Month: February 2023

India needs 5.1% growth in March quarter to achieve 7% annual target, says CEA Nageswaran

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

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Chief Economic Advisor V Anantha Nageswaran on Tuesday said India needs to grow by 5.1 percent in the March quarter to hit a 7 percent annual growth projection in GDP for the full financial year. He also said the growth forecast of 7 percent is “very realistic” and there is nothing to suggest that it was not achievable.

Nageswaran said, “We need to abstract from the numbers and focus on what the data generally tell us. It is important to note that the GDP for the current financial year has been maintained at 7 percent.”

“We will need 5.1 percent year-on-year basis growth in real GDP in fiscal Q4 to hit 7.0 percent annual real GDP growth for FY23. On the other hand, if we grow only at 4.4 percent (Y/Y) in Q4, the annual growth rate will be around 6.8 percent. As I mentioned, the momentum in the economy seems strong and stable and there is nothing to suggest that we won’t be able to get there,” he added.

Also Read: Infrastructure holds key to India’s economic growth and reforms in 2023. Here’s why

Nageswaran noted that manufacturing is in good health but flagged uncertainties with regard to monsoon and cautioned that the government will need to be ready with supply and monetary policy measures.

“Of course, we know there was a slight uptick in the inflation data for January, and RBI has also maintained that inflation will come down gradually, and now we do have some uncertainties related to the monsoon because of the El Niño activity etc . So it is something where we need to be ready with both supply side and monetary policy measures , in the course of next financial year ,” CEA said.

India’s GDP grew 13.5 percent in June 2022 quarter and 6.3 percent in September 2022 quarter. The growth slowed to 4.4 percent in the October-December quarter, mainly due to a contraction in the manufacturing sector, as per the data released by the National Statistical Office (NSO) on Tuesday.

The Finance Ministry’s Economic Survey has projected economic growth to be 6.5 percent in the 2023-24 fiscal beginning April 2023. Downside risks dominate the 6.5 percent growth forecast for next fiscal, he said, adding “no big-ticket shock is expected in the next fiscal”.

Also Read: India’s Q3 GDP likely grew by 4.7% – data to be out later this evening

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

Here’s how India’s online gaming market fared in FY22

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

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India’s gaming market is expected to grow from $2.8 billion in 2022 to a whopping $5 billion by 2025, growing at a compounded annual growth rate (CAGR) of 28-30 percent.

The number of gamers in the country is expected to expand from 420 million in 2022 to hit 500 million by 2025.

Infact, between 2017 and 2020, the country’s gaming industry expanded at a CAGR of 38 percent, compared to 8 percent in China and 10 percent in the US.

According to the World Economic Forum (WEF), mobile devices are the primary drivers of India’s gaming industry.

Affordable internet and the availability of faster smartphones with enhanced gaming capabilities have also fuelled the market.

However, in a bid to arrest increasing cases of addiction, various state governments are imposing a ban on “games of chance” and “online gambling”.

With this in mind, the government appointed Ministry of Electronics and Information Technology (MeitY) as the nodal ministry to regulate gaming. Earlier this year – MeitY released draft amendments for online gaming rules to ensure that online games should be offered in conformity with Indian laws and that the users of such games be safeguarded against potential harm.

2022 downturn for gaming

FY22 turned out to be a tough phase for startups in fantasy, e-sports, and skill-based gaming space as they couldn’t hack growth as swiftly as they did in FY21. The pandemic had given wings to their scale in FY21 as people’s outdoor movement was limited.

In light of this, here’s how India’s gaming unicorns fared in the FY22

India’s biggest fantasy gaming platform Dream11 continued its growth momentum in FY22 as its gross revenue grew over 50 percent and came in at close to Rs 4,000 crore. But, at the same time, the firm’s profit shrank over 56 percent in the fiscal ending March 2022.

Fantasy sports was the only source of revenue for the 14-year-old firm. Dream11 generates its revenues primarily by charging platform fees to its users who participate in fantasy sports contests.

Also Read | GST Council: Report on online gaming, casinos, race courses not on the agenda

Dream11 has been sponsoring the Indian Premier League (IPL) for the past three editions and onboarding a host of star cricketers as brand ambassadors. As a result, advertisement and promotional expenses claim the largest share of the firm’s costs. On a unit level, Dream11 spent 0.98 paisa to earn a single unit of operating revenue in FY22.

Meanwhile, MPL or the Mobile Premier League, India’s third most-valued gaming startup, reported a 3-time surge in its loss to over Rs 1,120 crore in FY22 versus FY21. The firm saw its revenue from operations increased only 29 percent to Rs 497 crore in FY22.

For context, the company’s operating revenue grew over 8x during FY21.

Total expenses jumped 116.2 percent to Rs 1,7,77 crore as advertising and promotional expenses surged 81 percent year-on-year (YoY).

India continued to remain the top market for MPL, contributing more than 88 percent to the startup’s total revenue.

MPL offers more than 60 online games such as Fantasy Cricket, Rummy, and Speed Chess with real cash prizes in paid tournaments and 1v1 games.

The startup spent Rs 3.57 to earn a rupee of revenue.

Also Read | Need a central act to regulate online gaming and gambling: Ashwini Vaishnaw

Multi-gaming platform Games24x7 entered the coveted unicorn club in March 2022 after raising $75 million led by Malabar. The Mumbai-based company has become the third unicorn and second most valued startup in this space followed by Dream11.

The vogue for fantasy and card gaming seems to have dropped post COVID as the revenue for this company shrank 24.4 percent to Rs 1,160 crore in FY22 from over Rs 1,540 crore in FY21.

Games24x7’s operations mainly run on RummyCircle and the fantasy sports website My11Circle. Total expenses stood at close to Rs 1,500 crore.

As the scale shrinks, Games24x7 losses were recorded at Rs 282 crore in FY22, after a profitable FY21 when it showed Rs 110 crore in profits.

On a unit level, the company spent Rs 1.28 to earn a single unit of operating revenue.

For more details, watch the accompanying video

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

Reliance Industries sets up subsidiary to develop properties for commercial use

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

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Reliance Industries Ltd (RIL), on Tuesday, said it has set up a subsidiary, Reliance SOU. The subsidiary will be developing properties for commercial use, the company said.

The Mumbai-headquartered conglomerate will also invest in its subsidiary, Reliance SOU.

In an exchange filing, Reliance Industries said, “The company has incorporated a wholly owned subsidiary named Reliance SOU Limited to carry on, inter alia, the business of development of properties for commercial use and invested Rs. 1,00,000 in the equity shares of RSOUL.”

At the beginning of the month, Reliance Industries, along with Ashok Leyland unveiled Hydrogen IC Engine (H2-ICE)-powered Truck At the India Energy Week.

Also Read: India emerges as land of opportunities for business growth: McKinsey

Last month, the company’s net profit increased by about 16 percent to Rs 15,792 crore against Rs 13,656 crore in the previous quarter of the same fiscal year. The company saw a decline of nearly 6 percent in its revenue, which came in at Rs 2.17 lakh crore against Rs 2.30 lakh cr in the previous quarter of the same fiscal year.

However, Reliance Industries’ margin improved to 16.2 percent against 13.6 percent in the previous quarter of the same fiscal year.

Furthermore, the company reported a drop in its O2C business revenue, which came in at Rs 1.44 lakh crore, down 10 percent against Rs 1.60 lakh crore in the previous quarter of the same fiscal year. However, its oil & gas business revenue surged over 16 percent at Rs 4,474 crore against Rs 3,853 crore in the previous quarter of the same fiscal year.

Also Read: Apple supplier Foxlink unlikely to resume full operations in India for two months

Last year in December, Reliance Industries’ arm, Reliance Strategic Business Ventures (RSBVL), acquired a 23.3 percent stake in Exyn Technologies for $25 million.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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

Bharti AXA partners with Unity Small Finance Bank to distribute insurance products

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

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Bharti AXA Life Insurance, a joint venture between business group Bharti Enterprises and insurance company AXA on Tuesday announced its bancassurance partnership with Unity Small Finance Bank (Unity Bank) for the distribution of life insurance products through the Bank’s network of 111 branches and 206 offices pan-India.

Through this alliance, Bharti AXA Life’s insurance comprehensive suite of life insurance plans, including protection, savings, investment and retirement plans, will be available for purchase to 15 Lacs+ customers of the Bank spread across 17 states.

The partnership will also benefit the Unity Bank’s customers from a diverse range of new-age insurance solutions offered by Bharti AXA Life, enabling them to financially secure the future of their loved ones along with fulfil key financial goals like college education for their children, wealth building, retirement planning, and more.

Also Read: KV Kamath on India’s inflation data reliability – ‘are we measuring it right?’

Commenting on the association, Parag Raja, MD and CEO, Bharti AXA Life
Insurance, said, “We are pleased to partner with Unity Small Finance Bank, which is a growing name as a truly digital bank in the domestic banking sector. Our alliance will empower the Bank’s customers with protection and holistic financial planning solutions from our comprehensive product portfolio. This partnership is an important part of our growth strategy. It will help in further strengthening our distribution and unlocking growth opportunities through the bank’s wide network, thereby increasing insurance penetration in the country.”

Inderjit Camotra, MD and CEO, Unity Bank said, “At Unity Bank, we constantly endeavour to add to our portfolio and offer customers with a wide range of savings and investment products. Life Insurance solutions offer customers an avenue for long term wealth creation along with security for their loved ones. We are proud to partner with Bharti AXA Life, a renowned organization that offers simple and customer centric insurance solutions. Together with our growing branch network and their solutions portfolio, we are confident that our customers will benefit immensely.”

Bharti AXA Life Insurance Company Ltd, the joint venture company has a 51 percent stake from Bharti and 49 percent stake of AXA. The company has a pan-India presence through its 251 offices and offers a wide range of value for money and need-based insurance products targeted at individuals and groups.

Also Read: Bank of Maharashtra partners with Experian India for credit portfolio management

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

Swiss regulator: Credit Suisse made ‘serious breach’ of law

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

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Swiss regulators have found that Credit Suisse made a “serious breach” of law in connection with a now-bankrupt firm linked to Australian financier Lex Greensill and have opened a probe that could lead to penalties against four former bank managers.

Switzerland’s financial markets authority, FINMA, said Tuesday that it has concluded enforcement proceedings opened two years ago against Credit Suisse after bank partner Greensill Capital went bankrupt. At the time, Credit Suisse closed four funds linked to the partnership, in which bank clients had invested about $10 billion.

Credit Suisse’s problematic ties to Greensill Capital were one of a string of troubles that have led in part to repeated shake-ups of top management and corporate restructurings in recent years. Greensill Capital also was the target of inquiries in the United Kingdom, with accusations that the firm founded by Greensill, an ex-adviser to former British Prime Minister David Cameron, won lucrative government contracts before going bust.

Also Read: Fiscal consolidation is in the right direction, says Credit Suisse

In Switzerland, FINMA said that in closing its probe, top executives at Credit Suisse will now be required to periodically review about 500 of its most important business relationships and record the responsibilities of about 600 of its highest-ranking employees. The authority said it also had opened four enforcement proceedings against former bank managers, which it did not identify.

“FINMA concluded that Credit Suisse Group seriously breached its supervisory duty to adequately identify, limit and monitor risks in the context of the business relationship with Lex Greensill over a period of years,” it said. “FINMA thus concludes that there has been a serious breach of Swiss supervisory law.”

The authority works with financial institutions — banks, insurance companies and even the Swiss stock exchange — to ensure that proper internal controls and stability are in place. FINMA is limited in its ability to issue penalties but has the power to revoke business licenses in the extreme. It would be up to prosecutors to pursue more severe penalties or fines if warranted.

In Greensill’s “supply chain finance” model, his firm positioned itself between businesses and their suppliers, paying invoices that suppliers gave to their customers for a fee. The claims against those customers to recover the payments were then turned into securities that could be sold. The financial products over time became far riskier than first indicated.

FINMA said Credit Suisse “made partly false and overly positive statements” to the authority about how claims were chosen and the exposure to some debtors.

In a statement, Credit Suisse welcomed the closure of the case without mentioning Greensill by name. The Zurich-based bank said it has taken measures to strengthen governance and control since March 2021 and has dismissed “several managers and employees” in its asset management division, among other steps.

Also Read: Swiss prosecutors launch case over Credit Suisse dirty money data leak

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

240 lions, 370 leopards died in Gujarat in 2 years: Forest Minister in Assembly

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

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At least 240 lions, among them 123 cubs, died in Gujarat over the last two years, and 26 of these fatalities were due to unnatural causes, state Forest Minister Mulubhai Bera informed the legislative Assembly on Tuesday.

Responding to a query by senior Congress MLA Arjun Modhwadia during Question Hour, Bera said 370 leopards, including 100 cubs, also died in two years — 2021 and 2022 — in the state.

Of the 240 lion deaths, 124 were reported in 2021 and 116 in 2022. In case of leopards, 179 died in 2021 and 191 last year, the minister said in a written reply in the Assembly, which is having its Budget session.

Also Read: Spotting the ‘big five’ at Kruger National Park in South Africa

As many as 214 lions succumbed to natural causes, while 26 fatalities were due to unnatural causes such as the big cats getting hit by vehicles or falling into open wells, he said.

Among leopards, 256 deaths were due to natural causes and 114 fatalities were attributed to unnatural reasons, Bera said.

The state government has taken various steps to prevent unnatural deaths of big cats such as appointment of veterinary doctors and introduction of an ambulance service for timely intervention and treatment of lions and other wild animals, the minister said in the House.

Other measures include building speed-breakers and installing signboards on roads passing through sanctuary areas, regular foot patrolling in forests, building parapet walls for open wells near forests, putting up fences on both sides of the railway track near Gir Wildlife Sanctuary and radio-collaring Asiatic lions to track their movement, he said.

As per the last census conducted in June 2020, Gujarat is home to 674 Asiatic lions. The state is the world’s last abode of Asiatic lions.

Also Read: Explained: 12 South African cheetahs to land in India; what we know about second phase of the project

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

Intangles Lab gets $10 million in Series A funding round

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

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Intangles Lab has disrupted the market with its digital twin technology that powers services such as vehicle health monitoring, operations automaton and driver behaviour monitoring in the mobility segment. It also provides predictions on vehicle health. The startup has bagged $10 million in a Series A funding round led by Baring Private Equity.

Intangles Lab, a technology solutions provider, has recently made headlines with their innovative stack up solution. Co-Founder Anup Patil spoke with CNBC-TV18 about the development of this cutting-edge solution and how it sets Intangles Lab apart from its competitors.

“Intangles Lab has developed a proprietary technology where we have an entire end-to-end stack up solution,” Patil stated.

While other companies may focus solely on the technical aspects of their products, Intangles Lab has gone beyond this to provide a comprehensive solution that considers the broader picture.

Also Read | Myntra Beauty to focus on homegrown D2C and international brands and Fresh Start’s investment thesis

But what exactly is a stack up solution? In layman’s terms, it refers to the process of arranging and analyzing the different layers of a printed circuit board (PCB). This is a crucial step in the design process, as it determines the overall performance of the PCB.

In the past, this process has been both time-consuming and complicated, requiring extensive knowledge and expertise. However, with Intangles Lab’s stack up solution, this is no longer the case.

One of the most impressive aspects of Intangles Lab’s stack up solution is that it was designed in-house. This speaks to the level of expertise and dedication that the company possesses. By creating their solution in-house, Intangles Lab was able to tailor it specifically to the needs of their clients, rather than offering a one-size-fits-all approach.

“We have completely in-house designed and developed a black box that collects data at a massive rate and then that data is sent on to a cloud platform which is where we provide predictive insight in terms of the component level performance,” he mentioned.

Moreover, Intangles Lab’s stack up solution goes beyond what other companies offer. As Patil noted, they provide insight on driver aspects beyond conventional points. This means that they take into account factors such as the environment in which the PCB will be used, as well as the needs of the end-user. By doing so, Intangles Lab is able to provide a comprehensive solution that addresses not just the technical aspects of the product, but also the human factors involved.

Amid the large equity inflows into startups over the past few years and then the funding winter – venture debt has been gaining popularity, growing at a compounded rate of 22 percent in the last 3 years. According to a report by BCG and Trifecta, venture debt investments are projected to grow 8x to reach $6-7 billion by CY30.

Watch: Anshuman Upadhyaya, Partner at BCG and Abhishek Gupta, Partner at Trifecta Capital discussing more about this emerging trend in interaction with CNBC-TV18.

For more details, watch the accompanying video

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

Explained: Stacks (STX) and the reason for its 330% rally since the start of 2023

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

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This year has seen several cryptocurrencies register towering gains. The latest coin to shoot for the moon is Stacks (STX), which has rallied more than 316 percent since the start of 2023. But what is Stacks and what is the reason behind its astronomical rise? Tag along to find out.

Stacks – a smart contract blockchain for Bitcoin

There are plenty of blockchains that allow for the development and deployment of smart contracts and DApps. However, the world’s oldest blockchain, Bitcoin, is not one of them. The legacy chain only allows for the transfer of value; it does not support smart contracts or DApps. This is where Stacks comes in.

Stacks is linked to Bitcoin through its unique consensus mechanism called proof-of-transfer (PoX). There are two parties involved with the PoX consensus mechanism, miners and stackers. Miners compete to add new blocks to the blockchain and receive newly minted STX in return. On the other hand, stackers are the network’s equivalent of stakers. These individuals lock their STX with the network to receive a passive income. STX is the native cryptocurrency of the Stacks protocol.

Also Read: Report claims Binance commingled $1.8 billion worth of user funds just like FTX, CZ refutes claims

To earn the right to mine a new block, the miners must commit a certain amount of Bitcoin to the network. The Stacks protocol then randomly chooses a miner to write the next block on the Stacks blockchain. Usually, a miner’s chances of being chosen to write the next block depend on the amount of BTC they have committed. The more BTC they commit, the higher their chance of being chosen to write the next block.

Once the miner is chosen, they will verify transactions, bundle them into a block and add it to the Stacks blockchain. In exchange for their efforts, they will receive newly minted STX, plus all the fees attached to the transaction they have just added to the block. The BTC committed by the chosen miner is distributed amongst the stackers. Each stacker will receive BTC in proportion to the amount of STX they have stacked on the network. Through this unique consensus mechanism, Stacks leverages the security of Bitcoin for its mining process.

History of Stacks

Stacks began its journey in 2013.  At the time, two Princeton University students, Muneeb Ali and Ryan Shea decided to create an open-source blockchain that brings smart contracts and decentralized apps (dApps) to Bitcoin. After more than two years of research and hard work, Ali and Shea released the platform design for a network they called “Blockstacks”.

Fast forward two years and plenty of venture capital later, Ali and Shea renamed the platform as Stacks, and its testnet was launched in Q2 2018. Once the two developers were happy with the project, the mainnet was rolled out in October 2018. Fun fact: Stacks is also one of the only projects to hold an SEC-qualified sale of STX tokens in July 2019. Since then, the network has grown from strength to strength. Today, it is currently home to hundreds of DApps and NFT projects. One of the more popular projects on Stacks is CityCoins, a project that helps raise funds for citizens and administrative bodies of several cities, including New York and Miami.

Reasons for STX’s astronomical rise

STX’s recent price action can be attributed to the craze around Bitcoin Ordinals. These are nothing but text, video, or image files that are inscribed into satoshis, the smallest denomination of a Bitcoin. The resulting token is similar to a non-fungible token (NFT). Before the Ordinal protocol, NFTs did not exist on Bitcoin. Therefore, these digital artefacts on the world’s oldest blockchain have garnered massive interest from the cryptoverse. In fact, according to data from Dune analytics, the number of Bitcoin Inscriptions crossed 200,000 on Feb 27.

This craze for Bitcoin NFTs has set off a race amongst developers trying to introduce tools that will help users create these digital artefacts. One such platform is  Gamma, an NFT marketplace built on Stacks. Gamma has recently introduced a paid service that allows users to create Bitcoin Ordinals without the need for any coding knowledge. This has caused the platform’s trading volume to spike nearly 1,000 percent since last month. Further, Stacks’ most-used wallet, Hiro, also announced support for Bitcoin Ordinals on Feb 20. This increased user activity for protocols built on the Stacks network could be propelling the price of STX.

What’s more, is that Stacks could register further gains in the coming weeks. This is because the protocol is slated for a rather important upgrade in March. After the upgrade, which is called Stacks 2.1, the protocol will improve and strengthen its connection to Bitcoin. The upgrade is expected to go live on March 20, at Bitcoin block #7,81,551.

Also Read: Visa, Mastercard pause crypto push in wake of industry meltdown – sources

Conclusion

Stacks is a unique project. It leverages the security of Bitcoin and brings smart contracts and DApp capabilities to the legacy network. This link with BTC, along with the introduction of the Ordinals protocol, has caused the price of STX to shoot for the moon. Moreover, the project’s upcoming upgrade could spell further gains for the token. However, cryptocurrencies are highly volatile and can move against even the strongest indicators. Therefore, it is important to do your own research and invest only as much as you can afford to lose completely.

At the time of writing, Stacks was changing hands at $0.8815 per unit, up 16 percent for the week and 316 percent since the start of 2022.

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

Tesla Investors Day event: When and where to watch live streaming

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

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American electric carmaker Tesla’s highly-anticipated event ‘Investor Day’ will kick off on March 1, 2023, at 3 pm CST (March 2, 2023, at 2:30 am IST). Tesla’s Investor Day event is the company’s annual display of its latest products and also reveals its plans for the future.

The event will be live-streamed from the company’s Gigafactory Texas and will showcase its most advanced production line as well as discuss long-term expansion plans, generation 3 platform and capital allocation.

Tesla also provided a brief teaser on what viewers could expect from the event in the video’s description.

While Investor Day’s name suggests that the event is specifically for the company’s shareholders, the company’s CEO Elon Musk stated that the event will cover much more. As per Musk, the term “investors” in the event refers to the people and life on Earth.

He said, “Looking forward to Tesla Investor Day on March 1. By this, we mean the broadest definition of investor, as in the people & life of Earth. It will be a message of good hope & positivity for the future.”

The live stream of the event can be watched on the company’s official YouTube handle as well as on Tesla’s official website starting at 2:30 am IST on March 2, 2023.

Also Read: Tesla likely to unveil new entry-level hatchback at its Investors Day event

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