Sensex ends winning streak | WeForNews | Latest News, Blogs Sensex ends winning streak – WeForNews | Latest News, Blogs
Connect with us

Business

Sensex ends winning streak

Published

on

equity sensex nifty

Mumbai, Nov 5 : The Sensex on Tuesday ended the seven day winning streak with a 53 points loss after survey showed India’s service sector activity declined for the second straight month in October.

Yes Bank ended as the top gainer on the BSE after the marquee investor Rakesh Jhunjhunwala picked up nearly Rs 1.3 crore shares of the private bank.

Sensex closed 53.73 points lower at 40,248.23 after flip-flopping between the intra-day high of 40,466.55 and a low of 40,053.55. Nifty also slipped lower by 24.10 points at 11,917.20.

“Based on ongoing result outcome investors are focusing on quality stocks while Mid & Small are under-performing,” said Vinod Nair, Head of Research, Geojit Financial Services.

Analyst said excitement is missing in the market as majority of the index participants have already declared their Q2 numbers and now traders are waiting for either domestic developments or global development on the trade tariff front.

Business

Qualcomm to invest Rs 730 cr in Jio Platforms

RIL said recently that the funds raised by selling stakes in Jio Platforms, along with a Rs 53,124-crore rights issue, have made it net debt-free much before its stated March 2021 deadline.

Published

on

By

Reliance Jio Platform

New Delhi, July 12 : The investment spree into Reliance Industries’ Jio Platforms continues, with technology major Qualcomm coming in with Rs 730 crore to pick up 0.15 per cent stake.

This is the 12th investor to pick up a stake in Reliance Industries Ltd’ (RIL NSE 2.95 %’s) telecom and digital business in less than two months. Qualcomm Ventures’ stake buy will take the total investments in Jio Platforms to Rs 1,18,318.45 crore for a combined 25.24 % holding.

The investment, which is subject to regulatory and other approvals, pegs Jio Platforms’ equity value at Rs 4.91 lakh crore and enterprise value at Rs 5.16 lakh crore, Reliance said in the joint statement.

Jio Platforms houses RIL’s telecom business under Reliance Jio Infocomm, the largest in the country with nearly 400 million subscribers, besides other digital properties and investments.

” Qualcomm has been a valued partner for several years and we have a shared vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India,” said Mukesh Ambani, chairman and managing director for Reliance Industries. “As a world leader in wireless technologies, Qualcomm offers deep technology knowhow and insights that will help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.” he added.

Qualcomm’s investments come at a time when RIL is pivoting itself as a consumer technology company, away from being just an energy conglomerate. RIL’s Jio is also betting big on 5G for propelling the next set of services .

In fact, RIL has stressed that Reliance Jio is more of a technology company than just a telecom firm, underlined by the fact that the 11 investors who have picked up stake mainly focus on the global technology space.

““With our shared goal of extending the benefits of digital connectivity to everyone and everything, we anticipate Jio Platforms will deliver a new set of services and experiences to Indian consumers,” said Steve Mollenkopf, CEO of Qualcomm Incorporated.

Prior to Qualcomm ventures, Intel Capital , social media firm Facebook, Abu Dhabi’s two largest sovereign investment arms – Abu Dhabi Investment Authority and Mubadala, private equity firms Silver Lake (which invested in two tranches), Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton and Saudi Arabia’s Public Investment Fund (PIF), have invested in Jio Platforms.

Amongst the earlier investments, Jio Platforms has received all the approvals for its stake sales to L Catterton, Public Investment Firm (PIF) , Silver Lake and General Atlantic Singapore, and has got a total of Rs 30,062.43 crore against a 6.13,% stake.

On July 9, Jio Platforms received the investment amount from Facebook for Rs43,574 crore against a 9.99% stake – highest among the investments. The Competition Commission of India (CCI) approved Facebook’s purchase of the deal marking the culmination of a deal which saw possibly the largest FDI investment in India’s tech landscape.

RIL said recently that the funds raised by selling stakes in Jio Platforms, along with a Rs 53,124-crore rights issue, have made it net debt-free much before its stated March 2021 deadline.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels. Trilegal acted as legal counsel for Qualcomm Ventures.

Continue Reading

Business

V-shaped recovery unlikely for Indian economy: Survey

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

Published

on

By

FICCI-WEFORNEWS-min

New Delhi, July 12 : India is unlikely to witness a sharp turnaround in its economic growth amid the pandemic as there has been limited fiscal support from the government so far, according to a survey of economists by FICCI.

FICCI”s recent Economic Outlook Survey has shown that economists feel majority of the steps taken by the Centre and the Reserve Bank of India (RBI) address only the supply side constraints, while there have been no major moves to boost demand, which is the need of the hour.

The current round of the survey was conducted in the month of June 2020 and drew responses from leading economists representing industry, banking, and the financial services sector.

“Economists also stressed that India was unlikely to witness a sharp turnaround in economic growth given the limited fiscal support extended till now,” said the FICCI report.

The opinion of economists gain significance as many people including from the government and industry have time and again raised hope that India will see a “V-shaped” recovery.

The survey predicts a 4.5 per cent contraction in India’s GDP in the ongoing financial year.

The survey showed that participating economists were of the view that government measures in the stimulus 2.0, which is popularly called the ”Aatmanirbhar Bharat” economic package would take a long time for on-ground implementation and tangible results to be witnessed.

The package focussed broadly on saving lives and on undertaking deep structural reforms, the report said.

“They strongly felt that the package could provide more measures to boost demand conditions in the economy as reviving demand should currently hold greater importance. Therefore, a need for undertaking direct income transfers to the most vulnerable section of the population and unemployed poor was felt by a majority of the participants,” it said.

Economists were of the view that apart from pure cash transfers, the government could also consider GST reductions especially in the non essential goods segment which has the potential to drive demand. Furthermore, some sort of tax waivers could also be undertaken for low income groups.

Alongside, sector specific measures could also support recovery in a big way, the FICCI report said.

Sectors with high backward and forward linkages such as automobile, construction among others could be revived without incurring much fiscal strain, it said among other suggestions.

Continue Reading

Business

77% companies face revenue drop amid Covid pandemic: Report

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

Published

on

jobs employment rate

New Delhi, July 12 : Around 77 per cent business organisations have witnessed a drop in their revenue as a result of the ongoing COVID-19 crisis, according to a recent global survey.

As per a joint survey by 720 Transform of Dubai, Prophecy FZLLC-Middle East and India-based Insights3D, around 7 per cent firms in India and the Middle East have registered an upward revenue growth, while about 16 per cent of the companies remained unaffected.

Around 282 executives, including CEOs and MDs from across industry segments were interviewed for the survey.

Out of the negatively impacted companies which recorded fall in revenue, 30 per cent companies logged an over 50 per cent drop while another 30 per cent firms recorded 30-50 per cent decline.

The report said that around 30 per cent of the companies surveyed will need to undertake drastic measures such as higher levels of rationalisation, sale or merger.

Commenting on the report, Raja Marur of Prophecy FZLLC said: “Our belief that a new normal is being envisaged has been validated by the survey. Further, the impact to organizations varies by scale and level of global integration of their supply chains.”

Most leaders foresee a new normal in terms of remote working and decentralization, coupled with process automations and an increased reliance on artificial intelligence and analytics, the survey showed. However, these changes are likely to pose challenges in governance structures as also in communication lines and objective performance management.

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found.

Continue Reading
Advertisement

Most Popular