Saturday, April 13, 2024

Business

'Byju's to shut 200 tuition centres in cost-cutting move'

Embattled edtech company Byju’s is reportedly planning to shut down about 200 offline tuition centres out of its 300 centres across the country as part of its latest cost-cutting move. The company intends to leave the centres starting next month. This comes after the company closed 50 centres in February. The CapTable was the first to report the development. Byju’s Tuition Centres, or BTCs, were seen as the primary growth engine for the company, which had been expanding the vertical until early 2023.

Jupiter Wagons announces acquisition of Bonatrans India for Rs 271 crore

Railway wagon and passenger coach major Jupiter Wagons Limited (JWL) announced the acquisition of Bonatrans India Private Limited (BIPL) for a sum of Rs 271 crore on Thursday.This strategic move marks a significant milestone for JWL, as it became the first rolling stock manufacturing company to have its own wheel plant. Situated at Chhatrapati Sambhajinagar ( formerly Aurangabad) in Maharashtra, BIPL rolls out wheelsets. With a production capacity of 20,000 wheels and 10,000 axles annually, the acquisition reduces JWL’s dependency on imported wheels.

Mahindra inks pact with Adani Total Energies for expanding EV charging infra

Leading SUV maker Mahindra & Mahindra on Thursday announced the signing of a memorandum of understanding (MoU) with Adani Total Energies E-Mobility Limited (ATEL) for expanding the EV charging infrastructure in the country. “The MoU between Mahindra and ATEL, a wholly-owned subsidiary of Adani Total Gas Limited, sets a roadmap for the creation of an expansive EV charging infrastructure across the country. With this association, the XUV400 customers will now have access to more than 1,100 chargers on the Bluesense+ App, significantly enhancing the convenience and reach of 

India infuses 50 pc additional funds to ongoing grant projects in Sri Lanka

To meet the sharp rise in the cost of construction in Sri Lanka due to the ongoing financial crisis, India would provide up to 50 per cent additional funds to grant projects in the island nation. High Commissioner of India, Santosh Jha, and Secretary, Ministry of Urban Development and Housing W.S. Sathyananda on Thursday signed and exchanged diplomatic letters to formalise the Indian government's decision to provide an additional grant of SLR (Sri Lankan Rupee) 150 million for the construction of Houses and Infrastructure Facilities in Sobitha Thero Village in Anuradhapura, one of the nine grant projects of India.

Majority gig workers content with work; lack of insurance, PF a concern: Report

About 84 per cent of gig workers are satisfied with the nature of their work, but some also raised concerns about the lack of social benefits like insurance and Provident Fund (PF), according to a report on Wednesday. The report by market research company Ipsos is based on a survey of 3,668 gig workers, across platforms such as Swiggy, Zomato, Uber, Ola, InDrive, Rapido, Amazon, Flipkart, Zepto, BigBasket, and Dunzo, from six metro cities, namely Delhi, Mumbai, Chennai, Bengaluru, Kolkata and Hyderabad.

Govt ropes in Dhanuka Agritech to boost natural farming

The Indian Council of Agricultural Research (ICAR) and Dhanuka Agritech Limited has signed a Memorandum of Understanding (MoU) to promote natural farming in the country as part of the fight against climate change, the Ministry of Agriculture & Farmers Welfare said on Wednesday.

Nifty recovers in second half to close with gains

The Nifty recovered in the second half of the session to close with gains of 32.35 points, or 0.15 per cent, at 22,055.70 levels on Monday. The broader market underperformed with Nifty Midcap 100 down 0.3 per cent and Nifty Smallcap 100 down 0.6 per cent, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

French carmaker Citroen joins India's BluSmart Mobility to deploy 4,000 EV SUVs

French carmaker Citroen on Monday joined hands with Indian EV company BluSmart Mobility to expand the homegrown firm's all-electric fleet in the country. The French company and BluSmart Mobility have signed an MoU that secures the supply of 4,000 Citroen e-C3, all-electric compact SUV units, over a period of 12 months. As part of the initial phase, 125 Citroen e-C3 were flagged off from BluSmart’s EV charging superhub in Bengaluru. The new Citroen compact SUV will augment BluSmart’s growing fleet of over 7,000 EVs, the companies said in a statement.

Artifact's new feature to take on Twitter by letting you follow writers

Artifact, the AI-powered news app from Instagram co-founders Kevin Systrom and Mike Krieger, has announced a new feature that allows users to follow individual writers, making it even more of a news-focused social media app.

According to The Verge, articles from those writers will be prioritised in users' feeds, and they can choose to receive notifications when those writers post.

Writers can also claim a verified checkmark on their profile beside their name in searches and comments on Artifact.

In addition, writers can also receive notifications about how many people read their articles on the app and when other publications link to their work.

Moreover, the report mentioned, while many people use platforms such as Twitter to discuss current events, the platform has lost its appeal.

In contrast, Artifact is emerging as a more engaging platform for news enthusiasts to connect with one another and discuss the latest happenings.

In February, Instagram co-founders launched 'Artifact', which is also named a text-based version of TikTok which uses machine learning to understand users' interests.

iPhone sales set new March quarter record at $51.3 bn: Tim Cook

Apple sold iPhones worth $51.3 billion in its March quarter, a record for the company, and iPhone 14 and 14 plus continued to delight users with their long lasting battery and advanced camera, the company's CEO Tim Cook has said.

According to him, iPhone 14 Pro users continue to rave about the most powerful camera system ever in an iPhone.

"This March, we were excited to expand emergency SOS via satellite to six new countries, bringing this important safety feature to even more users. We now offer this vital service in 12 countries, and I'm grateful for every note I've received from around the world about the life saving impact of our safety features," Cook told analysts during the company's Q2 2023 earnings call late on Thursday.

Apple Services also set an all-time record with $20.9 billion in revenue for the March quarter.

"We achieved all time revenue records across App Store, Apple Music, iCloud and payment services. And now, with more than 975 million paid subscriptions, we're reaching even more people with our lineup of services," Cook informed.

Apple Mac recorded $7.2 billion in revenue for the March quarter in line with the company's expectations and iPad revenue was $6.7 billion.

US begins planning for 6G rollout

 

The US government is drawing up plans for the eventual use of 6G networks, hoping to give Washington a technological edge in the future amid concerns over Beijings rapid advances in the telecommunications sector.

The White House met with corporate leaders, technology officials and academic experts to develop strategies for upcoming 6G networks on Friday, senior US officials confirmed.

The administration seeks to "take the lessons learned from 5G about the importance of early involvement and resilience" and use them to develop a 6G network which "optimizes performance, accessibility, and security", one government staffer added.

While 6G technology is still in its infancy and is likely years away from use by the general public, it is expected to be significantly faster than the current 5G networks, and to dramatically expand high-speed internet access across the globe.

In late 2020, China successfully launched an experimental satellite carrying candidates for possible 6G technology, hoping to verify the performance of the 6G frequency band in space.

Sundar Pichai creates 'Google DeepMind' to build robust AI systems

Alarmed at the success of Microsoft-owned OpenAI's ChatGPT, Alphabet and Google CEO Sundar Pichai has created a unit that will help the company build more capable AI systems safely and responsibly. This group, called 'Google DeepMind', will bring together two leading research groups in the AI field: the Brain team from Google Research, and DeepMind.

J'khand couple quit corporate jobs, turn model farmers, pioneer app-based irrigation

A couple hailing from Jharkhand's Hazaribag district, who left their corporate jobs and turned to farming, have become model farmers scripting an inspiring success story for others.The couple- Vinod Kumar used to be a bank manager, while his wife Radhika worked in a multinational corporate company- in Pune.Institutions like NABARD and IFFCO Kisan are impressed by their success. These organizations have selected them for the pilot project of Automated Irrigation System in Jharkhand. They have become the only farmers in the state, who can irrigate the crops grown in their fields even while sitting far away through the mobile app.

Mahanadi Coalfields sets up eco-park over closed underground mine in Odisha

Mahanadi Coalfields Ltd (MCL), a subsidiary of Coal India Limited (MCL) as part of its green initiative, has developed an eco-park and a museum over a closed underground mine.

Apple AR headset may feature health & wellness experiences

Apple will reportedly bring health and wellness experiences in its upcoming augmented reality (AR)- mixed reality (MR) headset, media reports said.

PhonePe raises $350 mn at $12 billion valuation

Fintech platform PhonePe on Thursday said it has raised $350 million in funding from General Atlantic, a leading global growth equity firm, at a pre-money valuation of $12 billion.

PVR books PAT of Rs 12.93 crore for Q3

Multiplex cinema major PVR Ltd on Thursday said it closed the third quarter of FY23 with a net profit of Rs 12.93 crore.

Samsung eyes 75% sales from 5G smartphones in India this year

Samsung India on Thursday said it will have a 5G-first strategy in India to consolidate its smartphone leadership in the country, eyeing to capture 75 per cent sales from its 5G device portfolio this year.

iPhone 15 Pro Max may feature folding lens camera

Apple's upcoming smartphone, iPhone 15 Pro Max, will reportedly feature a periscope folding zoom camera, although it will only be included in the top-end iPhone model.

Apple gave $320 bn to developers on App Store since 2008

Apple has given a massive $320 billion to the developers for selling their digital goods and services since the launch of its App Store in 2008, the tech giant has announced.There are now more than 900 million paid subscriptions across Apple services like Music, TV+, gaming and more.

RBI Deputy Governor Michael Patra reappointed for one year

The Centre on Monday reappointed Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra for a period of one year with effect from January 15.The decision was taken by the Appointments Committee of the Cabinet.

Vistara flight to Bhubaneswar returns to Delhi after technical snag

A Vistara flight to Bhubaneswar returned to Delhi airport on Monday following a technical snag.As per aviation regulator DGCA, Vistara's A320 aircraft operating flight UK-781 from Delhi to Bhubaneswar was involved in an air turnback due to a hydraulic system issue. The plane made a priority landing at the Delhi airport, an official said, adding that a probe will be initiated.

'Make in India' TV shipments grow 33% to reach 5 mn units

The India TV market grew exponentially in the festive season last year and 'Make in India' TV shipments grew 33 per cent (on-quarter) in the July-September period to reach 5 million units, a report showed on Tuesday.Dixon led the 'Make in India' TV shipments, followed by Radiant.

BMW recalls over 14K electric cars over crash risk

Automaker BMW has recalled over 14,000 electric vehicles for a software malfunction that may lead to a loss of power and an increased risk of a crash.The recall covers certain iX SUVs and i4 and i7 sedans produced between October 14, 2021, and October 28, 2022.The software issue relates to the high voltage battery electronic control unit, according to BMW.

China to top global equity market performance in 2023: Morgan Stanley

Morgan Stanley has raised price targets and expects China to top global equity market performance in 2023. "We see an earlier and stronger growth recovery from 1Q23 amid faster reopening, stronger housing support and tech regulatory easing, lifting 2023 GDP to 5.7 per cent and 12m USDCNY to 6.65. China is set to top global equity market performance in 2023, in our view, with structural improvement on ERP and ROE. Raise price targets and reiterate OW," Morgan Stanley said.

Telecom Sector Skill Council to place over 1.25 lakh youth with focus on 5G

With the 5G rollout, India needs a ready-skilled workforce and the Telecom Sector Skill Council (TSSC) on Tuesday announced to get over 1.25 lakh candidates placed across the industry through its placement initiatives and training labs.The Council also said it will establish at least 50 new training labs and centres of excellence (CoEs) across India for various telecom job roles.

Despite lower sales volume, vehicle makers to post higher profit, revenue

Even though vehicle makers would experience lower sales volume on a sequential basis in Q3FY23, they would nevertheless log higher revenue and profitability owing to the price hike, said Axis Securities in a research report. According to the report, the vehicle makers are expected to post de-growth of revenue and net profit on a sequential basis due to the reduction in wholesales sales in December 2022 post-festive season due to the normalization of channel inventories.

FPIs sold for 11 consecutive days to the tune of Rs 14,300 cr

FPIs have turned sustained sellers in the Indian market and sold for 11 consecutive days taking the cumulative selling to Rs 14,300 crore, says V.K. Vijayakumar, the Chief Investment Strategist at Geojit Financial Services."And, the money taken out is being invested in the underperformers of last year like China and Europe, which are doing well now. Clearly, FII money is chasing lower valuations by selling in overvalued markets like India," he added.

We want to push India's $1 trillion digital economy dream: Satya Nadella

As India embarks on its digital journey with full steam, Microsoft wishes to move in and provide every part of its tech stack to the country and its innovators, to help it become the $1 trillion digital economy as the country spends more on its tech sector, the company's Chairman and CEO Satya Nadella said here on Thursday.Nadella told that India's tax spend as a percentage of its GDP is becoming normalised when compared to the developed world, and is now among the top 10 countries.

Qualcomm unveils new SoC for vehicles

Qualcomm Technologies has unveiled a new System-on-Chip (SoC) to support digital cockpit and advanced driver assistance systems (ADAS) at Consumer Electronics Show (CES) 2023.The 'Snapdragon Ride Flex SoC' supports "mixed-criticality workloads, allowing for digital cockpit, ADAS and automated driving (AD) capabilities to be co-implemented on the same hardware," the company said in a statement.

Vimeo to lay off 11% of its workforce

Video sharing platform Vimeo has announced that it will be laying off 11 per cent of its workforce amid a decline in economic conditions.The announcement was made by Anjali Sud, CEO of Vimeo, in an online letter, noting that "those whose jobs are affected have received emails and invitations for meetings with their team leaders and HR".

Samsung introduces new affordable phone with 5000mAh battery

Samsung has introduced a new affordable smartphone which comes with a 5000mAh battery, at a price of Rs 9,499.The Galaxy F04 comes with a 16.55cm HD+ display and a glossy design, says the tech giant.It will be available in two colours -- Jade Purple and Opal Green in a 4GB+64GB storage variant.

Amazon secures $8 bn loan to safeguard against economic headwinds

E-commerce giant Amazon has secured $8 billion in Term Loan from DBS Bank, Mizuho Bank and others, that will be used for "general corporate purposes".In a filing with the US Securities and Exchange Commission (SEC), the company said that the loan will mature in 364 days (January 3, 2024), with an option to extend for another 364 days."Upon funding, proceeds of the Term Loan will be used for general corporate purposes," it said in the filing.

Nifty50 expected to touch 20,000 in CY2023: ICICI Securities

The Nifty50 index is expected to touch 20,000 points in 2023.Stagflation is the key risk to equities in CY23 wherein inflation picks up again post the waning of favourable base effects while growth decelerates, the report notes.In the report, ICICI Securities said: "Our Nifty50 target for CY23-end stands at 20,000 implying 11 per cent upside, which is sub-par considering the long-term expected return of at least 12 per cent from Indian equities."

BMW Group India sold 19,263 vehicles in 2022

High end cars and motorcycle maker BMW Group India closed 2022 selling 19,263 vehicles.According to a statement issued by BMW India, a total of 11,981 cars (BMW and MINI) and 7,282 motorcycles were sold last year in India.The BMW Group had logged 37 per cent growth in the sales of BMW cars as compared to the same period last year by delivering 11,268 units.

The Bahamas seizes $3.5 bn in FTX digital assets as ex-CEO faces trial

The government in The Bahamas has seized $3.5 billion in FTX digital assets, as its former CEO Sam Bankman-Fried faces a trial in the US.The country's Securities Commission took control of the assets soon after the crypto exchange filed for bankruptcy in the US in November, reports revealed late on Friday.

Fidelity slashes its Twitter stake value by 56% as Musk faces challenges

Top global investment firm Fidelity has slashed the value of its stake in Twitter by 56 per cent during the first month of Elon Musks ownership, as the micro-blogging platform navigates through a myriad of issues.Fidelity's Contrafund valued its Twitter shares at $53.47 million on October 31, just days after Musk's $44 billion acquisition deal was closed, reports .

Alibaba rejigs top brass after major server outage, CEO to look after Cloud arm

In a major reshuffle amid intense scrutiny by the Chinese government, Alibaba Group on Thursday unveiled key senior management changes, including Wu Zeming's rise to the company's Chief Technology Officer (CTO), as its Hong Kong servers suffered a serious outage that shut down many services in the region.Daniel Zhang, Chairman and CEO of Alibaba Group, will assume the role of acting President of Alibaba Cloud Intelligence and responsibility for the communication and collaboration platform DingTalk.In a separate move, Jeff Zhang will focus on his role as head of the Alibaba DAMO Academy and no longer serve as President of Alibaba Cloud Intelligence.He will continue to be responsible for Alibaba's proprietary chip development team T-Head and Internet of Things (IoT) initiatives, the company said in a statement.

Samsung to unveil new refrigerator with larger screen at CES 2023

Samsung Electronics on Thursday introduced a new 'Bespoke Refrigerator Family Hub Plus', equipped with a large touch screen, which it will unveil at CES 2023, the world's largest home appliance exhibition to be held in the US' Las Vegas from January 5.At 32 inches, it features a much larger display than the 21.5-inch screen found on previous generations of Samsung Family Hub refrigerators.The new Family Hub has been enhanced to allow users to enjoy the "Samsung TV Plus" service, which allows users to watch approximately 190 US TV channels and approximately 80 Korean TV channels for free in "PIP (Picture in Picture) mode", according to the company.

Jio True 5G services now available in Andhra Pradesh

Reliance Jio on Monday announced it has launched True 5G services in Andhra Pradesh.The 5G services were launched in Tirumala, Visakhapatnam, Vijayawada, and Guntur districts.State IT Minister Gudivada Amarnath said that 5G services will bring transformational benefits for the people."Apart from their existing investment of Rs 26,000 crore, additionally Jio has invested over Rs 6,500 crore for deploying 5G network in Andhra Pradesh and this shows their immense commitment towards our state's development," the minister said.By December 2023, Jio True 5G services will be made available in every town, taluka, mandalam and village of Andhra Pradesh, he added.

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