Meta's WhatsApp has reduced business messaging prices by 16-97% across several countries, including a 63% cut in India, to counter competition from Google's Rich Communication Services (RCS) and Apple's forthcoming entry into the sector.
Budget 2024: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 today, marking her seventh consecutive budget, surpassing Morarji Desai's record. The budget is anticipated to introduce changes in the income tax structure and enhance ease of doing business in India. Presented in a paperless format, the budget documents will be accessible via the Union Budget Mobile App.
Hedging returns amid election, earnings, growth, and rate concerns. Cboe Volatility Index surged after Biden quit. Futures, October contracts rose in Asian trading and Hong Kong. Kaiser from Citigroup says Harris maintains policy continuity but adds risk premium due to late nomination change. Traders watch Tesla, Alphabet earnings and Fed rate cut expectations.
Wipro Share Price: Wipro shares fell 9% due to poor Q1 results, predicted to underperform Infosys and Tata Consultancy Services. The Nifty IT Index declined 0.38%, with Tech Mahindra gaining 0.11%. Morgan Stanley and 5paisa foresee more weakness and long position unwinding. JM Financial advises caution amid weak fundamentals, with Mohit Jain highlighting poor guidance.
On July 28, Japan and the U.S. will hold their first high-level security talks focusing on "extended deterrence," which involves the U.S. commitment to use its nuclear forces to protect allies. This marks a significant elevation of discussions previously handled at lower levels, especially given Japan's stance on nuclear non-proliferation. The talks aim to strengthen the U.S.-Japan alliance amid regional threats from China, Russia, and North Korea. Key topics will include enhancing defense cooperation... Читать дальше...
NSDL data shows foreign investors placed ₹22,670 crore into 19 sectors from July 1-15. Capital goods (₹3,612 crore) led, followed by automobiles (₹2,993 crore). Renewed interest in IT (₹2,765 crore), metals & mining (₹1,969 crore), oil & gas (₹1,944 crore), and FMCG. Healthcare saw ₹2,378 crore inflows. FPIs sold shares worth ₹1,949 crore in construction, power, chemicals, utilities.
Happy Tuesday! Lending startup Kreditbee has moved its domicile from Singapore to India. This and more in today's ETtech Morning Dispatch.
Sebi has prolonged IPO approval to 125 days, affecting 44 IPOs such as Go Digit, Ebix Cash, Asirvad Micro Finance, Waaree Energies, and One Mobikwik Systems. Some approvals took up to 336 days. National Securities Depository's IPO is pending since July 2023. 2018 ICDR norms reduced financial disclosures from five to three years.
India reached a historic milestone in defence exports, achieving $2.5 billion in the fiscal year 2023-24, a 25% increase from the previous year, according to the Economic Survey 2023-24. This growth, driven by efforts from both private and public sectors and strategic policy initiatives, places India among the top 25 arms exporters globally. Despite this success, India remains the world's largest arms importer, accounting for 9.8% of global imports. The country continues to focus on enhancing self-reliance in defence production.
Budget 2024 income tax expectations: Let's delve into the various expectations that both salaried individuals and taxpayers have from Budget 2024.
Google will retain third-party cookies in Chrome, addressing advertiser concerns and CMA scrutiny. Anthony Chavez's Privacy Sandbox aims to balance privacy and ad needs. GDPR mandates consent for cookies, raising surveillance risks. The Electronic Frontier Foundation opposes this, unlike major browsers. Mixed reactions include eMarketer's Evelyn Mitchell-Wolf noting advertisers' relief at avoiding a strict phase-out.
President Joe Biden's COVID-19 symptoms have nearly resolved, according to his physician. Despite remaining out of public view for five days, Biden joined a call with Vice President Kamala Harris’s campaign team to offer support and encouragement. He expressed his desire to campaign for Harris in person once recovered. Biden has completed his COVID medication and continues to handle presidential duties remotely. He plans to address the nation this week and meet with Israeli Prime Minister Netanyahu and families of hostages in Gaza.
Markets remain steady before Union Budget with anticipated volatility. Oil prices decline for third consecutive day due to oversupply worries and subdued demand. Rupee hits record low against US dollar as Asian currencies weaken. Keep an eye on Q1 results from major firms.
Stocks in Asia rebound as investors shift focus to tech earnings season post Biden's campaign exit. Market sees volatility decrease, while big tech faces challenges. Positive outlook for US equities despite recent pullbacks. Oil stabilizes near five-week low due to CTA losses. Await Fed's inflation data and BOJ policy meeting.
Vice President Kamala Harris addressed her campaign staff at Wilmington headquarters, previewing her campaign against Donald Trump. Highlighting her record as a prosecutor, Harris compared her efforts against fraudsters and abusers to Trump's actions. Endorsed by President Biden, she emphasized two contrasting visions for America's future. Despite Biden's endorsement, Harris has yet to be officially declared the Democratic nominee. Second Gentleman Doug Emhoff and President Biden expressed confidence in Harris's campaign... Читать дальше...
Domestic markets closed lower on Monday with Reliance Industries and Kotak Bank under pressure. HUL and Bajaj Finance to announce Q1 results. Suzlon Energy reports impressive 200% YoY profit growth. Federal Bank appoints new MD and CEO. Gensol Engineering secures 116 MW solar project bid in Gujarat. TCS expands partnership with Rolls Royce. Coal India wins bid for graphite block.
Mumbai continues to face heavy rain and waterlogging, prompting the India Meteorological Department (IMD) to issue a red alert for parts of central Maharashtra. The IMD predicts heavy rain for Mumbai, its suburbs, and neighboring districts until July 24. Authorities have advised residents to stay indoors, and the National Disaster Response Force (NDRF) teams have been deployed across the state.
The Democratic Party is set to announce its presidential nominee by August 7, as confirmed by DNC Chairman Jaime Harrison. Vice President Kamala Harris has garnered significant delegate support for her bid, with an aim to secure a majority by Wednesday. President Joe Biden endorses Harris but can't enforce delegate votes. The DNC is committed to a fair process, utilizing virtual voting to meet Ohio's updated September 1 deadline. The goal is a unified front for the August convention in Chicago.
Kamala Harris is backed by top Democrats including Biden, Pelosi, Warren, Newsom, and the Congressional Black Caucus PAC. Her campaign is preparing for the Democratic convention in August. She has support from Bill and Hillary Clinton, met PM Modi, spoke with Rahul Gandhi, and filed required documents with the Federal Election Commission.
Tata Sons raised Tata Electronics' capital to ₹10,000 crore, signaling a ₹6,000 crore investment. It plans Gujarat and Assam facilities with PSMC. Despite a ₹6,311 crore loan, it posted ₹463 crore revenue and ₹531 crore net loss in FY2023. ₹2,140 crore was invested in FY24. Tata aims to enhance India's position in the $1 trillion semiconductor industry.
The Economic Survey 2023-24 forecasts 6.5-7% GDP growth, citing last year's 8.2%. It highlights manufacturing growth, inflation control, pre-Covid consumption, AI job threats, global economic fragmentation, geopolitical shocks, carbon emissions, and retail participation. MNREGS uptake impacts noted. Stock markets see benefits from T+1 settlements and record valuations. Privatization lags, Trump election possibility noted.
Valued at $700 million, Kreditbee flipping base to India will set the stage for a domestic initial public offering by the company — the key reason behind moving domicile here. Khatabook, another fintech backed by Y Combinator and Tribe Capital, has also begun work on moving its domicile to India from the US, sources briefed on the matter said.
Atlassian acquired video messaging startup Loom late last year from Indian origin duo Vinay Hiremath and Shahed Khan. Company's global CEO CEO Mike Cannon-Brookes told ET, “Atlassian has a long history of acquiring companies and growing them into products and businesses." He added, "40% of the product portfolio came from acquisitions and the rest came from internal product creation.”
For more than a year now, the Bengaluru-based edtech company has been in turbulent waters with issues ranging from payment defaults, staff layoffs, boardroom battles and alleged lapses in corporate governance. NCLT’s decision triggered the corporate insolvency resolution process (CIRP) for the company.
