inr
Zomato has announced it will acquire Paytm’s entertainment and ticketing business for Rs 2,048 crore ($244.2 million), marking a significant move in its strategy to diversify beyond food delivery and strengthen its presence in the lifestyle services market. The deal, approved by both companies on August 21, underscores a strategic shift for both Zomato and Paytm, each seeking to optimize their business models in an evolving market landscape. For Zomato, the acquisition is part of a broader effort to expand into the ‘going-out’ segment, a market that encompasses dining, entertainment, and socia...
Invezz
The pound to Indian rupee (GBP/INR) exchange rate pulled back from its all-time high as investors refocused on the upcoming Bank of England (BoE) decision and the potential for a divergence with the Reserve Bank of India. The pair ended the week at 107.68, down from its all-time high of 108.93. Bank of Englan decisionThe biggest GBP/INR news of the coming week will be Thursday’s Bank of England (BoE) interest rate decision. Economists are torn on what the BoE will do after the recent mixed economic data. On the positive side, the headline Consumer Price Index (CPI) has droppedto the bank’s tar...
Invezz
For nearly four years, the pink bollworm has devastated cotton crops in the northern Indian states of Punjab, Haryana, and Rajasthan. This infestation has led to a significant decrease in cotton cultivation, which has fallen from around 160,000 hectares last year to only 100,000 hectares this year, as of the first week of July. Pink bollworm infestation first detected in 2017The pink bollworm (PBW), also known as gulabi sundhi among farmers, damages cotton crops by burrowing its larvae into the cotton bolls, resulting in the lint being cut and stained, making it unfit for use. Effective techni...
Invezz
India’s economic landscape presents a stark contrast. On one hand, the country celebrates extravagant events like the wedding of billionaire Mukesh Ambani’s son Anant to Radhika Merchant, symbolizing immense wealth. On the other hand, millions of Indians face a harsh reality, struggling to even earn enough to make ends meet. Despite being the world’s fastest-growing major economy, many young Indians are grappling with a challenging job market. 220 million applications for federal jobs: a quest for securityBetween 2014 and 2022, 220 million people applied for federal jobs in India, yet only 722...
Invezz
The Aluminum Monthly Metals Index (MMI) saw a 4.67% decline from June to July, reflecting ongoing volatility in the aluminum market. Aluminum prices continued their downward trajectory, hitting their lowest levels since mid-April before stabilizing in mid-June. Aluminum price trends and market outlookAluminum prices experienced a 6.86% drop from June to July before finding a bottom in mid-June. Prices then began to move sideways, although the overall trend remains biased towards the downside. This decline is part of a broader trend influenced by various macroeconomic factors and trade policies...
Invezz
Indian homegrown cryptocurrency exchanges are recovering from the shock that the imposition of a controversial tax on crypto earnings dealt them with but sentiment is looking up now due to Bitcoin halving and US presidential elections around the corner. As we enter the second half of 2024 — a crucial year for Crypto — Invezz spoke to Rajagopal Menon, vice-president at WazirX, a major Indian crypto exchange and trading platform, and discussed the company’s prospects going forward, re-entry of Binance, budget expectations and more. Edited excerpts: Invezz: 2024 was a year of landmark events in t...
Invezz
India’s largest IT services firm, Tata Consultancy Services (TCS), announced a significant drop in its deal wins for the first quarter of FY25, with the total contract value (TCV) falling to $8.3 billion (£6.32 billion). This represents an 18.6% decrease from the $10.2 billion (£7.76 billion) in the same period last year and a 37% drop from the previous quarter, as disclosed by TCS on July 11. Previous highs and key dealsThe decline follows a record-high order book of $13.2 billion (£10.04 billion) in the March quarter of FY23. During this period, TCS secured several key deals, including a gen...
Invezz
In a recent update, Hindenburg Research revealed that Kotak Mahindra Bank, a prominent private sector lender and brokerage firm in India, played a crucial role in the offshore fund structure used to short Adani stocks. The US-based research firm questioned the Securities and Exchange Board of India’s (Sebi) omission of Kotak Mahindra Bank’s name in its observations, suggesting possible protection of the influential businessman Uday Kotak. Hindenburg questions Sebi’s omission of Kotak Mahindra BankHindenburg Research’s blog post on July 2 disclosed that Kotak Mahindra Bank, founded by Uday Kota...
Invezz
Starting with the revolutionary concept of delivering grocery items within minutes, Zomato-owned Blinkit, the market leader in India’s ‘quick-commerce’ (Q-commerce) industry, has broadened its service range. Today, Blinkit delivers not only groceries but also mixer-grinders, ceiling fans, and even printouts of important documents, all with remarkable speed. This expansion into diverse product categories highlights the intense competition within the $2.8 billion market, with rivals like Swiggy’s Instamart and Zepto also vying for a larger market share. Significant investments drive rapid growth...
Invezz
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