Enterprise Financial News

residential sales across India’s top seven cities are expected to witness double digit growth in 2024-25. The area sold in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Hyderabad, Pune, Kolkata, Chennai is likely to increase 10-12% to 785-800 million sq ft in the current financial year, on a high base of 2023-24, said ratings agency ICRA. Despite the moderation in the sales growth rate, the overall sales velocity, collections, and inventory position are estimated to remain healthy in 2024-25. The launches are expected to rise 12% on-year to 767 million sq ft in the current financial year, on an aggregate basis across the top seven cities, supported by decadal low inventory, comfortable years-to-sell (YTS, calculated as unsold inventory/sales in last 12 months) and healthy demand.

Amit Singh Negi has been appointed additional secretary in the PMO as part of a major top-level reshuffle effected by the Centre. A 1999-batch Indian Administrative Service (IAS) officer of the Uttarakhand cadre, Negi is currently joint secretary in the Department of Expenditure under the Union Ministry of Finance. He has been appointed as additional secretary in the Prime Minister's Office (PMO), according to an order issued by the personnel ministry. Samir Ashwin Vakil, a 1998-batch Indian Revenue Service (Income Tax) officer, has been appointed director in the Serious Fraud Investigation Office (SFIO) under the Union Ministry of Corporate Affairs for a tenure of five years, it said.

Nepsis is looking forward to its next leg of growth as it appoints a veteran with experience from Ameriprise to a newly created role.

telecom regulator has asked service providers and telemarketing companies to take immediate action against enterprises indulged in bulk calling through 10-digit numbers and deploy technical solutions which can trace and block such calls. ET has reported last week that the Telecom Regulatory Authority of India (TRAI), on July 24, directed all telecom firms to submit data around unregistered telemarketers, against whom maximum complaints have been registered by consumers in the April-June quarter. Telecom consumers receive lakhs of robocalls everyday by unregistered entities or telemarketers. Such calls bypass the system as these entities use a normal 10-digit numbering series and not the one assigned for telemarketing, say officials.

Brigade Enterprises Ltd.(up 5.72 per cent), Godrej Properties Ltd.(up 3.46 per cent), Prestige Estates Projects Ltd.(up 2.76 per cent), DLF Ltd.(up 2.09 per cent) and Phoenix Mills Ltd.(up 1.86 per cent) were among the top gainers.

The NSE Nifty index was trading 243.11 points up at 24298.7, while BSE Sensex was up 763.84 points at 79523.24 at the time of writing this report.

Tata Consultancy Services, digital printing company Xerox said it has a $355 million tech spending commitment under the seven-year contract. In a regulatory filing in the US, Xerox also disclosed its spending commitment with Microsoft at $125 million and with SAP at $45 million for the same period under this multi-party agreement. TCS did not respond to an email seeking comment sent on Monday morning.

On the BSE, Supershakti Metaliks(down 20.00 per cent), Nucleus Software Exports(down 15.32 per cent), Kirloskar Bros.(down 12.36 per cent), Indo Us Bio-Tech(down 11.63 per cent) and KLK Electrical(down 11.09 per cent) stood among the top losers in today's trade.

Nakoda Group Of Industries Ltd.(up 2.13%), Marico Ltd.(up 1.48%), Dabur India Ltd.(up 1.03%), Hindustan Unilever Ltd.(up 0.87%), Euro India Fresh Foods Ltd.(up 0.72%), Nestle India Ltd.(up 0.64%), Honasa Consumer Ltd.(up 0.36%), Godrej Consumer Products Ltd.(up 0.21%) and Colgate-Palmolive(India)Ltd.(up 0.09%) stood among the top gainers.

Pokarna Ltd.(up 5.93%) stood among the top gainers.

The NSE Nifty index ended the session 662.11 points down at 24055.6, while BSE Sensex fell 2222.55 points to 78759.4.

NEW DELHI : India's largest airline IndiGo (InterGlobe Aviation Ltd), which offered low-cost all-economy seats so far, has announced the launch of ‘IndiGo Stretch’ business class. The airline, which started in 2006 with 100 aircraft in the pipeline, now has a fleet of over 380 aircraft and expects to receive more than 970 aircraft over the next decade. Mint spoke to the airline's promoter and managing director, Rahul Bhatia, about the airline's journey and what lies ahead as it enters the next phase of business with long-haul operations and business class seats.

Neueon Towers Ltd.(up 5.01%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), Energy Development Company Ltd.(up 0.94%) and Indowind Energy Ltd.(up 0.68%) stood among the top gainers.

IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender, people with knowledge of the matter told ET. At inter-se bidding held on Saturday (August 3), Omkara ARC gave the highest offer of Rs 652 crore, outbidding government-promoted National Asset Reconstruction Company Ltd (NARCL). For IDBI Bank, the distressed portfolio sale equates to a recovery of 10.5%, which will be reflected in its second-quarter earnings. “The sale of the stressed portfolio will have a significant positive impact on IDBI Bank’s valuation since potential bidders were wary of acquiring a bank with legacy loans, which the bank itself failed to resolve for over two decades,” said an advisor involved in the transaction who did not want to be named.

Jamsetji Tata, the founder of the Tata Group, made a strategic choice in the 1890s to shut down the Tata Shipping Line, demonstrating his willingness to exit from unviable ventures. This tough decision was driven by his effort to break the monopoly of the English P.&O. shipping line that dominated exports from India during the 1880s and 1890s, charging high freight rates and favoring British and Jewish firms. Jamsetji Tata's textile business suffered due to P.&O.'s exorbitant freight rates and discriminatory practices. Determined to challenge this, he traveled to Japan to collaborate with Nippon Yusen Kaisha (NYK), the largest shipping line in Japan. NYK agreed to partner with Jamsetji, provided he took equal risks and managed the ships himself. To launch the 'Tata Line,' he chartered an English ship named 'Annie Barrow' at a fixed rate of 1,050 pounds per month, marking the first venture bearing the Tata name. Believing the Tata Line would lower freight rates for the entire Indian textile industry, Jamsetji set the rates at Rs 12 per tonne, compared to P.&O.'s Rs 19 per tonne. Soon after, he chartered a second ship, 'Lindisfarne.' His efforts received praise, with The Tribune newspaper commenting in October 1894 that it had «been the subject of general praise in the industrial centre of India.»

Adani Cement-owned Ambuja Cements will be investing Rs 1,600 crore in the Nawada district of Bihar to set up a six-million-tonne cement grinding unit. This is not only the first investment by the Adani group in Bihar, but also the largest investment for the state from the cement industry. The project will be set up in three phases in the states, with the first phase entailing an investment of Rs 1,100 crore, a capacity of 2.4 million tonne, and completion targeted by December 2025. “This investment aligns with the State Government's development programs and our growth plans,” Pranav Adani, director of Adani Enterprises was quoted in a release. “State Government’s support in fast tracking and provisioning of all permits has made this landmark investment possible in short time,” he said.

Banking Corp Friday said profit from its Indian operations increased 4% year-on-year in the six months to June 2024, led by an identical 7% growth in both its global banking & markets division and commercial banking business. Profit before tax from India rose to $798 million from $766 million a year ago. The bank said profit at its global banking and markets (GBM) division, which services large corporations and includes treasury operations, grew 7% to $436 million in the first six months of 2024. Profit from the GBM business was $408 million a year-ago.

Mint indicate that Apple's India revenues from the Mac portfolio grew 67% year-on-year (y-o-y) in the April-June quarter, and the number of units sold increased 33%. Plus, share of India revenue in global Mac sales rose to 3% in Q1 of FY25, from 1.8% in Q1 of FY24.

₹50,400 crore. The Union cabinet is expected to approve the transfer of the proposed nuclear power project from Nuclear Power Corp. to the joint venture shortly, said a person familiar with the development.

IT systems integrator Black Box has raised Rs 410 crore via preferential issue aimed towards expanding data centre infrastructure services globally and tap in the growing demand for AI computing. The infrastructure provider which counts Amazon, Google, Microsoft as its clients is looking to invest in expanding data centre services to hyperscalers, multi-tenant data centre operators and large enterprise data centre, as well as connectivity and networking infrastructure. A portion of the funds will be allocated towards sales and business development in North America and emerging markets. The company’s Board of Directors has approved the issuance of 98,32,123 fully convertible warrants, at a price of Rs 417 aggregating to Rs 410 crores, it said in an exchange filing on Friday.

NIIT on Friday reported a three-fold rise in its consolidated net profits at Rs 7.75 crore in the June 2024 quarter. It had reported a net profit of Rs 2.18 crore in the year-ago period. Revenue from operations for the quarter under review came in at Rs 82.47 crore, up 31.86 per cent from Rs 62.54 crore in the corresponding quarter of the previous fiscal.