Top headlines: Zomato to invest in startups, Musk sells $1 bn in shares

Goldman Sachs is set to plow at least $30 billion into Asian alternative assets. More on that story in our top headlines this morning.

High prices of commodities are hurting their margins but they are yet to affect India Inc’s overall profits. More on that story and other headlines in our morning wrap.

Zomato to invest $1 bn in startups

Zomato will invest $1 billion in startups over two years, its chief executive Deepinder Goyal said on Wednesday when the food delivery company announced its losses had widened.

Elon Musk sells $1.1 bn in Tesla shares

Tesla Chief Executive Elon Musk sold about $1.1 billion worth of shares to cover tax obligations on options exercise, the billionaire reported in filings on Wednesday.

India’s 5G spectrum sale likely be delayed

India’s government has extended the validity of the 5G trials licence to Reliance Jio, Vodafone Idea and Bharti Airtel for another six months. The move, along with various issues, is expected to further delay the spectrum’s auction.

Commodity price not pinching Indian companies

High prices of commodities and energy have led to a sharp decline in corporate margins across sectors but they are yet to affect India Inc’s overall profits. The combined net profits of 42 Nifty50 companies that have declared their results for Q2FY22 were up 19.2 per cent year-on-year (YoY) and reached a record high of Rs 1.12 trillion.

Goldman Sachs to double Asia investments

Goldman Sachs Group Inc. is set to plow at least $30 billion into Asian alternative assets over the next five years after revamping its operations and starting an aggressive campaign to raise outside funds in a bid to overtake investment giants such as KKR & Co. and Blackstone Inc.