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New Delhi, Realty firm <keyword id="72751" type="General" weightage="20" keywordseo="Brigade-Enterprises" source="Orion">Brigade Enterprises</keyword> has reported a 72 per cent increase in its consolidated net profit to Rs 133.50 crore for the second quarter of this fiscal year. Its net profit stood at Rs 77.58 crore in the year-ago period. Total income rose to Rs 1,407.92 crore during the July-September period of this fiscal year from Rs 912.19 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. The company's sales bookings stood at 1.67 million square feet valued at Rs 1,249 crore during the second quarter of this fiscal year. "All business verticals contributed significantly to the growth of the company in Q2 of FY24. The residential segment continues to outperform with strong absorption across our key markets, heightened end-user interest, stable registration processes, steady home loan rates and excellent response to new launches," Pavitra Shankar, Managing Director of Brigade Enterprises Ltd, said. With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad, she expressed confidence that the company would sustain the momentum going forward. Established in 1986, Brigade Enterprises Ltd is one of the leading property developers. It has developed many housing, commercial (office and malls) and hospitality projects across cities -- Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru.

Brigade Enterprises Q2 2023-24 net profit rises 72% to Rs 133.5 crore

<ul class="summary-list"><li>Activist short-seller Hindenburg Research wiped out $153 billion in market value from Adani Group.</li><li>It recently disclosed that it made just $4 million for its efforts.</li></ul>Nate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months.In January 2023, he accused the Indian conglomerate owned by Gautam Adani — one of the world's richest people — of fraud, subsequently wiping out $153 billion in market value from its associated companies. This led Indian regulators to his doorstep and forced him into defensive mode. A war of words has persisted ever since.A year and a half later, the battle continues. And based on new information released by Hindenburg, one might wonder whether it was all worth it.The firm — which describes itself as specializing in "<a target="_blank" href="https://hindenburgresearch.com/about-us/">forensic financial research</a>" — recently disclosed that it's <a target="_blank" href="https://hindenburgresearch.com/adani-update-sebi/">made just $4 million</a> from its considerable efforts. Compared to the nine figures of market value it helped erase, and the $80 billion wiped from Adani's personal fortune, that's a drop in the bucket.Detailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. The tale that follows highlights the lengths a global conglomerate — and the regulatory body with a vested interest in keeping it afloat — will go to defend itself. It also shows the resolute nature of Anderson as he continues fighting back.<h2 id="7df22065-9960-4dfb-a5ba-2a5dced6dda0">The initial report</h2>Hindenburg accused Indian business magnate Gautam Adani in 2023 of pulling off the "largest con in corporate history." It was the result of a two-year-long investigation, which found a number of financial and accounting irregularities in Adani's empire, the firm said in its <a target="_blank" href="https://hindenburgresearch.com/adani/">106-page report.</a>"Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," the report said. "We believe the Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal," it later added.Hindenburg identified at least 38 shell companies closely related to Adani Group, which it said appeared to engage in stock manipulation and money laundering. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies.The short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India.The "labyrinthian network of shells appears to serve several functions, including shuffling losses into private entities to boost reported earnings, and surreptitiously moving money to prop up entities in the group," Hindenburg said.Adani Group was also affiliated with a number of funds that displayed "flagrant irregularities," the research firm said, such as being offshore entities, having concealed ownership information, and having portfolios being "almost exclusively" invested in Adani's firms.One such fund, Elara, controlled another fund that was around 99% concentrated in Adani shares. That suggested to the researchers it was "obvious Adani controls the shares," the report said.Hindenburg attached a list of 88 questions for Adani to answer, which included inquiries into the billionaire's close contacts, Adani Group executives, and investigations into the company by regulators."If Gautam Adani embraces transparency, as he claims, they should be easy questions to answer," the report said.<h2 id="87ef9631-a695-4bbc-86a3-c6c5152527e7">The response</h2>Nursing deep stock losses, Adani Group hit back with its own <a target="_blank" href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf">413-page response</a>, calling Hindenburg's original report "nothing but a lie.""We are shocked and deeply disturbed to read the report published by the 'Madoffs of Manhattan,'" the reply said, referring to Hindenburg. "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," it added.The firm disclosed information on its accounting practices and professional relationships, while disputing many of the claims in the Hindenburg report.Transactions that were identified as suspicious by Hindenburg's team were in compliance with local laws and accounting standards, it said. Offshore companies and funds mentioned in Hindenburg's report were merely public shareholders in Adani-listed companies, the retort added."A listed entity does not have control over who buys/sells/owns the publicly traded shares or how much volume is traded, or the source of funds for such public shareholders nor it is required to have such information for its public shareholders under the laws of India. Hence we cannot comment on trading pattern or behavior of public shareholders," Adani's report said.The firm also criticized Hindenburg for its financial stake in releasing the report, calling the firm an "unethical short seller" and guilty of a "flagrant breach of applicable securities and foreign exchange laws.""This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it said.Hindenburg issued a reply to Adani on the same day, denying any wrongdoing from its original report. They argued that Adani Group's reply failed to answer most of their questions. The conglomerate also didn't dispute the existence of certain "suspect" transactions, nor did it explain "their obvious irregularities," researchers added."We also believe that fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world," Hindenburg Research said in its reply.Adani Group eventually <a target="_blank" href="https://www.ft.com/content/d0d318ce-b223-4026-8e7a-69bbd55d36f7">lawyered up</a> and readied for a fight, though the damage had already been done. In less than a week, Adani, known as the world's third richest man, saw his personal wealth plummet by $52 billion.<h2 id="5d579a08-65ec-42f4-bed2-9a0ffa2f2dd5">Conflict over Hindenburg's short-selling arrangement</h2>Indian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group. The Securities and Exchange Board of India — the country's version of the SEC — sent a notice to Hindenberg in June 2024, raising questions about the nature of the report and the firm's relationship with Kingdon Capital Management, a New York hedge-fund involved in building a short position against Adani Group.Hindenburg's initial report was described to be "misleading" and have contained "inaccurate statements.""These misrepresentations built a convenient narrative through selective disclosures, reckless statements, and catchy headlines, in order to mislead readers of the report and cause panic in Adani Group stocks, thereby deflating prices to the maximum extent possible and profit from the same," the notice read.Regulators also revealed that Hindenburg had shared its research with Kingdon prior to publication. The two companies had a profit-sharing agreement, the notice says, with Hindenburg set to get 25% of Kingdon's profits for the short bet.Kingdon ended up making $22.3 million on the bet, $5.5 million of which is owed Hindenburg. $4.1 million of that had been paid as of the start of June, the document shows.Hindenburg shrugged off the letter as "nonsense," and an attempt to ward off whistleblowers who expose corruption among the country's most powerful people and companies."One might think that a securities regulator would be interested in meaningfully pursuing the parties that ran a secret offshore shell empire engaging in billions of dollars of undisclosed related party transactions through public companies while propping up its stocks through undisclosed share ownership via a network of sham investment entities," Hindenburg said in its reply.It added: "Instead, SEBI seems more interested in pursuing those who expose such practices."<h2 id="9e74ab2d-614e-4861-acce-77b6ae2aed56">A passion for 'finding scams'</h2>Backlash is nothing new to Anderson, who's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/carl-icahn-hindenburg-research-short-seller-adani-group-nikola-block-2023-5">targeted other high-profile financiers</a> and began sniffing out wrongdoers on Wall Street long before he launched Hindenburg Research in 2017.This decade alone he's been instrumental in weeding out companies in the electric-vehicle industry. His work on Nikola led to fraud charges against its founder, and he also called out now-defunct Lordstown Motors for hyping up commercial interest in its product.More recently he <a target="_blank" href="https://hindenburgresearch.com/icahn/">took aim at activist investor Carl Icahn</a> and his famed operation, Icahn Enterprises."Find[ing] scams" has been a life-long passion, he <a target="_blank" href="https://www.nytimes.com/2021/08/16/business/short-seller-wall-street-scams-hindenburg.html">told the New York Times in a 2021 interview</a>, adding that he had spent hours off-the-clock looking into potential schemes, to the chagrin of some of his former bosses."I didn't plan it this way," he told the Times. "It was a side hobby that my employers were sometimes annoyed by."Fraud-finding is one of his top goals of 2024, he wrote in a <a target="_blank" href="https://x.com/NateHindenburg/status/1609949199730348033">post</a> on X in January."My 2023 New Years professional resolution is to work with our @HindenburgRes team to expose some of the biggest frauds and financial charlatans in the world," Anderson wrote. "I am very confident we will achieve this goal."

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

New Delhi, The board of directors of <keyword id="11924371" type="General" weightage="20" keywordseo="Varun-Beverages" source="Orion">Varun Beverages</keyword> has approved to acquire 100 per cent stake in the business conducted by The Beverage Company (Proprietary) Limited, South Africa along-with its wholly-owned subsidiaries. Bevco is engaged in the business of manufacturing and distribution of licensed (PepsiCo Inc.) / own-branded non-alcoholic beverages in South Africa. Bevco has franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini. Further, it also has distribution rights for Namibia and Botswana. The acquisition will enable VBL to expand its geographical footprint in Africa. The proposed transaction at an enterprise level is valued at Rs 13.2 billion. The company with an option to accept minority coinvestment from large equity fund intends to hold 100 per cent of the Equity Share Capital of Bevco along with its subsidiaries Bevco is engaged in the business of manufacturing and distribution of licensed (PepsiCo Inc.) / ownbranded non-alcoholic beverages in South Africa. Bevco has franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini. Further, it also has distribution rights for Namibia and Botswana. Bevco achieved sales volumes of 117 million 8oz cases in FY23.

Varun Beverages to acquire Pepsico's South African bottler for Rs 1,320cr

<keyword id="107096" type="General" weightage="80" keywordseo="tesla" source="Orion">Tesla</keyword> has lost nearly half its market value since its founder, <keyword id="6355315" type="General" weightage="100" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>, bid for Twitter in April, reducing his net worth by about $70 billion and putting his title as worlds richest person at risk. Shares in the electric car company traded at $340.79 on April 13, the day before Twitter revealed in a securities filing that the billionaire had made a hostile bid to buy the social media company for $43.4 billion, the <keyword id="6359268" type="General" weightage="80" keywordseo="guardian" source="Orion">Guardian</keyword> reported. Since then the Tesla share price has plunged by 49 per cent to $173.44, also due to concerns around disruptions at one of its factories in Shanghai. The Tesla boss has sold $20 billion of Tesla shares since April to fund the buyout. This means his claim to be the planet's wealthiest person is under threat, with <keyword id="6354785" type="General" weightage="20" keywordseo="france" source="Orion">France</keyword>'s Bernard Arnault, chief executive of the luxury group LVMH, snapping at his heels. On Wednesday, share movements meant Arnault briefly took top spot, The Guardian reported. Musk has said of his Twitter takeover: "Having a public platform that is massively trusted and broadly inclusive is extremely important to the future of civilisation." However, Tesla shareholders worry about how he is dividing his time between the social media site and his many other ventures such as the rocket company SpaceX, and that running Twitter is too much of a distraction. He is under pressure to turn around Twitter, which was already struggling before he bought it, making a $221m net loss last year, the Guardian reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/v-guard-to-acquire-sunflame-enterprises-for-660-crore/articleshow/96130526.cms">V-Guard to acquire Sunflame Enterprises for ₹660 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cyclone-mandous-weakens-into-deep-depression-after-crossing-coast-in-tn/articleshow/96125993.cms">Cyclone Mandous weakens into deep depression after crossing coast in TN</a>

Elon Musk could lose world's richest person title as Tesla lost half market value

<ul class="summary-list"><li>Market volatility will stay elevated for years to come, Bank of America says.</li><li>The firm recommends avoiding the urge to buy the ongoing dip in tech stocks.</li></ul>The market is getting more volatile, and stocks will stay choppy for years ahead, according to Bank of America.The firm says that in the near term, election-related policy uncertainty will keep the market swinging. Looking further out through the end of 2027, the yield curve is signaling more volatility ahead, as shown by the chart below:<div type="image" title="The yield curve suggests higher VIX for years" height="421" width="658" msid="113204422" hostid="261" sizebytes="29464"></div>Further, a proprietary BofA "regime indicator" has swung into downturn territory.With those elements in play, the firm is recommending defensive stocks that generally outperform in times of uncertainty or weakness."Quality, stability and income have protected investors in prior volatile markets. We recalibrate our sector calls to augment these characteristics," analysts wrote on Monday.On the flip side, investors should avoid boosting exposure to the popular tech sector, the bank warned.Even if price swings help cheapen mega-cap industry names, several qualities still make this cohort an unfavorable investment, the bank said."Don't buy the tech dip," analysts said. "We remain underweight Information Technology despite arguments that it has gotten so beaten up."The bank cited record highs in the sector's enterprise-value-to-sales ratio, a signal that these firms remain overvalued. Meanwhile, tech funds could soon face passive selling pressure as the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> prepares new index-cap rules.Specifically, the index is planning to lower the weightings of <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-06/funds-with-350-billion-are-exposed-to-s-p-s-new-index-cap-rules">stock funds with $350 billion in assets</a>, Bloomberg reported. In this event, passive investment vehicles would have to restructure their holdings at the upcoming quarterly rebalance.As volatility picks up for the long term, quality and income should play a larger role in portfolios, analysts wrote.Although growth stocks made sense when borrowing costs were low through the 2010s, this is changing — in the next years, the bank expects single-digit returns.Quality exposure also makes sense in the more immediate term, according to Savita Subramanian, BofA's head of US equity and quant strategy."Don't be a hero," she told <a target="_blank" href="https://www.youtube.com/watch?v=RfF_CBrvjVU">CNBC on Friday</a>. "Just to park in safe total return type vehicles where you get paid to wait."In a note last week, Subramanian noted that today's quality stocks are not expensive, and those rated B+ or better are trading at a slight premium to their lower-quality peers.Meanwhile, utilities and real estate dividends should attract investor attention as Federal Reserve interest-rate cuts leave them hunting for yield opportunities. "Real Estate dividends are likely more sustainable than during prior cycles, given that since 2008, the sector has doubled its proportion of high quality ("B+ or Better") market cap to a whopping 70%," analysts wrote.

'Don't buy the tech dip:' Where to invest instead as the market gets more volatile, BofA says

<ul><li>As many as 1.5-2 million <keyword id="6393272" type="General" weightage="20" keywordseo="msmes" source="Orion">MSMEs</keyword> like manufacturers, wholesalers, retailers and distributors sell online.</li><li>By FY27, they are expected to drive eTailing sales to the tune of $50 billion.</li><li>For now, large brands who make up 5-10% of the e-commerce ecosystem drive 75-80% of the industry sales. </li></ul>The <keyword id="1703232" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="Orion">Indian e-commerce market</keyword> is ruled by large-scale and mature enterprises in spite of a large number of MSMEs (Micro, Small and <keyword id="126907" type="General" weightage="20" keywordseo="medium-enterprises" source="Orion">Medium Enterprises</keyword>) in the system. As per <keyword id="3359665" type="General" weightage="80" keywordseo="redseer" source="Orion">Redseer</keyword>, there are as many as 1.5-2 million MSMEs who are manufacturers, wholesalers, retailers and distributors on e-commerce platforms. However, their share in gross merchandise value (GMV) pales in comparison to that of large brands. Large brands and companies who make up 5-10% of the e-commerce ecosystem drive 75-80% of the GMV. Meanwhile, medium sized companies make up for 15-25% of sellers yet contribute to only 10-18% of GMV. These sellers are both manufacturers and distributors. Small-scale sellers make up for 70-75% of sellers in the system, with a 5-10% share in GMV. MSMEs are on a growth path and expected to grow faster than the industry’s compounded annual growth rate (CAGR) growth of 25%. They are expected to grow faster than the industry to drive eTailing sales to the tune of $50 billion by FY27. “By adopting online distribution and sales channels, MSMEs are capitalising on the benefits of increased revenues, better customer understanding, and reduced costs,” says Redseer. E-commerce companies are adapting policies to support MSMEs, offering zero/lower commissions, larger user bases, better pricing on logistics, seamless onboarding, effective marketing tools, and powerful seller dashboards, Redseer said. MSMEs in fashion, BPC see good traction ‘online’ A survey by Redseer of around 250 non-grocery sellers indicated that in the first year of these sellers’ operations on eCommerce platforms, online revenue accounted for one-third of total sales. But by the third year, the share of online sales exceeded 50% of the total sales. “MSME sellers in a few prominent online categories such as fashion, beauty, and personal care saw an increase in net profits after they began selling online,” said the report. Around 96% of the MSMEs surveyed across these categories reported an increase in their total net profit after implementing an online sales channel. More than 55% of the sellers across these categories, with a turnover of more than ₹1 crore per annum, reported a net profit increase of more than 15%.

Large brands continue to dominate e-commerce space but MSMEs are growing fast

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 9 paise to 81.52 against the US currency in early trade on Friday as crude oil prices were little changed ahead of the oil cartel OPEC's meeting. Expectations of FII inflows into Rs 20,000 crore <keyword id="16265593" type="General" weightage="20" keywordseo="FPO-of-Adani-Enterprises" source="Orion">FPO of Adani Enterprises</keyword> also bolstered the local currency. At the interbank foreign exchange market, the rupee opened higher at 81.51 against the previous close of 81.61 on Wednesday. The money markets were closed on Thursday for the Republic Day holiday. The rupee moved in a range of 81.50 to 81.58 in early trade. It was trading at 81.52 to a dollar at 0940 hours. Meanwhile, the US <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, edged up 0.08 per cent to 101.92. Brent crude was trading 0.34 per cent higher at USD 87.77 per barrel. The Joint Ministerial Monitoring Committee of OPEC will meet next week to take a call on the output and full meeting of the cartel and allies. Also, the 20,000 crore FPO of Adani Enterprises opened on Friday. The company raised around Rs 6,000 crore from anchor investors. On the domestic equity market front, the 30-share BSE Sensex declined by 578.19 points to 59,626.87 while the broader Nifty fell 144.7 points to 17,747.25 in early trade. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they sold shares worth Rs 2,393.94 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/homebuyers-expect-the-budget-2023-to-make-property-purchase-easier/articleshow/97304972.cms">Budget expectations: Homebuyers expect the budget to make property purchase easier</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/from-ray-to-rajamouli-a-look-at-indian-movies-makers-that-made-waves-internationally/slidelist/97306987.cms">From Ray to Rajamouli: a look at Indian movies &amp; makers that made waves internationally</a>

You Searched For "Brigade Enterprises market value" and got 7 results

Brigade Enterprises Q2 2023-24 net profit rises 72% to Rs 133.5 crore

BI India Bureau

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

Jennifer Sor

Varun Beverages to acquire Pepsico's South African bottler for Rs 1,320cr

IANS

Elon Musk could lose world's richest person title as Tesla lost half market value

IANS

'Don't buy the tech dip:' Where to invest instead as the market gets more volatile, BofA says

Filip De Mott

Large brands continue to dominate e-commerce space but MSMEs are growing fast

Katya Naidu

Rupee appreciates by 9 paise to 81.52 in opening trade

PTI

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