Tech5: Sachin Bansal said to be selling Ola stake, LTIMindtree upgraded to 'Buy', and more

Forbes India's daily tech news bulletin with five headlines that caught our attention

By Harichandan Arakali Forbes India Staff

Published: Jan 7, 2025 10:08:46 AM IST

Updated: Jan 7, 2025 10:25:18 AM IST

Flipkart co-founder Sachin Bansal is in talks to sell his $100 million stake in Ola Image: Hemant Mishra/Mint via Getty Images

Microsoft CEO Nadella meets PM Modi, discusses plans in India

Microsoft CEO Satya Nadella met Prime Minister Narendra Modi on January 6 to discuss technology, innovation, and artificial intelligence (AI). The meeting emphasised Microsoft's growing engagement with India and its commitment to advancing AI solutions in the country, according to multiple news reports.

Nadella spoke about making India “AI-first” and expanding Microsoft's presence to benefit all Indians. Modi praised Microsoft’s plans, highlighting the importance of their discussions on tech and AI. Earlier, Nadella had met Telangana Chief Minister A Revanth Reddy, who sought Microsoft's support to position Hyderabad as a global tech hub.

Nadella's visit underscores Microsoft's deepening ties with India’s technology sector, where the company has more than 22,000 employees.

NXP says India could account for 10 percent of revenue by 2030: Reuters

NXP Semiconductors expects India to contribute 8 to 10 percent of its revenue by 2030, driven by growth in the country's automotive and industrial sectors, Reuters reports. NXP India head Hitesh Garg highlighted India’s potential as a key market, with the company planning to invest over $1 billion in research and development.

This focus comes as sales to China, a major market for NXP, face uncertainty due to geopolitical tensions and tariffs. India aims to become a significant player in the global chip market, with projections for its semiconductor industry to reach $63 billion by 2026, though it has yet to produce its first chip, Reuters notes.

Sachin Bansal in talks to sell stake in Ola: Economic Times

Flipkart co-founder Sachin Bansal is in talks to sell his $100 million stake in Ola, the ride-hailing company co-founded by Bhavish Aggarwal, Economic Times reports. Bansal, who invested in Ola in 2019 when the company was valued at $3 billion, is seeking a higher valuation of around $4 billion for the sale, according to ET.

He is engaging with family offices and private investment groups for the transaction. The move follows Bansal’s recent exit from Ather Energy, where he sold his stake to Zerodha’s Nikhil Kamath. Bansal has reportedly been focusing on his fintech venture, Navi, over the past year.

Infosys said to have delayed pay hikes as global uncertainty persists

Infosys has delayed its salary hikes, initially planned for early 2025, until the fourth quarter of its fiscal year, according to multiple news reports. This decision follows a 4.7 percent rise in the company’s net profit for Q2 of FY 2024-25, totalling Rs 6,506 crore. The company had last implemented pay increases in November 2023 and had indicated phased hikes for 2025, with some portions due in January and April.

Analysts suggest margin pressures in the December quarter, attributed to seasonal furloughs and fewer working days, but remain optimistic about efforts like price hikes and the company’s ‘Project Maximus’ margin improvement plan helping to mitigate the impact.

Jeffries makes strong upgrade to LTIMindtree with “Buy” rating

Global brokerage firm Jefferies has upgraded LTIMindtree from “Underperform” to “Buy” with a revised price target of Rs 6,650, up from Rs 5,450, signalling a 16 percent upside from its current price of Rs 5,740, CNBC-TV18 reports. The upgrade follows a nearly 15 percent correction in the stock, which had fallen 10 percent in 2024.

Jefferies noted that LTIMindtree’s valuations are now more attractive, trading at a 30 times forward price-to-earnings, in line with its five-year average. The brokerage highlighted the company’s strong North American exposure and potential recovery in discretionary spending. LTIMindtree aims to reach $10 billion in revenue by 2031-32, focusing on key growth sectors.

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