The business wrap: BSE shares close 33% higher on NSE debut, and six other top stories
In other headlines: Snapchat's owner said it was seeking $3 billion from its IPO, and Apple reportedly selected a Bengaluru suburb for an iPhone factory.
A look at the headlines in the sector:
- Shares of Bombay Stock Exchange close 33% higher after NSE debut: Companies listed on the BSE’s Sensex also hit a record high of Rs 115 lakh crore in combined market capitalisation.
- Snapchat owner Snap seeks $3 billion in IPO, may look for $25-billion market valuation: In its filing, the company said that it will use the proceeds for corporate purposes, which may include acquisitions.
- Apple selects Bengaluru’s Peenya area to set up iPhone manufacturing plant: The Karnataka government said the tech major’s decision will further boost the city’s image as the ‘most preferred destination for foreign investment’.
- Indian IT firms to discuss proposed changes to H1-B visa rules with Donald Trump’s officials: Meanwhile, the Centre said it would not “prejudge the outcome” of the US president’s move to tighten H1-B work visa norms for the country.
- Alibaba to hold majority stake in Paytm’s new e-commerce business, say reports: The Jack Ma-led Chinese online behemoth is already one of the largest investors in the website’s parent company.
- Sensex closes 14 points higher, Nifty by seven as markets end week on flat note: Analysts said investors were consolidating their holdings and waiting for the results of the RBI’s February 8 policy meeting.
- Former Cyrus Mistry aide Madhu Kannan joins Uber as Chief Business Officer for India: Kannan will be responsible for growing the company’s business in emerging markets in the Asia Pacific region.