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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).
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.
Yat Siu, co-founder of Animoca Brands, remains committed to the Web3 sector despite recent challenges, with the company seeing a 12% rebound in bookings after a dip post-FTX. Meanwhile, ByteDance faces pressure as TikTok Shop struggles to meet its US sales targets, prompting a shift in strategy towards short videos. In other news, Amazon expands its grocery delivery service in India, and JungleWorks acquires a majority stake in Outplay for $14 million.
European markets opened lower amid ongoing market uncertainty, with analysts indicating that the equity drawdown probability has not peaked. Factors contributing to this outlook include a weakening macroeconomic backdrop, declines in key tech stocks, and a risk appetite indicator suggesting no strong buying opportunity has emerged.Investors are closely monitoring upcoming economic data, including the Chicago Business Barometer and U.S. employment reports, while crude oil and gold prices showed slight increases. Asian markets also closed lower, reflecting broader global market trends.
Soaring demand for Toyota's gasoline-electric hybrids has led to significant supply chain challenges, resulting in extended wait times for customers across major markets. With global hybrid sales nearly tripling in five years, Toyota is working to boost production capacity while facing component shortages, particularly in magnets and inverters. Competitors like Hyundai and Honda are also struggling to meet hybrid demand, highlighting the growing popularity of these vehicles amid a competitive landscape.
Soaring demand for Toyota's gasoline-electric hybrids has led to significant supply chain challenges, resulting in lengthy wait times for buyers across major markets. In Europe, customers face delays of 60 to 70 days, while in Japan, waits range from two to five months. The automaker is working to boost production and alleviate bottlenecks caused by shortages of key components, including magnets and inverters.
India has issued a tax demand of $601 million against Samsung concerning its telecom imports. This significant financial claim highlights ongoing regulatory scrutiny faced by multinational corporations operating in the Indian market.
Zepto is considering the establishment of an Indian Alternative Investment Fund (AIF) and a founder buyback initiative to enhance local ownership. This move aims to strengthen its presence in the Indian market and align with regional investment strategies.
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Zomato shares rise as Goldman Sachs buys stake amid analyst downgrade
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