Enterprise Financial News

Dalmia Bharat Sugar and Industries Ltd.(up 5.90%), Avadh Sugar & Energy Ltd.(up 4.01%), Balrampur Chini Mills Ltd.(up 4.00%), Mawana Sugars Ltd.(up 3.51%), Dhampur Sugar Mills Ltd.(up 2.07%), Triveni Engineering & Industries Ltd.(up 1.93%), Ugar Sugar Works Ltd.(up 1.62%), Ponni Sugars(Erode)Ltd.(up 1.55%), EID Parry(India)Ltd.(up 1.48%) and Sakthi Sugars Ltd.(up 1.26%) stood among the top gainers.

The NSE Nifty index traded 176.46 points up at 24320.2, while BSE Sensex was up 500.83 points at 79606.71 as of 09:59AM(IST)on August 16.

Niti Aayog has proposed that the government formulate guidelines for assessing the creditworthiness and background verification of those availing of loans under the Pradhan Mantri Mudra Yojana (PMMY), besides putting in place a reward mechanism to incentivise lending institutions to increase the scale of lending. «A set of guidelines for assessing the creditworthiness and background verification must be enlisted to provide a security net to the banks, considering the loans are collateral free and a proper risk check and assessment has a critical role to play in the sustainability of results and success of the scheme,» the Aayog has said in its report submitted to the finance ministry and the Ministry of Micro, Small and Medium Enterprises (MSMEs). As per the report, 'Assessment of PMMY', done by professional services firm KPMG on behalf of the Niti Aayog, e-KYC authentication may be encouraged for loan underwriting to ensure proper assessment checks. ET has seen the report. «A proper reward mechanism is needed for different banks based on their scale of operation and performance to help incentivise well-performing member lending institutions to perform better,» the Aayog has suggested.

Krutrim, the artificial intelligence startup of Ola founder Bhavish Aggarwal, said on Thursday that it would launch its first AI chip, Bodhi 1, by 2026 and a superior Bodi 2 two years later. Krutrim’s chips will be custom-built for handling complex AI workloads, Aggarwal said. «They will enable development of faster and more efficient AI systems.» The Bengaluru-based company is working on four chips: Bodhi 1, Bodhi 2, Sarv 1 and Ojas. On Thursday, it announced partnerships with global semiconductor company Arm and Untether AI for the development of CPU and AI chips, platforms and systems.

CCI on Wednesday approved the US-based Hewlett Packard Enterprise Company's proposal to acquire Juniper Networks, Inc. HPE specialises in business information technology, offering infrastructure products to support the IT systems of customers, related software to automate and simplify IT operations, and cloud solutions as a service. «The proposed combination pertains to the acquisition by Hewlett Packard Enterprise Company (HPE) of 100 per cent of the outstanding shares of, and sole control over, Juniper Networks, Inc. »The proposed combination is to be carried out by way of a reverse triangular merger through which Jasmine Acquisition Sub, Inc. (a wholly-owned subsidiary of HPE) will merge with and into Juniper, such that Juniper will be the surviving entity and will become a wholly-owned subsidiary of HPE," CCI said in a release.

Snappy Kraken, a provider of marketing technology for financial advisors, has launched Snappy Kraken Enterprise, a comprehensive growth and marketing platform designed for mid-market and enterprise-level financial services organizations, including registered investment advisors and broker-dealers.

A reporter at a small Wyoming newspaper has resigned after a competitor discovered he was using artificial intelligence to write stories and fabricate quotes, including some by the governor

Shares of Mahindra Lifespace Developers Ltd.(up 4.54 per cent), Sunteck Realty Ltd.(up 1.13 per cent), DLF Ltd.(up 0.96 per cent), Prestige Estates Projects Ltd.(up 0.54 per cent) and Brigade Enterprises Ltd.(up 0.07 per cent) ended the day as top gainers in the pack.

Ugar Sugar Works Ltd.(up 1.44%) and Vishwaraj Sugar Industries Ltd.(up 0.68%) stood among the top gainers.

Vikas Khemani, Founder, Carnelian Asset Management, says in the last 10 years, we have seen a remarkable shift in the accountability and governance and the execution of the PSEs and that has made many of these public sector enterprises very valuable. Banks are moving towards 16-17% ROE profiles. All public sector units in defence are doing very well with the new refound growth sector. All PSUs except probably oil and marketing, still have a bit of a struggle. That is also picking up, but whether it is gas or any other, the PSUs are being run reasonably well. While BSNL is still facing challenges, we have seen a remarkable shift happening in the railway operation.

Balrampur Chini Mills Ltd.(up 1.33%) and KM Sugar Mills Ltd.(up 0.40%) were among the top gainers.

Piramal Enterprises on Tuesday reported a 64% decline in its June quarter net profit to ₹181 crore, impacted because of a higher base due to a one-off item last year. The non-bank lender had reported a consolidated net profit of ₹509 crore in the year-ago period. Its CEO Jairam Sridharan said the year-ago performance included a ₹850 crore benefit from a stake sale in a Shriram Group entity, and added that the performance has been stable in the reporting quarter this year. The core net interest income grew 18% to ₹807 crore on the back of a 10% increase in the overall assets under management to ₹70,576 crore, while the net interest margin narrowed to 6.7% from 7.3% in the year-ago period.

Nakoda Group Of Industries Ltd.(up 4.33%), Hatsun Agro Products Ltd.(up 3.37%), Honasa Consumer Ltd.(up 2.97%), Marico Ltd.(up 2.47%), Varun Beverages Ltd.(up 1.11%), Emami Ltd.(up 1.10%), Nakoda Group Of Industries Ltd.(up 1.09%), Patanjali Foods Ltd.(up 0.85%), Tata Consumer Products Ltd.(up 0.69%) and Nestle India Ltd.(up 0.47%) stood among the top gainers.

Triveni Engineering & Industries Ltd.(up 5.56%), Dwarikesh Sugar Industries Ltd.(up 3.58%), Bajaj Hindusthan Sugar Ltd.(up 3.35%), Balrampur Chini Mills Ltd.(up 3.29%), Ugar Sugar Works Ltd.(up 3.18%), Mawana Sugars Ltd.(up 2.70%), Shree Renuka Sugars Ltd.(up 2.60%), Simbhaoli Sugars Ltd.(up 2.37%), Avadh Sugar & Energy Ltd.(up 1.92%) and Rajshree Sugars & Chemicals Ltd.(up 1.66%) stood among the top gainers.

Khaitan Chemicals & Fertilizers Ltd.(up 9.75%), Aries Agro Ltd.(up 0.20%) and Madhya Bharat Agro Products Ltd.(up 0.08%) stood among the top gainers.

Boeing has partnered with India's AI Engineering Services Ltd to provide overhaul services to the Indian Navy's fleet of 12 P-8I maritime surveillance aircraft. As part of the partnership, the first landing gear overhaul of a P-8I aircraft was recently completed at naval base INS Rajali in Tamil Nadu, Boeing India said on Tuesday. «This is a first in India and reflects the growth in India's indigenous capabilities for undertaking complex Maintenance, Repair and Overhaul (MRO) services,» it said in a statement. The Boeing P-8I, a multi-role long-range maritime reconnaissance anti-submarine warfare (LRMR ASW) aircraft, is integral to the Indian Navy's maritime surveillance missions in the Indian Ocean.

₹30,000 a month, which is far higher than what new employees get on average in cities. The prospect of stable employment is an added incentive. Yet, such a scramble for government employment is also a symptom of the lack of quality jobs in an economy that has otherwise had a good run since the pandemic.

Inox Wind Energy Ltd.(up 10.00%), Inox Wind Ltd.(up 7.55%), Indo Tech Transformers Ltd.(up 5.00%), Adani Energy Solutions Ltd.(up 2.58%), GE T&D India Ltd.(up 2.28%), Karma Energy Ltd.(up 2.02%), Power and Instrumentation(Gujarat)Ltd.(up 2.00%), Suzlon Energy Ltd.(up 1.55%), Adani Green Energy Ltd.(up 1.38%) and PTC India Ltd.(up 1.21%) were among the top gainers.

Mint on 12 July, K. Krithivasan, CEO of India’s largest IT services company, Tata Consultancy Services Ltd (TCS), said that delivering differentiations to clients is key, instead of riding a hype cycle. However, the road to adoption is still hazy.

Bharti Enterprises plans to acquire a 24.5% stake in UK's BT Group for around $4 billion from the British firm's largest investor Altice UK, marking the Sunil Mittal-led company's second major international foray after venturing into Africa in 2010. This will make it the largest shareholder in BT, formerly British Telecom. In a statement Monday, Bharti said it has no intention of making an offer to buy control of Britain's largest broadband and mobile firm. Bharti is also not seeking a board seat, chairman Sunil Mittal told reporters. The purchase will be made by Bharti Global, which is the international arm of Bharti Enterprises, through Bharti Televentures. As per the terms of the deal, Bharti Televentures has acquired a 9.99% stake in BT Group's issued capital via open market trade. It will buy the remaining 14.51% after getting regulatory clearances. Mittal expects the deal to close in the coming months.

Bharti Global's acquisition of a strategic stake in BT (formerly British Telecom) is an unprecedented diversification for the Indian telecom industry. Sunil Mittal has pursued subscribers in Africa after building up an enviable base in his home market and has placed big bets on European satellite communications. The latest investment gives him exposure, at least as an investor, to better-yielding markets.