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Sony loses $20 bn in market value on Microsoft's Activision Blizzard deal

Sony Group Corp. shares fell 13% in Tokyo on Wednesday, their biggest drop since October 2008, after PlayStation rival Microsoft Corp. announced a $69 billion deal to acquire games publisher Activision Blizzard Inc.

The blockbuster acquisition escalates Microsoft’s spending spree to secure intellectual property assets for its Xbox Game Pass service, wiping $20 billion off Sony’s valuation in a day. The push to attract paying subscribers with an overwhelming portfolio of games challenges Sony’s traditional console business model that relies on high-profile exclusive titles and hardware sales. Games and network services account for about 30% of Sony revenue.

Reliance Retail acquires about 55% stake in Addverb Technologies: RIL

Reliance Retail had acquired about 55 per cent stake in robotics firm Addverb Technologies in July 2021, Indian conglomerate Reliance Industries Limited said in a filing on Wednesday.

Addverb Technologies co-founder and CEO Sangeet Kumar has told PTI that Reliance Retail has invested USD 132 million (about Rs 983 crore) in the company and will hold around 54 per cent stake in the robotics start-up.

JSW Energy reports two-fold surge in profit to Rs 320 cr in Q3

JSW Energy reported a profit of Rs 320 crore for the third quarter (Q3) of the current fiscal, a more than double jump from the profit during corresponding period, last financial year. The company attributed this to higher revenue. During Q3FY22, the revenue of the company stood at Rs 1,984 crore as against Rs 1,659 crore in Q3FY21. JSW said the increase in revenue was primarily due to “increase in short term sales and realisation”.

Saregama India's Q3 net profit increases 37.8% to Rs 43.54 crore

Music label Saregama India on Wednesday reported a 37.78 per cent increase in its consolidated net profit to Rs 43.54 crore for the third quarter ended in December 2021.

It had posted a net profit of Rs 31.60 crore in the October-December quarter of the last fiscal, Saregama said in a regulatory filing. Saregama's revenue from operations was up 12.27 per cent to Rs 150.34 crore during the period under review as against Rs 133.91 crore in the corresponding period of the previous fiscal. Total expenses of the RP Sanjiv Goenka Group firm were at Rs 100.45 crore in Q3/FY 2021-22 as against Rs 95.94 crore, up 4.7 per cent. Its revenue from music was at Rs 133.33 crore and Rs 15.58 crore from Film/TV serials.

Bajaj Auto Q3 results: Net profit falls 22% to Rs 1,214 cr

Two- and three-wheeler maker Bajaj Auto on Wednesday reported 22% decline in net profit at Rs 1,214 crore for the quarter ending December 2021. The company reported net profit of Rs 1,556 crore in the year-ago period. Revenue from operations marginally rose to Rs 9,022 crore as compared to Rs 8,910 crore in Q3FY21.

L&T Technology Services wins $45 million EV Deal from US Auto Tier 1

Under the terms of the 5-year agreement, LTTS will work with the customer to deliver solutions leveraging its e-mobility technology competence. Notably, this will be delivered from LTTS' ER & D center in Krakow, Poland. LTTS plans to have over 300 engineers working from its Krakow, Poland center in the next 3 years, marking its expansion into Eastern Europe.

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