This news wrap covers the key developments in the Indian stock market, corporate earnings, the India-China border situation, and US elections. Key highlights include the Sensex and Nifty closing in the red, L&T and Dabur’s Q2 results, the completion of disengagement between India and China in Ladakh, and Kamala Harris’ closing argument in the US election.
Indian conglomerate Larsen & Toubro (L&T) has announced the acquisition of fabless semiconductor design company SiliConch Systems for Rs 183 crore. The acquisition, which is expected to be completed by September 15th, will see L&T Semiconductor Technologies acquire a 100% stake in SiliConch. This move aims to bolster L&T’s presence in the fabless semiconductor business by leveraging SiliConch’s IP, engineering skills, and design expertise.
Prime Minister Narendra Modi will address an election rally in Andhra Pradesh on May 8th. Tata Power, L&T, and other companies will announce their Q4 results on the same day. The Supreme Court of India will hear petitions related to the Uttarakhand forest fire incidents. The University of Delhi will organize a “Run for Viksit Bharat” event to promote awareness for a developed India by 2047. IPL 2024 will feature a match between Sunrisers Hyderabad and Lucknow Super Giants at the Rajiv Gandhi International Cricket Stadium in Hyderabad.
