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Losing favour: IT sector weighting in Nifty50 at 5-year low of 12.2%
The recent sell-off in IT stocks such as Infosys and Tata Consultancy Services (TCS) has resulted in a sharp decline in the IT sector weighting in the Nifty50 index.
The sector’s weighting in the index has slipped to a five-year low of 12.2 per cent, down from the 17.7 per cent at the end of March 2022. The top IT companies —TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra — accounted for 13.6 per cent of the index at the end of March this year. Read more...
Minutes of April MPC meeting: Members split on economic growth prospects
All the external members of the Reserve Bank of India’s monetary policy committee (MPC) flagged risk of slowing growth, while the internal members seemed more sanguine about the growth prospects, the minutes of the monetary policy review meeting held earlier this month showed.
All the members unanimously agreed to keep the repo rate unchanged at 6.5 per cent in the latest review. Between May 2022 and February 2023, the policy repo rate was increased by 250 basis points (bps). Read more...
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How Tim Cook went about mixing business with pleasure on his India trip
If Apple chief Tim Cook’s Twitter timeline on his India visit is anything to go by, then one can safely say he believes in mixing business with pleasure. Or even that, for Cook, leisure too is all about business.
When not welcoming excited crowds to the Apple stores in Mumbai and Delhi or attending high-profile meetings, Cook was found engaging with creators, educationists, and sportspersons. After each of these engagements, he tweeted about the experience, carefully positioning the Apple products in his tweets. Read more...
Vedanta pledges Rs 3.5K crore in Hindustan Zinc to refinance loans
Anil Agarwal-led Vedanta has pledged an additional 2.44 per cent stake worth Rs 3,500 crore in its subsidiary Hindustan Zinc (HZL) as part of its plan to refinance old loans worth Rs 10,000 crore. With this, Vedanta has pledged 91 per cent of its stake in the mining company. Vedanta holds 65 per cent stake in zinc mining firm, HZL.
Vedanta's London-based holding company, Vedanta Resources, has to repay debt worth $1 billion by June this year to its lenders, and the additional share pledge was part of the group’s efforts to raise funds before the deadline. The group was in talks with Farallon Capital to raise an additional $1.25 billion. Read more...
End to Twitter's legacy blue checkmarks; Pope losses tick, LeBron retains
Twitter’s legacy blue checkmarks, which used to signify that a verified notable person was using the account, are now gone, with new owner Elon Musk preferring to include the icon in a paid subscription service instead.
The move has already spurred confusion. Celebrities, government officials and other notable users that choose not to pay $8 per month for Twitter Blue, the premium version, have lost the familiar check next to their names on the app. Users immediately shared screenshots of their previous checkmarked profiles or offered other means of verification. Read more...
