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In India, Hyundai is gearing up for its historic $3 billion IPO, which, if successful, will surpass LIC as the largest-ever IPO in the country. Meanwhile, Dabur’s shares took a hit as the company warned of revenue declines in Q2, citing challenges in general trade and inventory corrections. On a brighter note, the government has rolled out a new scheme to provide one crore internships over the next five years, aiming to boost employment in the private sector.
₹10 lakh crore of investor wealth wiped out in a day; Nifty 50, Sensex drop over 2% each
A staggering ₹10 lakh crore was erased from Indian equity markets on Thursday, as the Nifty 50 and Sensex faced their largest drop in two months amid rising geopolitical tensions in the Middle East.
Global markets also felt the heat, with European and Asian indexes reporting significant losses. Oil prices surged as traders evaluated potential supply risks, particularly in light of Israel’s anticipated retaliatory actions against Iran following Tehran’s missile attacks earlier this week.
Adding to the negative sentiment, the Securities and Exchange Board of India (SEBI) introduced six new measures earlier this week aimed at curbing speculative trading in the futures and options markets.
Countries push for citizen evacuations amid rising tensions in West Asia
In the wake of the escalating tensions in West Asia, several countries have issued advisories and some have evacuated their citizens.
Israel was hit on Tuesday evening by rockets launched from Iran following a ground incursion of the Israeli armed forces into south Lebanon where they clashed with the Iran-backed Hezbollah group.
The Indian government has advised its citizens to avoid all non-essential travel to Iran. The Ministry of External Affairs (MEA) has urged the Indian nationals presently residing in Iran to remain vigilant and stay in contact with the Indian Embassy in Tehran.
Three reasons why the Indian markets tumbled on October 3
The Indian stock market nosedived on Thursday, October 3, with the benchmark indices Sensex and Nifty 50 dipping over 2% each. The sharp decline was driven by three key factors: escalating geopolitical tensions in the Middle East, regulatory changes by the Securities and Exchange Board of India (SEBI) aimed at curbing speculative activity in the derivatives market, and shift in fund flows to China following its economic stimulus.
Brent crude climbed toward $75 a barrel after advancing almost 3% over the prior two sessions, while West Texas Intermediate was near $71.
The oil market has been transfixed by the latest crisis in the Middle East, which comes after a year of turmoil as Israel faces off against Iran and its proxies in Gaza, Lebanon, Yemen and elsewhere.
Hyundai Motors India IPO: Country’s largest ever IPO to open on October 14
The initial public offering (IPO) of Hyundai Motor India Ltd. is expected to open for subscription on October 14. The price band for the issue will likely be announced by the middle of the coming week.
Capital markets regulator SEBI has cleared the IPO papers for Hyundai Motor India Ltd. The company plans to launch an IPO of up to 142,194,700 equity shares, each with a face value of ₹10.
A CNBC-TV18 report earlier had said that the potential valuation of Hyundai India’s IPO could be around ₹25,000 crore (nearly $3 billion) and the company is aiming to launch it in the first fortnight of October.
Dabur shares fall 8% after Q2 update warns of revenue decline, margin hit
Shares of Dabur India Ltd. opened with losses of nearly 8% on Thursday after multiple brokerages downgraded the stock and slashed their target prices on the FMCG player following its weaker-than-expected performance.
Global brokerage firm Citi has issued a ‘Sell’ recommendation on Dabur, lowering its target price to ₹570 per share due to a weaker-than-expected performance in the second quarter.
The company’s consolidated revenue declined, largely driven by sluggish out-of-home consumption, leading Citi to reduce its FY25-27 earnings estimates by 3-6%.
Centre launches Internship Scheme with ₹60,000 annual financial aid to boost youth employment
The Central government on Thursday, October 3, launched the much-anticipated Internship Scheme aimed at enhancing youth employment and aligning skill development with corporate demands, a major initiative announced in the Union Budget 2024. The scheme, designed to benefit one crore youth over five years, will be managed through an online portal developed by the Ministry of Corporate Affairs.
GenAI will enhance, not replace, jobs with CEOs hiring ‘year on year’: KPMG India CEO
Yezdi Nagporewalla, CEO of KPMG India, has challenged the prevailing narrative around generative AI (GenAI), asserting that it should be viewed as a tool that enhances workforce capabilities rather than as a replacement for human jobs.
“The first challenge is that GenAI is gaining a reputation that this will replace humans and jobs will be lost. In reality, AI must be paired with human expertise,” he told CNBC-TV18.
Supreme Court allows ITC benefit on commercial property construction & leasing
In a move that could foster greater investment in the commercial real estate sector, the Supreme Court on Thursday (October 3) provided relief to the industry by allowing the benefits of input tax credits (ITC) on construction costs for commercial buildings intended for leasing.
This ruling is expected to alleviate the financial burden of rents on tenants of commercial spaces.
Google’s Gemini Live now speaks 9 Indian languages and more AI updates from Google for India event
Google is making it even easier for users in India to chat with its AI assistant, Gemini, by adding support for nine Indian languages, the company announced at the 10th edition of its Google for India event on Thursday.
With over 40% of Indian users already relying on voice interactions, Google has introduced Gemini Live in Hindi, with plans to roll out the feature in eight additional Indian languages — Bengali, Gujarati, Kannada, Malayalam, Marathi, Telugu, Tamil, and Urdu — in the coming weeks.
Google is also taking a major step in enhancing India’s digital landscape with the launch of an open-source AI Agent Framework powered by its AI model, Gemini.
Announced at the Google for India 2024 event, this initiative aims to combine India’s Digital Public Infrastructure (DPI) with advanced AI technology, promising to make a big impact on various sectors.
OpenAI raises $6.6 billion in funds at $157 billion value
OpenAI has completed a deal to raise $6.6 billion in new funding, giving the artificial intelligence company a $157 billion valuation and bolstering its efforts to build the world’s leading generative AI technology.
The funding round was led by Thrive Capital, the venture capital firm headed up by Josh Kushner, which put in $1.3 billion. Microsoft Corp., OpenAI’s largest backer, put in about $750 million, on top of the $13 billion it had already invested in the startup, according to a person familiar with the matter. Other investors included Khosla Ventures, Fidelity Management & Research Co. and Nvidia Corp., the chipmaker whose powerful processors are at the center of the AI boom. Microsoft declined to comment.
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