Enterprise Financial News

EID Parry(India)Ltd.(up 0.19%) and Balrampur Chini Mills Ltd.(up 0.12%) were among the top gainers.

Kunal Bahl and Rohit Bansal, founders of ecommerce firm Snapdeal and investment fund Titan Capital, have exited at-home services platform Urban Company, bagging a nearly 200 times return on their nine-year-old seed cheque. They sold their stake to Vy Capital’s offshoot Dharana Capital which made a $50 million secondary transaction at the Gurugram-based firm. Bahl and Bansal, who had invested Rs 57 lakh in 2015, made the full exit that closed earlier this month with aggregate proceeds of Rs 111 crore, according to people aware of the transaction.

₹2,480-crore loan it had raised last year. The loan was for 10 years with a semi-annual coupon rate of 7.59%. MTNL has long erased its net worth.

NEW DELHI : Rakesh Bharti Mittal, vice-chairman of Bharti Enterprises Ltd, called for simplifying tax regimes for companies and individuals in the Union Budget 2024-25. In an interaction with Mint, he also sought financial support for micro, small and medium enterprises (MSMEs) and the healthcare sector in the budget to be presented to 23 July. He said the industry would be looking for a meaningful road map to advance the country towards becoming a developed nation by 2047 in the budget.

Zee Entertainment Enterprises Ltd. on Tuesday launched a Foreign Currency Convertible Bonds (FCCB) issue, with an aim to raise $239 million, it said in an exchange filing. Proceeds from the FCCBs will be drawn in tranches and these bonds will be divided into 10 series, the company said. Earlier in a filing, the company said the FCCBs would be issued to Resonance Opportunities Fund, St. John's Wood Fund Ltd. and Ebisu Global Opportunities, on terms and conditions mutually decided between the company and the 'proposed' investors.

NITI Aayog. While the vice chairman and the full-time members of the Aayog remain the same, some of the new ministers of the Modi government have become either ex-officio members or special invitees to the Aayog. Since the term of the Aayog, barring the position of the chief executive officer, is co-terminus with the term of the government, the re-constitution of the Aayog was due since the formation of the new government in June. As per the notification, effective from Tuesday, Prime Minister Narendra Modi will continue to be the chairman of the Aayog with Suman Bery as the vice-chairman and VK Saraswat, Ramesh Chand, VK Paul and Arvind Virmani as full-time members of the Aayog.

Budget 2024 is eagerly awaited by various sectors of the economy, the Micro, Small, and Medium Enterprises (MSMEs) sector stands at the forefront for these expectations. MSMEs constitute the backbone of the Indian economy, contributing significantly to the GDP, to overall employment, and for exports. With the advent of the GST, MSMEs have had to navigate through new regulations and compliance requirements. In the past, the government introduced several initiatives, including introduction of quarterly returns and increase in turnover threshold to Rs 40 lakhs for supply of goods, aiming to boost MSMEs. Against the backdrop of some of the aforesaid relaxations, as per recent GST@7 survey conducted by Deloitte, 78% of MSMEs have endorsed GST. Tax compliance automation, e-invoicing and timely issuance of circulars/instructions on contentious tax issues, emerged as top performance areas for government in the survey. MSMEs demonstrate robust support (69%) for these initiatives compared with larger counterparts (which was around 60%)

Sunteck Realty Ltd.(up 7.65 per cent), Brigade Enterprises Ltd.(up 4.32 per cent), Prestige Estates Projects Ltd.(up 3.98 per cent), Phoenix Mills Ltd.(up 1.72 per cent) and Godrej Properties Ltd.(up 1.66 per cent) were among the top gainers.

The entire end-to-resolution process now is not online, but the application process is. Anil Bhardwaj, Secretary General of the Federation of Indian Micro and Small & Medium Enterprises (FISME) said: "Arbitral awards given by the MSME facilitation councils are often appealed in higher courts, and the issue of delayed payments to MSMEs takes that much longer to be resolved." He further said that the the execution of arbitral award given towards MSMEs currently takes considerable time period which impacts the finances of these small businesses.

Funding for AI startups in India stood at $8.2 million in the April-June quarter, declining about 91% sequentially and by 82% year on year, data sourced by ET from market tracking firm Tracxn showed. This, however, comes on a nearly 110% sequential growth in funding in the previous quarter, and 56% in the quarter ended December 2023.

commercial messaging market is expected to more than double to $3.2 billion by 2028 from $1.3 billion in 2023, with global advanced messaging channels such as Google's RCS (rich communication services) and Meta's WhatsApp Business intensifying their competition for a bigger share of this growing market. WhatsApp currently has a head start over Google's RCS with some enterprises saying they have deployed a majority of their messaging on that platform. However, both are set to reach a combined market of $1.6 billion and capture 50% of value share of India's commercial messaging market, according to research firm Gartner. While basic messaging channels in India such as SMS are set to grow at an annual rate of 12% through 2028, advanced channels such as RCS and WhatsApp will grow at 58% at the fastest pace for any country globally, Gartner said. «Globally, while basic messaging is set to grow at a modest 4.2%, advanced messaging is scaling in double digits at 34.4%,» said Pankil Sheth, industry research analyst at Gartner.

Budget 2024, the spotlight is firmly on the Production-Linked Incentive (PLI) schemes, which have been instrumental in revitalizing the manufacturing sector and strengthening supply chains. The government's proactive steps in enhancing these schemes signal a commitment to bolstering India's economic growth, increasing employment, and positioning Indian industries on the global stage. In a significant move, the Indian government has hiked the allocation for the PLI scheme to ₹6,200 crore during the interim budget for FY25, marking a 33% increase from the previous year’s estimate of ₹4,645 crore. This substantial boost underscores the government's dedication to supporting manufacturing and supply chains across the 14 sectors currently covered, which include mobile phones, pharmaceuticals, automobiles, and electronic products.

Shares of Macrotech Developers Ltd.(up 4.87 per cent), Sunteck Realty Ltd.(up 4.15 per cent), Phoenix Mills Ltd.(up 2.2 per cent), DLF Ltd.(up 1.42 per cent) and Godrej Properties Ltd.(up 1.21 per cent) ended the day as top gainers in the pack.

water business AO Smith, for an enterprise value of Rs601 crore. Launched two decades ago, the water purification brand is part of HUL's home care business with revenues of Rs 293 crore during FY24. “This move is in line with our strategic intent to focus sharply on our core categories," said Rohit Jawa, CEO and Managing Director of HUL. The transaction is subject to customary closing conditions, and HUL will continue to manage the business until the completion of the transaction, which will take about three months. The proposed transaction is to be undertaken by way of a slump sale through a business transfer agreement, it said.

China’s extraordinary growth over three decades was fuelled by exports and domestic capital spending. At the peak, it enjoyed an 8% net export surplus consistently, which led to an accumulation of massive foreign exchange. On the other hand, its very high domestic savings rate was deployed to build infrastructure and expand industry.

Bandhan Bank, Chambal Fertilizers & Chemicals, GMR Airports Infrastructure, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), India Energy Exchange (IEX), India Cements, Indus Towers, Piramal Enterprises (PEL) and RBL Bank. The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%.

HDFC Life, Jio Financial, HDFC AMC, Angel One, and SpiceJet, among 36 companies will declare their earnings. Apart from the above, other results to watch out for include that of Hatsun Agro, KBC Global, Kelton Tech, Modern Engineering, Monarch Networth Capital, Oasis Securities, Rajoo Engineers, Sheetal Cool Products, Tahmar Enterprises, Styrenix Performance, and others.

MUMBAI : The controversy over Care Health Insurance Ltd’s award of hefty stock options to its chairperson Rashmi Saluja has taken a turn that may further delay the billionaire Burman family’s bid to take over the company’s parent entity, Religare Enterprises Ltd. In a move that may spark a fresh legal tussle, Care Health has argued against the insurance regulator’s powers over stock options granted to anyone in an Indian insurance company.

Uber have approached the finance ministry, Goods and Services Tax Council and the Authority for Advance Rulings (AAR) seeking clarity on whether their business was liable to tax or not. The move follows a decision from the Karnataka AAR that held that Bengaluru-based direct-to-driver app Namma Yatri was not liable to pay GST. The AAR, in the case of Juspay Technologies that runs the Namma Yatri mobility platform, relied upon the dictionary meaning of the word «through» and held that the mere act of linking service providers with customers through a digital platform did not constitute a supply of service and thus not liable to tax. Section 9(5) of the Central Goods and Services Tax Act, 2017 specifies that liability of GST on certain services has to be discharged by an electronic commerce operator if the services are supplied 'through" its platform. The Karnataka AAR held that as Namma Yatri was merely connecting the auto driver and passenger and its role ended on such connection, the supply was happening independent of its online application and, accordingly, Section 9(5) did not apply on it.

debt financing to inclusive financial institutions and social enterprises, has disbursed Rs 5,019 crore to 140 enterprises in 2023-24, according to a company statement. Besides, the company has provided Rs 4,001 crore in debt funding in partnership with 8,700 enterprises during the year, Caspian Debt said in a statement. The company provides debt finance to sectors like food and agriculture, clean technologies, financial inclusion, healthcare, education, and water and sanitation through our portfolio companies, it said. These companies contribute to various SDGs in unique ways — some through cutting-edge technology, others by blending tech with traditional methods, it said.