FINANCIAL SERVICES CONGLOMERATE
Jio Financial Services gets RBI nod to become core investment company
The Reserve Bank of India on Thursday evening approved Jio Financial's conversion from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.
Adani joins Tata and Ambani in race for elusive India superapp
Given the limited traction gained by Ambani’s MyJio and Tata’s Neu despite their wider range of consumer businesses, the Adani Group — whose businesses are largely infrastructure and heavy industrial ones — may have set itself a daunting task.
Sebi asks Religare Enterprises to apply for regulatory approval for open offer by Burman Group
The Burmans, who founded and control consumer goods conglomerate Dabur India, raised its stake in Religare to nearly 25% in September last year, triggering the so-called open offer requirement that allows them to buy more shares from public shareholders.
Aditya Birla Capital to sponsor Indian team at Paris Olympics 2024
Aditya Birla Capital has partnered with the Indian Olympic Association as the Official Sponsor of Team India at the Paris Olympics 2024. The partnership includes launching a marketing campaign featuring India’s leading athletes and brand activations to generate nationwide support for the Indian Olympic contingent.
Payoneer Elevate empowers 500+ service export SMBs on their global expansion journey
Payoneer Elevate 2024 marked the 8th edition of Payoneer’s global flagship event in India, empowering entrepreneurs, founders, and growth leaders of service export businesses on their journey towards global expansion. Held on April 18, 2024, in the capital city, Payoneer Elevate 2024 delivered domain-focused knowledge sessions for over 500 Indian Small- and Medium-sized Businesses (SMBs) aiming for global growth. Here's how Payoneer is leading the transformation of cross-border payments to support Indian SMB exports.
Adani One launches cobranded credit cards with ICICI Bank, enters financial services
Adani One, the super app by Adani group, launches cobranded credit card with ICICI Bank. The card offers rewards for spends within Adani ecosystem.
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How tech-first stock brokers are diversifying into lending
Stock broking startups are focusing on consumer loans as they look to diversify their business area. Large stock brokers like Groww and Angel One are disbursing strong numbers for personal and consumer loans. Groww is facilitating disbursement of around Rs 250 crore of personal loans every month, while Angel One is handing out around Rs 50 crore monthly.
Adani third Indian business house to cross $10-b mark in operating profit
Adani Group joins Tata Group and Mukesh Ambani's Reliance Group in achieving $10 billion annual operating profit in FY24 despite challenges.
Mukesh Ambani's fintech juggernaut starts rolling: The road ahead
Ambani's latest fintech business under Jio Financial Servics Ltd (JFSL) aims to ride on extensive consumer network as well the data Reliance has acquired. The tracks that consumers leave while shopping and using Reliance products and services will form a strong databank for JFSL.
Google to invest $2 billion in data centre and cloud services in Malaysia
Google announces $2 billion investment in Malaysia for its first data centre and cloud region, supporting the country's digital ambitions and AI capabilities to enhance local industry and global competitiveness.
Bharti AXA-SBI Life sale talks collapse, PEs may throw in hat
The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub.
Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Cantor Fitzgerald dismisses recent Financial Times report on Adani Group as market noise, indicating investors' confidence remains intact. Adani Enterprises' shares surged 8.2% following the allegations, marking a tenth consecutive day of market capitalization gains. Adani Group refuted the accusations, citing contractual obligations and rigorous testing processes, while Cantor highlighted discrepancies in the FT report's sources and noted India's growth trajectory as favorable for Adani Enterprises despite controversies.
Traditional financial services catch the super app bug
Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.
Exclusive: Tata Digital CEO Naveen Tahilyani sets up new team
Tata Digital CEO Naveen Tahilyani is rejigging the executive team for the conglomerate's super app, Tata Neu. This comes as several senior members of the team exited. Most of the positions at Tata Digital have been replaced with existing team members. The focus will now be on the loyalty programme, called NeuPass.
Unconventional market signals: Unveiling special opportunities in investing for superior returns
By embracing a more nuanced approach to investing and staying vigilant for special situations, retail investors can position themselves to capitalize on opportunities that often get overlooked. By understanding and capitalizing on special opportunities such as demergers or spinoffs, holding company discounts, and promoter buying, investors can generate superior returns as these strategies have a positive historical track record.
N Vaghul, ex-ICICI Bank Chairman, on ventilator
Narayanan Vaghul, the Indian banker credited with building ICICI Bank, is in critical condition. He was the youngest chairman of Bank of India at 44 and was responsible for the return of KV Kamath to India from the Asian Development Bank in the mid-1990s. Vaghul is a recipient of Padma Bhushan in 2010 and has served as a director in several Indian conglomerates.
Cholamandalam Financial Q4 Results: Cons PAT jumps 27% YoY to Rs 1,143 crore
Cholamandalam Financial Holdings Ltd on Friday reported a 26.9 per cent growth in its consolidated profit after tax at Rs 1,143.75 crore for the March 2024 quarter, the company said. The city-based company, part of the diversified conglomerate Murugappa Group, had registered net profits of Rs 900.77 crore during the corresponding period of last year.
Invesco plans to exit MF business in India
IIHL - the Mauritius-based investment company of the mobility-to-chemicals conglomerate that owns IndusInd Bank and Anil Ambani-promoted Reliance Capital, which it bought recently in a bankruptcy resolution - has valued Invesco Asset Management India at Rs 2,100-2,500 crore.
PPFAS Flexicap Fund bought 8.8 lakh shares of ITC amid BAT stake sale in March
In February, PPFAS had around 30 stocks in its equity portfolio which declined to 29 in March.
India's newest billionaires list include a doctor, a CA and an MBA graduate who gave up a Rs 30,000 job
India has seen a surge of 25 new billionaires according to the latest Forbes list. The Indian stock market's bullish trend has propelled a record-breaking presence of 200 Indian billionaires on Forbes' 2024 list, up from 169 the previous year. New entrants include Dr. Naresh Trehan, a renowned surgeon turned healthcare entrepreneur, Vijay Agarwal, managing director of Action Construction Equipment and Motilal Oswal
Sensex, Nifty end flat after record highs; M&M, RIL drag
The 30-share BSE benchmark Sensex surged 33 points or 0.05% to settle at 74,119. The broader NSE Nifty gained 19 points or 0.09% to end at 22,493. Tata Steel, Tata Motors, JSW Steel, and Bajaj Finserv were the top gainers. Bajaj Finance, Asian Paints, ITC, Nestle India, and TCs also closed higher. Axis Bank and ICICI Bank closed lower.
Laid off CXOs are much in demand as companies look to hire execs with proven track record
Often roles become redundant as an outcome of consolidation, mergers, restructuring of businesses, regulatory hurdles or funding delays, and top executives who lost jobs due to industry dynamics and uncertainties form a critical talent pool for other companies across sectors, said the officials.
Mukesh Ambani cements India media dominance with Disney merger
Indian billionaire Mukesh Ambani's Reliance Industries and Walt Disney Co. sign an $8.5 billion agreement for a merger, forming a dominant media giant in India. Reliance controls over 60% of the new entity, securing a powerful position in India's entertainment market. The joint venture gains exclusive rights to distribute Disney content in India and marks a significant boost for Reliance's streaming platform, Jio Cinema
Magic of Tatas! India's largest conglomerate crosses Rs 30 lakh-crore milestone
TCS ended 4% higher on Tuesday as its market value crossed the Rs 15 lakh crore milestone for the first time. Both Tata Motors as well as Tata Steel are near their 52-week peaks, while another Nifty stock Titan is up 23% in 6 months.
F&O Ban List: Zee under ban on Thursday; IRCTC, RBL Bank, 3 others exit
Zee Entertainment Enterprises (ZEEL) is back under the F&O ban list after a one-day reprieve. The company has approached the National Company Law Tribunal (NCLT) for guidance on implementing the merger scheme. Zee has also taken legal action to contest Culver Max and Bangla Entertainment Pvt. Ltd’s (BEPL) claims in arbitration proceedings at the Singapore International Arbitration Centre (SIAC). Additionally, Zee's MWPL was 100.4%, and the Indian benchmark indices, S&P BSE Sensex and Nifty, closed with declines.
Dolly Khanna adds multibaggers JKumar Infraprojects, Ujjivan Financial Services in December quarter
Ace investor Dolly Khanna added multibagger JKumar Infraprojects, Ujjivan Financial Services, and Zuari Industries to her portfolio. She bought 1% stake in JKumar Infraprojects, 1.13% in Ujjivan Financial Services, and 1.23% in Zuari Industries. Khanna also trimmed her stake in Chennai Petroleum Corporation. Her portfolio, managed by her husband Rajiv Khanna, includes 18 stocks with a net worth of over Rs 513 crore.
Jio Financial Services launches rental services for laptops, phones, airfiber and other tech devices
Jio Financial Services is introducing Device as a Service (DaaS) as a corporate financing model, allowing companies to lease devices instead of buying them to enhance cash flow and IT fleet management. The company, a carve-out from Reliance Industries, aims to create a new market model for consumer devices by offering finance and operating leases for assets like airfiber, phones, and laptops.
Religare Enterprises denies issuing 8% stake of Religare Finvest to Chairman Rashmi Saluja
"Subsequent to the passing of enabling special resolution by the shareholders of RFL with respect to 'Item No 5', RFL has not placed any proposal with NRC till date for grant of above mentioned ESOPs to CMD. Since no new shares were issued/allotted in the matter, there is no contravention of the Reg 26 (6) of the SEBI Takeover Regulations," the company said in a statement.
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