BUSINESS
Indian Foreign Exchange Reserves Surge, Reaching a Four-Month Peak at $606.9 Billion
This upswing follows a substantial increase of $6.107 billion in the preceding week, elevating the reserves to $604.042 billion—an achievement not surpassed since the week concluding on July 14.
Analysts Predict Bank Nifty to Reach 50,000-Mark in Upcoming Projections
Vinod Nair, Head of Research at Geojit Financial Services, noted that market buoyancy persists, driven by investor expectations that concerns over US economic growth will ease by the second half of CY24. Investors are optimistic that the economy will experience a soft landing, aided by the normalization of monetary policy.
Adani Finalizes Agreement: Sells 49% Stake in Ennore Terminal to Global Shipping Giant
The Ennore terminal, with a valuation of Rs 1,211 crore, including debt, is expected to conclude the transaction in the next three to four months, as stated in an official release by Adani Ports.
Minister Announces India's Decision to Purchase Oil from Venezuela
The move comes as part of India's strategy to diversify its sources of oil imports and secure supplies at competitive prices. The U.S. lifted sanctions on Venezuelan oil in October, prompting Indian refining companies to resume purchases.
Andreessen Horowitz, VC Giant, to Financially Support Politicians in Bid to Protect Big Tech
Horowitz emphasized the need for regulations that ensure ethical AI behavior without stifling innovation. He also highlighted the potential of decentralized technologies, such as blockchain and crypto, to create a fairer, more inclusive economy.
Optimism Prevails: 50% of Indian Founders Anticipate Easier Fundraising in 2024, According to Report
Profitability is a key focus, with 18% of founders already profitable and 58% aiming for profitability in the near to medium term. Cost-cutting measures are prevalent, with 38% reducing marketing spending, and 65% express concerns about revenue growth. Despite challenges, founders anticipate record highs in IPOs and M&As over the next five years.
IT Stocks Propel Sensex Beyond 71K Mark
The BSE Sensex experienced a notable surge, climbing 559 points to reach 71,108 points. Among the standout performers within the Sensex were IT stocks, with HCL Tech exhibiting a 5 percent increase, Infosys and TCS both rising by 4 percent, and Tech Mahindra recording a 3 percent uptick. Tata Steel also demonstrated a notable growth of 3 percent.
Hero MotoCorp Expands Investment: Acquires Additional 3% Stake in Ather Energy for Rs 140 Crore
Last week, the two companies entered a partnership to establish an interoperable fast-charging network for EV two-wheelers, a first of its kind globally.
Bolt, E-commerce, and Fintech Firm, Implements Workforce Reduction with 29% Staff Layoffs
The move echoes a broader trend, as seen with music streaming giant Spotify, which recently announced a 17% reduction in its workforce to enhance productivity and efficiency, citing economic challenges and increased capital costs.
Corporate earnings impact of lower interest rates is muted
The impact would be more pronounced at the short end, given that long bonds have not tracked policy rates on the way up.
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