News Wrap: Asian Markets Ahead Of FOMC Update; Tata Sky Rebranding; Boat IPO Plans & More...
Asian Markets Today:
Asian markets traded mixed on Wednesday after Wall Street ended red in Tuesday’s session, as investors await the Federal Reserve's meeting statement with bated breath.
China’s Shanghai Composite settled at 0.66% higher at 3,455.67, while the SZSE Component Index gained 0.7% to close at 13,780.30.
Hong Kong’s Hang Seng index ended green at 24,289.90, up 0.19%.
Japan’s Nikkei 225 fell 120.01 points or 0.44% to settle at 27,011.33, while the Topix plummeted 0.25% to close at1,891.85.
Korea Composite Stock Price Index fell 0.41% or 11.51 points to close at 2,709.24.
Markets in Australia and India remained closed on the occasion of Australia day and Republic day respectively.
The Dow Jones Industrial Average, on Tuesday, fell 67.77 points, or 0.2%, to close at 34,297.73. The S&P 500 shed over 1% to close at 4,356.45, while the technology-heavy Nasdaq Composite dipped 2.28% to 13,539.30.
Elan Group Buys 40 Acres Land From Indiabulls Real Estate In Gurugram
Realty firm Elan group bought up 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for the development of housing and commercial projects.
''The aggregate sale consideration for the transaction is Rs 580 crore, subject to necessary adjustments,'' IBREL said.
Rebranding: From Now “Tata Sky’ Will Be ‘Tata Play’
India’s leading direct-to-home (DTH) company Tata Sky has planned to drop ‘Sky’ from its brand name after nearly two decades and will now be called 'Tata Play', as it seeks expanding television-cum-OTT (over-the-top) offerings.
To stay relevant in the changing times, the DTH platform said it added Netflix and 13 other OTT services including, Amazon Prime, Disney+Hotstar in its package called ‘Binge’.
TCS, Infosys Emerge As Most Valuable IT Services Brands Globally
Tata Consultancy Services (TCS) and Infosys are the two of the top three most valuable IT services brands across the globe, according to an annual report by brand valuation firm - Brand Finance.
For the fourth consecutive year, Accenture topped the list of the world’s most valuable and strongest IT services brands, while IBM, famously known as Big Blue, was knocked out from the top 3 by Indian tech giants- TCS and Infosys by securing two and third spots, each.
Boat To Hit Dalal Street Soon!
New Delhi based audio electronics brand- Boat is set to file papers with SEBI to raise Rs 2,000 crore in an initial public offering, with an expected valuation of $1.5-2 billion.
Warbung Pincus, the owner of a 36 percent stake in the company, is expected to offload shares worth Rs 700-800 crore in the upcoming IPO. Besides him, co-founders of Boat Aman Gupta and Sameer Mehta will also dilute a part of their shareholdings.