Thursday, September 03
Strong demand for Apple's iPhone during China's Singles' Day shopping festival single-handedly drove growth in smartphone sales during the period, research firm Counterpoint said on Thursday.Apple accounted for 26% of all smartphones sold over the month-long event, with total sales across brands increasing 3% from a year earlier.Sales of Apple's iPhone 17 were particularly brisk, Counterpoint said. Excluding Apple, Singles' Day smartphone sales declined 5% overall, "reflecting a cautious consumer environment drained of momentum", it said.Consumer malaise in China, stemming from a prolonged property crisis and concerns about income security, has made it increasingly difficult to get people to open their wallets.This year's Singles' Day sales festival wrapped on November 11 after more than a
The Nifty50 index soared to a new all-time high of 26,310.45 in Thursday’s trading session, buoyed by strong buying interest across heavyweights in financials, IT, infrastructure, and consumption-linked stocks.The broad-based optimism in the market was reflected in the positive performance of 24 of the 50 index constituents, with several frontline stocks delivering solid percentage gains.The rally was underpinned by strength in domestic institutional flows and sector-specific momentum, with financials and engineering names leading the charge. The positive breadth helped the index scale fresh peaks, despite marginal pressure from select heavyweights.Top gainersBajaj Finance emerged as one of the strongest performers, rising 2.94% in the session. The stock's momentum was supported by susta
MCX’s spectacular rally, pushing the stock past the Rs 10,000 mark for the first time on Wednesday, has turned its largest shareholder -- Kotak Mahindra Bank, into one of the biggest gainers. The bank’s 15% stake, now valued at Rs 7,887.27 crore, has surged 1,618% ( nearly 17X ) over the past 11 years.Billionaire businessman and one of Asia’s richest bankers, Uday Kotak, found an opportunity in the 2014 crisis, making a contrarian bet on the Multi Commodity Exchange of India (MCX).Kotak Mahindra Bank invested Rs 459 crore in the MCX in 2014 to buy a 15% stake at Rs 600 per share. The stake was acquired at a time when the NSEL scam had sparked a crisis, compelling Financial Technologies India to offload its holdings.As the bank’s promoter, Kotak owns a 25.70% stake in Kotak Mahindra
Real estate focused fund management company Mt K Kapital is looking to raise over Rs 4,000 crore or $450 million through its second fund from domestic and offshore investors, in one of the largest capital raises by an Indian investment management firm.As a partnership-driven platform backed by realty developer Rustomjee Group, Mt K Kapital’s strategy will be to build alliances with developers across key Indian markets including Mumbai, NCR, Pune, and Bangalore, with an aim to invest at the acquisition stage and even at the pre-approvals stage.Also Read: NCR reports maximum price hike in the luxury home segment“The Mt K platform aligns interests across stakeholders in the development cycle, and the first fund’s performance has reinforced this approach. With the second fund, we plan to
