Enterprise Financial News

Hindalco Industries Ltd share price gained more than 1% in morning trades on Wednesday, however was trading the red thereafter. Hindalco share price had seen sharp correction of more than 12% on Tuesday. Hindalco had posted its December quarter performance on Tuesday.

₹180.35 apiece on the BSE. Zee Entertainment Enterprises (ZEEL) posted a net profit of ₹58.5 crore in the quarter ended December 2023, up 140% from ₹24.32 crore during the same period a year ago. Zee’s advertising revenue fell 3.3% to ₹1,027.4 crore from ₹1,063.4 crore, while subscription revenue increased 3% to ₹921.3 crore from ₹894.4 crore, YoY.

Aditya Birla Fashion and Retail (ABFRL), Ashok Leyland, Aurobindo Pharma, Balrampur Chini, Bandhan Bank, Biocon, Delta Corp, India Cements, Indus Towers, National Aluminium Company, Punjab National Bank (PNB), Steel Authority of India (SAIL) and Zee Entertainment Enterprises (ZEEL). Hindustan Copper has moved out of the ban.

By Raphael Satter

Zee Entertainment Enterprises has accused Walt Disney-owned Star India of violating the ICC TV rights agreement and has sought a refund of Rs 69 crore paid as part of the agreement. Zee asserted in its Q3 financial statements that it has strong grounds to counter Star India's claims in the ICC TV rights agreement matter. The company added that it has accrued Rs 72.1 crore for bank guarantee commission and interest expenses for its share of bank guarantee and deposit as per the agreement. Star India has sent letters to Zee through its legal counsel accusing the company of breaching the ICC TV rights agreement due to the non-payment of $203.5 million in the first installment of the rights fee along with the payment of the bank guarantee commission deposit of Rs 17 crore.

Rudra Gas Enterprise IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Rudra Gas Enterprise concluded on Monday, February 12, 2024 and the allotment status has been finalised today (Tuesday, February 13). The investors who applied for the issue can check the Rudra Gas Enterprise IPO allotment status in the registrar's portal, which is Link Intime India Private Limited. Investors can find out if and how many shares they have been given through the basis of allotment.

Hinduja Group is in discussions to borrow ₹4,000 crore from non-banking financial company 360 One Prime (formerly IIFL Wealth Prime) to part-finance its acquisition of Anil Ambani-promoted Reliance Capital under the bankruptcy code, two people aware of the negotiations said. IndusInd International Holdings (IIHL), the holding company of Hinduja Group, is looking to borrow a total of ₹8,000 crore for the deal, but it has been facing pricing challenges with various credit funds demanding rates on the higher side. While 360 One Prime has offered to lend ₹4,000 crore at 14-15%, other private credit funds, including Ares SSG, too, have expressed interest in lending, albeit at higher interest rates and with better covenants, one of the people cited above told ET.

Walmart said they have sourced over $30 billion goods from the Indian market for its global operation in the past 25 years. The company is now set to triple the sourcing of these goods from India to $10 billion annually by 2027. Andrea Albright, executive vice president of sourcing at Walmart, said that through its Walmart Vriddhi initiative, launched in 2019, the company is training Micro, Small and Medium Enterprises (MSMEs) «to learn new capabilities, scale and maximize their business ambitions» free of charge. At its Growth Summit, the company announced that they have met their target early and have already trained more than 50,000 MSMEs. Jason Fremstad, Walmart's senior vice president, supplier development and sourcing, said, «What we are aiming to do this week is to continue finding new suppliers to source in categories- home, apparels, foods, health and wellness, toys… this week is focused on expanding those opportunities and finding new suppliers that we can export in an effort to achieve the goal that we have set out for sourcing $10 billion by the end of 2027.»

GroupM predicts 10.2% growth in Indian advertising revenue to ₹1,55,386 crore in 2024, down from the 11.3% growth in 2023. In 2023, the ad market is projected to have expanded by 11.3% to ₹1,40,963 crore, which was lower than the previous year's predicted 15.5% growth and ad revenue of ₹1,46,450 crore. According to GroupM's 'This Year, Next Year' projections, growth would be driven mostly by Lok Sabha elections and cricket, with auto, real estate, retail, and small and medium enterprises (SMEs) expected to fuel the advertising growth in 2024.

EY India has selected 11 entrepreneurs as finalists for EY Entrepreneur of the Year-India (EOY) 2023 Awards in its silver jubilee year. These finalists have combined revenues of over Rs 14,70,000 crore, market capitalisation of over Rs 42,00,000 crore and employ over 12,50,000 people worldwide. In addition to these finalists, EY has also announced that Venu Srinivasan, Chairman Emeritus, TVS Motor Company will be honoured with the Lifetime Achievement Award and Tata Sons’ Chairman Natarajan Chandrasekaran will be felicitated with Special Jury Award.

₹3800 per share. "We expect AEL's EBITDA to double from FY23 to FY26 and grow 3x+ by FY28. We build the contribution of new biz scaling from 40% of consol EBITDA (FY23) to -75% by FY26 and 85% by FY28, At CMP.

The move underscores Ripple's commitment to regulatory compliance and enables the company to expand beyond its primary payments network into other blockchain-based financial products for institutional clients. Under the proposed deal, Ripple will gain access to Standard Custody's limited purpose trust charter and its money transmitter licenses, contributing to the firm's growing portfolio of regulatory licenses.

Karnataka – which houses the country’s information technology hub Bengaluru – continues to attract and retain more white collar and leadership talent than any other Indian state, according to a study by executive search firm Xpheno. The study, which covered leadership talent movements and landscape for the 12-month period ending December 2023, shows that only 13 Indian states emerged as talent positive states or states with positive talent balance (PTB) on leadership talent movement. These are states that retain more talent than they lose to other regions.

MUMBAI : Advertising expenditure in India is expected to grow at 10.2% in 2024, slower than last year’s 11.3%, according to media investment company GroupM. But even at that pace, India would still be among the fastest-growing ad markets globally. Overall advertising expenditure this year is expected to increase by ₹14,423 crore to ₹1,55,386 crore, GroupM said Tuesday in its annual forecast titled ‘This Year Next Year’.

Spacenet Enterprises India Limited (NSE: SPCENET), a prominent global trading entity with substantial operations in Hong Kong and Dubai, has reported an exceptional 486% increase in its consolidated profit after tax (PAT) on an annual basis. This significant growth highlights Spacenet's focused strategy on diversifying its investment portfolio by incorporating stakes in pioneering, disruptive technology enterprises.

₹500 crore upon competition. Brigade’s hospitality segment saw occupancy level at 73%, up 500 basis points y-o-y. One basis point is equivalent to 0.01%.

Zenith Drugs IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Zenith Drugs will be opening for subscription on Monday, February 19, 2024. It comprises a fresh issue with a price band set at ₹75 to ₹79 per share at a face value of ₹10 per share. The SME IPO will close on Thursday, February 22.

SIDBI ET MSME Conclave is now set to enter Gujarat. The fifth session is scheduled to be held in Rajkot on February 15. The conclave is a series of events being held across the country with the aim to bring together micro, small & medium enterprises (MSMEs), policymakers and ecosystem enablers. To register for the Rajkot conclave, click here.

Tata Steel, NPCI, Jio Financial Services, Newgen Software Tech, Javis, BNP Paribas, Axis Bank and S&P Global, the institute said in a statement on Tuesday. Cluster 3 comprised firms across eight cohorts including BFSI, analytics & IT consulting, core manufacturing & infrastructure, renewable energy & greentech, government enterprises, enterprise tech, fintech and logistics. Many new recruiters participated this year across cohorts, including Waree and Jio Financial Services.

earnings on Tuesday with Street tracking the results of Hindalco Industries, Bharat Heavy Electricals (BHEL), Nuvama Wealth Management and Indian Railway Catering and Tourism Corporation (IRCTC). Among other important results will be those by Arvind Fashions, Antony Waste Handling Cell, Bombay Burmah Trading Corp,, Bosch, Coffee Day Enterprises, Gujarat Gas, Hindalco Industries, Hindustan Copper, Inox India, MTAR Technologies, Mahanagar Telephone Nigam, National Aluminium, Info Edge, NBCC (India), Ltd, OIL, Panacea Biotec, Praveg, Prestige Estates Projects and Sula Vineyards.

BHEL), GMR Airports Infrastructure, NMDC, Punjab National Bank (PNB) and Union Bank of India. There will be no deletions, according to an MSCI release issued late Monday. PNB and Union Bank will be among the three largest additions to the MSCI Emerging Markets Index measured by full company market capitalisation. The third one is Midea Group Co from China.