Ola electric, Nykaa, Glenmark, Nestle India, BPCL, Apple, Elon Musk, FedEx, etc.

Market Briefs

Main Briefs

Ola Electric's $6 Billion IPO: Key Stakeholders to Cash In

• Ola Electric targets a $6 billion valuation through its IPO.

• The IPO aims to raise up to ₹5,500 crore through a fresh issue.

• The offering includes an offer-for-sale (OFS) of 95.2 million shares.

• Bhavish Aggarwal plans to sell up to 47.4 million shares (~1.3% stake).

• Other key sellers include SoftBank Vision Fund, Tiger Global, Alpha Wave Global, Matrix Partners India, and Temasek.

• Proceeds will fund the expansion of the Ola Gigafactory's cell manufacturing capacity from 5 GWh to 6.4 GWh.

Indian Briefs, You Can’t Miss:

1. Nykaa Projected to Surge with 20% Annual Growth by FY27, Says Jefferies.

2. Indian Cyber Security Alert: Update Microsoft Edge to Fix Multiple Bugs.

3. Electric Vehicle Sales Surge 40% in FY24, Led by Two-Wheelers.

4. Glenmark Secures USFDA Approval to Launch Generic Drug.

5. Misleading Claims Spark Ad Reduction Among D2C Brands.

6. Government, Digital News Outlets in Talks with Big Tech Over Revenue Sharing.

7. Tyre Exports from India Surge to Rs 23,073 Crore in FY24.

8. New IRDAI Rule: Life Insurers Must Offer Loan Facilities Against Policies.

9. Passenger Vehicle Sales Climb 4% in May, Totaling 347,492 Units: SIAM.

10. Paytm General Insurance's Registration Withdrawal Accepted by IRDAI.

11. Nestle India Agrees to 4.5% Royalty and License Fees to Swiss Parent.

12. Costa Coffee's Revenue Soars 49% in FY24, Expands with 67 New Stores.

13. India Predicted to Dominate Fuel Demand Growth Worldwide: IEA.

14. BPCL Announces New Rs 50,000 Crore Refinery Project.

World Briefs

• Changes Ahead: Elon Musk's X to Hide Likes on Public Posts.

• Report: Apple Reaches $1 Trillion Brand Mark, Nvidia's Value Triples.

• FedEx Announces Reduction of 2000 Back-Office Jobs in Europe.

• EU Imposes Up to 38% Duties on Chinese Electric Vehicles.

AI Briefs

• Elon Musk Drops Lawsuit Against OpenAI.

• AI News Platform Particle Lands $10.9M, Welcomes New Partners.

• YouTube Shorts Tests New Comment Summarizer on Mobile.

• New DuckDuckGo Portal Offers Private AI Model Access.

Company Of The Day

Company Name: Nykaa

Founder: Falguni Nayar

Year Of Foundation: 2012

Headquarter: Mumbai, Maharashtra, India

Industry: Nykaa is an e-Commerce platform for different beauty and wellness products for men and women.

Why Is It in the News?

According to Jefferies, Nykaa is projected to achieve a 20% annual growth rate by FY27.