Mon Oct 28 05:58:58 UTC 2024: ## Business World Headlines:

**Gautam Singhania Slams Lamborghini Over Arrogance, Revuelto Service Issues**

Raymond’s Chairman and MD, Gautam Singhania, known for his luxurious lifestyle and impressive car collection, has taken to social media to express his displeasure with Lamborghini’s customer service. Singhania, who recently purchased a Lamborghini Revuelto, encountered issues with the car’s electric system just 15 days after purchase. Singhania claims that despite the car’s malfunction and subsequent troubles, neither the India Head nor the Asia Head of Lamborghini has reached out to address the customer’s issues. He criticized their “arrogance” in a social media post, questioning their lack of customer care. Lamborghini has not responded to the allegations.

**Swiggy IPO Expected This Week, Valuation Estimated at Over Rs. 95,000 Crore**

Food delivery giant Swiggy is set to launch its much-anticipated Initial Public Offering (IPO) this week. The IPO is expected to open for investors between 6th and 8th November, with the price band expected to be announced within two days. Investors like Prosus and Softbank are likely to sell some of their shares in the IPO. Swiggy is targeting a valuation of over $11.3 billion (approximately Rs. 95,000 crore) at the upper end of the price band. The total IPO size is estimated to be around Rs. 11,700 crore, with fresh issuance of shares expected to be around Rs. 4,500 crore and the Offer for Sale (OFS) estimated at Rs. 6,800 crore.

**JSW Energy Wins Bid for Mahanadi Power, Adani Group Steps Back**

JSW Energy has secured the Mahanadi Power project with a bid of Rs. 15,985 crore, outbidding Adani Power, which had been pursuing the acquisition for the past six years. Adani Power withdrew from the bidding process after placing a final bid of Rs. 15,885 crore in the 10th round. JSW Energy remained the sole bidder in the 11th round, surpassing Adani’s bid. This marks the third major acquisition in the power sector for JSW Energy, following acquisitions of Ind Barath Energy (Utkal) and KSK Mahanadi Power.

**This Week in the Indian Stock Market: IPO Listings, Diwali Muhurat Trading, and Share Trends**

Although no new IPOs are scheduled to launch this week, a total of eight IPOs are expected to be listed on the stock market, including Waaree Energies Limited. The market will remain closed on November 1st for Diwali, but will open for one hour of Muhurat trading from 6 PM to 7 PM.

The previous week saw a downtrend in the Indian stock market, with the Sensex closing at 79,402.29, down by 662.87 points, and the Nifty dropping by 218.60 points to 24,180.80. This week, MACD indicates potential upside for stocks like CSB Bank, Axis Bank, IDBI Bank, Coforge, Shree Cements, and Aster DM Healthcare. Stocks that have hit their 52-week high, like Dixon Technologies, Deepak Fertilisers, Max Financial, Radico Khaitan, and Coforge, are also worth watching.

**AU Small Finance Bank Reports Strong Q2 FY25 Results, Net Profit Up by 42%**

AU Small Finance Bank has announced a 42% increase in net profit for the second quarter of FY25, reaching Rs. 571 crore, compared to Rs. 402 crore in the same period last year. This growth was attributed to an improvement in interest income. Total income for the quarter rose to Rs. 4,549 crore, up from Rs. 2,957 crore in the previous year.

**Nvidia Surpasses Apple, Becomes World’s Most Valuable Company**

Nvidia has reclaimed the title of the world’s most valuable company, surpassing Apple with a market capitalization of $3.53 trillion. The surge in Nvidia’s share price is driven by strong demand for its new supercomputing AI chips.

**RBI Governor Das Advocates for Global Ban on Cryptocurrencies**

RBI Governor Shaktikanta Das has reiterated his stance on cryptocurrencies, advocating for a global ban on the digital assets. He highlighted the financial risks associated with cryptocurrencies, emphasizing their potential impact on monetary stability and financial systems. Das believes a global ban is crucial to mitigate these risks effectively.

**Kenya Court Suspends Adani Energy Solutions Project Worth $73.6 Million**

A Kenyan court has suspended a major project involving Adani Energy Solutions, worth $73.6 million, following a challenge by the Law Society of Kenya. The project involved building electricity transmission lines and other infrastructure in Kenya. The court’s decision highlights concerns about the project’s transparency and potential violations of Kenyan law.

**India’s Forex Reserves Decline to $688.267 Billion**

India’s foreign exchange reserves have decreased for the third consecutive week, dropping by $2.163 billion to $688.267 billion, primarily due to continuous selling by Foreign Portfolio Investors (FPIs). This decline in reserves comes as FPIs have pulled out over Rs. 1 lakh crore from the Indian stock market this month, seeking better investment opportunities in China.

**Zomato Launches Advanced Order Booking Feature in 30 Cities**

Online food delivery platform Zomato has introduced a new feature allowing customers to schedule their orders up to two days in advance. This service, currently available in 30 major cities across India, enables users to plan their meals ahead of time and enjoy their favorite dishes at their convenience.

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