MUMBAI: A rally in technology stocks drove up Indian shares by more than 1 percent on Monday, with the market also benefiting from an improvement in the global mood after China eased its COVID-19 curbs.
The NSE Nifty 50 index was up 1.61 percent at 16,614.60 by 0427 GMT, while the S&P BSE Sensex rose 1.64 percent to 55,785.70. Both the indexes added more than 1 percent on Friday.
Google backs ShareChat in $300 million funding round
The parent company of India’s ShareChat has raised nearly $300 million in fresh funding from Alphabet Inc’s Google, media giant Times Group, and Singapore’s Temasek Holdings, valuing the social media firm at nearly $5 billion, two sources involved in the deal discussions told Reuters.
The deal is set to be announced as early as next week, the sources added.
This is Google’s second key investment in India’s short video space, having previously backed Josh, which competes with ShareChat’s sister firm Moj.
India plans to phase down 81 coal-fired utilities in 4 years
India plans to phase down at least 81 coal-fired utilities over the next four years, the federal power ministry told top energy department officials of state and federal governments in a letter.
The energy-hungry nation expects the plan to reduce power generation by 58 billion kilowatt-hours from the 81 utilities to save 34.7 million tons of coal and cut carbon emissions by 60.2 million tons, the power ministry said.
(With input from Reuters)