Enterprise Financial News

Billionaire Carl Icahn and his company were charged by U.S. regulators with failing to disclose personal loans worth billions of dollars that were secured using securities of Icahn Enterprises as collateral

audit affiliates of top professional services firms after the regulator fined BSR & Associates LLP, a KPMG affiliate, ₹10 crore and banned two of its auditors for alleged lapses in audit of Coffee Day Enterprises (CDEL) where the audit firm had relied on subsidiary auditors while preparing consolidated audit reports. All audit firms have multiple audits where the firms rely on subsidiary auditors' work when preparing consolidated audit reports for parent companies. In the CDEL case, BSR & Associates had relied on the work of auditors of its subsidiaries while auditing the parent company.

Compliance and marketing are just two branches of a firm’s tree but they are both critical to a firm’s operational success.

Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal. The deal, valued Rs 212 crore in local currency, was announced Tuesday. This will free capital for Aye Finance and help it in business expansion. The fintech company lends to micro enterprises across India.

LONDON — British technology entrepreneur Mike Lynch was acquitted of fraud charges in June in a landmark trial over allegations made by Hewlett Packard that he had artificially inflated the value of his company when he sold it to the U.S. enterprise tech giant for $11.7 billion in 2011.

Mangalore Chemicals & Fertilizers Ltd.(up 3.15%), Sikko Industries Ltd.(up 1.87%), Chambal Fertilisers & Chemicals Ltd.(up 1.70%), Madhya Bharat Agro Products Ltd.(up 1.58%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd.(up 1.31%), The Fertilisers and Chemicals Travancore Ltd.(up 1.30%), Southern Petrochemicals Industries Corporation Ltd.(up 1.30%), Zuari Agro Chemicals Ltd.(up 1.14%), Agro Phos India Ltd.(up 0.78%) and Gujarat State Fertilizer & Chemicals Ltd.(up 0.57%) stood among the top gainers.

Tasty Bite Eatables Ltd.(up 9.91%), Zydus Wellness Ltd.(up 4.42%), Dangee Dums Ltd.(up 4.03%), JHS Svendgaard Laboratories Ltd.(up 3.84%), ADF Foods Ltd.(up 2.67%), Prataap Snacks Ltd.(up 2.08%), Euro India Fresh Foods Ltd.(up 1.84%), Jyothy Labs Ltd.(up 1.42%), Gillette India Ltd.(up 1.34%) and Patanjali Foods Ltd.(up 1.16%) stood among the top gainers.

Ankur Capital, which backs startups in agritech, climate and deeptech, has raised fresh capital commitments from existing backers British International Investment (BII) and MacArthur Foundation for its third fund. The latest fund, for which the target is Rs 1,200 crore ($150 million), has already raised capital from US International Development Finance Corporation and Self-Reliant India Fund, a central government initiative under the Ministry of Micro, Small and Medium Enterprises. “BII and MacArthur Foundation are returning investors in this fund as they were limited partners in our second fund…We continue to be a pre-series A investor and continue to look at companies at that stage,” Ritu Verma, managing partner, Ankur Capital, told ET.

₹1—no physical doctor’s time can be this affordable," Pratyush Kumar, cofounder of Sarvam and adjunct faculty at Indian Institute of Technology (IIT), Madras, told Mint last month. “Instead of taking clientele away from doctors, in India, such domain-specific AI models can make healthcare more accessible to a wide population base." The approach Sarvam, Adya.ai and some of their peers are taking marks a sobering change after an initial AI euphoria to create general purpose generative AI models.

NFRA) has imposed a penalty of Rs 10 crore on KPMG affiliate M/s BSR & Associates LLP, the highest slapped by the regulator in any case, and debarred two of its auditors for alleged glaring professional lapses in the 2018-19 audit of Coffee Day Enterprises. The order, issued on Monday, follows an investigation report by capital markets regulator Sebi about the alleged diversion of Rs 3,535 crore from seven subsidiaries of Coffee Day Enterprises to an entity owned by its promoters. NFRA has now barred auditors Aravind Maiya and Amit Somani from taking up audit work for 10 years and five years, respectively. In addition, Maiya will have to pay a penalty of Rs 50 lakh and Somani Rs 25 lakh.

Public procurement from MSMEs surged 100% to Rs 75,742 crore in FY24, according to the Ministry of Micro, Small and Medium Enterprises' (MSME) latest annual report (2023-24) released Monday. As per the report public procurement from MSMEs by 133 Central Public Sector Enterprises (CPSEs) and one department has increased by almost 100% to Rs 75,742 crore in FY24, up from Rs 38,432 crore in FY23. Total procurement by CPSEs and departments reached Rs 2,13,685 crore in FY24, a nearly 100% increase from Rs 1,07,988 crore in FY23.

profit surge by 33 per cent on back of strong performance by core infrastructure business as also emerging businesses ranging from solar and wind manufacturing to airports. «EBITDA (in April-June) surged by 32.87 per cent year-on-year to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year,» the group said in a statement. Group net profit jumped over 50 per cent to Rs 10,279 crore in April-June — the first quarter of the current 2024-25 fiscal year.

Elon Musk could help. Beauchamp, an 82-year-old retiree, saw a video late last year of Musk endorsing a radical investment opportunity that promised rapid returns. He contacted the company behind the pitch and opened an account for $248. Through a series of transactions over several weeks, Beauchamp drained his retirement account, ultimately investing more than $690,000. Then the money vanished — lost to digital scammers on the forefront of a new criminal enterprise powered by artificial intelligence.

H100 graphic processing units (GPUs) procured by Hiranandani Group’s Mumbai-headquartered Yotta Data Services from American chip maker Nvidia are used by companies abroad and only the rest are used by Indian companies, said Yotta Data Services chief executive Sunil Gupta. He told ET that this was because of a more advanced artificial intelligence (AI) ecosystem in the West that leads to heightened demand for GPUs. By November the company plans to deploy an additional 8,000 GPUs, he said. “Last November we placed an order for 16,384 H100 GPUs. From a medium to long-term scale, 16,384 may not be enough for India. We deployed the first phase of 4,096 chips. By March-April, we had got all the chips. Around seven to eight weeks back, we commissioned all of them,” Gupta told ET in an interview on August 13.

Mint earlier reported about Macquarie Group, JSW Neo Energy, and Actis Llp signing NDAs to buy O2 Power. Barclays is running the sale process for the deal having an equity and enterprise value of around $1 billion and $2.3 billion respectively. The next stage involves shortlisting the NBOs to give selected bidders full data room access, after which the binding bids will be submitted.

Aviral Bhatnagar, who earlier led enterprise software and artificial intelligence investments for Venture Highway (now merged with US-based General Catalyst), has launched a Rs 100 crore fund to back early-stage Indian startups. The fund, launched by the new venture capital (VC) firm AJVC, will focus purely on pre-seed stage investments while being sector agnostic, he told ET. The development comes at a time when several new domestic funds and micro venture capital (VC) firms have come up in India. These investors back startups at a very early stage and write smaller cheques than established VC firms. The emergence of the micro VC funds, which are usually smaller and are single partner focused, have added to the diversity of risk capital investing in Indian startups. Other established micro VC firms include Vaibhav Domkundwar's Better Capital, deeptech-focused firm Java Capital, Delhi-based Sauce VC, which makes consumer sector investments, and $25 million enterprise software-focused Neon Fund.

Central Bank of India is on the verge of acquiring Future Enterprises' (FEL) stakes in two insurance joint ventures, as the debt-ridden conglomerate undergoes insolvency proceedings. The state-owned bank is likely to take over Future Enterprises' 25% stake in Future Generali India Insurance Co. and a 33% stake in Future Generali India Life Insurance Co., according to people familiar with the matter. The acquisition comes as the bank seeks to increase its presence in the insurance sector, where it currently holds a minority stake. Lenders to Future Enterprises had divided the company's assets into three groups — insurance ventures, textile businesses and other residual stakes.

Kim Dotcom, founder of the once wildly popular file-sharing website Megaupload, lost a 12-year fight this week to halt his deportation from New Zealand to the U.S. on charges of copyright infringement, money laundering and racketeering

Tasty Bite Eatables Ltd.(up 8.74%), Prataap Snacks Ltd.(up 7.27%), LT Foods Ltd.(up 5.55%), Patanjali Foods Ltd.(up 3.45%), Adani Wilmar Ltd.(up 3.13%), Jyothy Labs Ltd.(up 2.79%), Vadilal Industries Ltd.(up 2.59%), Godrej Consumer Products Ltd.(up 2.48%), Emami Ltd.(up 2.42%) and Dabur India Ltd.(up 2.19%) stood among the top gainers.

The rescue mission's unlikely hero was A. Sabeena, a 40-year-old nurse from Gudalur town in Tamil Nadu’s Nilgiris district. For five consecutive days, Sabeena risked her life by zip-lining across the turbulent river, ultimately saving 35 lives. Her incredible bravery and selflessness earned her the prestigious Kalpana Chawla Award for daring and courageous enterprise during the Independence Day celebrations, along with a cash prize of ₹5 lakh. Sabeena received the call for help on the morning of July 30. Her colleagues at the NGO where she worked informed her that the Kerala government urgently needed nurses in Wayanad. Without hesitation, Sabeena packed her bags and embarked on a 70-kilometer journey to the disaster-stricken area, braving heavy rain, strong winds, and knee-deep mud. Despite having seen footage of the devastation, with bodies scattered and houses washed away, Sabeena remained undeterred, driven by her determination to assist those in need.

Rajasthan will undertake land reforms to improve its availability for green field manufacturing units, state Principal Secretary (Industries), Ajitabh Sharma told ET. Sharma said the state had received fresh proposals for renewable energy equipment and petrochemical manufacturing and investment commitments of over Rs 5.2 lakh crore ahead of the Rising Rajasthan Investment Summit. “We are coming out with policies for supporting the development of private industrial parks,” he said, adding that the state is now readying a Private Land Aggregation bill.