Discover the top business headlines that are trending across the world today!
Indian equity benchmark indices, BSE Sensex and Nifty50, underwent a significant downturn on Friday morning. The BSE Sensex plummeted more than 850 points (0.69%) to 81,711.28, while the Nifty50 declined by 230.30 points (0.92%) to 24,900.05. As of 10:25 AM, the BSE Sensex was trading at 81,467.62, down 734 points or 0.89%, and the Nifty50 was at 24,922.55, down 223 points or 0.89%.
The downswing was largely driven by weakness in banking stocks, as market participants awaited the upcoming US jobs report, which is expected to shed light on the Federal Reserve's future interest rate decisions.
India’s entertainment landscape is set to witness a boom with the highly anticipated materialization of a streaming merger. The deal involves consolidating the media assets of India’s largest conglomerate, Reliance Industries with entertainment titan Walt Disney. Although the merger has sparked excitement, concerns surround the potential monopolistic power in India’s advertising and entertainment sectors.
The deal is valued at $8.5 billion (6.5 Billion pounds), and the merger focuses on forming India’s greatest entertainment company, possibly garnering 40% of the TV market and reaching 750 million viewers across 120 channels. This merger not only bolsters Disney’s presence in the ever-competitive Indian market but also shoulders Realiance’s aspirations for expansion. The newly formed entertainment enterprise is set to compete against established rivals such as Sony, Netflix, Amazon Prime Video, and more than 50 other streaming platforms.
Maharashtra’s cabinet has ratified the establishment of a semiconductor fabrication unit in Panvel, Mumbai, which will be jointly set in motion by the Adani group and Isreal-based Tower Semiconductor. According to the statement by Deputy Chief Minister Devendra Fadnavis on X (formerly Twitter), the project requires an investment of around Rs 83,947 crore ($10 billion) and approval from the Central Government’s India Semiconductor Mission (ISM).
The development will happen in two phases. The first phase requires an investment of Rs 58,763 crore and will produce 40,000 semiconductor wafers each month. The second phase, which involves an investment of Rs 25,184 crore, will amplify the plant’s capacity to 80,000 wafers per month. The unit is anticipated to generate more than 5,000 direct jobs. It will be situated at the Maharashtra Industrial Development Corporation (MIDC) Taloja Industries area, which already harbors a diverse variety of industries and firms.
Director of APAC Sovereign Ratings at Fitch Ratings, Jeremy Zook, expects a 25 basis point rate cut in the forthcoming months. He stated that while overall inflation has been relatively contained, food inflation has been continuously reaching its peak. Core inflation is currently just above 3%. Zook notes that the balance of risks suggests that rate cuts in India might occur later than expected. The RBI has been particularly attentive to the ongoing issue of food inflation and the potential for it to impact broader inflation trends. As a result, although Fitch predicts a rate cut soon, it could be delayed if the RBI remains cautious about the inflationary pressures from rising food prices.
