Bharti Airtel will soon hold a 50.005% stake in Indus Towers, thereby making the telecom tower company its subsidiary. The decision, approved by the board on August 27, entails a buyback of 56.7 million equity shares priced at Rs 10 each. Shares of Indus had closed 1% higher at Rs 437.40 on BSE on Tuesday. Airtel shares, in turn, had also close marginally (0.58%) higher at Rs 1522.50 on the exchange.
Rain and thunderstorms hit Delhi and NCR on Wednesday, causing waterlogging in some areas. The IMD has issued a yellow alert, predicting a cloudy sky with moderate rain. This August saw the highest number of rainy days in 14 years. On August 25, significant rainfall brought relief from humid weather in the city.
Happy Wednesday! Amazon India is gearing up to enter the quick commerce space independently, sources tell us. This and more in today’s ETtech Morning Dispatch.
The Nifty has risen for the ninth consecutive day, narrowly missing an all-time high. Optimism about a potential US Fed policy rate cut and foreign investor buying are driving the market. Key levels and global market sentiment are being closely monitored. The rupee weakened against the dollar amid rising commodity prices.
It looks like Taylor Swift fans are already choosing their favorite US Presidential candidate, and it is definitely not going to be Trump, after the major fake post controversy that went on with Trump, who posted some photoshopped images of Taylor Swift endorsing him for being the next US President.
Stocks in news: India's Sensex and Nifty ended a turbulent session flat amid profit-taking and rising geopolitical worries. Stocks like Tata Technologies, SBI Card, and Jio Financial drew attention due to various news developments, including Tata Technologies' 3% stake sale worth Rs 1,230 crore by TPG.
Asian stocks dipped as traders await Nvidia’s earnings to gauge the AI market's strength. With Japan and Australia's markets seeing declines and Nvidia accounting for over 6% of S&P 500's market cap, all eyes are on the giant chipmaker. Recent US consumer confidence data highlighted mixed economic sentiment.
In a latest shocking revelation, Facebook founder and CEO Mark Zuckerberg has publicly claimed that the current Biden administration, where Kamala Harris, the Democratic candidate in the upcoming US polls 2024 and reigning VP is a part, has tried to pressure Meta to censor American citizens, mostly around Covid-19 content.
The markets experienced little action with negligible gains as the Nifty 50 Index remained in a flat range. The breakout is spreading to more sectors as market breadth turns better. Tata Tech shows signs of trend reversal, while Century Textiles broke out from a horizontal resistance, suggesting a potential 7% upmove.
An author and political consultant has issued a warning for his fellow Democrats around Kamala Harris' rising popularity ratings and lead in various surveys, that are conducted statewide and nationwide, placing her ahead of Donald Trump. Here's why he thinks this could be an issue.
Amazon has put together a plan to take on the quick commerce challenge in India, with its own offering which is slated to launch by early next year. The India unit of the etailer has handed over the responsibility of building its quick commerce strategy to senior executive Nishant Sardana as part of a rejig of the top leadership.
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The Open Cloud Compute network was launched by Infosys non-executive chairman Nandan Nilekani earlier this year. It is an open interface for providers and customers of computing infrastructure. The network is hoping to hire at least three computer providers to pilot in October.
The government plans to revisit and revamp its 2020 draft data centre policy, enhancing it with new incentives to better align with the industry's current requirements and expectations. The incentives include granting infrastructure status to the data centres on a par with other sectors such as railways, ports, roads and power.
The funds raised from Business Finland Venture Capital and existing and new investors will be channelised to Nordic startups from the pre-seed stage onwards. The capital has primarily been raised from Business Finland Venture Capital and a range of returning and new investors from across the globe.
Amid a reset in the tech funding ecosystem, large investors are being cautious. This is facilitating the growth of micro venture capitalists. The past month has seen two new micro-VCs spring up– Volt VC, an Ahmedabad-based, Sebi-registered category II alternative investment fund (AIF), and AJVC, founded by Aviral Bhatnagar.
As the quick commerce sector continues to gather steam, it is attracting wealthy individuals as investors. Bollywood superstar Amitabh Bachchan's family office has picked up a stake in small stake in IPO-bound Swiggy. Also, Motilal Oswal Financial Services chairman Raamdeo Agrawal has acquired a stake in Swiggy as well as Zepto.
Whiteboard Capital, a VC firm founded by Freecharge cofounder Sandeep Tandon, has closed its second fund at Rs 300 crore. The fund looks to back about 50 startups with a significant focus on follow-on investments within its existing portfolio, and has already started deploying capital.
Regional and hyperlocal food and beverage brands are increasingly partnering with quick commerce platforms like Blinkit, Zepto, Swiggy Instamart, and BigBasket's BBNow to expand their reach nationwide and capitalize on the festive season's demand surge. Brands such as Sweet Karam Coffee and Let's Try are leveraging these platforms to overcome geographical limitations and make local flavors accessible across India. Quick commerce firms are attracted to these smaller brands due to higher profit margins compared to large... Читать дальше...
Separately, a set of amendments to the Insolvency and Bankruptcy Code (IBC) is being considered to fix any shortcomings in the law. "These reforms are aimed at expeditious loan recoveries, giving more legal backing to recovery tribunals, and addressing delay tactics by borrowers in the recovery process," said a government official aware of the developments.
The FMCG stock initially surged to a new high but encountered resistance around 1250-1260, leading to a period of consolidation that formed a 'cup' pattern on the chart. Currently, the stock is showing signs of recovery, bouncing off its 40-day moving average. Technical analysts suggest that a decisive breakout above the 1,254-1,260 resistance zone could trigger a significant upward move, potentially pushing the stock towards the 1300 level in the coming months.
S&P 500, Dow Jones Industrial Average, Nasdaq have gained as the US stock market is riding high.
Wednesday season 2 release date on Netflix has become a topic of curiosity.
