Sony Culver Max Cancels USD 10 Billion Merger with Zee

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Sony Culver Max Cancels USD 10 Billion Merger with Zee

Culver Max Entertainment, previously known as Sony Pictures Networks India (SPNI), has canceled plans to merge with Zee Entertainment. The merger, initially announced on December 22, 2021, aimed to create a massive USD 10 billion media entity in India.

A statement from Sony Group Corporation revealed that SPNI, a wholly-owned subsidiary of Sony, issued a notice terminating the merger agreements with Zee Entertainment Enterprises Ltd (ZEEL). According to the deal, the merger was expected to be completed before December 21, 2023, with regulatory approvals and other conditions.

If the merger didn’t close within 24 months after the signature date, the parties were supposed to discuss extending the end date. However, as the closing conditions were not met by the end date, Sony sent a termination notice to ZEEL after a one-month grace period.

Although ZEEL had sought a deadline extension on December 17, SPNI initially did not agree but later agreed to discuss the matter. The proposed merger had already received regulatory approvals from the Competition Commission of India (CCI), NSE, BSE, shareholders, creditors, and the National Company Law Tribunal (NCLT) in August.

In summary, the planned merger between Culver Max Entertainment and Zee Entertainment has been called off due to unmet closing conditions within the specified timeframe.

Bengaluru Welcomes Apple: New Office in India

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Bengaluru Welcomes Apple: New Office in India

On Wednesday, Apple revealed its plans to grow its presence in India by opening a new office in the center of Bengaluru, solidifying its position in the country by increasing local manufacturing.

Situated at Minsk Square, a key location in the city, the new office can accommodate up to 1,200 employees. With 15 floors, the office includes dedicated lab space, areas for collaboration and wellness, and Caffe Macs.

“Bengaluru is already home to so many of our talented teams, including software engineering and hardware technologies, operations, customer support, and more,” an Apple spokesperson told IANS.

“Like everything we do at Apple, this workspace is created to foster innovation, creativity, and connection. It’s an amazing space for our teams to collaborate,” the company spokesperson added. The interiors feature locally-sourced materials like stone, wood, and fabric in the walls and flooring, and the office is filled with native plants.

The new office follows best practices in energy conservation, running on 100 per cent renewable energy, and aims to achieve a Leadership in Energy and Environmental Design (LEED) Platinum rating — the highest level of LEED certification.

Apple has been carbon neutral for its corporate operations since 2020, and has run all Apple facilities using 100 percent renewable energy since 2018.

The office is the latest addition to the company’s corporate office footprint in Bengaluru, Mumbai, Hyderabad, and Gurugram, marking another important milestone in Apple’s more than 25-year history in the country.

Apple has nearly 3,000 employees in India and collaborates with Indian suppliers supporting hundreds of thousands of jobs across the country.

The company works with partners advancing critical work to protect the environment and expand access to education and employment, including Frank Water, which helps empower communities to protect their own watersheds on the outskirts of Bengaluru.

Apple’s teams in Bengaluru work across a wide range of Apple’s business — from software, hardware, services, IS&T, operations, customer support, and others. As India focuses on local manufacturing, Apple assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data.

However, industry sources suggest the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries.

Stock Market Shake-Up: Sensex and Nifty Falls

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Stock Market Shake-Up: Sensex and Nifty Falls

The stock market had a rough start on Wednesday, with the Sensex dropping by 900.68 points to begin at 72,228.90. At the same time, the Nifty went down by 243.30 points, starting at 21,786.00. The market was not looking good, reflecting worries about the economy.

Looking at Nifty companies, there were 12 going up and 38 going down, showing a not-so-happy picture of the overall market.

Some winners were HDFC Life, Adani Ports, TCS, and Infosys, while Ultra Cement also did well. On the other side, HDFC Bank, Hindalco, Tata Steel, Bajaj Auto, and Axis Bank faced losses and were the top losers.

The big surprise was HDFC Bank, dropping a huge 7%, causing Nifty to go down by 385 points and Bank Nifty to drop by 1200 points.

This decline in HDFC Bank seemed to have a big impact on the overall market, suggesting a broader correction.

Experts mentioned that Nifty had recently reached its highest point ever at 22,124.15 but started showing signs of slowing down. Previous warnings about a potential correction of 5-10% seemed to be happening now.

Experts said that until the market went above recent highs, it would stay in a not-so-strong state.

HDFC Bank’s big drop was because it had its first YoY earnings per share (EPS) decline in ten years, making it a disappointing quarter for the bank. Net Interest Margins (NIMs) didn’t grow compared to the previous quarter, and borrowings were more than deposit growth.

The fall of this stock affected Nifty and Bank Nifty a lot since HDFC Bank is a big player in both indexes.

Varun Aggarwal, founder and managing director of Profit Idea, said, “People in the market are worried about the bigger economic picture, with uncertainties about global economic conditions, supply chain problems, and increasing inflation pressures.” The bad performance of a big bank like HDFC Bank made people more concerned about how well the financial sector can handle these challenges.

Experts said that the market would be watching closely for signs of recovery or more problems.

The reports from other big companies, what’s happening in the world economy, and decisions by central banks are crucial things that could change how people feel about the market in the next few weeks.

Investors and traders are getting ready for more ups and downs, changing how they do things to handle the changing market.

The next days will probably see more attention on how well companies are doing and what economic signs show, affecting how the Indian stock market moves.

Maruti Suzuki India Raises Car Prices by 0.45%

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Maruti Suzuki India Raises Car Prices by 0.45%

Maruti Suzuki India has implemented a price hike across its entire model range. The average increase, calculated based on ex-showroom prices in Delhi, stands at around 0.45%. This adjustment comes into effect from January 16, 2024.

Maruti Suzuki’s diverse lineup, featuring models from the budget-friendly Alto to the premium Invicto, caters to a wide range of customers. The price range for these models varies between Rs 3.54 lakh and Rs 28.42 lakh (ex-showroom). This move aligns with the industry’s dynamics, where automakers occasionally adjust prices to account for various factors, including rising input costs and economic conditions.

Google’s Cold Call: Hundreds Lose Jobs in Tech Downsizing

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Google’s Cold Call: Hundreds Lose Jobs in Tech Downsizing

On the evening of Wednesday, January 10, 2024, Google implemented a workforce reduction affecting several divisions within the company. This action, driven by a strategic shift towards artificial intelligence and a desire to optimize operational costs, aligns with a broader trend of job cuts currently impacting the technology sector.

The layoffs encompassed employees across diverse departments, including the core engineering team, the Google Assistant development team, and the hardware division responsible for Pixel phones, Fitbit watches, and Nest thermostats. Within the engineering team, several hundred individuals were informed that their roles were being eliminated and consequently lost access to company resources.

While the hardware division experienced cuts across various sections, the most significant impact occurred within the augmented reality team, which focuses on blending digital elements with the physical world. In a statement communicated to affected employees, Google acknowledged the difficulty of the decision and confirmed the elimination of their positions.

Therefore, it is evident that Google has undertaken a strategic restructuring, prioritizing artificial intelligence initiatives and aligning its workforce with this focus. This decision, while undoubtedly challenging for the individuals directly impacted, reflects the evolving landscape of the technology industry and the need for adaptation in the face of changing market demands.

ONGC’s Milestone: First Oil Production in India

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ONGC’s Milestone: First Oil Production in India

ONGC Boosting India’s Energy Production

India’s Oil and Natural Gas Corporation (ONGC) achieved a significant milestone by producing the first oil from its KG-DWN-98/2 block in the Bay of Bengal’s Krishna Godavari basin on January 7. The government anticipates that this flagship deepwater project will elevate India’s domestic oil production by 11% and gas production by 15%.

Progress and Targets

With the initiation of oil production from KG-DWN-98/2’s “M” field, ONGC signals the near completion of Phase 2 of the project off the east coast of India. In the final phase, ONGC aims to bring the remaining oil and gas fields online, targeting a production of 45,000 barrels of oil per day (BOPD) and over 10 million cubic meters per day of gas by May or June 2024.

Overcoming Challenges with Innovation

Located 35 km offshore in water depths ranging from 300 to 3200 meters in the Godavari River Delta, the project faced challenges due to the waxy nature of the crude oil. ONGC overcame these obstacles by employing innovative “pipe-in-pipe” technology, a first for India. Despite some international sourcing for specific requirements, most fabrication works were carried out domestically.

Joint Ventures and FPSO Technology

The project involves joint venture partners: Shapoorji Pallonji Oil & Gas (70%) and Malaysia’s Bumi Armada (30%). The Armada Sterling V FPSO, owned by the joint venture, is India’s largest FPSO. It boasts capabilities to withstand super-cyclones, features the largest submersible turret system, and utilizes low-NOx power solutions.

Prime Minister’s Perspective

Indian Prime Minister Narendra Modi sees this achievement as a significant step towards realizing “Atmanirbhar Bharat,” the government’s economic growth initiative translating to self-reliant India. Experts, including Narendra Taneja, Chairman of the Independent Energy Policy Institute, believe that the production off Kakinada in the Krishna Godavari basin could potentially reach 75,000 BOPD in the future.

India’s Growing Energy Demand

India’s energy demand is predicted to grow substantially, with the International Energy Agency (IEA) forecasting a 25% share in global energy demand growth over the next 20 years. By 2030, India is expected to surpass the EU as the world’s third-largest energy consumer.

India’s Oil Imports and Global Suppliers

India currently imports 76% of its crude oil, making it the world’s second-largest net oil importer after China. According to the IEA, Russia has emerged as a significant supplier, providing 40% of India’s oil imports between January and September 2023. Other major contributors include Iraq (20%), Saudi Arabia (15%), other Middle East producers (11%), Africa (5%), and Latin America (4%).

Market Update: Gold Price Remains Stable and Rise in Silver

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Market Update: Gold Price Remains Stable and Rise in Silver

On Tuesday, the gold price remained unchanged at Rs 63,200 per 10 grams in Delhi, as reported by HDFC Securities. Meanwhile, silver saw an increase of Rs 450 per kilogram, reaching Rs 76,750; it had settled at Rs 76,300 in the previous trade.

In the futures market, the February gold price contract rose by Rs 261 to reach Rs 62,356 per 10 grams on the MCX. Additionally, the March silver contract advanced by Rs 176, reaching Rs 72,603 per kilogram on the exchange.

In the global markets, gold and silver are trading slightly higher at USD 2,031 per ounce and USD 23.10 per ounce, respectively.

Spot gold at Comex is currently trading at USD 2,031 per ounce, up by USD 2 from the previous close in the international markets.

Navneet Damani, senior VP of commodity research at Motilal Oswal Financial Services, mentioned that gold traded steadily after a slight decrease in the previous session. This was due to stronger-than-expected US labor data, causing markets to reconsider expectations for early cuts in monetary policy interest rates.

Netflix: Adding Ads and In-App Purchases to Boost Gaming Revenue

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Netflix: Adding Ads and In-App Purchases to Boost Gaming Revenue

Netflix is thinking about making money from its video games by adding in-app purchases and ads, according to reports. Currently, Netflix subscribers can download many mobile games for free as part of their subscription. The streaming giant offers over 75 games, including popular ones like Grand Theft Auto and Love Is Blind.

Now, Netflix is considering putting a price on some premium games and including ads in others to generate revenue. The company hasn’t officially commented on this yet. Last year, Netflix had mentioned that it wasn’t concerned about ads and in-game payments. However, it seems they are exploring new ways to make money from their gaming business. In August, Netflix expanded its games to be available on TVs, computers, and mobile devices and began testing cloud-streamed games.

ICICI Direct Report: Gold and Silver Prices Likely to Rise

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ICICI Direct Report: Gold and Silver Prices Likely to Rise

Gold prices in India are expected to hit a new high of Rs 70,000, according to a report from ICICI Direct. Silver prices are also likely to rise towards Rs 85,000, supported by increasing industrial demand.

The rise in gold prices is attributed to a weak dollar and a decrease in US treasury yields. The dollar and yields have fallen due to expectations that the US Federal Reserve will start reducing interest rates by March 2024. Concerns about slower global economic growth and geopolitical tensions in the Middle East are making gold a valuable hedge against uncertainties.

Central banks are expected to continue buying gold, diversifying their reserves. The report suggests that crude oil prices will face obstacles near $90 due to weaker demand. Crude oil is anticipated to stay in the range of $60-$90, as it is unlikely that OPEC will extend voluntary output cuts, coupled with increased production in non-OPEC countries. Global oil demand growth may slow down due to economic growth uncertainties.

Despite potential dips in oil prices, escalating tensions in the Middle East may prevent them from falling below $60. The report also forecasts a possible dip in MCX crude oil prices to around Rs 5,000 in the coming month.

Zomato Rings in 2024 with Record Orders, Higher Fees, and Stock Surge

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Zomato Rings in 2024 with Record Orders, Higher Fees, and Stock Surge

Zomato had a huge New Year’s Eve! They delivered more food than ever before, which made them happy and their stock price go up. To make even more money, they raised their delivery fee a bit (to Rs 4).

Their quick delivery service, Blinkit, also had a great night, breaking their records for orders.

However, the party isn’t over yet. The taxmen in Delhi and Karnataka want Zomato to pay more money (Rs 4.2 crore!) because they say Zomato didn’t pay enough taxes. Zomato disagrees and will fight it.

So, it’s been a wild ride for Zomato lately! They’re happy with their New Year’s Eve success, but they’ve also got some tax issues to deal with.

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