Latest Business News Highlights on 17 June 2024: Zomato in Talks with Paytm, Infrastructure Firms See Surge, Budget Expectations, Startup Funding Slowdown, Crude Oil Imports Rise, FMCG Companies Eye Rural Growth, Government’s Tech Priorities
The business world is abuzz with the latest news and developments that are shaping the future of various industries. In the recent business news transcript at 10:00 AM on 17 June 2024, several key updates were shared that are worth noting.
One of the most significant pieces of news is the potential acquisition of Paytm’s events and movie ticketing businesses by Zomato. This deal, estimated to be around Rs 1,500-2,000 crore, is seen as a strategic move by Paytm to focus on its payment services business. The talks between Zomato and Ine97 Communications Ltd are reportedly in an advanced stage, marking a potential milestone for both companies.
In the infrastructure sector, the order book of top companies has surged by 18.3% in FY24, indicating a positive trend in project spends and economic rebound. Companies like Larsen and Toubro and Bharat Heavy Electricals have seen significant growth in their order book positions, reflecting a promising outlook for the industry.
The upcoming budget of the new government is expected to introduce an income support scheme for deprived families and provide additional support to MSMEs for job creation. The government may also increase capital expenditure to stimulate economic growth, signaling a shift towards more public investment in key sectors.
In the startup ecosystem, while seed and pre-Series A funding deals have picked up, there is a broader slowdown in overall funding activity. However, investors like QED Investors remain optimistic about the Indian market and continue to see it as a bright spot for future investments.
On the energy front, India’s crude oil imports have increased by almost 6% in the first two months of the current fiscal year, driven by growing demand for petroleum products. The country’s crude import bill has also risen, partly due to narrowing discounts by Russia, the top supplier of crude oil to Indian refiners.
Fast-moving consumer goods companies are hopeful that the upcoming budget will boost rural purchasing power and drive market recovery. With rural growth outpacing urban growth, companies are looking for consumption-friendly policies and initiatives to support their business growth.
In the technology space, the government’s focus is on executing the AI mission and consolidating approved semiconductor projects. With a push towards scaling up hardware manufacturing and promoting export-led growth in smartphones, the government aims to strengthen India’s position in the global technology market.
Overall, the latest business news highlights the dynamic and evolving landscape of various industries, with key players making strategic moves to drive growth and innovation. Stay tuned for more updates on these developments and their impact on the business world.
