Enterprise Financial News

NEW DELHI:Aditya Birla Group’s fashion and lifestyle venture TMRW has invested ₹125 crore for a 16% stake in Universal Sportsbiz Pvt. Ltd (USPL), the Accel and Virat Kohli-backed parent of clothing brand Wrogn.The minority investment comes with “an option for a path to majority stake acquisition" later, Aditya Birla Fashion and Retail Ltd said in an exchange filing on Wednesday.

Bannari Amman Sugars Ltd.(up 3.16%) and EID Parry(India)Ltd.(up 0.52%) were among the top gainers.

The NSE Nifty index was trading 7.06 points down at 23550.85, while BSE Sensex was up 118.69 points at 77419.83 at the time of writing this report.

Rama Phosphates Ltd.(up 15.49%), Khaitan Chemicals & Fertilizers Ltd.(up 8.26%), Rashtriya Chemicals & Fertilizers Ltd.(up 6.31%), The Fertilisers and Chemicals Travancore Ltd.(up 4.81%), National Fertilizers Ltd.(up 4.37%), Chambal Fertilisers & Chemicals Ltd.(up 4.16%), Deepak Fertilisers & Petrochemicals Corporation Ltd.(up 4.15%), Madras Fertilizers Ltd.(up 4.14%), Agro Phos India Ltd.(up 3.45%) and Gujarat State Fertilizer & Chemicals Ltd.(up 3.28%) were among the top gainers.

Decagon, a startup that sells artificial intelligence-powered customer support solutions, said on Tuesday it had raised $35 million in Series A and seed funding. Accel led the series A round with participation from Andreessen Horowitz. Decagon uses generative AI to replace or augment a company's customer support workforce.

Gujarat Industries Power Company Ltd.(up 7.82%), Voltamp Transformers Ltd.(up 5.43%), Jyoti Structures Ltd.(up 4.96%), JSW Energy Ltd.(up 3.38%), Power Grid Corporation of India Ltd.(up 3.21%), Hitachi Energy India Ltd.(up 2.36%), Power and Instrumentation(Gujarat)Ltd.(up 1.97%), NLC India Ltd.(up 1.50%), GE Power India Ltd.(up 1.17%) and Karma Energy Ltd.(up 1.02%) stood among the top gainers.

Zomato, Paytm, HAL, Som Distilleries, Adani Enterprises, TCS among others will be in focus due to various news developments. APL Apollo Tubes The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to hear afresh the insolvency plea filed by APL Apollo Tubes against one of its purchasers of goods.

Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest.

New Jersey’s attorney general has charged Democratic power broker George Norcross with racketeering and other crimes in connection with government issued tax credits

bio-bitumen from biomass or agricultural waste, a move that would help reduce imports of the material used for asphalting of roads while also addressing the persistent issue of stubble burning. India currently imports about half of its annual requirement of bitumen and the target is to replace imports with bio-bitumen over the next 10 years, a senior government official told ET. «Based on the success of the pilot study, we hope to kick-start production of bio-bitumen on a large scale by the end of 2025,» the official added. The Central Road Research Institute (CRRI) will soon undertake a pilot study with the Indian Institute of Petroleum, Dehradun on a 1-km road stretch which will be built using bio-bitumen. If successful, the technology will be commercialised and transferred to a private entity or public sector enterprises for large-scale production of bio-bitumen, to be used in the construction of national highways.

India is likely to ask for a three-year exemption for its micro, small and medium enterprises (MSMEs) from a proposed mandatory tariff on carbon-intensive imports in talks on a free trade deal with European Union negotiators starting next week, two people aware of the matter said. India, which opposed the tax at the World Trade Organization's last ministerial meeting in February-March in Abu Dhabi, will make its stand clear again on the during upcoming talks on a free trade agreement (FTA) with the EU. The eighth round of FTA talks is slated to be held in Brussels on 24-28 June.

Chinese Premier Li Qiang has arrived in Australia on a relations-mending mission

₹3,360 crore. The money will be used to expand its hospitality businesses and other developing businesses.InterGlobe Enterprises said in an exchange filing on 11 June that “the proceeds will be utilised for scaling up IGE’s hospitality and other businesses it is incubating, as well as for general corporate purposes." On being asked how this money will be put back into the UK company, a spokesperson said this was the only statement it had on the sale of shares.

Union Minister of Heavy Industries and Public Enterprises, HD Kumaraswamy on Saturday clarified that he was misquoted on his purported remarks regarding the US semiconductor firm Micron. «Semiconductor is a strategic industry. It is a basic requirement for electronics and automobile manufacturing. Both these sectors generate lots of employment. I greatly appreciate the semiconductor-related initiatives taken by @PMOIndia and will work towards fulfilling them through my ministry, Kumaraswamy said in a post on social media platform X. This comes in the wake of a media report published on June 14 in which he purportedly questions the necessity of investments like the USD 2.5 billion semiconductor unit by US-based Micron Technology in Gujarat, which could receive subsidies amounting to Rs 3.2 crore per job created.

₹3.2 crore in subsidies for every job it creates" in Gujarat.“The new manufacturing unit will generate about 5,000 jobs. For this, we are giving them $2 billion [around 16,000 crore] in subsidies... If you calculate, that’s 70% of the company’s total investment," Kumaraswamy was quoted by the Times of India as saying on Friday.The Union minister said he had asked officials "how justifiable it is to allocate such a significant amount of funds".

logistics costs for Adani Cements, chief financial officer Vinod Bahety told analysts in a call. Adani Cements transports less than 2% of its cargo through the sea route, and access to five bulk cement terminals at Kolkata, Gopalpur, Karaikal, Kochi and Colombo through Penna Cement is expected to boost this to 10% by 2027-28 (April-March), he said. «A key highlight of this transaction is that it gives me complete strength for the servicing of peninsular India. A lot of companies have cement, but this company has been much more visionary in terms of sea logistics infrastructure,» Bahety said. For the cargo that is transported through the sea route, it can help bring down costs by as much as ₹300-400 per tonne, while on an overall basis, it will bring in savings of ₹50-70/tonne.

Informal manufacturing and service sectors grew faster than the informal trade sector in 2022-23, data released by the government on Friday showed. The gross value added of unincorporated manufacturing companies increased by 19.14% to ₹3.6 lakh crore in 2022-23 (October-September) compared with ₹2.77 lakh crore in 2021-22 (April-March), data released by the Ministry of Statistics and Programme Implementation showed. The increase in gross value added of the services sector was 18.9% during the same period. Trade and services still account for a larger share of value added to the economy than the manufacturing sector. Less jobs, lower pay

Goldman Sachs Funds sold 40.6 lakh shares worth Rs 43 crore in Restaurant Brands Asia (RBA) on Friday via block deal. The shares were sold at a price of Rs 105.53 apiece, which was at a discount of 1.30% to Thursday’s closing price of Rs 107 on the BSE. The information of buyers is still not available on the BSE.

Bajaj Finance Limited and Bajaj Finserv Limited, filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering last week on June 7. Bajaj Housing Finance is a non-deposit housing finance company that has been involved in mortgage lending from fiscal 2018.The public offering comprises a fresh share issuance at ₹4,000 crore.

Also Read: Budget expectations: Here's what experts across sectors anticipate in JulyLooking at the yearly performance, 7 out of the 10 stocks in the index achieved multibagger returns in last one year. Sobha led the pack with a remarkable gain of nearly 290%, followed by Prestige Estates Projects with a gain of 238%.Additionally, Brigade Enterprises, Macrotech Developers, Phoenix Mills, Godrej Properties, and Sunteck Realty all recorded substantial gains ranging between 100% and 140%.This exceptional performance can be attributed to the robust sales growth, continuous new developments, strategic price adjustments, and improving financial indicators within the industry.Also Read: Mumbai ranks 3rd, Delhi-NCR 5th in global property price increaseIn FY24, there was a strong surge in demand for residential properties across major Indian cities, driven by increasing disposable incomes, evolving lifestyles, and a rising number of high-net-worth individuals.The demand for luxury homes has surged notably, driven by demographic shifts towards more affluent lifestyles.

Penna Cement will increase Ambuja Cements' presence in India, particularly in South India, besides making way to markets in neighbouring Sri Lanka, the cement company said in a presentation explaining the rationale behind the acquisition. On Thursday, Ambuja Cements announced that it has decided to acquire 100 per cent shares of Penna Cement Industries Limited. Penna Cement to now become wholly owned subsidiary of Ambuja Cements. The transaction has an enterprise value of Rs 10,422 crore. The cement maker said that the transaction would be fully funded through internal accruals.