Enterprise Financial News

India-Russia ties. PM Modi and President Vladimir Putin, two of the most experienced world leaders, discussed bilateral relations and the fast-changing worldwide landscape in a five-hour conversation. If personal connection between the leaders is the diplomatic measure, the first day was successful. PM Modi received Russia's highest civilian decoration, the Order of Saint Andrew the Apostle. PM Modi's last visit to Russia, for the 2019 Vladivostok summit, signalled India's participation in the Russian Far East to establish fresh leverage to counter Chinese dominance in North East Asia. A maritime corridor from Vladivostok to Chennai to connect to the Northern Sea route was meant to protect India's Arctic energy and commodity interests. Five years later, with little implementation, the 2024 summit revisited several 2019 projects. New consulates in Yekaterinburg and Kazan will strengthen India's diplomatic ties in Russia's key regions. Bilateral relations will regain momentum only if projects in energy, fertilisers, and commodities are converted into long-term agreements. Doing so will require private sector involvement. Both governments should encourage enterprises that are willing to break new ground in investment and joint ventures, building leverage in fast-changing global marketplaces that lasts longer than trade partners.

India should not just participate but steer the ongoing AI revolution, and mobilise the powerful technology to bring the nation to the forefront of the global stage, the country's G20 Sherpa Amitabh Kant said on Thursday. «We're truly in a unique moment with the ongoing AI revolution. Its relentless advancing capabilities across the board, its increasing adoption by citizens, and most importantly, its potential to redefine the very fabric of industry and society marks this as a transformative era,» the former NITI Aayog CEO said at the Global IndiaAI Summit here. Citing industry body nasscom, Kant said 70 per cent of Indian startups prioritise AI to drive their growth, thus underscoring the critical role of AI in the startup ecosystem. «India proudly holds the position of having the second highest number of GitHub AI projects globally, accounting for 19 per cent of worldwide AI projects. this demonstrates a vibrant and active engagement in AI development on an international scale.

EEPC India has suggested restoring the interest subvention to 3% for the specified 410 tariff lines besides raising the subvention rate to 5% for MSME manufacturers exporting under any tariff line. «Considering the rise in the repo rate from 4.4% to 6.5%, we have requested to restore the interest subvention rate to 3% for the specified 410 tariff lines. We also requested that for Micro, Small, and Medium Enterprises (MSME) manufacturers exporting under any tariff line, the interest subvention rate be increased to 5%. Merchant exporters have low-profit margins, and the cost of credit affects their viability significantly. Therefore, we have requested to extend the Interest Equalisation Scheme to merchant exporters with a 3% subvention rate,» EEPC India chairman Arun Kumar Garodia said. According to Trade Notice No 07/ 2024-25, the Interest Equalization Scheme has been extended for two months but only for MSMEs. It also says that the claims from non-MSME exporters will not be accepted beyond 30th June 2024.

hybrid cloud, which combines private cloud (on-premises data centre) with public cloud. Hybrid cloud helps in cost reduction, supports remote work and creates workplace efficiency. US-based IT firm Hewlett Packard Enterprise (HPE) has come up with various solutions around the hybrid cloud for Indian SMEs. Bhawna Agarwal, Country Head-Strategy & Growth, Hewlett Packard Enterprise, India, says that SMBs are increasingly prioritising high-performance cloud computing solutions that can handle intensive workloads efficiently and reliably. Secondly, there is a growing emphasis on the rapid deployment of cloud computing services. “SMBs seek solutions that can be quickly implemented and operationalised to adapt swiftly to market changes and business needs. Additionally, SMBs place a high value on security and data privacy in cloud solutions,” she says.

₹11.5 trillion, or 4.3% of the 2022-23 GDP, over the seven-year period. India’s informal sector consists of a vast network of small businesses, street vendors, and independent workers, operating outside the formal legal framework, and their sheer size—three-fourths of the workforce—means they play a critical role in job creation. The latest survey covered 458,938 informal sector enterprises between October 2022 and September 2023.

economic policy towards 2047 with an emphasis on job creation through labour-intensive manufacturing, credit for MSMEs and continued focus on services exports by expanding GCCs, according to Goldman Sachs. “We expect the general government to stick to the announced fiscal deficit target of 5.1% of GDP for FY25 (or even slightly lower) and announce further consolidation to a deficit of below 4.5% of GDP by FY26”, Goldman Sachs said in a note Monday. Union finance minister Nirmala Sitharaman will present the full budget for FY25 on July 23. In her interim budget, presented in February, she had pegged fiscal deficit at 5.1% of GDP

Insolvency and Bankruptcy Code (IBC) reforms are expected to be announced in the finance minister’s forthcoming Budget speech. As the IBC is a complex business law on the solvency of corporate enterprises, it deserves priority attention. When the IBC was adopted by India in 2016, Parliament had intended that the time period for insolvency resolution be mandatorily limited to 330 days, inclusive of one extension and the time taken in legal proceedings.

Securities Appellate Tribunal (SAT) on Wednesday directed Religare Enterprises (REL) to apply with the Securities and Exchange Board of India (Sebi) for the open offer made by the Burman family to raise its stake in the company. The tribunal, which hears appeals against the Sebi orders, however, stayed the show cause notice issued by the capital markets regulator to the financial services company and its board. In June, Sebi had asked Religare to apply with it the open offer proposal by the Burman family to purchase an additional 26% stake from the firm's public shareholders. Religare approached SAT against the Sebi directive.

Mint looks at the key aspects of the latest Hindenburg post: The show-cause notice dated 26 June 2024 was sent to Hindenburg and Kingdon Capital Management, the only investor with which the US short seller shared the damning report on the Adani Group before publishing it. The notice details how Hindenburg violated some regulations, including inadequate disclosures on how it traded and profited. It estimates Hindenburg made $14.7 million from taking a short position in Adani.

Early stage entrepreneurs are happy about the possibility of the tax going away. “This move will be a game-changer for both early-stage startups and investors," said Bharat Joshi, co-founder of Bengaluru-based fintech startup VuNet Systems, adding that the move could foster a more conducive and positive environment for innovation and growth, and unlock greater opportunities for entrepreneurs.

₹4,000 crore or global sales of $30 billion or gross merchandise value of ₹16,000 crore or global market capitalization or fair value of $75 billion and also meet the criterion of 10 million end users or 10,000 business users will be designated as SSDE. In addition, any enterprise which does not meet these criteria but has significant presence in the market for specified services including internet search, advertising services and operating system, in CCI’s view, will get the tag of an SSDE.

Pakistan government has taken steps to regulate the country's wheat market by banning the import of wheat and the export of flour on Friday, according to a notification issued by the Ministry of Commerce, Ary News reported. This decision came after it was determined that the country had imported more wheat than it needed, leading to a surplus. The government has amended its Import and Export Policy Orders 2022 to implement the ban, which also includes a prohibition on exporting flour made from imported wheat, as per Ary News.

Aditya Birla Fashion & Retail (ABFRL), Balrampur Chini, Bandhan Bank, Chambal Fertilizers & Chemicals, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), India Energy Exchange (IEX), India Cements, Indus Towers and Piramal Enterprises (PEL). While Hindustan Copper has exited the ban, IEX is the latest entrant on the list.

Shares of Brigade Enterprises Ltd.(up 4.1 per cent), Godrej Properties Ltd.(up 1.38 per cent), Sobha Ltd.(up 1.0 per cent), Oberoi Realty Ltd.(up 0.35 per cent) and Sunteck Realty Ltd.(up 0.25 per cent) ended the day as top gainers in the pack.

budget could unveil a scheme aimed at bridging the credit gap and other financing issues for the micro, small and medium enterprises (MSME) sector, said people familiar with deliberations. While the contours of the scheme are yet to be finalised, it may involve an outlay upwards of ₹10,000 crore, they said. Interventions being examined included interest subvention for working capital, credit guarantees, refinance and some form of support towards equity, they said, adding that a special window for women entrepreneurs was also being considered. A final decision will be taken closer to the budget, which is to be presented on July 23.

Zee Entertainment Enterprises Ltd. gained 0.4 per cent to Rs 147.1 in Thursday's trade as of 10:40AM (IST). It hit a high of Rs 148.25 and low of Rs 146.8 during the session. The stock quoted a 52-week high price of Rs 299.5 and a low of Rs 126.15. The return on equity for the stock stood at 1.3 per cent. About 241,233 shares have changed hands on the counter so far.

regulator has issued a show cause notice to Religare Enterprises subsidiary, Care Health Insurance (Care), in relation to the grant of stock options to Rashmi Saluja, the Religare chairperson, said sources aware of the development. The board of Religare, which in turn owns Care, and the promoter family of Dabur are locked in a protracted battle over the control of Religare. The Burman family made an open offer to minority investors of Religare and has accused the board of giving Saluja stock options in alleged violation of rules. In the show cause notice, which was issued last month, the regulator has alleged Care failed to comply with the directions of the Insurance and Regulatory Development Authority of India (IRDAI), sources added.

Zee Entertainment Enterprises Ltd. traded at Rs 148.9 on BSE at 12:23PM (IST) on Monday, down 1.35 per cent. The stock quoted a 52-week low price of Rs 126.15 and a high of Rs 299.5. Earlier in the day, the stock saw a gap up opening.

Amrit Jiwan, general counsel and senior director, Canon India as its president. The industry association representing top IT hardware brands have also appointed Sanjay Lodha and Bhawna Agarwal as vice presidents. Lodha is the chairman and managing director, Netweb Technologies. Agarwal heads strategy and growth, Hewlett Packard Enterprise.

Bandhan Bank, Chambal Fertilizers & Chemicals, Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), India Energy Exchange (IEX), India Cements, Indus Towers, Piramal Enterprises (PEL) and RBL Bank. RBL Bank is the latest entrant into the list.

Private equity firm Bain Capital is reportedly on the verge of finalizing a deal to acquire Envestnet, the enterprise wealth tech provider.