BUSINESS
Dalal Street in focus as LIC IPO opens for subscription
The long-awaited Initial Public Offering (IPO) for the LIC will remain open to subscription till May 9. The government has brought down the issue size from 5 per cent to 3.5 per cent. It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.
Amazon aims to log $20 bn worth exports from India by 2025
In 2020, Amazon pledged to enable $10 billion in cumulative exports from India by 2025. The company said that cumulative exports by the Indian micro, small and medium enterprises (MSMEs) via its 'Global Selling' program are currently on track to surpass the $5 billion milestone. The programme took about three years to enable the first billion dollars, and the last two billion dollars have come in just 17 months, Amazon said during the 'Exports Digest 2022' event.
US Fed on track for half-point rate hike as recession fears grow
According to the CME Group's Fedwatch tool, investors are betting that there is a 99.6-per cent chance of a 50-basis-point rate hike at the Fed's May 3-4 policy meeting, Xinhua news agency reported. The move, which would put the federal funds target rate range at 0.75 to 1 per cent, would be the first half-point increase since 2000.
Australian central bank lifts interest rate for 1st time in over decade
RBA Governor Philip Lowe said it was now "the right time" to withdraw accommodative monetary support designed to help the Australian economy through the pandemic. "The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected," Lowe added. Figures released by the Australian Bureau of Statistics last week showed inflation had reached a two-decade high of 5.1 per cent in the last 12 months.
Ola Electric pips rivals, becomes top Indian e-scooter firm
According to the government's Vahan portal data, Ola registered 12,689 e-scooter units in April, higher than the previous segment leader, Hero Electric. Ola registered 39 per cent growth in April over the previous month.
Adani Enterprises' consolidated EBIDTA increased 45% to Rs 4,726 cr in FY22
The financial highlights FY22 on a year-on-year (YoY) basis: AEL's total income increased by 75 per cent to Rs 70,433 crore on account of significant increase in prices in IRM segment. Its EBIDTA increased by 45 per cent to Rs 4,726 crore post consolidation of Mumbai Airport w.e.f. Q2 FY22 and higher margins in IRM business.
Biden earmarks $3.16 bn for battery manufacturing to end China's dominance
The US Department of Energy (DOE) also announced a separate $60 million to support second-life applications for batteries once used to power EVs, as well as new processes for recycling materials back into the battery supply chain.
Domestic mutual funds invest Rs 4,002 cr in LIC IPO under anchor quota
SBI Mutual Fund reportedly invested around Rs 1,007 crore, becoming the largest investor in the anchor book quota.The insurance major mobilised a total of Rs 5,627 crore from anchor investors on Monday. An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public, as per market regulator SEBI's regulations, in order to instill confidence among investors.
Healthcare automation firm Element5 raises $30 mn, to hire more in India
Element5's 100-member strong team in India, primarily in Chennai, has engineers and product developers, including RPA (robotic process automation) developers, quality analysts and business analysts, among others.
Global hearables market to exceed 200 mn units by 2024
This represents total growth of 30 per cent over the next two years, according to Juniper Research. The US and Germany will grow to account for 50 per cent of total hardware revenue from emerging hearables use cases by 2024.
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