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The one bright star in a bleak year for IT

Livemint

Livemint · 1y ago

The one bright star in a bleak year for IT

HCL Technologies is expected to outshine other Indian IT services companies in terms of revenue growth and profitability in FY24, according to investor notes and analyst predictions. HCL is projected to achieve a revenue growth of 4.7% in FY24, outperforming larger competitors like Tata Consultancy Services (TCS) and Infosys. TCS is expected to see slower revenue growth of around 4%, while Infosys may report a slight decline in revenue for the March quarter but a 2% increase for FY24. Only Wipro is expected to see a decline in both the March quarter and FY24 revenue. Overall, the IT sector's performance is subdued due to delayed discretionary tech spending.

Related News

Wipro ER&D division to grow by 30% in FY25

Livemint

Livemint · 1y ago

Wipro ER&D division to grow by 30% in FY25

Wipro's engineering research and development (ER&D) division is expected to grow by up to 30% in the ongoing fiscal year, becoming one of the bright spots for the company. The division, known as Wipro Engineering Edge, is projected to receive about $300 million in incremental business in FY25. It contributed nearly $1 billion, or 10% of Wipro's revenue in FY24. The growth in FY24 was primarily driven by the Americas region, and the upcoming growth is expected to be fueled by areas such as hardware, semiconductors, Industry 4.0, wireless networks, and cabling.

Elon Musk's X Corp loses lawsuit against Israeli data-scraping company

Economic Times

Economic Times · 1y ago

Elon Musk's X Corp loses lawsuit against Israeli data-scraping company

A U.S. judge dismissed a lawsuit filed by Elon Musk's X Corp against Israeli data-scraping company, Bright Data Ltd. The lawsuit accused Bright Data of illegally copying and selling content, as well as selling tools to enable others to do the same. The judge ruled that X failed to show sufficient evidence that Bright Data violated its user agreement or engaged in fraudulent activity. The judge also stated that social media companies should not have unrestricted control over public data, as it could lead to information monopolies. X has the opportunity to amend its complaint.

Peak XV-backed Bright Money raises $62 Mn

Entrackr

Entrackr · 1y ago

Peak XV-backed Bright Money raises $62 Mn

Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.

ChrysCapital, MO Alts lead $153 mn round in HealthKart

VCCircle

VCCircle · 9m ago

ChrysCapital, MO Alts lead $153 mn round in HealthKart

Private equity firms ChrysCapital and MO Alts have led a $153 million investment round in HealthKart, operated by Bright Lifecare. The nutrition platform aims to use the funds for expansion and acquisitions. This investment follows a $135 million funding round led by Temasek in 2020. HealthKart has a range of digital nutrition brands and operates over 200 stores across India. In the fiscal year 2024, the company achieved full year EBITDA profitability and revenue of over INR 1,000 crore.

AI-focused manufacturing startup Bright Machines raises $106 million from Nvidia, others

Economic Times

Economic Times · 1y ago

AI-focused manufacturing startup Bright Machines raises $106 million from Nvidia, others

San Francisco-based startup Bright Machines has secured $106 million in a Series C funding round that included investors Nvidia and Microsoft. The company develops AI and machine learning software and equipment to automate manufacturing tasks. Bright Machines plans to use the funds to further its engineering efforts in robotics and computer vision, aiming to allow engineers to design products and remotely manufacture them using Bright Machines tools. The company also aims to make the manufacturing of AI server hardware more efficient by replacing manual labor with robots and software.

Star India terminates ICC sub-licensing arrangement with ZEE, seeks damages

Livemint

Livemint · 1y ago

Star India terminates ICC sub-licensing arrangement with ZEE, seeks damages

Star India has terminated its exclusive agreement with Zee Entertainment Enterprises Ltd (ZEE) due to allegations of contractual breaches. ZEE had previously sub-licensed the linear TV rights for ICC Men's tournaments to ZEE for the 2024-27 cycle. Star India initiated arbitration proceedings in March seeking specific performance of the agreement or compensation for damages. ZEE has stated that Star India's actions amount to a repudiation of the contract and is seeking a refund of ₹68.54 crore. ZEE believes it has strong grounds to defend itself in the ongoing arbitration process.

Sponsors of Indian Premier League 2024 (IPL 2024)

StartupTalky

StartupTalky · 1y ago

Sponsors of Indian Premier League 2024 (IPL 2024)

The Indian Premier League (IPL) is a popular professional Twenty20 cricket league in India. It follows a round-robin group and knockout format with eight teams representing major Indian cities. The Tata Group has secured the title sponsorship rights for the IPL for the next five years, followed by sponsors like My11Circle, Angel One, RuPay, Star Sports, JioCinema, CEAT, Paytm, Dream11, Saudi Tourism Authority, Aramco, Mastercard, and DP World. The sponsorship partnerships aim to promote the brands and enhance the cricketing experience for fans. The prize money for IPL 2024 is yet to be announced.

Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout

Inc42 · 1y ago

Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout

Disney Star's valuation may face a potential $2 billion hit following the failed merger between Sony and Zee Entertainment. Zee claims that the ICC TV contract with Disney Star was dependent on the successful completion of their merger with Sony. However, Disney Star disputes this claim. Reliance Industries is closely monitoring the situation as it could affect the value of Disney Star, particularly regarding the ICC TV deal. The fallout from Zee disputing a $1.5 billion sub-licensing deal for ICC has raised concerns about Reliance's downgrade of Disney Star.

One Point One Solutions Q3 net up 3 times on better margins

Thehindubusinessline

Thehindubusinessline · 1y ago

One Point One Solutions Q3 net up 3 times on better margins

Business Process Management company, One Point One Solutions, has reported a three-fold increase in net profit for the December quarter, reaching ₹6 crore compared to ₹2 crore in the previous year. The company's income also rose by 18% to ₹42 crore, driven by higher margins. One Point One Solutions added two new clients, Tata ONDC and VLCC, during the quarter and expects increased volume from them soon. The company plans to sign more contracts by the end of the fiscal year and aims to become a full-fledged IT services company in the future through acquisitions.

Star Localmart acquires DusMinute, expands to 170 stores

Entrackr

Entrackr · 15h ago

Star Localmart acquires DusMinute, expands to 170 stores

Star Localmart acquires DusMinute, expands to 170 stores Star Localmart, the retail arm of the Sanjay Ghodawat Group (SGG), has acquired DusMinute, a Bengaluru-based retail chain operating in gated communities, for an undisclosed amount. With this acquisition, Star Localmart’s network grows to 170 stores. The firm focuses on tier-II to tier-VI towns, offering modern supermarket formats to rural consumers. It has announced expansion across Maharashtra, Karnataka, Goa, Andhra Pradesh, and Telangana. The long-term goal is to scale up to 3,000 stores by 2030 and achieve revenues of Rs 5,000 crore in the next five years. DusMinute operates 40 stores inside residential complexes and delivers daily essentials such as groceries, fruits, vegetables, and household items. The chain also provides app-based doorstep delivery for added convenience. This aligns with Star Localmart’s mission to bring modern, affordable retail to every community. In July 2023, DusMinute raised Rs 11.5 crore in a bridge round led by Inflection Point Ventures with participation from banker Bandana Kankani. Its investors also include Indian Angel Network and a few angel investors. Star Localmart currently operates over 130 stores across 50 towns in Western Maharashtra and Northern Karnataka. Each store carries over 3,000 SKUs, blending national, regional, and local brands. The company also emphasizes job creation and training in the communities it serves. Founded in 2020, Star Localmart is building a retail network in smaller towns through compact, multi-brand stores. By combining DusMinute’s hyperlocal model with its expanding reach, Star Localmart is positioned to deepen consumer connections and strengthen leadership in India’s regional retail ecosystem.

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