Key Stock Ideas: Adani Power, Accenture , Tata Neu , Uber - ARETE Securities
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Adani Power sells Support Properties stake to AdaniConnex for Rs 1,556 cr:
Adani Power on Thursday said it has sold a 100 per cent stake in Support Properties Private Ltd (SPPL) to AdaniConnex Private Ltd (ACX) at an enterprise value of Rs 1,556.5 crore. "Parties to the proposed transaction (for which a binding memorandum of understanding had been signed earlier) have executed a Share Purchase Agreement and concluded the transaction," a BSE filing stated.
Accenture to cut 19,000 jobs as IT spending slows; India impact unclear:
IT services and consulting major Accenture has announced it will lay off 19,000 people, or 2.5 per cent of its headcount, on account of wage inflation and cost streamlining. It expects a severance cost of $1.2 billion.Of the 19,000, over half are from non-billable functions with more than 800 of its 10,000 leaders across services and markets. Nearly half the 19,000 people will depart from the company by the end of the financial year, said the management during the earnings call.
Tata Group planning to inject $2 billion into its super-app Tata Neu:
Tata Group is considering injecting another $2 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to bolster its digital business, according to people familiar with the matter. Tata Digital will receive the additional funding over two years should a deal proceed, the people said. The fresh capital could help online platform Tata Neu, which went live last April, to strengthen its digital offerings, fix technical glitches and meet any new spending needs, one of the people said.
India's ONDC forays into the mobility segment; takes on Uber and Ola:
India’s Open Network for Digital Commerce (ONDC) has forayed into the mobility space to help local businesses compete with large players such as Uber and SoftBank-backed Ola. Government-backed ONDC has on-boarded Namma Yatri, a Bengaluru-based auto booking app, as part of its open network for mobility initiative. Namma Yatri tech enables drivers to offer their services directly to customers with zero commission. ONDC is in talks with more firms in the sector across several cities to bring them on board over the next few months.
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