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Fantasy gaming platform Dream11 has relocated its corporate headquarters from the United States to India. The board approved the merger of its US entity, Dream Sports Inc., with its Indian counterpart, Sporta Technologies Pvt Ltd, in January 2025. This move aims to enhance shareholder participation, reduce costs, and streamline management, although no public listing plans in India have been announced.
Brokerage firms Antique and UBS are optimistic about Aditya Birla Real Estate (ABREL) and Hindustan Aeronautics (HAL), respectively, forecasting significant growth. Antique points to ABREL's divestment of Century Pulp and Paper as a key growth driver, while UBS emphasizes strong order momentum and updated targets for HAL.
Zomato's share price has risen following a stake purchase by Goldman Sachs, with shares traded between ₹199.5 and ₹4,176.25, totaling ₹280.96 crore. However, BofA Securities downgraded the stock to 'neutral' from 'buy', citing expected losses in quick commerce and a slowdown in food growth, with a revised target price of ₹250. The stock has underperformed, dropping over 25.92% in six months and 9% in the past month.
Foxconn plans to double its iPhone production in India to 25-30 million units by 2025, with a focus on its new Bengaluru facility. This plant, currently under development, will have the capacity to assemble 20 million smartphones annually and represents a significant investment of 25,000 crore rupees (US$3 million), making it Foxconn's largest plant in India and the second largest globally.
Ola Electric has secured 199 crore rupees (US$23.3 million) in funding for its battery subsidiary, Ola Cell Technologies (OCT), to enhance operations and convert outstanding payables into compulsory convertible preference shares. The investment is set to close by April 30, following the company's challenges in meeting targets under India's production-linked incentive scheme for advanced chemistry cells. Additionally, Ola Electric is investing 3.5 crore rupees (US$410,000) into its charging infrastructure subsidiary, Ola Electric Charging (OEC).
Goldman Sachs identifies McDonald's and KFC operators as top picks in the quick service restaurant sector, despite anticipated demand slowdown in Q4 fiscal 2025. Recovery is expected in H1 fiscal 2026, with KFC franchisees Sapphire Foods and Devyani International highlighted for their growth potential in India. Westlife FoodWorld, managing McDonald's in southern and western India, also received a 'buy' rating, while Jubilant FoodWorks, operator of Domino's, was rated 'neutral'.
Morgan Stanley advises against buying dips in Indian IT services stocks, citing a challenging macroeconomic environment and potential revenue growth delays. The firm forecasts disappointing fiscal year 2026 revenue for major IT companies, with weak fourth-quarter trends expected. It prefers Tata Consultancy Services over Infosys and Tech Mahindra over HCL Technologies, emphasizing the need for caution amid ongoing economic uncertainties.
UBS has maintained a "Neutral" rating on Renault with a target price of 47 euros. Analyst David Lesne highlighted the company's new strategic projects, including the acquisition of Nissan's 51 percent stake in the Indian joint venture, and noted that Renault has reaffirmed its annual forecast.
U.S. travel spending is showing signs of cooling, with lodging and tourism down 2.5% and airline spending down 6% year-over-year as of March 22. Despite this, weekly spending remains 10% above 2019 levels, and some Americans are still traveling abroad, with overseas spending up 2.6% in early 2025. Lower-income households are cutting back the most, reflecting broader economic pressures.
Ola Electric is set to invest INR 199 crore in its battery manufacturing division. This strategic move aims to enhance its production capabilities and support the growing demand for electric vehicles in the market. The investment underscores Ola's commitment to sustainable energy solutions.
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23:20 31.03.2025
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