Indian IT Stocks, Google, Reddit, Textile patent, Ultratech, IPL, Myntra, etc.

Author

Vaishali Sharma
March 23, 2024

Indian IT Sector Faces Headwinds After Accenture's Revenue Warning

  • Accenture reduced its FY24 revenue growth forecast to 1-3%, citing slow decision-making and lower discretionary spending.

  • Major Indian IT stocks like Infosys, HCL Tech, Wipro, and TCS fell by 3-5% following the announcement.

  • The Nifty IT index experienced a 3% decline, contributing to a near 9% drop over the past month.

  • Analysts expect cautious FY2025 guidance from large IT services companies due to anticipated weak demand.

  • Nomura and Kotak Equities highlighted concerns over discretionary spending and demand recovery.

  • Despite near-term challenges, some analysts, like those from Nuvama, remain optimistic about the Indian IT sector's growth prospects over the next three years.

 India's Incentive Plan for IPR in Technical Textiles: A New Era of Innovation

  • India is formulating a policy to encourage IPR creation in technical textiles.

  • Exclusive commercial rights for up to ten years will be granted based on funding contributions.

  • Government retains march-in rights for patents to safeguard public interests.

  • 137 projects under the NTTM have been sanctioned, totaling around ₹474 crore.

  • The policy aims to foster industry-academia collaboration in IPR generation.

  • Government aims for affordable pricing of technologies developed with public funds.

Briefs, You Can’t Miss:

  1. Maruti Suzuki issues recall for 16,000+ vehicles.

  2. January sees 30% spike in credit card expenditures.

  3. CNG-powered bike from Bajaj Auto set for June release.

  4. Myntra acquires franchise rights of NEXT for India.

  5. 15,000 petrol stations to get EV charging from oil companies.

  6. New auction for J&K lithium blocks following first round's underperformance.

  7. UltraTech launches 1 million tonne unit in Roorkee, Uttarakhand.

  8. PwC India touts GenAI as game-changer for healthcare.

  9. Living patient gets new lease on life with pig kidney transplant.

  10. Disney Star, Viacom18 navigate slow beginning to IPL season due to ad spend reduction.

  11. Credit Suisse verifies SpiceJet’s dues clearance; Supreme Court to monitor in July.

  12. Tax authorities demand Rs 89.53 crore from Fortis Healthcare subsidiary.

  13. Founders with over 10% stake in startups may get promoter status.

World Briefs

  • Bank of America secures large office space in Mumbai, exceeds 100,000 sq ft in Malad.

  • Reddit’s NYSE launch sees a 48% surge, shares sold at peak prices.

  • Google faces $270M penalty in France over data misuse in Gemini initiative. 

  • Threads launches live scoring feature with NBA, plans to include more sports. 

  • WhatsApp introduces feature to pin three messages in conversations.

  • Arc browser's maker, The Browser Company, secures $50M funding at $550M valuation. 

  • Aston Martin appoints Bentley’s head as new CEO.

AI Briefs

  • Neuralink's brain implant technology in play: Patient plays chess in latest video.

  • Tech with AI allure: Astera Labs’ IPO day ends with a 72% increase.

  • GitHub’s AI innovation: Automatic vulnerability fixes in code.

  • OpenAI’s chatbot store faces spam clutter issue.

  • - AI giant Databricks escalates investment efforts in India.