Chinese Premier Li Qiang gestures as he speaks during the opening session of the National People’s Congress (NPC) in Beijing
| Photo Credit: AP

Siemens announced a $10.6 billion deal to buy US engineering software firm Altair Engineering overnight, cheering analysts who see it boosting the company’s presence in the fast-growing industrial software market.

Still, there was some concerns about the high price Siemens paid for Michigan-based Altair. The offer price of $113 per share represents a premium of about 18.7% to Altair’s close on October 21, a day before Reuters first reported the company was exploring a sale.

The deal is Siemens’s biggest acquisition since Siemens Healthineers bought medical device maker Varian Medical Systems for $16.4 billion in 2020.

Analysts at Alpha Wertpapierhandel said the deal, while not cheap, would strengthen Siemens’ struggling digital industries division.

“Altair adds AI-powered design and simulation,” Alpha said. “All in all, longer term, this seems to be a good deal for Siemens.”

Jefferies analyst Simon Toennessen said the acquisition gave Siemens more expertise around artificial intelligence and high performance computers.

It would also make the group a more credible rival to chip-design company Synopsys, which agreed to buy design software firm Ansys earlier this year, as well as Cadence Design Systems

Siemens shares were down 0.8% at 0827 GMT, against a 0.4% decline in the wider index. The share price reaction might be due to the cost of the deal, one trader said.

Altair, whose simulation software helps predict how products would work in the real world, fits Siemens’s strategy of using its hardware and software to combine the real and digital worlds.

The German maker of trains and factory equipment has been trying to expand beyond its traditional industrial customers by boosting its digital offering to improve the performance of its production lines, trains and buildings.

The transaction is anticipated to add to Siemens’ earnings per share in about two years from the deal’s closing, which is expected in the second half of 2025.

It will also increase Siemens’ digital business revenue by about 8%, adding approximately 600 million euros ($651.4 million) to the company’s digital business revenue in fiscal 2023.

The transaction would have a revenue impact of about $500 million per year in the mid-term and more than $1 billion per year in the long term, Siemens said.

Siemens competes with Rockwell Automation, Emerson Electric and ABB in the industrial software market which is currently worth an estimated $21.5 billion annually and is forecast to grow by 16.7% per year.

Separately on Wednesday, Altair reported a 13% third-quarter rise in revenue to $151.5 million.

Engineering software companies have become attractive acquisition targets as investors bet on companies that could benefit from the boom in artificial intelligence.

In January, Synopsys agreed to buy design software firm Ansys in a $35 billion cash-and-stock deal.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

File picture of Reserve Bank of India (RBI) Governor Shaktikanta Das
| Photo Credit: ANI

Reserve Bank Governor Shaktikanta Das on Thursday (September 5, 2024) said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path.

In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.

“Our nation’s journey towards becoming an advanced economy is drawing strength from a unique blend of factors, and these factors would include a young and a dynamic population, a resilient and diverse economy, robust democracy, and a rich tradition of entrepreneurship and innovation,” Mr. Das said.

ALSO READ:​ The Hindu editorial n the World Bank’s India Development Update

Stressing that India’s growth story is intact and banks have robust balance sheets, he exhorted the private sector to step up investments in a big way.

He said data actually shows that the fundamental growth drivers of the Indian economy are actually gaining momentum and they are not slowing. “This gives us the confidence to say that the Indian growth story remains intact,” he said.

In his speech, the governor said past reforms like GST and IBC have yielded long-term positive outcomes, and emphasised the need for further reforms in land, labour, and agri markets.

While acknowledging that headline inflation matters, he said the balance between inflation and growth is well-poised.

With monsoon progressing well and healthy Kharif sowing, food inflation outlook could become more favourable, he added.

Mr. Das further said the financial sector must expand access and harness digital platforms to drive inclusive growth.

He also made a strong case for tailored products and services for women-led businesses and MSMEs without diluting underwriting standards.

Mr. Das further noted that only regulated entities will be allowed on Unified Lending Interface (ULI) platform to ensure prudent lending. “ULI will not be a select club of few players,” he said.

Image used for representational purpose.
| Photo Credit: Reuters

Benchmark equity indices rebounded in early trade on Thursday (September 5, 2024) amid steady foreign fund inflows along with buying in frontline stocks Reliance Industries and HDFC Bank.

The 30-share BSE Sensex rebounded 264.85 points to 82,617.49 in early trade. The NSE Nifty climbed 76.75 points to 25,275.45.

Among the 30 Sensex firms, UltraTech Cement, Tata Steel, ITC, Titan, ICICI Bank, JSW Steel, Reliance Industries and HDFC Bank were the biggest gainers.

Nestle, Bharti Airtel, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were among the laggards.

In Asian markets, Seoul and Shanghai were trading higher while Tokyo and Hong Kong quoted lower.

The U.S. markets ended on a mixed note on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth ₹975.46 crore on Wednesday, according to exchange data.

“FIIs turning net buyers of domestic equities in past few sessions has been lending a major support,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

India’s services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday.

The BSE benchmark dropped 202.80 points or 0.25% to settle at 82,352.64 on Wednesday.

Snapping its 14-day rally, the Nifty declined 81.15 points or 0.32% to 25,198.70. The Nifty had surged nearly 1,141 points or 4.59% in 14 straight days.

Meanwhile, global oil benchmark Brent crude traded 0.19% higher at $72.84 a barrel.

Image used for representational purpose.
| Photo Credit: Reuters

The rupee rose 2 paise to 83.96 against the U.S. dollar in early trade on Wednesday (September 4, 2024) aided by a weakening dollar against major currencies overseas and a drop in crude oil prices.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.14% to 101.67.

Brent crude, the international oil benchmark, declined 0.62% to 73.29 in futures trade.

At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The unit had settled at 83.98 against the U.S. dollar on Tuesday.

“Amid the backdrop of this week’s jobs data, U.S. markets experienced a significant sell-off yesterday as investors sought refuge accompanied by a sharp drop in oil prices,” CR Forex Advisors Managing Director Amit Pabari said.

Meanwhile, in the domestic equity markets, Sensex tumbled 721.75 points to 81,833.69 in early trade, while Nifty tanked 196.05 points to 25,083.80.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth ₹1,029.25 crore, according to exchange data.

Combination image of Mukesh Ambani and Gautam Adani. File
| Photo Credit: ANI

Recouping the dent caused by the Hindenburg Research report, Gautam Adani’s networth shot up 95% to ₹11.6 lakh crore last year, which helped him replace Mukesh Ambani to become the richest Indian, a report said on Thursday.

Reliance Industries Chairman and Managing Director Mr. Ambani’s overall networth increased by 25% to ₹10.14 lakh crore, as per the 2024 Hurun India Rich List.

In 2023’s report, Mr. Adani’s wealth declined by 57% to ₹4.74 lakh crore, and Mr. Ambani was way ahead with a fortune of ₹8.08 lakh crore.

It can be noted that Mr. Adani’s net worth declined sharply following various allegations levelled by U.S.-based short seller Hindenburg Research. The conglomerate has denied all the allegations.

In the 2014 edition, Hurun had pegged Mr. Adani’s fortunes at ₹44,000 crore, which made him the tenth richest Indian then.

Shiv Nadar and family of HCL gained one spot to be the third richest with a networth of ₹3.14 lakh crore, while Serum Institute of India’s Cyrus Poonawalla slipped by one notch to the fourth position with a net worth of ₹2.89 lakh crore in 2024.

Sun Pharmaceuticals’ Dilip Shanghvi continued his ascent on the list, securing the fifth richest tag against sixth last year with a networth of ₹2.50 lakh crore.

Radha Vembu of Zoho was the wealthiest among self-made women with a fortune of ₹47,500 crore, while Zepto’s co-founders Kaivalya Vohra and Aadit Palicha, who are in their early 20s, were the youngest on the list with a networth of ₹3,600 crore and ₹4,300 crore, respectively.

46% jump in cumulative wealth

The list, which captures Indians having a net worth of over ₹1,000 crore, grew by 220 individuals to 1,539 people in 2024. The cumulative wealth has seen a 46% jump in the year.

Actor Shah Rukh Khan made his debut on the list with a fortune estimated at ₹7,300 crore, which was much higher than business partner Juhi Chawla with ₹4,600 crore net worth secured second place among the entertainers.

Interestingly, 16 professionals also made it to the list with Arista Networks’ chief executive Jayshree Ullal being the wealthiest at ₹32,100 crore and followed by D-mart chief executive Ignatius Navil Noronha at ₹6,900 crore, according to the list.

Gera Developments’ Kumar Pritamdas Gera’s wealth grew the fastest at 566% in the 2024 list, while Mr. Ambani and Mr. Adani had the biggest growth by quantum, the list said.

Image used for representational purpose.
| Photo Credit: Vivek Prakash

The rupee opened 1 paisa higher at 83.67 against the U.S. currency on August 1 after the Federal Reserve held the rates, but said a September rate cut could be on the table.

The U.S. dollar declined marginally in overseas markets but Brent crude oil prices rose further, limiting gains for the domestic currency.

At the interbank currency exchange, the domestic currency opened at 83.67, 1 paisa higher than the previous day’s close.

Also read | Sensex rises 388 points, Nifty breaches record 25,000-mark

The domestic currency moved in a tight range of 83.67-83.69.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.13% to 103.96 points.

Brent crude — the global oil benchmark — rose 2.26% to $80.41 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex crossed the 82,000-mark for the first time, while Nifty touched a record high of 25,000.

Foreign institutional investors were net sellers in the capital markets on Wednesday and offloaded shares worth ₹3,462.36 crore, according to exchange data.

Image used for representational purpose.
| Photo Credit: Reuters

The rupee consolidated in a narrow range and settled for the day 3 paise higher at 83.58 (provisional) against the U.S. dollar on July 16, on firm domestic markets and sustained inflow of foreign capital.

Forex traders said a decline in crude oil prices favoured the rupee, while a strong U.S. dollar capped sharp gains.

At the interbank foreign exchange market, the local unit opened at 83.59, and touched an intraday high of 83.53 and a low of 83.60 against the dollar during the trading session.

It finally settled at 83.58 (provisional) against the American currency, registering a gain of 3 paise from its previous close.

On Monday, the rupee depreciated 10 paise to 83.61 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally higher by 0.11% at 104.29.

“The U.S. dollar gained on positive U.S. markets and a surge in U.S. treasury yields on rising expectations that Donald Trump may be re-elected as the President of the United States in the upcoming elections in November,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

Brent crude futures, the global oil benchmark, were trading 0.68% lower at $84.27 per barrel.

“We expect the rupee to trade with a slight negative bias on the strong U.S. dollar and weak Asian currencies. However, a decline in crude oil prices and continued foreign inflows may support the rupee at lower levels,” Mr. Choudhary said, adding that any intervention by the RBI may also support the local unit.

In the domestic equity market, the 30-share BSE Sensex ended the day 51.69 points, or 0.06%, higher at 80,716.55 points. The broader NSE Nifty settled 26.30 points, or 0.11%, higher at 24,613.00 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth ₹2,684.78 crore, according to exchange data.

Meanwhile, India’s merchandise exports in June increased 2.56% to $35.2 billion despite global challenges, even as the trade deficit widened to $20.98 billion during the month.

On the price front, wholesale inflation in the country surged to a 16-month high of 3.36% in June on account of a rise in prices of food articles, especially vegetables and manufactured items.

Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: Reuters

Benchmark equity indices declined in early trade on July 5 amid profit-taking after a record rally in the last few trading sessions and selling in blue-chips HDFC Bank and ICICI Bank.

The 30-share BSE Sensex plunged 504.27 points to 79,545.40. The NSE Nifty slipped 105.30 points to 24,196.85.

Among the 30 Sensex companies, HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank were the major laggards.

Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys and Tech Mahindra were among the gainers.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹2,575.85 crore, according to exchange data.

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the U.S. jobs data expected on Friday.

“If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In Asian markets, Seoul quoted higher, while Tokyo, Shanghai and Hong Kong traded lower.

“Most markets in the Asia-Pacific region traded lower due to the absence of cues from U.S. peers, with investors keenly awaiting the non-farm payroll data to be published later on Friday,” Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said.

U.S. markets were closed on Thursday on the occasion of Independence Day.

Global oil benchmark Brent crude declined 0.37% to $87.11 a barrel.

On Thursday, the 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Later, the Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15.