New Delhi: In an article in the Wall Street Journal, Ashley Wong writes about ‘A Billionaire Wedding in India Has Everyone Wondering: How Much Did It Cost?’
Taking note of the eye-popping spectacles, celebrity performances, glass palace, a four-day Mediterranean cruise for over 1,000 people, the 5,500 drones, and long floral arrangements at the wedding of Anant Ambani, the youngest son of one of Asia’s richest billionaires, Reliance Industries chairman Mukesh Ambani, and Radhika Merchant, the daughter of Indian pharmaceutical company CEO Viren Merchant, WSJ looks into the finances behind the “most extravagant wedding of the year”.
The WSJ estimates that the florals cost “closer to $20 million, accounting for labor, transportation and care”, and the cruise cost anywhere between $10 million and $60 million, and the glass palace, $4 million.
Assessing the Indian stock market and skyrocketing of the Indian equity issuance, Chris Kay in the Financial Times reports that, “more than $28bn was raised in India’s equity markets in the country’s busiest ever first half of the year”. Kay notes that while issuance has gone up in India, other Asian markets, (except Japan), including China have fared poorly in comparison.
The report titled, ‘Get us more paper: Indian equity issuance hits record high’, lists the upcoming IPOs by Swiggy, Ola, and Hyundai subsidiaries in the country while quoting underwriters who believe that investor appetite and the upward moment do not seem to slow down in 2024 or 2025. Quoting data from Motilal Oswal group, kay reports, “Assets under management in Indian mutual equity funds have more than quadrupled to Rs27.7tn ($332bn) since March 2020” inspite of foreign investors “balking at the country’s richly valued shares”. It is domestic investment or “local demand”, the report states, as “Indians who are increasingly choosing to put their savings in stocks, rather than traditional stores of wealth such as gold or real estate.”
Also read: How India can be ‘world’s next food superpower’ & climate crisis spurring coal mining expansion
Bloomberg, in its latest report ‘Heat Wave, Elections in India Create Unlikely Earnings Winners and Losers’, notes the impact of “scorching heat and long-drawn election” on Indian companies with profits for the likes of Bajaj Auto and Asian Paints showing a downward trend.
“Motorcycle maker Bajaj Auto’s monthly sales reports have signaled fewer inquiries and deferred purchase decisions by potential customers due to the extreme weather”, while AI may boost profits for Wipro, TCS, and Infosys, the report notes. Correspondents Harshita Swaminathan, Rachel Yeo, and Justina T. Lee report that “demand from villages and smaller towns outpaced that of cities in the April-June quarter in a sign of India’s broad-based economic growth”, and that the upcoming budget may include policies to boost consumption.
Neeta Lal of Nikkei Asia discusses how the polygamous marriage of one Armaan Malik and the participation of the trio on the Indian reality show Bigg Boss has created a nationwide debate. While the show makers have been slammed for their questionable choice, sociologists talk about the “cultural shift unfolding in India”, from dating apps including “relationship types” features to a “no-strings-attached arrangement” among youth, to unconventional marital arrangements showcased on OTT shows, and movies, the report, titled ‘Popular Indian reality show kicks up a polygamy storm’, notes.
Tech reporter Priti Gupta with the BBC discusses the UPI phenomenon and its popularity among both buyers and sellers. In ‘Why both businesses and scammers love India’s payment system’, Gupta explains, that UPI “has become so popular that India is now the biggest real-time payments market.” It is convenient — no issue of handling cash and safe from robbery and local body raids — for street vendors, the report notes. Furthermore, Gupta notes that UPI has reached rural areas, including spaces where even banking services have not reached. These spaces also, at times, feature guidance centres for using the UPI interface. The system, although open to vulnerabilities, cheating and scams, is “reaching overseas”. Vendors hope for safety mechanisms, the BBC reports.
20-year-old accused for Trump’s assassination attempt & Rwanda elections
A 20-year-old from a small town just an hour away from Trump’s weekend rally in Butler, Pennsylvania, has been accused of attempting to shoot the former president. To know more, read The New York Times’s report.
After 24 years of being the president of Rwanda, Paul Kagame is seeking re-election. Kagame, who rose in politics after the genocide of the 90s, secured 99 percent of the votes in the last elections in 2017. Read the BBC and Al Jazeera’s coverage to know more about the polls Monday and Kagame’s chances in this election.