigade Enterprises Ltd.(up 1.87 per cent) ended the day as top gainers in the pack.