The Democratic National Convention 2024 is still in the hearts and minds of the American audience after an action packed political week, that kicked off on Monday, August 19, straight from the United Centre in Atlanta. Now, as the DNC proceedings come to an end, there is a comparison with the Republican National Convention, led by their candidate Donald trump, who is running in the US Presidential Election 2024 against VP Kamala Harris, the Democrat candidate.
Stocks in news: Domestic markets ended slightly higher on Thursday in a lackluster session. Ambuja Cements, Nykaa, Adani Power, Bharti Airtel, Wipro, along with other notable companies will be in focus due to significant news, including stake sales, GST orders, acquisitions, partnerships, and bonus issues.
Japanese equities showed resilience while other Asian markets opened lower as investors awaited comments from Jerome Powell. US stocks experienced a selloff, with significant drops in Nvidia and Intel. Rising inflation in Japan exceeded forecasts, and the yen strengthened. Investors are closely monitoring potential economic policy changes and their impacts.
Happy Friday! BookMyShow may face intense competition from Zomato following its acquisition of Paytm's ticketing business. This and more in today’s ETtech Morning Dispatch.
The monkey pox virus, now also termed as Mpox, has ended up becoming one of biggest medical fears of the health fraternity across the globe, with many fearing that it could lead to another global pandemic and a Covid-like lockdown. But is it really that scary as being deemed?
X, formerly Twitter is currently in deep waters as the European Commission is strongly monitoring if his platform flaunted the rules in place to curb online misinformation as well as illegal content. The Commission's committee has some of the strongest Musk critics, making things much more complex for the billionaire business tycoon to convince the European Union to its entirety.
The promoters will pare stakes in some listed firms while increasing them in others, according to people with knowledge of the matter. The final aim of this rebalancing exercise is to hold 64-68% stake across firms. The stake sale will begin with Ambuja Cement and Adani Power while the holding will be increased in Adani Green Energy.
Swiggy, valued at $11.5 billion by 360 One WAM, is set for a $1.25 billion IPO. The company's revenue for the first half of fiscal 2024 is estimated at Rs 7,474 crore. Both Swiggy and Zomato are focusing on rapid growth in quick commerce, an area showing significant promise and revenue increase.
BookMyShow may face strong competition from Zomato after its acquisition of Paytm's ticketing business. Zomato plans to leverage its customer base and profits from other businesses to scale its new going-out vertical, aiming to grow its order value to over Rs 10,000 crore by FY26.
India's HDFC Bank has decided against the $2 billion sale of a 20% stake in its non-banking subsidiary, HDB Financial Services, to Japan's MUFG. Instead, HDBC aims for HDB to be listed to comply with RBI regulations. The decision has disappointed Japanese officials who had shown strong support for the deal.
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The Donald Trump camp, if elected to power, would have to grant him a good place in the administration, in exchange for his endorsement and cooperation with the Republicans, according to latest reports. RFK would be making an address to the nation very soon, and could be joining forces with Trump, say sources from his own campaign team and a super PAC funding him.
Select sectors are getting their momentum back.
India will establish a network of industrial parks to boost investment, according to minister Piyush Goyal. These parks, featuring large industries and MSMEs, aim to enhance exports to $2 trillion by 2030. The ecommerce policy is also being developed, focusing on reforms and reducing dependence on Chinese imports.
Ashok Leyland stock price has seen a remarkable increase, rising over 51% from Rs 171.30 on February 19, 2024, to Rs 260.25 on August 21, 2024. This impressive momentum even led the stock to reach a new all-time high of Rs 261.70 on August 20, 2024. Despite a brief period of consolidation in June and July, the stock rebounded strongly after retesting its 40-day moving average (40-DMA) in early August. The current upward-rising channel pattern further reinforces the bullish sentiment surrounding the stock.
