Slippery road

Nifty50: 17,101 ▼8 (-0.05%)

Sensex: 57,200 ▼76 (-0.13%)

• After the gap-up opening, the markets were trading higher in the first half of the day.

• However, the weakness in the European indices lent negative cues and Indian markets slipped sharply and closed flat.

• Next week, with the Union Budget being announced, one could expect sector-specific movements.(-3.0%) were the top losers

  Among the Nifty sectoral indices, IT (+1.1%) and Pharma (+1.0%) were the top gainers, whereas Bank (-0.7%) and Auto (-0.5%) were the top losers.

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Here are the top stories of the day.

Bharti Airtel searched by Google

The global tech giant will invest  $1 billion(about ₹7,500 crore) in Bharti Airtel to accelerate the growth of India’s digital ecosystem. The deal includes investment of $700 million to acquire 1.3% ownership in Bharti Airtel at ₹734 per share.

It will further invest up to $300 million for potential multi-year commercial agreements.
The partnership will focus on enabling access to affordable smartphones and accelerate the cloud ecosystem for businesses. Interestingly, Google also holds nearly 8% stake in Reliance’s Jio platform.

LIC Housing Finance to the moon

The mortgage lender posted a net profit of ₹767 crore, up 6% year-on-year. This rise aided by a 14% growth in its net Interest income to ₹1,455 crore. However, the profit was impacted by impairment losses.

Meanwhile, the lender’s stage 3 assets - accounts that have defaulted for over 90 days - fell to 5.01% of the loan book in Q3FY22 from 5.14% in Q2FY22. The management expects growth and asset quality to improve. It added that the collection efficiency continues to hold up.  

TVS Motor acquires Swiss e-bike player

The two-wheeler maker has acquired a 75% stake in Switzerland’s largest e-bike player SEMG for about ₹490 crore. This is it's third acquisition in Europe and in the personal mobility space in the last two years.

SEMG has revenue of about $100 million (about ₹750 crore). The current penetration of e-bikes is about 15% of the total bicycle population in Europe and this market is growing at a CAGR of 18%, as per the company.

Budget Buzz

The government has decided that the budget will be paperless this year too. The union budget will be primarily available digitally and only a few copies of the document will be printed, according to reports. Also in the wake of the spread of the new virus variant, the traditional halwa ceremony has been cancelled. Finance Minister, Nirmala Sitharaman, will unveil the Union Budget 2022 on February 1, 2022, at 11 am.
    

Good to know

What is TAM?

The Total Addressable Market (TAM) or total available market is the overall revenue opportunity available to a product or service, considering 100% market share. It helps a business estimate the effort and funding required to service that size of the market. Further, based on the size of the market, it can prioritise specific products, customer segments and untapped business opportunities.

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