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Zimbabwean Kirsty Coventry became the first woman and African to be elected president of the International Olympic Committee on Thursday, declaring it to be an "extraordinary moment".At 41, the two-time Olympic swimming champion is also the youngest person ever to be elected to the most powerful position in sports governance.The Zimbabwean Sports Minister succeeds Thomas Bach, who steps down after 12 years, and said she would work with the six other heavyweight rivals she beat."This is an extraordinary moment. As a nine-year-old girl I never thought that I would be standing up here one day, getting to give back to this incredible movement of ours," Coventry said."This is not just a huge honour but it is a reminder to every single one of you that I will lead this organisation with so much pride, with the values at the core. "And I will make all of you very, very proud and, I hope, extremely confident in the decision you've taken today. "Thank you from the bottom of my heart."Coventry, who was strongly believed to be Bach's favoured candidate, was thought to be in a tight-run race with IOC veteran Juan Antonio Samaranch Junior and World Athletics chief Sebastian Coe.However, to general surprise the race was over after the first round of voting with 49 of the 97 votes cast by the IOC members placing their faith in her.Samaranch Junior garnered 28 votes and two-time Olympic 1500 metres champion Coe a humbling eight.For both of them, their dreams of one day being IOC president are over with Samaranch now 65 years old and Coe 68.Although she fought a low-key media campaign compared to Coe and Samaranch Junior, son of the legendary president of the same name, her lobbying was so effective that one seriously ill member specifically flew in for the vote.Questions had been raised about her being a minister in a government whose election in 2023 was declared undemocratic and unfair.However, it made little impact with her electorate even though she faces geopolitical challenges, such as Russia perhaps returning to the fold after the invasion of Ukraine.She will also have to deal with the unpredictable US President Donald Trump, as Los Angeles hosts the 2028 Summer Games.Coventry, though, said she also wanted to work with all her rivals and absorb their ideas."We've got some work together," she said."I would like to really thank the candidates, all candidates."This race was an incredible race and it made us better, made us a stronger movement."I know from all of the conversations that I've had with every single one of you how much stronger our movement is going to be when we now come back together and deliver on some of those ideas that we all shared."

The American Depository Receipts (ADRs) of Infosys fell 3.6% while those of Wipro were down 3.2% on Thursday following Accenture's forecast of its full-year revenue where it raised the lower end of its annual topline on growing demand for its services to help clients integrate AI-powered tools into their operations.Strong demand for large-scale projects in cloud migration, artificial intelligence-led digital transformation and data security has helped companies such as Accenture, a Reuters report said, adding that the US IT company has secured several large projects and partnered with banks, telecommunication firms and sports firms among others.Accenture results are an indication of the broader trends in the sector and are viewed as a harbinger of what lies ahead for the domestic IT sector. The domestic earnings season will begin in April with the announcement of Tata Consultancy Services' (TCS). The company now expects annual revenue to grow between 5% and 7%, compared with its prior forecast of 4% to 7%. Analysts had expected revenue growth of 5.7%, according to data compiled by LSEG.Also read: Accenture raises full-year revenue forecast on AI services demandADRs are tradable securities issued by a U.S. bank, representing shares in a foreign company. They enable U.S. investors to buy and sell foreign stocks on U.S. exchanges using U.S. dollars.Both Infosys and Wipro's ADRs were trading in the red despite positive trends in the major Wall Street indices. While Dow 30 was trading at 42,167.90, gaining 203.28 points or 0.48%, the S&P 500 was 25.06 points or 0.44% higher at 5,700.35. The Nasdaq Composite was hovering near 17,850 levels, jumping by 106.88 points or 0.60%.The Nifty IT index today ended at 36,676.65, up 1.25% and was among the top performing indices, trailing only Nifty Auto, which was marginally up. The technology companies reported around 9% year-on-year growth in their Q3FY25 earnings, Motilal Oswal Financial Services said in a review note. The IT services companies presented a mixed picture in a seasonally weak Q3FY25 quarter, with a median revenue growth of 1.8% QoQ CC in 3QFY25 versus 2%, 1.2% and 0.7% in 2QFY25, 1QFY25 and 4QFY24, respectively.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Global private investment firm Bain Capital on Thursday announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance through its affiliates BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the existing promoters. As part of the transaction, Bain Capital will be investing Rs 4,385 crore to acquire an 18% stake on a fully diluted basis via preferential allotment of equity and warrants at a price of Rs 236 per share which is at a premium of 30% over the 6 month average trading price.In an exchange filing, the Kerala-based non-banking financial company and the second largest gold financier in India said that the existing promoters will continue to stay fully invested.The existing promoters of the company are Nandakumar V P, Sushama Nandakumar, Jyothy Prasannan, Suhas Nandan, Sooraj Nandan, Dr.Sumitha Nandan and Shelly Ekalavian."This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments," the company filing said.The transaction will trigger a mandatory open offer for the purchase of an additional 26% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at Rs 236 per share.Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18% and 41.7% on a fully diluted basis, the filing said. This includes shares to be issued pursuant to exercise of warrants.Existing promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants).Commenting on the development, Manappuram Finance's MD & CEO V.P. Nandakumar said the company is looking forward to a "successful partnership that drives innovation and sustained success”. "As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance," he said.The announcement was made after market hours and shares of Manappuram Finance ended at Rs 217.49 on the NSE, gaining Rs 3.57 or 1.67% over the Wednesday closing price.Separately, Manappuram's microfinance arm Asirvad Micro Finance said it would withdraw its initial public offering draft papers due to uncertain market conditions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)