Global tech stocks stage tentative recovery after Meta rout
The Hindu
Mark Zuckerberg-led firm saw $200 bn in market cap wiped out
Tech stocks staged a tentative rebound across financial markets on Friday as stellar results from Amazon.com Inc. convinced traders not to give up on a sector weakened by a global monetary tightening cycle and the historic crash of Facebook owner Meta.
The company, led by Chief Executive Mark Zuckerberg, saw over $200 billion of its market value wiped out after it issued a dismal forecast, representing the biggest single-day slide for a U.S. company.
Meta Platforms Inc.’s sell-off spilled over to other listed tech companies, dragging Wall Street deep into the red, before Amazon’s convincing earnings beat after the market close on Thursday changed the mood.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.
NTPC Green Energy IPO oversubscribed by 93% on day 2, raising ₹3,960 crore for renewable energy projects.
Chief Economic Advisor advises India Inc to focus on productivity, R&D, and quality over reliance on weak currency for exports.
Private telcos lost over 1 crore wireless subscribers in September, while BSNL added 8.5 lakh users, refusing to hike tariffs.