Enterprise Financial News

Adani Green Energy, the renewables arm of the Adani Group, plans to redeem $750 million in bonds due on September 9, which has led yields to drop 60 basis points to 6.22%. The redemption will be financed through a mix of internal accruals, a $300 million infusion from strategic partner Total Energies (which holds a 19.75% stake), and $281 million from the promoters. The company will also draw $169 million from the debt service reserve account, hedge reserves, and interest on reserves, sources said.

Salesforce on Tuesday said it has agreed to acquire Tenyx, which develops artificial intelligence-powered voice agents, to advance its AI-driven solutions. The acquisition, for which no deal value was disclosed and is expected to close in the third quarter, will see Tenyx's co-founders, CEO Itamar Arel and CTO Adam Earle, along with their team, join Salesforce. Tenyx, a California-based startup founded in 2022, caters to clients across various industries, including e-commerce, healthcare, hospitality and travel, according to its website.

employment-linked incentive scheme announced in the Budget. The ministry is firming up the three employment-linked incentive schemes, which will be implemented through the Employees’ Provident Fund Organisation, and has already sought views from the trade unions on the scheme. Representatives from the Confederation of Indian Industry (CII), Federation of Indian Chamnber of Commerce and Industry (Ficci), Assocham, PHDCCI, All India Organisation of Employers (AIOE), Laghu Udyog Bharati, Indian Council of Small Industries (ICSI), Federation of Association of Small Industries of India (FASII), All India Association of Industries (AIAI), All India Manufacturers’ Organization (AIMO), Standing Conference of Public Enterprises (SCOPE) and Employers Federation of India (EFI) attended the meeting.

Shobha Karandlaje on Tuesday filed an affidavit before the Madras High Court, apologising to the people of Tamil Nadu for her remarks made in light of the Rameshwaram Cafe blast in Bengaluru earlier this year. Post the March 1 low intensity blast at the popular eatery in Bengaluru, Karandlaje had linked the people of Tamil Nadu with the incident and she was booked by the Madurai police over the matter. She had moved the court seeking to quash the criminal proceedings against her. In her affidavit filed before the bench of Justice G Jayachandran, Karandlaje said the remarks made about the people of TN was done «without any intention» to hurt their sentiments and feelings.

Households, which have recently brought down their net financial savings sharply, are likely to build back their financial assets as rising incomes provide a boost going ahead, Reserve Bank of India deputy governor Michael Patra said on Tuesday. “This process has already begun – households’ financial assets have increased from 10.6 percent of GDP during 2011-17 to 11.5 per cent during 2017-23 (excluding the pandemic year),” Patra said at an event organised by the Confederation of Indian Industry here. “Accordingly, households will remain the top net lenders to the rest of the economy in the coming decades,” he said.

On the BSE, Unitech Intnl(down 15.49 per cent), Gautam Gems(down 11.17 per cent), AXISCADES Engg Tech(down 10.79 per cent), Octavius Plantations(down 10.70 per cent) and Shri Balaji Valve Co(down 9.87 per cent) were among the stocks that plunged over 5 per cent during the session.

Brigade Enterprises plans to raise up to Rs 1,500 crore by selling equity shares to institutional investors as part of its strategy to expand business. The company on September 2 launched its Qualified Institutional Placement (QIP) issue to raise funds. In a regulatory filing late on Monday, Brigade Enterprises informed that a committee of directors authorised the opening of the QIP Issue on Monday.

PLI beneficiaries. “GeM has registered phenomenal growth and the list of PLI beneficiaries is also expanding, as the scheme has started to yield results," said the official, requesting anonymity. Taurani is sceptical.

Hewlett Packard Enterprise says it won’t drop its U.K. claim for damages against the estate of British tech mogul Mike Lynch

Shares of Brigade Enterprises Ltd.(up 3.04 per cent), Sobha Ltd.(up 2.84 per cent), DLF Ltd.(up 0.38 per cent) and Macrotech Developers Ltd.(up 0.03 per cent) ended the day as top gainers in the pack.

retail investors are now buying big into the initial share sales of high-risk small and medium enterprises (SME), an exclusive HNI bailiwick until recently, seeking to benefit from the stellar listing gains these issuances have lately been generating. What was seemingly a very shallow and restricted market of less than 500 interested parties for each share sale on average four years ago now draws applications that run into six figures. Statistics show from just 408 applicants on average in FY20 and 511 in FY21, these SME IPOs drew a staggering 2,19,000 applications so far in FY25.

Kolkata: Mauritius is inviting Indian Small and Medium Enterprises (SMEs) to set up their units in the island country to capitalise on duty-free export benefit under the African Growth and Opportunity Act (AGOA), an envoy said here. This AGOA offers duty-free shipments to the US market, presenting significant opportunities for Indian businesses, he said. Replying to a question, High Commissioner of Mauritius to India Haymandoyal Dillum said, «Indian industries should make the most of the AGOA agreement with African countries and the US.» Dillum, who visited Kolkata on Saturday to attend a programme of the Bharat Chamber of Commerce, encouraged the leather industry to explore value-added opportunities in Mauritius to gain a competitive edge in the US market.

Ircon International, Deepak Fertilisers and Sapphire Foods among a host of other companies are likely to remain in focus next week as they are approaching their record dates for the purpose of dividend, bonus issues, rights issues and stock split. The record date is the date set by the company to decide the shareholders who are eligible to receive the offer. To be eligible for a buyback offer, bonus issue or a stock split, the shares should be in the demat account on the record date.

Adani Group can double its debt exposure to the domestic capital markets to 10% of the conglomerate's total loans so long as the instruments used to raise funds mature within five years, said the group's chief financial officer, Jugeshinder Singh. Indian capital markets currently account for about 5% of Adani Group's total outstanding borrowings, or ₹12,404 crore, as of March-end, 2024.

ICICI Prudential Mutual Fund sold 12,66,929 shares on August 28 to reduce its stake in Zee Entertainment Enterprises, as per the regulatory filings. Overall, the fund has sold 1,95,30,335 shares, representing a 2.03% stake in Zee since its last filing on January 31. Consequently, the fund's stake has come down to 3.05% from 5.08% on January 31.

Zee Entertainment Enterprises has filed an application with the National Company Law Tribunal (NCLT) seeking the recall of the tribunal's August 10, 2023 order, which sanctioned the merger scheme with Sony Group Corporation's India media units, Culver Max Entertainment and Bangla Entertainment. The Indian entertainment giant filed the application with the Mumbai bench of the NCLT on August 29, according to its regulatory filing. Furthermore, on August 30, Zee withdrew its application and relinquished its rights to file claims/counterclaims before the arbitral tribunal constituted in the arbitration proceedings related to the merger cooperation agreement dated December 22, 2021.

Unicommerce Esolutions reported a net profit of Rs 3.5 crore for the quarter ended June 30, 2024, which was up by 31% from Rs 2.7 crore reported by the company in the year ago period. The revenue from operations stood at Rs 27.5 crore, which was higher by 9% over Rs 25 crore posted in the corresponding quarter of the previous financial year.

Hinduja Global Solutions said the opportunities for generative AI lie more in areas where there are shortages of manpower. Giving examples of areas where productivity is less due to shortages of manpower, Partha DeSarkar, executive director and CEO of Hinduja Global Solutions (HGS), said conversational AI, loan processing, document processing and image recognition bots are some areas where HGS is doing pilots for clients. He said 10-12 pilots were currently being done by HGS and that the company hopes to take these pilots into production stage by the end of this year.

Meta's Llama artificial intelligence models are being used by companies including Goldman Sachs and AT&T for business functions like customer service, document review and computer code generation, the social media giant said in a statement on Thursday. The mostly free-of-charge Llama models have been downloaded almost 350 million times since Meta began releasing them publicly last year, an increase from the 300 million downloads the company announced when it released the biggest version of its latest Llama 3 model in late July. Usage via cloud providers like Amazon Web Services and Microsoft Azure has also increased, more than doubling between May and July this year, Meta said.

Nvidia has made life at the top look easy. But staying there is going to be anything but. The chip maker, which has gone from a niche videogame component supplier to a $3 trillion enterprise in just a few years, put up another round of strong results Wednesday.

In an email seen by Investment Week, the firm said Earth Capital has been deregulated and is no longer an investment manager. The firm applied to cancel its authorisation on 1 August, according to the Financial Conduct Authority's register. It was originally granted authorisation in August 2019. In the email, Earth Capital stated: «If you are enquiring about your Enterprise Investment Scheme (EIS) investment or are representing a client who has invested in the STIL EIS 1, 2 or 3, please note that the fund has now closed.» Hargreaves Lansdown co-founder claims takeover 'not the grea...