Bullets

After ChatGPT alternatives from Microsoft & Elon Musk’s X.AI, India is joining the AI race. Tata Consultancy Services plans to introduce its generative AI platform utilising the internal code, data and resources they have.

TCS COO Subramaniam claims that this project is bound to create new roles for prompt engineers to supervise contextual queries in enterprise requirements to large language models.

After all, why should foreign companies have all the AI fun?

IBM CEO Arvind Krishna recently revealed to Bloomberg that the company plans to temporarily halt hiring for positions that are likely to be automated in the near future, particularly in back-office functions like HR.

According to McKinsey Global Institute, up to 800 million jobs are predicted to be displaced by 2030.

I guess the potential impact of automation and AI on the job market is becoming increasingly evident, which highlights the need for workers to acquire new skills.

Vedanta Resources’ mission to cut short its debt of $6.8 billion with assistance from Hindustan Zinc has hit a roadblock. Hindustan Zinc failed to get approval from its minority shareholders to purchase Vedanta Ltd. international zinc assets at $2.98 billion.

The Indian government is the largest minority shareholder of Hindustan Zinc, with 29.54% stakes.

With falling stock prices & disadvantageous investment choices, no wonder government wishes to sell its stake in Hindustan Zinc.

The Wadia Group-owned airline Go First is in a financial crunch! The aerospace company Pratt & Whitney has not supplied engines, leading to the grounding of more than half of its fleet (28 planes).

The company announced the suspension of its flight for May 3rd and 4th due to failure in following the cash-and-carry approach. This has led Go First to file for voluntary insolvency.

Oops, Go First got grounded before Take-Off.

Broadcaster NDTV reported a consolidated net profit of 59 lakhs in the final quarter of the fiscal year 2022-23, which is 97.6% lower than the previous year.

Adani Group now holds 64.7% of NDTV after a controversial takeover battle last year. This past quarter, which is the first full one under Adani’s ownership, was challenging due to the difficult advertising environment.

Seems like Adani has the reverse Midas touch.

The fall of Silicon Valley Bank & Signature Bank started a domino effect as another lending bank, First Republic, went under. The San Francisco-based bank saw a 50% decline in its shares after customers withdrew more than $100 billion from their accounts. 

Despite a $30 billion investment from 11 banks, including JPMorgan Chase and Citibank, First Republic fell under JP Morgan’s Authority.

Looks like Chase’s investment is finally paying off in the form of First Republic’s assets and deposits.

Eicher Motors' Royal Enfield saw an 18% increase in monthly sales for April, going from 62,155 to 73,136.

The increase in numbers is not all "fast bikes and bright lights", though. The rise was seen in bikes with engines smaller than 350 cc and domestic sales, with numbers going up 26% and 28%, respectively, while bikes with engines larger than 350 cc and international sales went down by 21% and 49%, respectively.

Bikes come and go, but the lifestyle stays.

Ban on Russia from European countries due to the Ukraine fiasco has benefitted India. As per Analytics company Kpler’s data, India is now the largest supplier of refined fuel for the EU.

Interestingly, India gets about 44% of its oil imports from Russia. Due to discounted prices, India is now close to exporting 360,000 barrels a day, crossing the EU’s largest exporter, Saudi Arabia.   

India, with Russia's oil right now.

Sequoia Capital and Mastercard-backed Pine Labs, a leading merchant-commerce platform in Asia, has decided to defer its IPO. With promising financial stability, the company was able to raise over $1.1 billion.

But, amid the decline in worldwide financial markets and the desire to wait for more favourable conditions, the company is not currently in a rush to proceed with the IPO, as stated by CEO Amrish Rau.

They have not yet announced a new timeline for its IPO.

Announcing another update, Elon Musk tweeted that media publishers can now charge users per article. This payment for one article would be higher for users who don’t have Twitter’s monthly subscription. 

Calling the decision a win-win for both media organisations and the public, Musk hinted towards more monetising opportunities in future. After all, the platform plans to get a 10% cut on content subscriptions by next year.

Insider Elite articles cost less than Twitter perks. Just saying!😉

Market regulator SEBI has asked for an extension of six months for the probe on Adani Group and its collapse as a result of short-seller Hindenburg Research's report.

According to the regulator, "given the complexity of the matter, SEBI in the ordinary course would take at least 15 months," but the 6 member team "is endeavouring to conclude the same in not less than six months.”

So far, 12 suspicious transactions have been uncovered that require further investigation.

Bajaj Auto, a leading two and three-wheeler manufacturer, is increasing the production of its electric scooter, Chetak. It aims to produce around 10,000 units per month by June.

The company has resolved supply chain issues and is expanding the sales network of the brand. It plans to establish roughly 150 exclusive outlets for Chetak electric scooters by September.

Eco-friendly vehicles with the possibility of price reduction, yeh hue na ache din!

Solving privacy concerns raised by Italian watchdog, Garante, ChatGPT was successful in uplifting its Italy ban. Following the deadline of April 30, OpenAI’s ChatGPT fulfilled the conditions proposed by the Italian data protection authority.

The recent changes, like age verification and privacy policy updates, are shared by several Italian users on their social media platforms. Appreciating the updates, Garante proposes a publicity campaign to OpenAI for more privacy awareness.

Are data privacy concerns that easy to solve, though?🤔

Godrej Consumer Products is set to acquire Raymond’s consumer care business. The deal of Rs 2,825 crore includes Park Avenue men’s grooming brand and KamaSutra sexual wellness products.

The acquisition is expected to be completed by May 10. Raymond is a leading player in men’s deodorants and branded condoms segments but a minor player in mainstream soaps and shampoos.

The move will complement Godrej’s business portfolio and growth strategy, offering long-term potential in India.

Making information accessible to all, TIME magazine is slashing its paywall out of the way. 1st June is announced as the day for paywall removal by TIME’s CEO Jessica Sibley.

The news came to light on the annual TIME 100 Gala in New York City. The move is set to pull more young global audiences, as 45% of TIME’s audience falls under the age of 35.

250,000 digital subscribers of TIME would be on cloud nine right now. 

United Kingdom's antitrust body has stayed Microsoft's $69 billion takeover of Activision-Blizzard, stating that the windows maker owning exclusive rights could be a deterrent to the development of cloud gaming.

The Competition and Markets Authority said, “Allowing Microsoft to take such a strong position in the cloud gaming market just as it begins to grow rapidly would risk undermining the innovation that is crucial to the development of these opportunities.”

Talk about strategic gaming, am I right?

In a surprising turn of events, Voltas, a prominent player in the compressor-based cooling market, has announced the termination of its joint venture with Highly International (Hong Kong) Limited.

The deal, which was announced in May 2022, aimed at reducing Voltas’ dependency on imported components. However, the government’s necessary approvals were not obtained, leading to its termination.

Despite the setback, it would be interesting to see if Voltas’ reputation for innovation helps it in overcoming this obstacle.

Words sure are mightier than a sword, as the allegations of an Instagram influencer handle, ”Food Pharmer”, on Bournvita have raised question marks on the drink’s claims. 

National Commission for Protection of Child’s Rights has asked Mondelez India’s subsidiary, Bournvita, to remove all the “misleading data” from their product, including packaging, labelling, and advertisements.

Looks like too-much “sugar content”, 7.5 grams in every 20 grams, is turning out bitter for Bournvita.

Google was handed a fine in October 2022 for making changes to its billing system. The fine was propositioned on the basis that Google hasn’t been compliant with the CCI’s ruling.

Google is now appealing to the Delhi HC that the applications run by petitioner ADIF (Alliance of Digital Foundation) to the CCI are not suitable due to a Single Judge ruling.

Will Delhi HC be a ray of hope for ADIF or a green flag to Google’s heavy bill?

Sequoia and Tiger Global backed Fintech startup Jupiter has acquired a Non-Banking Financial Corporation license from RBI. Jitendra Gupta, the founder of Amica Financial Technologies Ltd.,(Jupiter's parent company) has informed various sources that a new CEO will be appointed for the NBFC vertical.

The NBFC license will allow Jupiter to lend money out of its resources, which in turn will allow it to possibly generate revenues to support its operations.

I guess NeoBanks are not forgotten after all!