Enterprise Financial News

Out of the lot, two are Nifty companies, i.e., HCL Tech and Shriram Finance, along with other names like PFC, MRF, and RBL Bank.

China's challenge to American primacy, it's believed, will be the defining contest of the century. While this may be true, a far more dangerous contest is afoot between what seems to be a crumbling old order (US-led West) and a rivalrous new Axis that is struggling to be born — China-Russia-Iran-North Korea (CRIK). Award winning journalist John Pilger tells us that Mao in 1944 had made an appeal to Washington, «China must industrialise, this can only be done by Free Enterprise. Chinese and American interests fit together, economically and politically. We cannot risk crossing America; we cannot risk any conflict». He received no reply. Mao's successors decided to join the system and beat the US at its own game — capitalism & innovation — and are now with its bete noire Russia challenging the American-led order. Iran and North Korea have strengthened this New Axis. The evolving powerplay has created the precise construct that Henry Kissinger had once warned: a Bear-Dragon tandem that is in delightful synchrony. The New Axis has not only performed well in the Ukrainian and West Asian theatres of war, but is also looking towards the Global South (125 countries, 80% of the global population, 40% of global GDP) as its wider field of play.

one of the biggest IT outages affected several sectors and crippled services across the world, Microsoft on Saturday said that a software update by cybersecurity firm CrowdStrike affected nearly 8.5 million Microsoft devices.“While software updates may occasionally cause disturbances, significant incidents like the CrowdStrike event are infrequent. We currently estimate that CrowdStrike’s update affected 8.5 million Windows devices, or less than one percent of all Windows machines," said Microsoft in a blog.Microsoft further added that while the percentage was small, the broad economic and societal impacts reflect the use of CrowdStrike by enterprises that run many critical services.The tech giant said that they are working around the clock and providing ongoing updates and support.“Additionally, CrowdStrike has helped us develop a scalable solution that will help Microsoft’s Azure infrastructure accelerate a fix for CrowdStrike’s faulty update.

Mint. Sheth can afford to say that. He has the distinction of scaling two unicorns—Elance (renamed as Upwork), and Gupshup—across two different geographies.

ONGC Videsh Limited, a schedule «A» Navaratna Central Public Sector Enterprise, has announced the signing of a definitive Sale Purchase Agreement (SPA) to acquire a stake in Azerbaijan's prestigious Offshore Azeri Chirag Gunashli (ACG) oil field from Equinor ASA. According to a press release, the agreement encompasses the acquisition of a 0.615 per cent participating interest (PI) in the ACG field and a 0.737 per cent shareholding in the Baku Tbilisi Ceyhan (BTC) pipeline company through its wholly-owned subsidiary, ONGC BTC Limited. The total investment for these acquisitions is projected to be up to USD 60 million, with the deals expected to be finalized in the forthcoming months.

Congress president Mallikarjun Kharge hit out at Prime Minister Narendra Modi on Friday over his remark that eight crore new jobs have been created, and accused him of «rubbing salt into the wounds» of the youth by «telling one lie after another». His attack comes after Prime Minister Modi emphasised last week that the creation of eight crore new jobs in the last three to four years has «silenced» those spreading fake narratives about unemployment. Quoting a recent report of the Reserve Bank of India on employment, the prime minister had asserted that the National Democratic Alliance (NDA) government prioritised stability and growth, and added that small and big investors welcomed the NDA's third term with enthusiasm. In a post on 'X', Kharge said, «Narendra Modi ji, By telling one lie after another on jobs, you are rubbing salt into the wounds of the youth!»

Leading accounting firm KPMG has partnered with Cryptio, a crypto accounting software provider, to assist crypto firms in the United States in adhering to Generally Accepted Accounting Principles (GAAP) compliance.

Union Budget Expectations: The Modi government, in its first Budget of the third term, is expected to stick to the disinvestment target set for this fiscal year in the interim Budget. Finance minister Nirmala Sitharaman set the target for 2024-25 at Rs 50,000 crore. However, in the Interim Budget tabled in February, the 2023-24 disinvestment estimate was revised downward to Rs 30,000 crore from the previously budgeted Rs 51,000 crore. Ahead of the full Budget for 2024-25, scheduled for July 23, SBI Research has suggested that the government may take a clear stance on the disinvestment of public sector banks (PSBs). The report, led by Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI, emphasised the need for a concrete roadmap to attract capital and boost confidence in financial institutions. A recent CareEdge Ratings report noted a total disinvestment potential of approximately Rs 11.5 trillion at current market capitalization, assuming the government retains at least a 51 per cent stake in these public enterprises. Public sector enterprises could contribute around Rs 5 trillion, while public sector banks and insurance firms could potentially add another Rs 6.5 trillion.

JHS Svendgaard Laboratories Ltd.(up 1.76%), Zydus Wellness Ltd.(up 0.54%), Britannia Industries Ltd.(up 0.54%), Jyothy Labs Ltd.(up 0.28%), Euro India Fresh Foods Ltd.(up 0.06%) and Prataap Snacks Ltd.(up 0.04%) were among the top gainers.

GPT-3.5 Turbo and will be available to use starting today for free along with ChatGPT Plus and Team members. Meanwhile, it will be offered to enterprise users starting next week. Also Read | Anthropic rivals GPT-4o with Claude 3.5 Sonnet model, makes it free for all usersOpenAI said that GPT-4o Mini is priced at 15 cents per million input token and 60 cents per million output tokens, making it 60% more cheaper than GPT-3.5 Turbo.

Bandhan Bank, GMR Airports Infrastructure, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), Hindustan Aeronautics Limited (HAL), Hindustan Copper, The India Cements, Piramal Enterprises (PEL), RBL Bank, Steel Authority of India (SAIL) and Vedanta. Chambal Fertilizers & Chemicals has moved out of the ban.

Bharti Airtel, under which the latter will provide network and connectivity solutions for CBDT's Taxnet-2.0 programme. This contract is an extension as Airtel has been the network partner to CBDT since 2008 in Taxnet-1.0.

more ‘optimistic’ about job creation than other sources, even those that use similar methodologies, and the criteria of who is employed or unemployed. The ILO estimates the labour force (the number of people employed or looking for jobs) grew by 99.2 million between 2000 and 2019. The workforce over the same period, or the number of people actually employed, grew at a slower rate—79.4 million people.

Ethereum Enterprise Alliance (EEA) has launched the first standard for decentralized finance (DeFi) protocols.

KPI Green Energy Ltd.(up 5.01%), Karma Energy Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), JSW Energy Ltd.(up 0.63%) and KEC International Ltd.(up 0.43%) stood among the top gainers.

bill mandating reservation for Kannadigas in the private sector, sparking an uproar. The decision was taken at the Cabinet meeting held on Monday and was subsequently put on hold after backlash from business honchos and tech tycoons. Karnataka chief minister Siddaramaiah said in a post on X, “The bill approved by the cabinet to provide reservation for Kannadigas in private sector organizations, industries and enterprises has been temporarily put on hold.”

Shares of Macrotech Developers Ltd.(up 1.15 per cent), Mahindra Lifespace Developers Ltd.(up 0.64 per cent), Phoenix Mills Ltd.(up 0.46 per cent) and DLF Ltd.(up 0.14 per cent) ended the day as top gainers in the pack.

The corporate tax landscape is undergoing a seismic shift, globally, with the advent of the Global Minimum Tax, also known as Pillar Two. By 2024, this initiative had been adopted by 30-plus countries, signalling the most significant reform of international tax regulations in a century. Prepared under the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework, which encompasses over 140 countries, Pillar Two is poised to redefine the fiscal obligations of multinational enterprises (MNEs).

The NSE Nifty index was trading 66.71 points down at 24546.3, while BSE Sensex was down 148.2 points at 80568.35 at the time of writing this report.

Karma Energy Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), KPI Green Energy Ltd.(up 4.87%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), KEC International Ltd.(up 1.98%), Torrent Power Ltd.(up 0.52%) and India Power Corporation Ltd.(up 0.24%) were among the top gainers.

Lexus Granito(India)Ltd.(up 1.77%), The Orissa Minerals Development Company Ltd.(up 0.55%) and KIOCL Ltd.(up 0.27%) were among the top gainers.