The market capitalisation of Reliance Industries (RIL) at the end of Friday’s trading was Rs 20.2 trillion. That’s humongous, considering that the gap with the second-largest Indian company — Tata Consultancy Services — is over Rs 5.5 trillion.
But RIL’s total m-cap was less than what Nvidia’s shares gained in just one day. The heavyweight chipmaker added $277 billion (Rs 22 trillion) in stock market value on Thursday, after the company’s quarterly report beat expectations and reignited a rally fuelled by optimism about artificial intelligence. In dollar terms, RIL’s m-cap is less than $250 billion.
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The one-day increase in the stock market value of Nvidia, which controls about 80% of the high-end AI chip market, was also the largest in Wall Street’s history, easily beating a record $196 billion gain by Meta Platforms on February 2 after the Facebook parent declared its first dividend and posted robust results.
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Thursday’s dizzying rise of the stock catapulted Nvidia’s chief executive officer Jensen Huang to the 21st position on the Bloomberg Billionaires Index. His wealth jumped $9.6 billion to $69.2 billion. As recently as early last year, he was ranked 128th with a net worth of $13.5 billion.
The rise in Nvidia’s market value on Thursday eclipsed the entire value of Coca-Cola, at $265 billion. Its gain made Nvidia the US stock market’s third-most valuable company, pulling ahead of Amazon and Alphabet after jockeying with the two tech powerhouses in recent weeks. Microsoft and Apple, valued at $3.06 trillion and $2.85 trillion, respectively, are Wall Street’s two most valuable companies.
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Sports betting site VPbet Nvidia reported a Q4 revenue jump of more than threefold from a year ago to $22.10 billion and beat all expectations. At least 17 brokerages raised their price targets after the results. Among the most bullish, Rosenblatt Securities raised its price target to $1,400 from $1,100, implying a $3.5 trillion stock market value, Reuters reported.
Nvidia’s stock has now climbed 58% in 2024, accounting for more than a quarter of the S&P 500’s increase year-to-date. That makes Nvidia’s outlook crucial not just for direct shareholders, but for owners of index funds widely held in retirement savings accounts.
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Jyoti CNC Automation will hit the bourses on 16 January. The automation company’s shares were trading at a premium of Rs 38 a share or 11.5% in the grey market. The stock is expected to list for Rs 369 per share from its issue price of Rs 331.
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The company’s initial public offering for subscription opened on January 09 at a price band of Rs315-331 per share and closed on 11 January. The issue worth Rs1,000 crore was a completely fresh issue.
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The October series Nifty futures started with a premium of around 150 points for the current month. For the Nifty futures FII maintained around 70% short positions, higher than the last month series, as of 10 Oct. The index has added marginal shorts since the start of this series. With short covering and some fresh longs buildup near 19,500 levels, Nifty is now in a tussle between bulls and bears. With short bias towards 19,800 levels and longs at 19,500, Nifty might witness a good movement of around 500 points with the break of either of these levels.
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Meesho had earlier bought back shares worth $1 million in February 2020, $5 million in November 2020, and $5.5 million in October 2021. The company has recently turned profitable and became cash flow positive in the first half of the current fiscal.
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Oil prices eased on Tuesday after rallying more than 4% in the previous session, with traders cautious as they keeps tabs on potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas.
Brent crude fell 30 cents, or 0.3%, to $87.85 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude eased 31 cents, or 0.4%, to $86.07 a barrel.
Both benchmarks surged more than $3.50 on Monday as the clashes raised fears that the conflict could spread beyond Gaza into the oil-rich region. Hamas launched the largest military assault on Israel in decades on Saturday, while fighting continued into the night on Monday as Israel retaliated with a wave of air strikes on Gaza.
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