Good afternoon. The Tripura Assembly Election has begun today. Total turnout recorded at 1PM is at 51.42%. The counting of votes will be held on March 2.

MARKETS

*Stock data as of market close. Source.

• Markets: Benchmark indices ended the day flat after a volatile session. The Sensex was up by 0.07% to 61319.51, while the Nifty rose by 0.11% to 18,035.80. The day's gainers on the Nifty included ONGC, Tech Mahindra, Apollo Hospitals, Divis Labs, and Nestle India, while BPCL, Bajaj Finance, HUL, HDFC Life, and M&M were among the losers. Information technology, metal, and realty sectors saw gains of 1% each, while the BSE midcap and smallcap added nearly 1% each.

ACQUISITION

Adani Power Bows Out of DB Power Acquisition Bid

💔 In a stunning turn of events, Adani Power has decided to back away from their pursuit of DB Power, bringing an end to a potential acquisition that had the Indian business world abuzz.

The development comes as Gautam Adani’s conglomerate reviews capital expenditure plans in the wake of a massive sell-off of his companies shares. Sources say that Adani Power, part of the Adani Group conglomerate, has withdrawn from the running due to "certain regulatory issues" and "a lack of clarity on the deal structure." It's a surprising move, as Adani Power was considered a front-runner for the acquisition just a few weeks ago.

The acquisition would have been a big win for Adani, allowing them to further expand their already-impressive portfolio of power projects across India. But for now, it looks like they'll have to keep their power moves on hold.

IPO

Swiggy Preps for IPO: Will it be a Tasty Treat for Investors?

📈 In the latest news from India's red-hot startup scene, food delivery giant Swiggy is gearing up for a potential IPO that could take the company public in the coming months.

With a valuation of over $5 billion and a loyal customer base that has only grown during the pandemic, Swiggy is poised for success in the public markets. The company is reportedly working with investment banks and legal advisors to prepare for the IPO, which could raise hundreds of millions of dollars and pave the way for further growth and expansion.

Of course, the IPO market is notoriously fickle, and there's always a risk that investors may not be as hungry for shares in Swiggy as the company hopes. But with India's food delivery market projected to keep growing rapidly in the years to come, there's reason to believe that Swiggy's IPO could be a delicious treat for investors who get in on the ground floor.

CRICKET

India vs Australia: Survival of the Fittest in High-Stakes Cricket Showdown

🏏 It's that time again – time for another high-stakes cricket showdown between India and Australia. As the two teams gear up to face off, the mantra for India is clear: attack to survive.

With star players like Virat Kohli and Rohit Sharma out of the lineup, India will be relying on a young and relatively inexperienced squad to take on the tough Australian team. But they won't be backing down – instead, they're planning to take the fight to the Aussies and play an aggressive, attacking style of cricket.

The stakes are high, as the outcome of this series could have major implications for the future of both teams in the cricket world. Will India be able to pull off a surprise victory against the odds? Only time will tell.

EARLYBIRD FINDS

• Active tech startups has reached a total tally of 27,000 in India, adding over 1,300 active tech startups last year according NASSCOM report

• Zappyhire, Kochi-based recruitment automation company, has been selected to attend start-up event in Barcelona

• RBI gives PA licence to 32 companies

• InsuranceDekho raises $150 million in a Series A round, despite market slump

• Google rolls out new features to make in-app browsers better on Android

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