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Your daily dose of crisp, spicy financial news in 80 words.
New rules designated for SIM cards in India revealed in August would be applicable from 1 December. The following rules are updated:
No more bulk selling of SIM cards.
Registration process involving PoS agents tightened, keeping security in mind.
KYC rules would lean towards demography and be denoted from applicants' Aadhaar cards.
A new SIM card would be active after 90 days of disconnection by the previous user.
SIM card sellers have 12 months from today to adopt the new rules.
Meanwhile, read who can benefit from the Instagram subscriptions feature by clicking here.
HCL is closing on to fulfil its project of establishing an Outsourced Semiconductor Assembly and Test (OSAT) facility in Karnataka. Around $400 million is reportedly invested in this chip packaging unit.
HCLTech is in talks with the state government of Karnataka and has been offered lands near Bangalore and Mysuru's international airports.
With this establishment, HCL Group will be able to reinforce its might in the IT sector in India.
Learn about HCL’s business model and other financial essentials by clicking here.
After rumours of India’s GDP becoming a $4 trillion economy, the nation's equity market has touched the mark. The market capitalisation of all BSE-listed stocks hit the ₹333 lakh crore target.
Now, the Indian stock market is ranked fifth in the world after the USA, China, Japan, and Hong Kong.
Is India’s GDP going to achieve the admired milestone soon?
Air India has been in an 'updating' mode ever since Tata Group acquired it. Now, the group plans to replace outdated technologies with Generative AI.
After adopting OpenAI in the early stages of the software, Air India’s virtual assistant Maharaja has addressed over half a million queries in 4 languages. The plan is to further revamp it by trying on 160 technology modules.
Tata Group’s acquisition of Air India looks like a good decision as of now. Read here about how the deal between Air India and Tata came to be.
Bengaluru-based AI generative startup Rephrase.ai was acquired by global computer software giant Adobe.
Rephrase.ai is an AI-powered video creation platform whose investors will receive a cash exit along with Adobe stocks with the transfer of power.
This deal is essential from both ends as Rephrase.ai is the first firm to be acquired by Adobe. In a similar fashion, Adobe is now expanding in the generative AI and video tooling sector.
Meanwhile, read how Adobe reached its dominating position in the world by clicking here.
Tata Consultancy Services (TCS) applied for an appeal for the $140 million (around ₹116.63 crore) in a trade secret lawsuit by Epic Systems. Now, TCS will keep $125 million aside from its Q3 earnings to pay the penalty.
In 2014, TCS was stamped with a lawsuit for stealing 6,000 crucial data pieces with a fraudulent user account.
The US Supreme Court dismissed TCS from filing for an appeal, giving a big backstep to the tech firm.
A new difficulty seems to be arising for the troubled Byju’s. The Electorate Directorate (ED) might send a show-cause notice to EdTech Byju’s over a Foreign Exchange Management Act (FEMA) violation.
A fine of ₹9,000 crore is expected to be applied on Byju’s for breaking regulations. Byju’s rejected the media's obligations of receiving any notice or communication from ED.
Could this new addition to the mountain of troubles Byju’s is dealing with be its downfall?
Till then, read about how Byju’s came to be in its present desolate state by clicking here.
One of the most awaited IPOs of 2023, Tata Technologies IPO, is finally open under pre-apply mode. The 3-day subscription issue will open on 22 November 2023.
The issue price of ₹450-500 per equity share is seeing a 70% uptick in the grey market with a premium demand of ₹340-345.
This upcoming IPO is the first from Tata Group after 20 years, raising the expectations bar for investors pretty high.
Read about the Tata Technologies IPO details and what to expect by clicking here.
The face of OpenAI, ChatGPT maker, has now changed with the firing of CEO Sam Altman. OpenAI's board fired Altman over communication issues as he has been accused of hiding truths from them.
Altman was replaced by OpenAI’s Chief Technology Officer (CTO), Mira Murati, as interim CEO.
Board's no-confidence move towards Altman has given the tech community a big shock and gossip material for the time being.
Read here to learn what role Sam Altman played in making OpenAI what it is today.
After entering the unicorn sector, Zepto has raised $31 million (around ₹2,54.82 crore) in an extended funding round. Mumbai-based quick commerce platform raised funds from existing investors StepStone Group and Quickwater Capital.
Zepto’s valuation of $1.4 billion (₹11,620 crore) remains the same as the last funding round in August.
Looks like India's new unicorn is seeing a smooth sail in the challenging startup sector. Click here to learn more about Zepto and its business model.
Reliance Industries Ltd. is planning to raise the largest ever domestic bond sale worth ₹20,000 crore. This issuance is the biggest ever by a non-entity BFSI firm.
The issue will have a base size and a green shoe option of ₹10,000 crore each and will take place on 9 November from 10:30–11:30 AM through the electronic book mechanism on the BSE's bond platform.
Rated “AAA” the bonds will have a 10-year maturity as per CRISIL and Care ratings. Learn about RIL’s future plans by clicking here.
Flipkart’s Founder, Binny Bansal, is all set to launch a startup that would provide AI-as-a-service to global customers. The startup is reportedly headquartered in Singapore, with its primary operations being handled from Bangalore, India.
As of now, the startup is in stealth mode and will target the Indian e-commerce market first.
According to the Economics Times, this startup might offer its services in the second half of 2024.
Bansal sold Flipkart to Walmart Inc. along with many other investors. What's the sore spot in Flipkart that investors don't like? Read here to know more.
With the brewing controversy around Mahadev App Online, MeitY and ED established a ban on 22 illegal betting apps and websites.
Assets worth ₹417 crore were seized a few weeks earlier related to the Mahadev betting app in Chhattisgarh. This ban follows the previous decision to close down over 400 gaming and betting apps nationwide on privacy and corruption grounds.
MeitY is showing no mercy to rule breakers when it comes to citizen’s privacy. Read this article to learn of other astounding initiatives by them.
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