Newsletter | UltraTech to acquire 23% stake in India Cements; South Africa enters T20 World Cup final & more
From UltraTech acquiring a 23% stake in India Cements for ₹1,885 crore to South Africa defeating Afghanistan to reach their first-ever ICC World Cup final — Here are the top 11 news stories across business, global events, tech, and more.
#LatestNews⚡
UltraTech to spend ₹1,885 crore to acquire 23% stake in India Cements
UltraTech Cement, India's largest cement company has announced that its board has approved the acquisition of a nearly 23% stake in India Cements, confirming a CNBC-TV18 newsbreak.
UltraTech intends to acquire this stake, which is 7.06 crore shares at an average price of ₹267 per share. The total cost to acquire this stake comes up to ₹1,885 crore .India Cements Ltd. witnessed a large trade take place in the pre-market block window. As many as 6 crore shares or 19.4% of the total equity changed hands in the large transaction. The shares changed hands at an average price of ₹265 per share.
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Shares of Cement companies surge after UltraTech-India Cements deal as consolidation rises
Shares of other cement companies, particularly those based in South India are surging anywhere between 3% to 14% after the UltraTech - India Cements deal. Consolidation within the space is increasing and this is the second instance this month where a South-based company has been acquired or a stake has been purchased in.
Shares of Orient Cement are trading with gains of over 9% in today's session. Shares of other companies like Shree Digvijay Cement, Heidelberg Cement, Sagar Cements, JK Lakshmi Cement and Deccan Cements are also trading with gains between 3% to 7%.
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T20 World Cup 2024: It's time for (South) Africa?
South Africa's dream of reaching their first-ever ICC World Cup final became a reality as they completely outplayed Afghanistan in the semi-final match on Thursday. The Proteas bowlers were in scintillating form as they tore through the Afghan batting lineup, restricting them to a mere 56 runs within 12 overs.
The quartet of Marco Jansen, Tabraiz Shamsi, Kagiso Rabada, and Anrich Nortje showcased their bowling prowess on a pitch in Trinidad that offered ample assistance to the bowlers. They showed no mercy towards the Afghan batsmen, displaying accuracy, pace, and skill to dismantle the opposition.
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#TechTalks📱
AI has 'long legs', will influence enterprise landscape for years: to come: Egnyte CEO
Artificial Intelligence (AI) is no longer a futuristic concept; it's a transformative force driving the enterprise sector. Speaking to CNBC-TV18, Vineet Jain, CEO & Co-Founder of Egnyte highlighted that AI is not a passing trend.
He believes AI's value proposition is substantial and enduring. Unlike past trends such as IoT or crypto, AI has "long legs" and will continue to influence the enterprise landscape for years.Jain notes, "We are still all discovering its power and capabilities," highlighting that generative AI makes information discovery and augmented search effortless through natural language processing.
He is optimistic about AI's potential to trigger powerful workflows, offering significant value to enterprises.
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NVIDIA AGM highlights: Shareholders approve Jensen Huang's $34 million pay package
The Annual General Meeting (AGM) of NVIDIA, the multi-trillion-dollar tech giant, has concluded.
Shareholders pass all proposals
NVIDIA's shareholders have voted in favour of all proposals, including the compensation packages of CEO Jensen Huang and company executives, the re-election of 12 board directors. ratifying PwC as the company's accounting firm, and a simple majority vote. Huang has reportedly earned $34 million in the 2024 fiscal.
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#DailyData📈
How big is the Indian wedding market?
#StartupsWorld🌍
How alternative data, AI/ML models drive financial inclusion in the MSME sector
The critical role of Micro, Small, and Medium Enterprises (MSMEs) in driving economic growth and fostering financial inclusion in India is well-documented. Within this diverse sector, micro-enterprises and nano-entrepreneurs constitute a staggering 98%.
Despite their potential, these enterprises face a substantial credit gap, with only 11% having access to formal credit and barely 30% of their credit demand being met.
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FMCG start-up Beyond Snack opens new plant, targets additional funding of $10 million next year
Kerala-based FMCG start-up, Beyond Snack, has opened its second plant, in Tumkur, Karnataka. The new facility produces the start-up's signature banana chips across flavours, including Peri Peri, Sour Cream Onion Parsley and Salt & Black Pepper, among others.
With a maximum capacity of approximately 600 tonne per month, the plant comes with the potential of quadrupling Beyond Snack's present-day capacity of 200 tonne banana chips per month.
"Our original facility in Alleppey, Kerala, helped us produce 200 tonne per month; today, we have already begun production of 200 tonne from the new plant alone," said Jyoti Rajguru, one of the co-founders at Beyond Snack, in an exclusive chat with CNBC-TV18. "We will maximize our capacity utilization and produce 600 tonne of banana chips in a year from now," she added.
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#ExpertEdge💡
Why immunotherapy is a true lifesaver for stage 4 renal cancer — an oncologist's experience
In the fight against kidney cancer, especially in its advanced stages, the advent of immunotherapy has brought new hope. Imagine your body's immune system as an army fighting invaders like germs. Immunotherapy gives this army special training and tools to recognise and destroy cancer cells. For those facing stage 4 renal cancer, immunotherapy offers a promising lifeline.
Understanding Immunotherapy
Immunotherapy stands at the forefront of modern cancer treatment, revolutionising the approach to combating cancer by leveraging the body's own immune defences. Unlike conventional treatments like surgery or radiation, which directly target cancer cells, immunotherapy works by enhancing the immune system's ability to identify and eradicate cancerous threats.
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#PersonalFinance💰
Ageas Federal Life Insurance announces all-time high bonus of ₹134.44 crore
Ageas Federal Life Insurance has announced its highest-ever total bonus of ₹134.44 crore during the annual valuations for the financial year 2023-24. This marks the 10th consecutive year of bonus declarations by the company.
It reflects 53% increase compared to the previous financial year’s total bonus of ₹87.86 crore. Out of the total bonus, ₹25.88 crore will be distributed to eligible policyholders as cash bonuses and maturity bonuses, with the remaining amount to be paid upon policy maturity, surrender, or early death in FY23-24.
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Financial Harmony: Balancing risk and return effectively
Achieving financial harmony requires mastering the delicate art of balance — an essential skill for navigating life's diverse challenges. From the tentative steps of a child learning to balance studies and play to managing the equilibrium between spending and saving, finding balance is important.
When it comes to achieving financial harmony, finding a balance between risk and return is of paramount importance. By carefully assessing risks and strategically planning for returns, which involves discipline and financial knowledge, an investor can lay the foundation for a stable financial future.
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