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Your daily dose of crisp, spicy financial news in 80 words.
Everything’s done virtually these days, even love. Artificial Intelligence is reshaping modern relationships with AI chatbots like Character.ai, Replica, Candy.ai, kupid.ai, and many more.
These companies capitalise on the natural human desire to find love and overcome loneliness.
And they're indeed earning a lot! Candy.ai was launched in September 2024 and has already hit $25 million (₹211.3 crores) in annual recurring revenue.
India is also a participant in this AI race with Urvashi, the AI girlfriend created by Jani Infotech. This app has been uploaded more than 10,000 times on the Google play store.
However, one cannot ignore the benefits of AI in other sectors. Several Indian companies have incorporated AI into their business.
Click here to know about these companies.
The Indian government is reportedly planning to relax security norms for satellite communication (Satcom) to attract private investments, most likely Elon Musk's Starlink and Jeff Bezos' Amazon Kuiper in India.
This move comes as India looks to strengthen ties with Elon Musk's SpaceX, which recently launched GSAT-20, the Indian Space Research Organisation's (Isro) communications satellite, from Cape Canaveral in Florida, US.
But Elon Musk has made some sensationals deals in the past. His Twitter acquisition is one of the most famous ones.
Click here to check out the full story of his Twitter deal.
Bangladesh is negotiating to lower power tariffs under its deal with Adani Power, citing economic challenges and rising concerns over affordability.
This move comes at a time when Adani Group is currently facing allegations of $265 million (₹226.5 crore) bribery scheme from the US officials.
Adani Group is also under investigation ordered by a High Court in Bangladesh regarding the 25-year deal signed in 2017 with Adani Power for coal-fired energy from a $2 billion (₹13,552 crore) plant in eastern India, as per Bangladesh's energy minister.
To know more about Adani Power and its market position, click here.
The Supreme Court of India on Friday restrained Aakash Educational Services (debt-laden Byju’s) from proceeding with its plans to amend its Articles of Association (AoA).
Two minority shareholders of Aakash Educational Services- Singapore VII Topco I Pte and BCP Asia Athena ESC (Cayman) appealed to the Supreme Court, barring Aakash from amending the AoA.
The amendment sought to alter key clauses potentially impacting the rights and obligations of existing stakeholders. The legal dispute also arose in the midstarose midst of Byju's ongoing financial struggles, raising concerns about governance and decision-making within its subsidiaries.
To know what’s going on with Byju’s, click here.
30 November 2024 is the last day to submit Jeevan Pramaan Patra (or Life Certificate) for pensioners.
This is a crucial step for all pensioners in India to ensure uninterrupted pension payments. F
The Life Certificate can be submitted online through the Jeevan Pramaan App or by visiting designated banks. Your next payment cycle will resume when the Central Pension Processing Centers (CPPC) will receive and process your certificate.
Want to know about the best retirement investment plans to secure your future? Click here.
As per a recent NielsenIQ study, ~3/4th of mid-sized companies favour e-commerce as their top sales channel.
Emerging manufacturers are witnessing e-commerce growth 1.5x faster than the category averages.
Meanwhile, convenience stores are gaining momentum, achieving a 48% penetration rate in India, compared to the global average of 18%.
The fastest-growing categories in 2024 (till Sep) with their growth rate:
Also, read how 2 FMCG giants stack up against each other in this detailed comparison.
CarDekho, India's leading auto marketplace, saw a slight dip in its annual revenue. However, if you exclude the impact of their discontinued used-car business, their core operations actually grew by a significant 54%.
The company has shifted its focus to online classifieds, insurance, and fintech services.
Want to know more about CarDekho's strategy? Stay tuned for updates with Bullets by Insider!
The Life Insurance Corporation of India (LIC) is planning to acquire almost half of the stakes in ManipalCigna Health Insurance. ManipalCigna is a joint venture between Bengaluru-based group, Manipal Education & Medical Group and US-based Cigna Corporation.
Manipal Group holds a 51% stake in the standalone health insurance company, while Cigna Corporation owns the remaining 49%.
This acquisition will allow the government-owned LIC to diversify its services and enter into the health insurance sector, which constitutes 37% of the ₹3 lakh crore general insurance industry.
Can LIC earn India's trust in health insurance as well? Click here to know more.
Ola Electric is revving up the electric scooter market! Their new models, the S1 Z and Gig, have sent their stock soaring 20% in a single day.
The S1 Z is designed for budget-conscious buyers, while the Gig is perfect for delivery riders.
With these new offerings, Ola is aiming to dominate the electric two-wheeler segment.
Know more about the ongoings of Ola and their layoff trail from here.
The NPCI is working hard to make net banking and mobile banking payments interoperable. This means you'll soon be able to pay anyone, regardless of their bank, directly from your net banking or mobile banking app.
This will make digital payments even more convenient and accessible just like UPI & credit cards.
Also Read: AI in UPI Payments: Is Your Money in Danger?
E-commerce firms are trying to reduce delivery time to same-day or even 2-4 hours, spurred on by quick commerce competition.
Major players now offer same-day deliveries across metros and tier-I cities:
More brands are also planning to enter the Quick commerce vs E-commerce battle, including Pilgrim and Rare Rabbit.
Karnataka is investing ₹650 crore in a space and defence manufacturing hub, set to be operational in 18-24 months.
The state aims to capture 50% of India's space market between 2025-2029 and create high-end jobs over 10 years. It will also train 5,000 students and professionals to meet global standards in 5 years.
With 32 spacetech firms and 15 defence companies, Karnataka leads India in innovation and investment.
Also Read: How Karanataka's Bengaluru is making the state tech hub on a global level?
NTPC Green Energy's shares have taken off after a lackluster debut. The stock jumped 10% on Wednesday, just one day after its initial public offering (IPO).
While the IPO price was ₹108, the stock opened at ₹111.6 and has since climbed to ₹122.75.
Analysts believe that NTPC Green Energy is a solid long-term investment, backed by the strength of NTPC Ltd.
Curious about the stock? Know the complete analysis, fundamentals, and more from here.
59% of employers are planning to hire. Gurugram (22.6%) & Coimbatore (24.6%) are becoming new job hubs alongside established ones like Bengaluru (53.1%), Mumbai (50.2%), and Hyderabad (48.2%).
This expected growth is mainly driven by the below sectors along with their net employment change:
TeamLease Services’ Employment Outlook report says– 22% of employers intend to maintain their current workforce.
Also Read: Understanding Form 16: The Essential Guide for Salaried Employees
Deepinder Goyal, the mastermind behind Zomato, is serious about his commitment to the company. He's extended his salary waiver for another two years, meaning he won't be taking a paycheck until March 2026!
This isn't the first time Goyal has made this sacrifice. He previously waived his salary for three years, starting in 2021.
The question arises: Is it a sign of true dedication or just a clever business strategy? Only time will tell.
Also read: Zomato enters the movie segment competing with BookMyShow.
Amazon is all set to launch a 15-minute quick commerce delivery service in India named Tez. This service will enter into the booming sector of quick commerce by December of this year or early next year.
The quick commerce sector is currently led by companies like Blinkit, Zepto, and Swiggy Instamart and has managed to gain $5.5-6 billion (₹46,475-50,700 crore) in gross sales this month.
But, ONDC might slow down the Tezi of Tez. Click here to know how.
Quick commerce platforms like Blinkit and Zepto are not just delivering groceries fast; they're also raking in big bucks (₹1,000 crore) from advertising!
These platforms are attracting more and more users, making them a prime spot for brands to showcase their products.
Blinkit's ad revenue has quadrupled, and Zepto is also seeing significant growth in this area.
Also Read: How is Zepto Leaving Other Delivery Firms Behind?
A federal court in Texas has ordered Samsung to pay ₹118 million (₹996.2 crore) to computer memory company Netlist Inc.
Samsung was sued by Netlist in 2022 alleging that Samsung’s memory modules used in cloud computing services and other data-intensive technology infringed its patents.
Netlist also won $445 million (₹3,738 crore) in May from chipmaker company Micron in a separate lawsuit over some of the same patents.
Elon Musk, the world's richest person, just got richer. His net worth surged by a whopping $70 billion (₹5.8 lakh crore), thanks in part to Tesla's soaring stock price.
The electric car giant's shares skyrocketed after a certain election, boosting Musk's fortune to a mind-boggling $347.8 billion (₹29.2 lakh crore).
Is this the peak of Musk's wealth? Only time will tell.
Also Read: How Twitter is Suffering From the "Elon Musk" Effect?
Billionaire Gautam Adani and his group are facing serious allegations. US prosecutors have accused them of a massive bribery scheme worth $265 million (over ₹2220 crore).
However, the Adani Group is fighting back, claiming these charges are baseless and only affect a small part of their business.
They insist that the majority of their companies are clean.
Is this just a storm in a teacup, or is there more to this story? Know it all from here.
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