CONTRACT RENEWAL
Diversity pullback: Tech giants lead US companies in pulling back on initiatives
The changes have come in response to a campaign by conservative activists to target workplace programs in the courts and social media, and more recently, President Donald Trump's executive orders aimed at upending DEI policies in both the federal government and private sector.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Stephen A Smith signs new $100 million ESPN deal: Report
Stephen A Smith has been with ESPN for two decades, and became a permanent fixture on First Take in 2012. The new contract will now pay him more than his other contemporaries. He will now be a member of ESPN for the next 10 years.
These large- and mid-cap stocks can give more than 21 % return in 1 year, according to analysts
Historically, recoveries in the stock market have been mostly led by large-caps. In the past few years, however, there have been phases where they have been led by mid-caps as well. Or, at times, both segments have seen a recovery in sync. This change could be because, in the past three years, a good amount of institutional money has moved into mid-caps. As institutional interest revives after a correction, the money tends to flow to mid-caps as well. So, working with the assumption that the markets will see a recovery, it may be better at this point to have a basket comprising both large- and mid-cap stocks.
Landman Season 2: Did the casting team accidentally confirm the next installment?
The first season commenced filming in February 2024 and concluded in June 2024, with its release scheduled for November 2024.
Canada’s anti-Musk pivot hits Starlink’s second-biggest market
Ontario Premier Doug Ford scrapped a contract with Elon Musk's Starlink in response to US tariffs, posing a dilemma for Canadians reliant on the service. This action, amid broader political tensions, leaves limited internet alternatives for remote communities heavily dependent on Starlink's robust connectivity.
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How Elon Musk muscled his way into US Federal Aviation Administration
Musk's team is pushing the Federal Aviation Administration (FAA) to modernize its outdated telecommunications systems with SpaceX's Starlink terminals, aiming for rapid implementation. This urgency has led to tension, with the fate of Verizon's existing contract unclear and safety concerns raised by some officials.
Energy sector: A slower, but stable and structural change; 12 stocks from energy ecosystem which can give return of over 22%
When it comes to the energy sector, retail investors need to keep a few things in mind. The transformation here is more basic in nature, requires a lot more capex, and will take time. So, don’t expect the street to react as it did to the EV transformation in the auto sector. But, the change here would be more sustainable, on much bigger balance sheets, and with a long runway of growth. So having them on a watchlist is a good idea. But patience is key once you have them in your portfolio.
Versace would widen Prada's reach but fixes could hit short-term profits
An acquisition of Versace by Prada could strengthen the Italian luxury group by expanding its brand base and resilience. However, restructuring Versace, which has faced mismanagement and operates at a loss, may take years and impact short-term profits, despite Prada's strong growth.
IT services firms see proactive deal renewals by clients on AI upsurge
This is likely to see a decline of longer-tenured contracts upwards of 5-10 years with a greater number of shorter period and smaller sized deals going forward. It is also in line with top executives calling for the outsourcing model ripe for disruption with a focus on outcome-based projects than just people-led model, experts say.
NLC India shares in focus after securing 200 MW wind power project from SJVN
NLC India secures a contract to develop and operate a 200 MW wind power project awarded by SJVN, aiming to generate 526 million units of clean energy annually. This project supports India's goal of 500 GW non-fossil fuel capacity by 2030, aligning with the National Green Energy Policy.
Together’s AI fund; IT deals’ proactive renewals
Happy Monday! Freshworks founder Girish Mathrubootham’s VC firm Together is eyeing the final close of its AI-focussed fund. This and more in today’s ETtech Morning Dispatch.
Buddhist soft power: India doubles down on showcasing Buddha’s life & legacy—partly to boost tourism & global influence
India is intensifying efforts to highlight its Buddhist heritage, targeting tourism and global influence. The government is improving infrastructure at key Buddhist sites while leveraging soft power to reconnect with Buddhist-majority countries. Initiatives include better connectivity, hotel development, and showcasing sacred relics to strengthen India's spiritual ties and counter China's narrative on Buddhism's origins.
NLC India secures 200 MW wind power project from SJVN
NLC India Ltd has won a contract from SJVN Ltd to develop a 200 MW wind power project, aimed at generating 526 MU of clean energy per year. This project aligns with India's green energy targets and boosts NLCIL’s renewable energy capacity towards its 2030 goal.
HSBC cutting staff numbers by 900 at China Pinnacle unit, sources say
HSBC is cutting its China digital wealth business Pinnacle by nearly half, reflecting challenges in boosting growth and profitability in the region. The layoffs affect insurance agents and fintech staff, amid a broader restructuring by CEO Georges Elhedery. Despite setbacks, HSBC remains committed to its long-term strategy in mainland China.
Mercedes-Benz plans to cut up to 15% jobs in China: Report
Mercedes-Benz is planning to reduce its workforce in China by up to 15%, primarily affecting its financing and sales units. The layoffs have already begun and the pace has increased this month. The company is adjusting its operations in response to market demands and competitive pressures while focusing on cost-cutting measures and balancing its product range.
Sensex gains over 100 points, Nifty surpasses 22,550, financials lead amid mixed global cues
Among the top gainers from the Sensex pack, Bajaj Finance, IndusInd Bank, Bajaj Finserv, Tata Steel, and HDFC Bank rose by up to 2%. On the other hand, UltraTech Cement, Kotak Bank, Power Grid, and NTPC opened in the red. Sector-wise, the Nifty Bank and Financial Services indices gained 0.45% and 0.65%, respectively.
Musk's new ultimatum spurs fresh confusion among US government workers
Elon Musk's ultimatum to federal workers has led to confusion and resignations as conflicting guidance spreads across agencies. The situation underscores internal divisions within the Trump administration, with significant layoffs looming, affecting various departments including the IRS and Interior Department.
Micromax ventures into solar panel manufacturing
Micromax Informatics is venturing into the renewable energy sector with Startup Energy, focusing on manufacturing high-efficiency solar panels in India. Partnering with Jinchen, the project aims to support the government's renewable energy goals, and includes establishing an advanced manufacturing facility and exploring R&D partnerships for innovative solutions.
Micromax makes foray into renewable energy space
Micromax Informatics has entered the renewable energy sector with Startup Energy, focused on manufacturing high-efficiency solar panels for various applications. The company aims to support India's clean energy mission by making sustainable power solutions more accessible and affordable, starting with a strategic partnership for a 5GW solar module manufacturing line.
Manchester City manager Pep Guardiola and wife Cristina Serra reportedly seeking amicable divorce: Here’s what we know
Manchester City manager Pep Guardiola and his wife, fashion entrepreneur Cristina Serra, have reportedly begun divorce proceedings after years of marriage. The couple is said to be working towards an amicable out-of-court settlement, using the same lawyer to ensure a smooth process. They remain committed to maintaining friendly relations for the well-being of their three children.
Elon Musk renews firing threat after being stymied by federal officials
A federal judge blocked Elon Musk's team from accessing sensitive government data. Unions updated their lawsuit over the legality of Musk's email demanding federal workers justify their jobs. Despite official guidance deeming responses voluntary, some agencies still encouraged replies. Musk's downsizing initiative has affected over 20,000 workers, causing economic ripples and layoffs.
Bitcoin slides below $92K: How the ‘crypto king’ lost $100 billion in few months—Did Pi Network play a role?
Bitcoin’s value has tumbled below $91,000, marking its lowest point since November. The wider crypto market lost over $100 billion, dragged down by investor uncertainty, US economic policies, and geopolitical tensions. A hacking incident targeting ByBit added to the woes. Analysts warn that Bitcoin is at a crucial juncture, mirroring broader market struggles. Meanwhile, MicroStrategy continued its aggressive Bitcoin acquisition, while regulatory shifts in Asia are reshaping the digital asset landscape.
India may miss key climate goal of 500-GW RE capacity by 2030 due to high capital cost
India's goal of 500 GW renewable energy by 2030 is at risk due to delays in project commissioning and increased financing costs, warns an Ember report. To meet the target, annual funding must grow by 20% annually, reaching $68 billion by 2032. Cumulative investments need to total $300 billion, with targeted mitigation measures crucial for cost control.
These large-caps have ‘strong buy’ & ‘buy’ recos and an upside potential of more than 30%
The ongoing bearishness is exposing cracks in the stock market that the bulls had papered over with liquidity. This phase is thus a stress test not just for your investments, but also your decision-making abilities and comfort with risk. Most of us take maximum risk when it is time to avoid it; and sit back when it is time to increase it. Consider: Which is the better time to buy? September 2024, or today? Logically, today, because prices are down and valuations have cooled a bit. But as fear has taken over, it is extremely difficult to make a distinction between stock prices and the underlying businesses.
DOGE's only public ledger is riddled with mistakes
Elon Musk's Department of Government Efficiency claims to have saved $55 billion through staff cuts and contract cancellations, but a New York Times analysis reveals numerous errors and inflated numbers. Mistakes include double counting, outdated data, and false contract termination claims. Despite boasting efficiency, the group's accounting practices raise skepticism among experts.
Adani Green seeks to recast $1.1 billion loan in rupees post DOJ
Adani Green Energy Ltd. is in advanced negotiations with local lenders, including Power Finance Corp., to refinance up to $1.1 billion of dollar debt in rupees. This move comes after the U.S. Department of Justice indicted Adani Group over an alleged bribery scheme. The refinancing aims to address obligations due by the end of March.
Is the power sector better placed than other PSU-dominated sectors? 6 power stocks with an upside potential of up to 37%
As the market corrects, investors are faced with an age-old dilemma. Hold or sell, or, indeed, buy? In the case of some sectors, the dilemma is more acute as the choice is between the fear of losing an opportunity and the greed to protect profits. If you bought power, railway or defence stocks even two years ago, you are sitting on decent gains. So when the market corrects, the instinct is to protect the profit. In times of such confusion, look for answers to three questions. One: Are the fundamentals of the sector on a strong footing? Two: Does the business and sector have a high probability of continued growth? And three: How is the valuation? Check the status of power sector stocks on these parameters.
Can shift of govt focus from capex to consumption lead to slowdown in growth? Vinayak Chatterjee explains
Vinayak Chatterjee highlights India's shift from infra capex to consumption-led growth, signaling potential economic slowdown and flat demand for infrastructure materials. Unspent funds raise concerns about project execution capabilities. Power demand has slipped, with renewable projects struggling to find buyers. This shift in economic philosophy and its implications should prompt serious debate.
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