BUSINESS
Gautam Adani is first Asian to become world's third richest
Adani, who runs one of India's top conglomerates, is now believed to be worth approximately $137 billion, the tracker shows. That's after a surge this week placed him just behind Tesla CEO Elon Musk and Amazon founder Jeff Bezos, whose own fortunes are estimated at $251 billion and $153 billion, respectively, CNN reported.
India to benefit as investment destination as China slows down: SBI Report
Commenting on China's sliding construction sector, the SBI report said that as India's eastern neighbour struggles with a meltdown in the sector, housing sales in India during the first half of 2022 i.e. between January and June, reached the highest level since the first half of 2013. The reason behind the boom in housing sales in India was mainly due to low interest rates and affordable pricing of units as well as renewed demand for homes, fuelled by the Coronavirus pandemic, the report noted.
Jio's capex outlay of $25bn for 5G roll out, scale up of home broadband key takeaways from RIL AGM
Monetization of this capex will require higher revenues in JioFiber, market share gains in mobile, revenues from enterprise clients and tariff hikes. We raise our revenue/Ebitda estimates by up to 3-5 per cent but lower PAT estimates by 2-4 per cent. Despite higher capex, leverage remains comfortable at 2.2-3.7x Ebitda given strong 27 per cent Ebitda Cagr over FY22-25, the report said.
HP completes $3.3 billion acquisition of hybrid work solutions provider Poly
"Poly brings incredibly strong talent, differentiated technology, and a complementary go-to-market system that we believe will further strengthen our position in large and growing markets," said Enrique Lores, President and CEO of HP.
'Deeply regret', says IKEA after customer alleges 'racism' at Hyderabad store
The furniture retailer issued a clarification after a customer Nitin Sethi alleged that his wife faced racist treatment at its store in Hyderabad. Sethi, a journalist, tweeted that that his wife from Manipur was frisked for goods she bought. "Racist treatment at @IKEAIndia store in Hyderabad. Only my wife, from Manipur got frisked for goods she bought. No one else before us. And then all supervisory staff came to defend the racism.
Reliance Jio partners Meta, Google, Microsoft, Intel to roll out 5G in India
While Jio partnered Mark Zuckerberg-led Meta (formering Facebook) for immersive technology, it has collaborated with Google to develop ultra-affordable 5G smartphones. On Cloud, Jio has partnered Google Cloud and Microsoft Azure to ensure a vibrant ecosystem of cloud-enabled business applications and solutions for its millions of users.
IT stocks sees heavy sell-off amid hawkish statement by US Fed Chairman
Nifty IT Index ended 1,012.65 points, or 3.53 per cent, down at 27,678.95, and BSE IT index fell 975.72 points, or 3.34 per cent, at 28,269.14. Hinduja Global and Tata Elxsi fell 5.09 per cent and 5.08 per cent, respectively on Monday. These were the major losers on the IT index. This was followed by Tech Mahindra falling 4.61 per cent, Mindtree by 4.30 per cent, Coforge Ltd by 4.10 per cent, L&T Infotech by 4.02 per cent, and Infosys by 3.93 per cent.
NDTV promoter RRPR Holding writes to SEBI on warrant conversion by Adani group company
In a regulatory filing on Monday, NDTV said the founders Radhika and Prannoy Roy have informed the company that RRPR Holding has written to Securities and Exchange Board of India (SEBI) on Sunday to determine whether the regulator's order of November 27, 2020 restricts conversion of warrants issued to Vishvapradhan Commercial into equity.
Input cost inflation continues to push up corporate revenues but disrupts margins: ICRA
Sectors like hotels, power, retail, and oil & gas, among others, reported significant QoQ growth in revenues in Q1 FY2023. However, a few other sectors like airlines, construction, capital goods, and iron & steel witnessed a sequential decline. The sequential growth in revenues during the quarter was dismal at 1.5 per cent and the trends varied across sectors.
Mukesh Ambani announces investments of Rs 3.5 lakh crore at RIL AGM
Ambani said investment plans include Rs 2,00,000 crore on rapid rollout of 5G, Rs 75,000 crore in expanding O2C capacities across value chains and Rs 75,000 crore in new energy business, as announced last year, with potential to double the commitment based on scalability of evolving models. Ambani announced that RIL will invest Rs 75,000 Crore in the next five years to expand capacities in existing and new value chains with an aim to maximise oil to chemicals integration and convert advantageous feedstock streams to high-value chemicals and green materials.
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