Enterprise Financial News

Prestige Estates Projects Ltd.(up 4.53 per cent), Brigade Enterprises Ltd.(up 2.52 per cent), Mahindra Lifespace Developers Ltd.(up 1.82 per cent), Macrotech Developers Ltd.(up 1.16 per cent) and Sobha Ltd.(up 0.92 per cent) were among the top gainers.

Ambuja Cement, Vodafone Idea, Puravankara, Wipro among others will be in focus due to various news developments. L&T Finance

Adani Group unit Ambuja Cement is to acquire Hyderabad-based Penna Cement at an enterprise value of ₹10,422 crore, adding to its capacity and market share in southern India. Mumbai-headquartered Ambuja Cement will acquire 100% of Penna Cement from existing promoter group P Pratap Reddy and family, the company said in a stock exchange filing. Penna Cement has around ₹3,000 crore of debt, including fund, non-fund debt and inter-corporate deposits, according to sources. Of the enterprise value, Ambuja Cement will hold back around ₹3,500 crore as milestone payments for completion of 2 million tonne (MT) cement capacity and 3 MT clinker facility at Penna's Rajasthan plant, which is likely in a year.

Union Budget 2024 likely to be tabled in Parliament by third week of JulyAdditionally, a meeting of the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled for June 22 in the national capital. This will be the Council's first meeting since their last gathering in October 2023.“We expect the new Finance Minister to focus on key areas that will help SME to strengthen enterprise security - Protect MSMEs from external risks such as cybersecurity threats, economic shocks, and supply chain disruptions.

Crypto has become an essential daily tool in regions where local currencies are weaker, according to Robin O’Connell, the CEO of Uphold Enterprise.

NEW DELHI:New Delhi: Gentari Sdn Bhd, a unit of Malaysia’s state-run oil and gas company Petroliam Nasional Bhd (Petronas) that has been actively scouting for green energy assets in India, is now planning a minority fund raise in its proposed commercial and industrial (C&I) projects in an equity deal valued at around $400 million, two people aware of the development said.This will involve a stake sale of up to 49% in its 3.5 gigawatt (GW) assets that will supply electricity to a unit of AM Green, set up by Mahesh Kolli and Anil Kumar Chalamalasetty, founders of Greenko Group. The unit will produce 5 million tonnes per annum (mtpa) of green ammonia that is equivalent to about 1 mtpa of green hydrogen.

OpenAI is on pace for $3.4 billion of annual revenue, Chief Executive Officer Sam Altman told the company’s staff, according to a person familiar with the matter.In an all-hands meeting Wednesday, Altman said the vast majority of that revenue — about $3.2 billion — comes from OpenAI’s products and services, according to the person, who spoke on condition of anonymity to discuss internal communications. Altman said OpenAI is also on track to generate about $200 million by offering access to its AI models through Microsoft Azure, the person said.Also Read: Musk declares ban on Apple devices in his companies if OpenAI is integrated amid security concernsThe Information was first to report the revenue figure.

Hero Motocorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals (BHEL), Bosch and Samvardhana Motherson International — are likely to make the cut into the largecap category in the upcoming Amfi Semi-Annual Categorisation for H2CY2024, IIFL Securities said in a note. The semi-annual cut-off date is June 30, 2024. Meanwhile, existing largecaps ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Polycab India, SRF, Marico, SBI Cards & Payment Services and Berger Paints are likely to get demoted to midcaps, this note said.

Shares of Sunteck Realty Ltd.(up 9.61 per cent), Godrej Properties Ltd.(up 2.53 per cent), Mahindra Lifespace Developers Ltd.(up 0.97 per cent), DLF Ltd.(up 0.44 per cent) and Phoenix Mills Ltd.(up 0.07 per cent) ended the day as top gainers in the pack.

IIT alumni founded cybersecurity enterprise firm Rubrik, which went public in April, reported its maiden quarterly earnings on Wednesday after the listing. The company reported a 38% year-on-year jump in revenue to $187.3 million for the quarter ended April 30.

There is a life lesson to be had in the growth of Chinese bamboo. The tree takes about five years to sprout. But once it does, it has a growth spurt, rising to even 80 feet in just a few weeks. That is what has been happening with SME IPOs in the recent past.

Sattrix Information Security were listed on the BSE SME platform with a premium of 24% on Wednesday. The stock debuted at Rs 150 as against an issue price of Rs 121 per share. Ahead of the listing, the company's shares traded with a premium of Rs 15 in the unlisted market.

Nitin Gadkari on Wednesday took charge as the Minister of Road Transport and Highways. In a post on X, formerly known as Twitter, Gadkari conveyed his heartfelt gratitude to Prime Minister Narendra Modi for reassigning him this role in Modi 3.0 and remarked that India will be equipped with world-class, modern infrastructure at an accelerated pace under Modi Ji's visionary leadership.

government has called two separate meetings on Thursday and next Monday with industry representatives and associations to deliberate on various aspects of the draft of the digital competition bill, sources told ET.

While two-thirds (64 percent) of business owners have a succession plan in place, a new study by Edward Jones highlights the complexities and emotional challenges entrepreneurs face in preparing for succession.

₹3,360 crore.According to InterGlobe Enterprises statement, the proceeds will be used to expand its hospitality and other incubating businesses, as well as for general corporate purposes.The company confirmed that Bhatia will continue as a promoter and managing director of IndiGo, working with CEO Pieter Elbers to guide the airline's strategic direction.InterGlobe Enterprises will continue to remain the largest shareholder of IndiGo. As of March, the promoter group led by Bhatia held a 37.91% stake in the airline.

₹1,445 crore to partly finance the acquisition of US-based pharmaceutical major Viatris’ active pharmaceutical ingredients (API) business by Matrix Pharma Private Ltd.The deal is being consummated with financing from Kotak Strategic Situations Fund II, the firm said in a statement, more than a year after it announced the first close of a $1.25 billion fund to invest across growth and value companies.The acquisition is expected to make the Hyderabad-based Matrix Pharma the second largest Indian player in antiretroviral API space. It will also gain access to Viatris’ network of 185 scientists and a repository of more than 600 drug master files (DMF).Kotak Alt’s capital infusion will enable Matrix to consolidate its leadership in the API business by focusing on third-party sales and will selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organization (CDMO) space.Srini Sriniwasan, managing director of Kotak Alternate Asset Managers, said that the deal underscores Kotak Alt’s pharma industry capabilities and its ability to create a platform to build a robust API business which we can support with organic and inorganic growth.Viatris Inc was a result of a merger between Mylan NV and Pfizer’s Upjohn unit in 2020.

NTT DATA Business Solutions AG, a company of NTT DATA and a leading global IT service provider focused on the mid-market and SAP, announces the acquisition of a majority stake in ProvenTech Pvt Ltd, Hyderabad, Telangana, India. ProvenTech is specialized in providing cutting-edge GenAI-driven Quality Management and Manufacturing solutions to Pharma, Healthcare and Food industry, leveraging its own products, SAP© S/4HANA and other enterprise software. Founded in 2020, the company offers a unique and comprehensive portfolio including its own SaaS solutions, automation, integration and advisory services to meet the diverse needs of the pharmaceutical industry.

Mint on the sidelines of the GitHub Galaxy event in Bengaluru on Tuesday. Amid a global shift to AI, India boasts over 15.4 million developers on GitHub, compared to a little over 21 million in the US. Globally, there are more than 100 million developers.

Zee Entertainment Enterprises Ltd. 0.0 per cent to Rs 164.1 at 11:46AM hours (IST) on Tuesday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 1,130,341 shares with a turnover of Rs 18.78 crore till 11:46AM (IST). The stock traded at a price-to-earnings (P/E) multiple of 114.16, while the price-to-book value ratio stood at 1.23.

Vodafone Idea saw a decline on June 11 as the company prepares to consider significant proposals on June 13. The board will discuss issuing equity shares and convertible securities on a preferential basis to vendors.Also Read | Indigo Airlines share price down over 3% as Interglobe Enterprises plans to offload stake worth $394 millionIn a regulatory filing, the firm said, "We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 13 June 2024, inter-alia, to consider and evaluate proposals for issuance of equity shares and/or convertible securities on a preferential basis to vendors, subject to such approvals as may be required, including approval of the shareholders of the company."Also Read | ’Lok Sabha election result is a warning bell for us’: DK Shivakumar on losing to BJP in KarnatakaThe Vodafone Idea stock declined by 1.08 per cent, reaching ₹15.64 on the BSE on June 11 at 10:54 am.