The S&P 500 declined on Monday, driven by Nvidia's 2.25% fall ahead of its quarterly report. The Nasdaq also fell, while gains in Caterpillar and American Express helped the Dow Jones finish slightly up. Investors awaited key inflation data, and Tesla shares dropped due to new Canadian tariffs on Chinese electric vehicles.
Terror attacks in Pakistan’s Balochistan province resulted in over 70 fatalities, including civilians and security personnel. The Balochistan Liberation Army claimed responsibility, targeting both military and civilian groups. Government authorities condemned the violence and vowed to bring the attackers to justice. Rail services in the region were halted due to extensive damage from the attacks.
Happy Tuesday! Tata-owned BigBasket is planning to ride full speed ahead into the red-hot quick commerce sector. This and more in today’s ETtech Morning Dispatch.
During Janmashtami, a large crowd at Patna's ISKCON Temple led to a stampede-like situation, though no injuries were reported. Authorities swiftly managed the situation. Many political leaders and prominent personalities participated in Janmashtami celebrations across India, with devotees flocking to temples for prayers and cultural events marking Lord Krishna's birth anniversary.
Nifty rebounded to 25,000, driven by signals from the US Fed about possible interest rate cuts in September. Positive sentiments are expected to influence Indian markets. Gift Nifty indicated a negative start. Global market indicators showed mixed trends. India VIX increased, alongside fluctuations in S&P 500 futures and other indices.
Mark Zuckerberg claimed the Biden-Harris administration pressured Meta to censor Covid-19 content. He expressed regret for not being more vocal and admitted that Meta made mistakes, such as demoting a story on allegations against Joe Biden's family. Zuckerberg stressed the need to resist future government pressure on content standards.
Stocks in news: The domestic market had a promising start this week, aided by a dovish stance from the US Fed. Shares of Ultratech, Paytm, HCL Tech, Gland Pharma, and GPT Infra gained attention due to various developments. Key moments included Sameera Agro’s bonus shares issue, HCLTech’s extended partnership, and GPT Infraprojects’ QIP approval. UltraTech raised $500 million through a sustainability-linked loan.
Asian markets moved in narrow ranges following declines in tech giants dragging Wall Street down. Japanese and South Korean stocks turned slightly positive, with mild gains in Australia. Nvidia earnings, expected to be strong, could impact the market significantly. The Fed’s potential rate cuts and China’s trade tensions with Canada are also under scrutiny.
India and Singapore held high-level discussions to enhance bilateral ties, focusing on digital and skill development, sustainability, healthcare, and advanced manufacturing. These talks set the stage for Prime Minister Modi's impending visit, highlighting mutual interests in aviation and semiconductors, with both countries eager to capitalize on significant growth opportunities.
By the end of FY28, cobranded credit cards are projected to capture around 25% of India's credit card market share in terms of new issuances, driven by a robust compound annual growth rate of 35-40%, according to a joint report by fintech Hyperface and Redseer.
In recent months, the healthcare vertical of India-centric IT services firms has been in the spotlight, seeing a lot of activity and grabbing headlines for both good and bad reasons. This is in the backdrop of Cognizant TriZetto, a unit of Cognizant Technology Solutions, suing Infosys in a US court for allegedly stealing its trade secrets related to its healthcare insurance software.
PBFintech, the parent entity of Policybazaar, is having a dream run at the stock exchanges. The company is nearing a $10 billion market capitalisation as its stock price has grown to around Rs 1,800 from Rs 1,000 six months ago. While Policybazaar is yet to taste profits from its new initiatives, it is definitely seeing its losses cut down.
The Nifty 50 Index gained 187.45 points after consolidating for a few days. Hindalco is showing signs of a potential breakout, supported by strong technical indicators. Indian Hotels Co Ltd has broken out from a symmetrical triangle pattern, suggesting a possible price rise. Breakout has become more frequent as more sectors join the party.
Founded in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree and Durgesh Choudary, Convin is an AI conversation intelligence platform. The startup will use this capital to expand its core team and widen its distribution channels, CEO Santhalia told us.
Leading tech majors are building internal review boards to ensure the ethical development of AI systems, in response to the growing concerns around data privacy, sovereignty, bias, and hallucinations posed by the emergence of generative AI models.
PBFintech, the parent entity of Policybazaar, is having a dream run at the stock exchanges. The company is nearing a $10 billion market capitalisation as its stock price has grown to around Rs 1,800 from Rs 1,000 six months ago. While Policybazaar is yet to taste profits from its new initiatives, it is definitely seeing its losses cut down.
Once the largest online grocery player in the country, Tata-owned BigBasket fell behind the young quick commerce upstarts as the new model of rapid deliveries caught customer fancy. The 13-year-old firm is now charting a comeback in this space. As much as $1 billion of BigBasket’s target of $1.5 billion in sales for this financial year will come from quick commerce through BB Now
As far as Nifty is concerned, bulls have never left control so there is no point even talking about it. Now in the last few sessions, it is clear that bulls are once again making an attempt to control every corner of the street once again which is to improve the market breadth of all segments. But because valuations are high, one has to be cautious, while being bullish. The reason why we are being cautious is that valuations have once again begun to move from expensive to extremely expensive even if one takes into account the results from Q1. Читать дальше...
Bangladesh owes over $1 billion to five Indian power companies, with Adani Power leading the list at $800 million for its Jharkhand-based plant. SEIL Energy India is owed about $150 million, while NTPC is due nearly $80 million. The payments are overdue amidst political turmoil in Bangladesh, which recently led to the Prime Minister fleeing to India.
Historically, Scottish and Irish distillers have used barley as their primary grain, while Canadians and Americans use corn, rye, and wheat. India does not have a dominant global indigenous liquor similar to Baiju in China or Japanese rice wine Sake. The market is dominated by locally produced and adapted versions of European spirits, called Indian-made foreign liquor (IMFL), despite nearly every state having its own version of distilled spirit.
Apple's Indian workforce will comprise 200,000 direct jobs being created by March-end with women making up a dominant 70%, according to estimates and data submitted by the company as well as its suppliers to the government.
RBI is considering a phased approach to increasing provisioning for project financing to ease the impact on lenders and protect profitability. Projects nearing completion may receive some leniency. Despite pushback from lenders and the finance ministry, the RBI is committed to raising provisions to address risks in a sector known for delays, while avoiding cost escalations that could jeopardize project viability.
Apple's ecosystem in India was expected to create up to 600,000 jobs by the end of the fiscal year, with 200,000 being direct. Women made up 70% of this workforce. The job creation was driven by Apple’s contract manufacturers and suppliers, fulfilling the goals of the 2020 production-linked incentive scheme ahead of schedule.
