Opening bell: Sensex rises 513 points to 58,579, Nifty up 155 points to 17,429

The 30-share BSE Sensex climbed 513.29 points to 58,578.76 in early trade. The broader NSE Nifty advanced 154.5 points to 17,428.80. Among the 30-share Sensex pack, Tata Steel, Larsen & Toubro, HCL Technologies, Sun Pharma, ICICI Bank, Maruti and Axis Bank were among the winners. However, Bajaj Finance, IndusInd Bank, Hindustan Unilever and Kotak Mahindra Bank were among the laggards. The Nifty rallied 386.95 points or 2.29 per cent to end at 17,274.30.

Elon Musk now wants Tesla investors to approve his $56 billion 2018 salary

Tesla Inc. will hold a new vote on Elon Musk's compensation after a court voided a $56 billion award from 2018. The company will also vote on moving its state of incorporation to Texas. Chair Robyn Denholm criticized the court's decision, while a shareholder sued over Musk's pay being excessive. Musk, who owns about 13% of Tesla, expressed interest in AI and robotics unless he has a 25% stake. Tesla shares rose 1.1% before regular trading, dropping 37% this year.

Asos Sees Higher Profit Next Year as Turnaround Gains Ground

Asos Plc expects profit to rise in the next fiscal year due to cost-cutting efforts and reducing unsold stock. Shares rose over 11% in early trading, signaling investor optimism. Revenue fell 18% in the first half, but the company is confident in hitting guidance for 2024 by clearing old stock. Asos, previously a market favorite, has faced challenges but is making progress.

GCCs, 3rd-party IT service providers driving demand for workspace in India: Report

Outsourcing jobs to India is boosting office demand, with global capability centers and IT providers leasing 46% of workspace in 2023, says Knight Frank. India's offshoring industry accounts for 57% of the global market, driving significant leasing growth. The industry, including GCCs and GBS, contributes 60% to service exports. India's GCC landscape has expanded, with IT leading growth. Desai predicts GCCs will continue driving office market demand into 2024 and beyond, making India a global hub by 2030.

India's power consumption rises nearly 10 pc to 70.66 bn units in first half of Apr

India's power consumption rose by nearly 10% to 70.66 billion units in the first half of April, indicating improved economic activity and consumption patterns. Peak power demand reached 218 GW, up from 206 GW last year. Experts believe the increase in double digits reflects changing consumption habits and increased energy usage on appliances and gadgets. The rise in electric vehicles has also impacted consumption patterns.

MG Motor India looks to expand network in tier III, IV to drive next phase of growth

MG Motor India is expanding to tier III and IV cities with plans to establish 100 new touchpoints by the end of the fiscal year. With JSW Group as a joint venture partner, the company aims to invest Rs 5,000 crore and sell one million electric vehicles by 2030. The company plans to have 520 sales and service touchpoints in 270 cities by 2024-25 as part of its growth strategy called MG 2.0.

Ashmore Counters Consensus With Big Bet on China Over India

Ashmore Group PLC is reducing exposure to Indian equities, favoring China in its emerging-markets fund due to overhyped Indian market and favorable valuations in China. Despite India's economic growth, high valuations led to profit booking. China's potential recovery, cost management, and consumer strength make it an attractive investment. Ashmore's EM equity fund has outperformed peers, with a 5% annual gain over five years.

Louis Vuitton and Dior Are Still Wardrobe Staples

LVMH's fashion and leather goods division saw only a 2% increase in organic sales, the lowest growth since 2016. While sales in China were strong, the US and Europe faced challenges. LVMH remains in a better position than its competitors, but the luxury market's future remains uncertain. Investors are hopeful for a soft landing, but the outcome is still uncertain.

Indian economy projected to grow 6.5 per cent in 2024: UNCTAD

The UN projects India's economy to grow by 6.5% in 2024, with multinationals expanding manufacturing processes in India to boost exports. Strong public investment and services sector drove 6.7% growth in 2023. Global growth to be 2.6% in 2024, slower than pre-pandemic levels. China faces economic challenges. IMF projects India's growth at 6.8% in 2024.

Apple CEO Tim Cook's big announcement for Indonesia: ‘Looking into building…’

Apple CEO Tim Cook expressed interest in exploring the possibility of building a manufacturing facility in Indonesia during a meeting with President Joko Widodo. The tech giant currently manufactures key products in Vietnam and has established developer academies in Indonesia. The country's tech-savvy population makes it an attractive market for Apple.

Elon Musk's Tesla dips in value as shares extend decline: What's happening?

Tesla Inc. shares continue to decline in 2024, briefly dropping below a $500 billion market valuation. Job cuts highlight the company's slowed growth, with shares falling 37% this year. Analysts warn of downside risk due to lower demand for EVs, as Tesla faces challenges in its growth trajectory and profit outlook. The company's pivot towards a robotaxi and upcoming Q1 results add pressure on its future prospects.

IMF changes lending rules to speed up debt restructuring

The International Monetary Fund's executive board approved reforms to expedite debt restructurings, allowing programs to proceed despite holdout creditors. The changes aim to address delays in the Common Framework for debt treatment, particularly with China's complex lending landscape. The IMF seeks to reduce the time between staff agreement and creditor assurances, aiming for a two to three-month wait.

Goldman Sachs Backs AI in Hospitals With $47.5 Million Kontakt.io Investment

Goldman Sachs' growth equity unit invested $47.5 million in Kontakt.io, a startup helping hospitals track equipment. Kontakt.io plans to use the funding to expand its AI system for hospital operations. The startup, profitable for four years, aims to streamline healthcare management and save costs. With 4 million devices in circulation, Kontakt.io is well-positioned to develop its AI capabilities.

RERA Court imposes fine of ₹6 lakh on Vatika Ltd for violating builder-buyer agreement

The Real Estate Regulatory Authority court in Gurugram penalised Vatika Limited with over Rs 6 lakh for violating the Builder Buyer Agreement provisions. The landmark order by Judge SK Arora brought relief to five complainants who had booked commercial units in Vatika India Next project. Vatika allegedly transferred their units without consent to a different project, reducing unit sizes. Vatika Limited plans to appeal the court order.

China’s Dongfeng Mulls Making 100,000 Cars a Year in Italy

China's Dongfeng Motor Group is in talks with the Italian government to potentially build a plant in Italy with the capacity to produce over 100,000 vehicles annually. The move aims to strengthen Dongfeng's international presence, particularly in Europe's automotive market. These discussions could impact Stellantis, the Fiat maker, which has faced challenges in Italy. Dongfeng is considering focusing on hybrid cars for the Italian market due to the country's lower adoption of electric vehicles compared to its European counterparts.

Tesla layoffs: Global job cuts at Elon Musk company to impact China the most?

Tesla is cutting jobs globally, including in the U.S. and China, with layoffs affecting sales, tech, and engineering. CEO Elon Musk announced over 10% of the workforce will be let go due to falling sales and competition in the electric vehicle market. Layoffs in U.S. service centers and China sales teams are happening, while Tesla Germany denies reports of mass firings.