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Democratic senators have called for an investigation into Elon Musk's potential use of his government role to secure foreign deals for Starlink, his satellite internet service. They allege that Musk may have leveraged his position to gain market access and contracts in countries like India, Bangladesh, and Vietnam, raising concerns about self-dealing and breaches of public trust. The senators emphasized that public servants should prioritize serving Americans over personal financial interests.
Elon Musk plans to visit India later this year after discussions with Prime Minister Narendra Modi, signaling potential advancements for Tesla's entry into the market. This visit comes as Tesla faces challenges globally, including competition and tariff issues, making India a crucial target for expansion. Additionally, Musk's ventures like Starlink are progressing in India, with partnerships aimed at enhancing digital inclusion, despite ongoing disputes with the Indian government over content moderation on X.
Commerce Minister Goyal met with executives from Starlink to discuss the company's future investment plans in India. Starlink's application for a satellite communication license is nearing approval. Recently, Bharti Airtel and Reliance Jio partnered with SpaceX to provide Starlink's broadband services in the country.
Blinkit has launched a 10-minute SIM card delivery service in partnership with Bharti Airtel, now available in 16 Indian cities, including Delhi and Bengaluru. Customers can choose new prepaid or postpaid connections, with Aadhaar-based self-verification streamlining the activation process.This move marks Blinkit's expansion into higher-margin categories beyond groceries, aiming to compete with e-commerce giants. The company plans to double its dark stores to 2,000 by December 2025, responding to the growing demand for quick commerce and reshaping India's retail landscape.
Elon Musk's Starlink is set to revolutionize satellite connectivity in India, potentially offering 80-90 times the capacity of competitors like Reliance Jio-SES and Eutelsat OneWeb. With a few terabytes per second of data throughput, Starlink awaits regulatory approvals to commence operations, planning to establish gateways in Mumbai, Pune, and Indore. The company aims to enhance satellite bandwidth in India, which is crucial for the growth of the satellite communication sector.
TRAI is considering a five-year allotment of satellite broadband spectrum to evaluate market adoption, given the sector's nascent stage. This approach aims to provide a shorter license timeframe, allowing the government to monitor growth effectively. This development follows Starlink's collaboration with telecom giants Jio and Bharti Airtel to enter the Indian market.
Bharti Airtel has transferred a 69.94 percent stake in its Payments Bank to Airtel Limited. This strategic move reflects the company's ongoing efforts to streamline its operations and enhance its financial services portfolio.
Analysts at BNP Paribas have set target prices for several major companies, with Reliance Industries at Rs 1,650 and Tata Consultancy Services at Rs 4,750. They project a Nifty target of 25,500 for CY25, citing challenges like food inflation and rising US bond yields, while favoring large-cap stocks and banks due to strong earnings growth prospects. Other notable targets include HDFC Bank at Rs 2,550 and Bajaj Finance at Rs 10,000, amidst a mixed earnings outlook and a potential slowdown in Indian equities.
The BSE Sensex has dropped over 10,000 points, or nearly 12%, from its all-time high, reflecting challenging global and local market conditions. BNP Paribas Securities forecasts a potential 10% upside for the NSE Nifty 50 index by 2025, favoring sectors like private banks, IT, and telecoms, while expressing caution towards pharma and metals. Among its top stock picks, SBI Life Insurance stands out with a projected upside of over 70%.
UBS has maintained a 'Buy' rating on Vodafone Idea, despite cutting its price target from ₹19 to ₹13, reflecting a 32% reduction. The stock, trading at similar valuations to Airtel and Jio, shows an attractive risk-reward profile, with potential upside from relief measures on statutory dues. Meanwhile, UBS upgraded Indus Towers to 'Buy' with a target of ₹425, citing strong dividend potential linked to Vodafone Idea's network expansion.
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senators urge investigation into elon musk's starlink foreign deals
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