Swiggy IPO Buzz Drives 40% Surge; ED Investigates Fiewin Betting App
Swiggy's IPO Sparks Share Surge
Swiggy's impending IPO has clearly excited investors, with shares skyrocketing by nearly 40% from Rs 355 in July to approximately Rs 490. The trajectory indicates a robust market appetite, as operating revenues have witnessed a 36% increase and net losses reduced by 44% in FY24. The total market value has surged from Rs 70,000 crore to Rs 1.16 lakh crore.
Enforcement Directorate Targets Fiewin
In a significant development, the Enforcement Directorate (ED) has launched an investigation into the Fiewin betting app, which allegedly operated under the direction of Chinese nationals. The agency has identified around Rs 400 crore in funds generated from this scheme, leading to asset attachments worth approximately Rs 25.78 crore, including a substantial amount in cryptocurrency.
Tata and PSMC Semiconductor Partnership
Tata Electronics announced the successful completion of an agreement with Powerchip Semiconductor Manufacturing Corporation (PSMC) to establish India's first semiconductor fab. This collaboration aims to address the growing demand for chips in various sectors, including AI and automotive.
Meta Connect Event Highlights
At the recent Meta Connect event, significant advancements were showcased including AI tools and the unveiling of Orion, the latest augmented reality (AR) glasses positioned to compete in the tech space. This innovation underscores Meta's commitment to enhancing user engagement and aligns with industry competition trends.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.