CONSUMER TECH ENTERPRISES
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
Viacom18 bolsters its tech leadership team with three key hires
Viacom18 has appointed three key figures to its technology leadership team in an effort to enhance its OTT platform, JioCinema. This significant move includes naming Bharath Ram as Chief Product Officer and Ad Tech Platform Lead. Bharath Ram will be reporting to Kiran Mani, CEO, Digital, Viacom18.
Why the Digital Competition Bill has started a polarising debate in the tech industry
India’s Digital Competition Bill has turned previous foes in the tech industry into unlikely allies and sparked a polarising debate on market practices. The Committee on Digital Competition Law (CDCL) on February 27, submitted its report to the ministry of corporate affairs (MCA) after working on it for more than a year.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
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Adani Ports to enter Sensex on Monday, Wipro to exit as part of semi-annual rejig
Adani Ports’ Sensex inclusion will trigger passive inflows of $259 million and 14.9 million shares are expected to be added, according to Nuvama’s estimates. Wipro’s exclusion could see outflows of $170 million.
Consumer staple stocks will continue to underperform: Ridham Desai
When markets start behaving like a fixed deposit, you get a little worried. Every morning you come, it is up 0.5%, that is not how stock markets are supposed to be. So, one day we will arrive and the market will be down 2%.
How to prevent Big Tech dominance, protect privacy and ensure fair competition
The magnitude, scale and speed at which such platforms operate demand ex ante regulation, if the real interests of consumers are to be protected.
Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath
If you look at this, the regulatory intent or the policy intent that the entire banking credit, 40% of average net banking credit should be in the priority sector. As we all know the banking sector, while in recent past the priority sector lending from bank side has improved, but for a variety of reasons the real priority sector credit dissemination has always been done by middle sized NBFCs.
Tech-based NBFCs try a balancing act after RBI action on unsecured loans
NBFCs like DMI Finance, Vivriti Capital and InCred Capital expanded unsecured retail and small business lending, leveraging strong fintech partnerships over to grow their business coming out of Covid. Some of these companies took the acquisition route to scale up this business quickly.
Tech stocks lift Nasdaq, S&P 500 as rate-cut expectations tick up
Nasdaq hits record intra-day high on tech rally, fueled by gains in Microsoft and Amazon. Investors remain cautious, weighing economic concerns against the possibility of earlier Fed rate cuts.
Climate tech firm LogicLadder raises $2.5 million in funding from Big Capital, Rainmatter
Sustainability and climate management solutions provider LogicLadder will use the capital to expand in South Asia and North America. The company also expects allocate a maximum of this funding to new product augmentations and capacity expansion, cofounder and CEO Mayank Chauhan told us.
Leadership and long-term mega trends: Utpal Sheth on identifying 'Gorilla' companies
We have already established that value creation is different from wealth creation. So, in my experience, there are three large components that create terminal value about which the terminal value investor should have differentiated insight on and those three components are intangibles, megatrends and leadership.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
Nasdaq falls 1%; Salesforce shares weigh on tech
Nasdaq dropped due to tech and communication services sector declines, and slower Q1 growth per Commerce Dept. report.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
Stocks in news: Honasa Consumer, ITC, IndiGo, Vodafone Idea, ZEE
Honasa Consumer, which owns and operates Mamaearth, on Thursday reported a net profit of Rs 30.4 crore for the fourth quarter ended March 2024.
Zerodha cofounder Nikhil Kamath invests in Collective Artists Network
This investment, a secondary transaction, facilitates a return of over 5X, via a strategic exit for Naveen Tiwari-founded InMobi’s Glance, which previously invested in Collective in 2021, as per a statement.
Nikhil Kamath invests in Collective Artists
Nikhil Kamath has invested in Collective Artists Network, marking their second venture together. The secondary transaction has resulted in a 5X return for InMobi's Glance, which had previously invested in Collective in 2021. Collective Artists Network has transformed into a versatile media powerhouse, with initiatives like BigBang.Social, Collective Creative Labs, M19, and strategic acquisitions like Under 25 Universe.
Defensive stocks: FMCG is “passe”; 8 stocks from two sectors may be called “new defensives” with upside potential of up to 32%
1994 to 2024 is a difference of 30 years, but there is one thing which has remained constant, advice to move to defensive stocks when markets are volatile or there is an event risk. Four questions need to be asked; first, what is a defensive stock? Second, is a stock which was considered a defensive in 1994 when the Indian economy was just opening, still a defensive stock in 2024 ? Third, should there be a new definition of defensive stock in 2024 ? Last but not the least, what are the new defensive sectors or stocks?
MapmyIndia's Q4 net profit rises 35% to Rs 38 crore
Homegrown navigation firm CE Info systems, which owns the digital map services platform MapmyIndia, reported a 47% jump in its consolidated operating revenue to Rs 106.9 crore. The company's board approved a dividend of Rs 3.5 per equity share.
Wipro Infra Engineering counting on AI tech boom, govt’s manufacturing push to reach $1 billion mark
Wipro Infrastructure Engineering, backed by AI & manufacturing incentives by the government, aims for $1 billion growth. Linecraft.ai enhances analytics, cost control & forecasting. Divisions cover Wipro Hydraulics, Wipro PARI, Wipro 3D, Wipro Water, and Wipro Aerospace. Italian firm Ferretto Warehouse Automation Solutions was recently acquired under Wipro PARI.
Zee slashes staff count at tech centre by half
ZEE optimises costs by terminating 50% TIC staff in Bengaluru, focusing on content enhancement and 20% operating margin goal. Management targets loss reduction from various verticals like Margo Networks, Teleplay & Zindagi, and Hipi.
EPS downgrades exceed upgrades in 3 months
A Bloomberg earnings upgrade or downgrade is the consensus estimate by equity analysts tracking the stock, indicating expectations of higher or lower profits, respectively.
IT, metal stocks drag Sensex 353 points lower; Nifty below 22,150 mark
Market breadth skewed in favour of the bears with 37 stocks from the Nifty pack settled with cuts, while 12 managed to end in the black. One stock remained unchanged in the 50-stock index. L&T, Power Grid, Adani Enterprises, Tata Consumer Products, and SBI Life Insurance were the top gainers, while Asian Paints, Apollo Hospitals, Hindalco Industries, Divi's and Tech Mahindra were the top drags in today's trade
Stocks in news: Jio Financial, HCL Tech, DMart, Tata Consumer, Angel One
Avenue Supermarts reported strong numbers for the quarter ended December, with the consolidated net profit rising 17% year-on-year (YoY) to Rs 691 crore.
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