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NEWS

Posted On:
07-03-2024

Broader indices hold strength; Reliance dips nearly 1%

Equity benchmark indices hit fresh highs for the second session on Thursday but soon pared gains to turn nearly flat. The BSE Sensex was up 85 points after hitting a new peak of 74,245 and the Nifty rose to 22,523, holding slim gains of 30 points. JSW Steel, Bajaj twins, Power Grid, Tata Steel and SBI led gains on the Sensex, while UPL was the additional Nifty gainer. On the flip side, M&M, ICICI Bank, Infosys, TCS and RIL were among the frontline drags. BSE Smallcap index gained 0.7 per cent, partially recouping previous day's sharp losses. Midcap pocket was up 0.2 per cent. Among stocks, NLC fell over 3 per cent as the government will sell its 7 per cent stake in the company via an OFS today.
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Posted On:
07-03-2024

Gold and Silver can rally up to 10% on MCX, show charts

Gold prices have scaled record high levels of $2,165 per ounce in international markets in recent days on hopes of likely interest rate cuts later this year. The US Federal Reserve chief, Jerome Powell, in his testimony on Wednesday March 06 reiterated that it could lower rates later this year, without specifying any particular time-line. The US Fed Watch Tool predictor suggests over 55 per cent probability of a rate cut in June, as the US economy seems to be on a stronger ground than expected.
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Posted On:
08-03-2024

Paramount in talks to sell India TV joint venture stake to Reliance

Paramount Global is in discussions to sell its stake in its media joint venture in India to Mukesh Ambani’s Reliance Industries Ltd., according to people familiar with the matter, as Asia’s richest man continues to consolidate his clout in one of the world’s fastest-growing entertainment markets. The New York-based media company has been in advanced talks to sell its minority stake in Viacom18 Media Pvt. to Reliance, said the people, who asked to not to be identified as the information is private. Talks between Paramount and Reliance are still ongoing and may not result in a deal, the people said. Paramount, the parent of CBS, MTV and other networks, has been selling assets, such as its Simon & Schuster book publishing arm, to reduce debt. It’s also weighing an offer from producer David Ellison to buy out the Redstone family’s controlling stake in the company and merge his Skydance Media studio into Paramount. Bloomberg Intelligence estimated a sale of the Viacom18 position could generate as much as $550 million that Paramount could use toward debt reduction.
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Posted On:
08-03-2024

Gujarat allots 188 acres for Tata group, CG Power semiconductor plants

The Tata group has been allotted about 160 acres in Gujarat’s Dholera to set up the country’s first mega semiconductor fabrication plant with an investment of Rs 91,000 crore, according to officials in the state government. CG Power, on the other hand, has been given an offer-cum-allotment (OCA) of 28 acres in Sanand for its ATMP (assembly, testing, marking and packaging) plant, which will be built with an investment of Rs 7,600 crore, they said.
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Posted On:
09-03-2024

US-based Baron Capital boosts Swiggy's valuation to $12.1 billion

A fund managed by US-based asset management firm Baron Capital Group has increased the value of its stake in food delivery giant Swiggy to $12.1 billion. This is 13 per cent higher than the $10.7 billion valuation at which the Bengaluru-based firm last raised funds in 2022. Baron Capital has now reportedly marked up the fair value of its holding in Swiggy for the third consecutive time. It had participated in the $700-million funding round of the firm in January 2022. This latest valuation, disclosed in filings with the US Securities and Exchange Commission, reflects the value of Swiggy as of December 31, 2023. It has marked up the value of its stake in Swiggy to $87.2 million from its original investment of $76.7 million in the firm. Last year, US investment firm Invesco, which led Swiggy’s previous funding round, marked down the food delivery giant’s valuation by 33 per cent from $8.2 billion to about $5.5 billion. After this, Invesco also marked up the valuation of Swiggy to $7.85 billion after slashing it twice in four months in 2023. In January 2022, Swiggy raised $700 million in Invesco-led funding, which made the outfit a decacorn, almost doubling its valuation to $10.7 billion.
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