Discover the top business headlines that are trending across the world today!
On October 4, 2024, Indian benchmarks Sensex and Nifty50 opened on a weak note due to rising geopolitical tensions in the Middle East. Investors are wary following Israel's airstrikes in central Beirut, which claimed at least six lives and could lead to further conflict, particularly after a deadly day against Hezbollah.
As of 7:06 AM, GIFT Nifty futures suggested a shaky start for the markets, falling 66 points to 25,410. U.S. stocks also closed lower, with the Dow Jones down 0.44%, the S&P 500 dipping 0.17%, and the Nasdaq decreasing by 0.04% ahead of the monthly payrolls report.
Oil prices surged over 5%, the largest increase in a year, as concerns grew about potential Israeli strikes on Iran's oil infrastructure. Gold prices held steady, with spot gold at $2,657.89 per ounce, amid rising demand for safe-haven assets.
Meta CEO Mark Zuckerberg has achieved a significant milestone by becoming the second richest person in the world, surpassing Jeff Bezos for the first time. As per the Bloomberg Billionaires Index 2024, Zuckerberg's net worth has soared to $206.2 billion, compared to Bezos' $205.1 billion.
Zuckerberg's wealth now exceeds the GDP of Kuwait, which stands at $160.4 billion. He currently trails Tesla CEO Elon Musk by approximately $50 billion. In 2024 alone, Zuckerberg's fortune has surged by $78 billion, marking the most substantial increase among the top 500 richest individuals tracked by the Bloomberg Index. He holds a 13% stake in Meta, headquartered in Menlo Park, California.
This year, Zuckerberg's wealth and ranking have seen remarkable growth, driven by Meta's robust stock market performance. Shares have risen nearly 70% since January, reflecting strong investor confidence. The company's sales growth is attributed to its investments in artificial intelligence (AI).
Food tech major Swiggy has received shareholder approval to increase the primary issue size of its Initial Public Offering (IPO) from Rs 3,750 crore to Rs 5,000 crore at an Extraordinary General Meeting (EGM) held on October 3.
The company has made arrangements for a larger IPO, enabling an extra Rs 1,250 crore if additional funding becomes necessary. The offer for sale (OFS) component, however, remains fixed at Rs 6,664 crore. This Bengaluru-based firm's public market launch is expected to be among the largest new-age IPOs in India, potentially reaching a total size of Rs 10,414 crore ($1.25 billion) or Rs 11,664 crore ($1.4 billion) if further expanded. The decision to increase the IPO size comes as Swiggy encounters stiff competition from other profitable companies like Zomato, Zomato-owned Blinkit, Flipkart Minutes, and Tata BigBasket. Swiggy has been preparing for its IPO later this year, and in FY24, the company reported a reduction in losses and a notable revenue increase, closing the gap with rival Zomato. Its revenue grew by 36%, from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24.
Tata Motors' shares closed below the ₹1,000 mark for the 16th consecutive session on Thursday, with the last close above this threshold on September 10, 2024, at ₹1,035.45. Currently, the stock is down 21% from its record high of ₹1,179.05 reached on July 30, 2024. It is trading in a bearish zone, below all key moving averages from 5 to 200 days. The shares gained 0.74% to ₹932.85 in the latest session, with the company’s market capitalization rising to ₹3.43 lakh crore. Approximately 4.99 lakh shares were traded, generating a turnover of ₹46.39 crore. Over the past year, Tata Motors has climbed 52.19% and surged 173% over three years, despite hitting a 52-week low of ₹613.80 on October 9, 2023. Its relative strength index (RSI) stands at 30.3, indicating neutral trading conditions.
