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<ul><li><keyword id="19580815" type="General" weightage="20" keywordseo="bharti-hexacom-ipo" source="Orion">Bharti Hexacom IPO</keyword> will open for subscription to the public on April 3 and close on April 5.</li><li>The Bharti Airtel subsidiary intends to raise as much as ₹4,275 crore, in a complete offer for sale.</li><li><keyword id="488931" type="General" weightage="20" keywordseo="bharti-hexacom" source="Orion">Bharti Hexacom</keyword> provides telecom services in Rajasthan and the North East but does not own Airtel or Bharti trademarks. </li></ul>Bharti Airtel’s subsidiary, Bharti Hexacom, has fixed a price band of ₹542-₹570 per share for its initial public offer (IPO). The issue will open for subscription to the public on April 3 and close on April 5. Bharti Hexacom provides telecom services in Rajasthan and the North East. The issue, which intends to raise as much as ₹4,275 crore, is a complete offer-for-sale — wherein the company will receive no proceeds from the sale. Telecommunications Consultants India will offload 15% of its equity as a part of the issue. Ahead of the stake sale, Telecommunications Consultants India holds a 30% stake, with 70% held by Bharti Airtel. SBI Capital Markets, Axis Capital, BOB Capital Markets, ICICI Securities, and IIFL Securities are the book running lead managers of the public issue. Financials &amp; risk factors While the revenue of the company has been rising steadily, its profits have been wavering in the last three years. In FY21, its revenue and profitability were impacted by low average revenue per user (ARPU). It was addressed by a tariff hike in November 2021 by the company. “Further, our restated profit in FY22 is significantly attributable to exceptional items (net) amounting to ₹1,951 crore, which comprises gain on account of a commercial settlement with a service provider, settlement with a strategic vendor, and charge on account of levies,” the company said. In the nine months of FY24 ending December, its revenue from operations was at ₹5,220 crore, which is 7.8% higher than the ₹4,846 crore it reported in the same period of FY23. Its profits went up by 34% to ₹622 crore as compared to ₹463 crore in the same period. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,579 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,405 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,602 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹733 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,841 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(₹989 crore) </td></tr></tbody></table>Source: RHP Apart from intense competition and a heavy churn rate in the industry, Bharti Hexacom is also vulnerable to regulatory pressures. Apart from its business continuity depending on its ability to rebid and acquire spectrum, its revenues face the risk of regulatory ceilings on pricing, pricing pressure, a reduction in ARPU and more. As of December 31, 2023, its total outstanding borrowings stood at ₹3,771 crore. Not only can this limit its ability to undertake certain types of transactions, it also makes its business vulnerable to fluctuations in interest rates. “We require significant capital to fund our capital expenditure and if we are unable to raise additional capital, our business, financial condition and results of operations could be adversely affected,” the company said in its RHP. Without Bharti &amp; Airtel trademarks In spite of it being promoted by Bharti Airtel, Bharti Hexacom does not own the Airtel trademark. It is registered in favour of its promoter. They have entered into a trademark license agreement with the promoter, where they have been granted a non-exclusive, revocable, conditional license. It also does not own the Bharti trademark. The company is also engaged in a long-standing legal issue related to Adjusted Gross Revenue (AGR) demand by the government. Bharti Hexacom and Bharti Airtel have filed a review petition against the Supreme Court order dated July 23, 2021. The Apex court had dismissed clarification / modification applications filed by the telecom service providers for correction of errors in the AGR demands. The matter is pending adjudication before the Supreme Court. They have also filed a curative petition in the AGR matter against the orders dated October 24, 2019 and January 16, 2020 of the Supreme Court. It is also pending adjudication before the Supreme Court. It has already provided for the aggregate demand of ₹1,817 crore. “So any adverse outcome in this matter would not have any adverse impact on our financial condition,” the company said. (With inputs from PTI)

Bharti Hexacom IPO price band fixed at ₹542-570/sh, issue to open on April 3

Think Initial Public Offers (IPOs) are a sure-shot, quickfire method to make a quick buck? If so, then investing in some of India's biggest IPOs to date would have created multiple millionaires. However, if the data is to be believed, 18 out of India's top 30 IPOs by way of size have failed to deliver on the returns front. Recent data from Capitalmind PMS suggests that of all the mega IPOs India has seen in the past 2 decades, only 12 IPOs i.e. stocks of 12 companies have delivered more returns that what you would have received, had you bought and held your investments in Nifty500(which invests in biggest 500 companies by market size). Infact, Paytm (54%), <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> (81%), General Insurance Corporation (2%) actually generated negative total returns to date. The only outliers in the list of top 10 IPOs were Zomato (listed in July 2021) and Coal India (listed in April, 2010), which managed to generate excess returns i.e. more than what was generated by Nifty500. While Zomato's total return to date, which is considered a comprehensive gauge of a stock's profitability, stands at 265%, Coal India total returns are a massive 443%. In these cases, had you simply bought and held the Nifty500 index for a similar duration, your returns would've been 73%, and 435% respectively. Also, 5 of the biggest IPOs India has ever seen (Bajaj Housing Finance, Bharti Hexacom, Brainbees, Ola Electric) have come in the last 2 years. In some cases, having stayed put in your index investments would have yielded you far better returns. Consider this, FSN E-Commerce, Nykaa's parent company, listed on the exchanges on November 2021. Its total returns till date have been 2%, while had you invested in Nifty500 index, your returns would've been 53%. Similarly, the total returns to date on Bandhan Bank's stock, which listed in March 2018, was a negative 43%. But, the index has delivered a whopping 163% returns during the same time. Hits and Misses <table class="redcator-table-advance"><tbody><tr><td>Company Name</td><td>Total Returns to Date (In %)</td><td>CNX (Nifty500) Returns (In %)</td></tr><tr><td>Reliance Power (Feb 2008)</td><td>-81</td><td>961</td></tr><tr><td>Zomato (July 2021)</td><td>265</td><td>73</td></tr><tr><td>Gland Pharma (November 2020)</td><td>14</td><td>124</td></tr><tr><td>NHPC (September 2009)</td><td class="se-table-selected-cell">389</td><td>961</td></tr><tr><td>Indian Railways Finance Corporation (January 2021)</td><td>582</td><td>109</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: CapitalMind PMS <h2>Surge in IPOs? Not really </h2>It is impossible to overlook the sheer number of public offerings seen in the Indian markets over the past 2 years. Around 600 share sale offers have already hit the market since 2023. Out of these, 335 have come in this year, as of October 2024. While over Rs 50,000 crores have been raised by these share sales so far since 2023, only 22% of these funds raises have come from companies who are hitting the market for the first time i.e. bringing out their IPOs. The rest have come from already listed companies seeking to raise more funds. The biggest IPO that India has seen to date, that of <keyword id="19906087" type="General" weightage="20" keywordseo="Hyundai" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai" meta.hostid="261" meta.entityid="Hyundai">Hyundai</keyword> Motor India, closes for subscription today. With an offer size of Rs 27,870.16 crore, it is 35% bigger than the previous biggest IPO in the country(LIC in May 2022). As of 12:30 pm today, Hyundai's offer had been 87% subscribed, with significant interest from QIBs and employees. At 0.43x, participation of retail investors remained largely subdued. Notably, an IPO is considered cancelled and withdrawn, if it fails to meet the 90% subscription threshold.

Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns

<ul><li>The IPO of CE Info Systems, the parent company of MapMyIndia, was oversubscribed by 154 times.</li><li>The grey market premium (GMP) of MapmyIndia was at ₹730 on December 20.</li><li>The company has 500 clients, including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor.</li></ul>CE Info Systems — which operates MapmyIndia — will make its debut on the stock exchange today, December 21, after its initial public offering (IPO) was oversubscribed by 154 times. The portion reserved for the non institutional investors (NII) was oversubscribed by 424 times, as per data shared by the stock exchanges. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">196.36 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NII) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">424.69 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">154.71 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The price band for the public issue was fixed at ₹1,000-1,033, and the lot size was 14 equity shares. MapmyIndia has raised ₹1,040 crore through an offer for sale (OFS) by existing shareholders of the company. The grey market premium — premium at which companies’ shares are being traded in the grey market — was ₹730 on December 30. The company was founded in 1995 by Rakesh and Rashmi Verma, and it is now headed by Rohan Verma. It builds digital map data, telematics services, location-based software-as-a-service (SaaS) and geographic information system (GIS) services. MapmyIndia reported a profit of ₹59.4 crore in fiscal year 2021 and the revenue was at ₹152 crore. The company has 500 clients, including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis and Safexpress. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/lic-owned-idbi-bank-gets-hit-by-6710-crore-loan-default-by-a-diamond-merchant-the-biggest-since-nirav-modi/articleshow/88392370.cms" data-type="tilCustomLink">LIC-owned IDBI Bank gets hit by ₹6,710 crore loan default by a diamond merchant, the biggest since Nirav Modi</a> <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-is-offering-eth-to-anyone-who-find-a-chief-meme-officer-or-a-crypto-game-economist-for-the-company/articleshow/88388082.cms" data-type="tilCustomLink">Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company</a> <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms" data-type="tilCustomLink">Why is the stock market falling so sharply today?</a>

MapmyIndia will make its debut on the stock exchange today— GMP at ₹730

<ul><li>The Indian government is reportedly all set to increase <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> on online gaming to 28%, a proposal that could spell trouble for the industry and players alike. </li><li>The online gaming industry is expected to cross $5 billion valuation by 2025, but the taxman’s greed could kill the golden-egg laying hen. </li><li>Experts are worried about the impact this could have on the industry – both the players and the businesses, which are still in their early days. </li></ul>The Indian government is reportedly all set to tax casinos, online gaming and horse racing at the highest slab of GST – 28%. Looks like the taxman is intent on treating these recreational activities and skills on par with tobacco, cigarettes, <a href="https://www.businessinsider.in/cryptocurrency/news/28-gst-on-crypto-transactions-india-is-reportedly-mulling-another-tax-levy-next-week/articleshow/92407767.cms">cryptocurrencies</a> and luxury cars. Online betting, gambling, casinos and horse racing have long been treated ‘unfairly’ by the Indian taxman – while GST has been considerably moderate at 18% until now. Winnings and other income earned from these activities have been taxed at the highest rate of 30% without any deductions whatsoever. Now, a new <a href="https://economictimes.indiatimes.com/news/economy/policy/28-gst-likely-on-casinos-online-gaming-horse-races-on-gross-revenue/articleshow/92474293.cms?from=mdr">report</a> suggests that the government is mulling increasing the GST rate to 28% – the highest in effect currently. This will be applicable on compulsory food and beverages as well, driving up the costs for businesses and participants. <div type="Article" hostid="261" msid="92356710" title="INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Fantasies are taxed too, and that too doubly" comment="subhead" text="Fantasies are taxed too, and that too doubly">Fantasies are taxed too, and that too doubly</cmsannotation> The government proposal says that GST will be charged on the gross revenue, not the net value added, which goes against both global tax ethics – as well as the very foundation of the GST regime, which intends to remove the undesirable double taxation effect. "Taxing online gaming, horse racing, and casinos at gross revenue instead of net value addition would be a departure from the global tax ethics," Rajat Mohan, senior partner, AMRG &amp; Associates told PTI. This could have an adverse impact on the entire industry. For instance, the online gaming sector which includes the likes of MPL, Zupee, Winzo and other startups, is expected to cross $5 billion in valuation by 2025, according to a <a href="https://www.ibef.org/blogs/india-s-nascent-gaming-industry-on-the-rise">IBEF report</a>. The government earned nearly ₹1,500 crore from fantasy sports in the form of taxes in FY21. A Deloitte report says that the combined industry contribution could cross a whopping ₹16,000 crore cumulatively over the next two years. And the taxman believes that he found a goose which lays golden eggs. <cmsannotation type="cmsannotation" annotationid="The costly game of confusion" comment="subhead" text="The costly game of confusion">The costly game of confusion</cmsannotation> The online gaming industry has been plagued by the ambiguous nature of government’s tax policies. The taxman has often been said to be confused about the nature of online games – whether those involve skills or are just gambling. It might be justified to tax gambling at the highest rate of tax, but experts believe that punishing games of skill in the same manner is unfair. To make matters worse, the government wants to raise the tax from 18% to 28%. <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected" comment="subhead" text="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected">Mukesh Ambani, <keyword id="6398943" type="General" weightage="80" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and more, to be affected</cmsannotation> This can also have an adverse impact on telcos, which are banking on online gaming as a new revenue stream as the industry seems to be entering a phase of stagnation. “Rather than being just the pipe, telcos like Jio (RIL owned) and Bharti are focusing on gaming as an incremental source of ad/subscription revenue. In fact, RIL believes that gaming in India will be bigger than music, movies and television shows put together,” said a report by Bank of America Securities. This could also impact <keyword id="201442" type="General" weightage="50" keywordseo="delta-corp" source="Orion">Delta Corp</keyword>, the only listed casino operator in the country which has seen its fortunes fade away, with even Rakesh Jhunjhunwala paring down his holdings in the company considerably. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> “This would be a distress the business model to a great extent as the touted super tax will have to be funded either by the platform, who do not make that kind of money in this business or would go on to reduce the prize pool size – effectively bringing down the interest in customer engagement,” Adarsh Somani, senior partner at ELP Law, told Business Insider India. This would wreak havoc on the gaming industry, and even if the government wants to reduce difficulties by offering a single – but higher – rate of tax, the valuation methodology will have to be made clear, Somani added. As things stand today, there is plenty of ambiguity that will have to be worked out by the government – even a small misstep could spell a lot of trouble for the gaming industry and its participants. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/auto-and-finance-stocks-can-bounce-back-even-if-the-market-crashes-in-july/articleshow/92436186.cms">Auto and finance stocks can bounce back even if the market crashes in July</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/interview-the-big-picture-on-5g-big-tech-telco-war-with-coais-dr-sp-kochhar/articleshow/92356710.cms">INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar</a>

India is betting on casinos, online games and horse races to fill its coffers

<ul><li>Now, the market value of <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, at ₹4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to ₹2.4 lakh crore.</li><li>The latest blow came from competitor Jio's new post paid plans that offer a slew of added benefits.</li><li>Investors fear that competitive pressures on one hand from Jio and Vodafone Idea surviving on the other may hurt Airtel.</li></ul>Investors in Bharti Airtel had bet the Vodafone Idea may not survive for too long, and that the pressure of competitive tariffs from Reliance Jio is now in the past. Both bets seem to have come undone and shares of Airtel, India's second largest telecom service provider, have lost 25% of their value since the peak the stock hit in May 2020. Now, the market value of Reliance Jio, at ₹4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to ₹2.4 lakh crore. <div type="image" title="airtel share price sep 23" msid="78269455" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Jio, at &amp;#8377;4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to &amp;#8377;2.4 lakh crore, after a 25% fall since the peak in May 2020.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <div type="Article" hostid="261" msid="78257460" title="Jio's new postpaid plans offer unlimited calling, Netflix, Prime Video and Disney+ Hotstar subscription" mstype="2" mssubtype="0"></div> Now, as it stands, Reliance Jio, owned by Asia's richest man <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, is aspiring for a lot more than Airtel, which seems to be focussed on mobile services and broadband for now. “Similar to Alibaba or Tencent which created tech-based ecosystems in China, we find RIL best positioned to create a similar ecosystem in India. In the next two-three years, we expect RIL to have a captive mobile base of over 500 million users,” said a Bank of America report dated July 16. A factor that shareholders appear to have factored in but the analysts have not. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹672 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹684 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹645 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700 </td></tr></tbody></table>Source: Economic Times The fear of tougher competition While Jio is potentially <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms" data-type="tilCustomLink" target="_blank">shaping into Alibaba and Tencent rolled into one</a>, it has kept the heat alive in the mobile telephony space. After mopping up a big chunk of the mass market, mostly low-margin prepaid users, the Ambani firm is now targetting the high-spending post-paid consumers with new plans bundled with a free subscription to OTT platforms like Netflix, Amazon Prime Video, and Disney+ Hotstar. On the other hand, Vodafone Idea has rebranded itself into Vi, and may, reportedly, find investors in <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-may-need-up-to-18800-crore-in-next-two-years-and-tariff-hikes-to-survive-says-a-new-report/articleshow/77923943.cms">US tech giants Amazon and Verizon</a>. This could give the Birla Group company the cash it needs to survive for the next two years, according to the Jefferies report. Those backing Airtel had hoped that Vi will fall by the wayside and the market will be down to a duopoly that they share with Jio. Bharti Chairman Sunil Mittal <a href="https://www.businessinsider.in/business/telecom/news/airtel-wants-to-increase-data-prices-to-100-per-gb-sunil-mittal-asks-subscribers-to-prepare-to-pay-a-lot-more/articleshow/77734318.cms" data-type="tilCustomLink" target="_blank">had recently said that</a> a fair price for mobile data in India would be a ₹100 per gigabyte (GB), whereas the current price of ₹10 per GB, is a 'tragedy'. However, it wasn't meant to be. Far from it, Jio's latest salvo will now force Airtel to act and protect its post-paid user base. All these put together have shaved off 25% from Airtel's share value in a little over four months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/yes-bank-ceo-prashant-kumar-clarifies-that-the-forensic-investigation-isnt-restricted-to-the-top-10-defaulters/articleshow/78255868.cms">EXCLUSIVE: YES Bank CEO Prashant Kumar clarifies that the forensic investigation isn't restricted to the top 10 defaulters</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/interview-cams-ceo-says-they-are-actively-hiring-through-the-pandemic/articleshow/78269110.cms">INTERVIEW: CAMS CEO says they are actively hiring through the pandemic</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/interview-cams-ceo-says-they-are-actively-hiring-through-the-pandemic/articleshow/78269110.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-chairman-is-urging-the-government-to-spend-more-to-boost-consumption/articleshow/78267444.cms">Data shows why HUL Chairman is urging the government to spend more to boost consumption</a>

Reliance Jio is now twice as valued as Airtel that is down 25% from its peak in May

The entire world will be watching the <keyword id="6356435" type="ORGANIZATION" weightage="20" keywordseo="US-Federal-reserve">US Federal Reserve</keyword> this week and how much money <keyword id="1727754" type="PERSON" weightage="20" keywordseo="Jerome-Powell">Jerome Powell</keyword> is willing to prop up the American economy, which is expected to contract 4.6% this year, according to Goldman Sachs. The best outcome, according to ING, will be a signal that the Fed will allow US inflation to shoot over the preset 2% target. But, there may already be inflation just not where you are looking Aside from gold, there are a handful of stocks raking up most of the money in many markets across the world. The combined market value of the three iconic companies, Apple, Microsoft, and Amazon, was already bigger than the entire German economy⁠— the fourth largest in the world⁠— at the start of the year. Now, they are even bigger. <table style="width: 373pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:149pt">Stock</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;"> Apple</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.6 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Microsoft</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.52 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Amazon</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.5 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">58.50%</td> </tr></tbody></table> “I think we actually have high inflation, but due to these side effects it is showing up in stock prices instead of consumer prices,” financial market expert John Mauldin wrote in a report on July 24. The concentration of gains has gotten worse since the pandemic began Mauldin pointed out that the likes of Microsoft, Apple, Amazon, Google, Netflix, and Adobe are part of ten stocks that have gained 35% or more this year, whereas the remaining 490 stocks in the S&amp;P 500 are down 10% or more. He calls this ‘inflation’, a term that usually denotes rising in prices of consumer items. “If the concept of reversion to the mean holds, either their sales are getting ready to explode, or their stock prices are going to fall. Or some combination,” he said. Something similar is happening in India. The gains in Reliance Industries⁠— which is now the world’s second-largest energy company after Exxon⁠— in the last six months is over 46%. The benchmark Sensex is still in the red for the said period. There are only 14 stocks in the benchmark Nifty50 index that are in the green for the year, the remaining 36 are in the red. Only half of those have seen gains of over 20% since the beginning of 2020, two of those are drug makers Dr Reddy’s Laboratories and Cipla. The broader indices have a lot more red than green. <table style="width: 373pt;"> </colgroup> <tbody><tr> <td class="xl67" style="height:15.0pt;width:149pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Reliance Industries</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹14.4 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">44.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dr Reddy's Labs</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹669.2 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">39.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cipla</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹527.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">36.88%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.97 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">27.48%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Britannia</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹911.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.41%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bharti Airtel</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.02 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">21.35%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.8 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.52%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Nestle India</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.6 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.42%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Hindustan Unilever</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5.17 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.54%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mahindra &amp; Mahindra</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹705.29 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11.84%</td> </tr></tbody></table> What pushed so much money into so few stocks? In a world gripped by crisis, risk aversion is the norm. Therefore, investors like to take shelter in big companies, market leaders in their own space, and well-diversified conglomerates where at least one wing makes money when many others don’t. One of the reasons why RIL — which has businesses from oil refining to telecom to retail to now, e-commerce⁠— was able to raise over $20 billion from global investors like Facebook, Google, and Intel to name a few at the peak of the pandemic. There will be more funds raised for the retail vertical now, Asia's richest man Mukesh Ambani recently promised. It’s not just the feeling of safety in familiarity and size According to Mauldin, the current bull market is a kind of perfect cash flow storm. <ul><li>Legions of new investors using stimulus money to buy whatever makes them feel good </li><li>Bored gamblers looking for action, </li><li>Large institutions brimming with Fed liquidity </li><li>Traders of all sizes, small investors to monster hedge funds, chasing momentum—a perfect witches’ brew </li></ul>"...all in the context of ultra-low interest rates that make cash and fixed-income holdings unattractive. You could not have designed a better perfect storm in which to create a market mania, and that’s exactly what we have,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/icici-bank-share-price-falls-alongside-sbi-hdfc-bank-kotak-mahindra-bank-and-other-banking-stocks/articleshow/77191098.cms">The fall in ICICI Bank shares reflects the market’s dislike banking stocks this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms">Google has been sued in Australia for alleged misuse of personal data</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/an-indian-court-has-summoned-jack-ma-for-wrongfully-firing-an-indian-employee/articleshow/77183378.cms">An Indian court has summoned Jack Ma for wrongfully firing an Indian employee</a>

A market expert sees ‘a perfect storm’ brewing in Amazon, Apple and Microsoft shares⁠

<div class="image-container float_right" style="width:382px"><div class="image"></div>Citi</div>MAMADOU NDIAYE grew up in Senegal. His parents were "not poor, but not rich". He was fascinated by mathematics, which he studied at Cheikh Anta Diop University in Dakar and then taught for several years in Côte d’Ivoire, saving to pursue his dream of studying in America.
He went to New York, where he worked at Staples, an office-supplies chain, to finance his masters in statistics at Columbia University. A customer, impressed by Mr Ndiaye’s sales advice, suggested that the Senegalese apply for a job with his own employer, IBM. That was 15 years ago. Now Mr Ndiaye is back home, as manager of the office Big Blue opened in Dakar last May.
The office in Senegal is just one sign that IBM believes <keyword id="12925" type="ENTERTAINMENT" weightage="60" keywordseo="Africa">Africa</keyword> will bring in billions. It is no newcomer: it sold its first gear there to South Africa’s railways in 1911 and a mainframe computer to Ghana’s central statistics bureau in 1964. Lately it has been paying special attention to the continent.
In July 2011 it won a ten-year, $1.5 billion contract to provide Bharti Airtel, an Indian mobile-phone company, with information-technology services in 16 African countries. Since mid-2011 it has set up shop in Angola, Mauritius and Tanzania, as well as Senegal. In all, it boasts a presence in more than 20 of Africa’s 54 countries. Last August it opened a research lab in Nairobi, one of only 12 in the world. And between February 5th and 7th Ginni Rometty, its chief executive, and all who report directly to her met dozens of African customers, actual and prospective, in Johannesburg and the Kenyan capital. It was, Mrs Rometty said, the first time the whole top brass had assembled outside New York since she became the boss just over a year ago.
Big Blue may be ahead, but it is not alone. Last month Eric Schmidt, Google’s chairman, spent a week in sub-Saharan cities. He enthused about Nairobi, which, he wrote, "has emerged as a serious tech hub and may become the African leader." Orange, a French mobile operator, and Baidu, China’s answer to Google, recently introduced a jointly branded smartphone browser in Africa and the Middle East. Orange also sponsored this year’s Africa Cup of Nations, a football tournament, in South Africa. (Nigeria won it, beating Burkina Faso in the final on February 10th.)
This month Microsoft, which has offices in 14 African countries, unveiled a smartphone to be sold in several African markets. It is made by China’s Huawei and uses Microsoft’s new operating system.
In Kenya Microsoft intends to bring broadband to places that do not yet have electricity, using solar power and "white spaces", or spare broadcast-television frequencies. Within a year, says Fernando de Sousa, the general manager for Microsoft in Africa, 6,000 people in the Rift Valley will have access to broadband. Similar projects are planned elsewhere. Since October Microsoft has been running "app factories" for programmers in Egypt and South Africa.
Mark Walker of IDC, a research firm, says that in the past three or four years multinational companies have adopted a "completely fresh approach". They have "a lot more skin in the game: investing in local people, so there’s proper knowledge transfer, investing in country offices." Companies are in it for the long term now, rather than quitting after a bad quarter or two.
Africa’s chief attraction is that it has been growing while richer regions have stalled (see chart 1). Its demographic prospects are promising, too. As America, Europe and China age, Africa can expect a bulge of workers in their productive prime. Though skills are in short supply, they are becoming more abundant. According to the McKinsey Global Institute, the consulting firm’s research unit, in 2002 only 32% of Africans had secondary or tertiary education, but by 2020, 48% will have. The continent can call on degree-laden expatriates such as Mr Ndiaye and Uyi Stewart, the Nigerian chief scientist of IBM’s Nairobi lab.
Some countries are better off, more stable or simply keener than others to make the most of IT. Kenya may be keenest. In 2006, frustrated by the slow progress of a regional plan to lay a fibre-optic cable along the east coast of the continent, Kenya negotiated its own link to the United Arab Emirates. The Gulf cable landed in 2009. The regional link, in which Kenya remains a partner, followed the next year.
<h3>The lion’s byte</h3>
Bitange Ndemo, a bigwig in the Ministry of Information and Communications and the man responsible for the cable from the Gulf, says he wants to see a rise in IT’s share of Kenyan GDP from about 5% now to 35% "within a very short period". He hopes for a mighty shift of employment away from agriculture. "But politicians must have the will," Mr Ndemo says.
If they are to create new markets and to profit from them, technology companies have to be on the spot. John Kelly, IBM’s head of research, says that after the firm set up labs in China in 1995 and in India in 1998, "we found that we were getting innovation out of those research labs which could only have occurred in those locations." The Indian lab, for example, produced the "spoken web", for illiterate people with cheap phones.
One of the Nairobi lab’s early challenges is traffic. The city has few traffic lights or cameras; hence the awful congestion. Signals from motorists’ mobile phones can help to track traffic, but planners have few data to work with. IBM’s lab will harness other sources, such as security cameras that are not aimed at the road but capture images of it anyway. IBM will then crunch all the data to help planners control traffic and decide where to build more roads.
The Nairobi lab is expected to earn its keep quickly. The Chinese and Indian labs, Mr Kelly says, took ten years to make a significant contribution technically and commercially. Kenya’s target is five. He says the lab has made a good start, drawing on work by an older sibling in Tokyo to tackle its traffic problem.
In many sectors, such as health care, education and water, as well as traffic, governments are sure to be important customers for IT companies. But private clients matter too, especially in telecoms and finance. The mobile phone, the first computer many Africans will own (see chart 2), is the bridge between the two.
To Westerners, "mobile banking" is a new way of doing something old. To many Africans, it is the obvious way of doing something new. In Kenya M-PESA, a system of transferring money over phones, is an everyday, reliable utility. Equity Bank, a fast-growing bank, most of whose customers have never had an account before, has come of age with mobile technology: its chief executive, James Mwangi, says his customers can use any of its 54 products on the move. For technology companies, all this means a growing demand for many things: reliable connectivity; software; analysis of data on spending, lending and repayment; and data centres.
Technology companies say they are keen to serve smaller businesses too. Microsoft has announced a programme called SME4Afrika, which is intended to bring 1m small and medium-sized enterprises online. Mr de Sousa points out that technology can also draw informal businesses into the formal economy. The ability to use software, computing power and storage online "as a service", paying only for what you need and only when you need it, may put the cost of information technology within the budget of many small African businesses. "The person who invented the cloud did it for Africa," says Mr Ndiaye of IBM in Senegal.
Mr Kelly makes a bolder claim, linking Africa’s emergence to that of "big data". IBM’s answer to how the world can cope with the rising torrent of exabytes is "cognitive computing". Instead of being given detailed instructions, cognitive computers are fed masses of data and use statistical analysis to answer complex questions. Watson, IBM’s first of this kind, was clever enough to win "Jeopardy", an American television quiz show, beating human champions hollow. The true purpose of a Watson, however, is not to show off on television but to sift data from radio telescopes or provide medical diagnoses.
<h3>From Jeopardy to epidemiology</h3>
Mr Kelly sees an opportunity "for Africa to move, and move first, to this new era of computing." It can leapfrog straight to the tech frontier, without worrying about adapting old systems to cope with the data it creates. At the Catholic University of Eastern Africa, which will eventually be the new lab’s home, a Kenyan asked Mr Kelly, "Will you bring Watson to Africa?" Yes, he replied, if someone suggests a problem for it to solve. Mr Ndemo spoke up: "Let us bring Watson here in nine months." Africa has plenty of problems. Computing power can help Africans solve them.
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Bharti Hexacom IPO price band fixed at ₹542-570/sh, issue to open on April 3

Katya Naidu

Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns

Ira Alok Puranik

MapmyIndia will make its debut on the stock exchange today— GMP at ₹730

Kritti Bhalla

India is betting on casinos, online games and horse races to fill its coffers

Rounak Jain

Reliance Jio is now twice as valued as Airtel that is down 25% from its peak in May

Sriram Iyer

A market expert sees ‘a perfect storm’ brewing in Amazon, Apple and Microsoft shares⁠

Sriram Iyer

IBM And Google Have Discovered A Massive New Market Opportunity

The Economist

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