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Business Standard

Nazara Tech to raise Rs 900 crore; ups stake in Absolute Sports to 91%

Gaming and sports media company Nazara Technologies on Wednesday said its board has approved a preferential equity issue to raise Rs 900 crore. Nazara also announced increasing its stake in Absolute Sports to 91 per cent. The fresh capital will fuel the firm's strategic acquisitions and business expansion, and provide newer growth opportunities, a company statement said. "The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara's financial foundation for long-term expansion," it said. Nazara acquired an additional 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crores, with 50 per cent of the consideration paid in cash and the remaining

Business Standard

Vaishnaw urges industry to form task forces for compliance simplification

Vaishnaw suggested that once functional, the task forces across sectors such as manufacturing, IT services, among others, can meet once in a month to discuss the issues

The Economic Times

P&G India's upbeat take: Green shoots visible, demand to bounce back soon

Procter & Gamble Hygiene and Health Care Ltd (PGHHC) sees positive trends in rural and urban consumption, with inflation softening. The company plans to cater to both markets through various retail channels. PGHHC is also leveraging data and digital transformation to optimize inventory and sales. The firm anticipates continued growth despite some near-term challenges.

Business Standard

Godrej Capital to enter affordable housing loan segment by December

Godrej Capital, the financial services arm of the Godrej Group, is gearing up to enter the affordable housing loan segment by December, with plans to grow its assets under management (AUM) to Rs 17,000 crore by the end of the current financial year, its Managing Director Manish Shah said on Wednesday. The company currently manages an asset base of Rs 13,000 crore, after reaching an AUM of Rs 10,000 crore in FY24. It is now aiming to increase this to Rs 17,000 crore by FY25, with a target of expanding to Rs 30,000 crore by March 2026 and a longer-term goal of achieving Rs 50,000 crore in AUM by March 2028, Shah stated. The company's strategic focus will be on the small and medium enterprises (SME), micro, small, and medium enterprises (MSME), and home loan segments. As part of its expansion, Godrej Capital will make its foray into the affordable housing loan market by the end of the year. "Our focus will be towards smaller loan amounts, aimed at meeting the needs of affordable ...

Business Standard

LIC earmarks Rs 600 crore for digital shift; to be 'paperless' in 2 years

LIC has appointed Boston Consulting Group as a consultant

Business Standard

India's home & household market to reach $237 bn by 2030: Deloitte

India's home and household market is expected to reach USD 237 billion by 2030 at a compounded annual growth rate (CAGR) of over 10 per cent, fuelled by increasing disposable income, shifting consumer preferences and a growing focus on comfort and convenience across product categories, according to a report by Deloitte. The report, Powering Consumption Growth-India's Home and House Market, launched at the two-day event MAPIC India 2024, which began here on Wednesday, also said that the home and household market are witnessing strong demand, particularly in tier 2 and tier 3 cities that are emerging as growth hubs. It also said that omnichannel retail and e-commerce are helping businesses connect with consumers, expanding their reach beyond urban centres. Stating that factors such as high disposable incomes, the rise of digital platforms, easy access to credit, and young consumers seeking modern designs, home renovations and personalisation, which provide tailored offerings to ...

The Economic Times

Tech view: 25,500 crucial resistance for Nifty; decisive up move to take index higher. How to trade on Thursday

Nagaraj Shetti of HDFC Securities believes the short-term outlook for the Nifty is positive but with limited price movement. He suggests dips towards 25,200-25,100 could offer attractive buying opportunities. A decisive move above 25,500 might propel the Nifty toward higher targets.

Business Standard

Benchmarks settle lower as investors await Fed rate decision

The domestic equity market ended with minor losses on Wednesday as investors eagerly anticipated the US Federal Reserve's interest rate decision. The benchmark Nifty 50 index closed below the 25,400 level, snapping a two-day winning streak. IT, pharma and energy stocks weighed down the market, while financial services and private banks shares witnessed buying interest.

Business Line

Amazon.in to offer ‘phone set-up service’ in 300 cities

Amazon.in offers doorstep tech assistance service

Business Line

Ticket9 raises funding from actress Nayanthara and director Vignesh Shivan

Event tech start-up plans to leverage the latest investment to strengthen its tech infrastructure and expand market reach

The Economic Times

Stock market update: Stocks that hit 52-week lows on NSE in today's trade

TCS, HCL Tech, Infosys, Tech Mahindra and Wipro were among the top losers on NSE in today's trade.

The Economic Times

Market Wrap: Sensex, Nifty end in red after recording lifetime highs as Infosys, TCS trigger fall

Indian headline indices ended lower on Wednesday, led by declines in IT heavyweights Infosys and TCS. Nifty closed at 25,377.55, down 41 points, while Sensex settled at 82,948.23, down 131.43 points. Banking and financial services sectors were the only gainers among Nifty sectoral indices.

Business Standard

TCS inks 2-year partnership deal with McDonald's Philippines

Tata Consultancy Services (TCS) informed that it has signed a two-year partnership with George Yang-led Golden Arches Development Corporation (GADC), master franchise holder of McDonald's in Philippines to modernize IT Landscape for 760+ restaurants.

Business Standard

Oracle Financial Services Software Ltd leads losers in 'A' group

Rites Ltd, Mphasis Ltd, Blue Dart Express Ltd and Time Technoplast Ltd are among the other losers in the BSE's 'A' group today, 18 September 2024.

The Economic Times

TCS signs two-year deal with McDonald's Philippines for modernisation

The Mumbai-headquartered IT giant highlighted the benefits of the upgrade such as increased efficiency and optimised operating costs, digital transformation and innovation, enhanced franchisee experience driving stakeholder loyalty, improved process optimisation and workforce productivity.

The Economic Times

Endiya Partners leads AltiusHub’s $2.25 million fundraise

Founded in 2023, AltiusHub is a supply chain visibility software designed to help manufacturing companies safeguard their supply chains. Initially focused on the pharmaceutical industry, the platform aims to prevent counterfeit medicines from infiltrating the supply chain.

Business Standard

Small businesses generate 35 mn job applications till Aug 2024: Report

Small and medium enterprises have generated over 35 million job applications in the first eight months of this year fuelled by rising demand in key sectors such as BFSI, BPO, and hospitality, says a report. This rise reflects growing demand for key roles such as Sales & Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates, according to jobs and professional networking platform apna.co. "SMBs and MSMEs employ more than 110 million people and their success is crucial for our nation's journey towards the USD 5 trillion economy goal. As the backbone of our economy, these sectors are set to witness significant growth, with workforce demand expected to rise in tandem," Nirmit Parikh, Founder & CEO, apna.co said. Notably, over 55 per cent of total job applications for SMB roles came from tier-2 and tier-3 cities like Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar, apna.co said. As businesses expand in these ..

The Economic Times

Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case

The European Union's General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc's top antitrust enforcer.

The Economic Times

Buy Wipro, target price Rs 620: JM Financial

Wipro Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 280075.29 Crore) operating in IT Software sector.

The Economic Times

Buy Infosys, target price Rs 2010: JM Financial

Infosys Ltd. key Products/Revenue Segments include Software Products and Software Development Charges for the year ending 31-Mar-2024.

The Economic Times

In the next 10 years, listed digital platforms can see huge value creation like US tech stocks last decade: Ashi Anand

Ashi Anand, Founder & CEO of IME Capital, believes that new-age companies like Zomato and Policybazaar will see significant profitability and value creation in the coming decade. Despite current high valuations, Anand argues these companies are solving customer needs more efficiently than traditional businesses, indicating strong growth and profitability ahead.

The Economic Times

Reliance Jio’s ‘Diwali Dhamaka’ offer: One year of free JioAirFiber—How to avail and key dates

Jio Offer: Reliance Jio has launched the 'Diwali Dhamaka' offer, providing one year of free JioAirFiber service. Customers can qualify by spending Rs 20,000 or more at Reliance Digital or MyJio stores, or by opting for a new JioAirFiber connection with a 3-month Diwali plan. Existing users can also benefit by making an advance recharge.

The Economic Times

Finnish politician tapped as EU digital chief to oversee big tech

Finnish Prime Minister Petteri Orpo said Virkkunen's nomination as the executive vice-president for tech sovereignty, security and democracy was perfect for Finland, home to Nokia and Angry Birds maker Rovio, which was acquired by Japan's Sega Sammy Holdings last year.

Business Standard

India presents opportunity, world moving into Indian era: Salesforce

Customer relationship management-focused Salesforce's chairman and chief executive Marc Benioff has said the world is moving into an "Indian era". Speaking to reporters on the sidelines of the annual "Dreamforce" event here, Benioff said the opportunities in India are "exciting" and the company has invested in the country aggressively. "You can see that the world is moving into the Indian era. There is no question that we are going to move into an incredible moment in India," he said. The city-headquartered global company which is aiming to close FY25 with a revenue of USD 38 billion has over 11,000 employees in the country. A bulk of the employee base serves the global client base, while the increasing adoption of digital technologies has made India business also grow. "We do all kinds of things in India including engineering and support but also we go to market in India," Benioff said, adding that it serves large customers like the auto major Bajaj group. He said the company has

Business Standard

Digital revolution to help arrest exodus of youth from farming: FAIFA

Farmers' body FAIFA on Wednesday said the government's initiatives for digital revolution in agriculture will go a long way in arresting the exodus of youth from agriculture. Federation of All India Farmer Associations (FAIFA), which claims to represent farmers and farm workers of commercial crops across Andhra Pradesh, Telangana, Karnataka and Gujarat, said the recently announced seven schemes totalling Rs 14,000 crore will play a key role in stopping the movement of the youth from rural to urban and from farming to other professions. "These new schemes are not just about technological integration. This will help in relieving agrarian distress caused by climate variations and market uncertainties that have made agriculture unlucrative for our youth," FAIFA President Javare Gowda said in a statement. These schemes are likely to create new jobs, and the demand and creation of different skill sets will open more opportunities for the youth of rural India in the times to come, FAIFA ..

The Economic Times

Elon Musk's Neuralink gets FDA breakthrough device tag for 'Blindsight' implant

Elon Musk's Neuralink has received the FDA's breakthrough device designation for its experimental brain-chip implant, Blindsight, aimed at restoring vision. The device could help even those who have lost both eyes and their optic nerve. Neuralink is also testing another implant to aid paralyzed patients in using digital devices by thought alone.

CNBC TV18

Fed meet outcome today: Nifty IT index falls nearly 3% led by Mphasis, Infosys, TCS

The top five losers on the Nifty are IT stocks like Tech Mahindra, Infosys, Wipro, LTIMindtree, and TCS, trading with losses of up to 3%.

The Economic Times

Stock market update: Stocks that hit 52-week lows on NSE

Tech Mahindra, Wipro, Infosys, LTIMindtree and TCS were among the top losers on NSE.

Business Line

Fed rate cut anticipation drives market volatility; tech stocks slump

Global markets showed cautious optimism ahead of the Fed’s announcement, with most Asian stocks rising in early trade

CNBC TV18

Escorts, Havells, Bharti Airtel, ICICI Bank, Bosch and L&T are on the radar for today's trade

Market tech analysts, Soni Patnaik, Mitessh Thakkar and F&O analyst Rajesh Palviya have these recommendations on Wednesday.

Mint

Stocks to Watch: IndiGo, SpiceJet, NTPC, Tata Power, JBM Auto, HCL Tech and more

Here’s a quick look at stocks likely to be in focus in today's trade.

The Economic Times

Crypto-based platform to Wager on US Prez poll

​​The trading firm Wintermute Trading, which offers liquidity for digital assets by buying and selling them in the crypto market, is collaborating with crypto risk manager Chaos Labs to launch a betting market next week that will focus on the outcome of the contest.

The Economic Times

First Solar Inc may invest Rs 2,500 cr for tech upgrade in Tamil Nadu mfg units

First Solar is the country's first fully integrated vertically integrated solar manufacturing plant - from semiconductors to modules - with a capacity of 3.3 GW. The company expects the upgradation to result in increasing the effective incremental capacity of the manufacturing to 3.5 GW and create additional 300 jobs.

Mint

HCL Tech to declare Q2 results on THIS date, consider third interim dividend for FY25: Record date fixed

HCL Tech Q2 Results: The IT major's board meeting will be held on October 14 to consider and approve the quarterly results and the third interim dividend for FY25.

Mint

Koo co-founder Mayank Bidawatka to launch Billion Hearts Software to create digital products for global users

Mayank Bidawatka, co-founder of Koo, is launching Billion Hearts Software Technologies. The startup will be operational in a few months, he says.

Business Standard

PMEA Solar Tech Solutions files for IPO, eyes Rs 600 cr via fresh issue

PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO). The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose. Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed ..

The Economic Times

Mumbai-based PMEA Solar Tech Solutions files DRHP for IPO

The company, working with its lead managers, might decide to raise additional funds up to Rs 120 crore through methods like a private placement or preferential offer. If this happens, the amount raised in the current share offering will be decreased accordingly.

Mint

Mumbai-based PMEA Solar Tech Solutions files DRHP with Sebi to raise funds via IPO

PMEA Solar Tech IPO, which has a face value of ₹10 per equity share, consists of a combination of fresh issues totaling up to ₹600 crore and an offer for sale of up to 11.23 million equity shares.

Business Standard

Infosys enters collaboration with UK's Metro Bank to digitalise operations

Indian IT major Infosys on Tuesday said it has entered into a long-term collaboration with British community bank Metro Bank to digitise the bank's operations. The collaboration will utilise Infosys Topaz, the firm's AI-first offerings, to enhance Metro Bank's digital capabilities, improve automation, refine data, and embed further AI capabilities. This will assist the bank in increasing efficiency and saving costs, a regulatory filing said. "At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same -- a high-quality service organisation putting customers centre-stage," Metro Bank CEO Daniel Frumkin said. The bank expects to deliver 80 million pounds of annualised cost savings this year across multiple initiatives, as it progresses towards the target of reaching mid-to-high teen return on tangible equity by 2027, he added. "Our shared goal is to continually enhance customer engagement, community focus, and the

The Economic Times

Bridging the gap between MSMEs and B2B commerce: How Solv is driving innovation under Amit Bansal’s leadership

Solv, a B2B digital marketplace led by Amit Bansal, addresses the challenges faced by India's MSMEs. Launched in 2021, Solv connects small businesses with verified suppliers and integrates financial solutions to simplify procurement and access to credit. The platform aims to empower MSMEs by providing a comprehensive digital ecosystem.