Berkshire Hathaway has sold its 2.46 per cent stake in PayTM's parent company -- One97 Communications -- at a hefty loss. Over 15 million shares of the FinTech firm have been sold on India's National Stock Exchange, at a loss of about 62 million dollars.

Berkshire Hathaway sells 2.46% stake at a hefty loss

Stock market of South Korea is very sensitive to the news of K-pop groups disbanding. This is because K-pop groups are a major source of revenue for entertainment companies. When a group disbands, it can have a significant impact on the company's stock price. We tell you more in this story.

South Korean market sensitive to news emerging from K-pop world

In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

Bullish momentum

Despite a recent 3% dip, the benchmark BSE Sensex index, having touched an all-time high of 67,927.23 in September, continues to exhibit resilience. The index, up almost 8% for the year, signifies a robust performance in the face of uncertainties.

Analysts predict a notable upswing, with the BSE Sensex expected to gain over 6% from its current position, reaching a lifetime high of 70,000 by mid-2024. Looking further ahead, an additional 3.6% is forecasted, propelling the index to 72,500 by the close of 2024. A staggering 90% of analysts concur, underscoring the confidence in India's stock market hitting record highs in the next six months.

Driving forces behind growth

India's robust economic growth, currently the fastest among major economies, is pivotal in driving higher domestic equities. With an anticipated growth rate of over 6% in the next couple of years, India's economic momentum has catalysed stock market success. A unique aspect contributing to this surge is the rise of young Indian investors. The influx of these investors, coupled with better financial literacy and increased access to financial services, has seen a surge in mutual fund accounts from under 60 million in 2016 to over 150 million today.

In a year marked by earnings extending by more than 20%, analysts believe India's stock market is positioned for sustained growth. Reuters quoted Rajat Agarwal, Asia equity strategist at Societe Generale, who notes that while some moderation in growth is expected next year, India remains a well-favoured market due to its resilient growth and strong macro momentum.

Market insights and trends

In a noteworthy trend, value stocks are predicted to outperform growth stocks in the coming six months. This shift in preference is attributed to the expectation of high or rising interest rates. Reuters quoted Nishit Master, portfolio manager at Axis Securities, who emphasised that value st2in an environment where interest rates are expected to remain high, value stocks typically fare better.

While the BSE's current price-to-earnings ratio of 21.45 is second only to the U.S. S&amp;P 500 ratio of 23.11, the impressive run-up in domestic equity prices positions India as one of the best-performing markets. Despite the market's expensive valuation compared to regional peers and other major indices, the consensus remains strong among analysts, with nearly 90% predicting record highs in the coming six months.

Bottomline

India's stock market narrative unfolds against the backdrop of a global economy with conservative growth expectations. As the nation steers its financial course with confidence, the convergence of economic resilience, youthful investor vigour, and a shift towards value stocks propels India's stock market into a spotlight of optimism, challenging and outshining global trends.

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In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024.

In a landscape shadowed by modest global growth forecasts for 2024, India emerges as a financial beacon, with its stock market poised for a remarkable surge. According to a Reuters poll of equity strategists, the Indian market is set to defy expectations, eyeing a substantial 10% rise by the end of 2024. Bullish momentum Despite a recent 3% dip, the benchmark BSE Sensex index, having touched an all-time high of 67,927.23 in September, continues to exhibit resilience. The index, up almost 8% for the year, signifies a robust performance in the face of uncertainties. Analysts predict a notable upswing, with the BSE Sensex expected to gain over 6% from its current position, reaching a lifetime high of 70,000 by mid-2024. Looking further ahead, an additional 3.6% is forecasted, propelling the index to 72,500 by the close of 2024. A staggering 90% of analysts concur, underscoring the confidence in India's stock market hitting record highs in the next six months. Driving forces behind growth India's robust economic growth, currently the fastest among major economies, is pivotal in driving higher domestic equities. With an anticipated growth rate of over 6% in the next couple of years, India's economic momentum has catalysed stock market success. A unique aspect contributing to this surge is the rise of young Indian investors. The influx of these investors, coupled with better financial literacy and increased access to financial services, has seen a surge in mutual fund accounts from under 60 million in 2016 to over 150 million today. In a year marked by earnings extending by more than 20%, analysts believe India's stock market is positioned for sustained growth. Reuters quoted Rajat Agarwal, Asia equity strategist at Societe Generale, who notes that while some moderation in growth is expected next year, India remains a well-favoured market due to its resilient growth and strong macro momentum. Market insights and trends In a noteworthy trend, value stocks are predicted to outperform growth stocks in the coming six months. This shift in preference is attributed to the expectation of high or rising interest rates. Reuters quoted Nishit Master, portfolio manager at Axis Securities, who emphasised that value st2in an environment where interest rates are expected to remain high, value stocks typically fare better. While the BSE's current price-to-earnings ratio of 21.45 is second only to the U.S. S&P 500 ratio of 23.11, the impressive run-up in domestic equity prices positions India as one of the best-performing markets. Despite the market's expensive valuation compared to regional peers and other major indices, the consensus remains strong among analysts, with nearly 90% predicting record highs in the coming six months. Bottomline India's stock market narrative unfolds against the backdrop of a global economy with conservative growth expectations. As the nation steers its financial course with confidence, the convergence of economic resilience, youthful investor vigour, and a shift towards value stocks propels India's stock market into a spotlight of optimism, challenging and outshining global trends. WATCH WION LIVE HERE

India's stock market predicted to hit record highs amid global caution

Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices. 
 
South Korea's Kospi index had experienced a 3.24 per cent&nbsp;drop in the past two sessions, erasing over half of its gains earlier in the week when a short-selling ban was reintroduced. 
 
On the other side of the world, U.S. markets showed resilience as the S&amp;P 500 extended its winning streak for an eighth day, marking its longest run in two years. The Nasdaq Composite also continued its upward trend, notching its longest string of gains in two years. However, the Dow Jones Industrial Average saw a marginal decline, ending its best win streak since July. 
 
Oil prices ticked upward despite deflationary signals from China. Investors remained on the lookout for further insight into demand from the world's two largest oil consumers. This followed a previous drop of more than 2 per cent&nbsp;in both benchmarks to their lowest levels since mid-July, as concerns over supply disruptions in the Middle East eased and worries about U.S. and Chinese demand intensified. 
 
In the world of precious metals, gold prices retreated at the opening bell. This came after the precious metal had declined for a third consecutive session as investors sought fresh signals regarding the U.S. central bank's stance on interest rates. At the same time, palladium hit a five-year low. 
 
Within the palladium market, analysts are observing a rapid evaporation of demand, primarily due to reduced production of internal combustion engines and a growing shift toward using platinum in auto catalyst components. It's important to note that both metals play a crucial role in emissions-controlling devices in automobiles.

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Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices.

Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices. South Korea's Kospi index had experienced a 3.24 per cent drop in the past two sessions, erasing over half of its gains earlier in the week when a short-selling ban was reintroduced. On the other side of the world, U.S. markets showed resilience as the S&P 500 extended its winning streak for an eighth day, marking its longest run in two years. The Nasdaq Composite also continued its upward trend, notching its longest string of gains in two years. However, the Dow Jones Industrial Average saw a marginal decline, ending its best win streak since July. Oil prices ticked upward despite deflationary signals from China. Investors remained on the lookout for further insight into demand from the world's two largest oil consumers. This followed a previous drop of more than 2 per cent in both benchmarks to their lowest levels since mid-July, as concerns over supply disruptions in the Middle East eased and worries about U.S. and Chinese demand intensified. In the world of precious metals, gold prices retreated at the opening bell. This came after the precious metal had declined for a third consecutive session as investors sought fresh signals regarding the U.S. central bank's stance on interest rates. At the same time, palladium hit a five-year low. Within the palladium market, analysts are observing a rapid evaporation of demand, primarily due to reduced production of internal combustion engines and a growing shift toward using platinum in auto catalyst components. It's important to note that both metals play a crucial role in emissions-controlling devices in automobiles. WATCH WION LIVE HERE

Global Markets Roundup | S&P 500 extends winning streak for 8th straight session 

Global stock indices jumped dramatically, and the US dollar plummeted to a six-week low.

Global markets roundup | Wall Street has the best week in 2023

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.&nbsp;

According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023.&nbsp;

Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company."&nbsp;

Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given&nbsp;the increasing investor interest in the energy transition.&nbsp;

Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price.&nbsp;

The Canadian stock market, as a whole, confronts challenges, with the benchmark S&amp;P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. &nbsp;

Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait.&nbsp;

While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future.&nbsp;

Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market.&nbsp;

John McKenzie, the CEO of TMX Group Ltd,&nbsp;which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline.

Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers.&nbsp;

(Inputs from Bloomberg)&nbsp;

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Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain.

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Lithium Royalty Corp., which raised C$150 million ($108 million) in March, is the sole venture to navigate the challenging IPO landscape in 2023. Grant Kernaghan, Chief Executive at Citigroup Global Markets Canada, who played a pivotal role in the Lithium Royalty deal. told Bloomberg, "I don't think it's a coincidence that the one deal that got done is a lithium royalty company." Historically, natural resources stocks have been a cornerstone of strength for the TSX. Kernaghan said that more battery metals companies will likely seek the TSX as a platform to raise capital, given the increasing investor interest in the energy transition. Nevertheless, Lithium Royalty serves as a cautionary tale for both potential issuers and investors, with disappointing earnings and a dimming outlook for natural resources, especially concerning the sluggish recovery in China. The company's shares faced a challenging debut and have not managed to recover, closing at a 37 per cent decline from their IPO price. The Canadian stock market, as a whole, confronts challenges, with the benchmark S&P/TSX Composite Index reaching a one-year low in October. Despite the Bank of Canada's recent decision to keep interest rates steady, the swaps market projects a potential quarter-point cut only in the second half of the following year. Bloomberg quoted Kernaghan as saying, "The problem is that right now, we have a lot of voices saying that interest rates are going to stay where they are." He suggested that unless a company owner is seeking an exit or another compelling reason drives a firm to sell shares, it makes sense to wait. While Canadian IPOs have been scarce, some firms in the natural resources sector, such as Strathcona Resources Ltd. and Allied Gold Corp., have entered the market through reverse takeovers, where private companies acquire publicly traded entities and assume the stock listing. Additionally, several companies have chosen to go public via special purpose acquisition companies (SPACs) in recent years. Kernaghan noted that the SPAC boom in 2020 and 2021 exhausted the pipeline of companies with IPO potential in the near future. Kernaghan further expressed a sense of optimism, stating that private equity firms are actively looking to divest their portfolio companies either through initial public offerings (IPOs) or sales. He reasoned by saying that these firms have made substantial investments, and these assets are currently held within their portfolios. Consequently, there is a growing expectation that these firms will become increasingly eager to bring these assets to the market. John McKenzie, the CEO of TMX Group Ltd, which operates the TSX, also expressed optimism during an earnings call, suggesting that the exchange anticipates increased equity financings in the coming year, with approximately 1,500 prospects in its pipeline. Notably, the TSX's most prominent upcoming deal is the planned spinoff of BlackBerry Ltd.'s Internet of Things business in 2024, estimated to fetch $1.7 billion. Citi's Kernaghan highlighted the significant expertise in the natural resource sector within Canada, which is expected to support demand for potential issuers. (Inputs from Bloomberg) WATCH WION LIVE HERE

Toronto Stock Exchange grapples with unprecedented IPO drought. Here's why

London's stock market is set to make a resounding comeback. In less than a year, it's poised to reclaim the title of Europe’s biggest equity market from Paris

UK stock market seeks to overtake Paris amid French luxury slump

Investors believe that Microsoft will see stronger growth and significantly lower china risk, thus the software juggernaut is bridging the stock market gap with Apple. With the maker of the iPhone at the center of a heated dispute with China, Microsoft has seen its stock price rise more quickly than Apple this month.

Microsoft gains ground on Apple in stock market race | World Business Watch

As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report.

This month, the shares of the Redmond, Washington-based corporation outpaced those of the iPhone manufacturer, putting its market worth closer to that of Apple, which is at the centre of a resurgence in tensions with China. Although there are still hundreds of billions of dollars separating the two businesses, Microsoft's leadership in industries like cloud computing and artificial intelligence make it more appealing to investors.

According to David Klink, senior equities analyst at Huntington Private Bank, "Microsoft has more of what the market wants right now, and given where we stand on the pair's growth prospects, we wouldn't be surprised to see it overtake Apple," as reported by Bloomberg.

"We have more faith in Microsoft’s margins, while the cloud and AI are growth areas that can stand the test of time over a decade. We don’t know if the iPhone can do the same," he stated. He also added, given Apple's services business, "it's difficult to make a bear case for them, but the bull case clearly favours Microsoft."

Microsoft last surpassed Apple in size in November 2021. Despite declining from a height of around $3.1 trillion, Apple's market capitalization is still more than Microsoft's, which is close to $2.4 trillion. The difference between Apple and Microsoft has shrunk to about $200 billion at one point last week as Microsoft shares have maintained constant this month despite the decline in Apple shares.

On Wall Street, Microsoft is frequently preferred over Apple. The company's recommendation consensus, which serves as a proxy for its buy, hold, and sell rating ratio, is significantly higher than Apple's. Almost 90 per cent of Microsoft experts favour buying the stock, compared to only 2/3 of Apple analysts.

Apple has experienced negative sales growth for three consecutive quarters, and if that trend continues—as analysts predict—it would have done so for the longest time in twenty years. According to statistics gathered by Bloomberg, while that's anticipated to change for the better in Apple's fiscal year 2024 and continue expanding in the following two years, the rate isn't anticipated to be quite as robust as that of Microsoft.

The maker of the iPhone is "looking like the old IBM," Bernstein analyst Toni Sacconaghi wrote. IBM Corporation's "strength in mainframes and associated account control once seemed unassailable," Sacconaghi said, cautioning that "Apple's key risks are that iPhone is replaced by a new computing/internet access platform."

AI, the year's trendiest investing topic, may be that new something. Needham said that Apple might drop to fourth place among US equities, behind Alphabet Inc., Amazon.com Inc., and Microsoft, since it "is not a core beneficiary of the trend towards generative AI." Separately, Rosenblatt Securities warned that Nvidia Corp., the chipmaker that has so far benefited the most from the AI boom but is currently smaller than Apple, could challenge Apple's throne. Nvidia Corp. is currently less than half the size of Apple.

Despite indications of strong demand, there were few shocks in Apple's most recent gadget launches. New phones from Huawei Technologies Co. may pose a competitive challenge amid worries about government limitations on iPhones in China, which account for about a quarter of Apple's revenue. Apple’s efforts to build semiconductors internally may be taking longer than anticipated. Microsoft's president, Brad Smith, told lawmakers this week that only about 2 per cent of their revenue comes from China.

According to Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder, "consistency is worth a lot when considering a company's valuation, and Microsoft, because of its consistency and projected growth rate, has an advantage over Apple right now." "I like both, but Apple has a higher risk," he added.

The returns of tech stocks broken down by size have dramatically diverged as a result of the great outperformance by Wall Street's largest stocks. In 2023, the S&amp;P 500 tech sector index increased by 38 per cent, whereas an analogous mid-cap index only increased by 16 per cent. Meanwhile, the small-cap tech stock index has increased by less than 11 per cent.

(With inputs from Bloomberg)

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As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report.

As investors recognise Microsoft Corp.'s superior growth and significantly lower China risk, the software behemoth is closing the gap with Apple Inc. in the stock market, according to a Bloomberg report. This month, the shares of the Redmond, Washington-based corporation outpaced those of the iPhone manufacturer, putting its market worth closer to that of Apple, which is at the centre of a resurgence in tensions with China. Although there are still hundreds of billions of dollars separating the two businesses, Microsoft's leadership in industries like cloud computing and artificial intelligence make it more appealing to investors. According to David Klink, senior equities analyst at Huntington Private Bank, "Microsoft has more of what the market wants right now, and given where we stand on the pair's growth prospects, we wouldn't be surprised to see it overtake Apple," as reported by Bloomberg. "We have more faith in Microsoft’s margins, while the cloud and AI are growth areas that can stand the test of time over a decade. We don’t know if the iPhone can do the same," he stated. He also added, given Apple's services business, "it's difficult to make a bear case for them, but the bull case clearly favours Microsoft." Microsoft last surpassed Apple in size in November 2021. Despite declining from a height of around $3.1 trillion, Apple's market capitalization is still more than Microsoft's, which is close to $2.4 trillion. The difference between Apple and Microsoft has shrunk to about $200 billion at one point last week as Microsoft shares have maintained constant this month despite the decline in Apple shares. On Wall Street, Microsoft is frequently preferred over Apple. The company's recommendation consensus, which serves as a proxy for its buy, hold, and sell rating ratio, is significantly higher than Apple's. Almost 90 per cent of Microsoft experts favour buying the stock, compared to only 2/3 of Apple analysts. Apple has experienced negative sales growth for three consecutive quarters, and if that trend continues—as analysts predict—it would have done so for the longest time in twenty years. According to statistics gathered by Bloomberg, while that's anticipated to change for the better in Apple's fiscal year 2024 and continue expanding in the following two years, the rate isn't anticipated to be quite as robust as that of Microsoft. The maker of the iPhone is "looking like the old IBM," Bernstein analyst Toni Sacconaghi wrote. IBM Corporation's "strength in mainframes and associated account control once seemed unassailable," Sacconaghi said, cautioning that "Apple's key risks are that iPhone is replaced by a new computing/internet access platform." AI, the year's trendiest investing topic, may be that new something. Needham said that Apple might drop to fourth place among US equities, behind Alphabet Inc., Amazon.com Inc., and Microsoft, since it "is not a core beneficiary of the trend towards generative AI." Separately, Rosenblatt Securities warned that Nvidia Corp., the chipmaker that has so far benefited the most from the AI boom but is currently smaller than Apple, could challenge Apple's throne. Nvidia Corp. is currently less than half the size of Apple. Despite indications of strong demand, there were few shocks in Apple's most recent gadget launches. New phones from Huawei Technologies Co. may pose a competitive challenge amid worries about government limitations on iPhones in China, which account for about a quarter of Apple's revenue. Apple’s efforts to build semiconductors internally may be taking longer than anticipated. Microsoft's president, Brad Smith, told lawmakers this week that only about 2 per cent of their revenue comes from China. According to Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, "consistency is worth a lot when considering a company's valuation, and Microsoft, because of its consistency and projected growth rate, has an advantage over Apple right now." "I like both, but Apple has a higher risk," he added. The returns of tech stocks broken down by size have dramatically diverged as a result of the great outperformance by Wall Street's largest stocks. In 2023, the S&P 500 tech sector index increased by 38 per cent, whereas an analogous mid-cap index only increased by 16 per cent. Meanwhile, the small-cap tech stock index has increased by less than 11 per cent. (With inputs from Bloomberg) WATCH WION LIVE HERE

Microsoft looks to overtake Apple as the world's largest stock: Report

Indian stock markets are in a record-high territory. Nifty 50 crossed the 20,000 mark. But what does that mean going forward? Is the Indian stock market in a bubble, or can it rally beyond the psychological number of 20,000

What next for Nifty50 after hitting 20,000?

China will struggle to attract foreign investors to its equities without more economic stimulation. Recently the officials have taken many steps to boost the mood in the world's second-largest stock market. They've advised financial institutions to purchase stocks firms to buy back shares and mutual funds to seize selling but the MSCI China index fell 1.3 percent.

Xi Jinping's economic approach tested as China's stocks slide

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai.

To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.”

Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing.

Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter.

Early life

Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant.

After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores.

Significant Investments

Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore.

As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment.

He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder.

&nbsp;

Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments.

&nbsp;

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On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad.

On August 8, 2022, India’s newest airline, Akasa Air backed by the late investor Rakesh Jhunjhunwala took to the skies with its first flight from Mumbai to Ahmadabad. Just a few days after the airline commenced operations, the late investor passed away in Mumbai. To pay tribute, the newly launched airline tweeted, “Today, we honour and remember the life of a visionary, a trailblazer, and the true titan, that was the late Mr. Rakesh Jhunjhunwala. As we mark the anniversary of his passing, we reflect on the indelible mark he has left on India’s progress and his enduring impact on generations to come.” Just like Akasa Air, Jhunjhunwala invested in numerous businesses. Additionally, he made investments through his privately held asset management and financial advising company, Rare Enterprises. Rekha Jhunjhunwala received the portfolio upon his passing. Jhunjhunwala’s portfolio expanded dramatically during the past year. According to Trendlyne statistics, his portfolio’s net worth was Rs 25,397.54 crore at the end of the June 2022 quarter and increased to Rs 38,366.4 crore by the end of the June 2023 quarter. Early life Born into a Rajasthani family on July 5, 1960, Jhunjhunwala grew up in Mumbai (then Bombay) and lived there for most of his early life. His father was an Income Tax Commissioner. He pursued his higher education from Sydenham College and went on to become a Chartered Accountant. After overhearing his father’s discussions about the stock market with his friends, Jhunjhunwala grew intrigued in the subject. Although his father gave him advice regarding the stock market, he never gave him any money to invest there. Despite the setback, Jhunjhunwala began investing in markets while he pursued his undergraduate degree. He used the 5,000 rupees that he had saved up in 1985 to make investments. By 2022, he managed to secure a staggering profit of Rs 11,000 crores. Significant Investments Between 1986 and 1989, Jhunjhunwala made a profit of approximately Rs 20–25 lakh, after making his original investment in 1985. His largest investment as of 2021 was in the Titan Company, which is valued Rs 7,294.8 crore. As a partner in his asset management company, Rare Enterprises, he oversaw his own portfolio. Jhunjhunwala served on the boards of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concord Biotech, Innovasynth Technologies Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, and Tops Security Limited in addition to being an active investor. He was also chairman of Aptech and Hungama Digital Media Entertainment. He made a $400 million investment in India’s Akasa Air in July 2021 to acquire a 40 per cent stake in the low-cost carrier. The airline flies to 16 cities and has 20 aircraft as of August 2023. Jhunjhunwala had raised his ownership in the airline to 46 per cent prior to his passing, making him the major shareholder. Aged 62, Jhunjhunwala died after getting admitted to Breach Candy Hospital in Mumbai. According to media reports, he died of acute multiple organ failure and other kidney-related ailments. WATCH WION LIVE HERE

Flashback Friday: Revisiting the legacy of Indian investor Rakesh Jhunjhunwala

With Nifty, and Sensex hitting record highs, can this rally be sustained? Vikram Chandra finds out from market experts Samir Arora, Founder and Fund Manager, Helios Capital, and Feroze Azeez, Deputy CEO, Anand Rathi Pvt wealth management.

Indian markets hit record high

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains. The NSE Nifty also achieved a significant milestone, reaching its lifetime high of 19,318 points. The strong performance of key stocks fueled the market rally, while certain sectors experienced minor setbacks.

Market Performance

The 30-share BSE Sensex soared by 449.46 points, reaching an all-time peak of 65,168.02 during early trading hours. Likewise, the NSE Nifty climbed 128.95 points, achieving its lifetime high of 19,318. Notable gainers in the Sensex pack included HDFC, HDFC Bank, Mahindra &amp; Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank. Conversely, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank were among the laggards.

Global Market Trends

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong witnessed positive trading sessions, aligning with the overall bullish sentiment. Additionally, the U.S. markets closed significantly higher on June 30, further contributing to the positive global market trends.

Oil Prices and Foreign Fund Inflows

Global oil benchmark Brent crude experienced a marginal decline of 0.01 per cent, settling at $75.41 per barrel. Foreign Institutional Investors (FIIs) displayed a strong interest in the Indian equity market, purchasing equities worth ₹6,397.13 crores on June 30, according to exchange data. The sustained flow of foreign funds has been identified as a key driver behind the ongoing rally in the Indian market, with June witnessing inflows of ₹47,148 crores.

GST Collections

The Finance Ministry announced that Goods and Services Tax (GST) collections exceeded the ₹1.60 lakh crore mark for the fourth time since the introduction of the indirect tax regime. In June, GST collections rose by 12 per cent, surpassing ₹1.61 lakh crore. This increase reflects positive economic activity and further supports the bullish market sentiment.

Market Analysis

The Indian Express cited V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, who explained that the ongoing rally in global stock markets could be primarily attributed to the unexpected strength of the U.S. economy, which achieved a 2 per cent GDP growth in Q1 2023. Despite the Federal Reserve implementing a significant 500 basis points rate hike, the U.S. economy has outperformed expectations. Global markets, which had previously anticipated a U.S. recession by mid-2023, are now adjusting their projections to compensate for the overly pessimistic outlook in 2022.

Vijayakumar further emphasized that sustained foreign portfolio investments (FPI) inflows, amounting to ₹47,148 crores in June, remain a key driver of the Indian market rally. The positive investor sentiment indicates growing confidence in the Indian economy and its potential for further growth.

(With Inputs from Agencies)

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains.

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains. The NSE Nifty also achieved a significant milestone, reaching its lifetime high of 19,318 points. The strong performance of key stocks fueled the market rally, while certain sectors experienced minor setbacks. Market Performance The 30-share BSE Sensex soared by 449.46 points, reaching an all-time peak of 65,168.02 during early trading hours. Likewise, the NSE Nifty climbed 128.95 points, achieving its lifetime high of 19,318. Notable gainers in the Sensex pack included HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank. Conversely, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank were among the laggards. Global Market Trends In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong witnessed positive trading sessions, aligning with the overall bullish sentiment. Additionally, the U.S. markets closed significantly higher on June 30, further contributing to the positive global market trends. Oil Prices and Foreign Fund Inflows Global oil benchmark Brent crude experienced a marginal decline of 0.01 per cent, settling at $75.41 per barrel. Foreign Institutional Investors (FIIs) displayed a strong interest in the Indian equity market, purchasing equities worth ₹6,397.13 crores on June 30, according to exchange data. The sustained flow of foreign funds has been identified as a key driver behind the ongoing rally in the Indian market, with June witnessing inflows of ₹47,148 crores. GST Collections The Finance Ministry announced that Goods and Services Tax (GST) collections exceeded the ₹1.60 lakh crore mark for the fourth time since the introduction of the indirect tax regime. In June, GST collections rose by 12 per cent, surpassing ₹1.61 lakh crore. This increase reflects positive economic activity and further supports the bullish market sentiment. Market Analysis The Indian Express cited V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, who explained that the ongoing rally in global stock markets could be primarily attributed to the unexpected strength of the U.S. economy, which achieved a 2 per cent GDP growth in Q1 2023. Despite the Federal Reserve implementing a significant 500 basis points rate hike, the U.S. economy has outperformed expectations. Global markets, which had previously anticipated a U.S. recession by mid-2023, are now adjusting their projections to compensate for the overly pessimistic outlook in 2022. Vijayakumar further emphasized that sustained foreign portfolio investments (FPI) inflows, amounting to ₹47,148 crores in June, remain a key driver of the Indian market rally. The positive investor sentiment indicates growing confidence in the Indian economy and its potential for further growth. (With Inputs from Agencies)

India’s Sensex skyrockets to new heights: Breaches 65,000 mark, investors rejoice

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Global mergers and acquisitions (M&amp;A) activity experienced a significant 36 per cent&nbsp;year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&amp;A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery.

M&amp;A Volume and Value

According to Dealogic data as of June 29, cited by Reuters, the total value of M&amp;A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&amp;A market's recovery.

Regional Trends&nbsp;

M&amp;A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&amp;A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends.

Notable Transactions

Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group.

Challenges for Private Equity Firms&nbsp;

Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions.

Regulatory Scrutiny and Antitrust Concerns&nbsp;

Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&amp;A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. 
&nbsp;

(With Inputs from Reuters)

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery.

Global mergers and acquisitions (M&A) activity experienced a significant 36 per cent year-on-year decline in the second quarter of 2023, Reuters reported. However, investment bankers and legal experts remain optimistic, citing the gradual restoration of chief executives' confidence in dealmaking, driven by the stock market's recovery. Despite challenges such as high-interest rates and a stand-off over the U.S. debt ceiling that kept dealmakers cautious, the increase in M&A activity during the second quarter, compared to the first quarter of 2023, provides hope for a market recovery. M&A Volume and Value According to Dealogic data as of June 29, cited by Reuters, the total value of M&A transactions dropped to $732.82 billion in the second quarter of 2023 from $1.14 trillion in the same period of 2022. The decline was attributed to global uncertainty, higher interest rates, and the U.S. debt ceiling stand-off, which made dealmakers uncomfortable. However, the second-quarter figure was higher than the first quarter of 2023, where $601.32 billion in deals were announced, indicating a positive trend in the M&A market's recovery. Regional Trends M&A volumes in the United States experienced a 30 per cent decline, totaling $318.4 billion. Meanwhile, Europe and Asia Pacific witnessed even larger declines, with volumes shrinking by 49 per cent and 24 per cent, respectively. Investment experts cited by Reuters emphasize that while the M&A market may not be as red hot as in 2021, it remains far from dormant when considering longer-term trends. Notable Transactions Despite the decline, several significant transactions occurred during the second quarter. These include pipeline operator Magellan Midstream Partners' nearly $19 billion takeover of natural gas-focused ONEOK Inc, grain trader Bunge Ltd's $17.3 billion acquisition of rival Viterra Ltd, and Carrier Global Corp's $13.2 billion deal for the climate solutions unit of Germany's Viessmann Group. Challenges for Private Equity Firms Private equity-led buyout volumes suffered a substantial 59 per cent year-on-year slump, amounting to $196.66 billion so far in 2023. Investment bankers attribute this decline to the challenging environment for leveraged buyouts, making acquisitions more difficult for private equity firms. Adjusting valuations and accepting the prevailing interest rate curve are seen as necessary steps for private equity firms to adapt to the new market conditions. Regulatory Scrutiny and Antitrust Concerns Regulatory scrutiny, particularly from antitrust authorities, has increased, making it harder to pull off large deals involving multinational companies. Antitrust lawyers are now involved in M&A processes at earlier stages. The U.S. Federal Trade Commission (FTC) launched challenges to block announced deals, such as Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics PLC and Illumina's acquisition of Grail, a cancer diagnostic test maker. (With Inputs from Reuters)

Global mergers & acquisitions decline in Q2, but stock market recovery boosts optimism

India’s benchmark equity indices Sensex and Nifty rose to record high levels on Wednesday, amid a strong rally in the European and US markets, and fresh foreign fund inflows. Sensex climbed to the record 64,000 mark while Nifty hit the record 19,000 mark. Experts believe this market rally will highly likely sustain since it’s driven by a renewed sense of optimism.

Leading the rally were market heavyweights like Reliance and HDFC stocks. Reliance stock prices witnessed a rise of 1.39 per cent and HDFC stock of 2.30 per cent. Among other major gainers were NTPC, Tata Motors, Titan, Larsen &amp; Toubro, IndusInd Bank, Infosys and Power Grid. However, Wipro and Tech Mahindra turned out to be the laggards for the day.

<h2>What’s behind the record market rally?</h2>

Fortune India noted that the current market rally was supported by short positions covering by traders ahead of the expiry of the June derivate contract. Other major factors that contributed to the market sentiments were sustained buying from major foreign investors and policy stimulus by China.

Dhiraj Relli, MD &amp; CEO, of HDFC Securities Ltd, was quoted by Hindustan Times as saying, “Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments."

<h2>Where do other Asian markets fare?</h2>

Asian markets saw mixed performance, with Tokyo and Hong Kong recording gains while Seoul and Shanghai experienced a decline. However, European markets fared well and traded in positive territory. In the US, the markets closed with significant gains on Tuesday.

Watch:&nbsp;India's economy beats estimates in Q4 of 2023

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Siddhartha Khemka, the Head of Retail Research, Broking and Distribution at MOFSL, commented on Nifty's recent performance. He mentioned that after multiple attempts in recent days, the Nifty index finally surpassed its previous highs. This accomplishment was attributed to strong institutional flows, favourable macroeconomic conditions, and robust earnings growth, all of which contributed to driving the domestic market to new heights.

<h2>Will the market rally sustain?</h2>

Rupak De, a Senior Technical Analyst at LKP Securities, expressed his views on the Nifty index's surge to a new all-time high. According to Hindustan Times, he attributed this development to a renewed sense of optimism in the market.&nbsp;

<a href="https://www.wionews.com/india-news/very-very-marginal-impact-on-economy-rbi-governor-on-rs-2000-note-withdrawal-608971">Also read:&nbsp;`Very very marginal` impact on economy: RBI governor on Rs 2,000 note withdrawal</a>

De explained that the rally was supported by a breakout in consolidation observed on the daily chart, indicating a strong upward movement. Additionally, the Nifty index successfully invalidated a dark cloud cover pattern on the weekly chart.&nbsp;

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India’s benchmark equity indices Sensex and Nifty rose to record high levels on Wednesday, amid a strong rally in the European and US markets, and fresh foreign fund inflows.

India’s benchmark equity indices Sensex and Nifty rose to record high levels on Wednesday, amid a strong rally in the European and US markets, and fresh foreign fund inflows. Sensex climbed to the record 64,000 mark while Nifty hit the record 19,000 mark. Experts believe this market rally will highly likely sustain since it’s driven by a renewed sense of optimism. Leading the rally were market heavyweights like Reliance and HDFC stocks. Reliance stock prices witnessed a rise of 1.39 per cent and HDFC stock of 2.30 per cent. Among other major gainers were NTPC, Tata Motors, Titan, Larsen & Toubro, IndusInd Bank, Infosys and Power Grid. However, Wipro and Tech Mahindra turned out to be the laggards for the day. What’s behind the record market rally? Fortune India noted that the current market rally was supported by short positions covering by traders ahead of the expiry of the June derivate contract. Other major factors that contributed to the market sentiments were sustained buying from major foreign investors and policy stimulus by China. Dhiraj Relli, MD & CEO, of HDFC Securities Ltd, was quoted by Hindustan Times as saying, “Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments." Where do other Asian markets fare? Asian markets saw mixed performance, with Tokyo and Hong Kong recording gains while Seoul and Shanghai experienced a decline. However, European markets fared well and traded in positive territory. In the US, the markets closed with significant gains on Tuesday. Watch: India's economy beats estimates in Q4 of 2023 × Siddhartha Khemka, the Head of Retail Research, Broking and Distribution at MOFSL, commented on Nifty's recent performance. He mentioned that after multiple attempts in recent days, the Nifty index finally surpassed its previous highs. This accomplishment was attributed to strong institutional flows, favourable macroeconomic conditions, and robust earnings growth, all of which contributed to driving the domestic market to new heights. Will the market rally sustain? Rupak De, a Senior Technical Analyst at LKP Securities, expressed his views on the Nifty index's surge to a new all-time high. According to Hindustan Times, he attributed this development to a renewed sense of optimism in the market. Also read: `Very very marginal` impact on economy: RBI governor on Rs 2,000 note withdrawal De explained that the rally was supported by a breakout in consolidation observed on the daily chart, indicating a strong upward movement. Additionally, the Nifty index successfully invalidated a dark cloud cover pattern on the weekly chart. WATCH WION LIVE HERE ×

Indian stock market hits record high levels; know what’s behind the rally, and will it sustain

India's benchmark indices hit record high levels on Wednesday. The Sensex reached the 64,000-mark, NIFTY scaled the 19,000 level. Molly Gambhir brings you a report.

Gravitas: India's stock market at record high level

India's nifty 50 which closed at a new record high on Friday Indian markets have been worked by a favorable monetary policy by the country's Central Bank The Reserve Bank of India paused its rate hikes for a second straight month better than expected queue for earnings and favorable macroeconomic scenario that seems to be aiding the Indian markets analysts predict the nifty 50 to our performance Asian pairs this year as the Indian economy remains relatively insulated to Global risk in the United States all three major indices ended the last trading session of the week in red that's mostly because Microsoft shares witnessed a session of profit booking after rallying in the past few weeks on to the oil markets then Global Benchmark crew that's trading below 75 dollars a barrel as demand concerns grow due to recession in the Eurozone

Analysts expect risk on sentiment for equities

Ola Electric, a prominent player in India's electric vehicle (EV) industry, is gearing up for a transformative moment as it engages in crucial investor discussions for its highly anticipated initial public offering (IPO).

The company, renowned for its electric scooters, plans to raise an impressive $600 million to $1 billion through the IPO, expected in late 2023, as per a Reuters report.

Backed by influential investors like SoftBank and Temasek, Ola Electric is determined to leverage India's nascent EV market and secure its position as a market leader.

Ola Electric: Riding India's 'Electrifying' EV Wave&nbsp;

Recognizing the growing potential of the EV sector in India, Ola Electric is initiating investor meetings earlier than usual to demonstrate the immense business prospects within the emerging market.

Sources with direct knowledge cited by Reuters reveal that founder and CEO Bhavish Aggarwal will embark on a series of meetings in Singapore, the United States, and the United Kingdom over the next two weeks.

The confidential discussions will involve key investment firms, including BlackRock, GIC (Singapore's sovereign wealth fund), and T Rowe Price.

While Ola Electric is already recognized as a market leader in India's e-scooter segment, where it sells approximately 30,000 electric scooters per month at an average price of $1,600, it faces stiff competition from other startups and established companies such as TVS Motors, Ather Energy, and Hero Electric.

Ola Electric has appointed Bank of America as one of its lead managers to bolster its IPO plans alongside renowned institutions like Goldman Sachs, Citi, Kotak, Axis, and ICICI Securities.

The company plans to file regulatory papers for IPO approval by August, with a focus on its scooter business, growth prospects, and a valuation expected to exceed $5 billion. The IPO is a significant milestone for Ola Electric, enabling it to further expand its operations and solidify its position in India's evolving EV sector.

As one of the world's largest automotive markets, India presents a fertile ground for the rapid growth of the electric vehicle industry. The transition to cleaner and more sustainable transportation has gained significant momentum, with the government implementing supportive policies and incentives to drive EV adoption nationwide.

Ola Electric's IPO holds great promise for the company and the broader development of India's EV ecosystem. By securing substantial investments, Ola Electric aims to accelerate the adoption of electric mobility solutions and contribute to a greener and more sustainable future for the nation.

(With inputs from Reuters)

Ola Electric, a prominent player in India's electric vehicle (EV) industry, is gearing up for a transformative moment as it engages in crucial investor discussions for its highly anticipated initial public offering (IPO).

Ola Electric, a prominent player in India's electric vehicle (EV) industry, is gearing up for a transformative moment as it engages in crucial investor discussions for its highly anticipated initial public offering (IPO). The company, renowned for its electric scooters, plans to raise an impressive $600 million to $1 billion through the IPO, expected in late 2023, as per a Reuters report. Backed by influential investors like SoftBank and Temasek, Ola Electric is determined to leverage India's nascent EV market and secure its position as a market leader. Ola Electric: Riding India's 'Electrifying' EV Wave Recognizing the growing potential of the EV sector in India, Ola Electric is initiating investor meetings earlier than usual to demonstrate the immense business prospects within the emerging market. Sources with direct knowledge cited by Reuters reveal that founder and CEO Bhavish Aggarwal will embark on a series of meetings in Singapore, the United States, and the United Kingdom over the next two weeks. The confidential discussions will involve key investment firms, including BlackRock, GIC (Singapore's sovereign wealth fund), and T Rowe Price. While Ola Electric is already recognized as a market leader in India's e-scooter segment, where it sells approximately 30,000 electric scooters per month at an average price of $1,600, it faces stiff competition from other startups and established companies such as TVS Motors, Ather Energy, and Hero Electric. Ola Electric has appointed Bank of America as one of its lead managers to bolster its IPO plans alongside renowned institutions like Goldman Sachs, Citi, Kotak, Axis, and ICICI Securities. The company plans to file regulatory papers for IPO approval by August, with a focus on its scooter business, growth prospects, and a valuation expected to exceed $5 billion. The IPO is a significant milestone for Ola Electric, enabling it to further expand its operations and solidify its position in India's evolving EV sector. As one of the world's largest automotive markets, India presents a fertile ground for the rapid growth of the electric vehicle industry. The transition to cleaner and more sustainable transportation has gained significant momentum, with the government implementing supportive policies and incentives to drive EV adoption nationwide. Ola Electric's IPO holds great promise for the company and the broader development of India's EV ecosystem. By securing substantial investments, Ola Electric aims to accelerate the adoption of electric mobility solutions and contribute to a greener and more sustainable future for the nation. (With inputs from Reuters)

Scoot to the Stock Market: Ola's Electric IPO Plans Unveiled

The World Wealth Report 2023 published recently by Capgemini highlights a significant decline in the number of High Net Worth Individuals (HNWIs) worldwide. This year's decline in both the number and wealth of HNWIs is the highest recorded in the past decade.

However, amidst this gloomy trend, the report offers positive news for India, emphasising the country's commendable stock market performance.

<h2>Key findings of the World Wealth Report 2023</h2>

The report reveals that the wealth of HNWIs dwindled over the past year due to various factors such as geopolitical crises, market downturns, rising living costs, and unexpected inflation. Global economic conditions have been impacted by central banks' increasing interest rates, adding further strain.

The corporate sector has experienced earnings setbacks, particularly affecting technology stocks.

<h2>Magnitude of decline in HNWIs’ wealth</h2>

According to the report, global HNWIs' wealth declined by 3.6 per cent&nbsp;to $83 trillion in 2022, marking the most significant dip&nbsp;between 2013 and 2022. Both diversified investment instruments and equity have experienced declines in HNWIs' wealth. Additionally, the number of HNWIs has also decreased by 3.3 per cent, reaching 21.7 million in 2022.

Also Read | <a href="https://www.wionews.com/world/san-francisco-nine-people-shot-at-in-yet-another-targeted-shooting-incident-602856">San Francisco: Nine people shot at in yet another 'targeted' shooting incident</a>

Notably, the steepest decline was observed in North America. In terms of affluents, North America (46%) and the Asia-Pacific region (32%) account for the largest share of global wealth value and population size.

<h2>Untapped potential in affluent segment</h2>

Despite holding approximately $27 trillion in assets, representing nearly 32% of total HNWI wealth, about34% of firms are not exploring the potential of this affluent segment, the report reveals.

<h2>Positive outlook for India</h2>

The report brings good news for India, as the country, along with Indonesia, had a successful year in the Asia Pacific region. India's stock market exhibited notable growth over the past year. The BSE Sensex recorded a year-on-year gain of 4.4%, while Nifty 50 gained 4.3%. Moreover, there has been a relative increase in both the wealth and population of HNWIs in India.

<h2>Indian HNWIs thrived: Report&nbsp;</h2>

Although the current year has witnessed a decline in HNWIs' wealth, the previous year's Capgemini report, based on 2021 data, highlighted a growth of 10.5% in the HNWI population in India.

Also Read | <a href="https://www.wionews.com/world/archbishop-of-canterbury-urges-anglican-church-of-uganda-to-reject-anti-lgbt-law-602861">Archbishop of Canterbury urges Anglican church of Uganda to reject anti-LGBT law</a>

This growth translated to a total of 308 Indians entering the ultra-rich category. Globally, in 2021, the number of HNWIs increased by 7.8% to 22.5 million, with an 8% rise in their overall wealth.

Watch | Exclusive inside view of the INS Hansa Goa, home to a wide-range fleet of Naval aircraft

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India's resilience in the face of global HNWI decline demonstrates the country's robust stock market performance and highlights its potential as a favorable destination for wealth creation and investment opportunities.

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The World Wealth Report 2023 published recently by Capgemini highlights a significant decline in the number of High Net Worth Individuals (HNWIs) worldwide. This year's decline in both the number and wealth of HNWIs is the highest recorded in the past decade.

The World Wealth Report 2023 published recently by Capgemini highlights a significant decline in the number of High Net Worth Individuals (HNWIs) worldwide. This year's decline in both the number and wealth of HNWIs is the highest recorded in the past decade. However, amidst this gloomy trend, the report offers positive news for India, emphasising the country's commendable stock market performance. Key findings of the World Wealth Report 2023 The report reveals that the wealth of HNWIs dwindled over the past year due to various factors such as geopolitical crises, market downturns, rising living costs, and unexpected inflation. Global economic conditions have been impacted by central banks' increasing interest rates, adding further strain. The corporate sector has experienced earnings setbacks, particularly affecting technology stocks. Magnitude of decline in HNWIs’ wealth According to the report, global HNWIs' wealth declined by 3.6 per cent to $83 trillion in 2022, marking the most significant dip between 2013 and 2022. Both diversified investment instruments and equity have experienced declines in HNWIs' wealth. Additionally, the number of HNWIs has also decreased by 3.3 per cent, reaching 21.7 million in 2022. Also Read | San Francisco: Nine people shot at in yet another 'targeted' shooting incident Notably, the steepest decline was observed in North America. In terms of affluents, North America (46%) and the Asia-Pacific region (32%) account for the largest share of global wealth value and population size. Untapped potential in affluent segment Despite holding approximately $27 trillion in assets, representing nearly 32% of total HNWI wealth, about34% of firms are not exploring the potential of this affluent segment, the report reveals. Positive outlook for India The report brings good news for India, as the country, along with Indonesia, had a successful year in the Asia Pacific region. India's stock market exhibited notable growth over the past year. The BSE Sensex recorded a year-on-year gain of 4.4%, while Nifty 50 gained 4.3%. Moreover, there has been a relative increase in both the wealth and population of HNWIs in India. Indian HNWIs thrived: Report Although the current year has witnessed a decline in HNWIs' wealth, the previous year's Capgemini report, based on 2021 data, highlighted a growth of 10.5% in the HNWI population in India. Also Read | Archbishop of Canterbury urges Anglican church of Uganda to reject anti-LGBT law This growth translated to a total of 308 Indians entering the ultra-rich category. Globally, in 2021, the number of HNWIs increased by 7.8% to 22.5 million, with an 8% rise in their overall wealth. Watch | Exclusive inside view of the INS Hansa Goa, home to a wide-range fleet of Naval aircraft × India's resilience in the face of global HNWI decline demonstrates the country's robust stock market performance and highlights its potential as a favorable destination for wealth creation and investment opportunities. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

World Wealth Report 2023: India’s stock market surged amid global declines, HNWIs grew against trend

The NIFTY 50 closed out the day on a high yesterday, and it seems to be carrying some of that momentum today... Let's bring up the chart for you now. Remember, it has been a dull year for those who entered the markets at the beginning of the year. The returns for those investors may not be much. But value hunters who bought during the march lows must be delighted. The nifty 50 has risen from 17,000 points to 18,700. That's a rally of more than 10% in less than three months.

India's NIFTY 50 close to all-time highs

In a market rife with uncertainty, investors are turning their attention to the tech sector, seeking profitable growth as recession fears loom. Big tech giants like apple and Microsoft have emerged as frontrunners, surging ahead while economically sensitive industries face headwinds. The market pulse survey indicates that 41% of market participants believe that the highest returns this year will come from quality stocks focused on profitability.

Tech rally to continue amid recession fears

India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks.

Foreign investors bought shares worth $4.5 billion in May so far, a little more than a two-fold increase from last month, according to India’s National Securities Depository.&nbsp;

The US remains the world's largest stock market with a market capitalisation of $44.54 trillion, followed by China ($10.26 trillion), Japan ($5.68 trillion) and Hong Kong ($5.14 trillion).

<h2>India stock market rebound: How much is it?</h2>

The market capitalisation of India stood at $3.3 trillion as of Friday. This was aided by rebound in Adani Group shares from a rout earlier this year in the wake of shortseller Hindenburg's adverse report.

<h2>Investors choose India over China</h2>

Meanwhile, a number of overseas funds have been rotating money out of China into Indian stocks.

Beijing’s stringent Covid-19 policies, turmoil in its real estate industry, and a wave of anti-trust campaigns against China’s valuable tech firms have crushed sentiments for Chinese assets, economists say.

Mark Mobius, founder of Mobius Capital Partners and a market expert, also sees India as a viable alternative. "You have got a billion people (Indians), they can do the same thing that the Chinese do. They can do the same kind of manufacturing and so forth," Mobius was quoted as saying by Fox Business.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/indias-growing-economic-clout-powers-dubais-fdi-profile-to-top-spot-597931">India's growing economic clout powers Dubai's FDI profile to top spot</a>&nbsp;

Earlier, Christopher Wood, strategist at Jefferies Financial Group, increased the weight of Indian stocks in his Asia Pacific portfolio, excluding Japan, Bloomberg reported.&nbsp;

This reflects the dissatisfaction&nbsp;among investors when it comes to the Chinese stock market.

ALSO WATCH |&nbsp;Decoding India’s stock market | The India Story

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Foreign investors have added $5.7 billion worth of India stocks since the start of April, chasing stable earnings growth and aided by one of the highest GDP growth rates among large economies in the world, Bloomberg reported.

<h2>India's stock market rebound: Adani revival a crucial factor</h2>

A panel appointed by India's Supreme Court had found no conclusive evidence of stock price manipulation as accused by the US short seller Hindenburg Research.&nbsp;

Adani Group's 10 listed entities added nearly $15 billion to their market value last week to trim their losses post-Hindenburg’s report to $105 billion from as high as $153 billion earlier.

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India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks. Foreign investors bought shares worth $4.

India's stock market capitalisation beat that of France to reclaim its spot as the world's fifth largest stock market, amid rapid revival in Adani Group stocks. Foreign investors bought shares worth $4.5 billion in May so far, a little more than a two-fold increase from last month, according to India’s National Securities Depository. The US remains the world's largest stock market with a market capitalisation of $44.54 trillion, followed by China ($10.26 trillion), Japan ($5.68 trillion) and Hong Kong ($5.14 trillion). India stock market rebound: How much is it? The market capitalisation of India stood at $3.3 trillion as of Friday. This was aided by rebound in Adani Group shares from a rout earlier this year in the wake of shortseller Hindenburg's adverse report. Investors choose India over China Meanwhile, a number of overseas funds have been rotating money out of China into Indian stocks. Beijing’s stringent Covid-19 policies, turmoil in its real estate industry, and a wave of anti-trust campaigns against China’s valuable tech firms have crushed sentiments for Chinese assets, economists say. Mark Mobius, founder of Mobius Capital Partners and a market expert, also sees India as a viable alternative. "You have got a billion people (Indians), they can do the same thing that the Chinese do. They can do the same kind of manufacturing and so forth," Mobius was quoted as saying by Fox Business. ALSO READ | India's growing economic clout powers Dubai's FDI profile to top spot Earlier, Christopher Wood, strategist at Jefferies Financial Group, increased the weight of Indian stocks in his Asia Pacific portfolio, excluding Japan, Bloomberg reported. This reflects the dissatisfaction among investors when it comes to the Chinese stock market. ALSO WATCH | Decoding India’s stock market | The India Story × Foreign investors have added $5.7 billion worth of India stocks since the start of April, chasing stable earnings growth and aided by one of the highest GDP growth rates among large economies in the world, Bloomberg reported. India's stock market rebound: Adani revival a crucial factor A panel appointed by India's Supreme Court had found no conclusive evidence of stock price manipulation as accused by the US short seller Hindenburg Research. Adani Group's 10 listed entities added nearly $15 billion to their market value last week to trim their losses post-Hindenburg’s report to $105 billion from as high as $153 billion earlier. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India again becomes world's fifth largest stock market as investors pip China, Adani stocks rebound

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than&nbsp;$30 billion over&nbsp;fears of a softening US economy hitting demand.&nbsp;

According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices.

The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune.&nbsp;

Over the past year, the luxury sector's meteoric rise&nbsp;has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs.

Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world.&nbsp;

A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022.

US, Asia demand boosts luxury brands

The United States and Asia represent significant markets for the European luxury brands.

Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags.

LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year.&nbsp;

According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent.

But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.

Stocks of global luxury brands faced a bloodbath on Tuesday, as they lost more than $30 billion over fears of a softening US economy hitting demand. According to a Bloomberg report, shares of Hermes International fell as much as 5.5 percent, LVMH Moet Hennessy Louis Vuitton (LVMH) fell almost 4 percent, and Kering SA, owner of Gucci, saw 2 percent drop its share prices. The sharp fall in luxury stocks meant that Bernard Arnault, the world's richest man and founder of LVMH, lost over $11 billion of his personal fortune. Over the past year, the luxury sector's meteoric rise has made it Europe's equivalent of the United States Big Tech: a group of dominating enterprises whose growth has been resilient through economic ups and downs. Despite Tuesday's downturn, luxury stocks have been outperforming by a large margin this year. LVMH's stock has jumped 25 percent, while shares of Hermes have risen 34 percent in 2023, despite a general economic downturn across the world. A large part of the stock gain can be attributed to investors, who have gambled that Chinese consumers will be eager to spend after emerging from the world's tightest Covid-19 lockdown in late 2022. US, Asia demand boosts luxury brands The United States and Asia represent significant markets for the European luxury brands. Hermes' quarterly revenues increased by 23 percent in the first quarter of 2023 (January to March), thanks in large part to the demand from Chinese shoppers for the luxury brand's scarves and kelly bags. LVMH's stock price touched a record last month when the company reported a boost in sales. The stock rally also helped the world's biggest luxury brand to enter the most-valuable company list earlier this year. According to LVMH's annual report for 2022, the United States accounted for 27 percent of the company's sales, while Asia, excluding Japan, accounted for 30 percent. But early warning signs have appeared, with LVMH reporting a slowdown in US growth and Burberry Group reporting a decline in demand for trainers and entry-level items among younger Americans.

Steep sell-off: Luxury stocks lose $30 billion in one day over US demand fears

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