Here is a collection of our most important stories this morning:
Swiggy shares on the menu: Secondary transactions gain steam ahead of IPO
A clutch of Swiggy’s early investors are selling shares and partly diluting their stakes in the food delivery company ahead of its initial public offering (IPO) slated later this year, several people aware of the transactions told Moneycontrol. Read the exclusive report here.
Nifty, Sensex gain as auto stocks see sharp rally; IT index falls ahead of earnings
After two days of consolidation, the Nifty and the Sensex opened on a strong note buoyed by auto and pharma stocks. On the other hand, IT stocks slipped ahead of earnings this week. Read more about the market action, here.
Reports of 51% stake sale 'factually incorrect', says Yes Bank; shares climb
Yes Bank shares climbed two percent in the morning session on July 9 after the lender clarified that news reports suggesting a 51 percent stake sale is "factually incorrect and purely speculative". Read more.
Affle India shares hit 52-week high as Citi initiates coverage with 'buy', forecasts 17% upside
Shares of Affle India Limited rallied 9.4 percent to hit a new 52-week high of Rs 1,465 in the morning trade on July 9, extending gains for the second session in a row, after Citi initiated coverage with a "buy" rating, citing robust growth prospects. More about the stock movement here.
Smartphone industry expects double-digit revenue growth this year; Apple, Samsung to lead
Apple and Samsung are set to lead India's smartphone industry revenue to $45.6 billion (Rs 3,75,516 crore) in 2024, a growth of 14 percent from the previous year, driven by the premiumisation trend and widespread adoption of 5G devices, executives and market trackers have told Moneycontrol. Full report here.
Bade flops, chote hits paint a bleak picture for multiplexes; slow FY25 start for PVR Inox
The market has been bearish for Indian films with the box office declining for one of its major contributors, Hindi movies, along with footfalls and occupancy falling due to a weak content lineup. Analysts in Q1 FY25 expect the sluggishness to continue once again due to lack of content. A few small surprises did bring cheer to the industry, but there were no big successes. More here.
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