NDTV Profit Pulse On March 11—Top 8 Stories At 8 P.M. Under 8 Minutes
Indian stock markets closed mixed on Tuesday after paring early losses, with Bharti Airtel’s Starlink deal and IndusInd Bank’s accounting probe among the key business developments.
Bharti Airtel partners with SpaceX's Starlink for high-speed internet, while IndusInd Bank probes accounting discrepancies with PwC's help, as Indian indices pared early losses to end Tuesday's session mixed is another top story that you cannot miss.
Here's the roundup of news that made headlines today:
Elon Musk's Starlink Finds India Partner
Bharti Airtel Ltd. and SpaceX are teaming up to bring Starlink’s satellite internet services to India, marking Elon Musk’s first official move into the country’s telecom space. While the deal is signed, it still needs regulatory approval before services can begin.
This partnership could reshape connectivity in rural and remote areas, where Starlink’s satellite technology aims to bridge infrastructure gaps. Airtel and SpaceX plan to offer Starlink hardware through retail stores and extend services to enterprises, schools, and healthcare centres.
What's next for Starlink? Read the full details.
Market Shocker: IndusInd’s Plunge
IndusInd Bank shares nosedived 27%, wiping out Rs 19,100 crore in market value after the lender flagged accounting discrepancies in its derivatives portfolio. This marks the stock’s steepest drop in years, triggering broker downgrades and fresh concerns just days after RBI granted CEO Sumant Kathpalia only a one-year extension.
The bank, now under scrutiny, has roped in an external agency to review its findings. With a Rs 2,100 crore impact looming, investors are bracing for what comes next.
How will this affect IndusInd’s financials? Read the full details.
Markets Rebound From Early Jitters
Indian equity benchmarks erased early losses to close mixed on Tuesday, with Nifty managing a modest gain while Sensex ended flat. ICICI Bank and Bharti Airtel led the recovery after a global sell-off spooked investors earlier in the session.
Weakness in IT, banking, and auto stocks weighed on sentiment as global markets continued their slide. However, late buying helped limit the damage. Catch the full market wrap here.
Inflation Set To Cool Further
Retail inflation is expected to drop below the Reserve Bank of India’s 4% target in February, driven by falling vegetable prices. Economists forecast CPI inflation at 3.98%, marking a fourth consecutive month of decline.
Lower food prices, particularly for onions, potatoes, and tomatoes, have contributed to the easing trend. Analysts suggest this could strengthen the case for a policy shift. See what’s driving the slowdown.
Wow! Momo’s Big Bet
Wow! Momo is taking on Nestle and ITC in India’s Rs 18,000-crore instant noodles market with five new cup noodle variants. The QSR chain aims to hit Rs 100 crore in revenue within two years.
Backed by Tiger Global, Wow! Momo sees this as a major move beyond restaurants. Here’s how it plans to shake up the FMCG space.
Coinbase’s India Comeback
Coinbase is re-entering India after registering with the Financial Intelligence Unit, a year after its exit over regulatory issues. Retail services will launch later this year, with more products to follow.
With global and local exchanges vying for market share, here’s how Coinbase plans to compete.
SEBI’s Ethics Overhaul
SEBI is reviewing its 2009 code of conduct for board members and senior officials, aligning it with global standards. However, people familiar with the matter say it is unlikely to be discussed at the March 24 board meeting.
With private-sector executives now part of SEBI, here’s what could change.
Tata's Monthly Penalty
The delayed launch of Noida International Airport may cost Tata Projects Rs 3 crore in fines every month, as per Zurich Airport’s CFO. The penalty is part of the company’s contract with Tata.
With key clearances still pending, here’s what’s holding up the project.
Here are other top stories that you cannot miss
Ather Energy eyes IPO, listing by mid-April at existing valuation of Rs 14,000 crore.
Piyush Goyal likely to head to US again with eye on tariff delays.
Top multibagger stocks of 2024 see trend reversal in 2025 so far.
Vodafone Idea, BSNL lose ground in December as Jio, Airtel add subscribers.
Life Insurance data: Premiums drop 11% in February.
US stock market crash: Top five billionaires lose over $50 billion net worth in a day.
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