| |AUGUST 20249TECH MINTAs per reports, FSN E-Commerce Ventures, which operates the beauty and fashion retail brand Nykaa's subsidiary Nykaa E-Retail to raise Rs. 125 crore through non-convertible debentures (NCDs) from a foreign portfolio investor, according to a stock exchange filing by the company.Nykaa's board of directors has approved the issuance of up to 12,500 NCDs of Rs. 1,000,000 par value to raise Rs. 125 crores on a private placement basis.Nykaa is aggressively pursuing its global expansion, and in its annual results for FY24, the company announced an investment of 20 crores on an entitlement basis in its wholly owned subsidiary, FSN International. The company also revealed plans for FSN International to invest an additional $1.9 million in one of its overseas operations.The company also expanded its presence in Gulf Cooperation Council (GCC) countries, launching websites in the UAE and Saudi Arabia in January and opening its first physical store in Dubai in March.Recently, Nykaa approved the sale of its clothing and accessories business to FSN E-Commerce Ventures for Rs. 133 croresAs per reports, For FY24, Nykaa reported a 24 percent increase in operating revenue, reaching Rs 6,385 crore, while net profit surged by 89 percent to Rs 39 crore. The beauty and personal care (BPC) segment saw a 25 percent rise in gross merchandise value (GMV) to Rs 8,340 crore, while the fashion segment grew 27 percent to Rs 3,269 crore. The `others' segment, including the B2B arm Superstore and media arm LBB, witnessed a 59 percent increase, reaching Rs 835 crore.Recently, Nykaa approved the sale of its clothing and accessories business to FSN E-Commerce Ventures for Rs. 133 crores. Additionally, Nykaa's media subsidiary Iluminar Media, which operates the LBB platform, has merged with Nykaa Fashion. According to reports, IBM beat analysts' estimates for second-quarter revenue and raised its annual growth forecast for its software business riding on higher AI-linked spending by clients looking to adopt the technology.The company has open-sourced its Granite family of AI models to promote the spread of AI services, while focusing on expanding its Watsonx platform, which allows for the introduction of chatbots and code extensions for AI programs.Big Blue's share price rose about 3 percent over extended trading hours, adding to the roughly 12 percent year-to-date rise in the AI-related company's share price.Software revenue for the quarter was up about 7 percent to $6.74 billion. The 113-year-old company expects the division to grow at a low-single-digit rate in 2024, up from its prior forecast of slightly above the high-single-digit end of the range.The company's AI Book of Business (a combination of bookings and actual sales of various products) increased to $2 billion, of which about $1 billion was added in the second quarter."The commercialization of Generative AI is accelerating, positioning diversified enterprise technology companies like IBM to capitalize on the growing demand for AI integration," says Tejas Dessai, a research analyst at Global X.You're seeing an overall very dynamic macroeconomic environment, and underneath that, clients are choosing technology for competitive advantage. They are spending on GenAIConsulting revenues fell about one percent to $5.18 billion in the second quarter as clients reduced discretionary spending and short-term consulting projects amid rising long-term interest rates and inflationary pressures."You're seeing an overall very dynamic macroeconomic environment, and underneath that, clients are choosing technology for competitive advantage. They are spending on GenAI," says Chief Financial Officer James Kavanaugh.The companies have prioritized spending on long-term consulting projects, primarily AI projects, whose revenues are not yet reflected on IBM's books. NYKAA E-RETAIL TO RAISE RS. 125 CRORE THROUGH NON-CONVERTIBLE DEBENTURESIBM PROFIT UP ON DEMAND FOR SOFTWARE & AI
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