Business

India’s largest IT company, Tata Consultancy Services (TCS), has set an ambitious target to become the country’s biggest AI-driven technology services provider. In a major strategic move, the company has created a new entity and secured $1 billion (₹8,820 crore) funding from global private equity firm TPG to build large-scale AI data centres across India.TCS Forms ‘HyperVault’ to Build India’s Largest AI Data CentresTCS has announced the formation of a new company named HyperVault, which will focus exclusively on designing and building advanced AI-ready data centre infrastructure. Under this joint venture, TCS and TPG will collectively invest up to ₹18,000 crore over the next few years. Additional capital will be raised through debt to accelerate infrastructure development. HyperVault wi...

When it comes to India’s most expensive homes, Mukesh Ambani’s Antilia often comes to mind. However, Laxmi Vilas Palace in Vadodara, Gujarat surpasses it both in size and grandeur, standing as the largest royal residence in India and one of the largest in the world. Spanning nearly 550 acres, Laxmi Vilas Palace is 500 times larger than Antilia, which occupies just 1.12 acres. Built in the 1880s by Maharaja Sayajirao Gaekwad III, the palace is named after his wife, Maharani Lakshmi Bai, whom he married in 1880. Designed in the Indo-Saracenic style, the palace houses numerous priceless artifacts and a rich collection of royal memorabilia. Bigger and Pricier than AntiliaWhile Antilia is valued at around ₹15,000 crore, Laxmi Vilas Palace is estimated at ₹24,000 crore, making it both more...

Once the world’s strongest currency, the US dollar is gradually losing its shine. Recent actions by the US government, including tariffs imposed by former President Donald Trump and the Federal Reserve’s aggressive policies, have weakened the dollar’s global standing. This decline, analysts say, could present a significant opportunity for India to reduce its dependence on the greenback. According to a Bloomberg report prepared for the New Economy Forum, emerging economies, often referred to as the Global South, are increasingly losing confidence in the dollar. Factors behind this trend include Trump-era tariffs, the rising US debt, the breakdown of long-standing agreements with Middle Eastern countries, and growing competition from China. The report notes that these developments have fu...

Shares of struggling JP Group company, Jaypee Power Ventures Limited (JP Power), continued their sharp rally on Thursday, marking a two-day gain of nearly 30%. The surge follows the approval of a proposal by the Adani Group for JP Power’s associate company, Jaypee Associates, by its creditors. In early trading today, JP Power shares jumped around 12% to ₹22.80, after closing at ₹20.31 in the previous session. On Wednesday, intra-day trading had seen an 18% rise, finally settling at a 15% gain. Shares had opened today at ₹21.30. According to Bloomberg sources, the deal is valued at approximately $1.5 billion. The restructuring plan could be implemented through Adani Enterprises, other entities within the Adani Group, or a special purpose vehicle (SPV). Jaypee Associates is the flagshi...

New Delhi: While Tata Group companies are often celebrated for delivering strong returns, Tata Technologies Ltd. has turned into a disappointment for investors. The company’s shares have fallen nearly 50% from their all-time high and around 44% since listing, with the stock trading at ₹681.80 on Thursday afternoon. This slump has caused an estimated loss of ₹25,000 crore in market capitalization. IPO Hype and Initial Surge When Tata Technologies went public in November 2023, investor sentiment was extremely positive. Shares opened 140% above the IPO price, raising hopes of a high-growth engineering and R&D services firm under the trusted Tata brand. Initially, the stock maintained momentum, but soon the situation reversed. Shares fell about 50% from their listing-day highs an...

New Delhi: After a spectacular debut, PhysicsWallah’s shares have witnessed a sharp correction in the stock market. On Thursday, the company’s stock fell nearly 11% to ₹127.80 on BSE, marking its lowest level since listing. The decline has slashed the company’s market capitalization to around ₹36,000 crore, resulting in an estimated loss of ₹8,600 crore for investors in just three days. Initial Listing and Surge PhysicsWallah had a strong listing on 18th November, debuting at ₹145 on NSE and ₹143.10 on BSE, representing a 33% premium over its IPO price of ₹109. On the listing day, shares surged to a high of ₹162.05 before closing at ₹156.49, 44% above the IPO price. However, the momentum was short-lived. Second day: Shares dropped nearly 11% to ₹138.54, later closing at ₹143.28. ...

New Delhi: The highly anticipated Sudeep Pharma IPO is set to open on 21st November, generating significant excitement among investors even before the subscription begins. The IPO, with a total issue size of ₹895 crore, has already created a stir in the grey market, signaling strong potential listing gains. Grey Market Performance As of Thursday afternoon, Sudeep Pharma shares were trading at a 19.39% premium over the issue price in the grey market. With the IPO price band set between ₹563 and ₹593 per share, the grey market premium (GMP) suggests the stock could debut at around ₹708, offering investors a potential profit of ₹115 per share at listing. IPO Details Issue Size: ₹895 crore Price Band: ₹563 – ₹593 per share Subscription Period: 21st to 25th November Compos...

New Delhi: In a striking revelation, not a single Indian city made it to the list of the world’s top 20 richest cities by GDP. The list is heavily dominated by the United States, which claims 11 spots, followed by China and Japan with two cities each. Other countries represented include the UK, France, Brazil, South Korea, and Germany, each with one city on the list. Top of the List According to FRED Economic Data, New York tops the list with a GDP of $2.3 trillion, making it the world’s richest city and home to the highest number of billionaires globally. Japan’s Tokyo comes second with a GDP of $2.1 trillion, followed by Los Angeles ($1.29 trillion), Paris ($1.27 trillion), and London ($1.17 trillion). Other Notable Cities Chicago: $894.9 billion (6th) Seoul, South Korea:...

New Delhi: While the broader cryptocurrency market continues to struggle, Zcash (ZEC) has emerged as a standout performer, delivering spectacular returns for investors. In the last 24 hours, Zcash’s value surged nearly 12%, defying the ongoing market downturn affecting major cryptocurrencies like Bitcoin and Ethereum. Explosive Growth in Just 20 Days Zcash’s price crossed $673 (around ₹60,000) on Thursday at 2:30 PM, doubling in just 20 days from $330 on October 31. Over the past month, it has delivered over 160% returns, making it one of the fastest-growing cryptocurrencies in the current market. Two-Month Returns Skyrocket to 1200% Two months ago, Zcash traded at approximately $50. Today, it has surged past $670, representing a 1200% gain. This means an investor who put ₹1 la...