Market Bizzz

Mahindra & Mahindra (M&M) is eyeing a leadership position in the electric vehicle sport-utility segment, emboldened by a global investor’s interest in its newly set-up EV subsidiary. The maker of Scorpio and Thar plans to invest over ₹10,000 crore in its EV business, which raised $250 million from British International Investment (BII) on Thursday at a valuation of $9.1 billion.

Edelweiss said investors may watch out for deal momentum, tenure and pricing; attrition and supply-side pressure; client budget and how the pipeline is shaping amid geopolitical uncertainties and weak macro outlook.

All three major U.S. indices made gains overnight on positive signals from Federal Reserve officials. Governor Christopher Waller called recession fears “overblown,” while St. Louis Fed Bank President James Bullard said he saw a “good chance” of a soft landing for the economy.

“Europe is exposed to large risks around energy dependency, a cost of living crunch on the consumer, and fragmentation risk. This spells euro/dollar lower,” said analysts at Citi.

Samsung’s chip profits were shielded last quarter from what analysts think is a looming glut at customers after high demand in the past two years, as large U.S. tech firms that use a lot of data centre services kept buying chips to meet cloud demand.

Consider this: Between January and March of this year, the average daily turnover on three of the leading crypto exchanges in India — WazirX, CoinDCX and Bitbns — was $110 million, data from CryptoWire showed.

IT major Tata Consultancy Services has been selected by Finnish stainless steel company Outokumpu to transform its IT landscape with an agile and secure cloud-based digital core to reduce its carbon footprint and support its strategic aspirations.

The euro’s drop against the pound was much more muted however, slipping just 0.2% on Tuesday, as sterling was hit by fresh political turmoil. Prime Minister Boris Johnson’s premiership tottered on the brink after the resignations of two senior UK cabinet ministers – finance minister Rishi Sunak and health secretary Sajid Javid – over his leadership.

Gold lost more than 2% on Tuesday, as sharp gains in the dollar and rising interest rates sapped appetite for the non-yielding asset and sent prices tumbling through psychological support at the $1,800 per ounce level. Safe-haven demand strengthened the dollar in the previous session to levels last seen in 2002, making greenback-priced gold more expensive for buyers holding other currencies