BUSINESS
India to have 45 massive data centres by 2025-end, Mumbai to lead
Altogether, there will be 183 data centres in the country with 24 million square feet and 1,752 MW of total IT capacity by 2025-end, according to ANAROCK-Binswanger report. In terms of IT capacity (nearly 1,015 MW), over 69 per cent of this planned new supply will come up in Mumbai and Chennai, with 51 per cent in Mumbai alone.
Rupee ends 51 paise up at 79.45 against US dollar
Indian markets will be closed on Wednesday on account of Ganesh Chaturthi. "Rupee gained strongly by 0.40 points as heavy short covering was witnessed in capital markets from FIIs. As benchmark rose 2.50 per cent in Indian capital markets, hence rupee time gained more than 0.50 per cent for the first time in the month of August," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Indices ends sharply up, Sensex up over 1,500 points
At close, Sensex ended 1,564.45 points, or 2.70 per cent, up at 59,537.07, and Nifty closed 445.40 points or 2.58 per cent up at 17,759.30. Nifty bank was up sharply at 3.29 per cent. All the 30 stocks on the Sensex ended in green. BSE LargeCap was up 2.59 per cent, BSE MidCap, and BSE SmallCap up 1.97 per cent, and 1.40 per cent, respectively. Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tech Mahindra, and ICICI Bank were major gainers on the BSE.
Govt-owned general insurers looking at asset monetisation
The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited. The four companies have hired Ernst & Young (EY) as the consultant for the assignment called "Organisational Efficiencies and Performance Management in Public Sector General Insurance Companies.
Meta introduces no-cost EMIs for advertisers in India
The no-cost EMI feature will allow advertisers to pay Meta for their advertising campaigns in equated monthly installments over three months through participating banks at no additional cost of interest to them. Meta said it will bear the applicable interest payable to the bank, and give it as an upfront discount to the business on its ad spends.
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.
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