Romesh Wadhwani was the first one to open an AI research centre called Wadhwani AI India back in 2018 Artificial Intelligence (AI) and its potential in the future has become a crucial topic of discussion for the tech industry. At the Tech Today Congress held today in Bengaluru today, many top industry leaders spoke about AI. Romesh Wadhwani, Chairman, Symphony AI, spoke to Tech Today Editor, Aayush Ailawadi about the responsible use of AI for ind…
India's leading conglomerate, Tata Group on Friday announced its plan to set up a lithium-ion cell manufacturing giga factory in Gujarat. In the initial stage of the project, the Ratan Tata-backed group will infuse ₹13,000 crore. The development is part of the country's commitment to create its own electric vehicle supply chain.....
Partnered two firms for research and development on 28- and 40-nm chips Vedanta Foxconn Semiconductors Ltd, a joint venture between Anil Agarwal’s Vedanta and Taiwan’s Foxconn, says the setting up of the chip plant is progressing as per schedule and that Foxconn has already recruited 200-400 engineers for the project.....
We feature some of the regional and international fintech industry experts, startups, and investors who attended the Dubai Fintech Summit held in Dubai in May 2023. At the first-ever Dubai Fintech Summit, which was held in Dubai in May 2023, we had a chat with Maanav Sagar, Partner at Bharat Founders, a group of successful Indian entrepreneurs looking to invest in early-stage ventures, about how artificial intelligence can help further unloc…
Go First's grounding has resulted in trouble for air travellers as airfares have reportedly spiked multi-fold in the last one month. Some of the key routes that Go First operated on are seeing a very sharp surge. Civil Aviation Minister Jyotiraditya Scindia on Thursday said there is an unusual situation due to the Go First crisis and there has been an excess demand on the routes the airline had been operating.....
State-run Bharat Petroleum Corporation Ltd (BPCL) is in talks with Switzerland-based fluid engineering major Sulzer Chemtech for a tie-up in the sustainable aviation fuel space....
In a statement, the Finance Ministry said the monthly GST revenue stands at over ₹1.4-lakh crore for the 14th consecutive month Strong demand and better compliance helped collection from Goods & Services Tax (GST) in May to reach ₹1.57-lakh crore. Though it is 12 per cent higher than last May, sequentially it is 16 per cent lower than April 2023’s collection. Experts expect collection to rise in coming months....
The funds will be utilized to invest in product development and expanding the team size by 4 times and enhancing the scalability of the core technology to accommodate ten times the current growth BharatNXT, a B2B fintech platform in the financial technology sector, has raised $1.2 million in a Seed Round led by Inflection Point Ventures. The round also saw participation from Japanese VC - Spiral Ventures, Keiretsu Forums, and Panthera Peak Capita…
The government believes firms which are subject to China's laws could be forced to hand over information to Beijing's security services The government has no plans of providing trusted source certificates to Chinese telecom equipment manufacturers such as Huawei and ZTE yet, thereby keeping them locked out of India’s telecom sector, according to officials in the Department of Telecommunications (DoT). Officials pointed at national security …
For the 2022/23 fiscal year, India's economic growth was revised upwards to 7.2% from an earlier estimate of 7% India's economy grew 6.1% in the January-March quarter, accelerating from revised 4.5% in the previous quarter and 4.1% in Q4FY22 helped by a pickup in manufacturing activity, showed government data on Wednesday. For the 2022/23 fiscal year, economic growth was revised upwards to 7.2% from an earlier estimate of 7%. After this…
Vedanta chairman Anil Agarwal envisions that the parent company, Vedanta Resources will become a zero debt company over the next few years. Agarwal said, adding that the company is comfortable with all the payment has been made in the past and also expressed confidence that payments will be made in the futures at well.
A capacity of 70 million tonnes will come up in 5 years across with 63,000 PACs managing godowns India will have the capacity to store 70 million tonnes (mt) more foodgrains over the next five years. With this, storage facilities will be available for nearly three-fourths of foodgrains produced in the country....
India transformed in less than a decade; different from 2013: Morgan Stanley report The report (/topic/report), India Equity Strategy and Economics: How India Has Transformed in Less than a Decade, highlights the 10 big changes, mostly because of India's policy choices, and their implications for its economy and market. Read more At: https://aninews.in/news/business/business/india-transformed-in-less-than-a-decade-different-from-2013-morgan…
A rival for the Toyota RAV4 and Nissan X-Trail family SUVs from Indian car maker Mahindra is due in Australian showrooms next month, with prices expected to start from about $40,000. Australia will initially get two highly-specified variants of the mid-size SUV, the AX7 and AX7L.
The market snapped a four-day winning streak on May 31, with the benchmark indices falling half a percent tracking correction in the global counterparts. The selling pressure was seen in banking & financial services, oil & gas, and metal stocks. The BSE Sensex fell 347 points to 62,622, while the Nifty50 declined 99 points to 18,534 and formed bearish candlestick pattern with long lower shadow on the daily charts, indicating buying intere…
Cambodian goods exports to India reached $91.526 million in the first four months of 2023, Customs (GDCE) reported, as King Norodom Sihamoni makes his maiden visit to the world’s most populous country, marking the culmination of celebrations of the 70th anniversary of diplomatic ties between the two nations. This figure represented a 64.2 per cent year-on-year surge from $55.746 million and 42.1 per cent half-on-half jump from $64.40 millio…
Buch, while opening the Association of Mutual Funds (AMFI) in India’s new office at Mumbai's Bandra-Kurla complex, said if the AMFI fails to adopt self-regulation measures, Sebi will have step in to ensure investor protection. Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch on Tuesday said that though the mutual funds sector is considered "safe", the industry needs to form an ethics committee as the biggest risk …
While ending FY23 with higher profits and revenue, Adani Ports on Tuesday announced its guidance for the fiscal year 2023-24. The Adani Group-backed ports flagship firm expects revenue to reach up to ₹25,000 crore in FY24, while EBITDA is expected at ₹15,000 crore. The company plans to achieve up to 390 MMT cargo volumes and reduce its net debt to 2.5x.....
Aavin has not invested adequately in value-added products and nor has it expanded its market reach outside the State Tamil Nadu Chief Minister MK Stalin has raised a protest over the entry of Amul into the milk procurement scene in the State. The point of contention is whether Gujarat’s Amul (which like Karnataka’s Nandini sells its value added products in all States) should be allowed to procure milk outside its home State, in Tamil …
UAE-based utility giant National Center Cooling Company (Tabreed) said Tuesday it would invest $12.1 million (AED 44.34 million) in the Tata Realty-owned Intellion Park special economic zone (SEZ) development in Gurugram, India. Terms of the deal The deal allows Tabreed to acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet, the firm said in a statement, add…
Rajesh Gopinathan welcomes new leader of IT services firm, wishes him success Rajesh Gopinathan, the outgoing CEO and MD of Tata Consultancy Services (TCS), thanked employees and welcomed K Krithivasan who takes charge of India’s largest IT services firm that has a goal of earning $50 billion in revenue by 2030......
Home appliances brand Atomberg Technologies on Monday said it raised $86 million in a Series C funding round led by Singapore state investor Temasek Holdings and India-focused fund Steadview Capital. New investor Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also invested in the round through a mix of primary and secondary shares....
FMCG doing well, IPO of infotech division to be evaluated at the right time, says Chairman Puri Diversified business conglomerate ITC has indicated that the long-standing proposal for demerging its hotels business, which had been shelved during the pandemic, is now “very much on the table”....
Vertex Ventures is an early stage investor that mostly invests in the seed funding and Series A stage and is supported by Singapore state investor Temasek. It has made 34–35 investments so far from its $305 million Fund IV, which was launched in 2019 and has a focus on SouthEast Asia (SEA) and India. Vertex Ventures, one of SEA's largest and oldest venture capital firms, which manages assets of over $5.1 billion across SouthEast Asia and In…
There will be many new RRTS proposals in the next six months The much-awaited Delhi-Meerut Regional Rapid Transit System (RRTS) project will be the next revolutionary transformation in public transport after Metro rail, says Vinay Kumar Singh, Managing Director of the National Capital Region Transport Corporation (NCRTC), ahead of the launch of the Sahibabad-Duhai section of the intercity rail corridor.....
The 30-share index Sensex advanced to 62,501.69 on May 26 from 61,112.44 on April 28, 2023. Likewise, the 50-share Nifty gained to 18,499.35 from 18,065 during the same period. Foreign institutional investors' flows into the domestic equity market reached a nine-month high of Rs 37,316 crore on a month-to-date basis till May 26, indicating an inflow of Rs 2,073.15 crore in 18 trading sessions so far. As a result, the sustained buying by global in…
Baring Private Equity Asia EQT is all set to buy Housing Development Finance Corp's educational loan unit - Credila Financial Services for about $1.3 billion to $1.5 billion, according to report by The Economic Times.....
The new Parliament building is a leap into the future even as it makes a strong statement about shedding colonial hangovers and playing up an Indian ethos When all 777 Members of Parliament (MPs) walk into the new Parliament building during the monsoon session, they would have more space to move around in a decidedly Indian setting. The new Parliament building is a leap into the future, with high-tech gadgets at the MPs’ disposal …
The short-term market outlook is considered robust, with key levels at 18,350 acting as trend deciders. If the index moves above these levels, it could rise towards 18,600 and potentially continue further to 18,680," Amol Athawale, Technical Analyst (VP) at Kotak Securities said. If the index slips below 18,350, traders may prefer to exit long positions, he said. The broader markets also joined the rally but underperformed the benchmarks. Th…
Disha looks at product development, the D2C channel, and the aspects pertaining to its revenue while Pradeep, as the co-founder and COO, manages SCM, marketplaces and offline revenues, HR, and finance. Pradeep and Disha started dating on campus, but their relationship evolved as she pursued her career with her startup brand, Zouk. Although they were not married at the time, she moved to Bombay to be closer to Pradeep, who was based there, with th…
The meeting was attended by the chief ministers and Lt governors representing 19 states and 6 UTs Prime Minister Narendra Modi has advised states to maintain fiscal discipline by using funds judiciously so that future generations are not burdened. PM Modi, who is also the chairperson of NITI Aayog, was addressing the eighth governing council meeting of the government think tank on Saturday.......
Reliance Consumer Products Ltd (RCPL), the fast moving consumer goods arm and a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL), on Friday announced its entry into the western snacking category with the launch of General Mills’ Alan’s Bugles brand of chips in India in a move that is set to give competition to PepsiCo and ITC.....
Sinha told BT TV that he is optimistic that advertising industry will be in a far better shape in the second half of the year BARC India chairman Shashi Sinha on Thursday said that the entire advertising industry is under pressure due to slowdown in start-up ecosystem. “All the unicorns are under pressure. Similarly, all the crypto companies are under pressure. So, I think that has affected the commercial value,” said Sinha while talk…
Domestic airline Go First on Friday announced that all their flights remain suspended till May 30. Go First had on 2 May filed for involuntary insolvency and announced the suspension of its flights, which was initially for two days.....
New Angel Tax mechanism to come into effect on April 1, 2024 The Income Tax Department on Friday proposed five new valuation methods for calculating Angel Tax under a new mechanism for non-resident investors in startups. The department has already said that regulated investor entities from 21 countries/jurisdictions and recognised startups will get immunity from the new mechanism....
Pilgrim's first line of products was launched amid the pandemic when customers were becoming conscious and aware of the ingredients used Anurag Kedia and Gagandeep Makker founded Pilgrim in 2019 with the sole intention of finding and bringing the world's best ingredients to solve customer needs. "Our goal was to create a unique offering for consumers that would provide faster growth and a better customer experience in the beauty and personal care…
The target implies an upside of nearly 62 per cent from the current levels. Wood believes that India remains the best structural story across world markets. The S&P BSE Sensex can climb the 'wall of worry' and hit the 100,000 mark soon, believes Christopher Wood, global head of equity strategy at Jefferies. This implies an upside of nearly 62 per cent from the current levels. Wood believes that India remains the best structural story across w…
An inside look at how Gautam Singhania and his team turned around the fortunes of the diversified business group after three years of falling growth. The path ahead promises to remain challenging, though It’s my daughter’s birthday.” No, Gautam Hari Singhania was not inviting this correspondent to his daughter Niharika’s 17th birthday bash. He was making the point that on December 10, 2022, Raymond’s real estate busi…
Reliance Retail is best positioned to lead in India’s $150 e-commerce market in the long-run, analysts at Bernstein said in a report dated 24 May. “We believe Reliance Retail-Jio is the best positioned player in the largest and fastest growing e-commerce market. The advantages of its retail network, its mobile network, its digital ecosystem and its “home field advantage" in a famously complex regulatory and operating environment…
Tax buoyancy is better than in the pre-GST period, and States’ revenues have improved post implementation Goods and Services Tax (GST), since its implementation in 2017, has attracted much debate. Recently, some commentators termed the achievement of record April GST collection of ₹1.87-lakh crore on the back of a growth of 12 per cent as hype since the growth was preceded by a decline. It has been suggested that tax buoyancy has been low…
The market remained volatile on the monthly F&O contracts expiry day, May 25 and managed to report moderate gains due to buying in late trade. However, global markets remained under pressure amid ongoing negotiations for the US debt ceiling. The BSE Sensex gained 99 points to close at 61,873, while the Nifty50 climbed 36 points to 18,321, and formed a bullish candlestick pattern with a long lower shadow on the daily charts, indicating buying …
SoftBank also looking at secondary-sale opportunities in growth firms that have postponed their IPO plans SoftBank is in talks with about four to five Indian start-ups, with valuations ranging from $400 to $500 million, to invest and support them in their next stage of growth and eventually help them become unicorns.....
State-owned Life Insurance Corporation of India on Wednesday posted over five-fold jump in fourth-quarter profit, as it moved nearly Rs 7,300 crore to a shareholders' fund to shore up its bottom line. India's largest insurer posted a profit after tax of Rs 13,428 crore for the quarter ended March 31 as compared to Rs 2,372 crore a year earlier.....
Food giants Nestle India Ltd and ITC Ltd have emerged as the finalists in the race for leading ingredient maker Capital Foods Pvt. Ltd, two people aware of the matter said. A deal may value the maker of Ching’s Secret and Smith & Jones food ingredients between ₹4,000 crore and ₹5,000 crore, they said.....
Company likely to pick a location for a new factory by the end of this year A year after putting on hold its plans to sell Tesla cars in India, Elon Musk has hinted at the possibility of setting up a manufacturing plant in the country. Musk, who is Tesla Inc’s Chief Executive Officer, said at an event that the company would probably pick a location for a new factory by the end of this year. When asked if India was interesting, Mu…
The new funding will be used to invest in new customer acquisitions, expand the team and scale operations to meet growing demand for PDRL's AeroMegh platform Passenger Drone Research Pvt.Ltd (PDRL), a drone software product company, has concluded its pre-Series A funding round, raising INR 3.5 crore to advance and expand its range of drone software products. The funding round was led by Marquee investors from Bestvantage Investments, an…
The currency exchange is expected to be far less disruptive than a 2016 move to demonetise 86% of the country's currency in circulation overnight Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee ($24.46) notes as they aim to sidestep the need to exchange or deposit them at banks......
PM Modi in Australia: The organisers of ‘Modi Airways’ said that this flight was priced at $249 per person because it was an exclusive flight that provides an experience of a lifetime. To say that Indian-Australians were excited to welcome and meet Prime Minister Narendra Modi who is on a two-day visit till May 24, would be an understatement. The prime minister received a warm welcome from the Indian diaspora in the country. In fact, …
