Chandrayaan-3 Milestone
Chandrayaan-3 rover's LIBS instrument has discovered the presence of Sulphur, along with elements like Aluminum, Calcium, Silicon, and Oxygen, near the lunar south pole. This breakthrough helps in better understanding the moon's chemical composition.
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Phonepe's entering to new Stock Market Business
PhonePe is venturing into the stock broking business with its app called Share.Market, leveraging its large online user community. The app offers stocks, mutual funds, ETFs, and WealthBaskets. The company acquired WealthDesk and OpenQ, valued at $70 million, and secured $100 million funding from General Atlantic. Backed by its robust infrastructure and 5 billion monthly transactions, PhonePe aims to disrupt the stock broking market, competing with players like Zerodha, Groww, and Upstox. PhonePe had applied for a SEBI license in 2021 and a mutual fund license earlier this year.
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Tax Evasion Probe Over Short-Selling of Adani Group Shares and SEBI's Collusion Investigation
The Indian Income Tax (I-T) department is considering investigating domestic and overseas entities for potential tax evasion related to profits from short-selling Adani Group shares. This follows a Hindenburg Research report that prompted SEBI to investigate collusion between the firm and around 20 entities, including security firms and media professionals. The Enforcement Directorate (ED) shared information with SEBI about entities benefiting from short-selling Adani stocks based on prior knowledge of the report. Short selling involves borrowing, selling, and later buying back a stock. While SEBI initially banned short selling in 2001 in India due to risks, it allowed it with disclosures in 2007. Naked short selling, not delivering shares within the settlement period, remains completely banned.
vvibe: The New Social App Using AI and Avatars for Genuine Global Connections
Former Meta product specialist Tanvi Gupta and co-founder Rishabh Gupta have launched vvibe, a social app that utilizes generative AI and Avatars to connect users globally. Originally conceived as SwoonMe, a voice-first dating platform, the app evolved into vvibe to address a gap in fostering genuine connections on mainstream social media. The app aims to create an authentic space where relationships thrive beyond physical appearance bias. vvibe positions itself as an anonymous global network for discourse and has received positive feedback, with 70% of early users engaging in multiple calls during their initial session.
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Maruti Suzuki to Invest ₹45,000 Crore in Doubling Production Capacity by 2030-31
Maruti Suzuki, India's largest automaker, is planning to invest ₹45,000 crore to double its production capacity to four million units per year by 2030-31. Chairman RC Bhargava announced the investment from the company's cash reserves at the annual general meeting. Maruti Suzuki envisions exporting 800,000 cars by fiscal year 2031, compared to 259,333 cars in 2023. The company also intends to enter the electric vehicle (EV) segment by around 2024-25. However, its ambitious goals, considering historical growth rates and recent market share decline, raise questions about feasibility.
LTIMindtree Employees Discontented Over Minimal Hikes Amid Delayed Deal Closures
Employees at LTIMindtree (Larsen and Toubro InfoTech & MindTree) are discontented due to receiving minimal hikes, mostly around 1%, and many not getting any increment at all. The company's delayed deal closures and hiring freeze in Q1 affected its revenue and profit performance. Junior to mid-level staff received similar hikes after the firm postponed annual increments from April to August. The company's Q1 net profit grew by 4.1% and revenue rose by 13.8% YoY. Despite the challenging macroeconomic environment, these figures exceeded estimates. Voluntary attrition for Q1 2024 was 17.8%, down from 20% in the previous quarter. The integration of Larsen & Toubro Infotech and Mindtree's workforce was consolidated in Q1 after the December 2022 merger.
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