IT FIRMS
UK-based IT firm Noventiq scraps SPAC deal to list on Nasdaq
London-headquartered information technology firm Noventiq and special purpose acquisition company Corner Growth Acquisition have mutually agreed to terminate their blank-check deal, the companies said on Thursday. The two last year struck a SPAC deal that would have resulted in the combined company being publicly listed on U.S. exchange Nasdaq.
Peak XV has Rs 16,000 crore for investment; AI to be in focus: Rajan Anandan
Peak XV Partners, managing director Rajan Anandan said the company isn't facing any shortage of capital, they just want more people starting up in AI. "We have over 25 AI investments that we’ve made over the last 1-1.5 years,” he said. Peak XV Partners recently led a $10.5 million funding round in AI health startup Cloudphysician.
Japan's main stock indexes at record closing highs as banks, autos and techs rise
Japan's Topix and Nikkei hit record highs, led by gains in automakers, banks, and tech firms like Toyota, Honda, Mitsubishi UFJ, Advantest, and SoftBank. Yugo Tsuboi cited interest rates, a weak yen, and economic improvement. The TSE’s prime market saw 59% of stocks rise, with a positive corporate outlook expected, according to Daiwa Securities.
Global Capability Centres drive office leasing in H1 2024, with a 37% share
India's office leasing market is dominated by Global Capability Centres (GCCs), with 37% of total leasing activity in January to June 2024. The country's robust workforce, competitive costs, and established ecosystem make it a key market for GCCs. With a projected 20% growth in GCC presence by 2025, the Indian office market is poised for significant expansion. 67% of GCCs plan to increase their office portfolios by over 10% in the next two years.
PwC names new China head amid regulatory scrutiny
PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30. The firm came under the Chinese regulatory spotlight earlier this year for its role as the auditor of troubled property company China Evergrande Group.
Persistent Systems buys US software firm Starfish Associates for Rs 173 crore
Persistent Systems said in a statement, "Known for its cutting-edge Enterprise Communications automation platform, Starfish Associates caters to the world’s largest enterprises including many Fortune 500 companies." Following the acquisition announcement on Wednesday morning, Persistent’s stock hit a 52-week high to 4,596 apiece rising over 2% on the BSE.
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Q-comm audits; modest Q1 for IT firms
Happy Wednesday! Due to recent hygiene lapses by quick commerce, the government has intensified surprise inspections of their warehouses. This and more in today’s ETtech Morning Dispatch.
AI-focused tech firms see big jump in market cap in June
Nvidia shares rose as much as 27% in June, boosting its market capitalization to $3.34 trillion, before giving up some of their gains later in the month, due to profit booking and concerns over its high valuations.
New Zealand to press ahead with media content pay law
New Zealand's government is pushing for a bill to make digital platforms pay media companies for news. The legislation, aligned with Australia's law, could affect companies like Meta Platforms and Alphabet Inc. The bill's authority will be supervised by an independent regulator, supported by the Labour party but facing opposition from the ACT New Zealand party.
Should you be rushing to pick up the latest AI smartphone?
Samsung leads the smartphone industry with cutting-edge genAI features, while Apple introduces the groundbreaking Apple Intelligence. Sundar Pichai unveils the innovative Gemini AI assistant, and Craig Federighi presents Apple Intelligence, reshaping the future of smart devices with powerful generative models.
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
Law firm IndusLaw’s partner Padmaja Kaul to join JSA with three-member team
Padmaja Kaul, a partner specializing in litigation and dispute resolution at IndusLaw, is poised to transition to J Sagar Associates (JSA) along with her team of three lawyers. This move marks the second significant transfer to JSA from a full-service law firm. Last month, Iqbal Khan and Ambarish, former partners at Shardul Amarchand Mangaldas & Co (SAM & Co), also joined JSA, bringing with them a team of approximately 18 members.
Indian defence firms need to invest more in innovations and R&D to keep pace with global standards: Report
According to India Infoline Finance Limited (IIFL) report, these firms allocate only 1.2 per cent of their revenue to R&D, markedly lower than the global average of 3.4 per cent. This gap highlights a need for increased investment in innovation to keep pace with global standards.
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.
Udupi Cochin Shipyard Limited bags Rs 1,100 crore order for cargo vessels from Norwegian firm
UCSL secured a Rs 1,100 crore deal for eight 6300 TDW cargo vessels from Wilson ASA. These vessels, designed for eco-friendly operation in European coastal waters, are part of a project to be completed by September 2028. The company has also delivered tugs to Adani Harbour Services and received repeat orders from Polestar Maritime.
Priyank Kharge meets IT minister Ashwini Vaishnaw, requests Centre's support for state's chip firms
Karnataka IT minister Priyank Kharge met Ashwini Vaishnaw, union IT minister, to seek support for the state's semiconductor and electronics space. Kharge said that the State has the highest share of 46% in India in housing innovative companies and contributes 10% of India's industrial output.
IT union seeks probe on DXC Technology's 4,800 campus onboarding delays
Data from the IT employee union NITES showed that India’s leading IT firms including Tata Consultancy Services (TCS), Infosys, Wipro and LTIMindtree have delayed joining dates of than 10,000 freshers. Harpreet Singh Saluja, president at NITES said these young professionals well-being and careers are at risk, we have asked the ministry to act as soon as possible.
London PE Finnest takes majority stake in cloud kitchen firm Kitchens@ with $160 million investment
London-based PE firm finnest has acquired a majority stake in cloud kitchen startup Kitchens@ with an investment of Rs 1,335 crore, making it the largest shareholder. This round values Kitchens@ at $305 million, post-money, sources told ET. Kitchens@ provides services like ready-made kitchen setups, as well as supply chain and hiring support to cloud kitchens.
Crypto firm Abra reaches settlement with US states for operating without licences
Last year, Abra agreed to discontinue accepting cryptocurrency from its US Abra Trade account customers for use in its products and services, according to a statement from the Conference of State Bank Supervisors (CSBS). Abra announced last year that it would wind down operations for its US retail customers, following multiple enforcement actions from state securities regulators.
IT firms chasing acquisitions to enhance their topline and skills
Indian information technology (IT) services are banking on acquisitions to fuel growth amid a dire need for investments in new capabilities, especially GenAI, as a slowdown in global demand keeps away opportunities for organic expansion.
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
Aviation firms plan own training schools to ensure supply of talent
While Air India is starting its own pilot training school, the GMR group that owns the country's largest airframe maintenance, repair and overhaul (MRO) company, GMR Aero Technic, has invested ?50 crore to start its own school for engineers. "To train such large numbers of engineers, GMR Aero Technic has entered the skill development segment with the GMR School of Aviation," Ashok Gopinath, president and accountable manager of GMR Aero Technic, said. The group also owns the Delhi, Hyderabad and Goa airports.
Novavente raises $3 million from Highbrow Securities
The partnership with Highbrow Securities is also expected to enhance Novavente's market credibility as it prepares for a public listing on the London Stock Exchange. The sales consulting firm will use the fresh funds to fuel expansion plans and enhance offerings and services. Beyond its core business, Novaventa has also invested in developing generative AI products.
Artificial intelligence firms lead Chinese shares higher
China's CSI AI Index jumped 3.7%, as domestic AI companies moved swiftly to attract users of OpenAI's technology. The blue-chip CSI300 index hit a four-month low on Tuesday. A US company intends to limit access to its application programming interface (API) in China and other nations. The API serves as a platform enabling developers to integrate its AI models into their products.
InsurTech firm ACKO drives into car repair and service space
ACKO, the Bengaluru-based insurtech firm, is expanding into car servicing and repair with its ACKO Drive Service Centres, targeting cars out of warranty. Initially launched in Bengaluru, plans include centres in Delhi, Mumbai, Pune, Hyderabad, Ahmedabad, and Chennai. Aiming to reach 100 centres in three years, ACKO seeks to capitalize on the growing $25 billion car service market.
Why these Chinese working mothers don't want more babies
A woman leading a financial team earning more than her husband, another pursuing a dream to become a civil servant, and a budding influencer aiming to be the family breadwinner are all young mothers in China who have one thing in common: they are raising one child and don't want another, regardless of their husbands' opinions or the government's incentives aimed at addressing an aging population.
ETtech Deep Dive: How RBI and NPCI are working to tackle mule account frauds
The RBI, the National Payments Corporation of India, and the Ministry of Home Affairs are teaming up with banks, financial institutions, and tech security companies to crack down on mule accounts and prevent fraud in the country's banking system.
Indian law firm SNG & Partners collaborates with Singapore-based ESG firm Snowkap
Mumbai-headquartered law firm SNG & Partners has partnered with Snowkap, a Singapore-based ESG firm, to support global organizations in their sustainability journey. Led by chairman Rajesh Gupta, SNG & Partners has analyzed over 4,000 ESG data points from Indian laws, integrating with Snowkap's capabilities. Co-founders Rajesh Patel and Giri Krishnaswamy highlight the transformative impact of this alliance on reshaping ESG commitments.
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