July 2, 2022

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Sensex falls over 1,500 points; Swiggy turns decacorn; why Zomato CEO was waiting for bear market and more



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Indian equity benchmarks Sensex and Nifty50 continued to fall for the fifth session in a row on Monday. On a day when Zomato’s share price tumbled below Rs 100 mark, CEO Deepinder Goyal told the food delivery platform’s employees that he had been waiting for a bear market. Meanwhile, its rival has raised $700 million in a fresh funding round led by Invesco and has turned decacorn. With preparations for Republic Day celebrations underway, Delhi Police has announced people attending the parade must be fully vaccinated against COVID-19 and children below 15 years of age will not be allowed at the function. Here are some more top news of the day

BUSINESS/ECONOMY

Future Retail independent directors to decline Amazon’s offer to help

Independent directors of Future Retail are set to turn down Amazon’s offer of financial support to the company through a deal with private equity firm Samara Capital. Read more

Swiggy raises $700 million led by Invesco, turns decacorn

On-demand convenience and food tech platform Swiggy has raised $700 million in new funding led by Invesco, the company announced on Monday. With this latest funding, Swiggy enters the decacorn club, valued at over 10 billion dollars. Read more

Panel on future taxation policy for tobacco unable to submit final report to govt ahead of Budget 2022

Ahead of Budget 2022, the Finance Ministry is independently evaluating the tax structure with respect to tobacco. CNBC-TV18 has learned the government-nominated panel has been unable to submit its report. Read more

MARKET

Sensex plunges over 1,500 points, worst day in 2 months

Indian equity benchmarks continued to fall for the fifth session in a row on Monday, with the Sensex nosediving more than 2,050 points in its worst intraday drop in 11 months. Here’s what’s causing market sell-off

‘Been waiting for a bear market’, Zomato CEO tells employees

Execution is the only thing under our control, says Deepinder Goyal, founder and chief executive of online delivery firm Zomato on a day when the company’s stock has tumbled. Read more

New age tech cos could fall 80-90% in 2022, says Big Bear Shankar Sharma

Market expert Shankar Sharma has cautioned that one should not be surprised if new age tech companies fall 80-90 percent by the end of 2022. Here’s why

INDIA

Unvaccinated people, children below 15 years not allowed at Republic Day  parade: Delhi Police

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

PM Modi interacts with Rashtriya Bal Puraskar recipients

Prime Minister Narendra Modi on Monday urged youngsters to support the ‘Vocal for Local’ campaign just as they had taken forward the cleanliness campaign in the country. Read more

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

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

WORLD 

WikiLeaks founder Julian Assange granted appeal in UK to fight extradition to US

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

NATO sends ships and jets to eastern Europe amid Ukraine crisis

NATO said on Monday it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets in response to Russia’s military build-up at Ukraine’s borders. Read more

Renault, Mitsubishi, Nissan Motors to jointly manufacture EVs: Report

Renault, Nissan Motors and Mitsubishi Motors Corporation are expected to unveil a plan on January 27, to invest more than €20 billion ($23 billion) in EV development over the next five years. Read more

YOU & ME

How you can make your windows generate electricity

Homeowners can increasingly generate power to offset their electrical bills. The government has been offering incentives for rooftop solar panels in India through various schemes. Here’s what you can do

Is investment in ‘volatile’ Bitcoin better than purchasing gold?

In the past few years, investments in Bitcoin have dramatically increased across the world, while market experts are still debating over the investment in the blockchain-backed asset compared to “digital gold”. Where should you invest?

How is AI slowly eating up your jobs?

Today, machines are not just deployed by businesses for manual labour but for content writing, customer service, accounting and a host of other professional services. Read more

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