Markets fall for fourth day on the trot; Sensex sinks below 58,000

New Delhi: Tata Motorsowned Jaguar Land Rover on Tuesday said it is partnering with Tata Technologies to accelerate its digital transformation. As part of the collaboration, Tata Technologies will deliver end-to-end integrated ERP to transform Jaguar Land Rover’s manufacturing, logistics, supply chain, finance and purchasing modules by bringing data and knowledge from multiple departments into one single source. The first phase will include JLR UK core production facilities, with solutions subsequently deployed to other global locations. —PTI

DEALS PLUNGE BY 60% TO $1.8 BILLION IN FEBRUARY 2023

IPPB WANTS TO CONVERT ITSELF TO UNIVERSAL BANK: CEO

New Delhi: India Post Payments Bank (IPPB) wants to convert itself to a universal bank as the vast network of post office branches would help in achieving financial inclusion, its MD and CEO J Venkatramu said on Tuesday. He said when the IPPB started operations in 2018, 80% of the transactions would happen in cash. However, with technology adoption, presently only 20% of the transaction happens in cash and 80% digitally. —PTI

FRAGRANCE & FLAVOUR INDUSTRY TO TOUCH OVER $5 BN IN 3-4 YRS

Kolkata: The fragrance and flavour industry of the country is likely to grow around 12% each year and touch over $5.2 billion in three to four years, FAFAI said. This growth will be driven by factors like rising disposable incomes and changing consumer preferences. “The fragrance and flavour industry is growing very fast in the country. The present size of the industry is $3.7 billion in the country”, FAFAI official said. —PTI

Over A Period Of Five Years

New Delhi: The deepening funding winter that the startups face and the near dry-up of IPOs singed the deal street as the total value of deals plunged by 60% to $1.8 billion in February. According to Grant Thornton, the industry saw just 89 deals worth $1.8 billion in February, which is 60% lower than the year ago period in value terms and down by 54% y-o-y as investors continued to tread cautiously amid macroeconomic uncertainties. —PTI

The company said on Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.

“This will be tough and there’s no way around that,” said CEO Mark Zuckerberg. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”

The Menlo Park, California, company has invested billions of dollars to realign its focus on the metaverse. The company announced 11,000 job cuts in November.

Mumbai (PTI): Benchmark BSE Sensex declined nearly 340 points to close below the 58,000 level on Tuesday, marking its fourth straight day of losses as auto, IT and financial stocks wilted amid concerns over the fallout of failure of two US-based banks.

The 30-share BSE Sensex fell 337.66 points or 0.58% to settle at anew five month low of 57,900.19.

The broader NSE Nifty declined 111 points or 0.65% to end at a five-month low of 17,043.30, with 38 of its scrips ending in the red. M&M was the biggest loser in the Sensex pack, declining nearly 3 per cent, followed by TCS, Bajaj Finance, Wipro, Kotak Bank, Tech Mahindra, HCL Tech and Tata Motors.