BUSINESS
Meta reports 11% revenue growth in Q2 2023
"We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta founder and CEO Mark Zuckerberg said in the report on Wednesday.
M&M group stocks under pressure after investment in RBL Bank, Tech Mahindra’s weak earnings miss
On Wednesday, it made an announcement of acquiring a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent”, M&M said in a filing.
M&M acquires 3.5 per cent stake in RBL Bank as an investment
"We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent," M&M said in a filing. The RBL Bank, in a communication, said that the holding of Mahindra & Mahindra Ltd, as per the last beneficiary position as on July 21, 2023 as received from the depository (NSDL), is 3.53 per cent of the total paid up share capital of the bank.
Jio Financial Services, BlackRock agree to form joint venture to enter India's asset management industry
Jio BlackRock brings BlackRock's deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities.
Congress hits back at PM Modi, says ‘let’s talk about per capita income’
Senior Congress leader and former Finance Minister P Chidambaram in a tweet said, “India's Rank today in terms of GDP is 5. That makes us proud. India's Rank in terms of per capita income is 128. That must make us humble and determined to grow at a faster rate.”
US Fed raises interest rates for the 11th time in 16 months
The new hike, which was announced after a two-day meeting of the Fed’s top decision-making body, take the rate to the highest level in 22 years — to between 5.25 and 5.50 per cent. "Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation," the Fed said in a statement, adding: "The extent of these effects remains uncertain. The committee remains highly attentive to inflation risks."
Indian markets consolidating with sector rotation as dominant theme
Infosys drove the IT space lower as it materially reduced guidance and put a cap on the overall rally in IT, he said. US markets continued to rally going into the Fed meeting tonight, wherein it is expected that post the 25bps hike the fed will stop putting and end to a record pace of rate hikes. Last inflation print of 3 per cent also would drive the pause in rate hikes.
Buying in heavyweights boosts Nifty
The index closed with gains of 93 points at 19774 levels. Broader markets too followed suit and witnessed buying interest. All sectors ended in the green, except for consumer durables. FMCG, PSU bank, realty, and oil and gas were top gainers, he said.
Reliance, L&T lead Sensex surge
A 25 bp rate hike, already discounted by the market, will not trigger any market move. But if the Fed chief indicates that inflation is coming under control and, therefore, no further rate hikes are needed, that will be a big trigger for markets to move up. But such an outcome is highly unlikely since the Fed will play it safe even if inflation is coming under control, he added.
Mass consumers projected to drive Indian retail market to $1.3 tn by 2030: Report
In terms of gross merchandise value (GMV), mass consumers are projected to drive over 45 per cent of the $300 billion e-commerce opportunity by 2030, contributing to $135 billion in GMV, according to the report by market research firm Redseer. As of 2022, India has 65-70 million households transacting on e-commerce platforms monthly, which is projected to go up to 120-130 million by 2030.
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