Sunday, March 08
Mumbai: India's equity gauges slid 1.3% Friday on a sharp IT selloff spawned by recurring concerns of AI-led disruptions to the US economy and the fastest pace of job losses stateside since the subprime crisis. The broader market, where valuations had run up lately, came off as well on profit booking. The NSE Nifty fell 336.10 points to 25,471.10, while the BSE Sensex dropped 1,048.16 points to end at 82,626.76. Both indices ended the week with losses of up to 1.1%. The Nifty IT index, which tumbled as much as 5.2% during Friday's session, ended 1.4% lower, taking its weekly decline to more than 8% - the highest losses in 10 months for a 7-day period. The selloff wiped out ₹4.69 lakh crore in market value from the IT pack during the week. "The weakness in the US markets due to the sharp
Mumbai: India is emerging as a central force in the next phase of AI-led financial innovation, with its digital infrastructure and engineering talent positioning it at the heart of global capital market transformation, said David Schwimmer, CEO of London Stock Exchange Group, at the summit on Friday. He described the country as "at the centre of the financial industry's transformation," highlighting its growing influence as artificial intelligence reshapes how markets function. Artificial intelligence will drive significant and dramatic change in global capital markets, reshaping how decisions are made, risks are managed and financial infrastructure operates, he said while outlining his vision for the future. "So across AI, tokenisation, public and private markets, we will see significant
ET Intelligence Group: Will Indian software companies rise to the challenge presented by new models of artificial intelligence (AI) that are transforming how enterprise solutions are implemented and delivered to clients? While the jury is still out, one thing is clear: domestic software exporters are far from unprepared. Both large and mid-tier IT firms have been exploring ways-through internal initiatives as well as acquisitions and collaborations-to adapt to evolving technology that can strengthen their offerings. The rapid progress in AI is expected to enhance efficiency across the vendor-client ecosystem by shortening project timelines and enabling faster delivery of products and services to target markets. Viewed in this context, the current sell-off in IT stocks appears more a knee-
Mizuho's India strategy is to build a Japan-India investment corridor by combining its commercial-banking strengths with expanded investment banking capabilities, supported by its Avendus Capital acquisition in December. Mizuho Bank Global CEO Masahiko Kato tells ET, in what is his first interaction with the domestic business media since the Avendus deal announcement, that India has rapidly become the most promising destination for Japanese companies. Kato, who leads the banking business of Japan's third-largest megabank with assets of $2 trillion, added that client inquiries related to India have surged sharply in recent years. Edited excerpts:How do you view the recent tariff agreement between India and the US from a Japanese corporate perspective?These agreements are ultimately matters
Valero Energy is set to buy up to 6.5 million barrels of Venezuelan crude in March bound for its Gulf Coast refineries, making it the top foreign refiner of the OPEC country's oil since the United States captured President Nicolas Maduro in January, sources said on Friday. Valero was among the first U.S. refiners to resume imports of Venezuelan crude after the United States struck a flagship $2 billion oil supply deal with the country's interim government and began to ease sanctions. If Valero succeeds in snapping up 10 or more cargoes next month, equivalent to around 210,000 barrels per day, it could surpass U.S. oil major Chevron as the top U.S. refiner of Venezuelan crude. That would also be the most Venezuelan crude oil Valero would process since the United States first sancti
