BUSINESS
ICICI Bank market-cap hit Rs 6 lakh cr, stock rises record high
The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent. Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have also hit this mark.
British investments in India continue since East India Company
According to Grant Thornton Bharat's latest Britain Meets India (BMI) report 2022, the UK remained the sixth-largest investor in India, with a cumulative investment of about $31.92 billion in 2000-22. This constituted around 5.4 per cent of the total foreign direct investment (FDI) into India. Despite low-key merger and acquisition (M&A) activity, the India-UK corridor witnessed 13 deals including India's Wipro Ltd acquiring Capco, Reliance Group acquiring Faradion Ltd and Bharti Enterprises acquiring Oneweb Ltd, the report noted.
Hyundai to recall over 70K vehicles over faulty parts
Hyundai is recalling 70,582 units of six models that include the Xcient QZ heavy duty truck and the County bus, the Ministry of Land, Infrastructure and Transport said in a statement. Along with Hyundai's recall, Mercedes-Benz Korea is also set to recall 438 units of five models, including the EQE 350+ and EQS 450+ pure electric sedans, reports Yonhap News Agency.
'Asian EV makers enjoy some advantages over Tesla'
The market is fast moving, and S&P Global Ratings expect more intense competition over the next few years to shift the competitive landscape. "Tesla is a strong competitor to Chinese automakers. The company was ranked as the No. 3 EV seller in China in the past three years, benefiting from good brand image and product functionality," notes S&P Global Ratings report.
Samsung aims to boost foldables to half of total smartphone sales by 2025
Samsung, the world's largest smartphone maker, will work to make its foldable smartphones another main column alongside the Galaxy S flagship series and a key category in the premium segment, Roh Tae-moon, president and head of Samsung's mobile experience (MX) division, said at a press conference after the Unpacked online event.
ICICI Bank is covered by 51 analysts on the Street and enjoys 98% Buy ratings
ICICI Bank is covered by 51 analysts on the Street and it enjoys 98 per cent Buy ratings, followed by L&T (98 per cent), ITC (97 per cent), SBI (96 per cent) and HDFC (96 per cent). Conversely, JSW Steel (24 per cent), Wipro (33 per cent), Shree Cement (38 per cent), TCS (47 per cent), and Asian Paints (48 per cent) have the lowest percentage of Buy ratings, the report said.
Industry body questions government's call for 5G demand studies from enterprises
The government on Wednesday announced to undertake demand studies for the direct assignment of spectrum to enterprises with net worth more than Rs 100 crore which are willing to set up private captive 5G networks. Enterprises, which are willing to set up Captive Non-Public Network (CNPN) by obtaining spectrum directly from DoT, are invited to participate in this exercise.
Hackers exploited crypto platform RenBridge to launder $540 mn
The report by Blockchain analysis group Elliptic said one cross-chain bridge in particular -- RenBridge -- has been used to launder at least $540 million in crypto assets by hackers and fraudsters. Cross-chain bridges allow crypto assets to be transferred between blockchains, without going through a centralised service such as a crypto exchange. Billions of dollars in assets have been transferred between Bitcoin, Ethereum and other blockchains -- using bridge services such as Portal, cBridge and Synapse.
Are cryptocurrencies making a comeback?
The prices of ethereum and other leading digital currencies have also rallied in the past two months, leading to hopes that this nascent market may have reached its bottom, CNN reported. But the optimism could be premature, and fleeting. Companies with direct ties to the crypto landscape continue to struggle. Coinbase reported a loss for the second quarter after the closing bell on Tuesday.
Gautam Adani gets 'Z category' security after Home Ministry acts on IB report
According to sources in the Home Ministry, on the basis of the threat perception report received from the IB, Adani has been provided high-level security by the government for which he will himself bear its expenses. According to sources, more than 30 army personnel will be deployed in the security given to India's top industrialist.
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