Business News: Market Surges, Budget 2024, and Major Tech Updates

IT stocks propel benchmark indices to fresh record high open. The BSE Sensex surged 1.24% to 80,893.51, and the Nifty50 rose by 1.13% to 24,592.20. On the individual stock front, TCS, Axis Bank, and Tech Mahindra were top gainers, while Maruti and Asian Paints remained laggards. Nifty IT was the sectoral gainer, up 3.41%, followed by Media at 2.79%. Most regional Asian markets retreated since early trade on Friday as US inflation data. The exceptions were Australia's ASX200, which rose 0.72%. Stocks closed mixed Wednesday as the S&P 500 and the Nasdaq Composite trended lower, with investors betting on interest rate cuts from the Federal Reserve.

Key sectors hope for big-ticket, transformative reforms in Budget 2024-25: travel and tourism sector wishes for industry status, tax reforms for growth; education wants a greater share of GDP, some impetus to vocational training; healthcare wants greater allocation to infrastructure, reforms in medical education; reduction in GST, enhanced tax sops on the insurance sector's wish list—these expectations are in sync with economic recovery and sectoral growth; stakeholders look to the government for those pivotal policy adjustments in the upcoming budget session.

Domestic markets were volatile and closed almost flat on Thursday. Stocks to watch out will be TCS, HCL Tech along with Prestige Estates as the three companies that have announced first-quarter results. In TCS, Net profit had increased by 8.7%. On the other hand, Mahindra and Mahindra mentioned that the company has seen growth in production and sales. Affle (India) Ltd granted US patent, Infosys gets contract from Delaware, Prestige Estate Sales were down though realizations were higher. Aditya Birla Fashion has increased its stake in Goodview Fashion, while Adani Wilmar is going to takeover Omkar Chemical Industries. On the other side, Nazara Technologies has raised stake in Freaks 4U Gaming, and a spurt in profit and turnover was seen at Anand Rathi Wealth.

The Reliance's Ambani family is getting ready for the marriage of Anant Ambani to Radhika Merchant, daughter of Viren and Shaila Merchant. The VVIP business, politics and arts people that have graced the function have taken the Ambani display of modernity but inside the state of tradition to an altogether new level. Founded by Dhirubhai Ambani and Kokilaben Ambani and Mukesh Ambani and Nita Ambani, the family is expansive with their children being Isha, Akash and Anant. While Akash married Shloka Mehta, Isha wed Anand Piramal. Anil Ambani, the married up Tina Ambani, heads Nisi Reliance ADA Group, their sister Nina Kothari heads Kothari Sugars and Chemicals.

TCS has posted a strong 8.7 per cent year-on-year increase in consolidated net profit at Rs 12,040 crore for Q1FY25. The company's revenues were up 5.4 per cent year on year at Rs 62,613 crore, though the profit after tax fell sequentially. Operating margin expanded to 24.7 per cent. Analysts did remain cautiously positive on the outlook for the firm, as Jefferies and UBS retained their 'buy' call, while Nomura maintained its rating at 'neutral'. Target prices for the TCS stock varied, with some indicating upsides despite worries over the valuation and sustainability of growth.

According to Arvind Virmani, a member of NITI Aayog, there are expectations for minor fluctuations around the mean of 7 per cent growth in the economy of India, with growth continuing to be plunged for years. He cites a recovery in the private consumption that is following through from the depletion of savings due to pandemic measures, terming it more or less as a "double drought" effect. He responds to challenges in privatization that have been marred by coalition politics in some states but is optimistic over the broader prospects. It impacts foreign direct investment inflows into India, he says, noting the higher risk-free returns in developed countries, despite the latter's appeal. He presumes improvements to come with falling US interest rates.

A security breach in 2022 compromised nearly all data from AT&T cellular customers, MVNO users, and some landline customers. On top are the records of the calls made and texts exchanged from May 1 up to October 31, 2022, and a few from January 2, 2023. Though no records contained personal information, the SSN or communications content was not included. AT&T is investigating and has engaged experts in cybersecurity while cooperating with law enforcers. At least one person was apprehended.

According to TechCrunch, the Elon Musk-run X is currently developing a downvote feature aimed at improving reply rankings and seems more like a 'dislike' button rather than a Reddit-styled icon. References inside the code for the X iOS app indicate a broken heart icon beside the 'like' button for this feature. This had been tested previously in 2021 before acquisition by Musk. Another reverse engineer, Aaron Perris, found more proof of the same inside the iOS app, suggesting it was in development. Initial testing included both upvoting and downvoting, but the company now says it's exploring just downvotes on replies. In the end, a feature to hide by default was confirmed by Musk in June.