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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.
TRADERS’ CORNER: A play on wind energy for 11% short term trade & consumer durable maker eyeing 5% upswing
More mid-caps join the party as momentum favour bulls.
PE, VC funding slows in first half of 2024; secondary deals become prominent
Secondary stake sales and buyouts are driving most of the larger deals being made by private equity (PE) and venture capital (VC) funds in new-age firms, data from investment banking firm DC Advisory showed. In the first six months of 2024, when 37 deals took place in the $50-500 million range, 62% were secondary transactions or buyouts, with external primary investment rounds making up only 13%.
TRADERS’ CORNER: A luggage stock ready for 7% upmove & a rating agency for positional 6% trade
Mid cap and small cap stocks getting back momentum .
Sensex, Nifty end with minor losses amid selling pressure in banks, auto stocks
The 30-stock S&P BSE Sensex ended the day at 79,441.45, dropping 35 points or 0.04% while the broader Nifty closed at 24,123.85, settling 18.10 points or 0.07% lower. Of the 16 sectoral indices on the NSE, 11 closed in the red while the remaining 5 ended in the green.
TRADERS’ CORNER: Auto ancillary focussed on EV trying to jump 5% and mid cap software stocks for 7% rise
The markets had a trending start to the fresh week; after a muted start, the Nifty went on to close near its high point of the day. Following a flat start, the Nifty 50 index formed the low point of the day in the early minutes of the session. After that, the Index kept inching higher throughout the session. Although the markets did come off slightly from their high point, they were able to protect the bulk of their gains. The headline index closed with a net gain of 131.35 points (0.55%)
TRADERS’ CORNER: A private bank and the holding company getting ready for 4 to 6% upmove
Momentum coming back to select stock from different sectors.
TRADERS’ CORNER: A pipe makers getting ready for 6% upmove and a agrochemical maker break resistance for 7% rise
Momentum stock are getting back their mojo
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Indian tech startup funding logs slight uptick at $4.1 billion in H1
Indian tech startups raised USD 4.1 billion in H1 2024, 4% higher than H2 2023, remaining fourth-highest funded country globally. Insights from Tracxn report highlighted funding trends and volumes in the Indian tech startup landscape.
India a hotbed for startups and key market for Google Cloud: global sales head
Google Cloud's president-global sales, Matt Renner, highlighted India's significance as a key global market for startups. Renner emphasized the company's increased investments in Indian startups, particularly in the field of artificial intelligence innovation.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
As work-from-home trend declines, flexible office spaces work for employees and companies
Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.
F&O Talk | Nifty facing minor speed bumps amid election jitters; may see consolidation post results: Rahul Ghose of Hedged.in
"The rollover data and the price action on the index suggest that Bank Nifty will not be a laggard anymore. The line in the sand to cross is 50,500. Once this level is taken out, you can expect a decent rally on this index."
France looks to elusive EU capital market to fix startup funding
A hodgepodge of local regulations and oversight has kept Europe's financial markets largely shaped by national borders, preventing the emergence of deep capital markets to rival the United States.
ETMarkets Fund Manager Talk: Valuation of PSU stocks isn't as attractive, says Franklin Templeton’s Akhil Kalluri
Akhil Kalluri, VP at Franklin Templeton, discusses PSU stocks, retail liquidity impact, and broader market valuation risks. He also comments on tech stocks, consumption names, and industrial sectors' performance in the March quarter. Kalluri points out that the aggregate topline & EBITDA growth for Nifty 50 names in 4QFY24 so far are relatively muted, in high single digits.
SoftBank back at deal counter with Icertis deal talks
Tech VC in funding talks with portfolio co Icertis, which is stitching up a $150m secondary round
Unicorn sightings slump; Tata’s chip exports
Happy Tuesday! Despite deal activity in late-stage startups showing signs of a revival, new unicorns aren’t being birthed. This and more in today’s edition of ETtech Morning Dispatch.
Unicorn sightings become rare as VCs shun that leap of faith
Investors are going back to the same list of startups they have already backed to write bigger cheques leading to new unicorn sightings becoming rare. Only Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI have become unicorns so far in 2024, and the number was the same for the whole of 2023.
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