Top news this week: Atal Setu inauguration, IT giants earnings, tech layoffs, Gujarat Vibrant Summit and more

Here are top news of the week between 7 January to 13January that made headlines: Sony may call off $10 billion mega merger with Zee Entertainment Sony Group Corp. is planning to call off the merger pact of its India unit with Ltd., said people familiar with the matter, capping two years of drama and delay in creating a $10 billion media giant.

Vibrant Gujarat Summit sees billion dollar pledges: Check key announcements The 10th Vibrant Gujarat Global Summit, which commenced on January 10, witnessed a flurry of investment pledges and announcements across various sectors. Tata Group, led by Chairman N Chandrasekaran, disclosed plans to establish a significant semiconductor fabrication unit in Gujarat's Dholera, with operations slated to begin in 2024.

The two day summit also saw Adani Group committing a whopping 2 trillion ($24 billion) to boost green energy initiatives in Gujarat. HCL Tech leads , peers in weak December quarter HCL Technologies Ltd has emerged as the best performer among India’s top four IT services firms in the seasonally weak December quarter, heading into the final leg of what’s expected to be a slow financial year for the sector.

Wipro Q3 Results: Board approves interim dividend of Re 1 per share Wipro announced that the board has approved an interim dividend of Re 1 per equity share with a face value of 2 each. This represents a 50% payout for the current financial year, coinciding with the release of the company's financial results for the October December period of the fiscal year ending March 2024.

HCL Tech Q3 Results: Net profit rises 13.5% to 4,350 cr QoQ, revenue up 6.7% The IT major posted a consolidated net profit (attributable to shareholders of the company) of Rs4,350 crore, a rise of 13.5% from Rs3,832 crore in the previous quarter (Q2FY24). Its consolidated revenue from operations was up by 6.65% to Rs28,446 crore versus Rs26,672 crore in the previous quarter.

HDFC Life Q3 results: Net profit rises 16% YoY to Rs365 crore HDFC Life on Friday reported a 16 per cent increase in net profit to 365 crore in the third quarter ended December. The private sector insurer's profit stood at 315 crore in the year ago period, HDFC Life said in a regulatory filing.

Mukesh Ambani rejoins $100 billion club as Reliance stock surges record 2.6% The richest person in India — and in Asia — saw his wealth climb $2.8 billion to $101.8 billion Thursday, as shares of his flagship, Reliance Industries Ltd., rose 2.6% to close at a record high. S&P on Friday downgraded the long term credit rating of Vedanta Resources to SD, or selective default, calling the company’s recent bond restructuring exercise as a distressed transaction.

Discord announces workforce reduction of 17%, will layoff 170 employees Discord, the popular messaging service widely used by gamers, has confirmed the layoff of 170 employees, constituting 17 percent of its workforce. Flipkart implements performance based job cuts, 5 7% workforce to be affected E commerce major Flipkart is implementing performance based job cuts which will decrease team size by 5 7 percent, Times of India reported quoting sources.

The cuts will be based on annual performace reviews and will be completed by March April. BlackRock slashes Byju’s valuation to $1 billion, down 95%, says report Asset manager BlackRock has once again reduced its valuation of Indian ed tech unicorn Byju’s, this time by around 95 percent from $22 billion to $1 billion.

Amazon to lay off hundreds of employees in Prime Video, MGM Studios E commerce giant Amazon.com will lay off several hundred employees in its Prime Video and Amazon MGM Studios, ording to a media report. Amazon’s Twitch to layoff 500 employees, about 35 per cent of staff: Report Amazon acquired livestreaming platform Twitch is set to layoff at least 500 employees, or about 35 per cent of their staff, a report by Bloomberg, quoting people familiar with the developments said.

The latest layoff joins the list of job cuts in the company. New age tech firms to lead $13 billion IPO boom: Kotak's Jayasankar The Indian markets are poised to witness initial public offerings (IPOs) worth $12 13 billion in 2024, V. Jayasankar, managing director and a board member at Kotak Investment Banking, said.

BlackRock to cut 3% of workforce, aims for larger employee strength by 2024 end Financial giant BlackRock has announced plans to lay off about 3 per cent of its current workforce, citing a need to streamline operations and adapt to changing market conditions. ACC completes acquisition of Asian Concretes and Cements ACC Ltd, a subsidiary of Adani owned Ambuja Cement Ltd, on Monday said that it has acquired the remaining 55% stake in Asian Concretes and Cements Private Ltd (ACCPL) for 425.96 crore.

Maruti Suzuki to invest 35,000 cr for new automobile plant in Gujarat Japan based Suzuki Motor Corp. announced investments worth about 35,000 crore in Gujarat on the opening day of the 10th edition of Vibrant Gujarat, which was inaugurated by Prime Minister Narendra Modi. Gautam Adani announces 2 lakh crore in Gujarat in next five years Adani Group chairman Gautam Adani on Wednesday announced a 2 lakh crore investment in Gujarat over the next five years, largely in setting up the world's largest clean energy project that will be visible even from space.

Airbus beats Boeing with record jet orders for fifth year European planemaker Airbus reported record annual jet orders, maintaining the top manufacturing spot against rival Boeing for a fifth year. Airbus said it had won 2,319 gross orders and 2,094 net orders after cancellations. PM Modi begins 11 day fast ahead of Ayodhya Ram Mandir event Prime Minister Narendra Modi started a special 11 day religious practice ahead of the grand Ram temple consecration ceremony on January 22 with a special message in which he felt emotional.

Jyoti CNC IPO allotment to be out soon; here's how to check allotment status The Jyoti CNC Automation IPO share allotment will be finalised soon today (Friday, January 12). The investors who applied for the issue can check Jyoti CNC Automation IPO allotment status in the registrar's portal, which is Link Intime India Private Ltd.

Medi Assist IPO opens next week. GMP, date, price, other details you should know The initial public offering (IPO) of Medi Assist Healthcare Limited is going to hit the Indian primary market on 15th January 2024 i.e. on Monday next week. The public issue will remain open for bidders till 17th January 2024.

Atal Setu news: PM Modi to inaugurate Mumbai Trans Harbour Link today Prime Minister Narendra Modi will inaugurate the Mumbai Trans Harbour Link (MTHL) on January 12, 2024, marking a significant milestone in India's infrastructure development. The bridge, now named 'Atal Bihari Vajpayee Sewari Nhava Sheva Atal Setu', is not only the longest sea bridge in India but also ranks 12th longest globally.

Tamil Nadu signs $4.4 bn investment deals with Tata, Pegatron and Hyundai Motors Tamil Nadu has signed investment pacts worth more than $4.39 billion with firms such as Apple suppliers Tata Electronics and Pegatron, as well as auto major Hyundai Motors. Sebi panel bats for easier listing norms An expert committee formed by markets regulator the Securities and Exchange Board of India (Sebi) to improve ease of doing business for listed companies has recommended interim measures on Thursday.

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