Friday, March 29, 2024

Business

Sales turnover of Government e-Marketplace doubles to Rs 4 lakh crore in 2023-24

NEW DELHI: The Government e-Marketplace (GeM) has closed the 2023-24 financial year with a Gross Merchandise Value (GMV) of a staggering Rs 4 lakh crore which is double that of the corresponding figure for the previous fiscal year (2022-23), the Commerce and Industry Ministry said on Friday.

Political stability has given India a new sense of confidence: JKLU Laureate awardee Deepak Parekh

JAIPUR: Amid geological tensions impacting the global economy, India has maintained its pace of having the fastest-growing GDP rates among major economies, thanks to the political stability that the country enjoys today which has given it a new sense of confidence, said JKLU Laureate awardee Deepak Parekh.

Credit cards woes form largest chunk of complaints for private banks, mobile banking for public sector banks

NEW DELHI: The largest share of public sector banks' complaints is for mobile banking while for private banks, it is for credit cards, brokerage firm Elara Securities said.

Adani’s copper unit in Mundra begins operations, to generate 7,000 jobs

AHMEDABAD: Making a debut for the Adani Portfolio in the metal industry, Kutch Copper, a subsidiary of Adani Enterprises Limited (AEL), on Thursday commissioned the first unit of its greenfield copper refinery project at Mundra, Gujarat, by dispatching the maiden batch of cathodes to customers.

Top VC firm Accel to nurture 8 early-stage startups in India

BENGALURU: Leading venture capital firm Accel on Thursday announced eight early-stage startups in India which are part of the third cohort of its accelerator programme called ‘Atoms’.

Most unicorns globally have 'underdog' founders: Report

NEW DELHI: A global study of 845 unicorns and more than 2,000 tech leaders has revealed that most companies with a valuation of $1 billion and above have "underdog" founders and female entrepreneurs are on the rise.

SK hynix expects significant increase in sales of high-end chips

SEOUL: SK hynix, the world's second-largest memory chipmaker, said on Wednesday that it expects a significant increase in the portion of its high bandwidth memory (HBM) chip sales relative to total DRAM (dynamic random-access memory) chip sales.

Lawyers have opportunity to shape global regulations: Abhishek Manu Singhvi

NEW DELHI: Member of Parliament and senior Supreme Court advocate Abhishek Manu Singhvi has said the building of a nation is fundamentally dependent on the foundation of good governance that is controlled by the rule of law.

Adani Green's solar power plant to produce 540 mn units annually operationalised in Rajasthan

AHMEDABAD: Adani Green Energy Limited (AGEL) on Wednesday said it has commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan.

Proptech firm Aeria raises fresh funds to expand footprint

NEW DELHI: Real estate and asset management platform Aeria on Tuesday said it has secured $1.8 million in pre-seed funding led by Kalaari Capital and Foundamental along with AC Ventures, AL Trust and several others.

Indian tech startups receive $1.6 bn in funding in Q1 2024; retail, fintech lead

NEW DELHI: The Indian tech startup ecosystem received $1.6 billion in total funding in the first quarter this year (till March 15), becoming the fourth-highest nation globally in terms of funding raised during this period, a new report showed on Tuesday.

We're leading energy transition for generations to come: Gautam Adani

NEW DELHI: It is our duty to take care of our planet - not only for this generation and the next but also for generations to come - and Adani Green Energy is leading an energy transition that honours this commitment, Adani Group Founder and Chairman, Gautam Adani, said on Tuesday.

Adani Ports acquires Gopalpur Port in Odisha for Rs 3,080 crore

AHMEDABAD: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it has acquired 56 per cent stake of the SP Group and 39 per cent of Orissa Stevedores Limited (OSL) in Gopalpur Port Limited (GPL) for Rs 3,080 crore.

Harvard Law School Vice Dean David Wilkins delivers Dr L.M. Singhvi Memorial Lecture at Jindal Global Law School

SONIPAT: Lester Kissel Professor of Law & Vice Dean, Harvard Law School David B. Wilkins has said the key thing that lawyers need to do is to have a more digital and data driven approach to risk.

Over $447 million in funding raised by 22 Indian startups last week

NEW DELHI: The Indian startups continued to raise funds at a normal pace, and last week, 22 startups secured over $447 million in the country.

Three-day week ahead to make markets extra volatile

MUMBAI: Markets in the week gone by were volatile and choppy. Traders and investors were shaken looking at the intraday volatility, where markets opened positive and then turned negative and vice versa. At the end of the week, they gained on four of the five trading sessions and lost on one.

Samsung to drive growth further with premiumisation this year again in India: Raju Pullan

NEW DELHI: With a focus on premiumisation, Samsung will be able to drive growth further this year again in India, Raju Pullan, Senior Vice President (VP) and Head of MX Business at Samsung India, said on Sunday.

Concerns persist on inflated valuations in mid and small-cap stocks, say analysts

NEW DELHI: Amidst mixed signals from global peers, investor sentiment remained volatile, influenced by uncertainties surrounding pivotal policy decisions from major central banks, says Vinod Nair, Head of Research, Geojit Financial Services.

Elon Musk thought that OpenAI would fail: Sam Altman

SAN FRANCISCO: OpenAI's CEO Sam Altman has said that Tesla and SpaceX CEO Elon Musk thought that the ChatGPT-maker company would fail and "he chose to part ways".

Maruti Suzuki acquires stake in homegrown AI startup Amlgo Labs

NEW DELHI: Maruti Suzuki India on Saturday announced it has invested in Amlgo Labs Private Limited, an Artificial Intelligence and Machine Learning (AI-ML)-led startup.

IRDAI approves setting up insurance e-marketplace Bima Sugam, goes for big regulatory revamp

NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims.

Amazon India’s revised seller fee next month may up prices for certain products

NEW DELHI: The consumers may end up paying more for shopping online on Amazon India for certain products as the company is set to revise its seller fee structure from April 7.

Apple shelves plans to develop displays for smartwatch: Report

SAN FRANCISCO: Tech giant Apple has reportedly shelved plans to develop display screens for its smartwatch.

Mahindra joins Adani Total Energies E-Mobility Ltd to boost EV charging infra (Lead)

MUMBAI: In a significant move to boost the electric vehicles (EV) infrastructure and build a greener future in the country, Mahindra & Mahindra on Thursday signed a memorandum of understanding (MoU) with Adani Total Energies E-Mobility Ltd (ATEL), a wholly-owned subsidiary of Adani Total Gas Ltd.

RBI issues new rules for self-regulatory organisations of banks, NBFCs

MUMBAI: The RBI on Thursday issued an omnibus framework for recognising self-regulatory organisations (SROs) for its regulated entities such as banks, NBFCs and housing finance companies.

TCS inks 7-year deal to transform Denmark-based Ramboll's IT infrastructure

NEW DELHI: Tata Consultancy Services (TCS) on Thursday said it has signed a multimillion-dollar strategic partnership to transform the global IT infrastructure of Ramboll, an architecture, engineering and consultancy company.

Industry welcomes Centre's advisory against surrogate advertisements

NEW DELHI: Industry players on Friday hailed the government's advisory against increasing instances of direct as well as surrogate advertisements and endorsements of activities.

VC firm Alphatron Capital raises $30 mn in its first fund

NEW DELHI: US-based venture capital (VC) firm Alphatron Capital (formerly SMK Ventures) on Thursday said that it raised $30 million (nearly Rs 249 crore) in its first fund.

Young Indian founders beat rich global startups in creating AI use cases: Kunal Bahl

NEW DELHI: Artificial intelligence (AI) has opened new doors for Indian startups and young entrepreneurs who have raised just $1-2 million are way ahead of deep-pocketed startups from the US and Europe when it comes to creating world-class products, Kunal Bahl, Co-founder of Snapdeal and early-stage VC firm Titan Capital, said on Thursday.

Startup Mahakumbh: Rise of entrepreneurs from tier 2, 3 cities big boost to ecosystem

NEW DELHI: India's startup ecosystem is on a journey of unprecedented innovation and growth and the rise of entrepreneurs from tier-2 and 3 cities are shining examples of how inclusive growth can lead to sustainable development, industry experts said on Thursday, as the three-day ‘Viksit Bharat Startup Mahakumbh 2024’ concluded in the Capital.

Business models for transporting hydrogen discussed at global meet in Delhi

NEW DELHI: The five-day global hydrogen partnership meeting being hosted by India, held deliberations on business models for transportation, production and storage of Hydrogen and possibilities of international collaborations and partnerships in the areas of finance, policy and regulations, according to an official statement issued on Thursday.

Indian climate-tech sector sees $2.8 billion investment as mobility, energy lead

NEW DELHI: The Indian climate-tech sector attracted $2.8 billion investment till November 30, 2023, representing 57 per cent of the total investment garnered in the previous year, a report showed on Thursday.

S. Korea aims $120 bn worth chip export as India joins global semiconductor map

SEOUL: South Korea will proactively support the semiconductor industry, and accelerate the development of high-bandwidth memory and artificial intelligence chips to achieve the annual export target of $120 billion, said Industry Minister Ahn Duk-geun on Thursday.

Startup Mahakumbh: Youth to be biggest contributors of Viksit Bharat, say students

NEW DELHI: Youth will be the biggest contributors of Viksit Bharat in the coming years, said students at the Startup Mahakumbh on Wednesday.

No notice from US Department of Justice: Adani Group

NEW DELHI: After a JP Morgan report stated that the scope for bribery looks "highly unlikely" for the Adani Group given the high level of transparency involved in renewable energy sector in India, the Adani Group of companies said they have not received any notice from the US Department of Justice (DoJ) over any bribery allegation.

Optimo Loan raises $10 mn from Blume Ventures, Omnivore

NEW DELHI: Optimo Loan, an MSME (Micro, Small and Medium Enterprises) lending-tech business for rural India, on Wednesday, announced that it raised $10 million in seed funding from venture capital firms Blume Ventures and Omnivore, with additional contribution from the company's founder, Prashant Pitti.

'Pure veg mode' fleet will also wear colour red: Zomato CEO

NEW DELHI: Facing flak over his decision to launch a ‘pure veg mode,’ Zomato Co-founder and CEO Deepinder Goyal on Wednesday said the company has decided to remove the on-ground segregation of its rider fleet on the ground using the colour green.

Good governance crucial than highest market cap for startups: Industry leaders

NEW DELHI: As certain Indian digital companies like Byju’s, with a mammoth $22 billion valuation once, get embroiled in corporate governance issues, top industry leaders have said that running a clean company with honest practices and good governance is more important than having the highest market cap.

Indian SaaS startups poised to create 100 new AI unicorns: Report

BENGALURU: Indian AI software-as-a-service (SaaS) startups are poised for the next wave of innovation, helping create 100 new AI unicorns, a new report showed on Tuesday.

HCLTech, global chip IP provider CAST to offer customised semiconductors

NEW DELHI: HCLTech and global semiconductor Intellectual Property (IP) provider CAST on Tuesday announced plans to offer customised chips to enable Original Equipment Manufacturers (OEMs) across industries to accelerate their digital transformation.

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