Enterprise Financial News

Subscribe to enjoy similar stories. The Adani Group has put on fast-forward a $4-billion plan to expand its data centre business, according to two persons with direct knowledge of the matter. The objective is to capitalize on a surge in demand for data centre services from technology giants, and also give its power business a boost by capturing the immense power demand for these services.

Shares of Brigade Enterprises Ltd.(up 5.19 per cent), Phoenix Mills Ltd.(up 2.51 per cent) and Prestige Estates Projects Ltd.(up 2.34 per cent) ended the day as top gainers in the pack.

ChrysCapital is looking to create an investment platform as it closes in on at least two bakery-patisserie and dessert chains, Theobroma Foods and Belgian Waffle Co., at a combined valuation of around Rs 3,200-3,500 crore, said people aware of the development. It has a 60-day window to submit a binding offer for Theobroma and is aiming to finalise the terms of acquisition of Bloombay Enterprises, which owns and runs Belgian Waffle, for around Rs 1,000 crore in the next 30 days, said the people cited above. Bloombay is owned by husband-and-wife founders Shrey and Alisha Aggarwal and investor Marathon Edge Partners, which holds a 22% stake. Final Rounds of Diligence ChrysCapital, which is seeking to raise $2-2.2 billion for its tenth fund—its largest till date—is competing with EQT Partners for the Theobroma buyout and is in the final rounds of diligence. ChrysCapital returned over $7 billion from 80 exits and deployed $4.5 billion in over 100 investments.

Rudrabhishek Enterprises Limited (REPL), an integrated urban development and infrastructure consultancy firm, has received registration for Small and Medium Real Estate Investment Trusts (SM REITs) from the Securities and Exchange Board of India (SEBI). The approval was granted to ImpactR SM REIT, making it the second SM REIT in India to receive registration under the new regulations.

Sunteck Realty Ltd.(up 2.56 per cent), Brigade Enterprises Ltd.(up 0.86 per cent), Godrej Properties Ltd.(up 0.6 per cent) and Phoenix Mills Ltd.(up 0.11 per cent) were among the top gainers.

Subscribe to enjoy similar stories. MUMBAI : Whatfix, a business-to-business digital adoption platform, is on track to achieve profitability within the next six months as it prepares for a possible public listing in two years, its co-founder and chief executive Khadim Batti said on Wednesday. The company, which helps enterprises onboard and train employees through software solutions, aims to hit a $100 million revenue run rate over the next 12 months, Batti said.

credit delivery, the deputy governor of the Reserve Bank of India, Swaminathan J said on Wednesday. Speaking at a conference of Lead District Managers and District Development Managers in Hubballi, Karnataka, Swaminathan said that banks need to improve usage and quality of services to promote financial inclusion. “India has made significant strides in enhancing ‘access’ to banking and financial services, reaching even the most remote areas,” Swaminathan said. “However, there is stillconsiderable ground to cover in deepening financial inclusion. This requires greater focus on promoting ‘usage’ and improving the ‘quality’ of services.”

Rachel Wolfson has been covering the cryptocurrency, blockchain and Web3 sector since 2017. She has written for Forbes and Cointelegraph and is the host and founder of Web3 Deep Dive podcast.

Elon Musk, the CEO of Tesla and SpaceX, said in a post on X on Tuesday that his companies were looking for ways to invest in Argentina and support the South American nation. Argentina is the world's fourth-largest producer of lithium, a critical component of electric vehicle batteries. Musk has previously showed admiration for Argentine President Javier Milei's libertarian politics and his full-throated embrace of private enterprise. The billionaire hosted Milei at a Tesla factory in Austin, Texas, in April.

TraqCheck, an enterprise software startup, has raised an undisclosed amount in a funding round from Alok Oberoi, former head of Goldman Sachs’ international wealth management business; Aakash Anand, founder of Bellavita; and Caret Capital, an early-stage venture firm focused on startups in the mobility, distribution and employment sectors. The funds will be used for global expansion. ET had earlier reported that the startup aims to expand into global markets in the next two to four years. Founded in 2020 by Armaan Mehta, Jaibir Nihal Singh, and Rishabh Jain, the New Delhi-based company assists businesses in background verification using artificial intelligence.

Subscribe to enjoy similar stories. Shares of Amber Enterprises India Ltd hit a new lifetime high of ₹5,361 on Tuesday before ending the day 4% lower. The company is known for its contract manufacturing of consumer durable products, particularly air conditioners (AC).

Phoenix Mills Ltd.(up 1.89 per cent), DLF Ltd.(up 1.25 per cent) and Mahindra Lifespace Developers Ltd.(up 0.4 per cent) were among the top gainers.

Subscribe to enjoy similar stories. Breakout stocks to buy or sell: India's benchmark indices, Sensex and Nifty 50, extended their winning streak for a third straight session, hitting record highs on Monday, 23 September 23. Gains were driven by solid financial service performance, with additional support for realty and auto stocks.

Subscribe to enjoy similar stories. New Delhi: New York-based alternative investment firm Stonepeak has emerged as the fourth shortlisted bidder to submit a binding offer to buy O2 Power, a renewable energy platform in India. The deal, which may rank among the largest green energy transactions in the country, is expected to have an equity value of around $1 billion and an enterprise value around $2.3 billion, said two people aware of the development.

Subscribe to enjoy similar stories. The US Federal Reserve’s recent 0.5% rate cut marks the start of what could be a prolonged easing cycle, with projections pointing to another 0.5% cut in 2024 and an additional 1% in 2025. The Fed’s aim is to get ahead of potential labour market challenges and stabilise the US economy amid looming uncertainties.

Subscribe to enjoy similar stories. Unlike many experts who are still awaiting a killer app in the field of artificial intelligence (AI), Naveen Rao, vice-president of generative artificial intelligence (GenAI) at Databricks, says the world already has one -- it’s coding. "We're seeing a lot of developers actually latch onto this, especially younger developers.

deal wins are on the cards with the US Federal Reserve reducing interest rates. The country's key IT services providers globally signed at least 33 deals in July and August, data sourced by ET showed. Tata Consultancy Services alone has announced four deal wins including Ireland-headquartered fashion retailer Primark, Rolls-Royce, Sydney Marathon, and most recently McDonald's Philippines in the first two months of the second quarter. Its closest rival Infosys-which signed the second highest number (three) of deals in July after Cognizant-has closed agreements with Sector Alarm, Delaware Department of Labor, TDC Net, ServiceNow, Metro Bank, and Finnish Postal service provider Posti group.

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Adani Energy Solutions Ltd, power transmission utility of the Adani group, is valued at USD 18.5 billion at enterprise level and a strong business growth is likely to propel a 29 per cent compounded growth in its pre-tax profits over the next three years, a report said. AESL has a diversified portfolio that includes transmission assets, distribution assets, and a smart metering business. «With an enterprise value of USD 18.5 billion, we believe AESL to be a very attractive way to play the rapidly expanding energy markets in India,» global brokerage Cantor Fitzgerald said, initiating coverage of the company. It believes AESL offers growth unlike any other publicly traded utility/energy company across US, Europe, or Asia. «We forecast total revenue to grow at a CAGR of 20 per cent from FY24 to FY27 and adjusted EBITDA to grow at a CAGR of 28.8 per cent.»

India or engaging people to promote, operate and grow their businesses from the Indian market will have to pay tax attributable to such setups even if these MNCs report losses in their global balance-sheets. This was laid down by a three-judge bench of the Delhi High Court in a ruling which would impact several MNCs using liaison office, subsidiary, or a fixed place like a hotel room — arrangements which are considered as 'permanent establishment' or PEs in tax parlance — to meet customers, negotiate prices, and market products and services. The ruling, pronounced on September 19, was in response to a petition by the UAE-based Hyatt International Southwest Asia which had a fixed place or PE in India at the premises of Hyatt Regency hotel in Delhi.

Rakesh Jhunjhunwala’s Rare Enterprises senior partner and chief executive Utpal Sheth purchased a sea-view luxury apartment in a super-premium residential tower in Mumbai’s plush Worli locality for more than Rs 123 crore. Sheth was considered the late billionaire investor Jhunjhunwala's right hand man for almost two decades and is also a cofounder of multi-line and multi-asset financial services platform Trust Group. The apartment, spread over 15,795 sq ft of usable area in Oberoi Three Sixty West on Dr Annie Besant Road, is on the 54th floor of one of the wings of the tower. Sheth purchased the apartment jointly with two more family members.