Vedanta, JSW Cement, Razorpay, Nykaa, Zee, EU's AI Law, Microsoft, etc.

Author

Vaishali Sharma
May 22, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

Market Briefs

Main Briefs

India's Digital Economy Set to Hit $1 Trillion by 2028, Says IT Minister

Intel advertising sticker on new laptop - Intel Evo

picture credit:unsplash

  • India's digital economy growing at 2.8% annually.

  • Projected to reach $1 trillion by 2027-28.

  • Target delayed by a year due to the Covid-19 pandemic.

  • IndiaAI mission's value increased to Rs 20,000 crore.

  • Government investing Rs 1 lakh crore in R&D and innovation.

  • Event attended by leaders of 300 IT startups and technology industry.

  • Focus on making Indian entrepreneurs globally competitive.

  • Government addressing issues like access to capital and lower cost of capital.

  • Vision includes every Indian having an internet connection and being digitally empowered.

Vodafone Idea's Rs 2,075 Crore Share Issue to Strengthen Financial Position

  • Fundraising Approval: Vodafone Idea to raise Rs 2,075 crore via preferential allotment to Oriana Investments (Aditya Birla Group).

  • Share Details: Issuing 139.54 crore equity shares at Rs 14.87 each.

  • Capital Increase: Paid-up equity share capital to rise from Rs 66,483.45 crore to Rs 67,878.88 crore.

  • Recent Fundraising: Raised Rs 18,000 crore through a follow-on public offer in April.

  • Financial Performance: Q4FY24 net loss of Rs 7,674 crore, slight increase in revenue and ARPU.

  • Stock Performance: Shares gained over 94% in the past year, closed at Rs 13.60 on May 21.

  • Brokerage Upgrade: Nomura upgraded Vodafone Idea to neutral, target price increased to Rs 15 per share.

Briefs, You Can’t Miss:

  1. Nykaa Issues Rs 7.17 Crore in Esops Pre-Q4 Results.

  2. Snapdeal Founder Urges Govt to Enhance Financial Aid for Startups.

  3. Vedanta Resumes Operations as Karnataka Mine Suspension Order is Lifted.

  4. Muthoot FinCorp Sees Record Rs 61,703 Crore Loan Disbursement in FY24.

  5. JSW Cement to Establish New Rajasthan Plant with Rs 3,000 Crore Investment.

  6. Man Industries Ltd. Secures Rs 505 Crore in New Orders.

  7. Michael Dell Praises India’s Talent as a Valuable Resource for Dell.

  8. US-Registered Razorpay Fast-Tracks Move to Domicile in India.

  9. Zee Invested Rs 432 Crore in Merger Attempt with Sony Unit.

World Briefs

  • Apple Disputes €1.8 Billion EU Fine for Spotify Antitrust Issues.

  • AI Training Mandated for All New Hires at JPMorgan.

  • Sony and Siemens Announce December 2024 Launch for Industrial VR Headset.

  • June 10 Date Announced for Apple’s Annual Developers Conference.

  • Figma Achieves $12.5 Billion Valuation in Secondary Share Offering.

AI Briefs

  • Scale AI Valued at $14 Billion Following Nvidia, Amazon Investment.

  • Copilot for Teams Rolled Out by Microsoft.

  • EU Council Greenlights Risk-Based AI Regulatory Framework.

  • EU Warns Microsoft: Provide Bing AI Risk Data or Face Fines.

Company Of The Day

Company Name: JSW Cement

Founder: Sajjan Jindal

Year Of Foundation: 2009

Headquarter: Mumbai, Maharashtra, India

Industry: Green cement manufacturer and supplier.

Why Is It in the News?

Investing Rs. 3000 INR in setting up the new cement plant in Rajasthan, India.