Enterprise Financial News

Subscribe to enjoy similar stories. Generative artificial intelligence (GenAI) has introduced enticing possibilities globally. This topic has overwhelmed global parleys since ChatGPT was introduced about two years ago.

Subscribe to enjoy similar stories. A major explanation for India’s manufacturing sector remaining stagnant despite policy efforts to stimulate its growth lies in the changing traits of industrialization, with India being a latecomer only making it more challenging. In China and the US, industrialization and urbanization took place together.

Piramal Capital and Housing Finance Ltd (PCHFL) has sold an entire standalone office tower Napha Building with eight upper floors and three podiums in Kalina locality of Mumbai’s western suburb Santacruz to Shoquba Realty for Rs 187 crore. The property, originally owned by Dewan Housing Finance Corporation Limited (DHFL), includes a built-up area of 77,079 square feet. The property situated in the commercial hub of South Salsette comprises two basements and a stilt area in addition to three podiums and eight floors. The transaction was finalized on September 27, 2024, through a deed of transfer, showed the documents accessed through real estate data analytics firm Propstack. The buyer has paid stamp duty worth Rs 11.22 crore for the registration of this deal.

Piramal Capital and Housing Finance on Friday said it has raised USD 150 million through a global bond sale. The bonds will be issued at a yield of 7.078 per cent and will have to be repaid in 3.32 years, according to a company statement. The company, a wholly-owned subsidiary of Piramal Enterprises, had raised USD 300 million from a sustainability bond issuance in July this year.

Subscribe to enjoy similar stories. MUMBAI : There's a real buzz on the Street about nuclear power as investors are beginning to look beyond renewables for carbon-free energy sources. In the US, Microsoft Corp.

Harsh Goenka was quick to weigh in on Zerodha CEO Nithin Kamath’s recent remarks about why Indians seem to dislike wealthy individuals. During an event in Bangalore, Kamath had responded to this question. Goenka, the billionaire chairman of RPG Enterprises, offered his perspective, stating that Indians do, in fact, celebrate “good billionaires” like Ratan Tata, Azim Premji, and Anand Mahindra. These figures, Goenka emphasized, are admired for their humility, philanthropy, and the values they represent. Goenka further elaborated that the issue isn’t wealth itself but how it is used. Those who flaunt their riches, engage in corruption, or prioritize personal gain over societal good are the ones who face public resentment, he said. According to him, wealth should be seen as a tool for positive societal impact, and those who use it for good are celebrated, while others are disliked for their ostentatious displays and unethical practices.

Subscribe to enjoy similar stories. Mumbai: Piramal Capital & Housing Finance Ltd (PCHFL) is expecting challenging times for non-banking finance companies (NBFCs) as bad loans build up in small ticket and microfinance loans, said Jairam Sridharan, managing director. In an interview with Mint, Sridharan said that the NBFC remains cautious about asset quality deterioration.

investors such as Thrive Capital and Tiger Global invest $6.6 billion in OpenAI, the ChatGPT-maker sought a commitment beyond just capital — they also wanted investors to refrain from funding five companies they perceive as close competitors, sources told Reuters. The list of companies includes rivals developing large language models such as Anthropic and Elon Musk's xAI. OpenAI's co-founder Ilya Sutskever's new company, Safe Superintelligence (SSI), is also on the list. These companies are racing against OpenAI to build large language models, which requires billions in funding. Two AI applications firms, including AI search startup Perplexity and enterprise search firm Glean, were also named in OpenAI's conversation with investors, suggesting OpenAI plans to sell more of its tools to enterprises and end users as it makes ambitious revenue growth projection to $11.6 billion in 2025 from $3.7 billion this year. OpenAI, Perplexity and SSI declined to comment. Anthropic and Glean did not immediately respond. XAI could not be reached for a comment.

Adani Enterprises has merged two step-down subsidiaries with Adani New Industries Ltd (ANIL). "Adani Infrastructure Private Limited and Mundra Solar Technology Limited stands amalgamated with Adani New Industries Limited, a wholly-owned subsidiary of the company," the Adani Group flagship said in a regulatory filing on Wednesday.The company did not give a reason for the merger. Adani Infrastructure is a real estate company undertaking construction and development of thermal and solar power projects besides providing EPC (engineering, procurement, and construction) services. Mundra Solar is involved in the production, collection, and distribution of electricity.

Coal India Ltd is exploring options to monetise its four old washeries by leasing out those assets and plans to bundle lease contracts with long-term coal supply agreements. The move aims at optimising asset utilisation. «We are exploring the monetization of four old washeries,» Coal India Ltd (CIL) said in a report. The company which accounts for over 80 per cent of domestic coal output is diversifying its portfolio by setting up a non-coking coal washery at Ib Valley, Lakhanpur in Mahanadi Coalfields Ltd (MCL) — one of the subsidiaries of CIL.

Adani Enterprises is likely to raise up to $2 billion through a qualified institutional placement (QIP) by the middle of next week, sources aware of the development said. Meanwhile, the Adani Group along with Wilmar will also launch the sale of around a 13% stake in Adani Wilmar by the end of this month or early in November, to cut down the promoter stake in the company to comply with listing regulations, sources said.

Gautam Adani’s flagship firm plans to roll out its share sale as early as next week, according to people familiar, marking its return to public equity markets after a scathing short-seller report in 2023 derailed a previous plan. Adani Enterprises Ltd. is looking to raise about $1.3 billion through a so-called qualified institutional placement and is expected to start the process as early as the week starting Oct. 7, said the people aware of the discussions, who asked not to be identified as the information is not public yet.

Shares of Godrej Properties Ltd.(up 2.9 per cent), DLF Ltd.(up 2.08 per cent), Brigade Enterprises Ltd.(up 1.0 per cent) and Sunteck Realty Ltd.(up 0.38 per cent) ended the day as top gainers in the pack.

The NSE Nifty index ended the session 13.95 points down at 25796.9, while BSE Sensex fell 33.49 points to 84266.29.

SME segment is responsible for nearly one-third of the country’s manufacturing output. With advancement in technology, more and more small businesses are adapting to the latest technology, including AI. The Indian mid-market businesses are prioritising the implementation of generative artificial intelligence (Gen AI) at a moderate or strong priority at 96%, ahead of the rest of the world at 91%, says Rajeev Singh, Vice President & Head of Mid-Markets, SAP Indian Subcontinent, citing a SAP survey released in September. Singh also believes there is an immense potential in the segment in terms of technology adoption. In an interaction with ET Digital, Singh says that many SMEs are still evaluating how they can make business outcomes out of AI. Edited excerpts:

Care Health Insurance on Monday decided to retain Rashmi Saluja as chairperson of the board despite demand for removal by Burman family-controlled companies. The Burman family is a major shareholder of Religare Enterprises, the holding company of Care Health Insurance. The directors of Care Health Insurance Limited (CARE) reviewed the communication dated September 27, 2024, received from the proposed acquirers of Religare Enterprises Limited (REL), demanding the removal of Rashmi Saluja from the Board of Directors, the health insurance said in a statement. «In light of a legal opinion received by CARE, the Directors agreed that there exists no cause for removal of Rashmi Saluja and a suitable response is being sent to the proposed acquirers accordingly,» it added.

Kuala Lumpur, 30 September 2024 — ETHKL, Malaysia’s premier Ethereum and blockchain community-building initiative, is excited to announce ETHKL 2024, set to take place from October 4-6 at the Kuala Lumpur Convention Centre. The event will unite a diverse mix of regulators, government representatives, Web3 startups, international and local enterprises, and blockchain enthusiasts to explore the future of blockchain in Malaysia and strengthen the country’s role as a global Web3 player.

Internet Exchange Points (IXPs) and peering networks are set to surge in India amid the data centre boom to support increasing IT workloads and strong data consumption by mobile users. IXPs, typically, are physical locations where different networks connect to exchange internet traffic via common switching infrastructure. They are responsible for interconnecting internet service providers (ISPs), content delivery networks (CDNs) such as Cloudfare, Akamai, over-the-top (OTT) players such as Netflix, Amazon Prime, DNS root servers, national and international telco networks and even social media networks like Instagram. As per the Internet Society, India ranks number 2 in Asia on the IXP count metric. But it lags in penetration terms compared to Finland, Singapore, Australia and the UK. For instance, Finland and Singapore have 12.5 and 22 IXPs per 10 million people, respectively, whereas India has only 0.23 IXPs per 10 million people, according to Extreme Infocom.

Subscribe to enjoy similar stories. The Burman family, the largest shareholder in Religare Enterprises Ltd, has called for removing its chairperson Rashmi Saluja from the board of subsidiary Care Health Insurance Ltd, ahead of the insurer's annual shareholders' meeting on Monday. In a 27 September letter to the board of Care Health citing the insurer's Articles of Association, the Burman family wrote that a recent Enforcement Directorate (ED) investigation against Saluja makes her unsuitable for the post of director.

Medium Enterprises (MSME) Development Act needs to be amended to protect such entities and settle disputes between buyers and sellers through an online dispute system, MSME secretary SCL Das said Saturday. Banks, while lending to such businesses, should also look at factors like cash flow and digital footprint besides balance sheet, he advised. «We need to amend the MSMED Act to make the legal mechanism for protecting MSMEs more effective, especially for settling disputes between buyers and sellers through an online dispute system,» Das said at an event organised by the Federation of Indian Micro and Small & Medium Enterprises.

REC Ltd on Saturday said it has raised USD 500 million through green dollar bonds to support various renewable energy projects. The 5-year note has a coupon rate of 4.75 per cent per annum to be paid semi-annually and the maturity date of September 27, 2029. This is the first US dollar bond issuance from an Indian public sector enterprise in 2024, REC said in a statement. The latest fund raise was part of USD 10 billion global medium-term programme of the company. The proceeds will be used to finance eligible green projects, in accordance with REC's Green Finance Framework as per green bond principles of Climate Bond Initiative, London and RBI's ECB guidelines, with a second-party opinion from Sustainable Fitch, it said.