Sunday, May 29

Sensex drops more than 1500 points; Swiggy becomes a decacorn; Why Zomato CEO was expecting a bear market and more


The benchmark Sensex and Nifty50 Indian equity indices continued to fall for the fifth consecutive session on Monday. On a day when Zomato’s share price dipped below the Rs100 mark, CEO Deepinder Goyal told employees of the food delivery platform that he had been expecting a bear market. Meanwhile, its rival has raised $700 million in a new round of funding led by Invesco and has become a decacorn. With preparations for the Republic Day celebrations underway, the Delhi Police have announced that people attending the parade must be fully vaccinated against COVID-19 and children under the age of 15 will not be allowed to attend the function. . Here are some more news highlights of the day.

BUSINESS/ECONOMY

Future Independent Retail Directors Will Reject Amazon’s Help Offer

The independent directors of Future Retail are willing to reject Amazon’s offer of financial support for the company through a deal with private equity firm Samara Capital. read more

Swiggy raises $700 million led by Invesco, becomes decacorn

On-demand convenience and food technology platform Swiggy has raised $700 million in new funding led by Invesco, the company announced Monday. With this latest financing, Swiggy enters the decacorn club, valued at more than 10,000 million dollars. read more

The panel on future fiscal policy for tobacco cannot present the final report to the government before the 2022 budget

Prior to Budget 2022, the Ministry of Finance is independently evaluating the tax structure regarding tobacco. CNBC-TV18 learned that the government-appointed panel was unable to present its report. read more

MARKET

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Sensex falls more than 1,500 points, the worst day in 2 months

Indian equity benchmarks continued to fall for a fifth consecutive session on Monday, with the Sensex plummeting more than 2,050 points in its worst intraday decline in 11 months. This is what is causing the market sell-off

“I’ve been waiting for a bear market,” Zomato CEO tells employees

Execution is the only thing in our control, says Deepinder Goyal, founder and CEO of online delivery firm Zomato on a day the company’s shares plunged. read more

New Age Tech Companies Could Drop 80-90% By 2022, Says Big Bear Shankar Sharma

Market expert Shankar Sharma warned that one shouldn’t be surprised if new-age tech companies are down 80 to 90 percent by the end of 2022. Here’s why

INDIA

Unvaccinated people, children under 15 years old not allowed in Republic Day parade: Delhi Police

People attending the Republic Day parade must be fully vaccinated against COVID-19 and children under the age of 15 will not be allowed to attend the function, according to a set of guidelines issued by the Delhi Police. read more

PM Modi interacts with Rashtriya Bal Puraskar recipients

Prime Minister Narendra Modi on Monday urged young people to support the ‘Vocal for Local’ campaign just as they had led the cleanup campaign in the country. read more

UP Elections 2022: Who is Haider Ali Khan, the NDA’s first Muslim candidate?

Apna Dal (Sonelal), a Bharatiya Janata Party (BJP) ally in Uttar Pradesh, recently revealed that she would field former Congress party member Haider Ali Khan in the upcoming Uttar Pradesh Assembly elections. read more

WORLD

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WikiLeaks founder Julian Assange has been appealed in the UK to fight extradition to the US.

WikiLeaks founder Julian Assange on Monday won the first stage of his effort to overturn a UK ruling that opened the door to his extradition to the United States to stand trial on espionage charges. read more

NATO sends ships and planes to Eastern Europe amid Ukraine crisis

NATO said on Monday it was putting forces on standby and bolstering Eastern Europe with more ships and fighter jets in response to Russia’s military buildup on Ukraine’s borders. read more

Renault, Mitsubishi and Nissan Motors to jointly build electric vehicles: report

Renault, Nissan Motors and Mitsubishi Motors Corporation are expected to unveil a plan on January 27 to invest more than 20 billion euros ($23 billion) in developing electric vehicles over the next five years. read more

you and me

How you can make your windows generate electricity

Homeowners are able to generate more and more energy to offset their electric bills. The government has been offering incentives for rooftop solar panels in India through various schemes. This is what you can do

Is it better to invest in ‘volatile’ Bitcoin than to buy gold?

In recent years, investments in Bitcoin have increased dramatically around the world, while market pundits still debate investing in the blockchain-backed asset compared to “digital gold.” Where should you invest?

How AI is slowly consuming your jobs?

Today, companies not only deploy the machines for manual work, but also for content writing, customer service, accounting, and a host of other professional services. read more

(Edited by : Kanishka Sarkar)

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