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Tag: Companies

  • Sensex jumps over 300 points in early trade; Nifty above 17,300

    Equity benchmark Sensex surged over 300 points in early trade on Tuesday, following gains in index majors HDFC, Maruti Suzuki, and ICICI Bank amid a largely positive trend in global equity markets.

    Besides, a fall in international crude prices supported the market sentiment, traders said.

    The 30-share BSE barometer was trading 317.22 points higher at 57,910.71. Similarly, the broader NSE Nifty gained 93.45 points to 17,315.45.

    From the 30-share pack, UltraTech Cement, HDFC, Asian Paints, Bharti Airtel, Maruti Suzuki and ICICI Bank were the lead gainers.

    On the other hand, ITC, Tata Steel and NTPC were among the laggards.

    In the previous trade, the BSE barometer climbed 231.29 points or 0.40 per cent to settle at 57,593.49. The NSE Nifty recovered 69 points or 0.40 per cent to 17,222.

    Elsewhere in Asia, bourses in Tokyo, Seoul and Hong Kong trading in the green, while Shanghai quoted marginally lower during mid-session deals.

    Stock exchanges in the US ended with gains on Monday.

    Meanwhile, international oil benchmark Brent crude declined 1.30 per cent to USD 111.02 per barrel.

    Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 801.41 crore on Monday, according to stock exchange data.

  • Bharti Airtel acquires strategic stake in Blockchain-tech startup Aqilliz

    Bharti Airtel on Thursday announced that it has acquired a strategic stake in Singapore-based Blockchain platform Aqilliz for an undisclosed sum.

    Airtel aims to deploy Aqilliz’s Blockchain technologies at scale across its fast-growing tech (Airtel Ads), digital entertainment (Wynk Music & Airtel Xstream) and digital marketplace (Airtel Thanks App) offerings.

    “Blockchain technology is maturing and we see its application across areas such as Adtech, Creator Economy, and Loyalty Programmes,” said Adarsh Nair, CEO, Airtel Digital.

    Aqilliz has developed a patented hybrid blockchain platform called ‘Atom’ that integrates differential privacy and federated learning on a distributed digital ledger.

    This allows brands to create secure and consent-based solutions to engage with customers in a rapidly-evolving digital economy that’s becoming increasingly decentralised.

    “Aqilliz’s patented technology will enable Airtel to capture and carry this value exchange in the form of consent and provenance across the digital supply chain,” said Gowthaman Ragothaman, Founding CEO, Aqilliz.

    The Airtel Startup Accelerator Programme invests in early-stage startups working on technologies that have adjacencies to Airtel’s business offerings.

    The programme allows startups to deploy their technologies and applications at a massive scale, which includes more than 340 million retail customers and over 1 million businesses.

  • Saregama India plans to invest up to Rs 750 cr in music business

    Saregama India, a part of RP-Sanjiv Goenka Group, is planning to invest up to Rs 750 crore in its music business to achieve a 25-30 per cent revenue growth in the next few years through organic and inorganic routes, an official said.

    It is also foraying into a new business segment of artiste partner programme to launch their music videos and audios on its platforms with an arrangement of sharing revenue, he told analysts.

    The fund (of up to Rs 750 crore) is only for the music business. This is not going to be used for our films or our Carvaan business. Other businesses are well capitalised and they will be able to manage to run on their own…. Our projection of 25-30 per cent revenue growth that we are giving is a combination of both organic, new content purchases, and some inorganic purchases,” the official said.

    On music licencing and the film business, the company is also looking at 25-30 per cent growth next year, he said.

    Saregama announced its partner programme for all singers and musicians wanting to do covers, recreations and remakes of its catalogue across all languages.

    “The company has categorised partnerships into three segments. The first is Diamond plus for which revenue share is 20 per cent, while Diamond revenue share will be 10 per cent and for the gold category, which is only for audio, it is also 10 per cent,” the official added.