Author: Kanishka Sarkar

Zee Entertainment Q4 results beat estimates but analysts remain divided

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

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Zee Entertainment Enterprises shares rose in early trade on May 21, days after the company’s January to March 2024 period results beat Street estimates. One brokerage upgraded its rating and target price on the stock, another upgraded the rating but kept the target price unchanged and another cut the target price. Let’s find out why.

Zee posted a consolidated net profit of ₹13.35 crore in the March quarter as against a net loss of ₹196.03 crore in the same period of the previous fiscal. Revenue for the quarter under review grew almost 3% year-on-year to ₹2,169 crore.

The growth was aided by domestic advertising revenue rising 10.6% year-on-year due to continued recovery in the macro advertising environment and spending pickup by FMCG clients. Subscription revenue growth was driven by a pick-up in linear subscriptions, the company said in an investor presentation.

After the results were announced, CLSA upgraded its call to underperform from sell and raised the target price to ₹175. This implies the brokerage sees an almost 25% upside in the stock from the closing price of May 18.

CLSA said the numbers were encouraging and that the firm is revisiting costs and a subdued margin of 9.6% for the quarter under review is transitory. It noted that the company has added an aspirational target of an 18-20% EBITDA margin by FY26.

Also Read: Zee may slow down buying content a bit, focus is on frugality, says CEO Punit Goenka

Elara Securities India also upgraded its rating on Zee to buy but kept the target price unchanged at ₹180. According to them, ad revenue growth in the first quarter of FY25 may be muted because of IPL but it could pick up pace due to a positive impact from higher FMCG ad spend and the festival season.

“Expect ad revenue/subscription revenue to see CAGRs of 5.5%/6.0% in FY24-26E, respectively. Zee5 posted a healthy operational show, with revenue growth of 24% YoY in FY24, as digital continued to gain traction. Continued momentum in Zee5’s revenue growth may augur well, as investments have largely peaked out,” it said.

UBS, meanwhile, has a neutral call on the stock with a target price of ₹190 as it noted the media firm saw a healthy recovery in a non-seasonal quarter.

They also highlighted that the management seems confident of reaching the 18-20% EBITDA margin target by FY26 and that it expects sustained growth in subscription revenues and Zee5.

Also Read: Zee Entertainment’s MD and CEO Punit Goenka takes 20% voluntary pay cut

Motilal Oswal also has a neutral call on Zee shares with a target price of ₹160. It said there seems to be a resurgence in ad revenue due to increased spending by FMCG companies. “We expect the recovery to remain gradual given the continued weakness in the rural segment and IPL in 1QFY25. The outlook on subscription revenue is expected to improve with the implementation of NTO 3.0. The improvement in profitability in ZEE5 is positive after remaining a drag for a long period.”

Citi, on the other hand, gave Zee a sell rating and cut the target price to ₹137 even as it noted the company has guided towards YoY margin expansion in FY25. The analyst would watch out for strategic initiatives.

Zee shares traded 2.38% higher at ₹144.05 on BSE at 11:10 am.

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Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to start in green, BHEL, Oil India in focus

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

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Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the important cues ahead of the trading session of May 21

-It’s a truncated week as the markets were closed on Monday due to voting in Mumbai in the fifth phase of Lok sabha elections 2024.

-In the special trading session on Saturday, the Nifty clawed back above the mark of 22,500, which is one of the two levels the charts were pointing towards once the index sustained above 22,300. All of the losses from the week earlier were recovered as it went up 2% in the extended week gone by, bringing the Nifty back to where it was at the start of the month.

-The Nifty Bank has now sustained above the level of 48,000 for two days in a row and chartists have been wanting the index to sustain above that level for a potential move towards 48,500 on the upside. The index has gained in five out of the last six trading sessions and managed to recover half of the 3.1% fall it had in the week prior to last.

-The other positive aspect for the domestic market is that foreign institutions turned net buyers in the cash market during Friday’s trading session. This happened for the first time in the month of May.

-Results today: BHEL, NMDC, PI Industries, IRCON, JK Tyre, GSFC, Metropolis, Laxmi Organic, VA Tech Wabag, Gulf Oil

-Stocks to watch out for are SAIL, Ujjivan Small Finance Bank, Anupam Rasayan, India Cements, Whirlpool of India, City Union Bank, Lupin, Biocon, Oil India, Patanjali Foods

-Overnight in the US, the Dow Jones Industrial Average lagged the broader market, in contrast to the Nasdaq, as JPMorgan Chase led losses.

-All eyes will now be on Nvidia that reports earnings on wednesday. Nvidia shares gained more than 2% overnight on multiple bullish analyst calls that highlighted the company’s preeminent market position.

-Asia-Pacific markets started mixed this morning. Investors in Asia will be watching for any spillover effect on companies up and down Nvidia’s value chain, such as Taiwan’s TSMC and Foxconn, as well as South Korea’s Samsung Electronics and SK Hynix.

-Oil prices fell in early Asian trade this morning, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. Brent crude futures declined to $83.34 a barrel.

-GIFT Nifty traded with a premium of more than 60 points this morning from Nifty Futures’ Friday close, indicating a start in the green for the Indian market

Tune in to the Marketbuzz Podcast for more cues

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India Cements Q4 loss narrows to ₹50 crore, revenue from operations slips to ₹1266 crore

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

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India Cements consolidated net loss narrowed to ₹50.06 crore in the January to March 2024 period as against a loss of ₹243.77 crore in the same quarter a year ago, the cement maker said in an exchange filing on May 20.

“With the improved sales volume, India Cements Limited could turn out a better operating performance and pared the losses for the fourth quarter under review,” the firm said in its statement.

The remark comes as the cement and clinker volume for the quarter under review was 24.36 lakh tonne as compared to 27.85 lakh tonne in the same period of the previous year, it added.

The firm’s consolidated revenue from operations in the fourth quarter of FY24 fiscal slipped to ₹1,266.65 crore as against ₹1,485.73 crore in the corresponding period a year ago, the financial results show.

India Cements’ total expenses in the fourth quarter declined to ₹1,351.84 crore as compared to ₹1,637.65 crore in the corresponding period of the previous fiscal.

Together with the profit arising from the sale of land, the company has made a cash profit of ₹24 crore for the quarter despite the setback caused by the fall in selling prices of cement, it said.

It added that after muted capacity utilisation in the previous two quarters caused by the stressed working capital conditions, the same could be improved in the fourth quarter due to an infusion of working capital and it was 63% up from 51% in the third quarter of the current year.

Meanwhile, for the full fiscal year ended March 31, 2024, the consolidated net loss was ₹215.76 crore. It was at ₹169.82 crore in the previous fiscal, the company said. In FY24, consolidated revenue from operations was at ₹5,112.24 crore, down from ₹5,608.14 crore in FY23.

Reflecting on the outlook for FY25, the firm said that after Lok Sabha Elections and Assembly elections in a few states, the Centre and States are expected to retain their focus on the development agenda.

“The construction activity is expected to be brisk in the coming months, driven by continued infrastructure spending by the government, private sector housing and commercial segments. This presents a healthy demand outlook for cement and the industry, especially in the South, has built adequate capacity to meet the firm demand,” it said.

The firm added that at the same time, increasing cost pressure, high logistics costs, and severe competition in the market are also hanging over the head which will affect margins.

Shares of India Cements settled at ₹214.50, up 2.85% on Friday.

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

Lok Sabha Election 2024: Is it mandatory for employers to give paid holiday on voting day? | Explained

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

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As India votes in the Lok Sabha elections 2024 in seven phases, with three more yet to conclude, several employers have been facing a dilemma of whether or not to declare a paid holiday on account of voting.

Citizens are entitled to a paid leave on voting day by law, as per Section 135 ‘B’ of the Representation of the People Act, 1951. However, companies can have employees work from home, after or before they head for polling unless their work is unavoidable. However, if a staffer raises a complaint in this regard to the Election Commission of India, the firm may have to face a penalty and/or legal action.

CNBC-TV18 reached out to Mansi Singh, Partner at law firm BTG Advaya to understand laws about leave policies on polling and vote counting days with regards to businesses

Here are all the details

1. Is voting day a mandatory paid holiday?

Yes, voting day is a mandatory paid holiday as per Section 135-B of the Representation of the People Act, 1951. All establishments are required to grant paid leave to their employees on the polling date to ensure their employees can exercise their right to vote.

2. If not, which industries are exempt from it and how can companies make it flexible for their employees?

No specific exemptions are prescribed except where the employee’s absence may cause ‘danger or substantial loss’ to the employer. Substantial loss in this instance is undefined and will have to be proved by the employer if contested by an employee before a court.

Companies can make it flexible by allowing employees to work from home or adjusting work hours to ensure they can vote without obstructing their responsibilities.

Also Read: Lok Sabha Elections 2024 | How critical is Phase-5 for both NDA and I.N.D.I.A

3. If an employee is based out of state A and the company operates from state B, can the employee in state A avail of a holiday when there is an election in state B?

No, the paid holiday is applicable on the polling date in the state and constituency where the employee is registered to vote, not where the company operates.

4. If the employer refuses the holiday, what action can the employee take?

In case an employer does not grant a paid holiday on polling day, the employee can approach the Election Commission of India or the authority designated by it and a penalty of ₹500 can be imposed on the employer under the provisions of the Representation of the People Act, 1951.

An FIR may also be filed against the employer under the Indian Penal Code, 1860 for violating the order of a public authority.

5. What rights does an employer have while planning a day off for employees?

While voting day is a mandatory paid holiday, employers may request employees to work from home (to the extent possible) before or after they have completed voting to ensure minimal disruption to business.

6. What rights does an employee have? Can they opt for a holiday if not granted?

Employees have the right to a paid holiday to vote — hence, they may opt for such a holiday provided they exercise their right to vote. If not granted, they can file a complaint with the appropriate authorities and a fine may be imposed on the employer. Employees may also negotiate flexible work arrangements with the employers such as work from home before/after voting.

7. Are there any other laws employers need to follow with respect to voting/counting days?

The primary law is Section 135B of the Representation of the People Act, 1951. Some states may further issue public notifications/orders declaring polling days as public holidays, which if flouted can attract specified consequences.

For counting days, there are no specific laws mandating holidays, but employers should stay informed about any local notifications or guidelines issued by the Election Commission.

Also Read: Delhi voters can avail free rides from booths to their homes on polling day

Track the latest updates on Lok Sabha elections 2024 phase 5 voting here

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

Stock market holiday today: NSE, BSE closed as Mumbai votes in Lok Sabha Elections 2024

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

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Stock market closed today: The BSE and National Stock Exchange will remain closed on May 20, Monday, on account of voting in Mumbai in the fifth phase of Lok Sabha Elections 2024.

Trading in the equity derivative segment, equity segment, the SLB segment and the currency derivatives segment as well as the interest rate derivatives segment will remain suspended through the day.

The commodity derivatives segment will remain closed in the morning session – from 9am to 5pm, while the evening session will remain open from 5pm to 11.55pm.

Trading on both the stock exchanges — NSE and BSE — will resume on May 21.

On May 18, in the special trading session, the domestic markets extended in the green for the third straight session with the Sensex and Nifty closing with 0.1 percent gains. Broader markets, meanwhile, outperformed benchmark indices. At close, the Sensex was up 88.91 points or 0.12 percent at 74,005, and the Nifty was up 35.90 points or 0.16 percent at 22,502.

The markets will next be closed for trade on June 17 on account of Bakri-Id, then July 17 for Moharram and August 15 for Independence Day.

Track Lok Sabha Election Phase 5 Voting Live Updates here

Meanwhile, the last batch of quarterly earnings, global trends and trading activity of foreign investors will guide the equity market movement in a holiday-shortened week ahead, analysts said. Volatility may continue amid investors’ cautious approach in the election season.

ONGC, SAIL, BHEL, JK Tyre, One97 Communications, Power Grid, InterGlobe Aviation, ITC and NTPC will announce their quarterly earnings this week.

“The outlook for the market will be guided by the major domestic and global economic data, such as India’s PMI manufacturing and service data, UK inflation data, US initial jobless claims, S&P global services data and S&P global manufacturing PMI and Q4 corporate results,” Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, told PTI. Investors will also keep an eye on the rupee-dollar trend and global oil benchmark Brent crude.

Also, US Fed Chair Jerome Powell is scheduled to deliver a speech on Monday, which is likely to influence market sentiments, analysts said.

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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

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

China’s EV makers taking longer to pay bills amid rising stress

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

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The time it’s taking for some of China’s electric-car makers to pay suppliers is ballooning — a further sign of stress in the nation’s increasingly cutthroat auto market.

Nio Inc. was taking around 295 days to clear its receipts payable, the vast majority of which are owed to suppliers, at the end of 2023 versus 197 days in 2021, according to the most recent available data compiled by Bloomberg. Xpeng Inc., another US-listed Chinese EV maker, was taking 221 days to honor its obligations to vendors and related parties, up from 179 days, the data show.

Elon Musk’s Tesla Inc., by comparison, only took around 101 days, and that period has remained largely stable in the past three years.

The extended payment cycles are indicative of the pressure many automakers are under in China, where economic growth remains sluggish and consumer sentiment is subdued. That’s translated into reduced demand for electric cars, and the once fast-growing market is now beset with intense price wars and crunched profit margins.

Also Read: Indian govt likely to tweak new EV manufacturing policy and focus on greenfield investment

Since Beijing phased out a national subsidy program for EV purchases in 2022, some smaller manufacturers have been pushed to the brink. WM Motors filed for restructuring in October, and Human Horizons Group Inc., the owner of premium EV brand HiPhi, suspended operations for at least six months in February.

“Everybody’s suffering,” said Jochen Siebert, managing director at consultancy JSC Automotive. “For manufacturers, price reductions mean less money coming in. So the money they owe to their suppliers may be necessary for them to remain liquid.”

Representatives for Nio and Xpeng didn’t respond to requests for comment.

Delayed payments are starting to have a knock-on effects at auto-parts suppliers, Siebert said.

“Tier-three or four suppliers really get bitten, because they can’t pass it on,” he said, adding the EV sector may see a “messy consolidation” as suppliers go bankrupt, quickly causing production issues for automakers down the line.

Indeed Jiaxing, Zhejiang-based Minth Group Ltd., a supplier of exterior body parts, saw its accounts and notes receivables surge more than 40% to 4.74 billion yuan ($656 million) as of December from the end of 2020, while its cash and equivalents shrank by almost one-third to 4.2 billion yuan over the same period, according to data compiled by Bloomberg.

Also Read: Joe Biden imposes tariffs on Chinese chips, critical minerals and EVs

Hunan Yuneng New Energy Battery Material Co., which is a major supplier to BYD Co., according to data compiled by Bloomberg, saw its accounts and notes receivables more than triple to 10.43 billion yuan at the end of 2022 from a year earlier, while cash reserves fell to 435.2 million yuan.

“The price war won’t end soon and the stress eventually will be delivered to suppliers,” said Zhu Lin, a Shanghai-based managing director with turnaround management firm Alvarez & Marsal.

“We’ve seen more car components producers approaching us to improve their performance and some of them are thinking about offloading unprofitable businesses,” Zhu said. “The weak ones in the supply chain will face a high risk of being kicked out of the game.”

Also Read: Firms line up over 15 new EVs in India for 2025 while Tesla struggles with sales

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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

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

Chinese banks keep lending rate unchanged after People’s Bank of China hold

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

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Chinese banks left their benchmark lending rates unchanged following the central bank’s decision last week to hold a key rate on loans it offers to lenders.

The one-year loan prime rate was held at 3.45% on Monday as expected by economists surveyed by Bloomberg. The five-year rate, a reference for mortgages, was kept at 3.95%, according to the People’s Bank of China, in line with forecasts.

China’s economic recovery has been driven by strength in the industrial sector, but domestic demand has remained stubbornly weak as the property downturn persists. Credit posted a shock shrinkage in April for the first time ever in an alarming sign of battered corporate and household sentiment.

The People’s Bank of China last week rolled over the maturing medium-term lending facility, its one-year policy loan, but refrained from trimming the rate, signaling an intention to aid a nascent economic recovery without adding pressure on the yuan.

Some economists expect the PBOC to cut rates or inject more cash into the financial system by reducing the amount of reserves banks must keep in the coming months. That would help banks buy up new government bonds, as Beijing increases fiscal support for the economy.

China on Friday started selling the first batch of what will be 1 trillion yuan ($139 billion) special sovereign bonds, in a move to keep up infrastructure investment. Provincial governments are also accelerating the issuance of local notes.

Policymakers have unveiled more measures recently to stimulate domestic demand in a bid to address the imbalances in the economy, with aid for the property sector to reduce inventory a latest focus.

The authorities announced Friday they will establish a nationwide program to unleash 300 billion yuan in cheap funding to help state-owned companies buy unsold homes. In addition, they removed the floor on mortgage rates and lowered the minimum down payment for homebuyers.

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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

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

India must increase share in global manufacturing, says FM Nirmala Sitharaman at CII event

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

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Policy stability, absence of flip-flops and a corruption-free environment is the kind of government that the country wants, Union Finance Minister Nirmala Sitharaman said, asserting that Prime Minister Narendra Modi is returning for a third term with a good majority in Lok Sabha Elections 2024.

“The India story is a compelling growth story. We can consider some of these once the government is elected, looking at India with a global growth contribution of 18% over the next five years,” she said at the CII Annual Business Summit 2024 on May 17.

Citing an S&P report, the minister highlighted that India’s consumer market is likely to double by 2031 and that a $2.9 trillion opportunity lies here. “India will continue to remain the fastest-growing economy.”

The Reserve Bank of India (RBI) and government’s economic survey shows that today India enjoys a twin balance sheet advantage and that government and corporate balance sheets are in the pink of health. Banks can be buoyant enough to push credit growth and can be the track on which the economy will grow fast, she said.

The PM Modi-led government looks at the private sector as a partner in developing India. “By 2047, we see a very big role for the private sector, with the government acting as a facilitator and an enabler.”

She also explained that since it is the election season, there cannot be a slip in communication. The government can hear and listen but not comment, so she wants to leave some thoughts for the industry to mull over.

The government looks forward to what else can be done in the July budget and that a lot of consultation is required with the industry on that, she said.

Also Read: FM Nirmala Sitharaman warns of household savings risks amid F&O retail trading surge

Reflecting on sectors, she said, manufacturing in India must increase at such a scale that its share rises globally as well. “We need to see how best this can be given policy support,” she said, adding that expanding manufacturing will help India become self-reliant.

Sitharaman cited the example of the telecom sector production-linked incentive (PLI) scheme, which she says has helped India become ‘aatma nirbhar’ in a better way.

“Sixty percent import substitution has been achieved under telecom PLI. Today, 99% of all mobiles sold in India are made in India,” she said, adding that India is becoming Apple’s second-largest manufacturing hub outside China. She pointed out that the rapid growth in the past year is very noticeable, with the number of GCCs in the country rising to 1,882, up over 50%.

She also spoke about AI, a space where she said skilling is being ramped up. Also, speaking about the renewables sector, she said the transition to green energy has to be responsibly built up. “The push in solar energy has shown the extent of job creation and has also generated a lot of interest.”

Also Read | Exclusive: FM Nirmala Sitharaman says poverty alleviation can’t be achieved by throwing money at the problem

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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

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

Is Open AI trying to steal Google’s thunder? Sundar Pichai responds

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

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Just a day before Alphabet was scheduled to hold its annual Google developers’ conference, OpenAI on May 13 launched its new AI model GPT-4o, short for “omni,” which will power the ChatGPT chatbot and will be available to users including those who use the free version.

Was Open AI trying to steal Google’s thunder by announcing upgrades to Chat GPT ahead of the Google I/O event? Well, the CEO of Google and Alphabet Sundar Pichai believes “one event happened over a day, does not matter over time.”

“From my perspective, this inflexion point we are on with AI, the opportunity that I see, you want to zoom out, the fact that one event happened over a day, does not matter over time,” he said on the sidelines of the Google developers’ conference on May 15.

Pichai explained that it’s important to have a perspective as work is underway on the most profound technologies that humanity will ever work on. “As a company, we have been investing in it over a long time. We are developing state of art models and working to deploy them to billions of people in a way where we can make a difference in their lives. And to me, that’s the North Star, that’s our mission. We stay focussed on that.”

Also Read: Why Google CEO is cautiously optimistic about the election year

Reflecting on the launch of OpenAI’s GPT-4o and ChatGPT’s desktop version, the Google CEO said these are “micro-moments” and that it’s good to see other companies innovate as he loves to see innovation. “We are as divided by innovation as you all are. It pushes us to do better. It’s good for the world. For me, it was a great week to be in technology,” he said.

Pichai also spoke about the adoption of artificial intelligence in emerging nations. He said that for India, like other emerging countries, technology shifts are an opportunity to catch up or leap ahead.

“Great example in India. India was never going to cross developed worlds in personal computing penetration. But for mobile, more people got access than in prior generations. People didn’t have landlines, but most people got mobiles,” he said.

Also Read: Google is taking on OpenAI’s GPT-4o model with Project Astra: Watch to find out how

He explained that with each tech shift, there is a better opportunity to drive penetration and That is genuinely true with AI.

“AI tools..for a lot of our products, India is the number one country, in terms of user base. We are committed to bringing the same AI tools. Seeing a lot of developing activity on existing AI tools. Exciting moment. India will be well positioned as the shift to AI happens,” he said.

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

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

Why Google CEO is cautiously optimistic about the election year

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

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At a time when Lok Sabha elections are underway in India and UK and US elections are due later in the year, fake videos of actors and politicians have been going viral on the internet. Alphabet CEO Sundar Pichai says given the pace of the progress with the technology, everyone is worried about deepfakes.

“So far, I think we are fortunate…we still are in a moment where as a society we are able to more easily adjudicate what is real versus not. And in combination with all the work we (Alphabet) are doing, I’m cautiously optimistic. We will be able to do our part in handling all of this well,” he told CNBC-TV18 in an exclusive interaction on the sidelines of Google’s developer conference in California on May 15.

He warned that the stakes will get higher.

The Alphabet CEO acknowledged that the world is going through a year where one in three people across the globe is participating in the electoral process, which on its own, is worth celebrating.

“At Google, we have invested in election integrity as one of our highest priorities, particularly in our products like Search and YouTube. As we deploy AI…one of the reasons we are doing work like Synth AI, or AI-assisted red teaming is to stay ahead of these problems,” he added.

He also pointed out that his firm undertakes a lot of research through projects like Jigsaw and that it is the first time that it has understood patterns in the world, reporting and sharing information with appropriate authorities or the government.

Pichai’s remarks come at a time when a report has claimed that nearly one in four Indians (25%) encounter political deepfakes, only to realise later that they were fake.

A report in April from online security firm McAfee shed light on the growing menace of deepfakes and their profound impact on Indian consumers. The study delves into the intersection of Artificial Intelligence (AI) and the proliferation of deepfakes, exposing alarming trends in misinformation and cyber scams.

McAfee’s study highlights a sharp uptick in deepfake scams targeting ordinary citizens and high-profile figures spanning business, politics, entertainment, and sports.

Meanwhile, Google has partnered with the Election Commission of India (ECI) to disseminate critical voting information through Google Search and YouTube. It also announced that it is supporting Shakti, the India Election Fact-Checking Collective and became a steering committee member of the Coalition for Content Provenance and Authenticity (C2PA), a global standards body dedicated to certifying the provenance of digital content.

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

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