SIGN DEAL WITH 1MG
Top startup and tech stories this week
ETtech Unwrapped is packed with the most important stories that we covered this week. Here’s a quick recap.
We are happy with Q1 results but not in a position to say TCS is on a growth path again: CEO
TCS foresees FY25 outperforming FY24, leveraging AI and cost optimization despite market volatility, BFSI challenges, and election impacts. With Q1 achievements, reduced attrition, strategic headcount growth, and strong India business, performance remains robust. Investments in talent, discretionary project validation, and technology adaptation sustain a healthy order book, even amid fewer mega deals and extended decision-making cycles.
Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback
Goldman Sachs targets $35-50 million in MoEngage via secondary transaction. MoEngage, valued at $700 million in 2022 led by Goldman and B Capital, has clients including Flipkart. IFC invested in Innovaccer; Whatfix by Warburg Pincus; Icertis, SoftBank. Atlan received funds from GIC, Meritech. Noteworthy: Eight Roads Ventures, SaaS valuation multiples, Bessemer Venture Partners.
What to expect from HCL Tech Q1 earnings? Omkar Tanksale answers
This largely impacted the operating margin negatively. However, the worst is over, and there are green shoots in terms of demand as they have started executing well. The BFSI sector in North America is still under stress, but we expect demand to improve going forward.
TCS shows early signs of project ramp ups but demand recovery may take more time
In addition, while the country’s largest IT exporter continued to bag fresh orders, the quantum of total contract value (TCV) was underwhelming when compared with the previous quarter.
Tata 1mg’s FY24 report; Cognizant-Wipro CFO lawsuit settled
Epharmacy Tata 1mg reported a 21% rise in revenue to Rs 1,968 crore for FY24. This and more on today’s ETtech Top 5.
NBA: Boston Celtics sign record $314 million deal with Jayson Tatum. Know about deal in detail
After the Boston Celtics won the NBA title, Jayson Tatum celebrated by signing the biggest NBA deal ever. Many All-Star and All-NBA honors are among his career-high points.
NHL free agency tracker 2024: Latest updates, players who signed deals on Day 1, a complete guide
NHL free agency opening day sees a bunch load of drama as some top-notch players re-sign for their respective teams, while some in the list were bought out. NHL is currently at a high after the epic Stanley Cup Finals, that was ultimately championed by the Florida Panthers.
MNCs in India fret as US yet to ratify global tax deal
Tax experts say the international tax treaty, which Republicans strongly oppose and requires a two-thirds majority in the US Senate to pass, faces significant challenges. Without US ratification, meeting the OECD tax deal's implementation conditions to reshape the global tax system becomes extremely difficult. The international tax treaty's implementation needs acceptance by 30 jurisdictions and the inclusion of the headquarters jurisdictions of at least 60% of the most profitable multinationals; given that many of these businesses are located in the United States, US participation is critical to attaining this level.
Cement stocks rally up to 17% as UltraTech’s Rs 1,800-crore deal cheers investors
Shares of cement companies soared up to 17% on the BSE, driven by UltraTech Cement's acquisition of a non-controlling stake in India Cements via a block deal. India Cements surged 17% to Rs 299, crossing a $1 billion market capitalization for the first time. UltraTech Cement rose 6.5% to Rs 11,876.
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
When will Carin Leon begin Boca Chueca Tour 2024? Know about deal he has signed with Virgin Music Group and Island Records
Popular regional Mexican musician Carin Leon has made a new deal with two other well-known companies. Six of Leon’s songs have reached No. 1 on Billboard's Regional Mexican Airplay chart.
India looks to sign FTA after UK elections, 8th round of talks soon
The India-UK Free Trade Agreement (FTA) is set to be signed after the UK's elections on July 4. So far, 13 negotiation rounds have been completed, focusing on reducing tariffs and addressing regulatory concerns. Both sides aim to finalize the FTA to enhance bilateral trade, currently valued at GBP 38.1 billion annually.
Reliance signs deal with Russia's Rosneft to purchase oil in roubles
Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.
TCS signs deal with Kuwait’s Burgan Bank
Burgan Bank, one of the youngest commercial banks in Kuwait with a regional network of over 160 branches and 360 ATMs, will use TCS BaNCS suite solutions, which will enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity.
Disney said to sell 30% stake in Tata Play to Tata Group, valuing co at $1 billion
The deal came as the India’s media landscape is going through a major shakeup. Disney signed a binding agreement in late February to combine its India Unit with viacom 18 media pvt, creating an $8.5 billion entertainment giant that will have 750 million viewers and dominate the sector in the world’s populous country.
Novavax soars 146% on $1.2 billion Sanofi vaccine licensing deal
The pact links two big players in the vaccine world that both missed out on the rush to develop and commercialize Covid shots quickly during the pandemic. Amid various setbacks, Sanofi and Novavax ceded tens of billions of dollars in sales to nimbler messenger-RNA developers including the Pfizer-BioNTech alliance and Moderna Inc.
France's Sanofi signs COVID-19 vaccine deal with Novavax
Sanofi and Novavax partnered for a COVID-19 vaccine deal. Novavax will receive $1.2 billion in milestones. Sanofi will take an equity stake in Novavax. Novavax's COVID shot got U.S. approval after Pfizer and Moderna.
M&A deal value surged 60% q-o-q to $19.6 billion in Q1 2024, says PwC India report
Sector-wise, traditional sectors took the lead, drawing significant investments in the changing deal-making scenario. The media and entertainment sector topped the charts in terms of value, while the retail and consumer sectors continue to lead in terms of deal volume.
Load More
