BUSINESS
Zee's Goenka questions Invesco's credentials citing earlier merger proposal
The revelation made by Goenka in the board note comes just a day after Invesco had issued an open letter to the shareholders of ZEEL, highlighting serious governance issues in the company and the need to restore the board's independence. The open letter also accused the ZEEL management of enriching the promoter family in its merger deal with Sony Pictures.
Freiburg (Germany)
The investment by Reliance will accelerate product and technology development for NexWafe, including completion of the commercial development of NexWafe's solar photovoltaic products on prototype lines in Freiburg. Its patented technology is expected to drastically cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available.
Tata Motors to raise $1 bn for its passenger EV business
TPG Rise Climate along with its co-investor ADQ shall invest in a subsidiary of Tata Motors that will be newly incorporated. Moreover, TPG Rise Climate along with the co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11 and 15 per cent stake in this company, translating to an equity valuation of up to $9.1 billion.
Pakistan faces daunting task of 7-8% growth to lift economy from doldrums
"But that kind of growth is nowhere in sight," "The leadership of the country has always been more focused with issues that are political in nature than economic..game changing economic policies and reforms have never been the thrust for the government," an analyst told India Narrative.
Rupee slips to 15-month low on rising crude oil prices
"Indian rupee drifted lower on back of surge in crude oil prices and stronger dollar against major trading currencies. Global energy sector has been witnessing supply shortages and higher demand. As a net importer, India's trade balance could disturbed with surge in crude, coal and gas prices," HDFC Securities research analyst Dilip Parmar said.
Supply issues dampen growth in global PC market in Q3
This marks the sixth consecutive quarter of growth for the PC market. "The PC industry continues to be hampered by supply and logistical challenges and unfortunately these issues have not seen much improvement in recent months," said Jitesh Ubrani, research manager for IDC's Mobile and Consumer Device Trackers.
IMF keeps India's 2021-22 GDP growth at 9.5%, retains top global spot
The IMF's World Economic Outlook (WEO) kept the gross domestic product (GDP) growth forecasts it had made in July for India, whose Covid-battered economy had shrunk by 7.3 per cent in the last fiscal year. In July, while India was in the grip of Covid-19's second wave, the IMF had cut its forecast of 12.5 per cent made in April before the pandemic's resurgence by 3 per cent.
Global cues, oil prices subdue equity indices; IT stocks decline
Globally, stock markets weakened following a decline in the US overnight as rising crude oil prices accelerated concerns about prolonged inflation and monetary policy tightening. Among sectors, consumer durables and realty have gained the most, whereas, IT and Telecom have lost the most.
Accenture acquires Bengaluru-based AI firm BRIDGEi2i
The acquisition will add more than 800 deeply skilled professionals to Accenture's Applied Intelligence practice, strengthening and scaling up its global capabilities in data science, machine learning and AI-powered insights. "In this rapidly evolving space, constantly building new capabilities is key, and we believe that BRIDGEi2i will further enhance our AI skills and data science capabilities to strengthen how our global network delivers value for clients," said Sanjeev Vohra, global lead for Accenture Applied Intelligence.
Markets open on a positive note
The Sensex of the BSE opened at 60,045.75 points and touched a high of 60,258.48 points. The Sensex touched a low of 59,991.59 points. On Monday, the Sensex closed at 60,135.78 points. The Sensex is trading at 60,253.82 points up by 118.04 points, or 0.20 per cent. On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 17,915.80 points after closing at 17,945.95 points.
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