Government clears entire GST compensation dues of states worth Rs 86,912 crore

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The government has cleared the entire GST compensation dues to states till May 31. As many as 20 states and Union Territories have received a total of Rs 86,912 crore.

Of this, Rs 25,000 crore is released from the GST compensation fund and the balance Rs 61,912 crore is being released by the Centre from its own resources pending collection of cess.

“This decision was taken to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital is carried out successfully during the financial year,” the Finance Ministry said in a statement.

Watch video for more.

With text inputs from PTI.

 5 Minutes Read

Delhi Police gets custody of Lawrence Bishnoi in Arms Act case, to question him again in Sidhu Moosewala’s killing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

After detaining mobster Lawrence Bishnoi in Tihar in an Arms Act case, Delhi Police’s Special Cell took him into custody for three days on Tuesday and would interrogate him again in connection with the death of popular Punjabi musician Sidhu Moosewala.

Delhi Police’s Special Cell on Tuesday got three-day custody of gangster Lawrence Bishnoi after arresting him from Tihar in a case of Arms Act and will question him again in connection with the killing of famous Punjabi singer Sidhu Moosewala, officials said.

On Monday also, a team of Special Cell had interrogated Bishnoi, who is facing nearly 60 cases, in Tihar. Gangster Kala Jathedi and his aide Kala Rana, who were in police custody in a different case, were also questioned in connection with the killing of Moosewala.

According to officials, after questioning him in Tihar prisons where he was lodged in Central Jail no 8, Bishnoi was produced at the Patiala House court and was remanded in three days of police custody for questioning in connection with the case where three criminals were arrested after a brief encounter with the Special Cell’s unit last month.

Also read: Lawrence Bishnoi gang involved in Sidhu Moose Wala’s murder, says Punjab DGP

During interrogation, the arrested criminals had disclosed that the weapons recovered from them were supplied by Bishnoi, a senior police official said. Bishnoi faces charges under the Arms Act and other sections related to assault on a public servant in the case. “Since Bishnoi has been taken into police custody, we will also be questioning him in connection with the killing of Moosewala in Punjab,” he added.

The development comes a day after a Delhi court refused to entertain a plea filed by Bishnoi seeking a direction to the jail authorities not to give his custody to Punjab police, which suspects that he had plotted the singer’s killing. Bishnoi has moved the Delhi High Court which will hear on Wednesday his plea claiming apprehension of a fake encounter by the Punjab Police.

The plea has sought direction to the Tihar Jail authority and the Delhi Police to ensure necessary safeguards are taken for his safety before giving his custody to any other state police, including the Punjab Police. The petition has been listed before Justice Swarana Kanta Sharma for hearing on Wednesday.

Punjab Police had on Sunday said the killing of Moosewala seemed to be the result of an inter-gang rivalry and that the Lawrence Bishnoi gang was involved in it. “On Tuesday, gangster Bishnoi was questioned for a few hours by the Special cell unit and then was arrested in a different case. He was then taken to a Delhi Court to get his police custody,” a jail official said. When contacted, Bishnoi’s advocate Vishal Chopra told .

Also read: Canadians mourn death of ‘underdog’ Sidhu Moose Wala who ‘found success in Brampton’

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Trade setup for June 1: The bulls help Nifty50 defend 16,500 but can they cross a key hurdle yet?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Trade setup for Wednesday, June 1: More upside is on the cards only after the Nifty50 takes out 16,700, say experts. Here’s what the technical charts suggest.

Indian equity benchmarks halted a three-day winning run on Tuesday, dragged by losses in financial, IT and oil & gas shares, though gains in auto and metal stocks lent some support.

The bulls helped the Nifty50 find support at the 16,500 mark, where analysts believe a near-term cushion lies.

What do the charts suggest for Dalal Street now?

SGX Nifty
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — fell as much as 120 points or 0.7 percent to 16,440 early on Wednesday, suggesting a lower opening ahead on Dalal Street.
Global markets

Equities in other Asian markets fell on Wednesday amid persistent concerns about investors worried about inflation and its impact on global growth. MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.8 percent in early hours. 

China’s Shanghai Composite was down 0.4 percent and Hong Kong’s Hang Seng 0.8 percent. Japan’s Nikkei 225, however, rose 0.7 percent.

S&P 500 futures were up 0.3 percent. On Tuesday, the three main Wall Street indices fell as soaring oil prices and hawkish comments from a Fed official spooked investors. The S&P 500 closed 0.6 percent lower, and the Dow Jones and the Nasdaq Composite dropped 0.7 percent and 0.4 percent respectively.

What to expect on Dalal Street

HDFC Securities’ Shetti is of the view that the Nifty50’s near-term uptrend remains intact.

“The consolidation movement or minor downward correction could continue for the next 1-2 sessions, which is likely to prepare a base for another round of sharp upmove in the index in the near term,” he said.

Period (No. of sessions)

Simple moving average
5 16,358.9
10 16,245
20 16,231.1
50 16,910.2
100 17,091.2
200 17,265.2

Mohit Nigam, Head-PMS at Hem Securities, identified the following resistance and support levels:

Index Support Resistance
Nifty50 16,400 16,800
Nifty Bank 35,000 36,000

FII/DII activity

Call/put open interest

The maximum call open interest is accumulated at the strike price of  17,000, with 2.1 lakh contracts, and the next highest at 17,200, with more than 89,000, according to exchange data.
On the other hand, the maximum put open interest is at 16,000, with 1.2 lakh contracts, and 16,500, with more than one lakh contracts.
This suggests immediate resistance at 17,000 and immediate support at 16,500.
Long build-up
Here are five stocks that saw an increase in open interest as well as price:
Stock Current OI CMP Price change (%) OI change (%)
VEDL 4,89,21,100 324.85 3.41% 33.19%
ABB 4,99,500 2,411.65 1.44% 28.68%
BALKRISIND 12,71,200 2,360.20 3.43% 25.77%
TITAN 69,30,000 2,299.95 2.20% 24.91%
NTPC 9,23,45,700 158 5.26% 24.32%

Long unwinding

Stock Current OI CMP Price change (%) OI change (%)
JUBLFOOD 1,27,48,125 551.15 -3.09% -3.42%
WHIRLPOOL 6,45,000 1,641 -0.46% -2.75%
OFSS 2,53,875 3,294.95 -0.09% -1.38%
BATAINDIA 14,04,700 1,874.15 -1.08% -1.19%
INDUSINDBK 2,39,49,900 928.4 -1.17% -0.41%

(Decrease in open interest as well as price)

Short covering
Stock Current OI CMP Price change (%) OI change (%)
MANAPPURAM 2,65,44,000 95.7 1.11% -2.32%
CHAMBLFERT 32,50,500 363.2 0.35% -1.06%

(Increase in price and decrease in open interest)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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STARTUP DIGEST: BetterPlace acquires OkayGo, SUGAR Cosmetics raises $50M, StrideOne bags Rs 250 Cr, Yaari lays off 150 workers: Report & Attero to spend $1Bn to expand globally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Startup Digest brings you a quick wrap of all the news that matters.

Here are the top headlines from the startup space.

BetterPlace acquires OkayGo, aims to reduce hiring costs by 20 percent

BetterPlace, a technology platform for blue-collar workforce management has acquired OkayGo, an on-demand blue-collared gig workforce management platform for enterprises, for an undisclosed amount.

This acquisition aims to reduce the cost of hiring for enterprises by 15-20 percent by providing them a pool of pre-skilled and pre verified workers ready to be deployed for short-term tasks, a statement said.

Through a marketplace model, OkayGo and BetterPlace will collaboratively narrow the demand and supply gap for gig-workforce in India and solve the inefficiencies of idle time and attrition. This integration will enable frontline workers to increase their daily and hourly earnings an average of 25-30 percent, it added.

Also read: Synaptic bags $20 million in Series B funding; Shadowfax’s growth outlook

This is BetterPlace’s fourth acquisition. It had acquired Oust Labs, Aasaanjobs and Waah Jobs in October last year.

The House of Things acquires Moavi Design to expand its luxury textile range

The House of Things (THOT), a digital-first platform, has acquired Moavi Design, a handmade-textile startup for an undisclosed sum.

This acquisition strengthens offerings of THOT to its discerning customers in the form of luxury textiles, enhancing its current lifestyle product portfolio.

Through this acquisition both the firms aim to enable an effective growth in the internationally renowned artisan made products, promote sustainability by providing more employment opportunities to the artisan communities of India and meet the growing demand from design connoisseurs all over the world.

FUNDING NEWS

SUGAR Cosmetics raises $50M led by L Catterton: Report

D2C beauty brand SUGAR Cosmetics has raised $50 million in Series D fundraise led by the Asia fund of L Catterton. A91 Partners, Elevation Capital and India Quotient also participated in the round.

The fundraise was valued close to $500 million, according to a report by Moneycontrol.

The firm currently has an annualised revenue of about Rs 320-350 crore, or about Rs 27-30 crore of net revenue a month. The brand has also been growing its offline presence and now has over 100 owned stores across the country.

StrideOne raises Rs 250 Cr from Elevar Equity

StrideOne, a tech-led financial services platform for startups, has raised Rs 250 crores via a mix of equity led by Elevar Equity and debt led by banks.

The company aims to empower growth and scale in the Indian startup ecosystem and it plans to create more products that impact both credit and non-credit need gaps for startups and MSMEs alike.

StrideOne said it has turned profitable within just 6 months of operations and accumulated an AUM of Rs 200 Cr across more than 20 anchor companies. The company has also acquired EzCred platform – a tech firm to bolster its tech interface and plans to make more tech-focused acquisitions in 2022.

“It has been a supremely gratifying journey for us already and with Elevar’s deep expertise in democratizing access to capital for underserved customer segments, we look forward to doubling down on our milestones in FY’23 and beyond,” said Ishpreet Singh Gandhi, Founder, StrideOn.

Synaptic bags $20M in Series B round from Valor Equity Partners

Synaptic, an alternative data insights startup, has closed a $20 million Series B funding round led by Valor Equity Partners.  The firm combines the best of technology, machine learning, and finance to bring alternative data insights to decision-makers.  

With the funding, Synaptic will continue to invest in product innovations, double down on its data science capabilities, partnerships with data vendors, and expand its go-to-market teams in key global financial hubs, it said.

“With the Series B funding, we will massively increase our reach and bring our capabilities to more markets and geographies. We are highly enthusiastic about the investment from Valor and look forward to working together with their incredibly experienced team to elevate Synaptic to the next level.”, said Anurag Abbott, Co-Founder, Synaptic.

Privyr bags $6M in Series A round to enable personalised client engagement via WhatsApp

Privyr, a Singapore-based startup that helps consumer-facing salespeople and businesses convert leads right from their phones, has raised $6 million in Series A funding.

The round was led by MassMutual Ventures and Vulcan Capital, with participation from Wavemaker Partners, author Nir Eyal, and former Facebook executive Gwendolyn Regina. The start-up previously raised $900,000 from Wavemaker Partners, Entrepreneur First, and several angel investors.

The fresh capital will be used to expand Privyr’s product capabilities, increase market penetration, and scale its team from less than 10 employees to over 40 within a year, the firm said.

Fitelo raises $1.5M in Pre-Series A round from Guild Capital

Fitelo, a weight management app, has raised $1.5 million in its Pre-Series A round of funding led by Guild Capital. The round also saw participation from a few senior executives from Pareto Capital, Chaayos, and Country Delight also participated in the round.

Currently, the healthcare startup has a strong customer base of 20,000+ people across 15 countries.

“The funds will accelerate our efforts to develop a global platform that focusses on a holistic and natural way of staying healthy, physically and mentally,” said Sahil Bansal, Co-founder and CEO, Fitelo.

Vendekin Technologies secures Rs 8.5 Cr from Better Capital and others

Vendekin Technologies, a vending machine digitisation and unmanned retail solutions startup, has raised Rs 8.5 crores in a pre-Series A funding round led by Better Capital with participation from existing investors CP Gurnani’s Family Office and Vineet Nayyar’s Family Office.

The capital will primarily be used to strengthen R&D and technology teams to drive superior consumer buying experience at vending machines and micro markets.

The company further plans to expand into global markets such as USA and Europe, explore new avenues of unattended commerce such as EV chargers, amusement parks and laundromats as well as create a new channel of unattended retail in India through its one-of-a-kind V-commerce platform.  It aims to power $100 million (GTV) gross transaction value globally in unattended retail transactions by 2025.

OTHER STARTUP NEWS

Edtech firm Scaler to invest $50M in M&A deals: Report

Edtech soonicorn Scaler will invest $50 million in mergers and acquisitions (M&As) in 2022-23 (FY23) as the company sees a consolidation opportunity amid a slowdown in funding and a drop in valuations of edtech companies.

“The funding slowdown and the correction in valuation of edtech companies has provided a very good opportunity to companies like ours to try and look at acquisitions,” said Abhimanyu Saxena, co-founder, Scaler, in interaction with Moneycontrol.

Saxena said that Scaler’s strategy behind its potential acquisitions will be largely revolving around acquiring and distribution of its courses. He said Scaler will not acquire companies just to shore up its revenue or to enter newer segments.

Scaler said it is also looking to launch upskilling programs that cater to underrepresented communities like LGBTQ+ and persons with disabilities.

Indiabulls-run social commerce platform Yaari lays off 150 workers: Report

In the latest string of layoffs in the funding winter, conglomerate Indiabulls social commerce platform Yaari has reportedly laid off nearly 150 employees – that makes 60 percent of its workforce.

According to a report in the leading startup news coverage portal Inc42, Yaari is likely to be merged with another Indiabulls-backed entity called ‘Dhani’, which is an ecommerce platform.

Also read: Coach-Soch: When co-founders decide to part ways

The layoffs reportedly occurred in the last week of April across supply support, customer support, business development, and marketing verticals, and the company allegedly did not extend any severance package or health benefits to those impacted by the round of layoff.

Ashneer Grover tells VC firms to ‘right size’ themselves before advising startups

Ashneer Grover, cofounder and former managing director (MD) of fintech platform BharatPe, has advised venture capital (VC) and investment firms to first think about “right-sizing” themselves in the wake of the current economic slowdown before telling their portfolio companies and startups to do so.

Grover’s hard take on VC firms came as several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator, etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis.

“It’s ironic that VCs are singing aright sizing’ of portfolio companies in chorus. The fact is VCs firms need to right-size their own teams by 80 percent. I still haven’t figured out why you need more than 5 people in a VC firm. If they were tight themselves – portfolio cos won’t be so far off,” tweeted Grover.

E-recycler Attero to spend $1Bn to expand as EVs take off

Electronics recycling firm Attero Recycling will spend $1 billion in the next five years and add plants in Poland, Ohio and Indonesia starting this year, aiming to tap into a global boom for electric vehicles.

Attero’s goal is to raise its annual lithium-ion battery waste processing capacity to 300,000 tonnes by 2027 from 11,000 tonnes now, he said, meeting 15 percent of the world’s demand for lithium, cobalt and graphite, from less than 0.1 percent today.

Attero employs about 150 people and plans to add 100 more this year, including in Europe and the United States. Gupta said sales were set to double this financial year to about $55 million, but declined to share profit projections.

PAYBACK India partners with Apollo Pharmacy

PAYBACK India, a BharatPe company and multi-brand loyalty program, has announced a strategic alliance with Apollo Pharmacy to further augment customer engagement across its 100-million-member base.

The partnership will also help PAYBACK India acquire new customers across 4500 Apollo Pharmacy outlets. Eligible PAYBACK members will be able to earn points on their purchases at Apollo Pharmacy outlets.

All members will be able to redeem their accumulated loyalty points at Apollo Pharmacy outlets to enjoy discounted billing, a statement said.

Zyngo to deploy over 18,000 EVs for last-mile delivery by this fiscal-end

Tech-enabled third-party logistics service provider Zyngo said it will deploy over 18,000 electric vehicles for last-mile delivery in the country as part of its fleet augmentation plans.

These delivery vehicles, which are to be deployed pan-India by this fiscal-end, are being leased/sourced by the company from various domestic original equipment makers (OEMs), Zyngo EV Mobility said in a statement.

Zyngo has been catering to several major e-grocery and e-commerce platforms with its fleet spread across Delhi-NCR, Bengaluru, Mumbai, Hyderabad, Jaipur and Chandigarh. The company said it plans to venture into other markets such as Pune, Ahmedabad, Indore, Chennai, Lucknow and Bhopal, among others, this fiscal, while expanding its EV fleets into existing and new locations.

“We are currently on track to increase our fleet size by up to 18,000 EVs by FY 23-end. As a part of this, we are targeting deployment of 10,000 EVs across various locations by November 2022, and then the rest by March 2023, in order to fulfil the growing market requirements and to increase our business propositions by 10 times or more, said Prateek Rao, Founder-CEO, Zyngo EV Mobility.

Shadowfax registers 4X growth in two years

Shadowfax, a crowdsourced third-party logistics platform, has registered 4X growth in revenue in just two years.

Delivering across 900+ cities with more than 120,000 monthly transacting delivery partners, Shadowfax said its focus on customer experience has contributed significantly to its exponential growth.

47 percent of Shadowfax delivery partners earn between Rs. 20,000 to Rs. 30,000 per month, while 30 percent take home more than Rs 30,000, it added.

“We ran 42 rider contact programmes across cities to develop an in-depth understanding of the crowdsourced workforce. Some of our leaders delivered orders as riders, which helped us identify and solve key rider issues through product and technology,” said Vaibhav Khandelwal, Co-Founder and CTO of Shadowfax.

Zoomcar expects to achieve profitability in India by this year-end

Car sharing platform Zoomcar said it expects to achieve profitability in India by this calendar year-end, on the back of strong organic growth. The company claims it has 20,000 cars on its platform.

On an average, Zoomcar hosts earn more than Rs 50,000 in a month, while several others have earned more than Rs 3-lakh in the last six months, the platform said in a statement. On the back of this strong organic growth, the company expects to achieve profitability in India by the end of 2022, Zoomcar said.

“Now, we’re doubling down on building more efficiencies into our marketplace, and expect to be cash-flow positive in India by the end of the year,” said Greg Moran, Co-founder-CEO, Zoomcar.

TechEagle drone delivers mail in Gujarat under pilot project

Gurugram-based startup TechEagle said its drone has successfully delivered a mail in Gujarat under a pilot project in collaboration with India Post, which could pave the way for postal deliveries by drones in the future.

The first such drone flight delivered the parcel in the Kutch region of Gujarat in less than half an hour, travelling a distance of 46 km, with a five-times faster speed than surface transportation, the deep-tech drone technology startup said.

TechEagle had launched the country’s fastest hybrid-electric vertical take-off and landing (VTOL) 100-km range drone ‘VertiplaneX3,’ with a payload capacity of 3-kg and a top speed of 120 km per hour, last month. It has the capability to take off and land vertically like a helicopter from a small area of 5mX5m.

Debt-resolution fintech startup Credgenics expands leadership team

Credgenics, a SaaS based collections and debt-recovery technology platform has announced the expansion of its core leadership team as part of its next phase growth plan for existing markets and entry into global markets.

New additions to the Credgenics leadership team include Vibhor Singhal as Head of Engineering, Nitin Garg as Head of Marketing, Asvini Krishnan as Head of Finance, Manjari Lakshmanan as Head of Product, Aakash Agarwal as Head of Data Science, Sukhpreet Singh as Head of HR, and Abhishek Sharma as Director of Sales. 

“The business value that we are delivering to our existing customers combined with our continued focus on innovation is helping us grow at a past pace. The new leadership team will propel us into the next orbit of growth,” said Rishabh Goel, Co-founder and CEO, Credgenics.

GLOBAL TECHNOLOGY & STARTUP NEWS

Democrats attacking me and sidelining Tesla, SpaceX: Elon Musk

Elon Musk on Tuesday once again criticised US President Joe Biden, saying that he will vote for the Republican Party in midterm elections in November as Democrats are attacking him and his companies from all sides.

Earlier this month, he publicly revealed for the first time on Twitter that he will now vote for Republicans, as conservatives returned to the micro-blogging platform after his $44 billion takeover.

“I support free speech, but not any one candidate. In fact, I gave money to & voted for Hillary & then voted for Biden. However, given unprovoked attacks by leading Democrats against me & a very cold shoulder to Tesla & SpaceX, I intend to vote Republican in November,” Musk said in a latest tweet.

Musk has said that the political attacks on him will escalate dramatically in the coming months.

Meta will become Broadcom’s next billion-dollar customer: JP Morgan

Facebook parent Meta Platforms will use Broadcom custom chips to build its metaverse hardware, becoming the chipmaker’s next billion-dollar ASIC customer, analysts at JP Morgan said.

ASIC (application-specific integrated circuit) chips will drive $2 billion to $2.5 billion in revenue for Broadcom this year, helped by its deals with Meta and partnerships with Alphabet and Microsoft, the analysts said.

“We believe these wins are primarily at 5 nanometre and 3 nanometre and will be used to power Meta’s metaverse hardware architecture that it will deploy over the next few years,” analyst Harlan Sur said.

Meta is investing heavily in the metaverse – a virtual space where people interact, work and play – by adding new features to hardware devices that serve as access points to the virtual world.

Apple’s new iPhone and iPad software will reportedly add lots of big changes: Report

Apple is reportedly bringing a slew of new updates to iPhones and iPads with its upcoming software releases, iOS 16 and iPadOS 16, which the company is expected to announce during its WWDC 2022 developer keynote on June 6.

The changes to the iPhone include updates to notifications, messages and the Health app, according to Bloomberg. Apple introduced new notification changes last year, too, including the option to bundle them together into a summary at a certain time of the day, and a new Focus mode that limits the notifications you see during specific times. The messages app is expected to get new audio message features, Bloomberg said.

Meanwhile, the Health app is expected to get new features that work with the iPhone and Apple Watch, according to Bloomberg.

The report also said Apple will add new iPad multitasking options. Last year, it made it much easier to two apps to run side-by-side, but some iPad power users have long asked for features that allow the tablet to run even more apps in different windows like you might on a Mac.

Also read: Startups need to focus on profitable growth and not chase valuations, say experts

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Top News Podcast: Delhi minister Satyendar Singh sent to ED custody, Hardik Patel to join BJP, market snaps 3-day gaining streak and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Top News Podcast: For the latest on stock markets, electric vehicles sector, monsoon this year, Delhi minister Satyendar Jain’s ED custody, and more, here are all top developments of the day, tune in!

A Delhi court on Tuesday sent Delhi’s health minister Satyendar Jain to Enforcement Directorate’s custody till June 9 in a money laundering case. The court said his interrogation was required to unearth the alleged larger conspiracy.

The ED had arrested the Aam Aadmi Party (AAP) leader on May 30 under the criminal sections of the Prevention of Money Laundering Act (PMLA).

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on stock markets, monsoon this year, Delhi minister Satyendar Jain in ED custody, and latest in the electric vehicles sector and more.

Sensex and Nifty snapped a three-day gaining streak to end lower amid a tepid global mood. All eyes were on India’s official GDP data for the January-March period. Sensex was down 359.33 points to 55,566 while Nifty shut shop at 16,584, down 76.90 points. Major selling was seen in the power and financial sectors while buying was seen in realty, metals, and auto stocks.

On the political front, reports suggest Gujarat Patidar leader Hardik Patel is all set to join Bharatiya Janata Party this week, days after quitting Congress. The development comes ahead of the Gujarat Assembly elections, scheduled in December this year.

In the EV space, the consumer affairs ministry is likely to set standards for EV batteries soon. This as it takes cognisance of recent EV fires and the poor quality cells that may have caused these incidents.

Tune in to Top News Podcast for more

In case you have any queries or suggestions, please write to us at cnbctv18podcast@nw18.com

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Synaptic bags $20 million in Series B funding; Shadowfax’s growth outlook

Alternative data insights start-up Synaptic has raised $20 million in its Series B funding round led by Valor Equity Partners. The company plans to use this capital to usher in a new era of data-driven investing and decision making. To find out how Synaptic combines the best of technology, Machine Learning, and finance to bring sophisticated, alternative data insights to decision-makers, CNBC-TV18 spoke to its co-founder, Rohit Razdan.

Crowdsourced third-party logistics platform Shadowfax has registered 4x growth in revenue in two years. The venture delivers across 900-plus cities with more than 1.2 lakh monthly transacting delivery partners. To talk about the road ahead, CNBC-TV18 spoke to Abhishek Bansal, the co-founder and CEO of Shadowfax.

Staying committed to its vision of utilising technology to attain zero power wastage through a circular economy, lithium-ion battery recycling company Attero has announced its ambitious plans to expand its footprint across the Europe, US and Indonesia markets. The venture plans to invest $1 billion by 2027 and expand its capacity to 3 lakh MT. To understand these plans, CNBC-TV18 spoke to the co-founder and CEO of Attero, Nitin Gupta.

Watch video for more.

 5 Minutes Read

Indian textile exports hit all-time high of $44 billion last fiscal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The United States was India’s biggest customer with a 27 percent share of textile and apparel export, while cotton textiles grabbed the largest share of the pie, accounting for 37 percent, or $17.2 billion, of the total.

India recorded its highest ever textiles and apparel exports tally at $44.4 billion in the 2021-22 financial year. This was a 41 percent increase over the the 2020-21 fiscal, and a 25 percent rise over the year before that, the government said in a press release on Tuesday.

The United States was India’s biggest customer with a 27 percent share of textile and apparel exports.

Here are the highlights:

PRODUCT CATEGORIES

India is the third-largest textile exporter in the world after China and the European Union.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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What coins do you think will be valuable over next 3 years?

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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Why does Dogecoin creator Jackson Palmer “wish it was the end of crypto”?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Dogecoin co-creator Jackson Palmer believes that the digital asset industry is like a Ponzi scheme designed to profit from uninformed investors continuously pumping funds into assets they do not fully understand.

In an interview yesterday, Dogecoin co-creator Jackson Palmer had some harsh words regarding the state of affairs within the crypto industry. Speaking with Crikey, an Australian e-magazine, Palmer said that he wishes “it was the end of crypto” and that “people are doing nothing but making money off doing nothing.” His comments were part of an interview meant to promote his new podcast Griftonomics.

The first episode of the Griftonomics podcast was meant to go live last year, but fearing a massive backlash, Palmer released his thoughts on crypto through a Twitter thread instead. One of the tweets in the thread referred to the crypto industry as a “get rich quick funnel designed to extract new money from the financially desperate and naive.”

Nothing has changed since then. Palmer still believes that the digital asset industry is like a Ponzi scheme designed to profit from uninformed investors continuously pumping funds into assets they do not fully understand.

“I still see heaps of money being funneled in by crypto promoters. They’re waiting for a fresh batch of fools to come in. This happens in cycles,” said Palmer. “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” he added.

Also Read: What are Bitcoin and Ethereum options: How can they affect the market?

However, according to Palmer, the enthusiasm around cryptocurrencies is slowly waning. He believes that the crypto market could go bust, especially as people continue to lose money on their investments.

“I think we’re well overdue for some sort of pop,” he said. “Unfortunately, it will probably affect minorities and those [at the] lower end of the socioeconomic spectrum when it happens,” he added.

Palmer created Dogecoin in 2013 along with fellow software engineer Billy Markus. At first, the project was just meant to be a joke, a dig at the altcoin industry that was flooded with tokens that had little or no value. It’s the reason why Dogecoin is classified as a meme coin.

However, Dogecoin shot to popularity on the back of several celebrity tweets and mentions. Eminent personalities like Snoop Dogg, Gene Simmons and Elon Musk often spoke out regarding Dogecoin, causing price spikes for the meme coin.

Musk has been a huge proponent of Dogecoin. His tweets have driven several uptrends for Doge. He has also revealed that Dogecoin is part of his crypto portfolio, which only includes two other coins — Bitcoin and Ether. He has even added Dogecoin as a payment method on Twitter, Tesla, and SpaceX. He also hinted at allowing Dogecoin payments for his new satellite internet service, Starlink.

However, Palmer has a very uninterested view of the Tesla CEO and the world’s richest man. “He’s a grifter, he sells a vision in hopes that he can one day deliver what he’s promising, but he doesn’t know that. He’s just really good at pretending he knows. My opinion on him and all billionaires is that I don’t care much for them.”

Also Read: India ready with cryptocurrency consultation paper, says economic affairs secretary Ajay Seth

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

IBM MD says company is doubling down on hiring across India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Sandip Patel. Managing Director of IBM India, said the company has started expanding beyond metros to Tier-II and Tier-III cities in India. He spoke to CNBC-TV18 about the company’s hiring, expansion as well as the uptick in training hours for employees.

IT major IBM India is doubling down on its hiring strategy in the country and is also beginning to expand beyond metros to Tier-II and Tier-III cities.

“We are doing double-digit hiring growth across all our different units in India,” Sandip Patel. Managing Director of IBM India told CNBCTV-18‘s Shereen Bhan.

He said last year, the company launched IBM India Software Labs in Kerala and Gujarat. “This was done through the state-of-the-art product engineering, design and software development centres,” he said.

Patel said the company continues to build its process operations and has expanded the same in Hyderabad across multiple domains. “We also expanded our IBM Innovation Centre in Mysore to support the rapid hi-tech driven economic growth in the region and also provide comprehensive cloud and AI technology consulting capabilities in that space,” he said.

Also Read: How to install Windows 10 on your Mac — with one caveat

This year, the company is starting with Coimbatore and Kochi to build on its market presence and capitalize on key talent as well as skills to accelerate these technology capabilities. “So our talent expansion strategy in India specifically is in the high double digit levels of hiring across all of our businesses and we will continue to do this both in the metros as well as in the Tier-II and Tier-III cities,” Patel said.

Talking about high attrition rates in IT companies in India, Patel said that many people have called it the great resignation, but he thinks about it as the great re-evaluation. “Employees are reevaluating because of current market opportunities. Also remote work has changed priorities for a lot of talent. So when we say great resignation, it gives us permission to just focus on talent acquisition versus rethinking culture. So there is a level of wage inflation that we are seeing and that is a function of demand and supply in the market,” he said.

He also said there is a 30 percent uptick in training hours for employees.

Patel said that the employees who join IBM, do so for the breadth of opportunities they get across the organisation. “Skilling is also very important. Through the pandemic, we have seen an uptick of almost 30 percent in the training hours that our employees have logged in,” he said.

Also Read: Samsung may cut smartphone production by 30 million units this year

Watch video for the entire interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

UPSC third-ranker Gamini Singla says this is a dream come true

Maharashtra Board HSC SSC results 2023

For the first time in seven years, three women have secured the top three ranks in Union Public Service Commission 2021. Shruti Sharma, an alumnus of St Stephen’s, Delhi, is the topper, while Ankita Agarwal and Gamini Singla are ranked second and third respectively. A total of 685 candidates qualified, with 177 being women.

Gamini is an alumnus of Punjab Engineering College and it was her childhood dream to become an IAS officer. Gamini has been preparing at home since 2020 after completing her B-tech in computer science engineering and cracked the exam in the second attempt.

Speaking to CNBC-TV18 Singla said, “I feel extremely overwhelmed and just full of gratitude; so satisfied right now; getting rank three was like dream come true.”

She said she would prefer Indian administrative services in her home state of Punjab.

When asked what kind of work she would like to do, she said, “I think wherever I am posted, I would like to work my best because I think there is a lot of scope in every department, and we can contribute to everything. But having said that, I think there are a few departments that gives us the opportunity I would love to work in, such as health, education and women empowerment. It will be good if I can contribute to these three sectors in any way.”

For full interview, watch accompanying video